Saturday, May 30, 2009

Poor Credit Refinance-Getting Approved

Because of low interest rates, many homeowners are opting to refinance their homes and cash-out at closing. The refinance process is similar to the procedure of obtaining the original mortgage. Homeowners must be approved by a lender and pay fees associated with acquiring a new loan - closing cost, title search, settlement fee, etc. Yet, there are benefits to refinancing a home. Homeowners may obtain a lower interest rate, which equals lower monthly payments. Moreover, refinancing a home for a shorter term allows the property to build equity quicker.

Benefits of Refinancing with Poor Credit

Refinancing a home with good or fair credit is less complicated. Persons with a good credit rating are qualified candidates, thus some lenders are more willing to compete for their business. Some homeowners with bad credit may hesitate to refinance. However, it is possible to refinance a home with poor credit. In fact, refinancing and receiving a lump sum of money at closing may help improve credit. Once funds are received, the homeowners could use money to pay off high interest credit cards and other consumer debt, which will boost credit ratings.

How to Get Approved?

Getting approved for a refinance with poor credit requires work and patience. There are "high risk" lenders willing to loan money. Nonetheless, before applying for a mortgage, homeowners should try and correct any blemishes on their credit report. This may include paying down the balance on credit cards or maintaining a current account standing with creditors.

Mortgage Brokers: Negotiating the Deal

Submitting a loan application to several different lenders is the key. These include local lenders and online lenders. It is recommended that homeowners receive at least three quotes. Mortgage brokers are highly effective because they have access to various lenders that specialize in granting loans to individuals with a poor credit rating. Brokers negotiate with these lenders to help an applicant obtain a loan that meets their needs. After a loan application is submitted to a mortgage broker, within 24 hours homeowners will receive multiple quotes from several different lenders who offer mortgages for poor credit. Multiple offers afford the opportunity to compare rates, and select the best offer.

About the author:

View our recommended Bad Credit Mortgage Refinance lenders.

Written by: Carrie Reeder

Personal Finance Worries

Are you nervous about your personal finances? The irrational exuberance of the 90s that led to double-digit gains for almost any investment portfolio is over. Now, you might consider yourself fortunate if your investments are losing less than the S&P 500. Add investment worry to the regular personal finance worries of meeting your monthly budget, slaying the debt dragon, and starting/building that elusive emergency fund. Will your savings and investments be able to meet your retirement, children’s college funds, and other goals? Although no one can see the future, there are things that you can do to reduce your worries.

Knowledge Is Power

Learn and become more skilled in financial matters. The best way to improve your financial education is to read personal-finance magazines, books, and even newspapers. The educational materials sent out by mutual-fund companies and brokerages are also valuable. You may come across conflicting information and advice, but if you read widely, you will eventually get a better idea of how to manage your money.

Do-it-yourselfers are not the only people who can benefit from learning more. If you use a financial planner and yet are knowledgeable about investments, insurance, etc., you are more likely to end up with a solid financial plan. If you find yourself teamed up with a inadequate or unethical adviser, and you have a good understanding of investing, you are more likely to recognize bad advice.

Fear Creates Worry

"Greed is good!" says Gordon Gecko (Michael Douglas) in Wall Street. Recent investment losses, corporate scandals, and a stagnant economy refute that statement. Instead, a warning is emerging in personal finance forums as we search and hope for indications that relief is in sight. Fear is bad! Fear has driven many investors either to dump stocks and load up on bonds, certificates of deposit and other conservative investments or, even worse, to stop saving and investing. This creates new problems. People will be incapable of achieving their long-term financial goals because their portfolio may now be so conservative that it won't deliver the returns needed to retire in comfort, or they are simply saving too little.
Faced with this fear and uncertainty, financial knowledge is more important than ever. Instead of reacting to the market’s ups and downs, learn more about the characteristics of stocks, bonds, and other investments; as well as the broad array of personal finance and money management topics.

About The Author

This review is courtesy of John Q. Miller at where you can find out how to create your own (no writing required) newsletter and earn multiple streams of Internet income.


