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Friday, December 12, 2008

The Use of Equity Loan for Home Improvements

By Maxwell Smithson

Financing any additional work on your home from a loft conversion to remodeling the master bedroom is going to be expensive and unless you have a large amount of money in savings you will need to arrange a loan for home improvements. Home improvement can be costly, involving contractors, supplies, and tradesmen such as carpenters, plumbers, roofers, and electricians.

Whilst most homeowners are eligible for a home improvement loan, if they do not have a good credit history, they may be required to use their home as equity for the loan. The last responsibility a new homeowner wants is that of it being used as equity for a loan to improve it. Fortunately for the homeowner, an unsecured home improvement loan is available with a fifteen year repayment term if required.

The primary stipulation when applying for an unsecured home improvement loan is the income level of both the owners (where this applies) but the amount of the loan must not be higher than the amount allowed by the county law where the property is situated. Whilst the lenders do not hand over the money without making some checks first on the property and the applicant, these checks are just to provide some security for the lender and home improvement loans are processed quite quickly.

The difference with a secured loan just means that the value of the property is taken into account and if there is spare equity then the loan is basically taken out of this. This type of loan is not a new mortgage on the home however and is much faster to organize but because the house is being used to secure the loan should anything go wrong, it does benefit from lower interest rates.

Obviously the amount you are able to borrow will depend on the value of your home. This calculation is worked out using how much your home is worth, how much is owed and of course if there are other loans or debts, these will be included as well.

After this has taken place, the lenders will put a package forward which may not be for the full amount the homeowner wanted. Although it is not set in stone, the amount they are prepared to lend will be based on a percentage of the property valuation but some lenders will actually lend as much as a quarter as much again as the property is worth.

When you arrange a secured loan, the lender has a claim on it should you fail to meet payments so only borrow judiciously and consider your ability to pay. Do not arrange a home improvement loan if it is going to cause any financial strain especially if it is only for remodeling but restrict the amount to cover for important repairs or restoration only.

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How to Dispute Equifax

By Justin Hutto

You can dispute a bad credit listing on your Equifax credit report by creating a dispute letter. In your letter you must identify the disputed listing and provide an explanation as to why it is incorrect.

This letter can be created by you or you can hire a credit repair service to do it on your behalf. If you choose to do it yourself realize you have to dispute the item with each credit bureau.

This means that simply disputing an item with Equifax will not remove the item from your Transunion or Experian credit report. Instead you will have to send each of the bureaus a dispute letter.

Reasons for a dispute include; information is wrong, item out of date, account paid in full, not my account and others. The Fair Credit Reporting Act that was passed by congress gives you the right to dispute any listing on your credit that you feel is inaccurate.

In addition the act says the bureaus must remove an item if it is not verified by the creator. This act is what the dispute process is based upon.

When your dispute is filled the bureau will conduct an investigation. They will contact the creator of the negative mark and ask them to verify the debt, the amounts and the dates.

If this item is not verified by the creator then the bureaus must remove it from your credit report. Often investigations will result in the removal of an item from your report. This is because many businesses are not willing to spend the resources to verify disputed debts.

However before the bureau will investigate your dispute they must say it is valid. There is no clear cut definition of what a valid dispute is.

It is common for bureaus to respond to a dispute letter with another letter that requests more information about the dispute. This is said to be a stall tactic the bureaus use to avoid conducing and investigation.

This is because there is no money to be earned from the dispute process. It however will cost the bureaus time and money to investigate.

I suggest hiring a service if you have considerable damage to your credit. However if you only have minor damage such as one or two negative listings then you can dispute your report yourself. If you do it yourself just be patient and persistent.

In sum you do not have to wait seven years for a bad credit item to be removed from your credit. You can dispute the listing and have it removed immediately.

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Choose A Best Home Loan That Satisfies Your Needs

By Guy Baldwin

Home buyers are spilt for choice when it comes to home loan products. There is a wide variety of these loans available in the market today and at varying rates. That is why you will find many online experts who give consumers professional advice as they go about the business of selecting their most appropriate loans.

Quite a number of loan products available for borrowers to chose from. This has led to confusion among the borrowers on what is best for their particular needs and hence the need to consult home loan experts. Common home loan alternatives available for borrowers include: home equity loan, standard home loan, variable loan, fixed rate loan and many others.

