Month: March 2018

Personal Finance Tips From One of Life’s Financial Victims

Good advice without strings is extremely hard to find nowadays, nevertheless, this is what I’m here to do. Yes, I’m offering personal finance tips that are both useful and practical, and what’s more, free of charge. Some of my personal finance tips you may have heard from others, and some you may not. However, even if you’ve heard them before, many of them are well worth repeating. After all, good advice always holds its value and none more so than personal finance tips from one of life’s financial victims. I’d even go as far as to say that not only do they represent sound advice, but these words are good enough to live by.

Always be Wary of Shoes

If you’re a man and married, here’s a peculiar and extremely useful personal finance tip I urge you to listen to. Strange as it may sound, please take note of the relationship between your wife and her shoes. Whenever you first marry, usually things start out quite innocently as simply just several nice pairs of shoes and, of course, some sneakers for wearing outdoor. But all of a sudden, it quickly turns out she’ll need a new pair of shoes for every new outfit for work, despite that she may already have two pairs of black shoes. “Ah”, she proclaims, “but none of my own shoes are like this new pair of black shoes”. Before you know it, you are up to your knees in a sea of shoes just to try and get out the door in the morning. And the problem grows steadily worse. This tip is as much for your personal sanity as it is one of my personal finance tips. Trust me on this one!

Replace your Light Bulbs

Recently I decided to change all of my current standard light bulbs to the energy-saving bulbs that only use a fraction of the power of the standard, yet emit greater light. So I ask you, what makes this one of my personal finance tips?

This is indeed one of my personal financial tips as the new energy-savers cost $35 for the entire house, which I have ascertained will save approximately $50 and $60 per month on my home energy bill. The point being, if you find ways to save money in your home, ultimately you’ll see a positive increase in the balance of your savings account.

Avoid High Interest Terms and Conditions

Credit is all very well, however, should you take the finance option to buy a $500 product, then with an interest rate of 25{e37ec31433fd7adca870f05e61ffcd334518f59b7c34b3ed42129118d3b7e9b6}, by the end of the finance period you’ll have paid out just short of $1,500 for the privilege. Basically, what I’m trying to say is that if you can save the $500 cash needed to pay for the product, you’ll save yourself almost $1000.

At all costs, try to avoid purchasing any item on a store credit card, as these tend to charge the greatest rates of interest. When it comes to personal finance tips, the best tip I can give you is to avoid high interest rates whenever you go on a spending spree.

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The Best Debt Management Tips

You can manage your debt without seeking help from professionals. Taking out a loan is common because there are items that you cannot purchase with your monthly income. If you are struggling with debt, here are a few debt management tips that can help you manage your debt and eventually get out of that debt.

Draw up a Budget

The most effective way to manage your money is to come up with a budget. A budget enables you to account for the money you spend. It also enables you to prioritize your needs; that way you do not purchase unnecessary items.

Reduce Your Expenses

Take a look at your expenses and single out items that you do not need. You should also adopt the habit of spending wisely. Do not buy an item because you want it; buy it because you need it. You may also reduce your household bills by looking for cheaper alternatives.

Avoid Borrowing

Think carefully before taking out a loan to pay off what you owe. It may be another burden to what you already have. This may not be a smart option so it would be advisable to analyze your financial situation to determine if you really deserve to borrow a loan.

Pay Off Your High Interest Debts

Start by paying off the high interest debts to prevent the accumulation of debt. The interest rate soars if you do not pay such debts sooner.

Pay More than The Minimum Amount

If your income can allow it, pay more than the minimum payment. You will take longer time to clear your debts if you only pay the minimum amount. The earlier you pay off a loan the cheaper it would be for you.

Save as Much as you can

Life is full of surprises, so you need to save for these times. Paying for such instances using a credit card is very expensive and increases your overall debt. An emergency fund should ideally be 3 to 6 months’ worth of your paycheck.

Negotiate With Your Creditor

You can contact your creditor and ask them to lower the interest rates for you. Provide him with a plan that you will use to settle what you owe, that way he will consider your offer.

Use the Facility of Mortgage Breaks

In the clause of the mortgage plan, the debtor can take a break from the repayment plan for up to 3 months. Though you may not be exempted from clearing your debts, the break is enough to help you manage your finances. You should also bear in mind that while you are in the break, the interest rate will increase. Do not chose the mortgage break clause if you are looking for a long term debt solution.

Some Refinance Loan Tips to Get Better Rates

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There are a few refinance loan tips you can take advantage of as well if you want to get the best rates for your mortgage.

– Check your credit rating. Make sure it’s accurate. You can do this by requesting for a copy of your rating report way before you apply for refinancing. This way, you can still drastically improve your rating if they find that you are a consistent payor.

– There is no need to pay for appraisal costs if you have an untarnished credit record. If your lender insists on asking you to pay for an appraisal then you might want to look for another broker or lender.

– As a rule of thumb, the purpose of your equity loan should be able to outlast the payment term. This rule is subject to interpretation, and it’s really up to you, the debtor, to decide if the equity’s worth buying a certain object for. Ask yourself – is it worth paying for that Mercedes Benz convertible for the next 20 years?

– Don’t always trust refinancing loans that boast of ‘no refinancing costs’. Many refinance loan tips always suggest that there’s no such thing as a free lunch, and even if the broker or the creditor say they’ll take care of all the closing costs, the fees they would have charged you upfront now are in the guise of high monthly payments.

