So often we settle for what is easiest or the most convenient. If you are looking for home loan finance you might think that the easiest course of action is to apply to your own bank. Well, it might be the easiest but it may not be the best or cheapest home loan available. Some borrowers don’t enjoy the prospect of applying for a new home loan directly with their bank. They don’t always have their financial papers in order, they are uncertain as tom what exactly is required for home loan finance. This is where a good mortgage broker makes it so much easier and delivers so much more to you.
I had originally applied for home loan finance through my own bank. Firstly I found it very frustrating that I could not speak to someone when I first called. I had set aside some time because I thought there would be a fair amount to discuss on home loan finance but when I eventually got through to someone they were unable to assist and could not put me on to someone directly to help with the queries I had about the home loan finance I wanted. No, I had to goivbe my name and contact details and wait on a return call from someone. Needless to say that came through at dinner time and it simply wasn’t convenient to discuss home loan finance when my son was wanting help with homework.
I decided to contact a mortgage broker who had been referred to me by a friend. He had been in the market for home loan finance and had told me that by using a mortgage broker he had not only been able to obtain a better interest rate but the mortgage broker also ensured that the home loan finance was very flexible. The mortgage broker had experience and an extensive knowledge of the different home loan finance packages available in the market. I gave the mortgage broker a call and it was smooth sailing from there. He let me know what home loan finance was available and explained the benefits of certain features of different home loan finance product.
I knew nothing about 100% offset accounts for example and my own bank had not mentioned that this might be an attractive structure for me. I did have about $15000 in a savings account with my bank and the mortgage broker explained that if I put this into a 100% offset account (attached to my new home loan finance) then I would only be required to pay interest on the difference between my outstanding loan balance and the $15000 in my offset account. This made a significant difference to the total interest I would pay over the term of the home loan finance. My bank did not discuss the benefits of salary crediting and using a credit card for monthly purchases. The mortgage broker showed me how by crediting my salary to the home loan each month I saved in interest because interest is calculated on the loan balance on a daily basis. Even if I have extra money in the home loan finance account for a short while it still means a better “bottom line” for me. The mortgage broker advised that by using a 55-day interest free credit card to make my monthly purchases and then paying the credit card balance in full on the due date, I made further savings. The mortgage broker calculated the interest I would save by leaving my salary in the home loan account for as long as possible before having to pay off the credit card balance. As a general rule the banks might not highlight these features because if you use them correctly you save money while the bank , for a change, loses out!
Buying a house is a huge step. This is a major investment and you have to make sure that you do everything right. When it comes to purchasing a house, there are so many things you need to know and use. These things should make it easier for you to afford the repayments and keep you from experiencing problems with your loan.
One of the things you need to do is use an extra home loan payments calculator.
What is this and what use does this have?
An extra repayments calculator is something that will allow you to calculate how much you can save by making extra repayments each month for your loan. This calculator is crucial in planning out your finances. You can use this to identify how much you need to save up so you can reduce the amount of your loan.
When you apply for a home loan, you will be given a certain time to repay it. It could be several years. You will be asked to make a specific amount of mortgage payments each month, which include the interest rates and principal amount. Each time you make a payment, the principal amount will be reduced, which means you’ll have less to pay off.
But if you want to repay the loan quicker than planned, you can make extra repayments each month. Extra repayments are great because they don’t just reduce the loan term. These will also help you save a lot of money on interest rates. This is why there are lots of homeowners who are seriously looking into making extra repayments just so they finish the repayment as quickly as possible.
Why do you need to use an extra repayment calculator? The answer is very easy. This will help you better manage your finances. This will help you determine how much you can spare to pay on top of the agreed amount. This will also help you see how much money you’re going to save. By making extra repayments, you reduce the principal amount of the loan. And when the principal amount is lessened, the interest rates are reduced as well. So if you pay more each month, you are not just shortening the term of the loan. You are also reducing the interest. Do it each month and you’re sure to save a lot of money.