About the Author


Written by: John Q. Miller

Personal Finance-Why You Should Compare,Not Despair

Sorting out your personal finances can be a tricky and exasperating time. Whether you are looking to obtain money through a loan, protect your finances with life insurance, medical, travel or car insurance, save some money through an individual savings account (ISA), apply for a credit card or a mortgage, change a telephone or fuel utility supplier, or simply decide what the best current account is for your needs, the choices are seemingly endless as well as being extremely complicated. They can also be potentially serious if you get it wrong. With so many options, and so many companies trying to get you to use their product, it is difficult to know where to turn.

The first method of working out your own finances is to review your needs and compare the products on offer to meet those needs. You could, if desired, visit the banks one by one, burning calories and shoe leather by doing so. Alternatively you may have heard of the World Wide Web, it's like a sort of big and commercial version of Narnia and you don't have to go through your wardrobe to get there. And no freaky men with goats legs …

… not without a login and password anyway.

So, we present the concept of financial product comparison sites, which have been around in the UK since 1997, when small company called moneynet decided to break up the monopoly in the personal finance market. Over the past eight years, there has been an explosion in the number of UK sites seeking to provide information to enable consumers to make informed decisions on their personal finances. These sites provide free consumer financial product comparison services for credit cards, insurance, investments, savings accounts, mortgages, loans, as well as gas and electricity bill suppliers. Additional consumer information services are also often provided such as financial guides, financial newsletters and personal finance calculators. Moneynet, in particular, has a tool which allows registered users to manage all of their accounts online - securely, including credit cards, savings accounts and current accounts.

You can also obtain financial advice from an independent financial advisor, but this is an expensive way of doing what could be done for free with a little effort. If you do your own homework, then you can use your time with an advisor more effectively by asking informed questions. You'll have a better understanding of what you're being sold if you've done a little bit of homework first.

* * * * * * * * * * * * * * * *


About the Author

Rachel writes for the personalfinanosaurus Cashzilla

Written by: Rachel Lane

Personal Finance Isn't Rocket Science

Are you one of those people who doesn't open their bank or credit card statements? Do you take out store cards on the spur of the moment? Have you been with the same bank simply because it is less hassle than changing?

If you have answered yes to any of the above questions, fear not confused consumer, help is at hand, with some assistance from a few internet tools.

* Internet tool number one:

** The consumer champion site for personal finance information

Websites such as, and have proved extremely popular with consumers. is more geared towards the US market, whilst focuses on the UK market. Both have an extremely diverse selection of information from investment and high risk options to personal finance and low risk options. There are extensive discussion boards, newsletter subscriptions, finance calculators and competitions. These sites not only answer your questions, they make you want to ask more., and are community based sites and function on consumers exchanging information between themselves, whether that's about passing on recommendations or expressing concerns. The article "Ten Reasons To Fear The Future" by Cliff D'Arcy" on is a particularly good introduction to the financial aspects of modern life.

Martin Lewis has almost become a household name in the UK through his website Moneysavingexpert. The outspoken journalist and presenter offers a comprehensive resource on a range of personal finance topics. If you can put up with the cheesey photos of Mr Lewis and his catalogue poses, you will undoubtedly find this site extremely helpful.

* Internet tool number two:

** The price comparison site for personal finance information

Kelkoo, and (US) are now commonly exploited by consumers to ensure they are getting the best deal on their purchases. However, it is probably fair to say that more people shop around for clothes and music, than they do for their personal finance products, which is worrying as these cost significantly more.

* Internet tool number three:

** Online banking and account aggregation tools

The internet can be a scary thing and there is still much scaremongering about online security. However your details are often as secure online, as they are offline and providing you choose and hide your password effectively - there should not be a problem with people accessing your confidential information. Choose a password of eight characters or more, preferably replacing some letters with numbers, such "1nternet" or "passw0rd".

Set yourself up with online accounts and you can proactively manage your finances yourself, without waiting for statements through the post or call centre agents to take your query. You can also save yourself bank charges by transferring funds yourself over the internet. Some banks charge large amounts for transferring funds when you can do it for no additional cost at all.

Personal finance doesn't have to be about debt and the efficient co-ordination of funds may save you hundreds of pounds in the long-term.