– Make sure that the refinancing scheme you’re availing of does not come with prepayment penalties. These are fees for the borrower if he decides to get out of the original mortgage. If you’re assigning your broker to take care of prepayment matters for you, well and good, but some lenders may make the tempting offer of giving lower interest rates as a tradeoff for prepayment penalties. When this happens to you, weigh your options carefully so you can come up with the best plan.

– Try to have several fees waived to cut down on costs. Legal, appraisal, and application fees can run up to a couple of thousand dollars and there are lenders and brokers who agree to having these waived for certain borrowers. However, you’re likely to pay a bigger amount overall because the brokers and the lenders have to recoup their investment.

– Preselect the right program by checking different plans online. Try the online calculators available on several websites so you’ll know the most practical solution for your refinancing.

– One of the most valuable Mortgage refinance tips an advisor can give you is that you can add the closing costs and the points to your refinanced loan. This is recommended for people who have been on mortgage for more than 3 years, because by this time, they would have already subtracted a couple of thousand dollars or more from their loan balance.

You can find many several refinance loan tips from the Internet and from the people around you. Just make sure that you talk to several agents or brokers prior to starting your refinance plan. When they realize that you are well-informed on the subject matter, it’s more probable that they would give reasonably fair rates to you.

Credit Tips to Fix Credit Fast

Here are a few basic credit tips to help you maintain and improve your FICO scores and thereby open new opportunities in the future:

o First and foremost, pay your bills on time. It seems like common sense and realistically it is, but many people still seem to neglect this basic concept of credit maintenance. Your payment history is the most important single factor in your credit score; therefore, your first priority should be to make all of your payments on time. Remember that a late payment will continue to affect your credit score for the next seven years.

o Next, do everything possible to avoid defaulting on any debt. Although your payment the timeliness of payments is the most important factor in your payment history, defaulting on debt is also key element of this score. Do what you can to avoid defaulting on debt, even if this means making minimum payments or negotiating with your creditors. Often creditors are willing to work with you if you contact them and explain your situation.

o Regularly get copies of your credit reports from each of the “Big Three” credit reporting agencies – Equifax, Experian, and TransUnion – and review them carefully mistakes. Mistakes are quite common on credit reports and these mistakes can seriously impact your scores. By law you are entitled to a free copy of each of these credit reports, so take advantage of this. You can order your free reports online at www.annualcreditreport.com.

o Learn about your legal rights with respect to your credit scores. The federal government has a whole series of legislation that affords people legal rights with respect to their credit reports. Further, many states also have legislation that gives people even more rights. Learn about the rights you have under both federal and state legislation and use these rights to protect your credit scores. Many people do not even realize what rights they have under the law.

o Be wary of credit scams online. The Internet is full of different companies and independent operators making extravagant promises about what they can do to help your credit situation. Be wary of these claims. Realistically, outside of debt negotiation or debt consolidation lenders, there is little that others can do for you that you cannot do for yourself. If you are already facing financial hard times, online scams are the last thing you need.

These five simple credit tips to help you keep track of your credit scores and improve them should be the first steps taken by anyone worried about their credit scores.

5 Colorado Home Mortgage Refinance Loan Tips

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Anyone living in Colorado may be able to save money on their monthly mortgage payment if they are paying on a high interest rate loan. Here are 5 Colorado home mortgage refinance loan tips to help you save money if you live in Colorado.

1. Do a little research online to compare what is available before contacting a lender. If you can get a free phone consultation to discuss your options as well. A no pressure phone consultation gives you the chance to get your questions answered in the comfort of your own home. You can get comfortable with a mortgage adviser before you meet with them.

2. Deal with a mortgage loan specialist who has access to many different lenders. This is important because each person’s situation is different. Being tied into a one size fits all mortgage plan does not work because anymore because today’s customers have so many different needs.

A Colorado mortgage loan specialist who does this for a living makes sense to talk to because they are going to be up to date on what is available in Colorado. They can look at your credit, your existing loan terms and rates, and customize a mortgage loan that gives you the best payment based on your current financial situation.

3. Look at a wide variety of lenders to come up with the most savings on your monthly payment. The overall savings on your loan can really add up as well when you get a better mortgage rate or shorter terms. Colorado offers many different lenders to meet your needs and goals. Finding the right one with the right mortgage refinance package for you is important. Whether your goals is lower payments, getting some cash on the equity in your home, or paying your loan off earlier Colorado has many lenders to choose from.

4. Competition is good in any business and this is true in the refinance industry as well. Borrowing money in Colorado is very competitive and this is a great benefit to you. Finding the best mortgage is easier thanks to the competition among lenders.

5 Right now is the right time to find the best Colorado home mortgage refinance loan because you have more control than any other time in history. The internet makes getting access to up to date information easy for anyone to do. Competition among lenders is at a all time high because they know what the other lenders are doing as well. This gives you a great opportunity to save money on your Colorado mortgage loan and put cash in your pocket if you need it.

Jeff Schuman invites you to visit his Colorado home mortgage refinance loan [http://www.Mortgage-Loan-Refinance-Mortgage.com] website. He is available for a free phone consultation to answer any questions you may have regarding mortgage refinancing for your home in Colorado. He will call you and in a brief and pleasant way discuss your financial goals and determine if refinancing is the best option for you. Because he has access to a variety of lenders he may be able save you money and put cash in your pocket at the same time. To have him give you a personal call please complete the short 30 second survey on his mortgage refinancing webiste here.