Applying For A Mortgage – Some Basic Advice

By on June 16, 2013 in Loans, Personal Finance

If you are in the market for a mortgage, you are either buying a home, refinancing your existing mortgage for a lower rate or improving the terms of your current mortgage and getting cash out. Finding a great lender and getting an approval on a mortgage loan can be difficult, but with the right advice you can accomplish your goal.

Don’t worry about looking for interest rates at this point. You just want to get as much general information as you can. There is a lot of information out here, take advantage of it. Your education will be complete when you can answer a few questions, such as:

How much of a down payment am I going to make?

How much equity do I have on my home?

What is my credit standing or my score?

How much of a monthly payment can I afford?

Basic things that you should understand before you start shopping rates. Once you have answered those questions, you can move on to the next step which is to compare lenders and banks. Once you have found a few lenders, you should talk to each one of them, let them know exactly what you are looking for, What your goals are and they will give you terms, they will let you know everything you can do. They will give you options. Then you sit down with a sheet of paper and write these offers down so you can compare them side by side.

Lastly, and this is really important when you compare lenders, do not just look at your interest rates – pay attention also to the overall terms, and any fees. Many lenders, such as Omni Loans which appear to be offering very attractive mortgage interest rates charge extremely high fees for the privilege, so you need to factor these costs into any calculation you make. There is one other consideration which applies and which many people often overlook. And that is you want to be confident with the lender you chose. The loan approval can take a long time, it is a long process. You want to make sure you have a lot of confidence in your loan officer and the processors behind them to make sure you can get your loans done.

Now as we said at the top, this whole process can be complicated. You need a trusted lender, a confident lender, or a bank or a broker to take you through the whole process to get your loan to completion. Using an online mortgage shopping engine is a great platform. You will find several of them online but some of the best known as Moneysupermarket.com, Money.co.uk or MoneySavingExpert.com. Using these kinds of sites can take a great deal of the legwork out of looking for the best home loan deal.

 

 

 

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4 Effective Tips For Making a Payment Protection Insurance Claim

By on June 10, 2013 in Insurance, Personal Finance

If you live in the UK, have taken out a loan, mortgage, or credit card in the last 10 years, and was sold something called payment protection insurance, then you could be owed thousands of pounds.

Unfortunately, most people haven’t got the first clue on how to proceed in making a successful Payment Protection Insurance Claim which means they usually end up doing nothing.

Don’t let this happen to you, by following these 4 effective tips you can finally claim what is rightfully yours.

Use a PPI calculator

Working out how much you are owed is not always straight forward, as there are many different factors to take into account.

Luckily, you can use a PPI calculator completely free on the internet, so you can get a better idea on the specific number you should be claiming for.

Use a PPI template

Are you thinking about trying to reclaim payment protection insurance on your own? In this scenario, you will need to send a letter to the financial institution who mis-sold you the policy, the only problem is that it can be hard to know what to write.

Don’t worry though, as there are now lot’s of different PPI template letters available for you to download on many websites. Simply fill in the blanks and you are ready to make a claim.

Be patient

Making a successful payment protection insurance claim can take some time. It’s not uncommon for the financial institutions to require further documentation and paperwork, which can really slow down the process.

At the end of the day, you need to realize that it will all be worth it in the end. You probably won’t get a check in the mail within a couple of weeks, but if you keep focused and don’t give up, then you will soon be enjoying a lump sum payment.

Consider a PPI claims company

It seems to be a common opinion that you don’t need a PPI claims company to be successful in getting your money. While it is certainly possible to go it alone, for many people it can be beneficial to enlist the help of a third party.

For example, maybe you don’t have the time or energy to go back and forth for months on end? Or perhaps you don’t feel confident enough about writing a letter to ask for your money?

In these kind of cases, a PPI claims company can be a real advantage, so it’s definitely something worth looking into.

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How to Take Control of Your Debt

By on May 27, 2013 in Debt, Economy, Personal Finance

Even though America is still in a recession, it is possible to take control of your debt and begin to manage your life. It can be extremely depressing when you look at the amount you owe, and all of the places you owe it to. However, if you simply ignore the situation you are in, it will never get better. You can easily turn your credit history around by taking responsibility and making the changes necessary to become debt free.

List All Debt

The first step in managing your debt is to list everything you owe. You should start with listing everything you currently pay for, and then in another column, list all of your debts. These should be whether you are currently paying for them, or they have gone into default. When you have everything listed, you are ready to start sorting.

