Author: siren

What Type Of Mortgage Loan Is Right For You?

postHomebuyers and homeowners need to decide which home mortgage loan is right for them. Then, the next step in getting a mortgage loan is to submit an application ( Uniform Residential Loan Application ). Although we try to make the loan simple and easy for you, getting a mortgage loan is not an insignificant process.

Below is a short synopsis of some loan types that are currently available.

CONVENTIONAL OR CONFORMING MORTGAGE Loans are the most common types of mortgages. These include a fixed rate mortgage loan which is the most commonly sought of the various loan programs. If your mortgage loan is conforming, you will likely have an easier time finding a lender than if the loan is non-conforming. For conforming mortgage loans, it does not matter whether the mortgage loan is an adjustable rate mortgage or a fixed-rate loan. We find that more borrowers are choosing fixed mortgage rate than other loan products.

Conventional mortgage loans come with several lives. The most common life or term of a
mortgage loan is 30 years. The one major benefit of a 30 year home mortgage loan is that one pays lower monthly payments over its life. 30 year mortgage loans are available for Conventional, Jumbo, FHA and VA Loans. A 15 year mortgage loan is usually the least expensive way to go, but only for those who can afford the larger monthly payments. 15 year mortgage loans are available for Conventional, Jumbo, FHA and VA Loans. Remember that you will pay more interest on a 30 year loan, but your monthly payments are lower. For 15 year mortgage loans your monthly payments are higher, but you pay more principal and less interest. New 40 year mortgage loans are available and are some of the the newest programs used to finance a residential purchase. 40 year mortgage loans are available in both Conventional and Jumbo. If you are a 40 year mortgage borrower, you can expect to pay more interest over the life of the loan.

A Fixed Rate Mortgage Loan is a type of loan where the interest rate remains fixed
over life of the loan. Whereas a Variable Rate Mortgage will fluctuate over the life
of the loan. More specifically the Adjustable-Rate Mortgage loan is a loan that has a
fluctuating interest rate. First time homebuyers may take a risk on a variable rate for qualification purposes, but this should be refinanced to a fixed rate as soon as possible.

A Balloon Mortgage loan is a short-term loan that contains some risk for the borrower. Balloon mortgages can help you get into a mortgage loan, but again should be financed into a more reliable or stable payment product as soon as financially feasible. The Balloon Mortgage should be well thought out with a plan in place when getting this product. For example, you may plan on being in the home for only three years.

Despite the bad rap Sub-Prime Mortgage loans are getting as of late, the market for this kind of mortgage loan is still active, viable and necessary. Subprime loans will be here for the duration, but because they are not government backed, stricter approval requirements will most likely occur.

Refinance Mortgage loans are popular and can help to increase your monthly disposable income. But more importantly, you should refinance only when you are looking to lower the interest rate of your mortgage. The loan process for refinancing your mortgage loan is easier and faster then when you received the first loan to purchase your home. Because closing costs and points are collected each and every time a mortgage loan is closed, it is generally not a good idea to refinance often. Wait, but stay regularly informed on the interest rates and when they are attractive enough, do it and act fast to lock the rate.

A Fixed Rate Second Mortgage loan is perfect for those financial moments such as home improvements, college tuition, or other large expenses. A Second Mortgage loan is a mortgage granted only when there is a first mortgage registered against the property. This Second Mortgage loan is one that is secured by the equity in your home. Typically, you can expect the interest rate on the second mortgage loan to be higher than the interest rate of the first loan.

An Interest Only Mortgage loan is not the right choice for everyone, but it can be very effective choice for some individuals. This is yet another loan that must be thought out carefully. Consider the amount of time that you will be in the home. You take a calculated risk that property values will increase by the time you sell and this is your monies or capital gain for your next home purchase. If plans change and you end up staying in the home longer, consider a strategy that includes a new mortgage. Again pay attention to the rates.

A Reverse mortgage loan is designed for people that are 62 years of age or older and already have a mortgage. The reverse mortgage loan is based mostly on the equity in the home. This loan type provides you a monthly income, but you are reducing your equity ownership. This is a very attractive loan product and should be seriously considered by all who qualify. It can make the twilight years more manageable.

The easiest way to qualify for a Poor Credit Mortgage loan or Bad Credit Mortgage loan is to fill out a two minute loan application. By far the easiest way to qualify for any home mortgage loan is by establishing a good credit history. Another loan vehicle available is a Bad Credit Re-Mortgage loan product and basically it’s for refinancing your current loan.

Another factor when considering applying for a mortgage loan is the rate lock-in. We discuss this at length in our mortgage loan primer. Remember that getting the right mortgage loan is getting the keys to your new home. It can sometimes be difficult to determine which mortgage loan is applicable to you. How do you know which mortgage loan is right for you? You should also factor and home improvements your home may need. Will you have to hire a contractor like ABC Roofing to make and fixes in you home? If so you may want to add the cost of the improvements into your loan. In short, when considering what mortgage loan is right for you, your personal financial situation needs to be considered in full detail. Complete that first step, fill out an application, and you are on your way!

