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(245)Save Thousands On Finance Charges - Without Marrying Your Banker.

 


Let's face it - currency isn't green anymore. Currency is a slab of rectangular plastic decorated in goldfish, landscapes, paintings or whatever - sporting a magical black strip on the rear side. Plastic is convenient, but dangerous. However, there are instances when credit cards can prove to be necessary. Emergencies, delayed paydays, holidays - all can be aided with a good credit card.
So which ones are the good ones? How can you tell when a credit card offer will live up to the hype that it's envelope screams at you? The biggest thing to look at is the APR. People used to think that the greater the number of benefits offered by a credit card - the better the credit card. This is simply not the case. When it comes down to it, the best benefit out there is to have low to zero finance charges and interest. A 0% APR credit card provides this benefit. So do credit card companies actually offer 0% APR?
When you receive a credit card offer in the mail, the first thing you should look for is the APR. Likely, it will be printed in bold and set in a huge font. The offer may read 0% annual percentage rate or APR - but look closer. Often the 0% offer is simply a lure to hook consumers and will only last about six months, and then the APR shoots up. Whether the credit card shoots up a lot or a little should be the determining factor on whether or not to sign up for the offered credit card.
Sometimes, even short-term 0% cards can be very helpful. In many instances, 0% APR is attractive to people who need to transfer a balance from a high interest card. Debt consolidation is a smart and common practice to help higher credit scores and manage debt effectively.
It's hard to find negatives in 0% credit cards, but they can prove to be less beneficial for some. For those who pay off there credit cards every month, and do not have to worry about carrying a balance - a rewards card is the way to go.
All in all, there are three options. One, choose a credit card with the lowest APR possible. Two, go for the card that offers the best rewards - as long as you pay it off every month. Or three, just avoid added debt - because the absence of a credit card always will carry 0% APR.


About the Author
Is it time you got out of debt once and for all? Learn How to Start Earning More Money Within 15 Minutes From Now at: http://www.tobinfo.com/acv

How Much Could a 0 APR Credit Card Save You?

Written by: Cat Tobin


(246)Second Mortgage/Home Equity vs. Refinance

 


Why should you take out a second mortgage or a home equity line of credit instead of refinancing?

Well,.........You Shouldn't!!

Why Not?

1. Second Mortgages usually have an interest rant that is twice or even three times as high as your first mortgage rate. You can refinance instead and keep a very low rate. In the long run a second mortgage will just cost you money in interest charges. 2. Home equity lines of credit are designed for mortgage account executives (salespeople) to sell you on using it like a credit card attached to your home. They will try to convince you to use it over and over again. 3. A refinance loan is better for the equity in your home. Very few companies will refinance your home at 100% of it's value without forcing you to take out a second mortgage. You don't want to use 100% of your equity because that means you no longer have that equity to fall back on in emergency situations. 4. Second Mortgages and Home Equity lines of credit are designed to provide account executives (salespeople) with another tool to sway you into putting another commission in their pocket. 5. Your equity is a precious thing and should not be used for unnecessary add ons or impulse buys. If you don't need it and there is even a slight chance you can't afford it, then don't get a second mortgage to buy it.

The only reason that I would ever recommend a second mortgage or a home equity line of credit is in an emergency situation. Only when there is no other option and you must take out a loan would I recommend either one of these options.



About the author:

About the Author

Benjamin Ehinger has an extensive mortgage background and has studied the industry for many years. To learn more about Refinancing and Second Mortgages visit: http://bandcdriver.tripod.com/second-mortgage.htm

Written by: Benjamin Ehinger


(247)Secured Homeowner Loans-Secures an opportunity to finance needs inexpensively.

 


The interest of lenders in secured homeowner loans is justified. No other loan covers lenders from as much risk involved in the lending process as a secured homeowner loan. But, what explains the surge of interest of borrowers towards secured homeowner loans. Don't they fear that their home can be repossessed in the process? The only logical justification is that borrowers have shelved their fears for the several benefits that secured loans can produce.

The benefits on the use of Secured homeowner loans are the result of the reduced risk. When lenders find lesser risk involved in a particular loan deal, they are more open towards increasing convenience of borrowers. With lower rates of interest and faster approval, the loan providers will wear there preference for secured loan borrowers on their sleeves.

Secured homeowner loans are strictly designed for the people who have their own homes. The borrower must have a clear title to his home. Though the home may not be physically possessed in the loan transaction, loan providers will demand the property papers. These property papers will be kept by the lenders in their possession till the loan has been paid off. As soon as the secured homeowner loan is paid off, borrowers can claim their property papers.

Not having to move house in the process of taking loan forms one of the most important benefits of secured homeowner loans. Since, lenders specialise in finance, they find it difficult to manage homes. Thus, they use the equity inherent in home instead of the home itself. Consequently, borrowers can continue staying in their home even when it is pledged towards the secured homeowner loans.

Equity is the value of the house in the outside market. Thus, a plush house located in a posh locality will be termed as with high equity, since it can fetch a higher resale value. However, the intention is not to sell the home. The only idea behind this is to find the value of loan that the borrower qualifies for as secured homeowner loan. The calculation of equity is incomplete without deduction of the mortgages already present on home. The equity that is remaining after deducting earlier mortgages will be considered for conversion into secured homeowner loans. Generally lenders agree to offer 80% of the free equity available in home. The remaining 20% will cushion borrowers against any risk from over valuation or sudden drop in value of home. Proper search of loan providers can lead borrowers to lenders who offer as much as 100 or 125% of the equity. It is largely dependant on the lending policy of the lender and the borrowers' personal credit.