Cut Bills

To take control of your finances, you must start with making budget cuts. This will free up money to pay towards debt. Put away the credit cards until they are completely paid off, and only have one revolving credit. You need to make sure you are living within your means, even if this means living without cable or eating out for a few months (or years if your debt is extreme). Everyone immediately turns to bankruptcy because he or she does not want to give up his or her lifestyle. You are not making any changes; therefore, you are not learning how to manage your life.

Use Cash

When you go to get groceries or gasoline, pay with cash. This will ensure that you stay within your budget. Any leftover money can go into the pot to pay off a credit card, or be held onto in case you run out of something in mid-week. Some find it even easier only to take their driver’s license and cash when running errands so they are not tempted by impulse shopping to pull out the card.

Pay Off Small Debts First

While you are paying something on every debt you have, pay a larger amount on the smallest debt. When that debt is paid off, instead of putting that money back into your account, use it to pay off your larger debts. You have not figured it into your savings account anyway. This will help you get all your debt paid off faster. It is also known as the snowball effect. As you start paying items off, the amount you pay towards the larger debt becomes bigger.

Most lenders are willing to work with you as long as you make payments. This method for managing your debt has and will continue to work. There is no need to have more than one credit card, and it should be paid off monthly. There is no need to be stressed about your debt when there is a way out. That way out does not mean you must declare bankruptcy. However, if you stick your head in the sand for too long, it may be your only option. Before you take that path, talk to credit counselors to see if there is anything else you can do first.

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Save Money With Online Discount Offers

By on May 2, 2013 in Personal Finance, Savings

We are all keen to save money wherever we can, especially in the difficult economic conditions. All too often, however, saving money equals an inferior product or service, which is not what we are after at all.

However, with the introduction over the last few years of a number of discounts sites it’s now possible for us to grab a bargain while not having to compromise on quality.

One of the the first of these sites to come to prominance was Groupon, which basically offers subscribers a daily deal or deals emailed direct to their inbox each morning. The deals range from substantial discounts on consumer goods such as laptops or cameras, to holidays and even services like domestic cleaning or carpet cleaning offered by a company like Proclean Domestic Cleaning Glasgow and many others like them. The discounts are generous and if you choose your picks carefully, you can end up with a real bargain.

If you are a fan of fashion, you are not forgotten either. You can source genuine designers goods on sites such as Secret Sales, Brandalley and Cocosa, while if you prefer ski wear or sportswear like animal hats or wild hats you find all over the mountain resorts then you could opt for the aptly-entitled Save On Goods. And there is no need to worry about the provenance of the items in question. Sites like Cocosa and Brandalley have built up an enviable reputation and regularly find themselves referred to in publications such as The Sunday Times. These online stores pride themselves in supplying real designer goods from world famous brands like Gucci, Prada, Jimmy Choo and many many more.

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Do You Need Money Quickly? Here Are A Few Ideas

By on April 17, 2013 in Personal Finance

It seems that no matter how careful we are with money or how meticulously we budget, there are times when we suddenly find ourselves short of cash. It may be that a bill comes in and it’s a lot higher than we had anticipated or else your car, central heating boiler or washing machine develops a fault and needs repairing right away. It does not really matter the reason – if you find yourself in a jam, needing to get your hands on some extra cash quickly, what can you do?

Well, the good news is that there are a number of solutions to this problem. Which you choose will really depend on your circumstances:

Pawnbroking

Pawnbroking is a very old profession which has been brought bang up to date in this country, with pawn shops now appearing on all major high streets. If you have some valuables that you don’t use very often – jewellery tends to be a classic case – then you could pawn them for instant cash. You will lose your property if you don’t pay back the advance and interest in full before the contract expires, but that is not usually for six months, so pawning can give you some much-needed breathing space when funds are tight. As well as the more old fashioned pawn shops, you will find shops such a Cash Converters effectively offer the same kind of service.

Use your credit card

If you have a credit card then it is probably the best and most convenient way to deal with unexpected expenses – so long as you have some credit remaining on it! Interest rates are on the high side, so try to use a card only in an emergency and if possible, pay the amount off at the end of the month.

Payday advance

There are in fact two options here. You could ask your boss for an advance on your salary. This depends on how well you get on with your boss and how flexible he or she is. If you think this could be a little awkward, then you could consider applying for a payday loan with one of the many online payday loan lenders, such as www.blueskyloans.co.uk. The applicatioin process is confidential and anonymous, so there is no eed to get into an embarrassing interiew scenario as you would by approaching your boss or, indeed, the bank if you decided to apply for a personal loan, rather than a payday advance. However, the downside is that the interest and charges on payday loans can be excrutiatingly high. If you decide to go down this route it’s essential you regard a  loan from a payday lender as a short-term solution. If not, you could find the interest and charges work out to be cripplingly high, leaving you in a worse position than when you started out.

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