PersonalFinanceGuide

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2010-03-07T12:43:00.000-08:00

Mortgage Loan- How and where to get a mortgage loan?

2010-03-07T11:09:00.000-08:00

EIn the current economy, considering a high unemployment rate and foreclosures, is buying a house a good idea? Of course, it depends of your personal situation, but considering that mortgage rates for fixed rate mortgages are at their lowest, house prices have fallen at a record level and there is a credit for first time homebuyers, it may be a good time to become a homeowner. If you decide to buy a house, the next step is getting a mortgage loan.

When buying a house it is very important to find the right mortgage loan. There are a number of questions you should find the answers to before applying for a mortgage:

1.What kind of mortgage to get?
2.Where to get a mortgage?
3.How much you can/should borrow?
4.How much down payment you can afford?
5.How to apply for mortgage?

1. There are two types of mortgages :

Fixed rate mortgages and adjustable rate mortgagesFixed rate mortgages are for people that want to know upfront how much money they will be paying every month for the life of the loan.

Adjustable rate mortgage have payments that will vary with interest rates, it can potentially go higher or lower and monthly payment will be adjusted accordingly.

2.Where to get your mortgage?

When looking for a financial institution for your mortgage needs it is very important to check with different lenders in order to find one that has rates and services that will work with your personal situation. There are several options:

Banks
Mortgage brokers
Credit Unions
Saving and loan Associations

Banks are the most common place to get a mortgage loan. The majority of people apply for a mortgage at the bank where they have their checking/saving accounts.

Mortgage brokers are another option. Sometimes they can offer better interest rates because they have access to a large number of mortgage lenders.

Credit Unions (if you are a member or can become a member) are also a good idea since their rates are usually lower than bank rates.

You may also want to check with savings and loan associations,

3.How much you can/should borrow?

Mortgage lenders recommend that your monthly mortgage payment: principal, interest, taxes and insurance be less than 30-33% of your monthly gross income.

Also, this percentage can change a little bit based on the type of mortgage you choose and the area in which you're looking to buy a house.

(Many banks and mortgage lenders offer mortgage loan calculators on their websites –to find out how much you can borrow

4.How much down payment you can afford?

Of course, a bigger down payment has advantages when applying for a loan. Not only will it make it easier to receive a mortgage loan, it will also lower your monthly payments.

Most lenders, depending of the type of the mortgage, will require at least 5-10 % of the amount of mortgage as a down payment. (Remember, you will also need money to pay for closing cost)

5.How to apply for a mortgage?

When applying for a mortgage, be patient, make a list of documents that you will need, read everything before signing it.

Mortgage applications require a lot of information and documentation from the borrower and co-borrower, if it is a joint application:

Personal information that includes:

Name
Social security number
Date of birth
Current address
Phone numbers

Income verification:

Most recent pay stubs (usually for the last 2 months)
Information about your employee- the names, addresses, phone numbers and your title/position for the last 2 years

Tax information

W-2 forms and tax returns for the last 2 years

Bank accounts information- for the last 2 months (account numbers, balances)

Information about other assets if it applies (such as an IRA, Roth IRA, etc…)

Personal property information if it applies (furniture, cars, collectibles, etc...)

Credit information:

Names of all creditors
Amounts of monthly payments
Total amounts due on all current loans

Contract and deposit information, including a signed copy of your sales contract that shows that you and the owner have accepted your offer and receipt for the earnest money deposit toward the property.\

If you are self-employed or a student you may need to provide additional information .

Considering the recent situation in the mortgage lending industry, lenders may ask for additional information/documentation.

If you have any questions or need more information you may want to call few banks/credit unions, they offer no obligation consultation.

What are the benefits of having your own home?

2010-03-07T10:32:00.000-08:00

hThere are a number of benefits that come with having your own home –financial and others

1. Homeownership reduces the federal income taxes you pay. You can deduct the interest on your home mortgage and property taxes you pay on your home on the tax returns you file each year.

