First Time Home Buyer Loans Made Easy

When it comes to first time home buyer loans, a little research can save you thousands of dollars over the life of your mortgage.

A wise consumer selects a mortgage lender prior to shopping for a home. You see, first time home buyer loans can end up costing you a lot more than you bargained for if you shop for your home first. What often happens is you fall in love with a beautiful home that is on the outside range of what you can afford. And because you have invested interest in this particular piece of real estate you’re more inclined to go into a loan situation you can ill afford. To make sure you can realistically afford your mortgage payments, it’s best to understand all the potential costs upfront before you fall in love with that dream home that is really outside your financial comfort zone. It will take some research and comparison shopping in order to find both the best lender and the best in first time home buyer loans. The loan package best suited to your needs will offer you terms you can handle now and in future. It’s important when looking for first time home buyer loans you take into account your future plans. For instance, are you planning on starting a family? If so, it’s important to consider the potential reduction in your family finances if you or you spouse decides to take some time off to raise the children). Further, if you have poor credit, you’ll be required to pay a higher rate of interest than those who have a good credit rating. When it comes to first time home buyer loans, the amount of your down payment will also be taken into account when your interest rate is calculated. Think of it this way, the larger the down payment, the better the interest rate. So, before locking yourself into one of the first time home buyer loans currently on the marketplace, you’ll want to consider the advantages of contributing a decent down payment. This will keep both your interest rate and your payments much more reasonable. Among the options for first time home buyer loans are variable rate and fixed rate mortgages. The first fluctuates over the course of your mortgage and the later keeps payments the same. Another factor to consider is your debt to income ratio. In other words, the amount of money you bring in opposed to the amount that goes out. When determining your debt to income ratio you must take things like car payments, student loans and credit card balances into account. There are programs available to assist first time home buyers in obtaining a loan. Talk to your lender and do some research of your own to discover the best option for you. Remember, when shopping for first time home buyer loans no question is stupid. It’s very important that you understand the ins and outs of any mortgage loan prior to signing on the dotted line.

Things To Consider When Shopping For First Time Home Buyer Loans

When shopping for first time home buyer loans it’s wise to compare lenders and loans to get the best mortgage loan for your needs. Among the first questions you should ask yourself is how big of a mortgage can you afford

The answer should come from your gut instinct and only after you have spoken with a qualified lender. Ultimately you’re the only one who can determine what you can realistically afford. You need to do your homework about firs time home buyer loans and find out the maximum mortgage you qualify for and then give some thought as to whether it falls within your personal comfort zone.
A potential lender will run some numbers for you and come up with a magic number based on the financial information you supply and your personal credit history. Although it may be in the ball park of what you can afford, it may prove to be too much of a financial hardship in the years ahead.
First off, if you currently rent don’t use your monthly rental fees as a comparison. First time home buyer loans are very different – it’s like comparing apples and oranges.
Use your monthly rental costs as a guideline only. On one hand it would make sense to compare the two but you also have to consider other factors such as the need to pay extra for property taxes. In a rental situation such taxes were incorporated in your rent. Property taxes can vary between a few hundred to a few thousand dollars per year depending on where you reside.
Furthermore, did your rent include utilities? If so, you also need to factor in the cost of gas and hydro in addition to the cost of any firs time home buyer loans. And what about having enough money you can put aside as an emergency fund for home repairs and general maintenance? Remember you no longer have a landlord you can call upon when something needs fixing.
Then there’s mortgage insurance to consider whenever you’re shopping for firs time home buyer loans. This is especially important if you have a high-ratio mortgage.
Another good rule of thumb when shopping for firs time home buyer loans is that if your current rent falls within your comfort level, aim for a slightly lower monthly mortgage payment.
Exploring your total monthly debt load as well as your total monthly housing costs is one of the best ways to figure out what is a realistic mortgage payment.
Your next task is to find a lender who specializes in firs time home buyer loans and who will offer you the best deal. Again research and comparison is needed. It will take you some time to investigate both lenders and loan packages. But it’s time well spent. The time you took to investigate the best in firs time home buyer loans could literally save you thousands of dollars over the course of your mortgage.
The bottom line when searching for first time home buyer loans is to invest in doing your homework. Research all your options before you start looking for that dream home.

