Author: admin

Mortgages

Best Reasons to get a 15-Year Mortgage

While some people may tell you not to get a 15-year mortgage, there are actually a number of reasons to consider doing it. If you are looking into buying a house, it is highly recommended that you look into this option. A longer mortgage isn’t always a good thing as you will soon learn. Whether you are purchasing a house for the first time or you are considering refinancing, a 15-year mortgage comes with a lot of benefits that you should know about.

Shorter payback period

Some people consider a shorter payback period a bad thing because you don’t have as much time to pay off the loan, but it just means that you won’t have to pay as much interest. This means that you will ultimately be saving money in the long term, which is something that everyone wants. If you can afford the higher monthly payment, this is certainly an option that you should at least think about. The higher your monthly payment is, the faster you are going to pay off your mortgage. It is important that you make sure you can afford the increased payment each month before signing anything though.

Do you have a stable job?

One of the questions that you will want to ask yourself before deciding to get a 15-year mortgage is whether or not you have a truly stable job. If you can expect to stay gainfully employed in your current position for many more years, you might want to think about getting a 15-year mortgage. If you aren’t too sure whether or not you will still be making the amount you are now down the road, you will probably want to think twice.

If you are getting close to retirement

Those who are nearing retirement will want to take a good hard look at a 15-year mortgage, simply because you will be on a fixed income. Make sure that you don’t have much debt left to pay off when you retire so that you can take advantage of one of these mortgages. If you are interested in purchasing a home or even refinancing when you are in your forties or fifties, this mortgage option could be a particularly good idea.

When you need to save for other things

If there are a number of other things that you have to save up for, such as college or retirement, you will find that a 15-year mortgage could be the right call. The shorter payback period will allow you to pay off those other things sooner, which is definitely a good thing. You will still need to take the time to think about how much you can afford to spend on a mortgage payment each month, but it’s still something to keep in mind.

Building Equity

One of the best reasons to think about getting a 15-year mortgage is that doing so will help you build equity. If you want to refinance your home at some point, you will definitely be glad for all of the equity you have in your home. Those who have a 15-year mortgage build equity much faster. This will increase the opportunities you have when it comes to getting a loan against your mortgage if you ever need one for any reason.

You’ll be forced to make larger payments

It can be all too easy to make the minimum small payments when you have a 30-year mortgage, but when you have half the time to pay off your loan, you will be forced to make higher payments. Some people don’t view this as a good thing because they have to pay more on their home each month, but your house will be completely paid off sooner rather than much later.

Final Thoughts

The fact is that a 15-year mortgage can be a great option for a lot of people, but you will have to make sure that you can handle the increased monthly payment. Not everyone can afford such as an accelerated payback schedule, and you will definitely want to do the math before making a decision. Whether it is increased equity or saving money in the long term, there are a lot of benefits to getting a 15-year mortgage.

Instalment Loans

Benefits of getting an Instalment Loan

There are many benefits associated with getting an instalment loan, and it’s important that you know what some of them are. These loans are known for being particularly flexible, and many people have started taking them out. When you actually take the time to look into these loans, you will quickly discover why they have become so popular over the years. An instalment loan could just provide you with the money you need when you need it and without many limitations. In the end you will be glad you took the time to look into these loans and everything they have to offer.

Application process is quick

The whole process of filling out an application for an instalment loan is typically very easy and straightforward, so it won’t take you a lot of time to complete. You will need to submit proof of income as well as other details so the lender will be able to make a decision as to whether or not to approve your application. Make sure that you have all of the necessary details ready when filling out one of these applications, whether it is online or a paper one.

How much you can borrow

The amount of money that you can borrow with an instalment loan depends entirely on your income, though the ultimate limit is fairly high. Instalment loans are known for their fairly large amounts, so you shouldn’t have any problems whatsoever with getting the money you need. You will be required to submit proof of income when applying for one of these loans so that the lender knows how much they can give you.

