Finding Best Mortgage, It's an art !!!

by ExpertBlogger 7. October 2017 16:18

Getting a home is a dream of every living organism on the earth, be it an animal, a bird or a human being. This is a dream for a common man to buy a house for himself/herself and the family in today’s times when the rates of the property and the interests on the home loans are sky hiking. To get the best deal from the floating deals in the market is a big task for a property investor and to end up with a profitable deal that can ensure minimum interest rate. 

There are many pre requisites of striking a good deal in the home buying and selling market. The most important of which is the mortgage option that should be calculated appropriately before opting for it. Apart from this a good credit score, a reserved amount for the down payment and a good lender.

Let’s discuss some point which can be borne in mind before taking a step forward towards the dream property:

A small down payment can suffice for buying the property, unlike the popular notion of paying 20% of the cost to the builder/owner which lenders mostly tell the buyers. For e.g. as part of rural development the US government zero-down mortgages in order to uplift the poor.

The buyers who do not have a perfect credit score for buying the house can opt for government insured lending schemes.

The lender’s job is to calculate the minimum reserve needed to qualify for a mortgage. A lender’s duty is to ensure that in order to make a down payment the buyer’s savings should not exhaust and there should remain some reserve for the times to come and contingency needs.

If the credit score falls less than the 20 percent down payment amount then the buyer is asked to go for the mortgage insurance that may lead to higher payments for the property.

The mortgage insurance is an overhead till the loan is paid. However to get rid of it one can refinance the load if he/she wants under certain special circumstances.

During the mortgage the debtor will be asked by the lender to pay all the closing costs of the mortgage which will ensure into the low rate of interest, however in doing so the credit score of the debtor will go down and hence leading to the mortgage insurance. One should be careful in opting for all the options at the time of mortgage.

To get a good mortgage deal the buyer/debtor should keep a low profile while the mortgage is being processed , being said that , all the credit cards / spending trends etc. should not be made or made only if absolutely necessary. During the lenders survey the spending activities of the buyer if surfaces, then the possibility of the mortgage to be nullified or get cancelled is higher.

Another most important factor that people ignore is availing the veteran loan. Serving the nation or retired nationals both can avail the benefits on the mortgage under Veteran scheme.

A good mortgage broker can give you a plethora of options to buy the best loan without being biased of his/her products. Go for a licensed mortgage broker, that can give you access to the maximum options in least time interval.

In order to get a good credit score, one should start clearing his debts or any outstanding money to be paid before going for the mortgage. The ideal credit score of 700 credits gives a buyer an upper hand in buying a good loan. 

With good credit score one should also focus on a fairly good cash reserve. A good cash reserve is measured in terms of the number of months one can make the house payment in cash. This will help in positioning the buyer in a better place to get the best deal on the mortgage.

Never go for a mortgage without comparing it with other deals in the market.

Lastly, try to figure out as for how long you’ll be in the house that you plan to buy. If in the long run one decides to sell it off then mortgage rates can be adjusted. The adjustable rate mortgages offer low interest rates and also low initial down payments. However, when the interest rates will start to leap, these ARM’s would create a problem to the buyer with increase costs on the loan.

One must be judicious in going for the perfect mortgage scheme based on his/her requirements and long and short term benefits, always look at your need and keep in mind demand and supply structure for your targeted areas.

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Expert's View | Finance

Journey of Currency from Barter to Bills and Digital to Bitcoins.

by ExpertBlogger 15. May 2017 11:46

Human evolution came all the way here with so many mind blowing inventions, products and ideas which has changed the world in different ways and the most important part of today’s era is currency. It is surprising that the world has changed the way of barter system which was there in ancient era when people use to exchange good with good and there is no medium after some time people started using coins and paper money and started calling it as currency, each country has invented their own currency and started valuing them according to demand and supply. 

