By Joseph Kenny
The world of mortgages has become a real minefield over recent
years, with more and more mortgages coming onto the market.
These days you can find mortgages to suit a wide range of
circumstances and needs, but if you know little or nothing about
mortgages the whole process can still be confusing and
frustrating. If you are not confident about finding the right
mortgage then it may be a good idea to employ the services of an
independent financial adviser, who can advise on you on the best
mortgage for your needs based on the details that you provide.
However, you are better off paying the financial adviser for his
or her assistance rather than choosing and adviser that gets
commission directly from a lender, as this minimizes the risk of
getting an adviser that recommends based on the commission that
he or she will receive rather than based on what is truly best
for you.
Another option that can help you when it comes to finding the
right mortgage is to go through a specialist mortgage broker. A
mortgage broker is a professional with links to a number of
mortgage lenders. When you use a mortgage broker to find your
mortgage you will only have to complete one application form,
which the broker will then use to approach different lenders
within his pool of contacts in order to find you the best deal
for your needs and circumstances. This will help to reduce the
work and time that you have to put in, as the broker will do the
leg work for you, and also reduces the chances of rejections, as
the mortgage broker is most likely to know which mortgage lender
will accept your application.
However, before you approach a mortgage broker of adviser it is
a good idea to familiarize yourself with the different mortgage
products available, as this will give you an idea of the type of
mortgage you may wish to go for. In addition to deciding whether
you want to opt for a repayment or interest only mortgage you
also need to decide what sort of mortgage product you want, such
as variable rate mortgage, fixed rate mortgage, base tracker
mortgage, discounted mortgage, offset mortgage, or one of the
many other mortgage products available.
You will find plenty of information on mortgage products
available online, so you can get an idea of the different types
of mortgages and which one might suit you. However, trawling
through different lenders' sites in order to compare different
mortgages can be confusing and time consuming. This is where the
professional broker or adviser can help in terms of helping you
to find the right mortgage. He or she will have the resources,
contacts, and experience to find the best mortgage for your
needs, and of course you don’t have to commit to any recommended
mortgage product until you are completely happy.
You should bear in mind that taking on a mortgage is a serious
commitment, and failure to keep up with repayments can result in
you losing your home altogether. Therefore you should make sure
that you can comfortably afford the repayments on your mortgage,
and consider taking out a fixed rate if you feel that any
increases in repayments during the first few years would leave
you struggling financially.
About the Author: Joe Kenny writes for the UK personal finance
sites offering loans, credit cards, mortgages and insurance
products - http://www.ukpersonalloanstore.co.uk/ and
http://www.nationsfinance.co.uk. For US residents seeking loans,
refinance or mortgages visit http://www.rebuild.org/
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=201784&ca=Finances
Friday 25 January 2008
Thursday 24 January 2008
Renting Versus Buying Commercial Property
By P Green
If you run your own business or intend to make 2008 the year
you quit your job and start up on your own, then one of the
issues you're going to have to consider is where you work.
Many small businesses are successfully started and run from
home. But as the business grows, or if you intend to open a
shop, then you will have to look at commercial property. And
that opens up an interesting debate – do you rent, or do you
buy?
There are distinct pros and cons to each, depending on what
kind of business you will be running. So the first thing to do
is look at your business plan and try to ascertain what kind of
commercial property will be perfect for you.
If you are opening a shop you will obviously need somewhere
with planning permission for retail and good access for
customers. But do you need a lot of space to show off your
wares, or a basic retail booth?
Is passing footfall going to be essential to the success of the
operation, or do you think customers will go out of their way to
find you? It's essential to work these things out in advance as
they wildly affect the kind of property you will need.
A great location in the centre of town will give you your
footfall, but at much increased costs. A property that's further
out of town will be cheaper to rent or buy, but your marketing
will have to work harder to attract customers.
Once you have studied this and know exactly what you need, it's
time to make the big decision: buy or rent.
If you're going to purchase your own commercial property, the
first thing you'll need is cash. Lots of it. Just like a
residential house, a building for your business will require
some capital and probably a commercial mortgage as well. Some
mortgage deals require you stump up 10 per cent of the purchase
price as a deposit.
This may have an impact on the cash flow and profitability of
your business for a while. But on the plus side, you are
investing in a long-term asset that one day you or your business
will own outright. Commercial property will generate a rental
income, making it a sound investment. But of course the value of
any investment can go up or down, so don't risk your business or
savings without thinking it through and getting plenty of
advice.
If you need greater control of your cash flow, then renting is
the route for you. When you pay a monthly rent to the owner of
the building, you haven't got to worry about interest rate rises
pushing mortgage payments up, or essential repairs eating into
your budget. Wind blows the roof off one evening – not your
problem!
But you have less flexibility. Owners can do whatever they like
to their building without having to seek the landlord's
permission (as long as it's legal, anyway). If you rent
commercial property and want to subdivide an office with false
walls, not only may your business plans be held back while the
landlord looks at them, but you may even have to pay to have the
work reversed when you leave. How would you feel forking out
thousands of pounds to rip down improvements that cost you a
small fortune to install in the first place?
So those are the main differences between buying and renting a
commercial property. It's worth remembering that you will have
to pay utility bills and business rates whether you buy property
or rent. You may also be stung for stamp duty – certainly if you
buy, and in some circumstances, when you rent premises too.
About the Author: For more information about renting vs buying
commercial property please visit http://www.propertytoday.co.uk
Source: http://www.isnare.com
Permanent Link:
http://www.isnare.com/?aid=214523&ca=Real+Estate
If you run your own business or intend to make 2008 the year
you quit your job and start up on your own, then one of the
issues you're going to have to consider is where you work.
Many small businesses are successfully started and run from
home. But as the business grows, or if you intend to open a
shop, then you will have to look at commercial property. And
that opens up an interesting debate – do you rent, or do you
buy?
There are distinct pros and cons to each, depending on what
kind of business you will be running. So the first thing to do
is look at your business plan and try to ascertain what kind of
commercial property will be perfect for you.
If you are opening a shop you will obviously need somewhere
with planning permission for retail and good access for
customers. But do you need a lot of space to show off your
wares, or a basic retail booth?
Is passing footfall going to be essential to the success of the
operation, or do you think customers will go out of their way to
find you? It's essential to work these things out in advance as
they wildly affect the kind of property you will need.
A great location in the centre of town will give you your
footfall, but at much increased costs. A property that's further
out of town will be cheaper to rent or buy, but your marketing
will have to work harder to attract customers.
Once you have studied this and know exactly what you need, it's
time to make the big decision: buy or rent.
If you're going to purchase your own commercial property, the
first thing you'll need is cash. Lots of it. Just like a
residential house, a building for your business will require
some capital and probably a commercial mortgage as well. Some
mortgage deals require you stump up 10 per cent of the purchase
price as a deposit.
This may have an impact on the cash flow and profitability of
your business for a while. But on the plus side, you are
investing in a long-term asset that one day you or your business
will own outright. Commercial property will generate a rental
income, making it a sound investment. But of course the value of
any investment can go up or down, so don't risk your business or
savings without thinking it through and getting plenty of
advice.
If you need greater control of your cash flow, then renting is
the route for you. When you pay a monthly rent to the owner of
the building, you haven't got to worry about interest rate rises
pushing mortgage payments up, or essential repairs eating into
your budget. Wind blows the roof off one evening – not your
problem!
But you have less flexibility. Owners can do whatever they like
to their building without having to seek the landlord's
permission (as long as it's legal, anyway). If you rent
commercial property and want to subdivide an office with false
walls, not only may your business plans be held back while the
landlord looks at them, but you may even have to pay to have the
work reversed when you leave. How would you feel forking out
thousands of pounds to rip down improvements that cost you a
small fortune to install in the first place?
