Money Rebound http://moneyrebound.com Return To Financial Freedom Tue, 21 Mar 2017 23:59:28 +0000 en-US hourly 1 What Insurance Do You Need for a Self-build? http://moneyrebound.com/what-insurance-do-you-need-for-a-self-build/ http://moneyrebound.com/what-insurance-do-you-need-for-a-self-build/#comments Mon, 06 Mar 2017 01:00:04 +0000 http://moneyrebound.com/?p=2416 Building your own home is a lifelong dream for many people. If you are seriously considering self-building your own home, then it can be helpful to consider the various types of insurance you may need to put in place to complete the process before you begin your journey. In this post, we’ll consider 3 important

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Building your own home is a lifelong dream for many people. If you are seriously considering self-building your own home, then it can be helpful to consider the various types of insurance you may need to put in place to complete the process before you begin your journey. In this post, we’ll consider 3 important areas of insurance you’ll need to consider when building your own home.

Site Insurance

One of the first things you will want to sort out before embarking on your self-build project is Site Insurance. Site insurance often combines different types of cover such as Public Liability, Employer’s Liability and Contract Works cover to ensure that your site, materials and the people working on the site are fully protected throughout the duration of the build.

If you think about it, from the day you begin working on your self-build there will be a potential for accidents, damage or even theft to occur. Building sites are dangerous places, both for the people working on them and for members of the public. If an accident were to occur, there is a potential for you to be found liable for this. This is why it is so important to have adequate public and employer’s liability cover in place to protect you in this event.

You will also be storing expensive materials on your site and operating and storing expensive machinery. These materials and equipment need to be covered against potential theft or damage. Contract works cover will also protect you if your building itself were to sustain serious damage during construction, such as burning down, for example. Site insurance – which often includes contract works cover – would reimburse you with the money you need to get your build back on track should serious damage to the property occur.

Additional Cover

In addition to the main types of cover included in a specific self-build insurance policy which we’ve mentioned above, many providers of this type of insurance will also offer additional cover options for an additional fee. These might include cover for your temporary accommodation while you are carrying out the works – such as a temporary caravan. You may also want to pay a little extra for legal cover to protect against unexpected legal costs, as these can easily become costly.

Structural Defects Insurance

Another type of insurance that is essential for self-build properties is Structural Defects Insurance. If a building is under 10 years old, then – in the UK – Structural Defects Insurance is a mandatory requirement and it must be in place before a mortgage lender will release funds for a property purchase. This type of insurance covers developments – including self-builds – for 10 years against building and latent defects in design, workmanship, material and components. Structural Defects Insurance can be arranged to come into effect on the day you complete your self-build, so that the building can be covered from day one.

Research from the Start

While embarking on a self-build can be rewarding and fulfilling, it’s clear to see that it is vital that you research self-building thoroughly before you start a project or even purchase land. This is especially true when it comes to researching the right insurance policies for your self-build project, to protect you against potential problems and to help sell your build or get a mortgage approval upon completion.

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When is the Deadline Date for PPI Claims? http://moneyrebound.com/when-is-the-deadline-date-for-ppi-claims/ http://moneyrebound.com/when-is-the-deadline-date-for-ppi-claims/#comments Thu, 02 Mar 2017 11:21:38 +0000 http://moneyrebound.com/?p=2439 People have been reclaiming PPI for several years now and in August of last year it was estimated that banks had paid out a whopping £24 billion in compensation, with further billions also being set aside for future claims that might be made. While many people have now reclaimed their mis-sold Payment Protection Insurance money,

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People have been reclaiming PPI for several years now and in August of last year it was estimated that banks had paid out a whopping £24 billion in compensation, with further billions also being set aside for future claims that might be made.

While many people have now reclaimed their mis-sold Payment Protection Insurance money, there are still many who haven’t and according to recent news they may only have a limited time in which to do it, as the FCA have proposed setting a deadline date for when PPI claims must be made.

What is PPI?

