Home loans: what you should know ! Written by Paul Heath
Finding home loans can be a daunting task, whether you’re a first time home buyer or an existing homeowner. The good news is that there are more options than ever to help you find loan that’s right for you. Check Your Credit Report An important first step is to check your credit report, preferably several months before you intend to apply for a loan. You are entitled to one free copy of your report every 12 months so it’s easy to check it out. When you receive your report there are a few things that should garner your attention. First, check to see that information it contains is accurate. Does it incorrectly show late or missing payments? Does it show credit cards or other credit accounts that are incorrect? If you see anything that is not right then consult with credit reporting agency regarding their procedures for making corrections. If My Credit Is Bad Can I Qualify For A Mortgage? Usually answer is yes, but loan process will likely be more involved and interest rate you’ll pay will be higher than if you have good credit. Look for lenders that specialize in loans for people with poor credit and learn more about programs they offer. Even though a mortgage will cost you more if you have bad credit, in long run it can help you repair your credit history if you make your payments faithfully. What Kind Of Loans Are Available? Three basic types of loans are available to help you buy a home – fixed rate, adjustable rate and interest-only. A fixed rate loan comes with an interest rate that stays same throughout loan term, but an adjustable rate mortgage (ARM) comes with an interest rate that may move up and down at various intervals. Your payments will usually be lower with an ARM (at least at start of loan) but over life of loan you run risk of your payments going up if interest rates rise.
| | 10 Signs You May Need Credit CounselingWritten by Jeremy Zongker
Debt management programs can be of real help for people that discover they cannot face their debts. At first, they will attempt to solve situation all by themselves by cutting down on spending and keeping a close eye on accounts. If this doesn’t work then it is time to ask for help from a financial expert. The sooner you admit you need help from an expert, better will be for your future. The best time to seek advice of an expert is before appearance of most of important 10 signs you may need credit counseling. You should already be worried when one or two signs appear. Of course that there are not only 10 signs you may need credit counseling but, these 10, are most important. When you see more than a few of 10 signs at same time, know that situation is bad and getting into a debt management program could be right solution for you.There are not a fixed number of signs that can tell you your debts are slowly killing your financial life, but in following lines we will try to present most important 10 signs you may need credit counseling. The most important sign is loosing your job or possibility to loose it. The first thing you think of when you loose a job is how you will pay all your bills. In such a situation it is best not to loose your cool. You may think you just need to start looking for a new job and bad situation will be solved. In case your next job does not come in near future, best thing for your financial situation would be to ask advice of a credit counselor; even for most desperate situations he will certainly have a solution. You should also be worried when your credit card balances are increasing while your monthly income is decreasing. This would mean that, in short time, you’ll not be able to pay your monthly minimum payments. This is another sign that you need credit counseling; if paying minimum amounts required on your accounts is a situation that lasts a short period of time, and then problem is not that bad. But if situation repeats itself over and over again, this is a sure sign you may need credit counseling.
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