Later state the physical currency has  transformed in shape of credit card and become digital and we started using as plastic cards and digital money but while doing that you still have access to or the form of currency is still the same. Till now digital currency was having one to one mapping with the physical currency or money, only different thing was it is in form on digital form and you can use that with orchestrated medium which has created by banks to use or spend it. Now these banks started serving as middle man to manage your digital money which is good because now you have someone who is taking care of your money but the problem here is bank and these kind of digital money institutions started taking their cuts which means they started charging for their fees for every transaction which you do in digital way so hold on are you missing some point here , we started our transaction with barter system where we use to exchange goods so there was fair value for both parties now we invented currency and started using it so each coin or dollar bill has value which we use to utilizes to buy or sell good. Now when it is converted into digital we have got the overhead of the extra charges and their born the new crypto currency called Bitcoins.

When I first started learning about Bitcoins I was just amazed that how those works, I started searching that in simple team I found that we are going back to our roots it is kind of similar to our barter system when there was not middle man and we use to deal with each other only now goods are replaced with bitcoins but the concept remains the same. Today Bitcoins are reshaping the world’s currency market. This currency has been accepted by many main stream vendors and you can find bit coins ATMS where you can buy Bitcoins, Now you will think that Bitcoins are some kind of physical coins which will pour from ATM , then you are mistaking, bitcoins are not physical it’s all virtual ,same as money in your bank account. The only difference is there is no middle man who is managing your money, every Bitcoins transaction happens between one person to another and everyone keeps track of all transaction.

In first place this is kind of blizzard to understand but I will try to explain this is upcoming article. Everyday our world is moving in different direction very fast and bank and financial institutions are predicting that Bitcoin might be the future currency. 

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Expert's View | News | Finance

Buying an Insurance? Be Smart and Do your Homework.

by ExpertBlogger 28. April 2017 17:24

We live everyday life with ease and we always want be like that, anyone on earth don’t want their life to be disturbed with any sort of bad things. But we all know that, this is not going to happen and every now and then there are some unexpected things will happened in our lives and we should be prepare for that in every sense including mentally, physically and finically. We can control our mental and physical trauma of any event but when it comes to finance it is really not in our hand and cost of any happening would be outrages. Then it comes a magic word called Insurances.

I Just wanted to discuss is how important is to have insurance for each and every one no matter what we do and more than that how important to choose right insurance with right plan  knowing that Insurance helps us in every part of life right from medical insurance to car insurance, home or mortgage.

Now some people who are good drivers they get annoyed with paying huge amount of money in their car insurance even though they have not used this anytime in their life even government made to take the insurance mandatory, same with medical those people really don’t use it and pay high premiums.  Generally when we talk about high insurance cost for anything from car to medical it boils down to underline cost of care. In case of medical there are some people who are using their medical insurance at the peak and there are some who are just paying their premiums and not using at all, also the plans for these insurance companies are so difficult to understand that a normal person take lot of time to understand. In this situation you should consider visiting and insurance advisor and figure it out that which plan is best suited for you. Instead of paying high premiums if you get the right plan it will save you tones of money.

Similar thing applies while buying care insurance few things you can remember that if you are driving less miles then you can choose a company which gives you discount on lesser mile. Now liability insurance is compulsory in some of the state but other things are not, let say if you are driving 10 year old car for glossary shopping then there is hardly any need to get collision and comprehensive insurance because even if met with an accident then the deductible will be so high on those that you could repair your own car with that deductible and if at all if it is major one then it is not worth to put that kind of money on that old car oh unless it is vintage one.

In nutshell , Insurances are most essential part of our life but when you are choosing it please make sure that you have done your homework for last 3 years your behavior and choose the right plan and after all you get once year chance so it’s worth the time.