So those are the main differences between buying and renting a
commercial property. It's worth remembering that you will have
to pay utility bills and business rates whether you buy property
or rent. You may also be stung for stamp duty – certainly if you
buy, and in some circumstances, when you rent premises too.
About the Author: For more information about renting vs buying
commercial property please visit http://www.propertytoday.co.uk
Source: http://www.isnare.com
Permanent Link:
http://www.isnare.com/?aid=214523&ca=Real+Estate
Wednesday 23 January 2008
Secret Formula On How Pay Your Mortgage Off
Secret Formula On How Pay Your Mortgage Off If you want to pay your mortgage off you have to make time.Watch less tv look after yourself and your family stop working for your money and let money work for you.
To become successful you have to set goals in your life and personal goals you want to achieve so if it is to pay off your mortgage you need to motivate yourself to start working towards your goal.
If you are managing your personal finances poorly trying to pay off your mortgage won't help you untill you have your finances in order before you begin to pay off your mortgage.The simply answer that will solve all your money problems is to spend less than you earn and invest the differance ie paying it towards your mortgage plan.
This is the secret that eludes most people are looking for the excotic answer to pay of there mortgage but it is quite simple when you fiqure this stuff out.This is not a sermon it is a fact learn to save aleast 10% of your income let me give you a small example so you can see the picture.
If you can save $500 dollars a month which is not that much in the scheme of things and ivest it over 5 years you will have around $30.000 dollars without interest been added on.So you can see how simply it is to pay off your mortgage if you follow this simple plan.
To become successful you have to set goals in your life and personal goals you want to achieve so if it is to pay off your mortgage you need to motivate yourself to start working towards your goal.
If you are managing your personal finances poorly trying to pay off your mortgage won't help you untill you have your finances in order before you begin to pay off your mortgage.The simply answer that will solve all your money problems is to spend less than you earn and invest the differance ie paying it towards your mortgage plan.
This is the secret that eludes most people are looking for the excotic answer to pay of there mortgage but it is quite simple when you fiqure this stuff out.This is not a sermon it is a fact learn to save aleast 10% of your income let me give you a small example so you can see the picture.
If you can save $500 dollars a month which is not that much in the scheme of things and ivest it over 5 years you will have around $30.000 dollars without interest been added on.So you can see how simply it is to pay off your mortgage if you follow this simple plan.
Mortgage Rates: Which One Is Best For You?
By Rony Walker
Mortgage rates are amortized over a preferred loan term and
depend on your qualifying annual income. To determine this,
mortgage companies adopt ratios to evaluate your mortgage
monthly payments of both principal and interest. Some companies
offer some flexibility, but which one is best for you?
Choosing the Right Mortgage
There will always be a mortgage to suit your needs. It is a
matter of understanding the mortgage rates, so don’t jump into
the bandwagon when you hear that mortgage rates are lower at
this time.
Aside from the lower interest rates to study, include in your
estimates the fees you have to pay before and during the closing
of the loan. That should include expenses with the documentation
requirement for the loan.
Your Mortgage
Lenders carefully analyze three things when you take out a
mortgage:
1. your credit history
2. your financial situation
3. amount you need to borrow
4. amount for your down payment
Mortgage rates are the terms you apply during the loan term in
paying for your home. Depending on the lenders’ evaluation of
the above criteria, you may have several or few options for
mortgage rates. Give the list a rundown before you go to a
lender.
The Types of Mortgage Rates
There are generally four types of mortgage rates. Each have
different monthly amortization plans, and come with their
separate advantages and disadvantages, precisely why you should
be cautious in selecting the appropriate loan tailor-fitted to
your financial circumstance.
Fixed Rate Mortgages
This traditional type of loan provides you the option of
choosing a loan term of 10, 15, 20, or 30 years. The interest
rates do not change throughout the term. For this loan, you will
be required by the lenders to give 5% of the home’s total cost
during the closing.
Adjustable Rate Mortgage (ARM)
Lower interest rates for the first few years are offered by
this particular loan, depending on the terms you have agreed to.
Some ARMs will adjust to a fixed rate mortgage while some will
not.
Because this type of loan is capped, interest rates will go and
stay as high until the last day you pay off the loan. It would
be a smart move to get this type of loan if you foresee a steady
increase in wages in the future because you can always refinance
later.
Balloon Mortgages
This loan is right for you if you want a short loan term or
planning to stay in the home for a few years (five to seven
years) because it offers lower mortgage rates for a repayment
period of 7 years.
If after the loan term you still have a sizable balance unpaid,
or if you decide to stay on and have an unpaid balance, you can
refinance. You can borrow from either the same lender or a
different one.
Jumbo Loans
Lenders give this option to those who pass the criteria because
of the higher monthly payments. Borrowers must have excellent
credit histories with the income to match. This loan permits a
higher amount to allow borrowers to buy homes in the
million-dollar range.
How much you can afford for the monthly payment, attendant
fees, when you can break even, and your financial situation and
prospects are just some of the few things you have to examine
before you can get the right mortgage with the matching mortgage
rates.
About the Author: At http://WhatAboutLoans.com, know all about
the different types of mortgage rates
(http://www.whataboutloans.com/mortgage/mortgage-rates.html)
before taking out a refinance home mortgage
(http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html)
or a California refinance
(http://www.whataboutloans.com/state/mortgage/california.html)
contract. Visit this site today.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=204127&ca=Finances
Mortgage rates are amortized over a preferred loan term and
depend on your qualifying annual income. To determine this,
mortgage companies adopt ratios to evaluate your mortgage
monthly payments of both principal and interest. Some companies
offer some flexibility, but which one is best for you?
Choosing the Right Mortgage
There will always be a mortgage to suit your needs. It is a
matter of understanding the mortgage rates, so don’t jump into
the bandwagon when you hear that mortgage rates are lower at
this time.
Aside from the lower interest rates to study, include in your
estimates the fees you have to pay before and during the closing
of the loan. That should include expenses with the documentation
requirement for the loan.
Your Mortgage
Lenders carefully analyze three things when you take out a
mortgage:
1. your credit history
2. your financial situation
3. amount you need to borrow
4. amount for your down payment
Mortgage rates are the terms you apply during the loan term in
paying for your home. Depending on the lenders’ evaluation of
the above criteria, you may have several or few options for
mortgage rates. Give the list a rundown before you go to a
lender.
The Types of Mortgage Rates
There are generally four types of mortgage rates. Each have
different monthly amortization plans, and come with their
separate advantages and disadvantages, precisely why you should
be cautious in selecting the appropriate loan tailor-fitted to
your financial circumstance.
Fixed Rate Mortgages
This traditional type of loan provides you the option of
choosing a loan term of 10, 15, 20, or 30 years. The interest
rates do not change throughout the term. For this loan, you will
be required by the lenders to give 5% of the home’s total cost
during the closing.
Adjustable Rate Mortgage (ARM)
Lower interest rates for the first few years are offered by
this particular loan, depending on the terms you have agreed to.
Some ARMs will adjust to a fixed rate mortgage while some will
not.
Because this type of loan is capped, interest rates will go and
stay as high until the last day you pay off the loan. It would
be a smart move to get this type of loan if you foresee a steady
increase in wages in the future because you can always refinance
later.
Balloon Mortgages
This loan is right for you if you want a short loan term or
planning to stay in the home for a few years (five to seven
years) because it offers lower mortgage rates for a repayment
period of 7 years.