Each home loan product has its pros and cons and the details of each of these products will be discussed to understand and helps you to make the best decision on the type of loan to take.

There is a lot you need to know with regard to home loans. For instance those buying homes for the first time stand to gain from a government grant known as the First Home Buyer Grant. This grant can be up to 7,000 dollars and is aimed at encouraging people to invest in their own homes.

These schemes have become really attractive for home buyers after receiving a boost from the Federal Government. Basic Variable Loans are a low interest rate on loans due to the fact that it has fewer features. Home loans with low interest rates are best since they make you purchase your dream home and pay less interest on loans.

The Split Rate home loans as the name suggests are more favorable in that they got the ability to customize home loans and they can be split into very many combinations either as a fifty-fifty basis or any other variable. Bridging home loan works in away that the lenders loan the sellers or purchasers certain amount of cash in bridging your finance.

Some loans are given particularly to people who wish to buy homes for later resale. These borrowers only intend to hold the homes for limited durations before selling and hence need special loans.

Home Equity Loans is a type of home loan that is more flexible to buyers because it is a credit facility that is secured with a first mortgage on a property. Home equity loans can be used for house renovations, purchase another property, pay bills or it can also be used on investing in shares. The other home loan products include Low Doc, Standard Variable, Fixed rate and Professional Packages.

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Know Details About Australia Home Loans

By Guy Baldwin

Home loans are taken with the sole purpose of buying real estate property by home owners, and property investors. Home loans are also referred to as mortgage loans. Mortgaging has been in existence worldwide from time

Australian home loans can be dated back to 1911 when the trans-Tasman neighbors introduced the concept to both New Zealanders and Australians. With time , there have been major changes in the system and laws of lending and borrowing.

Quite a wide range of Home loan products are offered to accommodate different situational needs. These include basic valuable loans, standard variable loans, fixed rate loan, combine rate loan, and home equity loans to mention a few.

Basic valuable loans are loans that have low interest rates and include relatively few features. They have low flexibility and are best suited for budget conscious clients who are interested in a no frill loans. Standard variable loans are the most widely preferred home loan products. They are very flexible. The standard variable loan has a feature that enables borrowers to split the loan, remove loan re-draws and make extra repayments.

There is a period of time normally between one and two years that a fixed rate loan allows the customer to service the mortgage loan. The loan normally reverts to a variable loan after the fixed term expires but there can be negotiations for an extension of the repayment of the fixed rate loan. All the interest rates are locked to protect borrowers from possible rises of rates.

Combination rate loans allow combination of a flexible rate on a loan portion and fixed rate on the balance. This puts the client in a position to benefit when the interest rates drop while protecting him when the rates increase.

Home equity loans give the customer the opportunity to access circulating credit. The client can borrow against his equity at an interest rate lower than that charged on a personal loan.

There has also been a market revolution in Australia home loans and there is competition from lending marketers in offering rates that are suitable for the buyer. This has made Australian home loan market to be one of the most competitive both locally and internationally.

Client movement has gravely affected the functionality of many home lenders. Low interest rates are offered by many banks and have led to the crippling of home lenders operations. The Australian government however has made great effort to help mortgage lenders through enforcing regulations that control the activities of major banks as well as giving grants.

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Looking for a Cheap Loan UK

By Rashel Dan

No matter how great the pay is at a certain job, there will always be instances wherein you will need to get a cheap loan UK for immediate cash needs. This is the time when you can consider a cash advance, payday loan, or just any kind of personal loan.

The catch about these short term loans is that they can often result in loan payments with added high interest rates. But there are places where one can make a person loan and not suffer the consequences of paying too much back to a loan institution.

Places To Get Fair Loans

Traditional outlets such as banks can give you fare rates. This is especially great in the sense that banks are always accessible and you probably won't have trouble making a loan. The drawback is that a bank (if popular) will charge a little more interest than if you go online.

Now, there are online lenders and online banks that have lower rates because of their low overheads. Online banks are probably the best places where you can get the lowest loan rates. You also don't necessarily have to be in the UK to manage your loan.