While I’m sure most people know by now exactly what PPI is and what the PPI scandal was all about, it is possible that there are still some people out there who don’t. So, for their benefit, let’s just quickly recap. Payment Protection Insurance – otherwise known as PPI – is a perfectly useful bit of insurance that can run alongside a mortgage, loan, credit or store card and can help you to make the repayments on these types of credit if you were to run into financial difficulty – say if you lost your job or had to go on the sick. The scandal wasn’t around the legitimacy of PPI but rather the fact that it was being mis-sold to people who didn’t really want or need it.

Some people were told, for example, that they wouldn’t be able to get a certain loan or mortgage if they didn’t have PPI. This sort of statement was completely untrue, and is a prime case of PPI mis-selling. Another example of mis-selling was when PPI was sold to self-employed people, as the benefits of many PPI policies were inappropriate (or sometimes useless) for those who were self-employed.

What is the Deadline Date?

While it has yet to be confirmed, the Financial Conduct Authority has proposed a June 2019 deadline date for claiming back your mis-sold PPI. They have also stated that they would like this deadline date to be the subject of a public awareness campaign to ensure that everybody who has yet to reclaim their mis-sold PPI is fully aware of the date and so can take the necessary steps to make their claim. PPI claims companies will also be taking a keen interest in the proposed date as this is likely to be a busy time for the industry as they try to get the very last claims in before deadline day hits.

Why impose a deadline?

The PPI issue has been weighing on the balance sheets of banks both big and small for several years now and for the good of the industry, the FCA has decided that the issue needs to be brought to an orderly conclusion. The deadline is a couple of years away yet, so there is still plenty of time for would-be claimants to be able to get their paperwork in order and sort out their claim. The proposed deadline is set to bring the whole PPI scandal to a finish in the not too distant future, though, something the banks will be extremely relieved about.

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When You Need to Sell Your Property Fast http://moneyrebound.com/when-you-need-to-sell-your-property-fast/ http://moneyrebound.com/when-you-need-to-sell-your-property-fast/#comments Mon, 20 Feb 2017 01:15:12 +0000 http://moneyrebound.com/?p=2429 We all know that to achieve the very best price when selling your home, you really need to be patient and not just jump at the first offer that comes your way. It may be that the first offer you receive is a fair one, of course, but patience is usually required. What if time

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We all know that to achieve the very best price when selling your home, you really need to be patient and not just jump at the first offer that comes your way. It may be that the first offer you receive is a fair one, of course, but patience is usually required.

What if time isn’t on your side, though, and you really do need to sell your home as quickly as possible? For example, perhaps you’ve been let down by your buyer and you’re going to lose out on your dream property if you don’t sell soon, or, maybe you are facing repossession. What then? If you are currently in this position, here are a few possible options you might want to consider.

Selling to a Family Member

Do you know a close family member who would really like to own their own home but who are struggling to find the money for a deposit? If so, perhaps you may be able to help them out, while at the same time selling your own home in a quick and secure manner. You could do this by offering them something known as a ‘Family Gifted Deposit’. A Family Gifted Deposit allows you to sell your house to a family member at a slightly discounted price. You can then ‘gift’ them the discounted amount as a deposit on the property.

To illustrate, let’s say that your home is worth £100,000 but in order to achieve a quick sale you would be happy to accept £90,000. In this situation, you could sell your home to a close family member and they would not require a cash deposit, as you could ‘gift’ them the £10,000 discounted amount as the deposit required by their mortgage lender.

Renting out Your Home

Another option you may not have considered is the idea of renting out your current home to free you up to buy another home or start catching up with your mortgage repayments again. Important considerations here are that you may need to get the permission of your current mortgage provider in order to be able to rent out your home and you will also want to account for the cost of the continued maintenance of the property or the possibility that a would-be tenant may not pay the rent. Still, renting out your home for a short or long-term period might well get you out of a financial hole or allow you to move on with your life.