If after the loan term you still have a sizable balance unpaid,
or if you decide to stay on and have an unpaid balance, you can
refinance. You can borrow from either the same lender or a
different one.
Jumbo Loans
Lenders give this option to those who pass the criteria because
of the higher monthly payments. Borrowers must have excellent
credit histories with the income to match. This loan permits a
higher amount to allow borrowers to buy homes in the
million-dollar range.
How much you can afford for the monthly payment, attendant
fees, when you can break even, and your financial situation and
prospects are just some of the few things you have to examine
before you can get the right mortgage with the matching mortgage
rates.
About the Author: At http://WhatAboutLoans.com, know all about
the different types of mortgage rates
(http://www.whataboutloans.com/mortgage/mortgage-rates.html)
before taking out a refinance home mortgage
(http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html)
or a California refinance
(http://www.whataboutloans.com/state/mortgage/california.html)
contract. Visit this site today.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=204127&ca=Finances
Tuesday 22 January 2008
Top Reasons Why You Should Opt For Home Mortgage Refinance
By Alan Lim
Home mortgage refinance has been very popular these days. Find
out why people do refinancing, and why you may be better off
getting one as well.
Opting for home mortgage refinance should be a major decision
to make. However, if you decide on it at the right time and at
the right circumstances, it might just be the best financial
move that you can ever do for yourself and for your family.
All of us are eager to buy ourselves a home. Along with this
eagerness are the anxiety and the pressures from home
inspections right down to escrow deadline. To cope, we often go
for any mortgage that we qualify for. Eventually, you may soon
realize how you could have found yourself a better deal had you
given the mortgage terms more thought. This happens all too
often, and this is one of the primary reasons why most people
opt for a home mortgage refinance to cut down on the interest
being paid for the loan.
In relation to this, loan refinancing proves to improve
flexibility in terms of cash flow. What happens is that instead
of looking for ways to cut down on the total mortgage payments,
you can look for terms that can enable you to lower your monthly
payment. So, if your monthly expenses are relatively tight, you
can just imagine how saving $300 through a home mortgage
refinance will give you a little more cash flexibility (this
accounts for $3,600 a year, which is relatively attractive).
Another top reason for you to go for a home mortgage refinance
is to get some extra cash on hand. Your home is one great
resource if you want to earn extra cash for better financial or
personal reasons. Your home has most likely increased in terms
of value, qualifying you to earn more out of it and put it to
better use. Some of the most common related reasons for opting
for refinancing to get extra cash include making home
improvements, car upgrade, paying off credit cards, paying
tuition fees, starting a new business, or going on a dream
vacation.
On the other line, there are many people who go with the home
mortgage refinance route as a desperate attempt to get
themselves out of overwhelming debt. The rates for refinancing
are relatively favorable. If you find yourself with too many
small bills with payments that are slowly getting too difficult
for you to handle, you can take a lot of weight off your
shoulders by getting a home mortgage refinance. This way, you
can get enough cash to pay off all the smaller payments so you
can concentrate on one monthly payment, which is your mortgage.
Considering how some lenders can stretch to up to a 30-year
terms, you can easily go back on track to your journey towards
financial stability.
Remember that the decision to get a mortgage refinance is a lot
less stressful than getting a new home loan. Without the
pressure and the deadlines, you can surely give it some good
thought to ensure that you are getting a much better deal. So,
take your time and shop around for the best home mortgage
refinance deal that best fits your situation.
About the Author: http://www.homemortgageloan-refinance.com
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=210926&ca=Finances
Home mortgage refinance has been very popular these days. Find
out why people do refinancing, and why you may be better off
getting one as well.
Opting for home mortgage refinance should be a major decision
to make. However, if you decide on it at the right time and at
the right circumstances, it might just be the best financial
move that you can ever do for yourself and for your family.
All of us are eager to buy ourselves a home. Along with this
eagerness are the anxiety and the pressures from home
inspections right down to escrow deadline. To cope, we often go
for any mortgage that we qualify for. Eventually, you may soon
realize how you could have found yourself a better deal had you
given the mortgage terms more thought. This happens all too
often, and this is one of the primary reasons why most people
opt for a home mortgage refinance to cut down on the interest
being paid for the loan.
In relation to this, loan refinancing proves to improve
flexibility in terms of cash flow. What happens is that instead
of looking for ways to cut down on the total mortgage payments,
you can look for terms that can enable you to lower your monthly
payment. So, if your monthly expenses are relatively tight, you
can just imagine how saving $300 through a home mortgage
refinance will give you a little more cash flexibility (this
accounts for $3,600 a year, which is relatively attractive).
Another top reason for you to go for a home mortgage refinance
is to get some extra cash on hand. Your home is one great
resource if you want to earn extra cash for better financial or
personal reasons. Your home has most likely increased in terms
of value, qualifying you to earn more out of it and put it to
better use. Some of the most common related reasons for opting
for refinancing to get extra cash include making home
improvements, car upgrade, paying off credit cards, paying
tuition fees, starting a new business, or going on a dream
vacation.
On the other line, there are many people who go with the home
mortgage refinance route as a desperate attempt to get
themselves out of overwhelming debt. The rates for refinancing
are relatively favorable. If you find yourself with too many
small bills with payments that are slowly getting too difficult
for you to handle, you can take a lot of weight off your
shoulders by getting a home mortgage refinance. This way, you
can get enough cash to pay off all the smaller payments so you
can concentrate on one monthly payment, which is your mortgage.
Considering how some lenders can stretch to up to a 30-year
terms, you can easily go back on track to your journey towards
financial stability.
Remember that the decision to get a mortgage refinance is a lot
less stressful than getting a new home loan. Without the
pressure and the deadlines, you can surely give it some good
thought to ensure that you are getting a much better deal. So,
take your time and shop around for the best home mortgage
refinance deal that best fits your situation.
About the Author: http://www.homemortgageloan-refinance.com
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=210926&ca=Finances
An Adverse Credit Homeowner Loan Could Be Your Best Option If
By Louis Rix
If you have had problems with credit in the past and have tried
to get a personal loan then you have probably found yourself
being turned down time after time. If this is the situation you
are in then applying for an adverse credit homeowner loan could
be the answer to your problems. A loan of this type can be taken
out for almost any reason and the repayments can be extended
over many years.
You do have to choose your loan carefully as while there are
now many lenders that will offer adverse credit loans, these
usually come with very high rates of interest. However by taking
out a secured loan you are able to lower the rates of interest,
the downside is that you will have to put up your home against
the amount that you wish to borrow as collateral.
One of the easiest ways of getting access to the whole of the
market place and of being sure of getting the cheapest rates of
interest and the best deal is to go online with a specialist
website. A specialist website will be able to search around on
your behalf with the top UK lenders and then deliver the best
deals to you along with the key facts so that you can read what
the loan entails.
The key facts hold the small print of the loan and this will
tell you of any costs which could be added onto the loan along
with the rate of interest you will pay, how much interest will
be added on and how much the total loan will cost. It is
essential that you do not just compare the APR of the loan but
also the terms and conditions because this can make a huge
difference to the loan and for a clear picture you need to make
good use of all this information. Loan protection can be added
onto the cost of the loan without you realising it, although
many lenders have now changed their ways and offer it but do not
add it, it would be wise to check your loan.
An adverse credit homeowner loan means that you will put up
your home as security against the money you are going to borrow
and because of this the rate of interest will usually be lower.