(Every year you will receive Form 1098-Mortgage Interest Statement with your federal identification number that shows mortgage interest paid and real estate taxes paid- that is an amount that you can deduct on your federal tax return)

2. If you choose a mortgage with a fixed-interest rate, you'll pay the same mortgage payment each month for the life of the loan. This offers you stability and a better way to budget/plan your financial future.

3. Homeownership is a way to build your long-term financial security. (If you choose the right mortgage, not only you can deduct interest and real-estate taxes from your federal tax return, but you will be paying for the principal amount you owe –building your nest egg)

4. If it is your own home, your children (or whoever you chose) can inherit it in the future. Not only are you creating financial security for yourself, but for the next generation.

There are other benefits that homeowners enjoy: memories that you create for yourself and other family members, ability to change/ to remodel if there is a need or desire to do so, involvement in the neighborhood, etc….

Where to look for and how to find a job

2010-01-29T19:08:00.000-08:00

In the current economic crisis, when more than ten percent of the working population is unemployed and companies are downsizing or not hiring, it is not easy to find a job. For this reason, it is very important that you are well prepared to look for and find a job.

Where to start when looking for a job;

Networking: Ask family and friends if there are any openings where they work
Local Newspapers and Magazines
Online Advertisements
Job Fairs
Governmental agencies/jobs

Your resume should be nearly flawless so take time to work on it. It should include :

your personal information,
your work experiences (paid and unpaid)
your education (degrees and majors)

Additional information such as certificates, licenses, awards, training, performance appraisals/ratings/awards, etc… should also be included.

Currently, it may be most helpful to apply for governmental jobs.

If you are looking for a Government job,

1. you should search USAjobs.gov (or CPOl) This is the official jobsite of the U.S. federal government, and allows you to search jobs by :

· agency
· location
· occupation
· keywords

2. go to –MyUSAJOBS and create an account

3. post your resume on line

4. apply to federal government jobs

You can leave your resume in the Resumix database and you’ll simply have to fill out the self-nomination when you see a job you like. Your resume will be ready to go.

After you located a job announcement you would like to apply for make sure that you read the following sections very carefully:

Overview

Duties

Qualifications and Evaluations

Benefits and other info

How to apply section

According to the USAjobs website:

"Once this announcement closes, candidates will be evaluated using an automated system, (Resumix) which compares your skills and experience as described in your resume with the requirements of the position. If you are found to be a highly qualified candidate, you will be referred to the selecting official for further consideration. (In some cases, individuals with priority for special consideration must be considered and selected before other candidates.) Whether or not you are contacted for an interview depends upon the location of the position and the judgment of the selecting official. You can view the status of announcements that you applied for through our automated response system, ANSWER, accessed through our Civilian Personnel On-Line web page."

This is very important:

Since it is an automated system (Resumix) that compares your skills and experience with the requirements of the position make sure that you are using appropriate keywords in your resume (assuming that they apply to you).

Also, if you are required to send /provide additional documents such as:

Transcripts

Proof of citizenship

Essays

The questionnaire

Declaration for Federal Employment

Make sure that you mail it at least 1 week before deadline, and preferably before the first cut off date posted in the announcement.

How to get a persoal loan

2010-01-29T18:55:00.000-08:00

Personal finance is one of my favorite topics to write about on hub pages. I do a lot of research before I write and I only write what I believe is true (pleasant or not for my readers, sorry). I think a lot of us got into a mess with our personal financial situations (aside from things that are beyond our control), for a very simple reasons – we did not educate ourselves before signing documents. This hub is going to be about personal loans. There are two types of personal loans: unsecured and secured.