Selling to an Investor

If you are prepared to sell your home at a discount price but you still can’t find a suitable buyer – as discussed in the first subheading of this article – then perhaps you might consider selling your home to an investor. There are many cash investors out there right now who are looking to buy properties quickly. While you may not achieve the price that you would on the open market selling your house this way, what it does offer is the benefit of a speedy transaction. Cash home buyers like Quick Move Now also offer to take care of some of the fees involved with selling your home too, which can be another potential barrier to selling your home.

So, while patience may be the key to achieving the best price possible when selling your home, it’s still good to know that there are other options available to you when time really isn’t on your side.

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Five Tips on Choosing the Right Investment Strategy for Your Investment Style http://moneyrebound.com/five-tips-on-choosing-the-right-investment-strategy-for-your-investment-style/ http://moneyrebound.com/five-tips-on-choosing-the-right-investment-strategy-for-your-investment-style/#comments Thu, 16 Feb 2017 16:16:34 +0000 http://moneyrebound.com/?p=2423 “One cannot separate economics, political science, and history. Politics is the control of the economy. History, when accurately and fully recorded, is that story.” – J.W. Smith. It is no secret that we are currently living under tough socio-economic and geopolitical conditions. Conflicts continue to break out all over the globe. Every time one source

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“One cannot separate economics, political science, and history. Politics is the control of the economy. History, when accurately and fully recorded, is that story.” – J.W. Smith.

It is no secret that we are currently living under tough socio-economic and geopolitical conditions. Conflicts continue to break out all over the globe. Every time one source of conflict has been resolved, several others break out shortly afterwards. Currently, some of the major ongoing conflicts include the grinding war in Syria, tribal conflicts in several African countries such as South Sudan, Mali, and Burundi, the flare-up of hostilities between the pro-Russian separatists and government forces in Ukraine, as well as the localized conflicts throughout Latin America between drug dealers and government troops.

Global socio-economic and geopolitical turmoil

When considering the world’s current state of flux and turmoil, we cannot forget the impact of last year’s Brexit vote and its upcoming resolution, as well as Donald Trump’s radical utterances concerning the USA’s relationship with the rest of the world.

There has also been an increase in terror attacks, which has prompted large parts of the Western World to refuse entry to refugees from the above mentioned war-torn countries. Given the breakdown of local governments, the host countries are having difficulties vetting applicants. This means that they cannot tell the difference between bona fide refugees fleeing the conflict, and terrorists who are hell-bent on causing mayhem and chaos through acts of death and destruction.

The geopolitical uncertainties related to the events mentioned above are usually but not always mirrored by the global financial markets. In an interesting break from the market’s expectations, the latest figures from the Dow Jones show that, in spite of Trump’s brash and pompous statements, “the Dow [Jones] remains above 20,000 points and continues its record gains despite the economic uncertainty following President Trump’s first weeks in office.

On further investigation we note that the Dow’s gains in January 2017 were primarily due to Apple, Boeing, IBM, and Visa’s ability to mask the actual results. Is it even possible to trade successfully under such volatile conditions?

Choosing an investment strategy

If you want to be truly successful at options trading, consistently making money, maximizing your potential profits and limiting your potential losses, then being able to accurately predict price movements of financial instruments is unlikely to be enough by itself.

I believe that it is possible to invest successfully in the global financial markets during these uncertain times. Consequently, here are five tips to help you choose the right trading strategy to suit your investment style:

Adequate preparation

Part of determining the right trading strategy for you is to ensure that you have laid the groundwork for success. You need to choose the right broker, find worthwhile investment opportunities, and write up and follow a sound trading strategy. In other words, you need to have a clear investment blueprint that spells out your investment goals in clear, concise steps.

Knowledge

Once you have laid the groundwork for your plan of action, you can start taking a close look at the types of underlying assets that are available and which of those assets you wish to trade on. Most online brokers offer the following categories of underlying assets: Forex, Commodities, Stocks, and Indices.