This is very useful because a lot of people have been discovered to not do any research prior to obtaining a loan. This means they do not spend enough time assessing their financial ability to repay the loan. They do not see if they will be able to bear all the costs of repaying a loan. Acting in haste, especially when obtaining a loan, is not wise because you are putting yourself in a potentially dangerous financial situation.
What dangerous financial situation is this? When you borrow money and you have not studied its impact on your finances, you could end up experience lots of problems, which include losing your home.
An extra home loan payments calculator is a very handy tool. This will help you estimate how much you can pay extra so that you save more money
Manufactured homes have come a long way since their “trailer” days. These affordable, factory-built homes offer more quality and style than ever before. New homeowners can virtually custom design their homes with the seemingly endless list of options available.
Over 22 million people across the country have decided to make a manufactured home their way of life, and by the time you finish reading this article, you may make the same decision.
Several national mobile home lenders have mobile home loan programs available that offer financing to qualified applicants to purchase a new or used mobile home, or, to refinance an existing mobile home. Mobile home loans that are offered for homes that are on rented land such as a park are called “chattel mortgages” and mobile homes that are situated on their own land and the lender is financing both the mobile home and the land together is a real estate mortgage. Interest rates are typically higher and loan terms shorter for chattel mortgages since the lender is not securing the real estate with the mobile home.
Typical mobile home financing guidelines to keep in mind:
o Down payments as low as 5% for mobile homes that are in mobile home park’s is available.
o Typically 3 years of employment is required.
o Minimum credit scores of 600 and above, possible exceptions available when purchasing new mobile homes and putting a cash down payment of 40% or more.
o Debt ratio’s generally cannot exceed 45% for all debts and 34% for housing, this includes the lot rent if the mobile home is in a mobile home park.
o Mobile homes must be built to HUD standards.
o Loan terms up to 240 months for used mobile homes and 300 months for new homes.
o Secondary/Vacation home loan programs are available, although lenders will require a down payment of 20%
o A mobile home lender will calculate the value of the mobile home by using a book value or an appraisal.
If your car insurance is due for renewal and you are considering buying another policy then this article will provide you with important facts that you should know about. Car insurance policies are getting increasingly expensive and you should do all that you can to reduce your costs. How much you have to pay for your car insurance is dictated by a variety of factors as they apply to you and your vehicle.
In this article we will examine coverage limits, your age, gender and marital status, your location and insuring other household members. All of these factors will have a great influence on how much you will have to pay for your policy.
Coverage limits are generally dictated by the price that you are willing to pay for your insurance. A higher level of coverage will generally result in higher premiums. The best way to find a good value policy is to comparison shop. Nowadays it is generally accepted that the best way to do this is by using a car insurance comparison website.
Your age, gender and marital status will have a great effect on the auto insurance rates that you are offered. Insurers rate drivers using a variety of criteria, if you are a young single male driver you will usually have to pay higher rates. If you are a middle-aged female married driver then your rates will be lower. Insurers calculate the best car insurance rates for you by comparing levels of risk. Those groups which are statistically more likely to be involved in an accident have to pay correspondingly higher rates.
Location plays an important part in deciding how much your premiums will cost. Drivers who live in an urban environment will usually pay more than those from a rural area. This is because drivers who live in cities and heavily populated areas are more likely to be involved in an accident, or to have their car stolen or vandalized. Insurers generally offer better rates if you’re able to demonstrate that you keep your vehicle in a garage at night. You may also be able to improve the security arrangements of your automobile by fitting an alarm, immobilizer and steering wheel lock.
Insuring other household members will have an influence on the cost of your policy and the best car insurance rates that you offered. If you have teenage family members living with you and they are added to your policy, then your costs will increase. This may still work out cheaper than if your teenage driver were to have a separate policy in their own name.
In conclusion, there are a variety of different factors which can affect your ability to be offered the best insurance rates. Some of these are coverage limits, how old you are, whether you are male or female and whether you are married or single. Your rates will also be affected by the area where you live and whether other household members are included in your policy.