Easy to Qualify

It is fairly easy to qualify for an instalment loan, so that is something else that you will want to keep in mind. There aren’t any credit checks, so it doesn’t really matter whether or not you have a high score. One of these reasons that instalment loans have gotten so popular is precisely because credit is not an issue at all. If you have been turned down for other types of loans in the past because of your credit, this is certainly an option that you will want to take the time to look into.

Spend the money you get however you want

If you are approved for an instalment loan, you will be able to spend the money you get however you want. The lender will not ask you any questions about how you intend on spending the money you get, so you will be free to do whatever you want with it. A lot of types of loans require the borrower to give a valid reason for why they want/need the money they are applying for, but this isn’t the case with instalment loans.

The convenience

There is a certain convenience with instalment loans that you will also want to know about. You will quickly discover that there are lots of different lenders to choose from, both online and offline. This means that you will most likely be able to find a reputable lender to apply to for the loan you need no matter what time or day it is. We highly recommend that you take the time to go online and look into some of the different lenders that are out there so you can find the right one to borrow from.
Your Personal details will be protected

All of the personal data that you submit, such as your social security number and banking information, will be kept completely secure throughout the entire process. This means that you won’t have to worry about any of your information being stolen or used for nefarious purposes.

Is an Instalment Loan right for you?

An instalment loan can be very helpful when you need a significant amount of money quickly, but these loans are not for everyone. A payday loan from somewhere like Emu.co.uk might be better. It is important that you take the time to look into some of the different lenders out there while considering the many benefits that are associated with instalment loans. As long as you take the time to do this research, you should be able to make the right overall decision for yourself.

Store Cards

Is Having Lots of Store Cards a Wise Idea?

Store cards are issued by many big department stores. These are not the loyalty cards, but they are cards that you can use to pay for items in store. They are like credit cards but you are limited to only being able to use them in those specific shops.

There are some great advantages to having these cards. You can buy things in the store and then you do not have to pay for them immediately. You will get a monthly bill and you can then pay for everything you owe and you will get the advantage of having interest free credit for that period of time or you can just pay a minimum amount and pay interest on it but not have to pay it all off at once. The store may offer their cardholders some special offers. Sometimes they will give a discount to new card holders, let them have early access to sales or even have special evenings where card holders can buy things and maybe have free gifts.

Each store will have their own deals for card holders and offer advantages to using their cards rather than just using a credit card. This means that it is likely that customers will not only have one store card but they will have them for all of the stores that they shop at regularly; which can be a lot. Some stores are in the same parent chain and you may be able to use the cards across several stores but this will be limited and therefore you will need to have lots of them if you shop at many different stores.

Store cards have the some financial disadvantages and advantages as credit cards. The fact that you can delay paying for items can be a useful way to manage your money. However, if you do not pay when billed, you will be charged interest. The interest on store cards tends to be higher than that on credit cards and therefore this could mean that you will end up paying a lot more for the items that you have bought. It is worth thinking about how much interest you are being charged and how many months of not paying it will take until you are paying 10% more for the item or 50% more or even double. It can be surprising how quickly it can build up to large amounts. As you pay the interest off monthly, it is harder to calculate how much you are paying in total. If you have a lot of cards you will be at risk of not keeping track of your spending. You might be spending through the month on various cards and not checking how much. Then you might find that when you get all of the bills they are much higher than you expect and you find that you cannot pay them all.

Whether you choose to have lots of store cards is obviously up to you. If you want to take advantage of all of the deals available from the various stores, do not mind carrying lots of plastic and pay the cards off immediately or quickly, then you could be at a great advantage in having them. However, if you are getting into debt as a result of the cards or shopping in specific stores because you want to use the card, rather than looking for the best deals, then you may need to assess whether you really should have the cards. Think about how well you are managing to pay them off and whether you are keeping good control over your spending on the card. Only you know whether you are taking advantage of the cards and not letting them take advantage of you. Make sure that you are only buying things that you really want and not just buying things because you have the card and therefore do not have to pay for them immediately out of brand loyalty. It may seem like a lot to think about, but it is important to make sure that you feel in control of your spending and do not get into debt which can otherwise be avoided by keeping a check on your spending.