Having bad credit can often make a person feel as if they have no chance of owning a home in the near future. This is not the case, and while it is definitely more difficult to obtain a mortgage with bad credit it is not impossible. There are multiple options available, in order to aid people with bad credit history to obtain the house.

Previously multiple lenders were founded in order to help people to receive mortgages with a bad credit history. These mortgages are known as bad credit mortgages or subprime mortgages and are not as readily available as before, due to them being thought as the reason behind the financial crisis that occurred in 2008.

Today, lenders tend to be a lot more stringent when it comes to granting mortgages, mostly due to new regulations that have been put into place. This makes it even more difficult than before to obtain a mortgage if your credit history is not up to scratch.

What is regarded as bad credit?

Your credit score is the number assigned to you by credit agencies. This number is dependent on many variables and shows your ability to pay debts, as well as your past history of making payments towards any debts and credit arrangements. It allows financing company is to see how reliable you are when it comes to returning any money you owe, allowing them to make a decision as to whether they are willing to take on the risk of providing you with finance.

What is defined as bad credit can vary greatly from one lender to another. Generally, you will be regarded as having bad credit if you have previously defaulted on payments, have CCJ’s or any bankruptcies.

Being unable to secure finance if you have not borrowed before can also cause problems when applying for a mortgage. Due to lenders not being able to assess whether you will make regular repayments as agreed in the terms of a mortgage, because of you having no past history of lending can make it very difficult for financing company is to be able to come to a conclusion as to whether you are a risk when it comes to lending you money.

If this is the case you would most probably not have the ability to access as many mortgage options as other people resulting in offers with higher interest payments. This means you will also have to resort to taking out a bad credit mortgage.

What is a subprime mortgage?

A bad credit mortgage is just like any other mainstream mortgage, with one slight difference: they except people who do not have an immaculate credit history. Bad credit mortgages tend to not be as financially beneficial as normal mortgages. Their repayment and interest terms will normally be a lot higher than the mortgage is offered to people with good credit ratings. This is done to safeguard lenders from any risks that you may pose.

Additionally, the amount of deposit required to obtain a subprime mortgage tends to be a lot higher than the normal 5 to 15% required on a mainstream mortgage. If you are having difficulty with obtaining this large sum of money there are government schemes available to help you do this. Help to buy schemes allow potential homeowners to borrow up to 20% of the property price interest-free for five years from the government. This may aid greatly when it comes to obtaining a bad credit mortgage.

The process of applying for a bad credit mortgage:

The best way to find a bad credit mortgage is usually by utilising a mortgage broker. These brokers have a vast amount of knowledge as to the mortgages available on the market and the terms, thus enabling them to better advise you as to which mortgage you are most likely to be accepted for.

It is important that you avoid continuously applying for several mortgages, especially if you have bad credit. Most mortgages are designed for people who have a history of making repayments on time and a good credit rating. This means that you are more than likely to be rejected the most mortgages, resulting in further damage to your credit score. Instead of applying to a whole host of mortgages, it might be a good idea to have a conversation with your bank especially if you have a long-standing relationship with them. They may be able to aid you in finding a mortgage that you qualify for. – ukpropertyfinance.co.uk

Sometimes credit card debt can sneak up on you, thanks to a thousand little purchases you needed to make at a thousand different times. Sometimes your debt is large enough that there’s no chance of avoiding it, such as a big repair bill or hospital bill you need to pay off but can’t afford to pay it all at once. Either way, card debt can quickly become a serious problem if you aren’t able to pay off your balance every month. The interest rates usually aren’t kind, so it’s important to know how to handle these debts and improve your situation.

1. Debt Consolidation

Image via Flickr by ThomasKohler

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While short-term loans are a quick and easy way to get some cash, they often make it difficult for people to get out of debt. High interest rates and fees often have people desperate for money finding themselves stuck in the cycle of debt and repayment. Luckily, there are many borrowing options that can help you avoid this. Even when you have no better option than taking out a loan, you should do your best to find one with reasonable interest rates.