Choosing Shopping Carts as a Small Business Owner

For business owners who are looking to take their business to the next level by going online, choosing a commerce shopping cart model for your online portal can be just as important as having great advertising and great SEO.

Why Do You Need a Cart?

Having a cart performs a wide variety of functions for your online business. While it is true that you could certainly just put contact info on your site and hope customers reach you in this manner, that process will be drastically slower and less fluid than one that implements an ecommerce shopping cart software.

But besides the speed of transaction processing that you will get from a shopping cart on your portal, this software will also help you to collect metric data about your customers, help you to accept various forms of payment, and allow you to connect more with your customers via social media “likes” for products they have in their carts, should you choose to implement a software with this functionality.

How Do You Pick One?

A great place to start when looking for shopping cart solutions is the Top 10 eCommerce Site Builders landing page.

This group constantly seeks out the top website builders so that you don’t have to do it yourself, and they include a wide selection of shopping cart models for you to select from based on your preferences. You can also order from a company such as SecureNetShop.com, which offers fast and secure order processing.

The types of carts can vary widely based on themes, payment acceptance types, implementation of linking and API data, and other factors. On the site listed above, you will be able to see all that you need in order to select a shopping cart based on your business’s needs!

 

How to Get Cheap Home Loans with a Bad Credit

postIt’s been years since you made any major improvements to your home and it’s about time. Your spouse and children are also urging you to give the house a facelift. So, what do you do? Dip into your savings? Great! But that’s only if you’ve enough stashed away in there. Go in for a regular loan? But you can’t, because you’ve a bad credit history, a difficult to prove income and just no down payment capability. And besides, regular loans are only meant for house construction and not for renovations. So what’re you to do?

Those with bad credit understand how difficult it can be to try and get a loan for buying a home or refinancing an existing home mortgage loan. Although, most loan companies may tell you that if they can’t help you, no one can, that is simply not true. People with adverse credit history may need to put in a little more effort to search out the right home loan, especially with a decent interest rate. Every mortgage loan company varies in its offer for a home loan. A program that is impossible for one company can be very much possible for another. Some mortgage loan companies specialize in home loans for people with less than perfect credit and have more lenient qualifications than others. The key to getting approved for a loan with poor or bad credit is persistence!

Defining home loans

Home loans are not much different from the average loans extended by mortgage loan companies. They’ve interest rates, points and fees. They can be compared online, and they’ve seasonal trends. The only real difference is that, as a borrower with a less than stellar credit record, you may have to pay a slightly higher rate for this loan to negate the mortgage loan company’s increased risk.

Some home loans are specifically designed to help you fund essential home improvement projects. By encouraging you to make improvements to your home, the mortgage loan company helps increase the market value of your property. But, how does a mortgage loan company stand to gain by extending such a loan? Simple, it makes money through additional interest that you pay for this loan.

Thus, it is important to prepare yourself with information about home loans and compare the offers of various mortgage loan companies to make sure you get the best deal.

Advantages of mortgage loan companies

There are a few things you need to know about mortgage loan companies. These companies specialize in providing home loans for people like you, who are in less than ideal situations. For this, a mortgage loan company takes risks that the average bank refuses, namely offering home loans to people with bad credit. If you have bad credit or declared bankruptcy, a mortgage loan company takes a big risk by extending this loan. People with bad credit are seven times more likely to default on loans. As a result, these companies make up for this risk by levying higher interest rates and fees and also ensure they make a profit. But the end result is that you get the loan, which you may not have raised from other avenues. However, the smart thing to do is to cast your net wide while short-listing such mortgage loan companies.

Searching the best mortgage loan companies

It’s important to remember that just because you’ve bad credit, doesn’t mean you should accept the first home loan offer that comes your way. Interest rates and fees on a home loan vary from one company to the other, so it pays to shop. The best way to compare a home loan is to go online. While comparing, remember to enter the same information for each mortgage loan company, since different loan amounts, down payments and income levels affect the rates. This also helps to get a quote for the same risk level.

If you’re planning to purchase a home for the first time or refinance an existing mortgage despite an adverse credit history, you may do well to compare the offers of the various mortgage loan companies before you accept a home loan offer. Certain companies specialize in offering home loans to people who have a high-risk credit history in return for charging higher rates and fees. How much is charged on these loans varies and offers can be quite competitive. Therefore, it is best to compare the rates.