Unsecured personal loan means that no homeownership or any other type of collateral is required. When looking for a unsecured loan you have to consider the following:
Loan amount (usually it is somewhere between $2000 to $15000)

Loan terms (1-5 years)

Interest rate (fixed)

Individual or joint loan

The amount you can borrow will depend on your income, your expenses, your credit score and, therefore, your ability to repay the loan.
Many borrowers prefer personal loans to credit cards because the interest rate is usually lower and the loan terms are set.
You can fill out the application on-line and usually you have to provide the following information about yourself or the co-borrower, if there is one:
Personal information (name, address, phone number, whether you rent or own your residence, Social Security Number, etc…)

Employment information (name of the company, position/title, number of years worked, salary/wages, etc…)

Desired loan amount

The lender will also ask you about you credit situation (excellent, good, fair, bad) and some companies ask for your FICO score (if you do not know your FICO score you can get it for free) Today many banks and credit unions will not offer unsecured personal loans, and if they do, the credit score requirement is usually 650 and above.

Although, there are many companies on the Internet that claim that they can assist you with obtaining an unsecured personal loan with a low FICO score, that is not usually an accurate statement, most of them offer debt consolidation or some other remedy to improve your credit score before they can help you get the personal loan (of course for a fee).
Also, absolutely stay away from the companies that offer you a personal loan with a security deposit (one/two some times six month payments in advance as a security or insurance, or whatever else they want to call it).
Personal loans are offered by banks, credit unions and peer-to-peer lenders. Shop around, check for the best rates, make sure that there is no prepayment penalty, and that you understand all of the terms and conditions of the loan. Then change your spending habits and create your budget before signing for the loan.

Debt consolidation services; do you really need their help?

2009-12-02T21:57:00.000-08:00

Open any newspaper, magazine or web page and you will find plenty of bad/depressing news about today’s economy: unemployment is higher than 10%, foreclosures are rising, healthcare and education are becoming more and more expensive and as a result many people are drowning in debt.

In order to solve there financial problems and save whatever is left of their credit rating people turn to debt consolidation services, but do you really need their help? Can they do something for you that you can’t do yourself? Is it worth paying someone else to do what you can do on your own?

What is debt consolidation and what can debt consolidation companies can do for you?

Debt consolidation is combining your debts into one large long term debt you repay over long period of time. What debt consolidation company will do for you: combine your debt, try to negotiate a lower rate, try to settle you accounts. They usually charge 10% fees for their services. After all said and done you could actually be worse off than before. It would be smarter to pay these 10% fees toward your debt.

Here is what you can do on your own:

1. Make a list of all your credit cards and personal loans; write down amounts that you owe and phone numbers for customer service.

2. Start calling them: ask for interest rate reduction, payment reduction or settlement options.

3. Explain your personal situation (loss of job, medical emergency, divorce, whatever it may be (It may be embarrassing, it may hurt your pride, but...).

4. Ask for everything in writing (new interest rate, settlement option etc…)

5. Make arrangements and stick with them.

If you can not do it on your own it is a better idea to turn to a non profit debt consolidation and credit counseling companies for help. They can also help you with money management and budgeting.

And of course, the most important thing is no new debt, change you spending habits, and live within your means.
Know your rights as an American; you are protected by Fair Debt Collection Practices Act.

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre18.shtm answers commonly asked questions about your rights under the Fair Debt Collection Practices Act. It prohibits debt collectors from using unfair or deceptive practices to collect overdue bills that your creditor has forwarded for collection

How to eliminate all consumer debt including mortgage and reach financial freedom

2009-12-02T18:07:00.000-08:00

(How to create a budget and stick with it)

It seems like an impossible task to accomplish for many people living from paycheck to paycheck, but it is not if you are willing to put in the effort. It is more common sense than anything else, spend less than you earn and save and invest the rest.

The first step in eliminating consumer debt is creating a monthly budget. The second step be disciplined and patient.

In order to create a budget you need to calculate all of your income and expenses. For one month, write them down and that will give a visual and more accurate picture of your financial situation and will show where you can cut corners and save money.

