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Mortgage Money Matters: Essential Steps Before Buying a Home

January 10th, 2017 Posted in Money Tips
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Buying a home is a huge step in your life. Some people do it as soon as they can, while others choose to wait or aren’t able to buy property for a long time. When the time finally comes that you’re considering it, it’s essential not to rush into the process. Property doesn’t come cheap, and most people can’t afford to pay in cash. The financial aspect of buying a home is the most important thing to think about. There are some big issues to consider before you make the leap and become a homeowner for the first time. Take these steps before you do anything.

Are You Financially Prepared?

In advance of making any moves towards buying a house, you need to check up on your financial situation. There are several things you need to think about to make sure you’re financially stable and ready to purchase a property. Of course, your income is important. Lenders will look at how much you earn to see what you can afford. However, you also need to remember that how you spend your money is important too. Your credit score can have an impact on whether you can secure a mortgage. And, of course, there’s a down payment and other costs to think about.

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Work Out What You Can Afford

If you think you’re ready to buy a home, you need to think about what you can afford. What you think you can afford and what lenders think can be different. You might overestimate what lenders could be willing to give you. On the other hand, a mortgage lender might surprise you with their offer. You should try to think about your mortgage in terms of monthly payments. Take a look at how much you currently pay in rent and other costs. Of course, it’s also important to consider the size of your down payment.

Get Mortgage Advice

You might think you’re ready to jump straight into looking for a mortgage. However, before you go ahead, you should consider seeking some advice. You can get mortgage advice from a number of places. You might choose to use a mortgage broker like Mortgage Solutions or a similar service. You can also find mortgage information online, which allows you to read about mortgages for free and make comparisons. However, it’s often best to see someone in person so you can discuss your particular finances.

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Remember the Extra Costs

Before buying a home, it’s essential to remember the extra costs involved. It’s not just the house itself that can cost you money. You may also need to pay for a variety of things during the buying process. For example, you might need a lawyer or to conduct a number of surveys on the condition or even the land boundaries of your property. It’s important to be aware of these extra expenses and prepare for them before you start looking for a home. Overestimating the costs is always better than underestimating.

There are lots of money matters to think about before purchasing property. Don’t leave it too late to consider them.

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4 Compelling Reasons For Every Parent To Make A Will Today

January 10th, 2017 Posted in learning about money, Money Tips
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Drawing up a will can be a tough thing to think about – not to mention the fact you might feel far too young to get started with the process. But if you have children, it is something you should consider doing so sooner rather than later. There are a variety of reasons why making a will, and we’re going to outline some of the most compelling with you today. Let’s take a closer look.

You get to choose

First thing’s first, if you don’t make a will, then you have no say on the fate of your family., The law will have to step in, and while we all trust the legal system to give the best outcomes, it doesn’t always get it right. To ensure that your wishes are fulfilled, you must make a will and make those wishes clear. Failure to do so will make sure that it is rules – not your preferences – that dictate what will happen to your family, property, and money.

It’s easy to forget until it’s too late

Of course, it’s difficult to contemplate your mortality, especially when you still feel relatively young and healthy. But, you should understand that life gets in the way of a lot of things – before you know it you could be retired, or suffering from an illness or condition. And, as Ronald Fletcher & Co. point out, elderly clients can often experience issues with wills and probate law. And the simple truth is that you never know what is going to happen an hour from now, let alone a few years. Don’t leave it until it is too late, and you can ensure that your children have precisely what they need when the inevitable happens. Not only will your will provide them with financial security, but you can also appoint guardians – and avoid disputes about your inheritance once you are not around.

Protect your kids

Your will acts as a safety net for your children and loved ones. Beneficiary designations, the creation of trusts, and even changes to property titles are all necessary to ensure your estate and will pass exactly as you wish it. It means that even when things slip through the cracks, your will ensures they are still in accordance with your desires.

Reduce ambiguity and argument

Make a robust will, and there will never be any disputes about it. While it would be nice to think your children and loved ones will accept your wishes, you just don’t know what things will be like further on down the line. There could be arguments, disputes, and massive problems if you don’t lay out your wishes within the legal framework of a will. Intestacy can cause a lot of issues within families, and the legal wranglings can take years to sort out. By making a clear and valid will, you are removing any opportunity for intestacy, and – probably – stopping the chance of family rifts developing.

Have you made a will yet? If not, why not? Let us know your thoughts about your worries about making a will in the comments section below!

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Sound Advice For A Financial Emergency

January 6th, 2017 Posted in Money Tips
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We don’t like to think about it, but it can happen to us all. We are talking about financial emergencies. It can be so easy, for even the most careful person to run into money problems. All it takes is for an unexpected bill to pop up, and it can put your budget right off. But what can we do when this sort of situation occurs? Read on to find out.

Don’t Panic

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Being in the midst of a financial emergency can be pretty stressful. They tend to happen around things that are urgent and you just can’t do without. For example when your vehicle breaks down and has to go to the shop to be repaired when you have no other form of transportation. Or when the wild winter weather blows the tiles off of your roof, and you need to get it fixed ASAP, before the water starts coming in.

But the most important thing to do is stay calm and not panic. Panicking is online going to make things worse. But where money is concerned you need a clear head with which to make decisions. So make sure you give yourself a little time to absorb what is happening before you make a snap judgement on what to do.

Prioritise

Once you have a grasp of the basic situation, the next thing you need to do is look at it in more detail and assess what they key priority is.