Levels of risk

What do you intend your risk profile to be? In other words, how much risk are you prepared to expose your investments to? For example, you can either make conservative high-value long-term investments, where it does not matter when the bottom drops out of the market in the short- to medium-term, or you can place low-value high-risk trades that open and close within a couple of minutes from each other.

Simple or complex strategies

There are trading strategies that are very simple and usually only involve a couple of transactions. On the other hand, some trading strategies are so complex that they require a large number of transactions to conclude. I believe that, under the current circumstances, it is prudent to keep your trading strategies as simple as possible.

Single or multiple positions

You can utilize multiple positions when setting up a trade; consequently, this reduces your risk portfolio, as well as the upfront cost of the trade. On the other hand, opening and closing a single position during a trade is cost-effective and simpler than an options spread. That being said, your risk profile will usually end up being increased.

Final words

These five tips will help you choose your overall trading strategy. In summary, I believe that the best trading strategy for the current market conditions is either a very short-term strategy where you leverage the price volatility to grow your wealth, or a long-term strategy where you sit out the market instability.

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Finding Affordable Wide Fitting Shoes http://moneyrebound.com/finding-affordable-wide-fitting-shoes/ http://moneyrebound.com/finding-affordable-wide-fitting-shoes/#comments Mon, 13 Feb 2017 21:56:18 +0000 http://moneyrebound.com/?p=2419 Looking after your feet is extremely important. Studies show that people with foot problems are less able to exercise, which makes it harder for them to stay strong and healthy. Why a good fit is important A big part of looking after your feet is wearing the right footwear. If you choose to wear tight

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Looking after your feet is extremely important. Studies show that people with foot problems are less able to exercise, which makes it harder for them to stay strong and healthy.

Why a good fit is important

A big part of looking after your feet is wearing the right footwear. If you choose to wear tight fitting shoes, because they are fashionable, you are highly likely to be storing up trouble for yourself. Many common foot injuries such as toes that turn in or bunions are caused primarily by wearing shoes that are too narrow for the foot. You can find out more about why that is by reading this article by the Mayo Clinic.

Try shopping online

Despite the fact that people’s feet are getting bigger and wider, finding wide fitting shoes is still not easy. For some reason many shoe manufacturers still do not include them in their range. This is a real shame because demand for this type of footwear is increasing.

However, a few retailers do now offer this type of footwear. Fortunately, for you some of them sell this range online, so you no longer need to live in a large town or city to be able to buy wide-fitting boots or shoes.

Big and small shops

It is those retailers that specialise in selling plus size clothes that offer the best range of wide fitting shoes. Over the past few years, demand for this type of clothing has soared, so they offer plenty of choice for both men and women. Whether you need a pair of shoes for the office, work boots, sandals, or something for a party, you can usually buy them from this type of clothing retailer.

Getting the size right

Before you buy online, it is important to establish what size you feet actually are, which means that you need to measure them. Make sure that you do this at the end of the day when your feet are at their biggest. Everyone’s feet swell slightly as the day progresses.

Because your feet spread slightly when you are standing it is important not to take the measurements while sitting down. Most people have one foot bigger than the other. As a result, it is important to measure each foot.

The best online retailers provide their customers with a comprehensive size chart. They include details of how wide the shoe is as well as the length. Using this chart greatly improves your chances of your ordering the right pair for you, which reduces the likelihood of your need to return them for.

Checking that they really do fit properly

When you try on any footwear you are considering buying make sure that you are wearing the sort of socks that you are most likely to wear with those shoes or boots. That way you can be sure the fit is actually right.

You should also try them on later in the afternoon rather than first thing. This is necessary because your feet swell slightly during the day. Therefore, shoes that feel fine in the morning can end up being unhealthily tight by the evening.

Following these few simple tips will make buying good quality shoes easy, and help you to keep your feet in good condition.