About the Author

Rachel would be really interested to get feedback on whether anyone actually reads this section.If someone feels like rescuing Rachel from obscurity, she would be grateful for an e-mail out of here. Rachel writes for the personal finance blog Cashzilla -> E-mail:

Written by: Rachel Lane

Personal Finance-Have Consumers Had A Belly Full Of Personal Debts

For months, we were trigger-swipe happy, putting our groceries, clothes, holidays and service charges on our credit cards. We wanted mortgages, we took out loans, we watched Property Ladder and What Not To Wear. Whether you were born middle class, had middle class aspirations, you became middle class through your spending. Debt united people around the UK, we sympathised with each other on what we couldn’t afford – but it didn’t matter, we still bought it. Soon everybody had a bottle of Jacob’s Creek in their kitchen and olives and humous in the fridge.

Yet, it would seem as if a debt conscience is setting in. This morning, The Guardian printed a story based on the fact that Nationwide had reported a 0.2% decrease in the average house price, whilst the Times reported on a statement from the Bank of England, showing that credit-card borrowing was at its slowest rate for more than four years, with mortgage lending also very static.

According to the latest Department of Trade and Industry Survey, 5% of individuals reported finding their household’s debt repayments a “heavy burden” and 4% of individuals are currently behind in payments for at least one credit commitment or domestic bill over the past three months.

According to Credit Action, in December 2004, 1.2 million electricity and 1 million gas domestic customers were behind in repaying their debts to their supplier. Additionally 20% of people say that they often neglect checking their bank balance because “they are too scared to find out how much money they have”, according to Lloyds TSB.

Credit Action also reported that the number of people searching for help to manage their debts had almost doubled in May in 2005, compared to figures in May 2004 and a survey from Relate revealed that 44% of couples find money to be a contentious issue in their relationship and a quarter of people in debt are receiving treatment for stress, depression and anxiety from their GP.

It doesn’t have to be all doom and gloom however. If you’re lucky enough to have no outstanding debt, you can keep you finances in shape by exploiting the services of sites such as moneynet, which provide financial product price comparison information and extensive consumer information guides. If you have any outstanding debts, you can seek advice from the Consumer Credit Counselling Service (CCCS) or Citizens’ Advice and financial comparison sites like lowermybills and moneynet also provide detailed research on debt consolidation loans and debt management.


Credit card guide

Credit Action

* * * * * * * * * * * * * * * * * * *

About Rachel

Rachel writes for the personalfinanosaurus Cashzilla

Personal finance blog

Rachel has been writing personal finance related articles for six months and has learnt so much about mortgages and life insurance, that nobody invites her out to dinner anymore. :(

Written by: cashzilla

Personal Finance 101-Credit Checks

Credit cards, personal loans, mortgages and other forms of personal credit are an everyday part of financial life for all UK consumers. Looking at the figures for UK personal debt shows that Britain appears to be addicted to borrowing money and still continues obtaining more from the financial institutions. By the end of 2005 the UK personal debt levels stood at a record £1,148, with 83% of this debt consisting of secured mortgage loans. Due to the nations reliance on credit of all forms, it is extremely important to keep a close eye on your own personal financial history and keep up to date with the official credit check reports which can help prevent fraud, and make the difference between acceptance at a favourable interest rate, or outright rejection just when the money is needed the most.

In the UK there are two main credit reference agencies which hold a wide range of financial information detailing a person's continually evolving financial history, these are Experian (> ) and Equifax (> ). By obtaining a copy of your report from each of these sources, (as they may contain different information), you can not only check the accuracy of the information stored and look for any potentially fraudulent entries, but you can also request that any incorrect information is amended to prevent possible future credit problems.

Each lender will weigh the information contained in a person's credit file differently. However there are universal contributing factors which include:

- Electoral Roll information for a person's currently registered address. - Defaults on any financial repayment contracts, such as loans, mortgages, etc. - Employment history for mortgage, credit cards, loans, hire purchase and finance agreements. - Any County Court Judgments. - The complete amount owed and the number of credit facilities used. - The number of new credit facilities that have been applied for (both successful and unsuccessful applications). - The type of credit used. - Salary details given on the application form.

Lending organisations combine the data obtained through a credit report, along with information acquired from an application form, to produce a credit score. This score represents a measure of an applicant's likelihood to repay debts and to make any repayments on time.

If an applicant's score falls below the lenders acceptable risk threshold, or they don't fit an ideal customer profile, then the application may be completely rejected. It is also possible that a low score may result in acceptance, but at a more expensive interest rate than might usually be offered.