Personal credit of the borrower may hold some importance in the decision for the amount of secured homeowner loan. Overall, personal credit history of borrowers is not as much important as in unsecured loans. With the borrower's home in his possession, the lender has little fears of his amount sinking. Since the process of repossession can be both traumatic and uneconomical for lenders as well as borrowers, lenders will try to select applicants who have certain credibility; rather than the candidates who have been termed as intentional defaulters. Thus, borrowers who have a larger number of CCJs or have been adjudged bankrupt because of an improper management of finances will not find a place in the selected applicants. Preparation of credit score ensures that only the latter group of defaulters are ousted and not the ones who have had a few instances of defaults.

The credit score is also beneficial in deciding the interest rates that a borrower is eligible for. Interest rates are depicted as a range. The range includes borrowers of diverse credit scores. Borrowers with good credit score (above 600) are offered the lowest interest rate. The borrowers with bad credit get a lower credit score, i.e. below 500. Thus, borrowers with bad credit history have to pay a slightly higher rate of interest.

The equity that has accumulated in ones home can be best utilised through a secured homeowner loan. Additionally, borrowers with bad credit can use secured homeowner loans as a platform for improving their credit history.

Steve Clark can tell you how to look better, live better and breathe better by giving you tips to improve your finances.He writes on loans. His ideas can help you rejuvenate your money.To find Secured homeowner loans,bad credit homeowner loans,online homeowner loans visit http://www.easyhomeown erloans.co.uk.
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About the author:

Steve Clark can tell you how to look better, live better and breathe better by giving you tips to improve your finances.He writes on loans. His ideas can help you rejuvenate your money.To find Secured homeowner loans,bad credit homeowner loans,online homeowner loans visit http://www.easyhomeownerloans.co.uk.

Written by: Steve Clark


(248)Secured Personal Loans - Employ the Right Kind of Finance.

 

 
Secured personal loans have a history that dates back to centuries before the advent of modern banks and financial institutions. Even in the ancient times, borrowers were able to draw funds only when the lender was given rights to certain assets. Though a vast change is visible in the lending policy today, the popularity of secured personal loans sees no decline. Though homeowners do have the option to take unsecured personal loans, a majority of the group prefers to have loans the secured way.

Mere apprehension of losing homes through repossession fails to motivate borrowers to change loyalties. At least borrowers who have been regular in credit transactions or had not more than one or two incidences of bad credit will not put their weight for loans without collateral. Loans without collateral or unsecured personal loans do not claim a direct charge on the borrower's home, but compensate the risk with a very high rate of interest and equally strict terms. Therefore, while the safety of home is ensured, the cost of loan rockets up.

It is obvious that the cost of Secured personal loans is lesser because of the lower interest rates and less strict terms. When the loan comes over for repayment, secured personal loans will be easier to repay because of lower cost involved.

The intention of loan providers who try to influence the decision of borrowers to take secured personal loans is often viewed disapprovingly. Lenders prefer secured personal loans because of the lower degree of risk placed by them. People interpret this as the lenders eye on their home. Lenders are in no way interested in repossessing house or any other asset kept as collateral. Since, repossession, maintenance and liquidation put a huge cost on the lender, he would better allow the borrower to himself repay the loan provided. Only in the most extreme of cases when the loan appears to become a bad debt, lenders undertake to repossess collateral.

Consequently, the fears regarding secured personal loans are misplaced.

Advantages of secured personal loans are numerous. Principal among them is the treatment meted out to borrowers who opt for secured personal loans. The preference that the secured personal loan borrowers enjoy is well known. Since the fate of an asset of theirs is on stake through collateral, not many borrowers would take the step to be irregular in repayments. Consequently, the risk involved in secured personal loans is lower. Leniency in other terms is the result of the reduction in risk.

Interest rate, for instance, is the lowest in secured personal loans. Typical APR ranges from 6% to 25%. The interest rate chargeable on any other loan will be much higher. The asset pledged towards collateral helps determine the APR that the borrower has to pay. Home and real estate property commands the lowest APR. Automobiles and title to motor vehicles too command a good interest rate, albeit higher than in homes.

The collateral offered also determines the amount that can be had through secured personal loan. Home presents the safest bet for lenders. Thus, maximum amount will be lent against home. As a rule, the largest amount is offered through secured personal loans. When secured personal loan is offered against home, it is the equity that decides the amount of loan offered. Thus, borrowers planning to use the loan proceeds to huge expense heads like debt consolidation, home improvement and car purchase will be benefited more through a secured personal loan.

Though the repayment options presented to the borrowers of secured personal loans are no different from that available to the unsecured loan borrowers, repayment is a relatively smoother journey for the former category of borrowers. Most lenders will make the terms of repayment flexible enough to suit borrowers. Some loan providers have deployed experts to educate borrowers about the various options that are available to them for loan repayment. The method used for disbursal of loan will be suggested after gaining a proper knowledge of the borrowers financial condition. A proper study indicates if the borrowers' finances will be able to support the repayment method and the loan itself.


Secured personal loans do have a few drawbacks. Proper decisions and accurate planning on secured personal loan however minimise the impact produced by these drawbacks.



About the author:

Andrew baker has done his masters in finance from CPIT.He is engaged in providing free,professional,and independent advice to the residents of the UK.He works for the Secured loan web site loans fiesta for any type of loans in uk,secured loans,unsecured loans,debt consolidation loans please visit http://www.loansfiesta.co.uk< /a>

Written by: Andrew Baker


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