Government Student Loan Consolidation - Pros & Cons

The Pros And Cons Of Government Student Loan Consolidation

Your college or university days may be behind you but if you received federal student loans from the US Department of Education (ED) along the way you now have to deal with paying them back. To avoid repayment problems it’s important to learn how to manage your student loan debt. One of the best ways is a government student loan consolidation. For starters consolidation allows you to simplify the repayment process by combining several types of federal education loans into one government student loan consolidation so you make just one payment a month. The benefit to this is that your new monthly payment may even be lower than what you’re currently paying. Typically student loans are paid over a period of time between 15 and 30 years. The interest that accompanies these students loans is variable. The downside to this is that with a long term plan, in years 15 to 30 you may end up having to pay significantly higher rates of interest than you did in years one to 15 since interest rates traditionally rise over time. However, a government student loan consolidation secures a student’s interest rate. A fixed loan program means that students can obtain a government student loan consolidation at an excellent rate. For students with high debt, this fixed interest rate loan can literally save thousands of dollars in interest payments over the life of the repayment period. The Higher Education Act (HEA) provides for a loan consolidation program under both the Federal Family Education Loan (FFEL) Programs and the Direct Loan Program. Under these programs, a borrower’s loans are paid off and a new government student consolidation loan is created. Both of these programs simplify loan repayment by combining several types of Federal education loans into one new government student loan consolidation product. Please note that even if your loans have different terms and repayment schedules or may have been by different lenders chances are good they are still eligible for a government student loan consolidation. And, the interest rate on the government student loan consolidation may be significantly lower than one or more of your underlying loans. Further, the monthly amount on a government student loan consolidation is usually lower as the amount of time to repay may be extended beyond the terms of your separate loans. The bottom line is these features should result in a more manageable student loan debt. Additionally borrowers who opt for goverment student loan consolidation are less prone to default. You can get a direct consolidation loan, available from ED, or a Federal (FFEL) Consolidation Loan, available from participating FFEL lenders. Under either program, the loan holder pays off the existing loans and makes one consolidation loan to replace them. If you have subsidized and unsubsidized loans, they’ll be grouped accordingly when you initialize your government student loan consolidation so you won’t lose your interest subsidy on the subsidized loans. There are three categories of direct consolidation loans: Direct Subsidized Consolidation Loans, Direct Unsubsidized Consolidation Loans, and Direct PLUS Consolidation Loans. If you have loans from more than one category, you still have only one direct government student consolidation loan and make only one monthly payment. Under the FFEL Program, you can receive a subsidized and/or an unsubsidized FFEL Consolidation Loan, depending on the types of loans you're consolidating. (FFEL PLUS Consolidation Loans are included under the Unsubsidized FFEL Consolidation Loan category.) Both FFEL and Direct Consolidation Loans have the same interest rate, which is a fixed rate set according to a formula established by law. The rate is the weighted average rate of the current rates charged on the loans being consolidated, rounded up to the nearest one-eighth of a percent. This means the rate you'll pay won’t be more than one-eighth of a percent more than the effective rate on your individual loans. The rate is fixed for the life of the government student loan consolidation. We’ve looked at the pros now lets look at the cons. Although consolidation can simplify loan repayment and might lower your monthly payment, you should carefully consider whether you want to consolidate all your loans. For example, you might lose some discharge (cancellation) benefits if you include a Federal Perkins Loan in a FFEL Consolidation Loan or Direct Consolidation Loan. If that’s the case, you might want to consolidate only your FFELs or only your Direct Loans and not your Federal Perkins Loan(s). You also wouldn’t want to lose any borrower benefits offered under your existing non-consolidated loans, such as interest rate discounts or principal rebates, which can significantly reduce the cost of repaying your loans. Further, you can have a longer period of time to repay your government student loan consolidation than you do for the individual student loans you’re repaying, but this also means you’ll pay more interest over time. In some cases, consolidation can double total interest expense. If monthly payment relief isn’t a top priority, you should compare the cost of repaying your unconsolidated loans against the cost of repaying a government student loan consolidation. Once finalized, government student loan consolidation can’t be undone. Bear in mind the loans that were consolidated have been paid off and no longer exist. The bottom line is that it’s best to take the time to study your government student loan consolidation options before you apply. For more details on government student loan consolidation, contact your loan holder(s).

Government Student Loan Consolidation

Government Student Loan Consolidation: Is It The Solution For You?