Some credit card providers, such as the Asda supermarket chain's finance services, now provide applicants with a copy of their credit reports with all applications, however, to obtain the best deal it is vitally important that borrowers do some shopping around. When shopping around for credit however, try to obtain as much information as possible prior to making a formal application for credit. Whenever any application for credit is made, a footprint is left on the credit record showing that a search has been made. Credit companies see lots of footprints as an indicator that the applicant may be in severe financial difficulties or even that some form of fraud may be evident. Using one of the various online financial comparison websites, such as Moneynet (> ), enables you to see what is on offer, and what general market rates are available, before any financial commitment or full credit search is required.

Even people who are not looking to obtain additional credit may find a credit report useful for peace of mind, and to ensure that their credit details are not being used for fraudulent applications, or as part of the growing disturbing phenomenon that is identity theft.


All information contained in this article, is for general information purposes only and should not be construed as advice under the Financial Services Act 1986.

You are strongly advised to take appropriate professional and legal advice before entering into any binding contracts.

Useful resources:

Moneynet loan comparisons (> ) Experian credit reference agency (> ) Equifax credit reference agency (> )

About the author:

Richard lives in Edinburgh, occasionally writing for the personal finance blog Cashzilla, and listens to music no one else likes.

Written by: R.Green

Personal Finance 101

The subject of personal finance is very broad, but as a
beginning, I would like to discuss what I consider the
foundation of personal finance: security.


Security to me means that I am prepared for the "hit by a
bus" scenario.

I have life insurance to provide for my wife and children.
Health, disability, auto and home insurance policies also
provide me additional protection in their respective areas.
I also have a list of where these policies are, who my
agents are, phone numbers and basic policy information
(#s, amounts, costs, etc.) I keep this information both in a
file at my house and in a safety deposit box at the bank (a
friends home will also work - think: "house burns down"
scenario). Also my wife and my brother and sister-in-law
who live nearby also know where these things are.

I also try to maintain an emergency fund of cash in a bank
account or money market account (with checks) so that I am
prepared for a financial disaster, layoff, or natural
disaster. It took several years to build up this cash fund.
I started with a goal to have enough cash for 6 months of my
normal financial needs (mortgage, food, insurance,
transportation, etc.). Now I am trying for 12 months'
worth. I do this by saving a little each month, and
"investing" a portion of all "found" money (gifts,
inheritances, tax returns, anything unexpected).

I have a will and update it each year around New Year's to
reflect any changes in my life during the past year (new
children, new home or business, etc.). Most people don't
need an extensive will, the forms you buy at your office
supply store will do. But in some states if you die without
one, watch out. What happens to your money and even your
children could be entirely up to some state or court
appointed official.


The next level of personal finance is stability.

Stability to me means that first of all I live within my
means. I don't spend more than I earn. Otherwise I am
spending my savings, investments, emergency money, or
getting into debt. I have a lot of debt, but most of it is
real estate which is producing some income. I try to avoid
credit card debt and purchase everything with money I
already have. I don't buy things expecting that next month
I will have more money or I will get a big raise or
promotion. You can't sell me a car based on a monthly
payment amount; I want to know the final price!

In order to make sure that I am living within my means, I
created a simple budget and I track my expenses using Simple
Joe's Expense Tracker. I can tell how much I have spent in
each budget category and I know when to keep a closer eye on
certain types of expenses, or when and where I can cut
expenses and what I can live without in order to stay within
my budget. Counting pennies is pretty tedious, but tracking
where the dollars go can be eye-opening.

Another aspect of stability is avoiding or eliminating debt.
Debt in itself is a form of stability; you always have to
make those payments until it is all paid off.

Some recent reports show that the average American is $7,000
- $20,000 in debt. Most of it is consumer debt: credit
cards, store accounts, rent-to-own, auto loans, etc. And
those types of consumer debt usually charge a higher
interest rate than any savings account, CD, or money market
account; even more than most high-flying risky investments.

This means that $1,000 in debt at 18% is costing you 9 times
what your $1,000 savings account at 2% is producing.
Consumer debt is a dangerous spiral that is very hard to get
out of.