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Find the Perfect Ways to Motivate Yourself Financially http://moneyrebound.com/find-the-perfect-ways-to-motivate-yourself-financially/ http://moneyrebound.com/find-the-perfect-ways-to-motivate-yourself-financially/#comments Wed, 01 Feb 2017 22:58:03 +0000 http://moneyrebound.com/?p=2393 If you are currently struggling to get your finances on track then perhaps you are lacking one vital thing in your approach; inspiration. This is one important ingredient that simply can’t be left out of your approach to a better financial situation. While this might seem like a very simple issue, it is something that

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If you are currently struggling to get your finances on track then perhaps you are lacking one vital thing in your approach; inspiration. This is one important ingredient that simply can’t be left out of your approach to a better financial situation.

While this might seem like a very simple issue, it is something that some people never manage to achieve. So, how can you find the perfect ways to get financially motivated?

Reward Yourself

Possibly the easiest way to get motivated is to promise yourself a reward once you achieve a certain goal. For instance, if you save hard for a few months to pay a bill then maybe you will reward yourself with a treat such as a meal in a nice restaurant.

Living frugally can be tough and few of us have the mental strength to carry on doing this for a long time without seeing some sort of tangible reward. You can get started in this respect by thinking about your favorite things that could be used as your rewards, which will also give you a taste of the lifestyle that awaits you in the future.

Find Examples to Inspire You

Does seeing other people who are financially better off than you inspire you or make you envious? It can be difficult to see others find success when you are struggling to make your own dreams come true.

However, using examples of other people who have achieved financial success to drive yourself on is one of the most effective ways of getting motivated. These could be celebrities whose stories you have read about or it could be someone you know who has worked hard to get the lifestyle that they wanted.

Be Positive

Getting your financial situation back on track is the sort of long-term task that can cause doubts to creep into your mind. For instance, you might have a setback when you get hit with a big repair bill or earn less than you had hoped to one month.

Having said that, it is crucial that you stay positive as much as possible while overcoming your financial obstacles. Maybe you can do this by looking back at the great achievements that you have already reached or by thinking about your next big move.

Keep Your Targets in Mind

One thing that can be difficult to do is to keep your long term targets firmly in mind over time. It is natural that life gets in the way and forces you to think about other issues instead from time to time.

A good solution here is make a note of your main overall targets somewhere handy such as on your computer or on your phone. Whenever you need to find some extra motivation you can then look at this list and get your focus back again.

Get Support

A final good idea here is to remember that you don’t have to do this all alone. Perhaps you have a friend who also wants to improve their financial situation or maybe you will use online blogs or forums to find the support that you need.

Whichever way you chose to do it, it is a big help to know that there are others you can turn to for support and advice. Helping out others can also help you to feel great about your future too.

By being more motivated you stand a far better chance of achieving all of your financial dreams eventually. It won’t be easy but the more highly motivated you are the better your chances are of getting to where you want to be.

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Common Mistakes to Sidestep With Your Life Insurance http://moneyrebound.com/common-mistakes-to-sidestep-with-your-life-insurance/ http://moneyrebound.com/common-mistakes-to-sidestep-with-your-life-insurance/#comments Sat, 21 Jan 2017 21:44:05 +0000 http://moneyrebound.com/?p=2405 While life insurance is most certainly one of the most essential policies you can add to your coverage portfolio, having it doesn’t do you much good if you don’t know the proper way to use it. While local insurance agents can most certainly help you understand how to get the most out of your policy,

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While life insurance is most certainly one of the most essential policies you can add to your coverage portfolio, having it doesn’t do you much good if you don’t know the proper way to use it. While local insurance agents can most certainly help you understand how to get the most out of your policy, there are some mistakes of which you should be aware to avoid ruining your life insurance policy and the coverage it provides.

Buying the Cheapest Policy

Generic brands aren’t always a horrible choice, but putting the entirety of your focus on saving money with the cheapest policy is sure to result in regret. The least expensive policy could have restrictions that limit your options later should you decide to change your policy when you’re older. There’s also the fact that your conversion option may not be as agreeable if you select the least expensive coverage. Rather than look at what you’re paying, pay attention to what you’re getting on your policy and the peace of mind it provides.