Your monthly income may include:
Salary
Pension
Alimony
Child support

Your monthly expenses may consist of:

Saving account or IRA (remember always pay yourself first)
Mortgage /rent
Car payment
Homeowners/renters insurance
Health Insurance
Pet care expenses
Auto Insurance
Utility bills, such as: electricity, gas, water, phone, cell phone, cable etc.
Other financial obligations such as: students loan, credit card, personal loan etc.
Education
Food
Clothing /Shoes
Emergency fund
Entertainment
Other
You may want to add or delete items from this list if they don’t apply to your personal situation.

The majority of expenses are fixed and recurrent from month to month for a long period of time (month, years and even longer). There is not much you can do to save money there, but it is a good idea to use automatic withdrawal from a checking account to pay those bills,

There are a number of expenses such as utilities and grocery bills where you can save money. When grocery shopping always:

1. make a list beforehand (no impulse buying)
2. shop in more than one store , compare choices and prices
3. join one of the clubs such as Costco, Sam’s Club and buy bigger quantities for a better per unit price
4. while in the store check the manager's specials sections (many grocery stores now offer manager's specials with substantial savings)
5. buy store brand instead of name brand
6. use coupons

If your personal financial situation is very serious and you really need to cut corners, cancel all non-essential services such as cable, cell phones, and newspaper/magazine subscriptions.

Do not buy anything unless it is absolutely necessary until your financial house is in order.

When it comes to credit cards, try to pay extra every month, and make sure you don’t use them unless you can pay them back at the end of that month.

Don’t be afraid to give up small pleasures (eating out, going to coffee shops, buying clothes when you don’t need it etc.) because this will ultimately lead to big savings, which will bring you to your overall goal of financial freedom.

For best budget planner visit: https://money.strands.com/

For free budget spreadsheets visit: http://docs.google.com/

Please, Join my blog and share your comments Thanks.

Payday loan-how to find a reputable payday loan company on the internet.

2009-12-01T14:55:00.000-08:00

Payday loans are short-term emergency loans with extremely high interest rates and fees and they must be paid at your next pay day. (Payday loan companies have appropriate dates listed on there websites for your convenience… )

Indeed, interest rates for these loans are so high that they should only be considered in extreme situations or if no other sources (bank loans, credit union loans, peer-to-peer loans, 0% or low interest rate credit cards, loan from family or friends) are available.

Requirements for applying for these loans are very simple, very basic information is required (18 years of age, not a military member, US citizen, current address, home or mobile phone number, employment, work phone number, direct deposit of your paycheck, checking account, and a driver’s license) and no credit check is necessary.

You can find a list of payday companies on the web.
There are literally 100’s of payday companies listed on the internet.

When choosing a payday loan company on the web one should consider following:

Are fees and interest rates disclosed/ listed on their web page?

Are terms and conditions posted?

Is a phone number for customer service listed? (If there is a phone number listed, call and check if it is actually a real phone number and someone answers it)

Remember: Payday emergency loans are for emergencies only, don’t make them a habit.

Please, Join my blog and share your comments Thanks

Payday Loans danger

2009-12-01T04:45:00.000-08:00

Payday Loans danger

Payday loans are short-term cash loans based on the borrower's personal check held for future deposit or on electronic access to the borrower's bank account. Borrowers write a personal check for the amount borrowed plus the finance charge and receive cash. Or, borrowers sign over electronic access to their bank accounts (by disclosing their checking account number and bank’s routing number) to receive and repay payday loans.

Lenders hold the checks until the next payday when loans and the finance charge are due. To pay a loan, borrowers can redeem the check by paying the loan with cash, allow the check to be deposited at the bank, or just pay the finance charge to roll the loan over for another pay period (usually another 2 weeks).

Payday loans range in size from $100 to $1,500. The average loan term is about two-weeks. Loans typically cost from 400% up to 1000% annual interest (APR).

