July 14th, 2008
In fact, some conditions can keep you fr…. (las vegas secured line equity credit loan home)
Posted in Bad Credit Mortgages by Admin
In fact, some conditions can keep you from canceling the insurance even after you have reached the 20 percent mark.
Such a score would be a sign of bad credit.
These are just few points to consider when choosing a mortgage lender that you must pay heed to.
Credit for Buying Real Estate Not the Same as Credit for Buying Cars
Forget what you’ve been told about credit. Qualifying for a real estate purchase requires different credit than automobile financing or retail credit.
You may be shocked at some of these tips because this information runs contrary to what other so-called credit experts tell you.
Common Credit Myths
1. You need to pay off your credit cards
2. You need to close credit accounts
3. You need perfect or good credit to buy a house
Credit Facts
1. Paying off your credit cards lowers your credit score
2. Closing credit accounts lowers your credit score
3. You don’t need perfect credit to buy real estate
Why not pay off credit cards? Because paid-off credit cards do not compute in your credit score. Real estate lenders like to see open, active accounts with low balances.
Why not close accounts? Closing accounts before the payoff often costs consumers more money because credit card companies raise interest on closed accounts.
You can buy real estate with poor credit, but you will save thousands in loan costs if you maintain good credit. A bad credit report leaves home buyers with non-prime loans which have higher point charges, prepayment penalties, and higher interest charges, which therefore cost more money. For instance, a mortgage loan of $150,000, 30-year, fixed-rate mortgage, interest rate of about 5.72 percent costs around $870 a month; poor credit scores raise the interest rate over 9 percent and the payments over $1,200.
As you see from these payment differences, good credit means that you can finance a more expensive house with the same income, or save $330 each month.
Credit Requirements for Mortgages
Credit needed to buy real estate is not the same as good credit. Besides your credit score, mortgage lenders consider your debt-to-income ratio and other credit matters, unlike other credit grantors. Your debt-to-income ratio is the comparison of mortgage payment, including taxes, interest, and insurance to your total gross monthly income. Real estate lenders also consider your employment qualifications and your overall debt ratios.
Understanding the difference between good credit and the credit needed to obtain real estate financing helps you buy houses!
About the author:
Copyright (c) 2005 Jeanette J. Fisher. All rights reserved.
Professor Jeanette Fisher, author of Credit Help! Get the Credit You Need to Buy Real Estate, Doghouse to Dollhouse for Dollars and other books, teaches Real Estate Investing and Design Psychology. For more credit articles, tips, reports, and newsletters, see http://www.recredithelp.com
‘ Buyer BEWARE ‘ Gary Durkin Buyer beware.
By GARY DURKIN
2005 - All Rights Reserved Worldwide.
You may not be familiar with the title of this article, or indeed my writing style - but often they go hand-in-hand.
I use phrases or sayings to support my articles - as this often acts as a good starting point to drive home various key facts I am trying to emphasize to my readers.
The phrase or saying Buyer beware has some legal background, but is more often linked to everyday life when trying to warn people against the perils of purchasing - thats purchasing, often without good deliberation, consideration of facts - or sometimes just good old commonsense (me included!)
Todays fast pace World is all about here and now getting things done today - action, not delays.
We are all part of it. We all want things immediately, we hate waiting, postponing, complications..
Without this hyper-energetic lifestyle, there would be no need for fast-food, microwave ovens, email, cell phones, instant coffee, 500 TV / Cable channels, express elevators.
But sigh thats the World we live in, and the life we lead.
Who, more than anyone, has grasped this concept of high-energy, turbo-boosted lifestyles than. the sales, business and marketing industry?
They are dominating virtually every aspect of our lives, often subliminal, subconsciously - but always effectively.
This drives the passion inside us, acting as the catalyst which results in our eagerness, need, often greed - to make impulse decisions, instantaneous purchases. many of which are regrettable.
Hands up those of us who have never bought something on the spur of the moment, then later wished they hadnt??
Its not all our fault.
Whilst we must hold ourselves partly accountable, society too, but we mustn’t forget the experts all around us who are preying on our weaknesses - to make that sale.
Its all about..
BUY NOW - Limited Stocks.
Sale Ends SOON.
Offer Wont Last Long.
This Deal Closes Tomorrow.
Price Goes Up At Midnight.