Waiting Too Late to Get Life Insurance

Don’t think that life insurance is only for those who are married or have dependents. Even if you’re single and don’t have anyone depending on you and your income, you can still benefit from having life insurance, and that’s especially true if you leave unpaid debts or don’t have money saved up for the cost of a burial and funeral. By getting life insurance early when you’re in good health, you can take advantage of lower costs. There’s also the fact that you might not even qualify for the policy you want if you wait until you’re older, mainly because of health conditions common to the elderly community.

Mismanaging Your Payments

No matter your financial situation, do your best to take care of your life insurance policy first, or at least work something out with your insurance agent so you can maintain your policy. A single late payment on a universal life policy with secondary guarantees can come with grave consequences for your benefits. If you think there’s even a chance you might miss a monthly policy payment, contact your agent to see if you have a 30- or 60-day grace period while you get things figured out.

Taking Money Out of Your Policy

If you have a permanent life policy, it has a cash value, one you might be tempted to use for times when money is tight. While you can take out a loan or withdrawal from your policy without worry of being taxed, you’ll want to use the utmost caution when doing so. The reason for this is you can deplete your policy, which will result in you having to pay taxes. Always consult with an accountant or tax expert before you take out even a cent from your policy.

Maintain your life policy and your financial sanity by avoiding these life insurance mistakes. Understand how your policy works, and don’t be afraid to speak with your insurance agent about making changes to your policy if you feel it’s necessary.

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5 Financial Targets to Aim for in 2017 http://moneyrebound.com/5-financial-targets-to-aim-for-in-2017/ http://moneyrebound.com/5-financial-targets-to-aim-for-in-2017/#comments Tue, 17 Jan 2017 21:57:20 +0000 http://moneyrebound.com/?p=2396 How has 2017 started off for you? If you have already found that you are struggling to stick to your latest financial resolutions then maybe it is time to re-assess your targets. So, what are the top financial targets that you should be aiming for this year? The following are 5 that you should definitely

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How has 2017 started off for you? If you have already found that you are struggling to stick to your latest financial resolutions then maybe it is time to re-assess your targets.

So, what are the top financial targets that you should be aiming for this year? The following are 5 that you should definitely think about sticking to.

Pay Off Your Credit Card

The advice to pay off your credit card balance is something that you have probably read on more than one occasion. Yet, forecasts for 2017 suggest that overall credit balances are likely to rise again this year.

Even worse is the suggestion that credit card interest rates are also on the way up in 2017. Really, if you currently have any sort of credit card balance outstanding then paying this off should be your number one priority for the year.

Save More Each Month

It can be far too easy to find reasons for not saving money each month, can’t it? In this way, by the time August or September comes around you can find that the best part of the year has slipped by without any extra savings being made.

To avoid this happening to you in 2017, you should look to save as much as you can each month right from the very start. January is often a tough month financially but if you can save a decent amount this month then the year is off to a fine start.

Start Your Pension Fund

Have you been putting off starting your pension fund? It is easy to think that you are too young or that there is no point in doing this just yet. However, by starting off right now you can make a big difference to the amount that you eventually receive in your pension. Even just one extra year of saving can make a difference to your eventual retirement pot, so be sure to start investing or set up a pension in 2017 so that you can maximize your income during retirement.

Start Your Emergency Fund

If you have been lucky enough to never run into an emergency then you might think that it is something that will never happen to you. However, without wanting to sound too dramatic, you just never know when something might happen to you or your family.

This means that you need to think about setting up an emergency fund that could help you out of a sticky situation. Hopefully you will never need to use it but having it there will put your mind at ease anyway.

Get Started on Achieving Your Dreams

If the previous points all sound a bit too practical to you then maybe you need a financial target that truly inspires you. In that case, the start of 2017 is the perfect time to think about what your financial dreams are and how you will make them come true.