It is important to resist credit loans for non-essential purchases. While short-term loans can make it worse when you need to pay for rent, bills, or other essentials, it doesn’t make sense for purchases like clothes or a night out either. Instead you should speak to a debt advisor or an organization that can provide help with debt advice for free.

Don’t spend more money to try to end your problems with money. If you need to borrow, there are the following options to help you avoid short-term loans. Still, according to specialists from MoneyPug, a site commonly used to compare loans, it is entirely possible to find a reasonable interest rate if you are forced to take a loan out.

Advance in Salary

The most common situation is when someone runs out of money before they get paid. If this happens to you, you always have the option to ask your employer for an advance. While every employer has their own policy, if you are receiving benefits you may be able to repay the advance with them. Your employer may say no, but it never hurts to ask. You may end up being surprised by their response.

Borrow from Loved Ones

Another situation is when an unexpected emergency occurs. In this scenario, it may be best to borrow money from your family or friends. That way you can take care of the emergency and establish a plan to repay the borrowed money. You should discuss what will happen if you take too long to pay it back and consider putting the agreement into writing to assuage trepidation.

Borrow from a Credit Union

Another affordable way to avoid short-term loans is borrowing from a credit union. This can be particularly beneficial because there is a limit on what credit unions can charge for interest in the UK. For example, they can charge three percent a month or 42.6 percent a year in England, Scotland, and Wales. It is even lower in Northern Ireland, with rates at one percent a month and 26.8 percent a year.

Use Credit

A credit card can be a very useful tool in order to borrow money, but it is key to keep up with payments. Otherwise you will find yourself deep in the rabbit hole of credit. Using a credit card for purchases and withdrawals can really help out, but the interest rates are still very high. If you keep your spending down, pay the bill every month, and use it only in dire situations, you will be able to effectively increase your credit score while avoiding debt. If you pay each month it will still be cheaper than a high interest short-term loan.

Authorized Overdraft

If you find yourself in a bind at the end of the week or month, you can always use an authorized overdraft on your bank account. While there will be hefty fees associated with overdrafts, they are still cheaper than repaying loans. Staying within the limit can help avoid fees. This should only be used in certain circumstances. Like other methods of borrowing it can lead to continued problems with money.

Welfare

Finally, another option to avoid short-term loans is applying for welfare. If you’re struggling to buy food, clothes, or heat your home, you will likely be approved for essentials. Varying from region to region, welfare can provide food at food banks, vouchers, pre-payment cards, and even furniture.

There are many options to borrow money. The chances are you don’t need to use high interest short-term loans. But if you find yourself in a bind and none of these options will do, make sure to get the best interest rate and the smallest amount of fees possible. You will thank yourself in the end.

Car leasing is becoming increasingly popular given its affordability. Many people prefer renting a car that they can use over a specific period than buying a new one. You need to consider various factors if you decide to lease a vehicle. The most important factor is the insurance. You do not own the car, and you do not want anything to happen to it as you drive it.

Insurance coverage needs to be immediate

Sign a car lease deal only if it includes insurance that covers the cost from the day of delivery. As soon as you drive the vehicle, anything could go wrong. You want to ensure that it is already under insurance coverage upon arrival.

You do not need to look for insurance  

If you get a car lease without insurance, you will need to find it yourself. You do not want to waste time looking for the right insurance if you can find a deal that includes the car and insurance. It is a stress-free approach to getting a car lease.

You can have a fixed monthly expense 

The monthly fee for the car lease is inclusive. It means that you can prepare for the recurring bill from one vendor instead of worrying about various expenses. It will stay this way throughout the lease term.

You do not need to shop for renewal quotes

The insurance coverage of your car lease will end at the time that your car lease ends. If the lease and insurance are separate, you might need to shop for renewal quotes. It takes time to do this, but you can avoid it with a comprehensive lease insurance package.

Extensive coverage 

When the vehicle has insurance coverage, you will receive a guarantee that the car receives regular maintenance and servicing. Again, you do not own the vehicle, and you want to return it in perfect condition at the end of the term.

