"Religion is what keeps the poor from murdering the rich."Napoleon Bonaparte
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Debt Consolidation: BE DEBT FREE--The different ways to consolidate your debts.
A debt consolidation loan is a loan taken to consolidate a number of loans into one manageable loan. A debt consolidation loan can also help you in reducing the cost of your total debt as it usually carries a lower rate of interest than other loans, such ...
Eight Ways to Consolidate Debt
Next to winning the lottery, a debt consolidation loan is a debtor's dream. With one monthly payment and a fixed monthly payment schedule, you can actually see an end to those monthly payments. In reality, consolidating bills isn't always easy. If you ...
Hard Money Lenders -- "No Money Down" The Easy Way
Would it help you as a real estate investor to be able to "Close For Cash in Days," even if you're tapped outfinancially?Hard money lenders are perhaps the best way to get 100% financing with easy qualifying, money for fix- up, and fastclosings.So what ...
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1. Watch out for the 'Deal Of A Lifetime', the deal that seems too good to be true. The company may be saving money by cutting back on their level of service.
2. When getting a fixed rate: get a written statement which details the interest rate, how long the rate is fixed for, and the conditions attached.
3. When interest rates fall: try and leave your repayments as they are. You will therefore be paying more than the minimum each month. You'll repay your loan much earlier. When rates rise again you may not have to change your payment.
4. Consider a fifteen or twenty year term. Try to pay off your mortgage quickly. Use a mortgage calculator with an amortization function, and see what's possible.
5. Keep your mortgage as small as possible. Aim for *comfortable* affordability.
6. Try not to 'churn' your mortgage. Each time you refinance you'll probably incur completion costs and non-refundable fees.
7. Beware of prepayment penalties. Many 'no fee' credit lines have a pre-payment penalty. This can be very expensive if you are planning to refinance or sell your house in a few years time.
You don't need to sign a mortgage agreement which contains any significant prepayment penalty, if you have good credit. One of the smartest things you can do with a mortgage is to prepay it.
8. Don't look for a home without being pre-approved. You will have much more negotiating power with the vendor, and may be able to save thousands of pounds.
9. Get a full, professional survey. Human beings can be perverse; happy to spend £150,000 on a house after a half-hour viewing, but be-grudge spending £500 finding out whether it's worth buying in the first place!
10. Find out the true value of your home-to-be. Get more than one independent appraisal. Compare it with the prices of similar-sized houses for sale in the same area.
11. Start gathering documents. Provide your mortgage company with documents in good time; don't let your rate lock expire!
12. Verbal (oral) agreements are worthless. When buying or selling property, always get it in writing.
A mortgage is the biggest financial committment most of us will ever make; worth spending a little time on, to get it right!
About The Author
T. O' Donnell (www.tigertom.com/mortgages-uk.shtml) offers mortgage quotes, advice, an ebook and a mortgage calculator, in London, UK.
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Mortgage-refinance bill a dangerous dealArizona RepublicReagan proposes to establish a state agency to refinance the mortgages of virtually every Arizona homeowner who owes more than the home is currently worth. Their existing mortgage would be torn up. They would get a new mortgage from the state agency ...and more » |
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