Category Archives: Buying And Selling

An Overview of The Fast Cash Personal Loans

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What are they?

The lending and borrowing business has evolved into need-specific debt instruments available for various categories of expenditure e.g. car loans, student loans, mortgages etc. Personal loans has emerged as a distinct category that covers relatively less expensive ventures like family trips, renovating your home, planning your wedding or auto repairs. Personal loans are always:

  • Multi-purpose small loans – lowest minimum amount available compared to other categories
  • Short-term – span between one to five years
  • Unsecured – do not require collateral
  • Fixed rate – the amount you have to pay back per installment is pre-determined so it is easier to budget
  • Easier to transact – their application form and internal processing is comparatively hassle-free

Who can apply?

Personal loans are available to all working adults with a good credit history. Before submitting your application you should be aware of your credit score and asset portfolio. Since personal loans are taken out without pledging any collateral, the lender has to safeguard their interests by charging comparatively higher markup rates than other debt instruments. However, a strong credit history and steady income stream allows you to negotiate a better deal for yourself. If you do not know your score, sign up for a credit monitoring service and cancel in the grace period once you have received the initial, charge-free result.

Why apply for them?

A huge benefit of such a loan is that it allows debt settlement. You can merge all your various credit streams into a singular payment and if you make your payments responsibly, this creates a new line in your credit report and helps you boost your credit worthiness as you pay down your loan.

Compared to other short-term lending schemes like bank overdrafts, payday loans and pawnshops, personal loans are much more secure. Especially if your credit score is not as favourable as you were expecting, a high markup personal loan is still a safer bet than no-credit-check offers which seem attractive at first but can brew a financial storm for you and cause all your assets to be repossessed.

Where can you find them?

Personal loans are available at different institutions like:

  • Banks (commercial)
  • Peer-to-peer lenders (for profit enterprises e.g. Prosper and Lending Club)
  • Payday lenders (commercial)
  • Credit unions (not for profit)
  • Credit building groups (not for profit)

Depending on where you go, your chances of qualifying, markup rates and terms & regulations vary accordingly. At commercial institutions the rates are higher but easier for you to qualify. However, if you really need to sort out your financial situation, unions and credit building groups are local bodies that have a price cap on the rates they are allowed to charge and can rescue you from your credit quandaries.

How to Calculate Your Mortgage or Home Loan Payments?

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Everyone dreams to have their own house. A house will probably be your largest purchase. To make this dream come true, you work hard; you earn all your life to buy a house. You take a mortgage loan and repay it throughout your life. Every month, you just pay the amount given in your loan statements. When you pay your monthly installments, have you ever wondered how that figure has arrived? Have you ever thought of trying to understand the calculation of your mortgage payments? If not, now is the time.

You are spending your hard-earned money in paying for your mortgage loan amount. How can you be sure that the mortgage company is charging you the fair amount? In the past few years, there has been a lot of financial crisis, especially in the housing sector. But people have learned from it. They are now more in control of their finances. They wish to know where and how their money is going. Thus, everyone wants to know the calculations for mortgage payments on your home.

Calculating home loan payments is not a difficult task. Many home loan calculators are available on the internet. All you need to do is provide the basic details that are: the principal amount of loan, the interest rate, and you loan tenure. You can easily calculate your monthly payment by putting in just the above details. The home loan calculator available on our site will help you to calculate your mortgage payment.

In case you wish to apply for a fresh mortgage, you can put in many combinations of the above three ingredients to get various payment options. For example, if your loan principal is $100,000, interest is 7% and term is 30 years, your EMI will be $665.30. But if you reduce the term to 20 years, the EMI will be $775.30. If you believe that you can pay an extra $90 every month, you can easily keep the tenure as 20 years. When you know how to calculate the payments, you can see what options will suit you the most. This way you can negotiate with the lender at the time of deciding the interest and tenure and the repayment schedule.

However, there are more factors that go into mortgage payments. Even if you have calculated the loan EMIs, you might find your actual monthly payments to be more than you expected. That’s generally because of taxes and insurance. So after you calculate your mortgage payments, don’t forget to add the homeowner’s insurance, taxes and private mortgage insurance to get the actual mortgage payments.

There are many benefits in learning to calculate your mortgage payments. Some of them are as follows:

• You will be in control of your finances.

• You will know how much of your payments are towards principal and how much towards interest.

• You will have the knowledge as to what accounts for your monthly mortgage bill.

• You can catch the occasional errors made during billing by the mortgage companies.

• You will know whether or not you have a good deal on your mortgage.

• You can reduce your mortgage cost by refinancing your mortgage if your current mortgage is charging very high.