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If you have only one emergency debt, then it can be a little easier. But what usually happen is that you end up robbing Peter to pay Paul. This then this creates a chain reaction of minor money crises that all need resolving.So to deal with this effectively, you need to be aware of the original financial issue, and all of the others that will follow after once this has been resolved.

Pay off the most urgent forts and then repeat as the other bills come in. Urgency should be decided by what the bill is for. Utilities and rent take priority, as does food shopping.

You should also think about interest rates and late fees. It can somethings end up costing you a hell of a lot, even missing the smallest of payments. So make sure you don’t make your situation worse by doing this.

Review Your Options

Once you have a detailed grasp of the situation, then it is time to research your options. Where will the money come from to deal with this crisis? Can you take it out of your savings?

Or can you borrow it from friends or family? Perhaps a loan would be a good idea? You can even get personal loans no credit check necessary now, so don’t rule it out on the basic on thinking you won’t qualify.

Create An Emergency Fund So This Doesn’t Happen Again

Lastly, once the emergency has past is an intelligent idea to create a ‘disaster fund.’ Then you never need to end up in this position again. Remember financial planning, done well, can keep you from having these emergencies in the first place.

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Teaching Teens The Financial Value Of Safer Driving

January 6th, 2017 Posted in kids and money
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Teens are natural risk takers and believe they will live forever – a nasty combination when they start learning to drive. They will also start to forget all the valuable lessons you have taught them about finances in the past  – temporarily, at least.

The result is a headstrong child driving in a lethal weapon, who knows that mom or pop will bail them out if they have a crash. And a young adult who doesn’t care about the fact you are worried about their safety.

So, how can concerned parents teach their kids about the value of driving safely – at all times? As I mentioned above, their innate confidence means they will think you are overly concerned. After all, they can drive perfectly well – the license they have in their wallet or clutch proves it, right?

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Forget about safety

First and foremost, forget about your safety concerns. Try and think back to when you were a teen. How many times did you listen to your parents when you went out for a night? What did you do when they told you to be careful or watch how much you drank? Or, when they asked you to make sure you drove slowly? It will go through one ear and straight out the other. You need a different tactic, and one that they know will impact them – money.

Talk about insurance

It’s OK to pay for your kid’s first car, and all the costs that go with it. But one tactic that might work for you is to make sure that your teen is aware they will foot the bill for any insurance increases. Now, as an adult with years of experience of driving a car, you might not remember how costly that can be. Teen auto insurance is extortionate enough as it is, but it skyrockets even further if they are involved in a crash. And a quick search online for an auto insurance comparison service will show them exactly what that will mean. They could be facing extra payments of over $100 or more every month.

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Talk about the impact of an accident

While your teen will care little for their own safety, they will care if it impacts on your family. So, let them know how much it will cost to hire a personal injury attorney in the event they have a crash. Point out that you might have to say goodbye to your family vacation, as you will need to take time off work to look after them in their hour of need. It’s even worth showing them precisely how much it costs to treat an accident at a hospital, including the ambulance fees, charges for X-rays and scans, and the price for staying overnight in bed. Even a teen from a wealthy background will wince at those figures!

Conclusion

Teens don’t go out with the express intent of causing trouble on the roads; it’s just the way their brains are wired. And their wild nature means no harm to anyone else; it’s just that they think they are superhuman. But with a little education in the right areas, you will be able to – hopefully – encourage your child to learn the financial implications of having a crash in a car.

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What Are Really The Best Sources Of Financial Help?

January 5th, 2017 Posted in Money Tips
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No matter what your situation in life, there are always going to be times when money is a bit tight. The majority of people worry about money from time to time, and the truth is that plenty of people need help occasionally. Why such a situation might come around is another matter altogether. It can be the result of ongoing debt, or it could be a case of just not earning enough. And then there are unforeseen incidents, such as falling ill and not being able to work as a result. All of these circumstances are unfortunate enough in themselves, but not feeling as though there is a decent solution is even worse. However, it’s not true – there is always help to be had, even if it is not all made equal. In this post, we are going to take a look at a few of the main sources of financial help. How do they compare with one another? And which is the best of all for most people? Let’s take a look and try to answer these questions.

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Benefits

You might be surprised at how many people can get some kind of benefits. There are all sorts of situations which warrant benefit being given, and you never know – you might be eligible. However, it can be tricky knowing whether or not you are, and there are so many out there that it’s hard to know where to begin. A good idea is to take a look at your local government’s website – chances are, they will have plenty of information on what benefits are available and whether or not you can apply for them. Although many people don’t like the idea of using benefits, the fact is that they are there for a reason. If you feel that you need them, and that you are eligible, then you might as well claim them.

Loans

Borrowing is often a good option when you are in financial trouble, as it gives you a way out and offers some time to repay. There are a huge number of different kinds of loans out there, and one of your main concerns will be with choosing one that is right for you and your situation. To that end, always make sure that you are checking loans carefully before taking them out. You want to check how much you are likely to repay, as well as what the time period is for repayment and for payment to you. Fortunately, finding a loan fast is now easier than ever. If you are stuck, this just might be your best option until payday.

Grants

Similarly to benefits, there are a huge number of grants out there – and many of them are non-repayable options, meaning that you don’t have to worry about repayment. Again, as with benefits, there are many situations which warrant grants, and it is worth looking into what those situations are to see if you are eligible for one. If you do turn out to be eligible, this could really make a world of difference.

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