Payday loans trap consumers in repeat borrowing cycles due to the extreme high cost to borrow and the very short repayment term. Beside that, many borrowers are not able to cover their checks and that leads to bounced check fees from the payday loan lender and the bank. Returned checks cause negative credit ratings on specialized databases and credit reports. As a result consumers can lose bank accounts or have difficulty opening a new bank account if there is a record of "bouncing" checks used to get payday loans. Internet payday lending adds security and fraud risks to payday loans. There are many reports from borrowers about abuses and identity thefts. (Go to Google search)

Because Payday loans are so expensive the Federal Trade Commission published a list of alternatives to payday loans:

1. Consider a small loan from your credit union or a small loan company. Some banks may offer short-term loans for small amounts at competitive rates. A local community-based organization may make small business loans to people

2. Shop for the credit offer with the lowest cost. Compare the APR and the finance charge, which includes loan fees, interest and other credit costs.

3. Contact your creditors or loan servicer as quickly as possible if you are having trouble with your payments, and ask for more time. Many may be willing to work with consumers who they believe are acting in good faith.

4. Contact your local consumer credit counseling service if you need help working out a debt repayment plan with creditors or developing a budget. Non-profit groups in every state offer credit guidance to consumers for no or low cost.

5. Make a realistic budget, including your monthly and daily expenditures, and plan, plan, plan. Try to avoid unnecessary purchases: the costs of small, every-day items like a cup of coffee add up. At the same time, try to build some savings: small deposits do help.

6. Find out if you have — or if your bank will offer you — overdraft protection on your checking account. If you are using most or all the funds in your account regularly and you make a mistake in your account records, overdraft protection can help protect you from further credit problems.

The bottom line on payday loans: Try to find an alternative. If you must use one, try to limit the amount. Borrow only as much as you can afford to pay with your next paycheck — and still have enough to make it to next payday.

To read: FTC –Consumer Alert go to: http://www.ftc.gov/bcp/edu/pubs/consumer/alerts/alt060.shtm

How a good credit score can save you money and how to improve your credit score

2009-11-28T18:39:00.000-08:00

If you have ever applied for a loan (mortgage, home equity loan, auto loan, personal loan, credit card etc.) then you already know how important it is to have a good credit rating (FICO score).

Before credit lenders approve or decline your loan request they check you credit history with the following credit agencies to determine your credit risk:

Equifax
Trans Union
Experian

Your credit report usually lists the following information:
Personal information: (your full name, current address, Social Security number, date of birth, employment information).

Information about your credit accounts (credit cards, car loans, mortgages, lines of credit and other credit accounts. It includes the dates that accounts were opened and closed, current balances, maximum credit limit and how often you were late making payments, or if any accounts were charged off).

Information about requests for your report as a result of your having applied for credit, or requests that were made by others (for example: credit card companies, or other financial institutions ) to make you a pre-approved offer of credit , during the last 2 years.

It also lists information about (Bankruptcies, foreclosures, lawsuits, liens, wage attachments, court judgments) if it applies.

Some lenders make a determination by your FICO score. FICO scores range from 300 to 850. The higher your score-the easier it is to get credit and of course lower scores make it a lot more difficult to get credit and if you get one, the interest rate will be rather high.

Your credit score will be lower if you have missed payments or made late payments, if account balances are high, if you have too many recent enquires or if there is simply an error in your report.

There are ways to improve your credit rating. First of all, order you credit report and make sure that there are no mistakes and all information posted is accurate.
Make payments on time, lower your balances, and don’t apply for more credit. These steps will gradually improve your credit rating. This will not happen overnight. It make take months, and may even be years but it is all worth your effort.

YOUR FICO SCORE

300 620 850

Check your credit. Once a year it is available for free. Go to: https://www.annualcreditreport.com/cra/index.jsp or call: 1-877-322-8228

Privacy Policy

2009-11-15T01:58:00.000-08:00

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2009-11-15T01:05:00.000-08:00

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