However due to this your home will be at risk until you have
paid off the loan so it is essential that you make sure you can
afford the loan repayments and have taken into account that
circumstances might change. The amount of money you are able to
borrow on a homeowner loan will depend on the amount of equity
that is in your home. The equity is worked out by taking the
value of your home and then deducting what is left outstanding
on your mortgage, so the more of your mortgage you have paid
off, the more equity you will have to borrow on. Some lenders
will allow you to borrow up to 125% of the equity but for this
you can expect the rate of interest to be high.
About the Author: Louis Rix is Director of Netloans Ltd
(http://www.netloans.co.uk), a leading Secured Loan Broker for
UK Homeowners offering homeowner and secured loans for any
purpose who ensure that their customers get the best homeowner
loan deal.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=212294&ca=Finances
If you have had problems with credit in the past and have tried
to get a personal loan then you have probably found yourself
being turned down time after time. If this is the situation you
are in then applying for an adverse credit homeowner loan could
be the answer to your problems. A loan of this type can be taken
out for almost any reason and the repayments can be extended
over many years.
You do have to choose your loan carefully as while there are
now many lenders that will offer adverse credit loans, these
usually come with very high rates of interest. However by taking
out a secured loan you are able to lower the rates of interest,
the downside is that you will have to put up your home against
the amount that you wish to borrow as collateral.
One of the easiest ways of getting access to the whole of the
market place and of being sure of getting the cheapest rates of
interest and the best deal is to go online with a specialist
website. A specialist website will be able to search around on
your behalf with the top UK lenders and then deliver the best
deals to you along with the key facts so that you can read what
the loan entails.
The key facts hold the small print of the loan and this will
tell you of any costs which could be added onto the loan along
with the rate of interest you will pay, how much interest will
be added on and how much the total loan will cost. It is
essential that you do not just compare the APR of the loan but
also the terms and conditions because this can make a huge
difference to the loan and for a clear picture you need to make
good use of all this information. Loan protection can be added
onto the cost of the loan without you realising it, although
many lenders have now changed their ways and offer it but do not
add it, it would be wise to check your loan.
An adverse credit homeowner loan means that you will put up
your home as security against the money you are going to borrow
and because of this the rate of interest will usually be lower.
However due to this your home will be at risk until you have
paid off the loan so it is essential that you make sure you can
afford the loan repayments and have taken into account that
circumstances might change. The amount of money you are able to
borrow on a homeowner loan will depend on the amount of equity
that is in your home. The equity is worked out by taking the
value of your home and then deducting what is left outstanding
on your mortgage, so the more of your mortgage you have paid
off, the more equity you will have to borrow on. Some lenders
will allow you to borrow up to 125% of the equity but for this
you can expect the rate of interest to be high.
About the Author: Louis Rix is Director of Netloans Ltd
(http://www.netloans.co.uk), a leading Secured Loan Broker for
UK Homeowners offering homeowner and secured loans for any
purpose who ensure that their customers get the best homeowner
loan deal.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=212294&ca=Finances
UK Mortgages For The First Time Buyer
By Michael Sterios
With the cost of houses and property continuing to rise, UK
mortgages are also becoming more expensive. For first-time
buyers, this is more of a problem than for those already on the
property ladder. With the average cost of a new home now almost
£200,000, it’s almost becoming an impossibility to get your
first mortgage.
Thankfully, there are options available to you, as well as
numerous companies who specialise in this particular market.
From helping you find the best type of mortgage in the UK for
first time buyers to explaining the different interest rates and
charges, taking the first step onto the property ladder can be a
little more realistic.
Where to Start
The first thing you need to do is decide how much you can
afford, and then take it from there. One of the best features of
UK mortgages compared to other countries is that there are a
host of different ways specifically to help you buy your first
home.
100% Mortgage
For example, you can take out what’s known as 100% mortgage.
This can make a huge difference in being able to afford your own
home if you’re a first time buyer. With a 5% deposit on a
£200,000 home costing a minimum £10,000, it can allow you to buy
a better home than you might have been looking at.
However, you do need to be careful, since 100% mortgages tend
to come with a higher interest rate than ones where you pay a
deposit. They can also be more difficult to get, due to
increased credit checks.
Shared Ownership
Another option is to look at shared ownership – this is where
you can buy a home with a friend and share the costs. The
benefit of this is that you can both get on the property ladder,
although make sure you both sign an agreement for what happens
should one of you want to sell their half.
Guarantor Mortgage
This is a particularly useful option for a younger person
looking to buy his or her own home. Many banks and lenders will
now allow a parent or guardian to “co-sign” the mortgage as a
guarantor. This means that if the homeowner can’t meet the
mortgage payment, the guarantor will meet it instead. Not only
does this help satisfy the lender, it may also let the buyer
afford a more valuable property. However, these can be risky,
since if the guarantor ends up having to pay the mortgage, it
could strain whatever relationship they have with the buyer.
Graduate and Professional Mortgages
Another type of mortgage fairly unique to the UK is this one,
and it offers an excellent opportunity to anyone who has either
just graduated from University, or is employed in a certain
profession. Since a University graduate will normally have a
large amount of debt, it can be hard for them to get a mortgage.
However, lenders are of the opinion that a graduate will be able
to find a high-paying job, so they will overlook any debt and
allow a graduate mortgage.
A professional mortgage is similar, in that banks are far more
likely to give you a mortgage if you have a certain job.
Professions such as lawyers or doctors are known to see large
initial wage increases, and this helps in getting a mortgage
approved.
There are many more UK mortgage methods available for first
time buyers, including state help. For all the options available
to you, a specialist mortgage advisor will be able to help you
find the package that’s best for you.
About the Author: Michael Sterios is a writer for
http://www.ukmortgagesource.co.uk
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=215386&ca=Finances
With the cost of houses and property continuing to rise, UK
mortgages are also becoming more expensive. For first-time
buyers, this is more of a problem than for those already on the
property ladder. With the average cost of a new home now almost
£200,000, it’s almost becoming an impossibility to get your
first mortgage.
Thankfully, there are options available to you, as well as
numerous companies who specialise in this particular market.
From helping you find the best type of mortgage in the UK for
first time buyers to explaining the different interest rates and
charges, taking the first step onto the property ladder can be a
little more realistic.
Where to Start
The first thing you need to do is decide how much you can
afford, and then take it from there. One of the best features of
UK mortgages compared to other countries is that there are a
host of different ways specifically to help you buy your first
home.
100% Mortgage
For example, you can take out what’s known as 100% mortgage.
This can make a huge difference in being able to afford your own
home if you’re a first time buyer. With a 5% deposit on a
£200,000 home costing a minimum £10,000, it can allow you to buy
a better home than you might have been looking at.
However, you do need to be careful, since 100% mortgages tend
to come with a higher interest rate than ones where you pay a
deposit. They can also be more difficult to get, due to
increased credit checks.
Shared Ownership
Another option is to look at shared ownership – this is where
you can buy a home with a friend and share the costs. The
benefit of this is that you can both get on the property ladder,
although make sure you both sign an agreement for what happens
should one of you want to sell their half.
Guarantor Mortgage
This is a particularly useful option for a younger person
looking to buy his or her own home. Many banks and lenders will
now allow a parent or guardian to “co-sign” the mortgage as a
guarantor. This means that if the homeowner can’t meet the
mortgage payment, the guarantor will meet it instead. Not only
does this help satisfy the lender, it may also let the buyer
afford a more valuable property. However, these can be risky,
since if the guarantor ends up having to pay the mortgage, it
could strain whatever relationship they have with the buyer.