There is no need to wait for vehicle repair authorisation

Due to the car lease and insurance bundle, there is no need for you to wait for vehicle repair authorisation. It significantly reduces your downtime and allows you to drive the car again as soon as possible.

The car lease company knows what is best

Since the vehicle comes with insurance, it means that the car lease company did their research. They looked for the best insurance policies out there before they decided to ink a deal with the insurance provider. You will feel safe with their chosen insurance company.

Given these reasons, you need to start looking for car lease deals that include insurance as part of the package. Again, it is only one of the many elements to consider as you decide which car to lease. You also need to look at the quality of the vehicle, and if it is worth renting for the next several years. You can start at www.genusleasing.com if you want quality vehicles that you can drive now.

Image: Unsplash.com

How much money do you have in your savings account at the moment?

If you don’t have anything saved up at all, you are, unfortunately, not alone. Studies have shown that about 35 percent of Americans currently have $0 in their savings accounts. And an additional 35 percent of people only have a few hundred dollars in savings.

You can change your life and improve your future by setting more money aside for savings in 2019. And contrary to popular belief, it’s not as difficult as you might think to start saving a little bit of money at a time. It’ll add up over the months and years and make your life substantially better.

Here are 7 simple strategies that will help you start saving money more effectively.

1. Create a Budget at the Beginning of Every Month

If you’re going to make an effort to get your personal finance issues in order, the very first thing you should do is begin using a monthly budget. A budget can keep you and your family on track as far as your finances are concerned.

At the beginning of every month, make a list of how much income you’re going to bring in versus how many expenses you’re going to have. If you find that your expenses exceed your income, you have a problem on your hands. You’ll need to scale back on your expenses right away.

By budgeting your money, you’ll give each and every dollar that you spend a job. This will decrease the chances of you wasting money and allow you to start saving money that you have left over at the end of every month.

2. Make It a Point to Eliminate Debt Quickly

Americans have more than $13 trillion in debt collectively. This includes everything from credit card debt and medical bills to mortgages and student loans.

If you’re carrying around any debt at the moment, it could be costing you dearly and making it just about impossible to save. You should make it a point to eliminate your debt as quickly as possible so that you don’t have it hanging over your head all the time.

There are different ways to get aggressive when paying down debt. Some people prefer to use debt consolidation, while others use techniques like the debt snowball.

Find the debt solution that you think will work best for you…and stick with it! The quicker you can get rid of your debt, the quicker you can start saving more money up.

3. Use Coupons as Often as You Can

Are you routinely using coupons when you take trips to the grocery store, the pharmacy, and all of the other places you visit on a weekly basis?

If not, you’re leaving money on the table every single time you check out at the register at one of these places. The internet has made it easier than ever to find coupons for just about any store.

When you know you’re going to be taking a trip to a store, look around for coupons for that store first. You could save a significant amount of money by putting coupons to good use.

4. Stop Eating Out at Restaurants So Much

Do you eat out at restaurants several times every week? Or do you buy lunch almost every day instead of bringing a bagged lunch to work?

You might be under the impression that this isn’t costing you too much money. But in reality, studies have shown that the average American spends more than $3,000 every year eating out.

It’s not a crime to go out to eat every once in a while. But every time you eat out, you’re spending a lot more money than you would spend to eat at home.

Save eating out for special occasions and eat in more often. You won’t have any trouble saving money when you have an extra $3,000 or so laying around every year.

5. Cancel Your Cable

The cable bills in this country have gotten out of control. It costs many people several hundred dollars every month to keep their cable turned on.

If you’re sick and tired of paying that much for cable, why not cut the cord and save yourself money? You can keep yourself entertained with an internet connection and a subscription to a streaming service, and it’ll cost just a fraction of what cable does.

6. Sell Things in Your Home You Don’t Use Anymore

Is your house filled with a bunch of stuff that you don’t use much anymore?

That stuff might not be worth very much to you. But there are probably people out there who would pay good money to get their hands on it.

From furniture that you’ve had locked away in the basement for years now to that old baseball card collection sitting in the attic, you can sell the contents of your home and use it to pad your savings account.

