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Benefits of a Business Loan
There are many benefits in choosing a business loan, some of which are listed below:What's the fastest way of raising money for your business idea? A business loan, but what kind of loan should you get and who should you get your loan from. You could ask ...
Federal Student Loan Consolidation: The Other ReFi Boom
You've heard about refinancing in the mortgage market. Who hasn't? Interest rates are at all-time lows. Folks have refinanced two and three times in as many years to save thousands of dollars in interest they would have otherwise paid. There's a similar ...
Refinance To Save Your Hard Earned Pounds
Have you heard of refinance? What it isn't new for you. But, it was newer to me. In fact mortgages too were newer to me. I had considered it my fate to be stuck to the high interest mortgage. It was refinance (commonly known as remortgage) that gave me ...
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1. Watch out for the 'Deal Of A Lifetime', the deal that seems too good to be true. The company may be saving money by cutting back on their level of service.
2. When getting a fixed rate: get a written statement which details the interest rate, how long the rate is fixed for, and the conditions attached.
3. When interest rates fall: try and leave your repayments as they are. You will therefore be paying more than the minimum each month. You'll repay your loan much earlier. When rates rise again you may not have to change your payment.
4. Consider a fifteen or twenty year term. Try to pay off your mortgage quickly. Use a mortgage calculator with an amortization function, and see what's possible.
5. Keep your mortgage as small as possible. Aim for *comfortable* affordability.
6. Try not to 'churn' your mortgage. Each time you refinance you'll probably incur completion costs and non-refundable fees.
7. Beware of prepayment penalties. Many 'no fee' credit lines have a pre-payment penalty. This can be very expensive if you are planning to refinance or sell your house in a few years time.
You don't need to sign a mortgage agreement which contains any significant prepayment penalty, if you have good credit. One of the smartest things you can do with a mortgage is to prepay it.
8. Don't look for a home without being pre-approved. You will have much more negotiating power with the vendor, and may be able to save thousands of pounds.
9. Get a full, professional survey. Human beings can be perverse; happy to spend Ł150,000 on a house after a half-hour viewing, but be-grudge spending Ł500 finding out whether it's worth buying in the first place!
10. Find out the true value of your home-to-be. Get more than one independent appraisal. Compare it with the prices of similar-sized houses for sale in the same area.
11. Start gathering documents. Provide your mortgage company with documents in good time; don't let your rate lock expire!
12. Verbal (oral) agreements are worthless. When buying or selling property, always get it in writing.
A mortgage is the biggest financial committment most of us will ever make; worth spending a little time on, to get it right!
About The Author
T. O' Donnell (www.tigertom.com/mortgages-uk.shtml) offers mortgage quotes, advice, an ebook and a mortgage calculator, in London, UK.
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