Graduate and Professional Mortgages
Another type of mortgage fairly unique to the UK is this one,
and it offers an excellent opportunity to anyone who has either
just graduated from University, or is employed in a certain
profession. Since a University graduate will normally have a
large amount of debt, it can be hard for them to get a mortgage.
However, lenders are of the opinion that a graduate will be able
to find a high-paying job, so they will overlook any debt and
allow a graduate mortgage.
A professional mortgage is similar, in that banks are far more
likely to give you a mortgage if you have a certain job.
Professions such as lawyers or doctors are known to see large
initial wage increases, and this helps in getting a mortgage
approved.
There are many more UK mortgage methods available for first
time buyers, including state help. For all the options available
to you, a specialist mortgage advisor will be able to help you
find the package that’s best for you.
About the Author: Michael Sterios is a writer for
http://www.ukmortgagesource.co.uk
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=215386&ca=Finances
Some Of The Best Mortgage Deals Can Be Found Online
By Jason Hulott1
Forget about taking out a mortgage with the high street lender.
A far better and effective way to get the best mortgage deals is
by going online with a specialist website. By doing so you will
be able to compare mortgages from some of the top UK lenders so
you can be sure you have the cheapest rates of interest.
However there is more to the best mortgage deals than just
comparing the rates of interest. There are many other factors
that you have to take into account. There are various costs that
can be associated with a mortgage and you have to take all of
these into account when looking for and comparing the best
deals.
The first thing you have to consider is the arraignment fee for
the mortgage. This can vary greatly and is added on to cover the
cost of arraigning the mortgage for you. The lenders can add on
somewhere between £100 and £300 and you are expected to pay this
when you have completed the mortgage. Some lenders will call
this fee an administration fee or set up fee, so compare this
charge as you compare interest rates.
A valuation fee can also be charged and must be considered when
comparing the best mortgage deals. This fee is to cover having
your home valued so the lender can make sure that it is worth
the amount that you are asking to borrow. It is a way of the
lender protecting themselves against you not being able to pay
the loan.
The majority of mortgage lenders will add on an early
redemption fee or penalty. This means that if you decide to move
your mortgage within a specific amount of time you will have to
pay a penalty. The actual amount can vary considerably so again
take this into account when looking for the best mortgage deals.
Some of the lenders will attach an application fee but as there
is so much competition in the market to get you to take out a
mortgage, this has for the most part been abolished. However it
is worth checking to make sure that this fee has not been
attached.
All of the above are ways that lenders can boost up the cost of
what could be seen to be the best mortgage deals. The fees are
usually found in the small print of the loan and if you shop
with a specialist website for the quotes should come in the key
facts. It is essential you compare these as the fees themselves
and the amount charged does vary considerably. Of course these
are the hidden or additional costs that are added on and you
also have to compare the rates of interest and different types
of mortgage.
With the lenders being so competitive when it comes to offering
the best mortgage deals you can sometimes find that some of the
fees such as the valuation fee is waived. So it is worthwhile
shopping around and comparing the hidden costs to determine
which mortgage offers the best deal.
About the Author: Jason Hulott is Business Development Director
at UK Mortgages service, PolarMortgages
(http://www.polarmortgages.co.uk). Visit Polar Mortgages now for
more information about UK mortgages and remortgages.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=215088&ca=Finances
Forget about taking out a mortgage with the high street lender.
A far better and effective way to get the best mortgage deals is
by going online with a specialist website. By doing so you will
be able to compare mortgages from some of the top UK lenders so
you can be sure you have the cheapest rates of interest.
However there is more to the best mortgage deals than just
comparing the rates of interest. There are many other factors
that you have to take into account. There are various costs that
can be associated with a mortgage and you have to take all of
these into account when looking for and comparing the best
deals.
The first thing you have to consider is the arraignment fee for
the mortgage. This can vary greatly and is added on to cover the
cost of arraigning the mortgage for you. The lenders can add on
somewhere between £100 and £300 and you are expected to pay this
when you have completed the mortgage. Some lenders will call
this fee an administration fee or set up fee, so compare this
charge as you compare interest rates.
A valuation fee can also be charged and must be considered when
comparing the best mortgage deals. This fee is to cover having
your home valued so the lender can make sure that it is worth
the amount that you are asking to borrow. It is a way of the
lender protecting themselves against you not being able to pay
the loan.
The majority of mortgage lenders will add on an early
redemption fee or penalty. This means that if you decide to move
your mortgage within a specific amount of time you will have to
pay a penalty. The actual amount can vary considerably so again
take this into account when looking for the best mortgage deals.
Some of the lenders will attach an application fee but as there
is so much competition in the market to get you to take out a
mortgage, this has for the most part been abolished. However it
is worth checking to make sure that this fee has not been
attached.
All of the above are ways that lenders can boost up the cost of
what could be seen to be the best mortgage deals. The fees are
usually found in the small print of the loan and if you shop
with a specialist website for the quotes should come in the key
facts. It is essential you compare these as the fees themselves
and the amount charged does vary considerably. Of course these
are the hidden or additional costs that are added on and you
also have to compare the rates of interest and different types
of mortgage.
With the lenders being so competitive when it comes to offering
the best mortgage deals you can sometimes find that some of the
fees such as the valuation fee is waived. So it is worthwhile
shopping around and comparing the hidden costs to determine
which mortgage offers the best deal.
About the Author: Jason Hulott is Business Development Director
at UK Mortgages service, PolarMortgages
(http://www.polarmortgages.co.uk). Visit Polar Mortgages now for
more information about UK mortgages and remortgages.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=215088&ca=Finances
Monday 21 January 2008
Best way To Pay Off your Home Loan Mortgage In 5years or Less?
By Nelson Smith
I can talk from experiance because when l was 23 my goal was to pay off my mortgage in 5 years the amount at the time was $60,000 dollars which was taken up a large percentage of my income at that time.
This goal wasn't going to be easy because my income wasn't that great so the only way l could pay it off was by getting additional work.
My plan was to save $1000 dollars extra a month which l paid off my mortgage at the end of the year you do this because interest is calculated on the amount you owe at the end of the financial year so your payments will be reduced.
We did have to pay a small sum to the mortgage company for admin costs you just need to check not all do so if you see my plan you need to cover all your general outgoings and still find the additional money to pay of your mortgage in your own time frame so if you do the sums it works out.
$1000x12month=$12000x5years = $60,000 But what you got to remember your mortgage payment will reduce after year one so that extra money can go on bring the loan payments faster so this is the best way to pay off your home loan mortgage.
Just remember it take's planning and patience and determination to stick with it you can do it if, l can you can then when you pay off that mortgage buy another property and rent it out and create passive income for your old age.
I can talk from experiance because when l was 23 my goal was to pay off my mortgage in 5 years the amount at the time was $60,000 dollars which was taken up a large percentage of my income at that time.
This goal wasn't going to be easy because my income wasn't that great so the only way l could pay it off was by getting additional work.
My plan was to save $1000 dollars extra a month which l paid off my mortgage at the end of the year you do this because interest is calculated on the amount you owe at the end of the financial year so your payments will be reduced.
We did have to pay a small sum to the mortgage company for admin costs you just need to check not all do so if you see my plan you need to cover all your general outgoings and still find the additional money to pay of your mortgage in your own time frame so if you do the sums it works out.
$1000x12month=$12000x5years = $60,000 But what you got to remember your mortgage payment will reduce after year one so that extra money can go on bring the loan payments faster so this is the best way to pay off your home loan mortgage.
Just remember it take's planning and patience and determination to stick with it you can do it if, l can you can then when you pay off that mortgage buy another property and rent it out and create passive income for your old age.