There are several ways by which you can discern which home loan will suit your purpose. A few pointers are:

Check online: Web sites of mortgage loan companies offer a convenient way to gather home loan quotes. Since mortgage loan companies are in competition with each other, they offer their best quotes. In addition, they also extend facilities like online applications and the like. So, spend some time on the net to get the best quotes, it would be time well spent.

Compare rates: The interest rates charged by a mortgage loan company on a home loan are bound to be higher than any other type of home loan, where credit, income and down payment are all optimal. And they can vary greatly. There’re some mortgage loan companies that, for the same set of qualifications, offer an interest rate of 7 percent, which is a bit over the bar, and then there are others who may quote 9 to 12 percent or more. Now, if this is all for the same qualifications, you could be shelling out hundreds of extra dollars a month in payments, just because you didn’t search properly. Make sure not let the mortgage loan companies take advantage of your situation.

Look at the fees: When a mortgage loan company offers you a home loan, be sure to add up the fees from each financing package and compare those with the interest rates. You should also compare closing costs and other fees in the financing package, which at times does add up to hundreds of dollars. Although, adverse credit is likely to result in some fees, it should not be excessive. As a general rule, fees should be included in the price of the home loan. You should expect to pay up to five points for most home loans. There are always exceptions to this, but comparison-shopping should give you an idea of what is reasonable. It is good to remember that fees and terms can be better for borrowers during the off-season.

Cater for down payment: No mortgage loan company will offer a home loan to a person with a bad credit record without a down payment. The larger the down payment, the easier it is for you to secure a home loan. A down payment for a home loan between 5 percent and 20 percent is usually required for people with a credit score of less than 600. A down payment of 20 percent or more will save you from the expense of PMI.

Read the terms: Once you have finalized a home loan offer, make sure you know what type of deal you are getting into. So, be clear about the terms and conditions by reading the fine print. Some mortgage loan companies charge high fees for late or missed payments. While late fees are common, they should not be extreme. You can also get the documents vetted by a lawyer. The point is that you should be comfortable with all the terms before you sign. If you’ve any questions, don’t hesitate to contact the mortgage loan company for clarifications.

Applying for a home loan

The best way to apply for a home loan is through mortgage loan company services. These services can be accessed online. What they do is to take your application and resubmit it to multiple mortgage loan companies. Each application is usually sent to hundreds of such companies asking for the desired home loan. The response varies, but at least four home loan offers are assured for each application. These online mortgage loan company services can help people in almost every state from Florida to California.

The advantage of this process is that most of these mortgage loan companies won’t even pull your credit when you apply for a home loan, which is good since multiple inquiries on your credit report can drop your credit score a bit, and if you have bad credit to begin with, you certainly need to score as high as possible.

Once a mortgage loan company processes your information and finds everything in place, it will forward the documents for your final approval and signature. The whole process is completed in a matter of days.

If you are patient and persistent, you can hope for a home loan from a mortgage loan company that has the least interest, even if you score low on credit.

Let Peapod make you a “Pealiever”

Oops, you’ve done it again, waited until the last minute to shop for the holiday meal marathon you know is coming, and now you’re circling the parking lot of the big warehouse store hoping to find a spot in this county. Enter Peapod, America’s leading internet grocer. Since 1989, they’ve steadily grown by offering excellent service on delivered grocery items totaling 23,000,000 orders across the USA.

They offer the freshest ingredients, name brand selections and quality items to make sure your cooking and baking meet the standards your family and friends expect. And this year you can save up to $20 off on weekly deliveries, or $20 off your first order. And that’s just a few of the saving waiting for you on the Groupon Coupons page. Great desserts, they’ve got em. Ingredients for that recipe you’ve stashed for two years now, they’ve got ‘em. Natural and organic groceries – got those, too. In fact, more people find exactly what they need to turn out delicious healthy meals, and do so without shopping while hungry.

Letting someone pick the fruits and vegetables you’re used to squeezing yourself may seem a little odd, but once you see how easy it is, the great selections they deliver, and the time and money you save, you’ll be a “Pealiever” too. I just made that up. Seriously, save yourself, your nerves , your gas and the planet. Let Peapod do the shopping this year.   Just place or order, apply your discounts, and look for the green Peapod truck to pull up to your door.

Peapod is America’s leading internet grocer. 23 million shoppers can’t be wrong! They have thousands of weekly sale items, name brands and tons of ideas for holiday meals that are even easier to enjoy because the ingredients are brought right to your door.

What better way to spend the days leading up to the big dinner party than patiently waiting for the big green Peapod truck to drop off your delivery of carefully selected fruits, veggies and other commodities. And with the savings you realize by shopping with the Groupon codes, you’ll feel like the one who received the greatest gift is you.

 

Obtaining a Loan With a Bad Credit Profile

Most people need to apply for credit from a financial institution at some stage of their lives, whether it is to buy a home, furniture or other necessities. Some people may find it easy to obtain that loan whereas others may have trouble to qualify for credit. Many clients may want to apply for loans with a bad credit record.