7. Come Up With a List of Long-Term Financial Goals

In order to start saving money, you need to have things that will motivate you. One great source of motivation will be a long list of your long-term financial goals.

Do you want to:

• Build your dream home within the next 10 years?
• Send your kids to college without forcing them to rack up student loans?
• Buy a boat?
• Launch your own business?
• Travel the world?

You’re going to need plenty of money stashed away in your savings account to do these things. By writing down your goals, you’ll constantly be reminded of why you’re making such a strong push to save more money.

Start Saving More Money and Live a Better Life

Money can’t buy happiness. But when you have money in your savings account, it can take away some of the stress you feel day in and day out. It can also give you hope for a brighter future.

Start saving money now and see what a big difference it makes in your life. By making just a few changes, you can make your financial goals a reality in the not-too-distant future.

Read our blog to learn some tips for improving your personal finances even if you have a low income.

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There are both advantages and disadvantages of settling a Santa Ana personal injury lawsuit with a court trial or deciding to settle that claim out of court. The legal path that you choose in your personal injury lawsuit will depend on the extent of your injuries and the outcome you most desire. In this article, we will discuss the advantages and disadvantages of taking your personal injury claim to trail or deciding to settle your claim out of court.

Advantages of Out of Court Settlements

1. Faster Compensation– When you decide to settle out of court for your personal injury claim, you could receive compensation for your injuries faster. This isn’t necessarily always the case, but it is probable, as litigation can prolong a Santa Ana personal injury lawsuit.
2. Legal Fees– It is true, going to a trial is a long process and can cost more money. You can avoid costly fees when you decide to settle your lawsuit out of the courtroom.
3. Avoiding a Lengthy Process– When you pursue a personal injury case, an outcome will likely take more time in court. When you settle out of court, you will not be at the mercy of court proceedings, hearings and a docket of other cases that a judge or jury will need to hear before your case.
4. Courtrooms are Unpredictable– A judge or jury can be unpredictable when deciding personal injury cases. An initial consultation with an attorney help reveal whether or not you have a lawsuit appropriate for the courtroom.
5. A Private Option– If you are a private person and do not want your personal information laid out in a courtroom among a number of people, an out-of-court settlement may be a better option for you.

Disadvantages of Out of Court Settlements

1. Less Compensation – The goal in a personal injury case for an insurer or business, is to settle the claim as quickly as possible and for as little money as possible. This may mean that your best interests are not always served. In this scenario, your injuries may be seen more a nuisance rather than a problem that needs to be addressed.
2. It’s Final – When you agree on an out-of-court settlement there is really no turning backwards, meaning, you cannot appeal the final decision. This might be fine in some circumstances, or do a great disservice in others.
3. This is Bigger Than You – Cases heard in front of a judge or jury can create change. Take the Belviq lawsuit as an example, if your personal injury case is a part of a bigger problem surrounding a policy, organization or business; going to court may create or force change with a guilty verdict.

Legal Representation Regardless of your Legal path

No matter which legal pathway you decide to take with your Santa Ana personal injury claim, you should seek legal guidance to learn about how to handle your specific situation. An experienced  Santa Ana personal injury attorney can decipher your legal rights and explain how the process will likely work for your claim. Here are a few attributes you should look for when you hire a Santa Ana injury lawyer.

1. Expert Negotiator– This attribute will help you regardless if you decide to settle out of court or take your case to trial. The art of negotiation is an important factor in personal injury litigation and should be a priority attribute when hiring an attorney.
2. Proof of Success– Don’t be afraid to ask a potential representing attorney for a record of their successes within the personal injury field. You can also contact your State Bar Association to learn more about your attorney and their litigation record.
3. The Right Skill Sets– Outside of having a  good legal record, your personal injury attorney should have a particular skill set that can be advantageous to your case. This may mean they have tried similar cases to yours, they have experience in the industry or field you occupy, they have exceptional analytical skills, good research skills or maybe see advantages in your case that are not seen by others.
4. Highly Communicative– It is not uncommon for lawyers to take a case and then become missing in action. Maybe they have taken on a caseload that they cannot keep up with or just disinterested in your case altogether. A Santa Ana personal injury lawyer should communicate clearly and effectively and be genuinely interested in the success of your case.