Students across the country are jumping on the government student loan consolidation bandwagon. And for good reason! Whether you are still in school, a graduate, unemployed or comfortably employed you can save thousands through a government student loan consolidation by locking in record low interest rates before they go up. If you need to reduce your monthly student loan payments by extending the amount of time you have to pay your debt, a government student loan consolidation may be the solution for you. If your loans are in default you may still reap the benefits of a government student loan consolidation. Benefits include protecting your credit rating, saving money by locking in lower interest rates or lower monthly payments. On the other hand, a government student loan consolidation may not be the answer for you if you’re nearing the end of your repayment term. There’s not a lot of ‘cents’ in spending your valuable time rearranging your loan portfolio, especially if it means extending the amount of time you have to pay off your debt. If you can manage your existing monthly payments stick with it because you will save money over the long term. If you have more than one student loan, a government student loan consolidation will allow you to combine all of them into one monthly payment while locking in a low interest rate. Ultimately, your debts will be easier to manage. To help make the repayment process easier and more attractive, there are four government student loan consolidation plans for you to choose from. Standard Plan: The standard repayment plan offers a fixed-rate plan with monthly payments of at least $50 for up to ten years. Borrowers pay less interest under this plan because the repayment period is shorter. Extended Payment Plan: The difference between this plan and a standard plan is monthly payments are extended over a period of 12-30 years. If you have a high debt load this may help you reduce your monthly payments but the longer you take to clear the loan, the more interests you will pay. Graduated Payment Plan: Under this plan monthly payments start out low and increase approximately every two years. The repayment period can be from 12-30 years depending on your debt load. Income Contingent Repayment (ICR) Plan: Your monthly payments via this plan are based on your income, family size and loan amount. Take the time to compare the cost of repaying your unconsolidated student loans against the cost of paying a government student loan consolidation. It’s in your best interest to explore your government student loan consolidation options. Consult https://loanconsolidation.ed.gov and participating lenders to discover if government student loan consolidation is the right choice for you. If you decide consolidating your student loans is in your best interest, taking the time to compare what participating lenders offer could save you lots of money.

Is It Safe To Consolidate Debt Online?

Many people are looking to consolidate debt online because they're short on time and money. However, it's important to proceed with caution. Take the time to explore what's available and decide upon the best course of action for you.

Some people are motivated to consolidate debt online because they know they can save a lot of money by taking advantage of low interest rates. Others are panicking to find a quick and easy solution to help them deal with a mountain of debt. Whatever your motivations, a decision to consolidate debt online may be the solution but before you make your decision or offer detailed personal information to debt consolidation companies check to see what they have to offer. Don't consolidate debt online with the first company that promises to get you out of debt or help reach your goals quickly. If their promises sound too good to be true, you can bet they are. The Better Business Bureau has received tens of thousands of complaints from consumers that have fallen prey to false representation and unethical practices of some debt management companies. Whether you want to consolidate online or deal with a debt management company face to face consider the following tips: * Find out if the company you want to deal with has a good record with related consumer agencies such as the Better Business Bureau. * Stay clear of companies that fail to offer you a free consultation or those that offer a free consultation which includes little more than a sales pitch that promises to solve your problems if you sign up with them. You want someone who will thoroughly discuss your financial situation, needs and options. * Don't give your business to companies that charge large, up-front fees to set up or manage the financial option you choose. A modest processing, application or credit report fee may be required though. * Get all your questions answered and find out what the terms are. Companies that offer high interest rate loans with harsh conditions and penalties built into the consolidation loan are often the same high pressure companies that promise you the moon. * Find out if the staff that you are dealing with is trained and/or certified to help consumers deal with personal finance issues such as credit, debt, budgeting, bankruptcy and so on. You only want to deal with trained, courteous and accessible staff members. * Never give out your personal information unless you are familiar with the company, know why they require it and can provide it via a secure server if you're communicating online. * Be leery of and certainly don't pay anyone that promises to repair your credit without finding out how they can do it legally and how you can do it yourself for free. So is it safe to consolidate debt online? Yes, it can be. By all means surf around the net to discover the best place for you to consolidate debt online. Before you decide on a company, do a background check, get all your questions answered and follow the above tips to protect yourself as you work to achieve your financial goals.

How To Find Reliable Debt Settlement Companies

Before you file bankruptcy or start an intensive debt
management plan consider seeking out one of the many
reliable debt settlement companies that are on the market.