No two clients share the same financial background. There are various reasons why certain clients may be considered to be less credit worthy, and therefore regarded as more risky in terms of credit worthiness than others. Some may have defaulted once, others more than once, some may have credit judgements against their names, whereas others may even have become insolvent.

In order to qualify for any type of credit, a client has to meet certain lending criteria. Financial institutions make their decisions based on a client’s credit record, his or her past performance in terms of paying back debt. To obtain loans with a bad credit record, is more difficult than getting finance with a clean, or good, record.

Therefore financial institutions such as banks and other lending firms will look more carefully at a client’s credit history before agreeing to lend them money. Every client’s past credit history is checked carefully and based upon past performance the institution will either lend the client money or refuse them. They will look at various issues that may influence their decision.

Your credit record is one of those; they may also consider all public records that could influence your profile, as well as all past financial account information. Therefore bad credit loans are not easily obtained. Some institutions will also check whether or not you have any serious defaults against your name, such as a home or car repossession for example.

However, all may not be necessarily lost, since some institutions may consider loans to clients with negative or bad credit records. It depends on who you get in touch with. There are some institutions that understand people sometimes experience bad times and may find it difficult to honour the repayments on their debt.

They understand that clients may be rehabilitated and build up credit worthiness again in future. Bad credit loans are therefore not so unusual, because certain lenders understand that many clients with a bad credit history may be able to turn their financial position around and may be able to service their future debt.

This applies to various categories of debt, whether the client wants to borrow money for personal reasons to acquire some essential items or to buy materials to update his house, for example. These personal loans are considered in many cases and obtained by clients.

The same may even be true for the client who needs a cash injection to keep his business going. Lenders look at every case individually. Bad credit loans are granted more often than people realise, because certain lenders actually specialise in assisting clients with a bad credit history.

Of course clients with a less positive credit history will pay more for their loans and their repayments will attract higher interest rates since lending companies want to protect themselves. It is not considered to be a personal issue; it is simply standard industry practice.

Every case is considered on its own merits and different clients are treated according to their specific profiles when loans are considered. That is why bad credit loans may be charged at higher than normal interest rates.

Once a client finds that it is too difficult to obtain a loan the traditional way, they should look at those lenders that may consider doing business with them even though they are considered high risk.

These lenders advertise their services in the press and also on the internet where their websites often explain in detail how they assist clients. Another popular source these days is the broker who acts as a middleman and introduces the client to lenders. This broker puts the client in touch with the most likely lenders who may be able to help them with a loan.

Loans Guide

Many people are confused by the different types of loans available. Here is a helpful loans guide of the most common loans available today.

Bad Credit Personal Loan

A Bad Credit Personal Loan is a loan designed for the many people with a bad credit rating. However created, your past record of County Court Judgements, mortgage or other loan arrears can live on to deny you access to finance that other people regard as normal. If you are a home owner with equity in your property, a Bad Credit Personal Loan can bring that normality back to your life. Secured on your home, a Bad Credit Personal Loan can give you the freedom, for example, to do the home improvements or buy the new car you really wanted. With a Bad Credit Personal Loan you can borrow from £5,000 to £75,000 and up to 125% of your property value in some cases.

Bridging Loan

A bridging loan as the name implies is a loan used to “bridge” the financial gap between monies required for your new property completion prior to your existing property having been sold. Bridging loans are short term loans arranged when you need to purchase a house but are unable to arrange the mortgage for some reason, such as there is a delay in selling your existing property.

The beauty of bridging loans is that a bridging loan can be used to cover the financial gap when buying one property before the existing one is sold. A bridging loan can also be used to raise capital pending the sale of a property. Bridging loans can be arranged for any sum between £25000 to a few million pounds and can be borrowed for periods from a week to up to six months.

A bridging loan is similar to a mortgage where the amount borrowed is secured on your home but the advantage of a mortgage is that it attracts a much lower interest rate. While bridging loans are convenient the interest rates can be very high.

Business Loan

A business loan is designed for a wide range of small, medium and startup business needs including the purchase, refinance, expansion of a business, development loans or any type of commercial investment. Business loans are generally available from £50,000 to £1,000,000 at highly competitive interest rates from leading commercial loan lenders. They can offer up to 79% LTV (Loan to Valuation) with variable rates, depending on status and length of term.

They are normally offered on Freehold and long Leasehold properties with Bricks and Mortar valuations required. Legal and valuation fees are payable by the client. A business loan can be secured by all types of UK business property, commercial and residential properties.

Car Loan

The main types of car loans available are Hire Purchase and Manufacturer’s schemes. Hire purchase car finance is arranged by car dealerships, and effectively means that you are hiring the car from the dealer until the final payment on the loan has been paid, when ownership of the vehicle is transferred to you.