Personal injury cases are highly specific and unique to every individual and situation, and you should get in touch with a qualified Santa Ana Inury attorney to review your case and learn more about the circumstances that surround it.

Moving your house, family and belongings can be stressful, exciting, scary, fun, and expensive. Moving them across the country however, that’s a whole other ballgame.

Finding a Winnipeg moving service that will value your stuff as much as you do and work hard to get your move done efficiently and safely is of utmost importance. But, finding a service that will do that without costing you your nest egg should be a close second.

Make no mistake, the costs of moving across the landscape to the opposite coast are going to cost you a fair bit of money, but you probably already were aware of that. Our job is to help you on the path of saving money where you can and getting you the best deal possible.

Here are our 4 best tips for saving some greenbacks.

Look Outside of Your Hometown

Typically, whenever we’re looking for a company to handle a certain job for us, we look locally. Our mechanics, accountants, babysitters, plumbers, and landscapers all probably are within a short driving distance, and that makes sense.

Unless you’re moving to a whole new part of the country.

Your options for cross country moving services are most likely going to be limited, especially if you only look for companies that are near your current home. But remember, they’ll be traveling 3000 miles to make the move with you, so expand your search.

This is especially true if you currently live in a small town. With competition not really being a factor, companies tend to charge more than they would if you had other options. Look to metropolitan areas around you and see what options are available there. You may even be able to negotiate with that local company if you find a good deal from a neighboring city.

Search Where You’ll be Moving to

In the same sense as above, nothing constitutes expanding your search quite like looking a few thousand miles away.

However, if you find a company that is near the town you’ll be moving to, give them a call. If they have a crew and trucks that will be around your current home near the date of your move, you may get a heck of a deal.

Any type of trucking service, movers included, hate to “dead head”. That’s an industry term for traveling long distance without a load. These miles are considered wasted miles. They’ll be paying for food, the driver, the crew and any maintenance related expenses without a load to offset those costs.

If they’re able to catch a load for the ride back, it’ll save them a considerable amount of money. With that knowledge in hand, convince them to pass some of those savings on to you.

Thin the Herd 

You’ve got a lot of stuff. And from the outside, it probably seems like it’s all precious and irreplaceable. But the truth is, most people end up packing and moving way more than they need to.

Take the time and commit to getting rid of anything you don’t need or use. Doing so will lower your cost of materials, labor hours and could possibly change the size of the truck you’ll be needing, which could result in huge cost savings.

Offer a Free Road trip

One regular hurdle faced by cross country movers is getting their vehicles to their new homes. If you have more than you can drive yourself, consider offering a close friend or family member a somewhat free road trip.

The costs associated with having a car shipped across the nation could be mind-bogglingly expensive depending on the vendors at your disposal. So much so, that offering to lodge a driving buddy and fly then home once you are at your destination could easily be a cheaper alternative.

Moving isn’t fun. It isn’t always easy. And it’s definitely not cheap. But we think with these tips and a well thought out plan, you can easily save your hard earned money when moving across the country.

Are you looking for investment opportunities?

Many people think a lot about their future as they get older. They often think about things like how much to save for retirement. For most of these people, the answer for the last question is investing.

This is because there are many investment options and one of them is penny stocks. While new investors weigh the pros and cons of penny stocks, experienced investors have divided opinions on the matter.

Some say they are a boon for investors, while others consider them to be a curse. Today, we’ll show you what penny stocks are along with both their pros and cons. Decide for yourself whether they’re a boon or a curse by reading what’s below.

What are Penny Stocks?

Penny stocks are more than only being pennies worth money. Penny stocks are a high-risk and high-reward type of investment. This is because investment opportunities found here are often cheap compared to other options.

The reason they’re cheap is that they don’t have that many investors or they don’t have an expensive foundation to justify their price.