Debt settlement is a popular way of regaining financial wellness. If you’ve fallen considerably behind on high interest credit card payments for instance, it could take you as long as 20 years to get back on track. With reliable debt settlement companies you may be able to settle for up to 75% of your actual debt and often in as little as three years. First off it’s important to understand debt settlement and how the process works. Essentially, debt settlement is a negotiation process where by one of the many reliable debt settlement companies you’re considering will negotiate with your creditors on your behalf. It’s the job of a debt settlement company to convince your creditors of the value of lowering the total amount of money that you owe. A little money is better than no money at all. When you sign up for a debt settlement program many creditors will do what is known as ‘re-aging’ or bringing your account into a current status. Once a settlement is reached it’s your responsibility to pay the agreed upon amount in full. Your debt is cleared when you owe no more money. This whole process may take several months to accomplish during which you may still be harassed by creditors. This is where the best in reliable debt settlement companies come in. The company will work on your behalf to field all such communications. Understand that debt settlement demands that you maintain a strict budget as reliable debt settlement companies will usually take monthly payments directly from you and hold the balance in trust. Once a debt settlement is reached you will find that reliable debt settlement companies will than make a one time payment to your creditor followed by final credit report documentation that your account is now paid in full. Once your account is settled you will no longer have a negative report. If you have more than one debt, the debt settlement process is repeated for each creditor. You’ll also find that some reliable debt settlement companies offer credit repair as part of their debt settlement services. Although there are usually fees for any credit repair, it does wonders for removing blemishes from your credit report. Since debt settlement is one of the fastest debt relief methods there is to clear your debts in three years or less, you’ll find that there are a ton of debt settlement companies seeking your business. When doing a search for debt settlement companies it’s important you do your homework. You’ll find you can save a substantial amount of money by finding one of the many reliable debt settlement companies that will work towards eliminating your late fee and interest payments. Remember however that a good debt settlement company can’t do it all for you . Even the reliable debt settlement companies will take issue with you if you don’t have the self-discipline to stick with the program and work with them. The bottom line is that reliable debt settlement companies will look out for your best interests as long as you do your part and keep the agreed upon payments coming. Your search for debt settlement companies is bound to undercover a ton of debt settlement services but asking questions and understanding the ins and outs of how the process works is one of the best ways of knowing if you’ve found one of the most reliable debt settlement companies on the market.

Is Debt Negotiation Bad?

Is debt negotiation bad? Well, yes and no. It all depends on your situation and how you view the negatives (and positives) of debt negotiation.
Educating yourself about the ins and outs of debt negotiation is a good first step. Please note that the term ‘debt negotiation’ is also known as debt arbitration or debt settlement.
For starters, a lender has little motivation to arbitrate anything less than the full amount unless the person is two to three months behind in payment.
To answer your question is debt negotiation bad? You need view it as a last-resort measure. The truth of the matter is it’s one step away from declaring bankruptcy.
Remember, your lender gave you the money or property in good faith. He or she has every right to expect that the loan be repaid in full. Morally, you should do everything that is within your power to pay your debt(s).
However, this is not always possible and despite how much you would like to repay the loan in full you just can’t – not now and not in the foreseeable future. This is where debt negotiation comes into play. It may be your only logical course of action.
And, in the case of an old debt that you’ve long since forgotten about, debt negotiation would be the best way of dealing with it. There’s no point in keeping a small blemish on report when a little negotiation can easily turn things around.
But if you find yourself overwhelmed with your current debt load, credit counseling should instead be your first action step. A credit counselor will give you some tools and suggestions for reducing your payments.
Debt consolidation may be more appropriate. A credit counselor will walk you through the debt consolidation process. In a nutshell, it means creating a whole new loan for a longer period of time. This would hopefully lower your payments enough so you can get back on track.
Please know however, that debt consolidation can be nothing more than a way of putting off the evitable. It really does little to correct the problem. That’s why many people come back to debt negotiation as a way of getting out of their financial problems and starting fresh start.
If you’re determined to pay of your debt(s) and turn over a new ‘financial’ leaf you may wish to contact your creditors yourself. By doing so, you may be able to negotiate a lower interest rate or a more realistic repayment plan. This is known as self arbitration.
So, is debt negotiation bad if you really need it? The bottom line answer is no. When your debt is very delinquent, negotiation is often in your best interest. If this is the case, now is the time to either consider self arbitration or seek out the help of a debt negotiation company.
Although a debt negotiation program will lower your credit score for as long a you’re in the program, you’ll also find that most debt negotiation companies require the creditor to make sure that the final credit report reflects the account is now paid in full. Therefore, once your account is settled you will no longer have a negative report.
A number of debt negotiation companies also include a credit repair service as part of their debt negotiation program. This repair service removes any negative items caused by the program. Although it is part of the program there are additional fees associated with this service.
Is debt negotiation bad? Ultimately, you’re the best person to judge whether debt negotiation is right for you or if it’s in your best interest to consider another alternative such as debt consolidation.
This is where negotiation and your question, “Is debt negotiation bad?” comes in. Debt negotiation is bad in that it means the complete destruction of your credit history.

