New Home Loan - Understand The Various Types Of Mortgage LendersWritten by Carrie Reeder
So, you’ve decided to buy a house, and you’re ready for that all important next step—applying for a mortgage loan. But where should you go? After all, mortgage business is complex, and you’ve realized quickly that your choices for lenders are immense. Here’s a quick guide to help you understand all of your choices for lenders.
By using a mortgage banker, you will deal with same person from beginning to end of loan process. The mortgage banker makes his money from fees that you will pay for loan, such as points and closing fees. After you’ve closed on loan, you may continue your relationship with same company, or they may sell your loan to a secondary person.
If you don’t have time to loan shop on your own, or have a not-so-perfect credit history, a mortgage broker may be way to go for you. A mortgage broker acts as a middleman between a borrower and a mortgage banker, and generally knows where best deals are, or which mortgage bankers are more apt to grant loans to riskier borrowers.
If you belong to a credit union that should be first place you check for your mortgage loan because they generally offer lower interest rates. Many associations, unions or even workplaces have their own credit unions.
Saving Money - The Magic 20 PercentWritten by Emmanuel Mendonca
Saving money is not easy and is made more difficult if you have a short-term outlook regarding your personal finances. If, like many people, you are living from one pay cheque to next, it is difficult to put some money aside for a rainy day or for a summer holiday. But what if you were to change your financial outlook into a medium to long-term one? You might believe that you cannot afford to think ahead and make plans, but in most cases you would be wrong. Most people should be able to save some money and with some effort, maybe even as much as 20 percent of their salary each month.
First of all it is important to have a handle on where your income is going. Unless, we are on an extremely tight budget or are very money conscious for other reasons, many of us have never really sat down and considered what our money is being spent on – we just know that by end of month, it has all gone! You will know if you are consistently spending your money on unnecessary purchases, for example. Having this knowledge equips you with control to change things a little or a lot.
Saving Money Mentality
Many people have never been taught to save and as children, immediately spent money they received without any forethought. You often hear people say, “Life is short, if you want something buy it now”, but thankfully for most of us life is not really so short and along way we will have to deal with both opportunities and challenges. Having some money saved will help you make most of opportunities and ride challenges.