Often, these investment options are cheaper is because they’re small companies. They tend to be those who are down on their luck in their earlier endeavors, resulting in their current prices. They are also often the ones who get overlooked because of more popular brands in the same line of business.

If they’re a low-costing option, why are they also considered high-risk? Well, this is because investing in a penny stock gives you no guarantees.

While you can argue that all companies started off with humble beginnings, there were next to no competition back then. Today, there are a lot of big brands with higher stock values and better return guarantees. These may prevent you from getting your returns if your penny stock continues to become overshadowed.

Pros of Investing in Penny Stocks

Despite the bad press it’s gotten, penny stocks can still be a big boon for your investment portfolio. After all, if it’s all bad, no penny stock would be the best performing stock in America. All you need to do is make sure that you read into your options before you make any investment decisions.

Here are some of the benefits you can reap when you invest in a penny stock.

You can Gain More Stock While Spending Less Compared to Other Stocks

With penny stocks being cheaper than most, you can get more stocks with a smaller investment.

However, when you trade that same amount for shares in a penny stock, you can get more than expected. You can get 50 or even 100 shares of a penny stock with ease.

With how fast penny stock prices move, you will soon be thankful of how many shares you have.

Stock Prices Move Faster than Usual

Penny stock trading happens fast.

Their prices are often in constant motion on a day to day basis. This means you may soon notice that your shares are worth 10 times more than when you bought them.

Compared to the usual growth rates, which are months or sometimes even years for the prices to have a slight shift, penny stocks can give you a big return in no time. This makes it a worthwhile investment for those who need cash in their near future.

Cons of Penny Stock Investments

Like with every penny, there are 2 sides of the coin. For every benefit you get for penny trading, there is a hindrance of equal or greater value. These are some of the reasons that many people consider penny stocks to be a curse.

The Market is Volatile

One reason why penny stocks are a risky investment is that of its volatility. Popular penny stocks get a lot of attention from marketing blogs and sometimes even in the news. This makes them popular which is good for a while, but when more people join the bandwagon, it can cause it to crash.

This happens because when more people buy more shares, they drive the stock’s price up. Multiply that instance for every investor purchasing shares, and soon the prices become unsustainable. This can cause the stock to crash and become worthless as times goes on.

This may leave a lot of investors getting much less than what they paid for.

Scams are Everywhere

The reason why many people have bad opinions on penny stocks is that they’ve had bad experiences with it. Most of these experiences are because of scammers. It’s easy to disguise penny stocks into scams, what with their low prices and all.

Many people find themselves tempted to invest in something before other people find out. This is the kind of attitude scammers want their victims to have. They also don’t worry about having a solid history in their fake stock because most penny stocks are also new.

How to Buy Penny Stocks

You can never get enough penny stock tips when you’re investing in them. As mentioned above, scammers litter the penny stock scene. To avoid scams, you should take time to learn about your favored penny stock.

Even new penny stock companies have something to say about their goals. Learning about their future goals will help you discern scammers from legitimate stocks. You should also consider limiting how much you spend on each stock.

Doing this ensures you don’t lose too much money if a stock crashes. This will also help you diversify your portfolio. Speaking of diversity, when branching out, remember to only go for high-quality stocks.

You can tell if a stock is high-quality if it has a higher price than most penny stocks. This makes sure that the investments you make have more of a chance to succeed. Once you see that a stock raises in price, you should know whether it’s worth selling.

Knowing when to sell a stock is tricky.

A good rule to follow is to sell your stock once it becomes 5x what you spent on it. This makes sure that you don’t lose money and that you don’t hold on to a stock for too long. Penny stocks are more of a short-term investment, so it’s a good idea to sell when you can.

Learn About the Pros and Cons of Penny Stocks and How to Buy Stocks Today

Want to learn how to invest in penny stocks? It’s never a waste of your time to learn about the pros and cons of penny stocks. Doing this will give you the knowledge necessary to succeed with your investments.

So, what are you waiting for? Make your investments now!

Unsure of your investments? Why not hire a financial advisor? If you’re still on the fence about it, here are 5 good reasons to hire one to convince you.