A Manufacturers’ scheme is a type of loan that is put together and advertised by the car manufacturer and can be arranged directly with them or through a local car dealership. You will not be the owner of the vehicle until you have repaid the loan in full, and the car will be repossessed if you default on repayments.

Cash Loan

Cash Loans also known as Payday Loans are arranged for people in employment who find themselves in a situation where they are short of immediate funds.

A Cash Loan can assist you in this situation with short term loans of between £80 and £400.

Loans are repayable on your next payday, although it is possible to renew your loan until subsequent paydays. To apply for a Cash Loan you must be in employment and have a bank account with a cheque book. A poor credit rating or debt history is initially not a problem.

Debt Consolidation Loan

Debt consolidation loans can give you a fresh start, allowing you to consolidate all of your loans into one – giving you one easy to manage payment, and in most cases, at a lower rate of interest.

Secured on your home debt consolidation loans can sweep away the pile of repayments to your credit and store cards, HP, loans and replace them with one, low cost, monthly payment – one calculated to be well within your means. With a Debt Consolidation Loan you can borrow from £5,000 to £75,000 and up to 125% of your property value in some cases. It can reduce BOTH your interest costs AND your monthly repayments, putting you back in control of your life.

Home Loan

A Home Loan is a loan secured on your home. You can unlock the value tied up in your property with a secured Home loan.

The loan can be used for any purpose, and is available to anyone who owns their home. Home loans can be used for any purpose such as, home improvements, new car, luxury holiday, pay of store card or credit card debt and debt consolidation.
With a Home Loan you can borrow from £5,000 to £75,000.

Home Improvement Loan

A Home Improvement Loan is a low interest loan secured on your property. With a Home Improvement Loan you can borrow from £5,000 to £75,000 with low monthly repayments. The loan can be repaid over any term between 5 and 25 years, depending on your available income and the amount of equity in the property that is to provide the security for the loan.

A Home Improvement Loan can help you with a new kitchen, bathroom, extension, loft conversion, conservatory, landscaping your garden or new furniture. You can even use it on non-house expenditure like a new car or repaying credit card or other debts.

Home Owner Loan

A Home Owner Loan is a loan secured on your home. You can unlock the value tied up in your property with a secured Home Owner loan. The loan can be used for any purpose, and is available to anyone who owns their home. Home owner loans can be used for any purpose such as, home improvements, new car, luxury holiday, pay of store card or credit card debt and debt consolidation. With a Home Owner Loan you can borrow from £5,000 to £75,000.

Payday Loan

Payday Loans also known as Cash Loans are arranged for people in employment who find themselves in a situation where they are short of immediate funds.

A Payday Loan can assist you in this situation with short term loans of between £80 and £400.

Loans are repayable on your next payday, although it is possible to renew your loan until subsequent paydays. To apply for a loan you must be in employment and have a bank account with a cheque book. A poor credit rating or debt history is initially not a problem.

Personal Loan

There are two categories of personal loans: secured personal loans and unsecured personal loans – See individual titles below. Homeowners can apply for a Secured personal loan (using their property as security), whereas tenants only have the option of an unsecured personal loan.

Remortgage Loan

A remortgage is changing your mortgage without moving your home. Remortgaging is the process of switching your mortgage to another lender that is offering a better deal than your current lender thereby saving money. A remortgage can also be used to raise additional finances by releasing equity in your property. You can borrow from £25,000 up to £500,000. Rates are variable, depending on status.

Secured Loan

A secured loan is simply a loan that uses your home as security against the loan. Secured loans are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured loan; or, have a poor credit history. Lenders can be more flexible when it comes to secured loans, making a secured loan possible when you may have been turned down for an unsecured loan. Secured loans are also worth considering if you need a new car, or need to make home improvements, or take that luxury holiday of a lifetime. You can borrow any amount from £5,000 to £75,000 and repay it over any period from 5 to 25 years. You simply select a monthly payment that fits in your current circumstances.

Secured Personal Loan

A Secured Personal Loan is simply a loan that is secured against property. Secured personal loans are suitable for when you are trying to raise a large amount; are having difficulty getting an unsecured personal loan; or, have a poor credit history. Lenders can be more flexible when it comes to Secured personal loans, making a Secured personal loan possible when you may have been turned down for an unsecured personal loan. Secured personal loans are also worth considering if you need a new car, or need to make home improvements, or take that luxury holiday of a lifetime. You can borrow any amount from £5,000 to £75,000 and repay it over any period from 5 to 25 years.

Student Loan

A student loan is way of borrowing money to help with the cost of your higher education. Applications are made through your Local Education Authority. A student loan is a way of receiving money to help with your living costs when you’re in higher education. You start paying back the loan once you have finished studying, provided your income has reached a certain level.

