Finance Review

During a recent workshop, therapist and trainer, Bill O’Hanlon told the following story.

He had worked with a disruptive teenager who was in danger of being thrown out of school. The teenager repeatedly got into fights. Bill had no idea what to do with this boy and to make matters worse he was due to see another boy with the same behaviour problems in a few days.

He asked the first boy what advice he could give to the new teenager to help him change his behaviour.He’s got to think before he acts!”"But what if he can’t, something happens and he doesn’t have time to think?”

“Then he’s got to count to ten, take a deep breath and think about the consequences of his actions that he might get kicked out of school or disappoint his parents.”Bill thanked him and passed on this suggestion to the second teenager – who was completely unimpressed.When he saw the first teenager again he hadn’t got into any fights or been thrown out of school. Bill asked him what was different.”Well people bumped me but all I did was count to ten, take a deep breath and think about what would happen if I got into a fight.”In short, he had followed his own advice.

Offset mortgages and intelligent finance loans were first introduced in 1997 and were an import from Australia. Simply put, an offset mortgage or intelligent finance loans is where you use your savings in a bank account to lower the interest you have to pay on your mortgage. It is easier to explain intelligent finance loans and offset mortgages by using an example.

Jack Jones has savings of $163;40,000 and a mortgage of $163;240,000. To save money Mr Jones opts for an offset mortgage. He therefore pays interest on $163;200,000 rather than $163;240,000. If Mr Jones wanted to finance $163;20,000 for his daughter’s wedding next year, he could ask when he set up his mortgage for a borrowing limit of $163;260,000. That’s $163;200,000 for the mortgage, $163;40,000 in savings + $163;20,000 for wedding. He would then have a debt of $163;260,000 however due to the offset feature of his mortgage and his $163;40,000 savings he would only pay interest on $163;220,000 rather than the $163;260,000 owed after the wedding. The main point to remember with offset mortgages is that you only pay interest on the money you actually owe. In Mr Jones’ case prior to borrowing for his daughter’s wedding this figure would have been $163;200,000 and after the wedding $163;220,000.

During the credit boom of the late nineties and early millennium, banks started to expand the offset principle to include credit cards and current accounts. The lenders who offer offset mortgages and intelligent finance loans usually offer two types of offset mortgages.

Credit problems are not a stranger to many of us these days. With economic crisis all around and individuals who are just trying to get back on their feet, it’s no wonder a credit score or two has suffered. In this article we will provide some sound advice that can help anyone get on the road to credit recovery.

First, obtain a copy of your credit reports. This step is essential if you want to see your credit repaired, so make sure to tackle it before doing anything else in this regard. After all, if you don’t know what is broken, how can you possibly fix it?

Obtaining a copy of your most recent credit report from each of the three reporting agencies is easy, quick, and can be done once a year for free. Your reports should be carefully reviewed for accuracy, as well as to get a handle on any past due debts. Dispute any inaccurate information on your credit reports. Once you have obtained your reports, it’s now time to address any information contained in them that is not factual.

If a credit report shows that accounts are opened which you know have actually been closed or shows accounts belong to you which actually do not, that information could very well be harming your credit scores. Make any corrections necessary by writing the credit bureaus and including documentation which demonstrates that the reported information is incorrect. Send your letters by certified mail, return receipt requested and keep a copy for your files. The credit bureaus will then either remove the incorrect information or send you a letter stating why it cannot be removed.

The second step is to contact any lenders who you are past due with. So once you have verified that information is correct on your credit reports, it’s time to take action to correct any past due accounts. Contact the lenders, or the collection agencies, and make payment arrangements. Request that any agreements which are made be sent to you in writing so that you have documentation if problems arise in the future. Once you have established a repayment plan, make sure you actually stick to it. Your goal should be to honestly take steps that will eliminate your debt. Doing so will eventually help to boost your credit scores.

Third, continue to pay off accounts which you are current on. Just because a debt isn’t already past due does not mean you should just ignore it. Continue to pay off your current debts and they won’t add negative marks to your credit reports. Try to consolidate your credit cards if at all possible to reduce interest rates. Paying more than the minimum owed on your monthly statements should also be your goal so that debt is paid off quicker.

Fourth and finally, stop using your credit cards so your debt doesn’t continue to grow. This is the best way to raise your credit score and achieve financial stability. Credit repair cannot be done without a little effort, but it is not impossible to do. In this article we have provided some valuable tips which can help anyone to improve their credit.

Use these tips wisely and you will soon see your financial situation beginning to improve and your credit score rising.

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They say finding a good home loan is like finding needles on a haystack. To some degree, that premise holds true. However, preparing for the task of securing the best mortgage for your circumstance should lessen the difficulty when it comes to finding the best mortgage the market has to offer.

When you are looking for the best mortgage, there will be several choices that you need to make. Consequently, you have to stick to the outcome of your decision because once you have a loan, you have no choice but to commit yourself to it.

When you stumble upon different mortgage types, you ask yourself if the home loan you choose can help you save money or allow you to settle your mortgage as quickly as possible. Finding the best home loan could simply translate to finding the best home loan rates. Aside from the fees and other mortgage costs, the overall price of your loan as well as your monthly repayment will depend primarily on the mortgage rates that you will be given.

One way avoid high mortgage rates is to save up for the deposit requirements. If in case you fail to present a downpayment, your lender automatically considers you as a high-risk customer. To compensate for this, they have no choice but to give you a high mortgage rate.

Another way to ensure that you get the most affordable mortgage rate is to choose the most suitable mortgage term. The usual mortgage term is 20 to 30 years. If you wish to repay your loan within the span of 20 years, you can’t choose a mortgage term of 30 years. That’s because most lenders will forbid you to make extra payments. In that case, the only way to repay your mortgage faster than the original mortgage term is to pay the penalties so you can make additional payments. Remember, it’s not that hard to find lender who will not charge you for making excess payments. See if you can work this out with them before you sign up for a loan.

Comparing home loans will also help you find the best mortgage rates. It’s understandable that the abundance of mortgage brokers, lenders and home loan products can confuse a lot of borrowers. This doesn’t need to be the case for you. If you seek the help of a broker, comparing loans would be a lot easier. Brokers know their way around the market, not to mention they have the skills and tools to help you out. Different kinds of mortgage calculators can help you choose the loan with the lowest interest rate.

Finding the best home loan rates is one of the goals of every borrower. It takes due diligence, knowledge and a little help from professionals to ensure that you are heading in the right direction.
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