Tag Archive | "hidden charges"

Understanding The No Cost home loans

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Usually the no cost loans are the one causing you pay double. The total cost in the long run is higher than the borrowers would have imagined before going for a no cost loan. This is because of the high interest rate attached with the loan when paying back. Interest rate in no cost loan rises up to 2%. Though it might seem less to you right now, but actually it is big enough.

The Interest Rate:

One of the best ways for the borrower to find out which no cost loan is the best for him is to calculate the time period after when the house will be their own home. This can be calculated with the interest rate. If the Interest rate is high, you will get your home in small time period. On the other hand, if the same house is offered to you after 10 years, the interest rate would be less on that. This is how a person can judge the best loan and save accordingly.

Hidden Charges:

There are many hidden charges in every loan. However, a wise step can reduce the amount of these charges you are likely to pay when you apply without carefully examining. Borrowers must give a look to the closing costs, late payments, penalties, interest rate, time period, overpayment system and hidden fees. All these things when combined are known as hidden charges.

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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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How To Get The Best Refi Rates?

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Before you enter market to find a mortgage for yourself, you must be aware of few facts. Whenever you are being quoted, there is always a hidden amount which is added to the quote. This hidden amount is the commission added by the person arranging the mortgage. So each month the amount which you would be paying as your mortgage, some of it will be the commission for the person who arranged it. This is a fact which you need to be aware of while looking up for best refi rates.

Finding Best Refi Rates

In order to understand the concept of commission, you need to be aware of what per mortgage rate is. This is the rate prevailing in the market and would be on a similar level. If you feel that the quote which you have received is higher then it might have commission added to it. Par value is the base value of the mortgage which any person would offer you and would not have commission attached with it.

best refi rate

Discount Points

Markup is the amount which the person arranging the mortgage adds to the refi rate and then the final figure is quoted to the consumer. Apart from markup, another factor which you need to keep in mind is of discount point. These are the points which you have to pay in order to bring down your mortgage rate.

The function of discount points is very similar to that of markup as you would have to pay this fee to the lender in order to reduce your refi rate. The amount reduced would be by 25% and one discount point is equivalent to one percent of the mortgage being paid. However, discount points are under severe scrutiny in the market today as they are seen as a waste of money and most homeowners are aware of this fact. However, those who aren’t aware, have to pay higher mortgage payments each month.

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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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April 2012
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