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Expert's View | Reviews

Thinking about Investments? time to be serious!!

by ExpertBlogger 20. March 2017 12:16

It was normal day as usual and I read something on social media it was kind of funny but stuck in my mind somebody has wrote that, education, carrier, kids , progress, big house big dreams , who the hell discovered this , weren’t we happy in caves eating roots and staying happily with family , I laughed and told my wife , these people are crazy their thinking is beyond our imagination this was one side of thinking for that day but later somebody came to me and started discussing about the investments and securing your future when you grow older and suddenly  I started feeling that I am already old.

Oh my god, I am getting older and I have not planned my future yet. Is it too late, what should I do? Where should I invest? Who should I see? These question ghosted me as lighting strike the tree. I started running like chicken without head and asking bunch of question to everyone. Then I realize that nothing going to change overnight and there is never too late for anything, first I just have to relax and take a good finance advice. Now I don’t have that kind of money that I need any professional financial adviser but researching about knowing that where can I grow my money without risking my future is worth a try.

I am not always good at managing my money, I know fitty percentage of people are like me, oh my look I started talking about percentage and stuff. No , but on serious node everybody should be aware of some sort of investments that could be anything which will encourage you to save and use that money for some good purpose like kids college education or marriage and may be your long waited dream to have world tour.

Many people want to see their money every day because they feel that what if I need that money tomorrow, that means they always want money to be liquid but liquid money is dead money it does not generate any return, you can do CD’s but again those percentage and not that big you are just sitting on money which value is getting deprecated day by day. You need to understand that people are multiplying their money and on other hand you have holding your money for yourself.

You can choose any path of investing but any little investment you do it do is going to grow much bigger in future , it could be stock market, mutual funds, housing market, land or even in any startup company. Easiest way to put your money in mutual funds because you have low risk low income but your investments will always has the touch of market, instead we always wait for right time.

Believe me there are some people who are doing trading and stock investment for living but off Course you will not able to do it because it needs lots of research and it’s a full time job, but what you can do it have your money as Systematic investment plan which will invest your money over the long period and you get opportunity to invest in every tread of market up down.

So have you invested yet?? But waiting for good time. 

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Expert's View | News | Finance

New Year - It's time to reset!!!

by ExpertBlogger 5. January 2017 11:50

New year started and everyone is talking about new year resolution, some have made someone has not but the part of this more interesting is it is new year and you have got chance to reset your clock on many things, I am talking about personal and professional things also other things like your tax year changed and now you have plan your taxes again, your insurance year change to you have to plan for your medical expenses. You employment year changes to you have chances to make in additional changes you desire.

Sometime I think that all these resets in life has been mandatory by government or by agency but for our mind or our thinking do we have any reset switch which we can turn off and on and say that on now start from here and forget about what happened in past and then from now on you have new dues to pay and past due to achieve. In reality we finality does not do anything like this we go through tuff time every year and our worries and hard feeling keep accumulating in our mind just like the dirt and mess got accumulates in the sink pipe, over time there is not space to run the water and it just bubbles back to the surface, what is need in reset or clean and let water flow as pervious. 

Our mind is millions and billions of memories and neuron connection which our brain makes knowingly or unknowingly, over time we have control on our mind which to keep it for long term and which is to erase of. Now you can erase of things easily but if we make use of this New Year and reset our switch on our body and erase of all the bad memories of last year, remove the bad feeling about someone, forget about wrong decisions you made in last year and just start everything with clean sheet again. Meet new people, make new mistakes, and earn new opportunities.

I know this is hard to reset on everything but as I have observed that every time you need to do something it need just one trigger and when someone pulls that trigger even it is small , it just start the flow then it increase and then it just happen , only it needs is that one little trigger. Then what is the harm to be new year on that date Jan 1 is to be your trigger for your mind and tell mind that hey start resetting my body and clean my thoughts, It will not work right away this year but at least the flow will get started and year by year your mind and brain will get train to flush himself and reset thought to clean sheet where there is plenty of space with no clogs.

So!!! what you are waiting for hit that reset switch and flush your mind.

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Expert's View | News