Tenant Loan

A tenant loan is an unsecured loan granted to those that do not own their own property. A tenant loan is always unsecured because in most cases, if you are renting your accommodation, you do not have an asset against which you can secure your loan. Tenants sometimes find that some loan companies will only lend money to homeowners. If you are a tenant you need to look for a company, bank or building society willing to give you an unsecured loan.

Unsecured Loan

An unsecured loan is a personal loan where the lender has no claim on a homeowner’s property should they fail to repay. Instead, the lender is relying solely on the ability of a borrower to meet their loan borrowing repayments. The amount you are able to borrow can start from as little as £500 and go up to £25,000. Because you not securing the money you are borrowing, lenders tend to limit the value of unsecured loans to £25,000.

The repayment period will range from anywhere between six months and ten years. Unsecured loans are offered by traditional financial institutions like building societies and banks but also recently by the larger supermarkets chains. An unsecured loan can be used for almost anything – a luxury holiday, a new car, a wedding, or home improvements. It is good for people who are not homeowners and cannot obtain a secured loan for example; a tenant living in rented accommodation.

Unsecured Personal Loan

An Unsecured personal loan is a personal loan where the lender has no claim on a homeowner’s property should they fail to repay. Instead, the lender is relying solely on the ability of a borrower to meet their loan borrowing repayments.

The amount you are able to borrow can start from as little as £500 and go up to £25,000. The repayment period will range from anywhere between six months and ten years. An Unsecured personal loan can be used for almost anything – a luxury holiday, a new car, a wedding, or home improvements. It is good for people who are not homeowners and cannot obtain a secured loan for example; a tenant living in rented accommodation.

A Complete Guide to Banking

Perhaps you have just started your first career, or perhaps you have had a job for a while and want your checks cashed without the obnoxious 3 dollar fee, your coworkers or parents might tell you consider using a bank. But you’ve heard things about evil banks, predatory loans, and high credit card fees. So you are unsure and wondering, how do you find a safe bank that is right for you? Here we’ll explain how to find a bank, how to open your first account, how to use debit cards, and how to establish safe lines of credit.

The first thing you’ll notice when looking for services that banks offer is that they are very hard to find. Most banks expect you to ‘as if by magic’ know what kind of account you want to open and what bank to use. For first time bankers, you generally want to go to a bank that is close to where you live and work. Think about ATM locations that are close to you and will be easy to use. You can cash checks and withdraw money from an ATM for free, if it is with your bank. Otherwise banks will charge you a fee (2-5$) to use an ATM that does not belong to your bank. If you have multiple ATMs close to you, consider joining a credit union, usually credit unions will let you use other credit union ATMs for free and are less predatory than banks. Once you have a bank you can proceed to open an account.

To open an account at a bank, you will need several things. First, get several forms of ID together, usually you’ll need a photo ID, (a driver’s license or passport will work) and a proof of residence, this is some document that shows the address you reside at. If you cannot provide this, some banks are flexible if you can provide proof of employment. When you started your job, you probably received some amount of paperwork, this can serve as proof of employment. Next go to a branch, a branch is usually near places of work or residences, such as a grocery store or a main office in the city where people work. If you chose a big bank there are probably several close by. Be ready to deposit at least $25 when opening a bank account, usually a $20 fee and a $5 dollar deposit. While this might seem like more upfront, you will make it back in the long run. You will tell the teller you want to open a checking and savings account and would like a debit card. Also, consider opening a high interest savings account if you think that’s something which may be right for you. Eventually when you have some money saved, a credit card will be right for you as well, and can be handy from the bank you deposit your money into.

When you finish opening your account you will receive a debit card. Once you set up a PIN (by calling the number on the card) your card will be activated. You can use this card to pay for things, as long as there are funds in your account.  If you go over the amount, you can be charged $30 or more for an overdraft fee. Setting up overdraft protection or asking them to deny purchases when enough funds are not available can help avoid these charges. You can also use it at ATM machines or banks to withdraw money and deposit checks. You go to an ATM, insert your card, enter your PIN and then follow the directions on the screen. Remember to use ATMs from your bank.

Once you’ve had your account for a while, and you’ve managed to save up a little money you might want to open a credit card. A credit card lets you borrow money. This money has to be paid back at the end of the month or you will get charged a fee. Credit cards are useful because they let you build up credit which will help get a less expensive loan when buying a house or card. Look for a credit card with no yearly fees, and don’t get a credit card with too high a limit. Imagine in your head, if you had to pay back the whole limit, would you have those funds? Get a card that is only slightly terrifying. If you can, get a card with rewards which pay you a small percentage of each purchase back. But again, if it comes at the cost of a yearly fee, don’t do it. Follow this guide and you can bank safely with low or no fees. Banking can improve your life as long as you are careful and don’t fall for sales pitches.

