Monthly Archives: June 2015

The Top 5 Home Loan Mortgage Mistakes That Can Cost You Dearly

Mistakes made when getting a home loan mortgage can be very costly, adding up to several thousand dollars if you’re not careful. So clearly then, it’s important to know what the most common costly mistakes are when applying for a home mortgage loan, and then do your best to avoid them. Here are the top five deadliest mistakes that mortgage buyers often make:

1. Very often consumers really don’t know exactly how much of their own money they will need to put in to get the mortgage they want. There are usually two parts of a home loan where you will need to put some of your own money into the deal. These are the down payment and closing costs. Of course, the more you can put down, the better terms and rates you’ll often get, but putting too much of your own money into the deal can leave you strapped for cash and unable to care for any emergencies that may arise. On closing costs, it’s a good practice to get a written estimate from your lender in advance so that you have a good idea of what your costs will be before you get to that part of the process. You don’t want to get to the very end of the deal and have a major unpleasant surprise to have to deal with.

2. Very often many of the problems that consumers have with getting a home mortgage loan is due to not having much understanding of the process itself. So be sure that the mortgage lender you work with is willing and able to take as much time as is necessary to help you understand each part of the process and explain any terms that you don’t understand.

3. A very common mistake that home buyers make is making a major purchase of some consumer item such as a car just before trying to qualify for their home mortgage. Mortgage lenders use a formula called the debt to income ratio to try to assess the home buyer’s ability to pay for a particular mortgage in advance, and any consumer debt that you add simply reduces the amount of house that you can buy under their guidelines. So delay any major consumer purchases, especially those made on installment payments until after the mortgage papers are signed if possible.

4. Another mortgage mistake that relates to your credit history is shopping for a mortgage loan in too many places at once. Although it’s a great idea to shop around for different rates and terms, you must realize that every time a company pulls your credit history it will adversely affect your credit score and make it harder for you to get the best terms and rates possible. By using a quality mortgage broker, this problem can be significantly reduced.

5. Another credit mistake that can have a direct impact on your mortgage loan is the overuse of credit cards. They are very easy to use but if the credit card balances are left at high levels it can definitely affect your ability to get the best terms and rates on your mortgage loan. So try to keep your credit card debt as low as possible in order to get the best mortgage.

Getting a mortgage loan can be stressful and intimidating, but by avoiding the mistakes listed above you should be able to get a home loan mortgage with low interest rates and favorable terms.

Personal Loan Online: Live your Dreams

Personal Loan Online: An introduction

There comes a time in life when you dream of something but have to subdue your desires in lack of money. Even if you think of opting for traditional loan then also it may consume some time thus not solving your purpose. It is also a tough task to run from one firm to another in order to get a lone. Online personal loan has made the whole process much easier for you to avail the loan and realize all your dreams. Rather than going to various firms you can get all the information online and subsequently choose an apt lender.

Some Facts about Personal Loan Online

Online personal loan provides a relief from the mental and physical stress of choosing a suitable lender. You may get all the necessary information of various firms in a few minutes on internet and thus save your precious time and money. Also it is swift to avail as less paper work is involved. Everything starting from loan allotment to repayment is handled online and hence reduced tension for you.

Prerequisites for Online Personal Loans

Online personal loan has some prerequisites you must be above 18 year, must have good credit score and must have a current account. The loan amount is up to £25,000 with repayment period varying from half to 5 years in monthly installments. The interest rate depends upon credit history, amount of loan and repayment procedure. People with bad credit history can also go for it but have to give proof of employment, income information and previous default loans. Also interest rate is higher in this case with reduced repayment period.


In short, online personal loan is an easy way to leave your dreams. You can go for a new house or car or plan for a holiday abroad without being considerate for the money. Online personal loan makes you stress free and provides all the facilities to your door which is unmatchable with traditional lenders. So now no more compromises with your desires as online personal loan is here to materialize the feasible ones with ease.

Personal Loans – a Summation of Unsecured Loans

The word ‘personal’ is incalculable… Hence, the loan category based on it – personal loans – is bound to have a vast gamut. With that vision, the world of credit has formulated a wide range of personal loan products – bad credit loans, business loans, car loans, career development loans, cosmetic surgery loans, debt consolidation loans, education loans, holiday loans, homeowner loans, home improvement loans and wedding loans.

Most of the above-mentioned personal loan products can either be availed by offering an asset as collateral (secured personal loans) or without pledging collateral (unsecured personal loans). Though secured credit offers maximum loan benefits, market report shows that unsecured credit is catching up in the UK loan market – both offline and online. According to a recently gathered data, nearly 11% of the total unsecured personal loans in the UK were availed online.

Advantages of unsecured personal loans UK are as follows:

  • No collateral compulsion – loan seeker need not offer security for the loan amount

  • Credit for all – tenants, students, homeowners and property owners (subject to the lender’s credit policy)

  • No time-consuming property evaluation procedure leading to less paperwork and quick service

  • No repossession threat – in the event of repeated defaults – accidental, incidental or intentional – or non-payment of the borrowed amount

    Disadvantages of unsecured personal loans UK are as follows:

  • Limited credit range – normally between £500 and 25,000

  • High interest rates – typical range is 7.9% to 41% (subject to credit record and DTI ratio)

  • Fixed rate plan and payback option, and non-negotiable loan terms and conditions

    A close examination of the benefits and limitations of unsecured type of personal loans ascertains that this sub-type is ideal for ideal for small monetary requirements, as offering collateral may not be required and for urgent needs, as getting into lengthy property evaluation procedures may not be feasible.

    Also, this loan type is the only option for people who are unable to offer collateral because they do not own one (tenants) or are living with their parents (students), and are a good alternative for people who are unwilling to get into property related legalities or risk their property for a small amount (homeowners and property owners).