Debt Negotiation On Credit Cards

Debt negotiation on credit cards is also often referred to as credit card debt settlement. People to turn to credit card debt negotiation when they find they can’t handle a debt consolidation program.
If you find you’re unable to make the minimum payments of a credit card debt consolidation repayment plan or haven’t been able to make payments in the past three months, a credit card debt negotiation program is the next step in solving your debt and credit problems.

One of the advantages of a credit card debt negotiation program is that you cease making payments to your creditors. The debt negotiation company usually takes the monthly payments directly from you and holds the balance in trust.

During which time you’re conducting your debt negotiation on credit cards and are making regular payments through a credit card debt negotiation program, the debt negotiation company will negotiate with your creditors for a lower payoff of around 40 to 50 % of your total amount of debt.

As soon as a settlement is reached your debt negotiation company will then make a one time payment to your creditors.

A disadvantage of a credit card debt negotiation program is that it lowers your credit score for as long a you’re in the program. However, most debt negotiation companies require the creditor to make sure that the final credit report reflects the account is now paid in full. Therefore, once your debt negotiation on credit cards account is settled you will no longer have a negative report.

A number of debt negotiation companies include a credit repair service as part of their credit card debt negotiation program. This debt negotiation on credit cards repair service removes any negative items caused by the credit card debt negotiation program.
Although it is part of the program there are fees associated with this service.

A credit card debt negotiation program is not your only answer. You may wish to self arbitrate. If you’re determined to pay of your debt(s) and turn over a new ‘financial’ leaf you may wish to contact your creditors yourself. By doing so, you may be able to negotiate a lower interest rate or a more realistic repayment plan.

If you decide to self arbitrate, you’ll also want to have a written agreement with your lender or collector that makes note of the fact your settlement has been ‘paid as agreed’ or ‘satisfied in full’.

Regardless of your approach – self arbitration or going with a credit card debt negotiation program you can be successful. Positive debt negotiation on credit cards will be realized once you’re committed to paying your debt(s) off once and for all. And, just think how good it will feel to get out from under all that ‘debt’ weight.

HOW TO ACTIVATE A BANKER’S DESIRE TO FORCE MONEY INTO YOUR HAND

HOW TO ACTIVATE A BANKER’S DESIRE TO FORCE MONEY INTO YOUR HAND

By applying for credit through a bank of other lender that subscribes to a credit reporting agency outside the area, there’s every reason to believe that some damaging information will not appear in your file. Remember, the only way bankers and lenders can survive is to extend credit to consumers. By taking steps to sidestep one credit report that has negative entries, and taking advantage of another that show you as a good credit risk, creditors will practically force hard cash into your hand. Here’s how: Obtain a credit report form one of the credit bureaus to determine if there are damaging entries that might cause your credit application to be denied. Call several banks of other lenders and ask the receptionist, etc., which credit bureau they use in their application approval process. If the individual tells you they don’t know, ask them to find out. Select a bank or lender that subscribes to a credit reporting agency other than the one typically used in the area. Obtain a credit report from the credit reporting agency that your selected lender uses. Repeat step number 4 until you find a report that is favorable to your and shows the least negative entries. The only thing left for you to do is apply with that bank, lender, or other creditor that subscribes to the credit bureau that has a credit report the most favorable to you. BULLDOG TACTICS When you receive your credit report, write down every piece of information that is inaccurate or untrue. Even if an entry is partially true, you may still want to dispute it, especially if your credit report will be improved as a result. Read all of the instructions on the back of your credit report very carefully. Symbols may be used for much of the information entered and you will have to understand each one. It’s easy to become confused but a number you can call if you have a question will be provided. Here are steps you can take to have damaging entries removed from your credit report: Make a list of inaccurate or untrue entries that you find in your credit report. Call the credit bureau and tell the appropriate person that you want to dispute an entry you have noted on your credit report. Don’t allow any credit bureau employee to talk you out of proceeding with your appeal. To avoid a distracting confrontation, don’t even tell them you want to challenge. They won’t initiate any action on your behalf anyway until they receive your appeal request in writing. To initiate the proper appeal procedure, ask the person you speak with to send you a “Dispute Form.” Complete the “Dispute Form” and return it to the credit bureau by certified mail. When the credit bureau receives your written dispute request they will then attempt to verify the dispute you have indicated with the bank, lender, or creditor responsible for having the damaging information listed. You will be notified of their decision within 30-45 days