Tuesday 15 January 2008
basic types mortgages adjustable rate mortgage fixed rate mortgage interest only mortgage
By Nelson Smith
Fixed RateMortgage
The two basic types of loans are the fixed rate mortgage and adjustable rate mortgage.Fixed rate mortgage can be fixed over set period of time.You need to take into consideration if interest rate's go up over that period you need to budget the extra funds for that has well.The downside to a fixed rate is if interest rates go down you could be paying more than you should for your mortgage.
Adjustable Rate Mortgage
adjustable rate mortgage means that when you decide on a adjustable rate mortgage it could go up and it can go down with interest rise's.If you are on a tight budget l would advise either a interest only mortgage or the adjustable rate mortgage.This is a decison you can make when you decide to take out a mortgage deal for your property.
Interest Only Mortgage
interest only mortgage have there place l personally only go for this type of mortgage because it is a cheaper way and you get lower payment's.However in saying this you must have way of paying this mortgage off because you only pay the interst on the loan nothing else so if you borrow $100,000 dollars over what term you decide you will still owe that amount if you don't have a way of paying it back.This is a good method if you plan on buying property under value and selling it on in a fe years the profit is in the property and you haven't paid the earth for the loan.
l found this budget calculator for your bills take a look it free to use l hope you find it usefull this is the link
Fixed RateMortgage
The two basic types of loans are the fixed rate mortgage and adjustable rate mortgage.Fixed rate mortgage can be fixed over set period of time.You need to take into consideration if interest rate's go up over that period you need to budget the extra funds for that has well.The downside to a fixed rate is if interest rates go down you could be paying more than you should for your mortgage.
Adjustable Rate Mortgage
adjustable rate mortgage means that when you decide on a adjustable rate mortgage it could go up and it can go down with interest rise's.If you are on a tight budget l would advise either a interest only mortgage or the adjustable rate mortgage.This is a decison you can make when you decide to take out a mortgage deal for your property.
Interest Only Mortgage
interest only mortgage have there place l personally only go for this type of mortgage because it is a cheaper way and you get lower payment's.However in saying this you must have way of paying this mortgage off because you only pay the interst on the loan nothing else so if you borrow $100,000 dollars over what term you decide you will still owe that amount if you don't have a way of paying it back.This is a good method if you plan on buying property under value and selling it on in a fe years the profit is in the property and you haven't paid the earth for the loan.
l found this budget calculator for your bills take a look it free to use l hope you find it usefull this is the link
Monday 14 January 2008
Mortgage checklist
By Nelson Smith
When apply for a home mortgage be sure to consider each of the following options for your mortgage checklist.
1 Be clear on the type of mortgage vehical.Do you want to pay the loan quickly or do you want to keep monthly payment low.This is where you might want to consider a interest only mortgage or a varible rate mortgage is were you pay over a period of time.Interest only mortgage you only pay back interest on the loan borrowed.Make sure you shop around for the best deal.There are loads of comparison site's on the internet for loans and mortgage's.
2 Next big one to consider is your solicitor ask about fee's and get general feedback from previous customer's.Don't just jump in on the first quote but don't just go for the cheapest either sometimes it doesn't pay.
3 You will need to consider the type of survey,s there are a full survey and a bank will also do a basic survey on the property you intend to buy l must make you aware this is only a basic survey.This will depend on your budget and the value of the property you are considering buying.I would alway's recommend you have a full survey from my own experiance with property,s but at the end of the day you make the choose to suit your own pocket.
4 The last one is to make sure you have a good insurance policy for your property and possestion's.You can go to comparison site's to compare different deals that are on the table.Make sure you work out your true value of your possestion's most people don't invest enough time in this area.When they go to claim they find they have underestimated the value of the rebuild and content's of the property.
5 Last thing make sure you have at least enough money to cover your first month's mortgage and fee's very important.Most people forget to plan these things and get themselfs into debt l hope this mortgage checklist has been a help.
When apply for a home mortgage be sure to consider each of the following options for your mortgage checklist.
1 Be clear on the type of mortgage vehical.Do you want to pay the loan quickly or do you want to keep monthly payment low.This is where you might want to consider a interest only mortgage or a varible rate mortgage is were you pay over a period of time.Interest only mortgage you only pay back interest on the loan borrowed.Make sure you shop around for the best deal.There are loads of comparison site's on the internet for loans and mortgage's.
2 Next big one to consider is your solicitor ask about fee's and get general feedback from previous customer's.Don't just jump in on the first quote but don't just go for the cheapest either sometimes it doesn't pay.
3 You will need to consider the type of survey,s there are a full survey and a bank will also do a basic survey on the property you intend to buy l must make you aware this is only a basic survey.This will depend on your budget and the value of the property you are considering buying.I would alway's recommend you have a full survey from my own experiance with property,s but at the end of the day you make the choose to suit your own pocket.
4 The last one is to make sure you have a good insurance policy for your property and possestion's.You can go to comparison site's to compare different deals that are on the table.Make sure you work out your true value of your possestion's most people don't invest enough time in this area.When they go to claim they find they have underestimated the value of the rebuild and content's of the property.
5 Last thing make sure you have at least enough money to cover your first month's mortgage and fee's very important.Most people forget to plan these things and get themselfs into debt l hope this mortgage checklist has been a help.
Friday 11 January 2008
best way to pay off loan interest
Fed's Mishkin says rate cuts 'unlikely' to raise inflation threat Forbes. For example, suppose you have a $200,000, 30-year payment-option ARM with a 2% rate for the first 3 months and a 6% rate for the remaining 9 months of the year.
However, once the 6% rate is applied to your loan balance, you are no longer covering the interest costs. Because payment caps limit only the amount of payment increases, and not interest-rate increases, payments sometimes do not cover all the interest due on your loan.
This can make some people think that even if the rate and payments on their ARM get too high, they can avoid those higher payments by refinancing their loan or, in the worst case, selling their home.
Also you may find it difficult to refinance your loan to get a lower monthly payment or rate. If you get an ARM, you may decide later that you don't want to risk any increases in the interest rate and payment amount. For example, suppose you have a 3/1 ARM with an initial rate of 6%. Sometimes there is a trade-off between having a prepayment penalty and having lower origination fees or lower interest rates.
The resources of the Federal Savings and Loan Insurance Corporation have been exhausted. Recent profit downgrades by US banks with investments linked to subprime loans have worsened the crisis by making lenders less willing to provide credit.
In remarks at the White House, Bush said he would work to "modernize and improve" the Federal Housing Administration "by lowering downpayment requirements, by increasing loan limits and providing more flexibility in pricing.
24 hours After appearing immune to the turmoil engulfing the mortgage market in the United States, China suffered its first serious setback Friday from exposure to subprime loans. Banking experts remain confident that any losses arising from subprime loans suffered by Bank of China, the Chinese bank with the biggest exposure to foreign markets, were unlikely to seriously jeopardize its financial performance.
Payment-option ARMs have a built-in recalculation period, usually every 5 years. ARMs may start with lower monthly payments than fixed-rate mortgages, but keep the following in mind: Your monthly payments could change.
Your payments may not go down much, or at all even if interest rates go down you could end up owing more money than you borrowed even if you make all your payments on time.
If you want to pay off your ARM early to avoid higher payments, you might have to pay a penalty. With an ARM, the interest rate changes periodically, usually in relation to an index, and payments may go up or down accordingly. To compare two ARMs with each other or to compare an ARM with a fixed-rate mortgage, you need to know about indexes, margins, discounts, caps on rates and payments, negative amortization, payment options, and recasting (recalculating) your loan.