Best School Loan Consolidation Options

School loan consolidation provides you an opportunity to merge all your loans and pay only once for all of them. There are a number of options catering to almost everyone’s needs. These options are divided into the following two major categories:

  1. Federal loan consolidation
  2. Private loan consolidation

1. Federal:

This type of school loan consolidation provides financial help to those who are enrolled at schools that participate in federal aid programs. By school we mean a two-year or four-year degree awarding public or private college, university or trade school.

Consolidation can help reduce your student loan debt by fixing and reducing the interest rate on your loans. This loan option will also combine your separate loan debts into one package thus managing your debt paying options.

Eligibility for federal loan:

In order to qualify for federal consolidation, one should check out the following things before applying for it.

  • The candidate should no longer be enrolled in school (defined as being enrolled less than half-time)
  • You must be in the ‘grace period’ of the loan or must be actively repaying your loan.
  • Most consolidation companies require a minimum loan amount i.e. $10,000 is typical.

Types of Federal Loan:

  1. Federal Family Education Loan Program: These are public-private loans aimed to deliver and administer guaranteed educational loans to parents and students. It provides the following types of loan for post-secondary education:
  • Stafford Loan: Stafford loan consolidation is a fixed-rate refinancing program that combines all your existing federal loans into one new loan.
  • PLUS Loan: PLUS loan consolidation is another form of federal school loan that allows you to pack all your PLUS loans previously taken to finance your kid’s education, into a single loan with a lower monthly payment.
  • Graduate Stafford Loan Consolidation: Graduate Stafford loan consolidation is a great financial tool for those who have recently graduated and are trying to pay off their graduate Stafford loans.
  1. Federal Direct Consolidation Loans: Federal direct loan consolidation is a practical repayment tool that enables you to combine all your Federal Direct student loans into a single loan. Federal Direct loan offers the following consolidation options:

· Direct Subsidized Consolidation Loans: Thiscombines federal student loans eligible for interest subsidies, such as subsidized FFELP, Direct Loans and Federal Perkins Loans.

· Direct Unsubsidized Consolidation Loans: Thiscombines federal student loans not eligible for interest subsidies. If any one of the loans to be consolidated is unsubsidized, then you are eligible for Unsubsidized Direct Consolidation Loan.

· Direct PLUS Consolidation Loans: Thiscombines FFELP PLUS and Direct PLUS loans.

Benefits of Federal Loan:

Various benefits can be availed if you opt for federal program. Some of them are stated below:

  • Reduces monthly payments
  • Provides fixed interest rates
  • Requires only one payment every month
  • Improves credit rating
  • Offers flexible payment options
  • No pre-payment penalties

Disadvantages of Federal Loan Consolidation:

If compared to the benefits, consolidation has lesser disadvantages, which are mentioned below:

  • Takes long to pay back
  • Increases the total amount of loan
  • Locked interest rates i.e. if interest rates go down, your rate will not decrease/change
  • Lose benefits (if any) from previous loans

2. Private loan :

The purpose of private loan consolidation is more or less the same as that of federal loan consolidation but the procedure and features differ. It combines only your outstanding private education loans into one package. Private loans cover educational expenses like tuition, accommodation or any other educational expenses.

Eligibility for private loan consolidation:

As there are few eligibility rules to qualify for federal loan consolidation, similarly the private loan levies some regulations on every application that it receives for necessary approval. These criteria are mentioned below:

  • The candidate should be atleast half-time enrolled in a degree or technical/diploma program
  • Have a minimum of $10,000 in private educational loans
  • Is in repayment status of private education loans at the time of application
  • Have good credit standing
  • Have proof of accommodation and present income

Benefits of private loan:

  • Improves the payment history and credit score
  • Gives competitive interest rate against non-government loans
  • Provides a way to consolidate virtually all private and non-federal educational loans
  • Allows you to consolidate education-related debt as well as education-related credit card debt
  • Enable you to write fewer checks and may also lower down the monthly installments
  • Longer repayment term (up to 30 years in some cases)
  • Lower monthly payment

Federal loan versus Private – The Difference:

Federal loan consolidation is a tool to refinance federal education loan only while Private loan consolidation is a way to refinance private education loan only. The main difference is that a federal loan consolidation comes with a fixed interest rate while private loan consolidation comes with a market rate that may be fixed or variable.

If you consolidate both federal and private loans, you should make sure to keep them separate, i.e. refinancing a federal loan with a private loan will most likely result in a much higher interest charge, if compared to the amount you would pay by keeping them separately.

Our Advice: Research thoroughly about all consolidation options first and only then choose to consolidate your school loans.

Tips for a Stress Free Moving Day

Moving day is stressful, whether you’re relocating across town or across the country. Preserving your sanity and busting your stress to make moving day a breeze is a matter of staying organized, focused, and calm, and these tips will help you do just that.