The first problem is, as mentioned before, living within
your means. Don't get further into debt to support an
extravagant lifestyle. Or even if you are frugal, if you
are using credit cards and debt to finance your purchases,
you either need to stop purchasing luxury items or find a
way to increase your income to support these

You may even have to lower your standard-of-living because
you have racked up considerable debt and need to free up
some money to pay it down. But don't wait to start. Those
minimum payments are often designed to keep you paying 18%
interest for 40 years! That's longer than most home loans.
You could even end up paying more than 10 times the original
cost of the item just in interest payments. Is that new
stereo really worth that much?

To help people get themselves out of debt we created the
"Pay Off My Debts" tool in Simple Joe's Money Tools. It is
also available as a stand-alone product called Simple Joe's
Debt Eraser. These tools help you create a Rapid Debt
Reduction Plan which shows you how much to pay on each debt
each month in order to save as much on interest charges as
possible and pay off your debts as soon as possible.

These tools can help you systematically eliminate your debts
whether you owe $1,000 or $100,000. The key is to start
living below your means and start focusing on paying off
your debt.

It doesn't make much sense to be worried about whether or
not your 401k earns 8 or 9% this year, if you are paying 21%
on your credit card debt.

A third aspect that starts in the stability category and
transcends to the next personal finance level, growth, is
the concept of investing in yourself. By this I mean
spending time to educate yourself in personal finance
matters, as you are doing right now and spending time
gaining more knowledge and improving your skills or even
developing new ones.

As an employee, this can have a direct relation to who gets
laid off during the next round of cutbacks. If you have
some skills or have demonstrated some abilities that are not
possessed by your co-workers and these skills make you a
more valuable employee, you are less likely to get the

Also while you are making yourself more valuable to your
current employer, you are also making yourself worth more to
future employers. It is much easier to land a job if you
have some special skills that are in high demand or even if
you bring some special knowledge or experience that you
fellow job-seekers may have overlooked or failed to invest

Being in the computer industry, I have to spend hours each
week reading trade magazines, exploring web sites, and
reading emailed newsletters to keep abreast of what is new
in my field. If I stopped learning just five years ago, I
would have missed out on the Internet revolution, email, web
sites and the majority of the income I now enjoy.

Keeping myself informed and up to date takes time and
resources, but it helps me protect my current income and
expand my skills to help me earn income in other areas.
This increases my stability by allowing me to not have to
rely on one client, employer or source of income. A chair
with four legs will always be more stable than a stool with
only three.


The next level of personal finance, as I alluded to before,
is growth.

Once you are secure and stable, you can begin to think about
building your wealth. Not that you have to figure out how
to become the next Bill Gates or Warren Buffet. But you
have to start building the "nest-egg" that you will rely on
when you retire.

And don't think that Social Security has you covered, or
that your 401k will grow back to what it was a couple years
ago. Or that your current employer is going to re-institute
the generous pension plans of yesteryear. 401ks are much
cheaper to administer and you, the employee, take the hit
when the market goes down, not the employer.

My father is nearing retirement age and I think he has a
good plan. He has done some research and estimated what his
expenses are going to be when he is retired. He then took a
look at his potential sources of income during his

He figured that Social Security would cover about a third of
what he wanted to live on. Only a third! And he has worked
his entire life. Would you like to instantly have to live
on only one third of what you currently make? Retirement is
suppose to be the golden years, so where's the gold?

Luckily throughout his career, my father has worked for
companies that have had pension plans and he had worked long
enough at each company to be eligible for some pension
money. This is rare these days because today the average
worker will change jobs and companies at least five times
during his/her career. Also, as I mentioned before,
companies are switching to lower cost 401k plans that do not
guarantee you any fixed payments.

In my father's situation, his pension money would cover
another third of the retirement income he wanted. So now he
had to either figure out where the last third was going to
come from, or start cutting out expenses during retirement,
like not visiting his children so much. None of us liked
the sound of that.

So my father started learning about the stock market and
investing in stocks and mutual funds. He made a plan for
growing his wealth and then educated himself as to how he
could accomplish his plan.

I wish I could say that he is doing better than he is, but
luckily he has some time still to put his plan into action
and ride out any market downturns. (He can do this because
he has the security of insurance and emergency money, and
the stability of little debt and a strong set of skills.)

By learning about how stocks, bonds, mutual funds, index
funds, options, futures, commodities, real estate and other
financial tools work you lay the foundation for growing your
wealth. You may start with just $100 in a bank CD, but as
you learn more and become more sophisticated, you can invest
in more and more opportunities.