However, once the 6% rate is applied to your loan balance, you are no longer covering the interest costs. Because payment caps limit only the amount of payment increases, and not interest-rate increases, payments sometimes do not cover all the interest due on your loan.
This can make some people think that even if the rate and payments on their ARM get too high, they can avoid those higher payments by refinancing their loan or, in the worst case, selling their home.
Also you may find it difficult to refinance your loan to get a lower monthly payment or rate. If you get an ARM, you may decide later that you don't want to risk any increases in the interest rate and payment amount. For example, suppose you have a 3/1 ARM with an initial rate of 6%. Sometimes there is a trade-off between having a prepayment penalty and having lower origination fees or lower interest rates.
The resources of the Federal Savings and Loan Insurance Corporation have been exhausted. Recent profit downgrades by US banks with investments linked to subprime loans have worsened the crisis by making lenders less willing to provide credit.
In remarks at the White House, Bush said he would work to "modernize and improve" the Federal Housing Administration "by lowering downpayment requirements, by increasing loan limits and providing more flexibility in pricing.
24 hours After appearing immune to the turmoil engulfing the mortgage market in the United States, China suffered its first serious setback Friday from exposure to subprime loans. Banking experts remain confident that any losses arising from subprime loans suffered by Bank of China, the Chinese bank with the biggest exposure to foreign markets, were unlikely to seriously jeopardize its financial performance.
Payment-option ARMs have a built-in recalculation period, usually every 5 years. ARMs may start with lower monthly payments than fixed-rate mortgages, but keep the following in mind: Your monthly payments could change.
Your payments may not go down much, or at all even if interest rates go down you could end up owing more money than you borrowed even if you make all your payments on time.
If you want to pay off your ARM early to avoid higher payments, you might have to pay a penalty. With an ARM, the interest rate changes periodically, usually in relation to an index, and payments may go up or down accordingly. To compare two ARMs with each other or to compare an ARM with a fixed-rate mortgage, you need to know about indexes, margins, discounts, caps on rates and payments, negative amortization, payment options, and recasting (recalculating) your loan.
How l paid my own mortgage off in five years or less
How l paid my own mortgage off in five years or less
How l paid my own mortgage off in five years or less.This is a step by step plan on how l paid my own mortgage off in five years or less l can still remember the exact day that l decided to pay my mortgage off.
This was the day when jim rohn was talking on a tape in the back ground talking about goal setting and he stated some facts that got my attention he stated that 97% of the nation didn't set any goals at all.This got me thinking because my present position at that time was pennies in the pocket creditors calling,something had to change to enable me to pay off my mortgage.
So that night i decided there and then to put together a action plan on how to pay my mortgage off at that time i had a $60.000 dollar loan.My own finances were not in good shape my out going at that time were greater than my incoming at that time.So if you were thinking l was in a good starting position at that time you couldn't be further from the truth.
That night my wife and l worked out a plan on how much money was needed to enable us to pay off our mortgage in five years or less.After doinging all our sums it worked out we need to find a additional $10.000 dollars a year.This was going tobe a tall order for myself and my wife we didn't have any children at this time.
We wrote down all our expenses looking into all area's of our finances to enable us to find this extra $500 dollars a month.It worked out that we found $300 dollars in cutting back on things we didn't need such as takeaways'holidays,clothes,you get the idea.We still needed to find a extra $200 dollars a month in order for us to achieve this goal we both worked so we fiqured out we need to get another source of income.
We started a carpet cleaning business we brought a carpet cleaning machine and l would go cold calling for business why am telling you this bit you need to keep to your goal what ever comes in your way to enable you to achieve paying your mortgage in five years or less.so the plan is this
1 set out a plan
2 reduce your expenditure
3find extra income if you need to
4 pay off your mortgage at the end of your financial year
5 repeat this process untill you reach your goal.
How l paid my own mortgage off in five years or less.This is a step by step plan on how l paid my own mortgage off in five years or less l can still remember the exact day that l decided to pay my mortgage off.
This was the day when jim rohn was talking on a tape in the back ground talking about goal setting and he stated some facts that got my attention he stated that 97% of the nation didn't set any goals at all.This got me thinking because my present position at that time was pennies in the pocket creditors calling,something had to change to enable me to pay off my mortgage.
So that night i decided there and then to put together a action plan on how to pay my mortgage off at that time i had a $60.000 dollar loan.My own finances were not in good shape my out going at that time were greater than my incoming at that time.So if you were thinking l was in a good starting position at that time you couldn't be further from the truth.
That night my wife and l worked out a plan on how much money was needed to enable us to pay off our mortgage in five years or less.After doinging all our sums it worked out we need to find a additional $10.000 dollars a year.This was going tobe a tall order for myself and my wife we didn't have any children at this time.
We wrote down all our expenses looking into all area's of our finances to enable us to find this extra $500 dollars a month.It worked out that we found $300 dollars in cutting back on things we didn't need such as takeaways'holidays,clothes,you get the idea.We still needed to find a extra $200 dollars a month in order for us to achieve this goal we both worked so we fiqured out we need to get another source of income.
We started a carpet cleaning business we brought a carpet cleaning machine and l would go cold calling for business why am telling you this bit you need to keep to your goal what ever comes in your way to enable you to achieve paying your mortgage in five years or less.so the plan is this
1 set out a plan
2 reduce your expenditure
3find extra income if you need to
4 pay off your mortgage at the end of your financial year
5 repeat this process untill you reach your goal.
Thursday 10 January 2008
How To Pay Off Your Mortgage 2x As Fast
By Ben Schmitt
Want to have a mortgage free life?
There is a simple way to pay off your mortgage, save tons of interest, and it's easy to do.
See, right now, the majority of your mortgage payment is going to interest. To pay off your mortgage you will need to make sure your payment is going to the principle.
If you lower the principle on your mortgage now, instead of throughout the duration of the term, you will save tons of money and pay off your mortgage at lightening speed. You are going to have to pay that principle one way or another, but why pay all the interest with it?
But when and how often?
To successfully pay off your mortgage 2x as fast pay the principle... each month.
Simply pay a little extra money with your mortgage payment each month.
Paying off your mortgage early is really like making an investment. No, you do not ever get the money back directly, but you will reap the rewards later... in interest savings and debt free living.
BUT, HOW MUCH EXTRA DO YOU PAY?
You do not want to pay more than you have to, but you do want to pay off your mortgage as fast as possible. The easiest method to pay off your mortgage early this way is to simply calculate 3-4% of your monthly mortgage payment. That 3-4% will then become the amount of extra money that pays off your mortgage early. It's your principle payment.
To do this all you have to do is take an extra check of whatever 3-4% happens to be, and make a note to your bank that you want the additional money applied to the principle on the loan.
This should not put too much extra stress on you, but it will help you to pay off your mortgage MUCH faster.
WARNING: you must write 'for prepaid principle' on the extra check. If you do not the bank will just count it towards next month's mortgage payment and you won't pay off your mortgage ANY faster.
Come join our Insider's Mortgage Blog and finally... learn how to beat the bank. By the way, it's free: [http://payoffmortgageearly-saveinterest.blogspot.com/]payoffmortgageearly-saveinterest.blogspot.com
Email Ben personally [mailto:benjschmitt@yahoo.com]benjschmitt@yahoo.com
OR
Call him at 970 388 1404
Article Source: http://EzineArticles.com/?expert=Ben_Schmitt http://EzineArticles.com/?How-To-Pay-Off-Your-Mortgage-2x-As-Fast&id=791464
Want to have a mortgage free life?
There is a simple way to pay off your mortgage, save tons of interest, and it's easy to do.