Online banks also offer you the service of contacting them anytime if you have any problems with a particular personal loan. Surprisingly, you might also find that supermarkets, shops and post offices are offering financial loans, but there are not many who are keen on the idea just yet.

Borrowing and lending exchanges is another alternative for a cheap loan UK. Now, these exchanges work in much the same way that a co-operative works. This means that they can offer people low-cost personal loans. It comes out low-cost because they cut out most of the people in the middle who try to gain commissions from representing lenders. It's these extra costs that can add to the interest of a loan as one is paying it back.

This system operates by allowing people to lend and borrow from each other directly. This can be done by two parties entering into a legal contract with each other. What the exchange does is it manages the collection of the payments and if there are payments that are not made on time or not made at all, then a recovery process similar to a banks can be implemented.

As a cheap loan UK alternative, the risk is low since amounts that are loaned or borrowed are spread between 50 borrowers and lenders at the very least; thus, lower payments are required.

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I'm Buried in Debt ? What Now?

By William Blake

Some people find themselves with way to much credit card debt and not enough income to bring the balances down. What can be done? Here are some suggestions.

* Start bringing in more money. You might need to get a second job, or search for a better paying one. There are also some ways you can make extra money from home, such as babysitting or doing direct sales. If it comes to this, putting as much of the additional funds as possible toward paying down your debt will help you get it down to a manageable level quickly.

*When you show a willingness to pay many creditors are ready to work with you. Call your credit card companies and see if they will negotiate a lower monthly payment or bring down your interest a bit. You could even try to negotiate a reduction in your overall balance, however you may find this difficult to accomplish without legal representation.

*Debt consolidation can make debt more manageable. If you are a homeowner consider a home equity loan to turn your multiple payments into one payment with lower interest. Remember, though, that this is a serious decision to be thought out carefully because this loan will be secured by your home.

Also don't get too excited about that low interest rate for your debt consolidation. Remember this loan will have a longer term so you may end up paying more interest in the long run. Try paying more than the required amount to pay it out as quickly as possible.

If you do not want to put your home at risk you might try applying for a new credit card with a high limit and low rate. Then you can transfer the balances of your cards to this one card and reduce your monthly expenditures.

Once you have consolidated your debt you have to be careful not to begin charging things again and run the credit card balances back up. You will be in worse shape than you were in the beginning.

*As a last resort Bankruptcy is an option. If you file Chapter 7 you will be completely debt free. However, you may have to sacrifice some of your belongings. If you file Chapter 13 you will have a payment plan structured by the courts to pay your debts off. Either way this will forever show on your public record and you will have a blemish on your credit report for the next 7 years. That is why this should be your last resort.

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Tracking the Progress of Your Retirement Plan

By William Blake

When a person is about 20 or 30 years out from retirement he may begin to seriously consider the condition of his retirement plan. No matter what plan he has and how long he has had it as the years roll by a person will want to be sure that his retirement package is the best it can be. Usually at that time a person seeks professional eyes to take a look at his finances and suggest options for retirement planning. Financial consultants often use financial planning charts for a clear explanation.

Now Always Good News

No one can predict the future and whenever someone tries to predict the future they usually come up with bad news. For the average American a financial planning chart for retirement is a tale of bad news. A financial planning chart for retirement takes where you want to be and puts it right next to where you are.

Sometimes what the chart shows can be so discouraging a person feels like just throwing in the towel. That is understandable since often some serious obstacles can be uncovered and is can seem like a daunting task to overcome them. Really having the knowledge of what you need to overcome is half the battle.

Is Anything Secure?

It used to be thought that during the years of retirement we could all count on our government benefits to come through for us. The truth in that anyone due to retire in the year 2020 and beyond may have no social security to depend on. With no social security benefits a person's investments will have to carry him through his retirement years. Many feel that they cannot meat that challenge so they are preparing themselves to continue working.

Almost 20 years ago people learned the hard way that when it comes to investing for the future nothing is totally secure. The stock market crash cost thousands of people millions of dollars. They saved for years and lost it all in a matter of days. Their retirement investments were gone and they had no time to recover. For them they rolled the dice and lost.