You will learn about how risk and reward are related, that
as the risk increases so does the size of the potential
reward. Just like at the race track, you'll make more on
the long shot, but the odds are against it. Also you can
learn how to tilt the odds in your favor and protect
yourself against risk.

For those who are just starting out in the growth phase or
who want to dabble a bit before completing the other levels
of personal finance, my suggestion would be to look into
index mutual funds. Especially no-load index funds (no
initial/sales fee).

These funds are made up of the same stocks that make up the
popular market indexes like the Dow Jones, S&P and
NASDAQ100. The costs are low because management is simple
and as a mutual fund you can invest a little at a time.
Also they are easy to follow since you see them on all the
news shows and in the newspaper.

Protection and Management

The final level of personal finance is the protection and
management of your wealth. Most people never develop wealth
enough to need this level. But some of the concepts can be
applied to any amount of wealth you possess, $10,000 to

Part of the protection harks back to your will as we
discussed on the first personal finance level: security.

With any significant wealth or valuable asset (your home,
car, heirlooms, 401k, IRA, business, etc.) you will want
some way of disposing of that asset upon your death.
Whether it is go to go your family, favorite charity, or
local church, if no one knows about it, "it ain't gonna

As you start to accumulate wealth in excess of $350,000, you
may want to consult an attorney about creating a trust. A
trust is an entity that can own property and pass that
property to anyone you name in your will. Usually the trust
is designed to provide income to children from the assets
that are placed in the trust.

The trust can survive you so that your assets and income may
be passed on to your children or next-of-kin without
excessive taxation and legal entanglements. Some states
will take up to 55% of your assets as taxes when you pass

Protection also relates back to insurance. Now it may be
time to look at a multi-million dollar umbrella policy that
will protect you from lawsuits designed to part you and your
wealth. You may now be a bigger target, so purchase a suit
of armor.

The management aspect comes into play where you may start to
concern yourself with taxation, ownership, distribution of
income and possibly endowments to charities or other
non-profit institutions.

You may hire a person or company to manage your wealth, or
you may choose to do it yourself. Most people who have
earned their wealth through the "sweat of their brow" have
already become adept at managing their assets. Some
continue to personally manage their wealth because of the
enjoyment or challenge it gives them.

Others are ready to turn it over to a trustworthy manager
(who only gets paid a percentage of your increase) and
travel the world, or sit on a beach and count the waves.

Whatever your dreams for retirement (and why wait until you
are 65), understanding the different levels of personal
finance and spending the time and resources to educate
yourself will pay off whether you live next to Bill Gates or
Homer Simpson.

About the Author

© Simple Joe, Inc.
David Berky is president of Simple Joe. One of Simple Joe's best
selling products is href="">Simple
Joe's Money Tools - a collection of 14 personal finance and
investment calculators. This article may be freely
distributed so long as the copyright, author's information
and an active link (where possible) are included.

Monday, May 25, 2009

Payday Loans: Personal Finance Savior or Disaster/?

Summary: You need a small amount of financial help fast, but you heard payday loans can be expensive and dangerous. What now? Find out how to avoid the dangers and reap the benefits of payday loans.

Payday loans may be right for you if you need some money for a short time and have no other option. Car repairs, medical emergencies and other unexpected expenses can really strain your finances. Some weeks last longer than your wages do. So you simply borrow enough to tide you over until your next payday.

There are two kinds of payday loans:

1) online payday loans

2) in-person cash advances.

Both kinds of payday loans are convenient, quick, private and easy.

• Convenient: You can apply for an online payday loan using your computer. You don’t have to deal personally with a loan officer when you apply for or request an extension for your payday online loan.

• Quick: The online payday loan takes only a short time to complete and usually doesn’t require any other documentation. Web payday loans are approved in minutes--virtually “guaranteed loan approval.” The cash could be in your bank account within a day.

• Private: You apply for an online payday loan at home. No bumping into nosy neighbors while waiting in line at the bank!

• Easy: There are few online payday loan application requirements. The loan amounts are smaller than conventional bank loans so the paperwork is less. Generally, you just need to be at least 18 years old, have a job (so you have a payday) and earn at least $1000 a month.

