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Thursday, October 16, 2014

Unsecured Debt Consolidation Loans – Managing Your Debts

Do you require freedom from all the hassles in your bad financial situation? If yes, then you can always go for an unsecured debt consolidation loan. An unsecured debt consolidation loan is the best solution to say goodbye to your debts and poor financial situations.

But why go for an unsecured debt consolidation rather than a secured one? It is because there are a lot of advantages associated with an unsecured debt consolidation. The major one is that you do not have to keep any property for security to the lender. The borrower is always on the safer side as his property is not at any risk. Many homeowners also take these loans who do not want to put their property to stake. You can borrow ranging from $1,000 - $25,000 in this type of debt consolidation loan. The repayment time generally varies from 5 – 10 years. An unsecured loan helps you keep reducing your monthly payments and protects you from the harassment of the creditors.

Friday, October 3, 2014

Credit Cards – The different types

Credit cards have become a necessity in today’s life. Every person or the other is using a credit card or rather credit cards to maintain their daily lifestyles. But choosing the right credit card for your needs is very important. Each different type of credit cards offers different benefits to their customers. Let us check some of the important types of credit cards available in the market today.

Business Cards
It gives the advantage of money management unlike a personal credit card. It gives varies opportunities to save expenses and in flourishing their existing business.

Student Cards
They are generally for those college students who have lower credit limits and still avail the opportunities of a credit card. But be careful, the interest rates being high, these cards can bring you into debts in your personal life.

Friday, September 26, 2014

Mortgage Insurance – Know the facts

Mortgage insurance is basically an insurance coverage to the mortgage lender in case of potential default of payments by the borrower. Do not confuse it with a life insurance policy or any other insurance policies. Here the premiums are not paid by the lender who is secured by the insurance but the mortgage borrower pays the same. The borrower may pay premiums on a monthly basis or as a lump sum at the end of the year against the mortgage insurance.

The mortgage insurance companies target the mortgage borrowers as the later has to pay the premiums of the insurance. People who have made a down payment of at least 20 percent is not required to buy mortgage insurance. Thus, mortgage insurance is bought by mortgage borrowers who cannot make a down payment of at least 20 percent of the mortgage loan taken. The leads for mortgage insurance are generally marketed over the telephone. The companies interested to buy mortgage insurance for their borrowers take the leads and pass on to the insurance company.

Sunday, September 14, 2014

Is an FHA 203K Rehab Loan Right for You?

Image from Flickr shared by Mark Moz
You have many choices when it comes to a mortgage to purchase a new home or fix up your existing home. The Federal Housing Administration (FHA) offers an option called the FHA 203K Rehab Loan. This loan can be used to purchase a home in need of repairs, or execute repairs on the home you now own. This loan has a higher interest rate because of the risk associated with it, but for some homeowners it is a good choice. Here are some points to consider if you are thinking of obtaining a mortgage through the FHA 203K Rehab Loan Program.

Qualification

Not every home will qualify for this loan. This loan was designed for homes which are damaged or in need of extensive repairs. You must also plan on living in the home during construction, and the building must be at least one year old. You can take out this loan if you are buying a home in need of repairs. Residences such as single family, two-family, three family, or four family dwellings qualify. Condos may qualify if they area approved for FHA loans, as well as mixed use properties as long as you plan on living in the residential section of the property. Homes which need to be moved to a new foundation may also qualify for an FHA 203K Rehab Loan.

Sunday, August 31, 2014

Educate Yourself on Pay Day Loans

Sometimes we are faced with an economical challenge which requires us to obtain cash as quickly as we can. Depending on your credit history and employment history obtaining the amount of cash you need the right amount of time can be quite challenging. Many people find themselves obtaining a payday loan or a fast cash loan getting in more financial debt than before. Obtaining a payday loan is a very simple process and many people resort to this form of loan because of their credit history or their desire to have cash quickly.

Before getting any guaranteed payday loan it is wise to educate yourself on the type of loan you are going to acquire. Specially with payday loans, interest rates can be quite high and it would not be feasible to put yourself in a financial strain that will only keep you looking for more ways to get out of the lack of a cash flow. There are many sites on the Internet that can give you as much information as you need to educate yourself on how payday loans work.