Tag Archive | "fee"

Unwanted Mortgage Fees

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The process of doing a transaction in real estate is a long and complex one. There are numerous forms to sign and hundreds of real estate terms to learn. There is always a mountain of paperwork involved and most just want to get it over with. After all, there are not many people who deal in real estate all that often. In fact, a majority only does real estate investing once or twice during the lifetime.

It is strictly advisable that you make an effort and try to understand what you are dealing in. Get your insurance agent and mortgage broker to explain everything to you. Learn about all the new terms of real estate investing. Find out all the details about where your money is going. Most of the people lose out on a lot of money during the closing deals. You should always take extra care to ensure that you are not paying more than what is required.

Closing Costs:

Closing Costs

There are many potential expenses when you are purchasing or financing real estate. All of these expenses are put down under the term of ‘closing costs’. These are of two types, recurring and non-recurring.

Closing costs could also include expenses such as the Federal Housing Administration (FHA) fees, the Rural Housing Service (RHS) fees, the Veteran’s Administration (VA) fees, a land survey that is done to authenticate the boundaries of the property, a flood determination fee that investigates if the property is in an area that is prone to flooding, title charges, endorsements, courier fees, transfer tax, optional home warranty and a recording fees.

Expected Costs:

The fees vary a great deal. They depend on the location of the property, the lender and the price of the house.

Junk Fees:

The junk fees, or garbage fees as they are often called, are a part of every mortgage. You can never completely avoid them but it advisable that you ask questions about them and have them lowered. Read the full story

What to Look for in Prepaid Credit Cards?

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Fundamentally, a prepaid credit card is synonymous to that of a debit card. For both these cards, owner of card loads the finances prior to making any buying. He/she deposits the cash in the account from where the money could be pulled out by the prepaid card. There are certain pros and cons of making use of a prepaid card:

 Prepaid credit card

Prepaid Cards Benefits

The foremost benefit of using prepaid credit card is that the candidate who applies for card does not have to go through a credit evaluation. Everybody who owns an account can be befitted with the prepaid credit card. There are no monthly or yearly charges and it is without any rate of interest. Besides that, individuals will also not receive any credit card bill.

When you make buying of merchandise on internet and personally at various retail shops, the use of prepaid credit card is very convenient and practical. Though the prepaid card is akin to a conventional credit card in many aspects, but there is a major divergence; the owner of card is not able to spend more than loaded amount in card. Hence, it keeps one within his budget constraints.

Cons of Using Prepaid Credit Cards

These cannot really do anything in perking up the credit position of the owner of card. In view of the fact that use of prepaid credit card details are not advised to credit referencing agencies, hence those people who aspire to revamp their credit followed by liquidation must look for other options.

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0% Credit Card: Purchase vs Balance Transfer Cards

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There are two types of 0% credit cards in the market. 0% balance transfer cards and 0% purchased cards. The rates of both of these are of special and promotional nature but still there is a significant difference. One must not get dazzled by the shiny and attractive rates being promoted by credit card issuers. Only when you understand the difference between balance transfer and purchase cards, you will be able to avoid the hidden fees and charges.

0% Credit Cards

Zero percent is just a marketing gimmick of credit card companies to lure new customers. If you take a closer look at the fine print, The 0% rate being boasted by banks is just for the promotional period of approx 3 – 9 months. After that, they start charging you “Huge” and “real” fees and interest charges.

You can not Borrow at Zero Percent!

There are no free lunches in the world, right? similarly, You can not borrow money on 0% interest rate. Interest rates and fees on your credit cards are the only source of income for banks and credit card companies. No bank or credit card company can survive by lending money without charging anything for it

0% promotional rate is for limited time only

After the promotional period is over, the banks starts charging you with normal rates. Length of promotional period can vary from card to card and bank to bank. Generally it can be anywhere between 3 months to a maximum of one year(which is very rare).

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Four Scams Aimed at You If You Have Bad Credit

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Scammers are every where on internet and their main goal is to trap you to take as money away from you as they can. You can meet such scammers anytime while trying to deal with your troubled financial situation. This article contains information about four most common scams which might catch you anytime. These scams are specially designed for people having bad credit.

bad credit scams

Scam One – Fee is required

These kinds of scams offer you a loan, but they will ask you to pay them a fee in order to get money from them. At this moment, you should bear in mind the important fact about the normal payday loan or any other short-term loan. For such loans, you get the amount of loan first and then you pay off the lending company in return. What scammers do is actually they collect money on the name of fee and disappear without giving you any loan. Other scammers give you the loan, but they take money from you in terms of application charges, form processing fee or any other unnecessary fee. These scammers will charge you extra and unnecessary fee if you have bad credit, but this fee is charged after giving the loan not before it.

How to avoid this scam? The simple solution to avoid this type of scam is that don’t pay any fee in advance. Plus, if the company asks you to call at number starting from 900, then avoid it. Find a lender that doesn’t charge you any fee before giving you the loan.

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Debt Management Plans

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If you are in debt, and need someone to help you in devising a way out, regarding the payment of the money, you definitely need a debt plan. You must go for having a professional advice and must stick to it properly in order to get rid of the debt.

Debt management plan

Mostly the scammers are attracted by the debt management plans. Normally people look for a quick and effective way to get rid of the scam.  In this situation, a debt management plan is really helpful. All you need is to follow the plan seriously.

debt management

Advantages of having a plan for debt management

If the company is trustworthy and honest, so the idea of having such plan is not bad. Once you decide for it, you need to sign up with a credit counseling company which is trusted by your lender.  Their trust is significantly important because the lenders trust companies more than the borrowers. So by choosing such a company, you can have a better deal.

Anyhow, the credit counselors set up a fund that each month you need to send some money. The counselor pays that money to your lender once he receives them. This all is done according to a plan which was accepted by everyone involved in it.

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PayDay Loan Alerts

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The Federal Trade Commission has asked the public to be alert regarding the payday loan fiasco. More and more companies, springing up out of nowhere are proclaiming to provide users with payday loan opportunities, but at a high cost, sometimes causing people to get into severe debt issues, in pursue of some quick cash.

Payday loans are not the exact amount of money that you request for, instead an added amount of fee is also imposed on to the loan. Each time you borrow more money, the fee increases, with every $50 or$100 borrowed.

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Top 6 Ways To Avoid Credit Card Late Fee Penalties

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You may be attracted by the credit card companies because they advertized low interest rates, but their fees are nearly tripled. These tips will help you out to save money on your credit cards by paying bills late.

credit card

1-pay your bills twice monthly

  • Just schedule to pay your bills two times in a month.
  • Also request the due date which you can recall easily and can remember the due date with your other bills.

2-Sign Up For Automatic Bill Payment

  • Sign up for automatic payments then you’ll never forget to pay.
  • Designate an amount which can pay minimum payment and pay a down as a principal, if you will only pay minimum you will always be under debt.

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