Monthly Archives: July 2014

4 Things You Should Do Before Shopping for a Home

 

 

1. Create a budget from your last year’s worth of expenses looking at your credit card statements & bank statements (for cash withdrawals you use for daily expenses).  Look at your after tax income and see how much, if anything, you are saving each month.

 

Your basic categories should at least include:

 

Food (including money spent in supermarkets, restaurants, Starbucks, etc)

 

Transportation (car payments, car insurance, car repairs, public transportation) If you are moving out of the area you currently live in, find out what it will cost to commute to work from the new residence

 

Health & medical (insurance premiums, co pays, medicine, etc)

 

Debt service (student loans, credit cards, installment or other loans)

 

Job related expenses (day care, or anything not reimbursed by your employer)

 

Insurance (life, disability, etc)

 

Utilities (find out what they generally are in properties similar to the one you are looking at)

 

Miscellaneous: gifts, vacation/leisure expenses, money that has been spent for emergencies (go through your last 2 years of records, add up the unexpected expenses, then divide by 24 to get an idea of what you will need to set aside each month).

 

Then calculate:

 

Housing expenses on the new residence: Principal and interest, real estate taxes, homeowner’s insurance, common charges, maintenance, as applicable).  Even if you won’t be paying your insurance and taxes with your monthly mortgage payment, you still must calculate how much they will cost you each month.  Simply take the yearly taxes and insurance, and divide by 12.  Needless to say it the new housing expenses are too high, you must obviously: consider a cheaper house or apartment, reduce expenses elsewhere in the budget, increase your downpayment, and/or find new ways of generating more income.

 

If you are still unsure of what your general budget is, you must track your expenses going forward, starting immediately.

 

Also, consider what, if anything, is likely to change in the next few years – for example:

your spouse taking time off (or working reduced hours) to care for children,

daycare costs,

student loans coming due,

children starting college,

changes in employment,

a car needing to be replaced. 

This should help in determining what you can afford each month. 

 

Ask yourself: “Regardless of what mortgage a loan officer can get for me, what am I actually comfortable paying each month?”  Common sense should tell you that if you are currently having difficulty meeting your obligations – and your situation is not going to change significantly in the near future – you should NOT be increasing your payments.

 

2. Talk to at least 3 mortgage brokers, preferably ones recommended to you by friends, family members, or your attorney or accountant.  If they did a great job for someone you know, they will almost certainly take good care of you.

 

3. Educate yourself as much as possible by reading articles and books on the subject and talking to qualified professionals (attorney, CPA, mortgage broker, financial planner).  Keep asking questions until you understand your options and the process.  If your mortgage broker isn’t happy to help, find another one. 

 

4. Meet with your attorney before signing anything, even a binder.  Binders are sometimes found to be contracts which may obligate you to purchase a property you didn’t intent to commit to.

Bad Credit Loans For Those Who Are Unemployed

Not few people wonder whether it is possible for someone without a job to obtain a bad credit loan. We know it is possible for someone that is self-employed to obtain finance but we also know it’s not easy. Thus, the logic conclusion is that for someone with no job at all it must be almost impossible. Fortunately that is not the reality and it’s possible to obtain finance even if you are unemployed.

Undoubtedly, the options for someone who is unemployed will be limited and the requirements for approval won’t be simple either. Yet, if you know where to look for finance and what your alternatives are, you may avoid the hassles of a long search for financing. There are both secured and unsecured alternatives for unemployed and also career development loans which will aid unemployed people to obtain a job.

Chances When The Loan Is Secured Or Unsecured

It is easier for those who are unemployed to obtain finance if they resort to secured bad credit loans. The reason is simple, secured bad credit loans are guaranteed with an asset and thus, the lender doesn’t fear default that much. Of course, in order to be able to request a secured bad credit loan, you need to possess an asset suitable to be used as collateral whether it is a house with sufficient available equity or a car or other vehicle.

Getting an unsecured bad credit loan if you are unemployed is harder to achieve. This is due to the fact that most bad credit unsecured loans focus on the income in order to decide whether someone qualifies or not and given that you are unemployed, you won’t have a source of income. However, there are bad credit unsecured loans for those who are unemployed and especially for students or those who want to develop a career or a particular skill.

Career Development Loans

Career Development Loans are an excellent alternative for those who want to learn a new skill or profession so as to obtain a job within some time. These loans are designed to finance all work linked education and to pay for all needed to complete your learning. The idea is for you to develop a skill or profession and be able to obtain a job in order to repay the loan.

An important characteristic of these loans is that the repayment is not due till well after the courses or learning processes have been completed, thus providing enough time for you to obtain a job and get the income needed to start repaying for the amount you owe on the loan. It works just like student loans that are only payable six months after graduation is completed.

These loans will cover for the fees needed for the courses. Usually they’ll not finance 100% of the amount unless you’ve been unemployed for at least three months when you apply. They will also provide the money needed to purchase all the studying material and whatever is needed in terms of mobility. They can also cover for regular expenses provided that no other assistance covers for them.

Personal Loans – Give Wings to your Dreams!

Do you wish to cut from the boring mundane lifestyle?

Do you wish to add a little zing to your living?

Do you dream big and your flight of fancy takes you to endless limits?

And do you fall back to harsh reality due to monetary constraints?

For all those who dream big and really want to fulfil their dreams, time and trends have never been this advantageous.

With just one easy going Personal loan, you can now convert all your dreams into reality.

What are Personal loans?

Personal loans, as the name suggests, are loans that a person can avail to meet any kind of financial requirement. There are different kinds of personal loans for different purposes, be it

home improvement expenditure

special occasions like marriages

a business trip or a vacation trip

buying vehicle

medical expenditures and surgeries

Kinds of Personal Loans

There are basically two kinds of personal loans: Secured and Unsecured.

Secured personal loans require a security which can be any of your valuable assets. There is no such requirement in unsecured loans. The rate of interest is also less in secured personal loans as compared to unsecured loans.

Who can provide Personal Loans?

You can avail Personal loans from banks, lenders and financial institutions. They were the chief providers of personal loans till online lenders joined them. Now the current trend is to search for personal loans online. There are many reasons why more and more people in UK opt for Online Search.

1.It is convenient as you can apply right from your home or office with a few clicks.

2.It is faster since with a few clicks you can apply for a loan and lenders will get in touch with you.

3.It offers borrower good deals as lenders come with attractive deals and easy terms and conditions.

Gone are the days, when a person had to visit each and every bank or knock at the doors of the lenders. Now applying for personal loans has become far smarter and quicker.