See, right now, the majority of your mortgage payment is going to interest. To pay off your mortgage you will need to make sure your payment is going to the principle.
If you lower the principle on your mortgage now, instead of throughout the duration of the term, you will save tons of money and pay off your mortgage at lightening speed. You are going to have to pay that principle one way or another, but why pay all the interest with it?
But when and how often?
To successfully pay off your mortgage 2x as fast pay the principle... each month.
Simply pay a little extra money with your mortgage payment each month.
Paying off your mortgage early is really like making an investment. No, you do not ever get the money back directly, but you will reap the rewards later... in interest savings and debt free living.
BUT, HOW MUCH EXTRA DO YOU PAY?
You do not want to pay more than you have to, but you do want to pay off your mortgage as fast as possible. The easiest method to pay off your mortgage early this way is to simply calculate 3-4% of your monthly mortgage payment. That 3-4% will then become the amount of extra money that pays off your mortgage early. It's your principle payment.
To do this all you have to do is take an extra check of whatever 3-4% happens to be, and make a note to your bank that you want the additional money applied to the principle on the loan.
This should not put too much extra stress on you, but it will help you to pay off your mortgage MUCH faster.
WARNING: you must write 'for prepaid principle' on the extra check. If you do not the bank will just count it towards next month's mortgage payment and you won't pay off your mortgage ANY faster.
Come join our Insider's Mortgage Blog and finally... learn how to beat the bank. By the way, it's free: [http://payoffmortgageearly-saveinterest.blogspot.com/]payoffmortgageearly-saveinterest.blogspot.com
Email Ben personally [mailto:benjschmitt@yahoo.com]benjschmitt@yahoo.com
OR
Call him at 970 388 1404
Article Source: http://EzineArticles.com/?expert=Ben_Schmitt http://EzineArticles.com/?How-To-Pay-Off-Your-Mortgage-2x-As-Fast&id=791464
Wednesday 2 January 2008
Mortgage Refinance Your Way Out Of Debt
By Rony Walker
Mounting credit card debts with their high interest rates
places the borrower in a financial mess. If you have an existing
mortgage, get a mortgage refinance to pay all your debts and
have more money left over for your monthly bills and other home
expenses. But how do you know if you are getting the best deal?
What is Mortgage Refinance?
Mortgage refinance is simply replacing an existing loan with a
new loan using the same assets as security. In most cases, this
kind of loan is secured with a real estate property, like your
home or other properties that will be approved by the creditor.
Generally, this type of refinancing is specifically for home
mortgages.
Does It Make Sense to Refinance?
Here are three questions you need to answer to determine if you
need another loan:
1. Are you seeking to loosen your monthly cash flow?
2. Are you trying to reduce your loan term?
3. Do you need to get cash from the equity of your home?
Taking out cash from the equity of home can be a sensible move
to pay off your debt and improve cash flow. But be aware that it
is more expensive to take the cash-out, compared to getting a
mortgage refinancing. Agents will be pushing for a cash-out
instead of refinancing your asset because they’ll be getting
more commissions.
Mortgage Refinance to Pay Off Debts
The average American household will have nine credit cards and
it is not surprising that many credit card holders have exceeded
their borrowing limits. The different credit cards have
different interest rates and the payments are demanded monthly
like clockwork. Should a payment be delayed or neglected,
interest rates will soar.
The consolidation of these credit card loans into one loan is
seen as a practical solution. There are advantages from a
mortgage refinance when you want to lower your monthly bills and
pay off your debts at the same time. To make sure that you pay
your debts, you can do the following:
1. Get all your credit cards and review the outstanding
balances of each credit card.
2. List the total balances and arrange them according to
amounts, from the lowest to the highest balance amount.
3. Start paying the smaller balances and working your way up to
the top of the list.
4. Debit other credit card balances when you pay off the loans.
5. Stick to your budget.
Are You Getting the Best Deal?
As a rule, your mortgage refinance should be able to save you
money. If you have a 30-year loan and have been paying it for 10
years, you have the option to refinance. You can shorten the
payment period to 10 or 20 years. This move will save money in
the thousands in interests alone.
You can still have the same monthly payment because your
refinance rate is now lower and your payment period shorter. You
are also building your home equity faster. Before you take out a
mortgage refinance program, shop for the best deal by comparing
interest rates.
About the Author: A mortgage refinance
(http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html/)
can help you in more ways other than just paying off your credit
card debts. Check out the latest mortgage rates
(http://www.whataboutloans.com/mortgage/mortgage-rates.html/)
with the free online mortgage calculator
(http://http://www.whataboutloans.com/tools/mortgage-calculator.html/)
and get fast results. For more information, visit
http://WhatAboutLoans.com today.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=203833&ca=Finances
Mounting credit card debts with their high interest rates
places the borrower in a financial mess. If you have an existing
mortgage, get a mortgage refinance to pay all your debts and
have more money left over for your monthly bills and other home
expenses. But how do you know if you are getting the best deal?
What is Mortgage Refinance?
Mortgage refinance is simply replacing an existing loan with a
new loan using the same assets as security. In most cases, this
kind of loan is secured with a real estate property, like your
home or other properties that will be approved by the creditor.
Generally, this type of refinancing is specifically for home
mortgages.
Does It Make Sense to Refinance?
Here are three questions you need to answer to determine if you
need another loan:
1. Are you seeking to loosen your monthly cash flow?
2. Are you trying to reduce your loan term?
3. Do you need to get cash from the equity of your home?
Taking out cash from the equity of home can be a sensible move
to pay off your debt and improve cash flow. But be aware that it
is more expensive to take the cash-out, compared to getting a
mortgage refinancing. Agents will be pushing for a cash-out
instead of refinancing your asset because they’ll be getting
more commissions.
Mortgage Refinance to Pay Off Debts
The average American household will have nine credit cards and
it is not surprising that many credit card holders have exceeded
their borrowing limits. The different credit cards have
different interest rates and the payments are demanded monthly
like clockwork. Should a payment be delayed or neglected,
interest rates will soar.
The consolidation of these credit card loans into one loan is
seen as a practical solution. There are advantages from a
mortgage refinance when you want to lower your monthly bills and
pay off your debts at the same time. To make sure that you pay
your debts, you can do the following:
1. Get all your credit cards and review the outstanding
balances of each credit card.
2. List the total balances and arrange them according to
amounts, from the lowest to the highest balance amount.
3. Start paying the smaller balances and working your way up to
the top of the list.
4. Debit other credit card balances when you pay off the loans.
5. Stick to your budget.
Are You Getting the Best Deal?
As a rule, your mortgage refinance should be able to save you
money. If you have a 30-year loan and have been paying it for 10
years, you have the option to refinance. You can shorten the
payment period to 10 or 20 years. This move will save money in
the thousands in interests alone.
You can still have the same monthly payment because your
refinance rate is now lower and your payment period shorter. You
are also building your home equity faster. Before you take out a
mortgage refinance program, shop for the best deal by comparing
interest rates.
About the Author: A mortgage refinance
(http://www.whataboutloans.com/mortgage/mortgage-refinance-loans.html/)
can help you in more ways other than just paying off your credit
card debts. Check out the latest mortgage rates
(http://www.whataboutloans.com/mortgage/mortgage-rates.html/)
with the free online mortgage calculator
(http://http://www.whataboutloans.com/tools/mortgage-calculator.html/)
and get fast results. For more information, visit
http://WhatAboutLoans.com today.
Source: http://www.isnare.com
Permanent Link: http://www.isnare.com/?aid=203833&ca=Finances
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