All you can really do is look at that financial planning chart for retirement and do your best to close that gap between what you want to happen and what really will happen. It is difficult with so many Americans having little to no disposable income and with so many Americans bouncing from minimum wage job to minimum wage job. Something needs to be done but in the meantime you can help yourself by trying to close that gap.

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Play The UK Lottery

By Tom Martens

Though you are new to UK lottery, you should not complain about playing. You have to first familiarize yourself with the nuances of the lottery and soon you'll be a master of it.

To begin, there are a number of instant win games to be played online, such as EuroMillions, Dream Number, and Lotto.

You can play up to four lines on a single play slip or up to five slips with multiple tickets. You can play the same numbers for as many as four weeks. All you have to do is match three numbers in the correct combination to win from one of the 12 prize levels. If you match the five main numbers and the two Lucky Star numbers you win (or share) the jackpot!EuroMillions consistently offers huge jackpots thanks to the participation of nine European countries. Jackpots usually start at 9 million and grow as the jackpot goes unclaimed. You play by selecting five main numbers, 1-50, and 2 Lucky Star numbers, 1-9.

Tickets for EuroMillions are sold everyday until 11 p.m., and ticket sales close at 7:0 p.m. for the draw on Fridays. Watch for results on BBC One at 11:35 p.m. Fridays, or you can get results online around 10 p.m.

Lotto works similarly. You can enter your own numbers, 1-49, or, if you're playing online, you can choose "Lucky Dip" for a random number selection. Play as many as seven lines of numbers on one play slip or up to 35 lines on multiple tickets. You can select which draws and the number of weeks you wish to play. You can play as many as eight weeks starting with the next draw date. Winnings are based on the number of matches on your card.

Dream Number can be played on either your lotto slip or by itself. The Dream Number is a 7-digit number enabling you to have an oppurtunity to win up to 500,000 pounds. Many games are Instant Win such as those based on Scrabble, Monopoly or ones introduced for nearing holidays and events. The prizes go from 8,000 to 100,000 and up. Playing is easy and the winnings are, of course, Instant!

You can get even more comfortable with playing the lottery by learning some of the terms. Here are a few you'll need to know. Bearer instrument - Any item (including paper lottery tickets) that gives the person holding it the right of ownership. Regardless of who buys a paper lottery ticket, the person who has it in their possession can claim any prize it wins.

Bonus ball - A supplementary number drawn after the main numbers, as in the UK Lotto game. It doesn't affect the jackpot winner, but can help a ruuner-up win a larger prize. Lucky Dip - A random selection of lottery numbers provided by a random number generator (RNG). It is also known as a Quick Pick in some games.

RNG - Random number generator; software that generates numbers in a random pattern. Rollover - The term used to describe what happens to a jackpot fund when no player wins it. The amount is usually added to the fund for the next draw.

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Have You Considered Switching Car Inusrance Yet?

By Susan Tanner

Recently I had watched a one hour segment on television and was shocked to notice how many insurance commercials appeared in that short amount of time. I have to admit that it was quite annoying. With so many choices, I also worried the process might be difficult or confusing.

During those sixty minutes I heard the words "Progressive" and "Allstate" dozens of times! I had the idea that cheap auto insurance would mean lower coverage. I was suspicious of the asaving moneya claimsauntil I gave it a try myself.

First, let me state that I live in a small community with a population of approx 2,500. Needless to say, local car insurance choices are few and far between. Frankly, my wife and I had our cars insured by the same people that our parents and grandparents did. After watching the advertisements, I was convinced to make a change!

I wrote down the phone numbers and websites. I was surprised to discover that I could get a quote online. I went through the process and was very surprised! First, it was a quick process. I believe it took less than 15 minutes to finish the application. Secondly, I was told that I would be eligible to save money!

Specifically I would be eligible to save $350 annually. That averages out to almost $30.00 per month! Although some may thing this is not very much, I felt it was great. That is the equivalent to a dinner out for my family.

After searching a little more, I found I would not have to give up any of my coverages a" they would be the exact same. So I realized that cheaper insurance did not mean less insurance. Needless to say, I was thrilled for a chance to save money.

My wife and I decided to change and see if we were happy with the decision! We signed up for a company that seemed right for us. The company had great customer service and I saw actual savings in my pocket! The customer service was just as high quality as the local guy. This left me completely satisfied with my decision to switch.