Get It While You Still Can.
One Day Sale.
Its all very clever marketing and sales techniques - nothing illegal (not usually), some might say not even immoral.
Heres a little hint about the morality of sales.
Where I live, I am constantly bombarded with Sales and Special Offers, just like many other countries.
I will see an advertisement offering me a 75% discount off the normal price of a set of dining room furniture.
Sounds good so far - thats one hell of a saving - 75% off. This means I pay only one quarter the normal price.
However, and heres the catch.. the retailer, part of a large chain, has at some time in the past few months, at one of their outlets / stores (usually one of their smallest, and least popular) - placed a higher than normal price on the items for a short period.
So - usual price in usual stores would be $2,000
But they applied a special price at a small, unpopular store of $3,500 - for the same items.
Advertise 75% OFF (but hidden in the small print they refer to the price at this one store, where the item was on sale there for a few days.
SO - heres the bottom line.
If it REALLY was 75% off - the usual price of $2,000 - you would pay just $500
However, as they are using this special price from just one of their outlets, you pay 75% off this adjusted price of $3,500 - which is $875. So you are in fact, paying much more than what the real discount should be.
This is not illegal. This is exploitation of a loophole. And people just like you and me fall for this every day.
Many of us will buy because of the discount, the special offer, the sale price - and have less regard for the product itself.
NOTE - businesses very, VERY rarely sell items for LESS than they cost. So Sale Prices still mean they make a profit - albeit a reduced profit.
Often our impulse purchases of special offers and discounts, are made without a second thought regarding the terms, conditions, exemptions, exclusions, and guarantees (if any) that apply.
Here is another, very quick example, of how we can be exploited.
Mail Order companies, just like any other business have sales and special offers.
But not all of them allow free returns of goods if you change your mind.
This means that if you have decided not to keep the product, then YOU have to pay from your pocket, the cost of returning the item.
This itself is a factor which is off-putting to many, and deters people from returning goods. This results in lower returns, lower refunds for some Mail Order companies (and more profit).
The internet for example, is jam-packed with special offers, limited time sales etc. Its is one of the most popular forms of internet marketing strategies which force (persuasive encouragement) people BUY NOW.
And it works!
You simply dont want to be left out. To be the one who missed an opportunity so out comes that credit card and BANG! Youve done it!
Often, following this very short period of adrenalin-driven hyperactivity, follows a prolonged period of remorse and regret.
Why the hell did I buy that?
Sometimes we quickly try to claim a refund - but often we dont. We may have some small nagging doubts inside, but we put them to one side and cross our fingers.
Its only later, when we realise that the sale was hyper-hyped - and the product may have been over-sold and in the cold light of day, under-delivered - we really start to have our misgivings.
Often, its too late by this stage. The offer has closed, the refund period *(if any) has expired. The product didn’t live up to our expectations, the car doesnt have an engine, the video we bought was Betamax, the software was too hard to use, the book was written in a reading style for those studying Quantum Mechanics, there is no support, I didnt read the small print..
The last part is vital.
If you really MUST have it - then check, read, understand and know the terms. Dont spend $200 on software only to find it doesnt come with installation instructions, a manual or support.
Check it out FIRST.
If you are SO pushed for time, that the special offer / sale ends in two minutes - and you havent got the time to read the terms, do you really need it THAT MUCH?
If you have doubts - or questions, then ASK FIRST! If the seller wants to make the sale, they will be happy to help you. If theyre obstructive - walk away.
Is ANY purchase really THAT important that you MUST buy it NOW?
Unless you are buying food for your family. I doubt it.
Can you afford to burn money? Or do you just buy things for the hell of it?
Make sure you KNOW what you are getting, what the limitations are, and if you get any support.
So.. Buyer Beware !!
About the author:
************************************************
An article by Gary Durkin
Founder of the Internet Advice Center
http://www.InternetAdviceCenter.com
Gary has more than a decade of offline international business success behind him - each day controlling millions of dollars of investments world-wide, and has been doing business online for 6 years.
If you would like to join thousands of subscribers to his newsletter Delivering Success - send a blank email to deliveringsuccess@kioskcities.ws
Copyright 2005 - All Rights Reserved worldwide.
You are free to distribute this article, providing it remains unchanged and with the resource / bio box attached.
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