Tag Archives: best
How to Get the Best Home Loan Possible
You deserve only the best home loan deal. Here are some tips to help you get the best mortgage deal possible.
Mortgages are not created equal. The home loan industry is thriving these days, with lenders offering various types to fit different financial circumstances and needs. The competition in the industry is just as tight that lenders are in the lookout for potential borrowers who would like to get a mortgage.
If you have looked around online for good mortgage deals and have signed up for a few sites, do not be surprised to receive email offers almost immediately after signing up. What you should look for is the best home loan deal that you can get given your circumstances. You wouldn’t want to pay higher rates or pay unwanted fees. But even if this is the case, be very wary about the oh-so-attractive loan offers you see in the mail. Use your instincts, be a smart borrower, and get the best deal you can possibly get. Here are some steps to help you find the best deal:
Know your credit rating and your credit score. Many people are not aware of the fact that their credit standing has a good bearing on their home loan deal. It is a good idea to get a copy of your credit standing as it can be a useful tool in negotiating for the best loan so that you do not end up paying more than you should. If you have credit report mistakes, immediately correct them before applying for your loan.
Be careful when using your home equity to consolidate debts. Though debt consolidation is almost always a good idea, doing so against your home can pose bigger risk. This type of loan may be useful but missing out on your repayment may get you at a higher risk for foreclosure.
Shop around for a good deal. There is no harm in shopping around for a good deal. You can contact three or four potential lenders, ask pertinent information, and then compare their home loan offers. What you should look for is the lender which can offer you the best interest rate, loan term and those which can provide you with the excellent service you deserve. You should also pay close attention to closing costs and fees that they charge. Remember that you should never base your decision only on monthly payments. Some companies do charge low monthly fees but impose hidden fees or balloon payments which can either cost you more in the long run or will be difficult for you to pay in due time. Also, be very wary of those who will ask you to pay upfront fees before actual negotiations have been talked about.
Close your deal with caution. Once you have chosen the lender and the type of deal you think is best, make sure that you read all the home loan papers before signing them. Make sure that you understand everything written and that what is reflected in writing is the actual deal you talked about. Be careful of lenders who will rush you into signing. If in doubt, do not sign the home loan deal!
Low Interest Rate Credit Cards: Telling the Good from the Bad
There are several credit card companies that offer low interest rate credit cards. However, along with low interest rates, the best credit cards offer combinations that include low interest rate on balance transfers and purchases, 0% introductory APR for a fixed period of time, low or no annual fees, cash back percentages that vary from 1% to 5%, reward programs, and/or reduced cash advance fees. A good low interest credit card strives to keep the users cost of borrowing as low as possible. If a low rate credit card assesses a hefty transaction fee, it offsets any benefits that may have otherwise accrued to a cardholder.
The credit rating of an applicant is taken into consideration for deciding the time period of the introductory APR of 0% and the balance that it will be applicable to. People with excellent credit rating can avail the lowest interest rates that a company offers. The cash backs can be had at places such as supermarkets, drugstores, and gas stations.
It is useful to compare the fixed/variable interest rates applicable with the various credit cards after the introductory period. Fixed interest rate credit cards often offer better value to the users. Factors such as the length of the grace period, late fees, etc. should be compared for low interest rate credit cards. There are several online resources that offer detailed comparisons and reviews of low interest credit cards. These should be referred to get an idea regarding the type of low interest credit card best suited to an individuals requirements.
A good low interest credit card from a reputed credit card company is universally accepted. Low interest credit card offers from companies such as Discover, Chase, HSBC, First Premier, and similar companies are considered to be among the best.
An important aspect to be aware of is that the simple interest rate advertised may not be the effective interest rate. The effective interest rate is a compounded interest rate inclusive of annual fees, if any. Also, it is important to ensure that the low rate of interest is not liable to change any time soon. In order to avoid signing up for a credit card that is not really a low interest credit card, it is best to read the fine print carefully and ask questions before submitting the signed application.
Switching to a low interest credit card can help save hundreds of dollars for individuals who are in the habit of carrying a balance each month. Credit cards that offer a 0% interest rate on balance transfers offer an excellent opportunity for settling credit card debt without having to pay interest on it.
An important indication of a genuine low interest credit card is that it will not charge any superfluous fees such as enrollment fees from applicants with perfect credit; such fees are usually reserved for high-risk applicants with bad credit.