I am thankful that I saw the television show that night with all the annoying commercials. I am also thankful I researched it a little more. Most of all I am glad we are able to pocket an extra $29 a month! Because of this, we are able to put more into our savings account. We have also been able to enjoy a dinner or two out. It has been a great experience for us!

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My Money: What to Do with It

By William Blake

When you receive a large amount of cash, there are lots of ways that you could choose to spend it. Many people decide to blow their money on unnecessary items like big screen TV's. Spending that money wisely, however, can actually have a positive effect on your financial future. The following steps will help you do it.

The first step is paying off as much as possible of all current debts. This will be a huge help financially, since each dollar you don't have to pay someone else is a dollar you can use for yourself. It is often best to pay off high interest debts first, although eliminating small debts quickly is better in some situations. As you get rid of debts, you will feel motivated to continue bettering yourself financially.

Set a goal for a bigger and better something. If you do want that big screen television, then set up an account to buy it. Put found money in the account until you have reached your goal.

Make an emergency fund. Since there is no way to know when you will need money for an emergency, set up an account that earns as much interest as possible that can be used in case of emergency. You should put away enough money to live off of for three to six months. When you receive unexpected cash, put it into a CD and then save it to be used if need be.

Set up a Health Savings Account. If you choose to set up this account in accord with the government's criteria, the account will be tax exempt. You might also decide to open your own savings account and use the money therein for healthcare. Having such an account will help ease your concerns when it comes time to visit the doctor or hospital.

Travel somewhere you have always dreamed of going to. Use your newfound money to travel. If you are able to go on your trip with savings instead of going into debt to pay for it, there will be no guilt attached to your dream vacation.

Start a retirement fund. Put your money into a retirement fund and when it reaches an amount that you determine is sufficient, you can stop working altogether. Thereafter, you can find new ways to make your money work for you.

Learning to live frugally will help you have more money available to use and will put in a better position to save money with your financial future in mind. Building up your savings now will make your future much more secure.

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Get Rid Of Credit Card Debt

By Michael Benifez

The next time you whip out your credit card to pay for something, you need to remember that as easy as it is to use that card, it is just as easy to run up an enormous debt. Most people do this without a second thought, but it happens before you even realize it.

Attempting to pay off credit card debt can be daunting and a scary prospect, it requires discipline and dedication. Most people do not intentionally run up debts they cannot pay, it happens over a long period of time due to reckless and careless spending. Credit card debt out-of-control does not take long to catch up to you, and sooner or later you are going to feel the pinch.

The harsh reality is that there is no quick fix to paying off your credit card debts, but there are things you can do now to be proactive and handle the situation. The first step is to cut up all of your credit cards and stop spending or the temptation to overspend.

You have to learn to live within your means and not to be heavily dependent upon the ease of using a credit card in daily life. You have to learn to live on a budget for things such as groceries and gas, these are everyday expenses that you cannot avoid. You may find you have difficulty in paying off monthly expenses, but you need to move forward to the next step in getting out of credit card debt.

Most people find breaking the reliance on credit cards is a very hard cycle. You have to work hard to save money in whatever way you can and avoid spending money on things you do not need. If you have the chance to work overtime at work do it, and take the extra money and apply it to paying off the balance on your credit cards.

You may even have to buckle down even further and take on a second job to get the debt paid off faster, or you might as well try some balance transfers options if you are using more than one card, you have to do whatever it takes if you are going to get out of the vicious cycle of credit card debt even if you have zero-interest balances. You will hate giving up things you enjoy and you will possibly even resent not being able to spend your extra hard earned money, but at some point all this hard work is going to pay off.

You will see the end results when you see your balances shrinking each month. If you work your plan and plan your work, you will be willing to make the sacrifices necessary to get control over your finances again.

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How You Can Get A Good Car Loan

By Louis Soul

You should attain and keep a good credit rating. And to do that, you need to find out which credit rating you have and if it is not as good as it could be, you may use some months to improve it. Of course, those just starting out in the world aren't liable to have much credit history. Get ready to line up your credit at least a year before you're ready for that auto loan. The minute's elapses and the answer from the credit manager of the auto dealership can be here any second - he has just initiated a credit check. Even if you have a top credit score, he can try to lock you in at a higher rate than necessary according to your credit report. Be aware though that the best rates are for customers with a high credit score.