After all, you stand a far better chance of reaching your goals if you have a clear idea of what they are. The first step is to sit down and imagine what kind of life you want to live, before working out how to make it come true.

Rather than just counting dollars and cents try and see how every good financial move takes you closer to where you want to be. We all want different things from life and it is by taking control that we can get to where we want to be.

You are unlikely to realize all of your financial goals in 2017. However, why not make this the year in which you get on the right track and feel that you are inching closer to get your dream lifestyle.

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How and When a Home Mortgage Refinance Could Be a Sound Investment Strategy http://moneyrebound.com/how-and-when-a-home-mortgage-refinance-could-be-a-sound-investment-strategy/ http://moneyrebound.com/how-and-when-a-home-mortgage-refinance-could-be-a-sound-investment-strategy/#comments Tue, 13 Dec 2016 11:52:21 +0000 http://moneyrebound.com/?p=2359 When you were first deciding whether or not to buy your own home, you probably heard over and over again how buying a house is a good investment in your future. It is true that real estate will always have value because, the reality is that there is only so much to go around. While

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When you were first deciding whether or not to buy your own home, you probably heard over and over again how buying a house is a good investment in your future. It is true that real estate will always have value because, the reality is that there is only so much to go around. While this is a big planet on which we live, there will come a point in time where the number of people outgrows the amount of land and then the worth of each parcel will be invaluable.

No, that won’t happen in our lifetime or in the lifetime of our children, but the point is, the amount of inhabitable land on Earth is finite. Real estate will always have value and so, yes, that decision to buy a home was a wise one, a good investment in your future. However, you may be at a point when you need to get your hands on some cash and you are wondering if refinancing your home is a sound investment strategy. It may be, and then again it may not be. Here are some factors to consider.

The Rate of Your Current Loan vs. the Rate of a Refinance Mortgage Loan

One thing you may be aware of by this point in time, having paid for a number of years on your home, is that interest rates fluctuate from year to year based on what is happening in the economy. If you are paying, for example, 9% and are still paying mostly interest and very little towards the principal, a 6% home mortgage loan might sound enticing. It very well could be a sound investment strategy but that also depends on the term of both loans as well as the type of loan you are looking at.

Fixed vs. Adjustable Rate Loans

While fixed rate loans offer a number of benefits, one being that you will always have the same rate of interest now as you will in the future. An adjustable rate mortgage sees interest adjust based on the economy. In theory, this could mean a lower interest rate but that very rarely happens. Typically, your interest rate will adjust upwards over time, and this is what kills (not literally of course) most homeowners. Before deciding whether or not refinancing your home is a sound investment, weigh in on what kind of rates you have now based on the rates open to you. Are they adjustable or fixed and for what term?

Home and interest rate balancing on scales

Seeking a Shorter Term to Pay Your Home Loan in Less Time

When you stop to think about it, as you are paying your mortgage, the home doesn’t really belong to you until it’s paid in full. Until that time, your home belongs to the holder of your mortgage. Sometimes refinancing your home for a shorter term means you can pay it off in as little as half the time, meaning that the entire value of your home would then be yours. For example, investopedia.com explains that a 30 year mortgage that is a fixed rate could be paid in 15 years if the interest rate were cut in half and the term were cut in half. They explain that a $100k mortgage at 9 percent would carry monthly payments of just under $805 a month. For just a few extra dollars a month, a 15 year fixed rate mortgage would carry payments of about $817 per month if the interest rate was at 5.5 percent. That is, indeed, a very good investment.

Looking at the Bottom Line

Finally, it really depends on the purpose of refinancing your home. If you are looking to refinance for a sum greater than what you now owe because you need to get your hands on some cash, it may depend on why you need that cash. Are you reinvesting in your home to make improvements that will add to the value? Are you looking to pay off other loans, such as credit card debt, that carries much higher rates of interest? If the money you realize above and beyond what is still outstanding on your current mortgage can grow in any way, it could be a very sound investment.