The Day Before the Movers Arrive

Go to the store and stock up on everything you’ll need for moving day so that you won’t have to stop what you’re doing to make quick store runs. Buy some bottled water and snacks for your helpers and the movers, and make sure you have all the last-minute cleaning and packing supplies you need.

Make a detailed list, and check it twice. Having a list builds a foundation for the process, and makes dealing with any unforeseen issues pass much smoother.

The night before the movers come, go through the house and pack up any last-minute items, toss any leftover trash, and make a point to organize your packing supplies, cleaning supplies, and other important items that you’ll need on moving day.

Charge your cell phone and other devices fully so that they’re ready for the day.

You’ll need to be alert and energetic tomorrow, so eat a healthy dinner, program the coffee maker so there’s a fresh pot of coffee waiting for you when you get up, and head to bed early for a good night’s sleep.

Moving Day

Real estate professionals at Coldwell Banker Gosslee recommend taking advantage of the relocation services your realtor offers, which may include various recommendations, tips, and checklists, to help make moving day run more smoothly.

Wake up at least an hour before the movers arrive. Spend ten minutes sitting quietly with a cup of coffee or tea to gather your thoughts and start making lists. If you can get up even earlier and get in a 30-minute brisk walk or yoga workout, your stress levels will be much lower all day, and your energy levels will be higher.

When you’re ready to get cracking, first pack up the bedding and toiletries that are left, and put the boxes in a separate place from the ones that are going on the moving truck.

According to a national moving company, one of the worst feelings is realizing that something very important has been accidentally packed in a box that’s already stored at the back of the truck. To prevent this nightmare, it’s essential to set aside a designated space like a kitchen counter for important paperwork, old and new keys, your purse or wallet, device chargers, and other essential items that you don’t want to misplace or forget.

When the movers arrive, spend some time talking about details, and then take them through your house, pointing out fragile pieces and items that need special care or moving equipment. Show the movers where the bathroom is located, point out where they can find water and snacks, and let them know where they can find you if they have any questions.

While the movers work, finish up the last minute cleaning and packing chores, and begin loading the boxes and other items you’ll be taking with you into your vehicle.

When the movers are finished, walk through the house to make sure they haven’t left anything. Carefully read the paperwork you’re provided with, and be sure to ask questions if you’re not sure about something. Keep a copy of the paperwork with your important items so that you don’t have to search for it when you get to the new place.

When you arrive at the new house, set up and make the beds first thing. You still have a lot of work to do, and at the end of the day, you’ll want to be able to fall into bed without having to dig out sheets and find the pillows.

Most of all, try to stay calm. If the stress feels out of control, take deep, slow breaths to lower stress hormones and quiet your mind.

Know What It Takes to Borrow a Loan With a Less Than Perfect Score

It is well known that a “good” credit score drives the loan eligibility. Whether you need an urgent loan to fund a home improvement plan or to work on a great business idea, a credit score above 750 points would play a crucial role in making you eligible for the same. In contrast having a moderate score from 600 to 700 points can put you into a difficult situation.

Having a score less than 700 points makes you ineligible to borrow at the best of interest rates. You would either need a loan security to borrow or you would need a credit improvement plan. Let’s explore each aspect of improving your score step by step below:

Understand how credit check works

Every time you apply for a loan or a credit card, the lender makes a query regarding your past credit history and score to any of the top credit bureaus. Based on your past credit rating, the lender would qualify you for the loan. Higher is the score, the less risky is your profile for loan.

This credit check is hard credit check and makes a footprint in your credit report. Multiple credit checks in a short duration hurts your score. Thus you must make a loan query only when you are confident of its approval. A loan rejection can further hurt your score.

A low credit score basically highlights insufficient borrowing capacity owing to high debt to income ratio, irregular repayment history, high credit appetite or more unsecured loans as compared to secured loans.

Work on your score

Before you apply for a loan, it is important to assess your credit score. Evaluating your credit health plays a vital role in making your eligible for credit. You must pull out your free credit report from the credit agency. Herein make sure all entries in your report are known. You must review it for errors. Many times, manual or technical errors can create a bump on your credit score. As you would dispute a mis-report, the score would revive as the change is processed.

Next, you must adopt some good financial habits. You need to ensure payments of your credit bills and loan repayments on time. Not to mention, it is important to use credit card sparingly. As a rule of thumb you must not use more than 30 percent of the available credit limit.

Following a financial discipline would not help your score immediately but it would certainly show up within few months. The best you can do with bad credit history is to make it redundant by adding new good history. Thus only constant efforts would help you build a good score.

Contact Private Loan Partners

When you need urgent loans with low score, you can consider using a collateral or guarantor to become eligible for loan. If however you find that the lender’s terms are too rigid, you must consider contacting a licensed private loan advisor.