You’ve made the decision to purchase your dream home. Congrats! Have you considered getting a mortgage?
You may be a bit scared to apply for such a big loan if you have never done it before. You can relax because being prepared will make all the difference.
Knowing how to apply for a home loan is crucial. After your purchase has been accepted, the real countdown starts. Moreover, it can take up to forty-five days to close your mortgage.
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All costs, from health insurance to taxes, fall on your shoulders as a business owner. That means you need to grab any opportunity to save money. Luckily, there are small ways of cutting back, staying on top of the cash flow and having everything you need with a smaller budget. Apply these simple tips even during your slow seasons to become a cash-savvy entrepreneur with staying power. [Read more…]
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American household debt reached a whopping $13.21 trillion in 2018. Add the number of students who enrolled in classes and people currently signing up for credit cards, and you have a massive debt issue.
Many people are knee-deep in debt- even savvy savers and high earners.
If you’re wondering about debt consolidation loans for bad credit, you need to know what options you have and which loans can be a good fit for you.
Below are some crucial tips on navigating debt relief in its various forms.
Debt consolidation for bad credit can turn out to be a great success if you are well informed.
When you consolidate your debt, you stand to reduce overall payments and can pay off your debts faster without borrowing money in the direct sense.
How does consolidating student loans with bad credit work? You take several loans accumulating interest and/or debt and turn them into one loan.
Keep in mind that your credit score will usually affect your repayment plan. Still, consolidation is considered less risky, meaning you are more likely to pay off all your loans sooner with a consolidation plan than you would by paying them individually.
A consolidation company essentially buys your loans and offers you one monthly payment. Student loan consolidation with bad credit makes it easier to budget, saving you time and money in the long run.
Refinancing Loans with Bad Credit
Wondering how to refinance student loans with bad credit?
When you refinance your student loans, you will need to go through a private lender. Your private lender pays off your current loans and offers you a new loan. Your new loan has its own interest rate and payment schedule.
If you meet the eligibility requirements, you may find yourself paying off the new loan with ease. Of course, if you have bad credit, this could affect which lenders will offer a repayment plan.
You can always get a cosigner to receive a lower interest rate. Make sure you and your cosigner are on the same page about their amount of involvement and what they might expect from you during the repayment process. Communication goes a long way in this case.
Credit counseling can help you decide between different repayment options based on your financial goals.
For instance, if you are looking to pay off a balance on a credit card with high interest, you might be interested in starting a debt avalanche. Not to worry- this can be good for your credit. You pay more money initially, but you save a lot in interest.
If you have a number of accounts open and limited monthly funds, you might try the snowball method.
The snowball method focuses first on the account with the smallest balance, giving you a feeling of accomplishment. Since you are still eliminating debt, you gradually accumulate momentum until you’ve paid off your debts.
If you’re having trouble finding someone to help consolidate your debt, you can look to a credit union or nonprofit. Both tend to be more people-focused but may have limited funds depending on their customer base.
A credit union or nonprofit can connect you to another lender or provide inhouse services, depending on your needs and your credit.
Don’t let debt pull you under. With a little patience and the right help, you can pay off your debts and help your credit score recover.
Contact us with any questions you might have about consolidation loans for bad credit. We address your needs with your financial well being at the forefront.
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Every transaction you’re involved in will include taxes in some form or another. Income tax, sales tax, property tax; paying taxes is one of our most prominent responsibilities as American citizens.
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We’re often told that the most important thing when buying a home is location, location, location, but do you understand what that means exactly? It means homes can go up or down in value based on where they’re located. (That’s why some people buy fixer uppers in good neighbourhoods.)
Location, location, location is the number one rule in real estate, yet many buyers overlook it. You can improve your home in many ways. You can upgrade the flooring, renovate the kitchen and throw on a deck, but the one thing you can’t change is the location. You could have the nicest house on the block, but if your neighbourhood is going downhill, you could have a tough time selling it.
Whether you’re thinking of buying a home in Toronto or Vancouver, every city has its good parts and its not-so-nice parts.
Signs of a Good Location
Signs of a Poor Location
Urban or Suburban?
Are you looking to live in the city, or do you prefer the suburbs? Deciding between urban and suburban can be as difficult as choosing between a house and condo.
Living in the city has its benefits. You’re closer to where all the action is. Usually, plenty of restaurants, shops and entertainment venues are nearby. You’ll save money and time on transportation if you’re within walking distance of work. You may not even need a car.
Urban living isn’t without its drawbacks. Since you’re buying in a prime location, you’ll typically pay more for less. In an urban area, you may only be able to afford a condo. Some people are suited for the condo lifestyle. If you’re used to living in a house, it might be a tough adjustment.
In the suburbs, you can typically stretch your home-buying dollar further. If you’re planning to raise kids, a house with a yard may be a priority. You may not have nightlife at your doorstep, but you’ll likely have the great outdoors—enjoy parks and outdoor activities.
For some, the biggest downside to the suburbs is the distance from downtown. If you work downtown, your travel time will be longer. You’ll also be farther from downtown shopping and entertainment.
Brought to you by Sean Cooper
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