This is just some of what goes into determining how and when a home mortgage refinance could work to your advantage. First, you really need to understand the anatomy of a loan and whether or not it is best to sit on what you currently pay or refinance for a better deal. Don’t make the mistake of so many homeowners in the past. If you can lower your payments and earn a profit on the excess you’ve borrowed, go for it. If not or if you are uncertain, don’t act rashly until you’ve spoken with your banker or financial advisor. Refinancing is only a sound investment if it yields a profit and that’s what you need to determine.

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3 Times a Personal Loan Could Be Useful http://moneyrebound.com/3-times-a-personal-loan-could-be-useful/ http://moneyrebound.com/3-times-a-personal-loan-could-be-useful/#comments Mon, 05 Dec 2016 14:01:46 +0000 http://moneyrebound.com/?p=2354 Money makes the world go round but the sad reality is that sometimes there doesn’t seem to be enough money to go round. While you may do your best to stay financially disciplined in making sure that your expenses are not more than your income, there may still be times when you experience a season

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Money makes the world go round but the sad reality is that sometimes there doesn’t seem to be enough money to go round. While you may do your best to stay financially disciplined in making sure that your expenses are not more than your income, there may still be times when you experience a season when you can’t just seem to stretch your dollar enough. This may lead you to consider a personal loan as an option, as there are different types of loans available to help people meet financial needs.

Lenders provide auto loans, student loans, business loans, mortgages, equipment loans and a whole lot of others. Nonetheless, many financial experts often warn people to be wary of loans because loans when not properly managed could denigrate into a bad debt, and this is certainly good advice. When used correctly, however, there are some situations where personal loans can also be useful. This article provides insight into three instances when a personal loan could be helpful for your finances.

Debt consolidation

A personal loan might be your friend when you have different unsettled debts with multiple creditors who are on your neck with gentle and not so gentle reminders. It sounds counter intuitive to get another loan when you are already struggling with the debt burden of multiple loans – but let’s examine the facts.

When you have different debts with multiple creditors, each debt will have a separate due date, interest rate, and monthly payment amount. Hence, you’ll be under immense pressure to divide up your income to pay all your recurrent bills and send in the payments for all the loans before their due date. You may miss some payments and missed payments often attract penalties and higher interest rates, which will sink you further into a vicious debt cycle.

However, a personal loan could provide you with a lump sum of money that you can use to pay off all your many different debts. Now that you have paid up all your debts you’ll be left with only one loan, one interest rate, and one monthly payment to make. This should make it much easier to manage your finances, because you can focus all your attention on a single loan. Of course, debt consolidation might spread out the repayment over a longer period but if this helps you to get on top of your finances then that could be a good thing. It’s also important to make sure that you don’t end up having to pay more in the long run when you consolidate debts, the idea is to pay less by reducing the interest payable on your overall debt.

Home improvements

Home improvements can make life more comfortable, increase the curb appeal of your property, and increase the value of your home. However, home improvements often require a huge financial commitment and you might not just have enough money to foot the bill. You can dip into your savings to pay for home improvements or take out a home equity loan – but sometimes, these options just don’t make financial sense or simply aren’t available.

A personal loan could help when you are planning a home improvement project. A personal loan doesn’t require equity; hence, you home won’t be at risk when borrowing funds. You also don’t have to go to the bank to process a personal loan and some personal loans can clear in as little as one week from the point of application.

Medical expenses

Nobody likes falling sick or needing emergency medical attention; yet, life tends to throw lemons at the most inopportune moments. Sometimes you’ll be the one needing a medical procedure, other times, a spouse, child, or significant other might need to undergo the procedure.

You may or may not have an insurance policy that covers the needed medical expense. However, the process of filing a claim, navigating the red tape, and actually getting the insurance firm to rise up to the occasion might be a long circuitous journey when the need for a medical procedure is staring you in the face. A personal loan can provide you with much-needed cash fast to pay for the medical expense. You can then repay the loan following a payoff structure that is best suited to your financial situation.

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