The greater your down payment, the lower rate of interest you can expect to be offered. Thus you are likely to get a rate that is lower than you could expect in a randomly chosen bank or a dealership. A sure fire way to find the best car loan rate is to study financing companies. And you will find that car loans have generally a higher rate of interest than any other type of loan. If car isn't worth the amount you still owe on it because the interest rate was so high or you didn't make a down payment. Applicants should be aware that they have a substantial interest rate and are required to pay the loan back in a month's time. It is quite obvious when you go to lender to avail the loan he will try, that you procure finance with high rate of interest which in turn increases their profit which might be not profitable for you.

When buying a car an agreement is signed by the buyer regarding payment of the amount financed by the lending institution, along with the agreed upon finance charge, for a defined time period. So in case of a loan for buying a car, the amount must come in your hands at the right time. You simply have to put basic information such as income status, residential proof, loan amount, etc. The loan comes cheap as lenders will provide any amount at lower interest rate. But mainly it depends upon two factors; the first one is that the amount of the loan you want to seek and the second one is the term for which you want to seek a loan. As a used car loan, a borrower can borrow the equal amount of the cars.

Secured car loan is based on the collateral security and any of the valuable assets such as the equity of home, property or the car has to be supplied. But still all those limited income earners can also afford a car by availing secured car loan. The amount which can be borrowed in secured car loan is in regard to the equity in the collateral placed. Traditional car loan refinancing can be obtained by requesting a new secured loan in order to repay the existing one. If you want to buy a car through the secured way, you will have pledge a security against the lending amount. Usually, in case of the secured option, presence of the security covers the risk of lending amount; hence, lenders offer this loan at a better interest rate.

There is mainly one condition why one would be willing to refinance a car loan: If one wants to steer clear of repossession and can't afford the loan's monthly payments. Thus, leasing offers lower monthly payments. If the first signer fails to meet the monthly payments or any other duty associated with the loan contract, the cosigner will have to take the first signer's place and satisfy the loan terms. With the loan period extended over a long duration, you can repay it in small monthly installments. To use it, you have to fill in a few fields like the loan amount, interest rate and payback time, and then the calculator tells you what your monthly payments will be. The lender will also want to know more about how much your monthly income is.

The person is obliged to fill an application form either in the physical market or through online. It's easy to tell whether an online application is secure or not. If it's secure, it heads with "https" rather than "http". The application will be processed and if lender feels that an application fulfils all the criterion of the loan, in such case he approves the car loan amount. As soon as the person fills the application of loan on the internet; within few hours, the person is provided with the quotes of loan. If a lender seems like they have better things to do during the application process, then they probably won't be much help once you're a customer. Any credible lender wants to make sure that your personal information isn't intercepted by third-parties; therefore, they design secured application forms to protect their customers.

While online dealership financing is sort of was convenient, many buyers became victims of dealership scams. For starters, the auto buying process becomes much quicker, and you avoid dealership scams. Instead of offering fair rates, some dealership charge excessive fees to innocent buyers. On the other hand, if you have never bought a new or used vehicle, you may fall victim to dealership scams as well. Walking into a dealership blindly is a bad move, but buying from an online dealership will also get you better rates. Unsuspecting buyers immediately accept the dealership's offer without shopping around. Before browsing the numerous selections of vehicles at a new car dealership, it helps to have private financing in place. Upon choosing a car, they allow the dealership to review their credit and offer a financing package.

Cheap car loans not only can be availed at low rates of interest but also provide you longer repayment period along with smaller installments You can log on to websites of numerous lenders, sort out the lenders according to interest rates and repayment terms. However, as you may later realize, paying the repayment installments can strain your budget. If your current car loan is too onerous, it may be due to a high interest rate or a short repayment program which implies higher loan installments. Keep in mind that interest rates for new cars are lower than those applicable to used cars, and that the period of repayment for the new ones is also longer. This paves the way for lower interest rate, bigger loan amount and longer repayment period.

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