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Home loan

How Many Home Loans Can You Afford?

Your home is probably the biggest purchase you have to make in your life time. It would be impractical to do it if you don’t have a repayment strategy in mind. By using home loans to buy a house, you are preparing yourself for years of making cumulative payments on the mortgage that has the potential of increasing twofold due to its interest. Here are tips to determine the mortgage debt you can afford to repay: Consider the total cost of the loan When applying for a second mortgage, do not simply focus on the exact of loan you can […]

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Should I Refinance My Home Before Retirement?

Is retirement lurking around the corner and you’re worried that your savings are not enough to maintain your lifestyle? Read on to learn whether it is wise to refinance your home when there’s little time left at the workforce, and the tips on how to use this type of financing wisely. Is it too late to start all over again? Refinancing your home could mean a lot of things. It can be a debt consolidation strategy to help you start with a clean slate. Perhaps you want to make sure that you have enough money to save and you don’t […]

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Take Control of your Finances with Consolidation Loans

Did you take more loans than you can actually handle? If so, there’s a risk of repayment failure. Debt consolidation loans serve as a backup plan for people struggling with defaults and high interests and fees. If you want to repay your debts consolidate your loans, you only need to apply for a single loan for a huge amount to pay off several smaller loans. This makes you liable only to one creditor. You may avail of lower interest rates than what you were paying before, or you could opt for a longer repayment term to reduce the amount you […]

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4 Overlooked Reasons of Defaults

Some people are lucky enough to win the lottery and achieve financial success overnight. But, hundreds of thousands of people—if not millions around the world; run into loan defaults at some point in their lives. Financial success is not attained by sheer luck. In fact, it is the opposite. Any finance guru would tell you that patience and hard work are vital in avoiding financial failures. If you have loan defaults right now, here are four potential reasons you shouldn’t ignore: You overlooked the interests and fees The higher your interests, the bigger your monthly payment will be. But, if […]

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4 Signs That You Can Keep Your Debt Agreements

The following signs indicate that you can manage your money like a pro, abide by your debt agreements and that you can develop a strong financial strategy to withstand the hurdles in life. If you are in a relationship  You share financial responsibilities with your spouse or partner. If only one person carries the ball in marriage when it comes to money management, things may be a bit rocky when times get hard. But couples, who don’t easily jump into financial decisions-but take time to make a decision, create a budget and a bill payment strategy will do better than […]

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Why High-Risk Borrowers Need To Apply For Mortgages

If you’re struggling with bad debt, you may hear some people giving unsolicited advice like, “If you don’t want to go bankrupt, don’t pay your debt with another debt-much less with mortgages”. Yes, being high risk borrowers could mean higher interest rates, but it doesn’t mean that you’ll be in deeper trouble if you get a reasonable loan. It’s just a matter of learning the proper borrowing-and-repayment strategy. Here are some of the most practical reasons why a secured loan like mortgages can be a very practical option for you. As a high-risk borrower, you have the greatest need for […]

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Is it Practical to Get Personal Loans to Pay for My Home Loan?

If you’re in need of some extra cash to fund a down payment to your house or to keep up with your monthly mortgage dues, you may have considered taking out personal loans. Personal loans and home equity loans are two of the most availed financing options. In fact, they are relatively easy to get-because of less-strict lending requirements compared to other types of loans. Equity loans, like personal loans application can be done online and are generally processed and approved in a matter of hours. Despite the fact that personal loan seems to be an attractive and less-complicated loan […]

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Tips for Newlyweds Applying For Short Term Loans

Now that you’ve tied the knot, it’s time to get settled into your new married life. As you’re experiencing many new things, your new financial situation is something you and your spouse should focus on, and that’s where short term loans come into the picture.  How do you use it wisely to establish your finances together? When it comes to buying things similar to a house and a car, your credit becomes extremely significant. Here are tips on how to manage your borrowed money wisely: Communicate Being married means having to communicate a lot. Are you planning to get short-term […]

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Checklist Before Applying For First Time Home Loan

Do you want to grab the best first time home loan deal? Here’s how to improve your chances of getting approved for a mortgage you can afford. List your assets To qualify for a first time home loan, lenders would want to know your monthly income. Whether or not it is sufficient to meet your monthly mortgage plus other debt obligations will determine the amount you will qualify for. When listing your assets, don’t include car which is still on loan, or other assets that serve as collateral. Lenders are looking for liquid assets or those that you can easily […]

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Poor Credit Mortgage Loans: Factors Affecting Your Borrowing Capacity

Are you planning to buy your dream house?  Remember that your borrowing capacity depends on various factors. Whether you’re planning to apply for poor credit mortgage loans (bad credit loans) or a regular mortgage, here are a few factors that may affect how much you can borrow. Credit score As mentioned above, the higher the score, the better is your chance of getting a loan. Financing companies give preference to borrowers with good credit history. So, if you have been reliable in paying your utility bills and outstanding debts on time, lenders may quickly approve your loan. But, if there […]

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