Note: a payday cash advance loan is a little different from the online loan. All you do is give the lender a post-dated check or some personal information like a credit card number and you get your cash advance on the spot. When you repay the loan on payday, you get your check back. Of course, it lacks the convenience and privacy of applying online.

Avoiding Payday Loan Dangers

So, what about your friends’ warnings? Yes, payday loans can be quite expensive. Interest rates are high--sometimes as high as 700% a year! You may also be charged other fees. But you can get around these by following the advice below. A little headwork can save a lot of headache.

• Trust only payday loan lenders with good reputations. Remember, you’re giving them personal financial information like credit card or checking account numbers so you want to deal with honest people. On the lender’s website, look for the BBB (Better Business Bureau) logo.

• Make sure you check the annual percent rate (legally, you must be told this) and shop for the best rate. If you didn't think payday loans could be expensive before, this APR might be an eye-opener, especially when you remember that credit card usually offer 7%-27% APR.

• A few companies offer no interest loans to first-time borrowers. Find them. Be aware of the length of the loan and any other terms to help you choose the best payday loan lender. Be sure you know the total amount you’ll have to repay before you take the cash.

• Always read the fine print.

• Pay the loan when it is due, on your next payday. The payday loan period may be extended, but you’ll have to pay additional (and large) interest and finance fees. Also, if you do not repay the loan with your next paycheck, the lender may even automatically renew the loan by withdrawing the fees from your checking account. This could cause you to be overdrawn and incur penalties from both the lender and your bank.

Meet Frank: A Real-World Payday Loan Story

Frank’s car broke down and he needed $300 fast. Panicking, he went online and chose the first web payday lender he found. He filled out the simple form and had his money in his checking account the next day to be repaid in a week. The fee was $30.

When payday came, Frank couldn’t afford to pay back the $330 so he asked for an extension, which he got for another $30. So the next payday Frank had to pay $360 to cover his $300 payday loan.

If Frank continued doing this for a year, he would end up paying $1560 in fees. Most likely, the lender wouldn’t let the loan ride for that long. But this shows how expensive the payday loan fees really are, when you compare them with the interest on bank loans or even credit cards.

What should Frank had done?

• Frank should have looked at more than one web payday lender, checking for the best terms and lowest interest rate.

• After choosing a lender, he should have checked it out with the Better Business Bureau to be sure it is reputable.

• He should have had a plan for repaying the web loan before he got the money so that he could have paid the loan on payday and not needed an extension.

So, how can you do better than Frank?

Payday loans or cash advances are lifesavers for short-term, small cash problems. With thought and care, you can solve your temporary money problems quickly without making your long-term financial situation worse. Start your search for a great payday loan at a reputable website today.

About the Author

Joel Walsh suggests you start here to find good lenders of payday loans:> [Web publication requirement: create live link for the URL/web address using "payday loans" as visible link text/anchor text.]

Written by: Joel Walsh

Pay Off Your Debt Now - 5 Steps to getting your finance in Order

In our world of dizzying change, nothing is more true than the time honored statement that circumstances always change.

No where is this more true than with financial issues.

Have you ever borrowed money, or charged up the VISA card at Christmas, all the while telling yourself that you would pay everything off with a coming tax refund or bonus?

Sound familiar. And then what happens when the bonus money arrives?

Let me guess….circumstances changed, the car needed brakes (or the kids needed braces, etc), and the VISA debt and interest charges keeps piling up.

Unless you have a plan, you will always be caught in the unpredictable grip of “changing circumstances.”

This is a slippery slope that can very quickly can become serious financial stress. Consider the fact that Americans are declaring bankruptcy at record rates. One in every 100 families is affected by a bankruptcy.

I was on this slope 10 years ago. Declaring personal bankruptcy and filing for divorce went hand in hand.

One of the most insiteful moments of the process was preparing a written log for the trustee of all of our spending for the 5 years leading up to bankruptcy.

While all of the individual decisions made sense in the moments that they were made, they looked totally foolish in the context of the “bigger picture”

In other words, constantly changing circumstances drove us off our financial roadmap.

Consider this five step plan for getting on, and staying with, your financial roadmap.

Step No. 1: Make a list of what you owe & prioritize: Put all your bills in a pile. Then list your debts in order, starting with the largest balance first. Then prioritize your repayments (ie paying down the highest interest rate first).

Step No. 2: Eliminate credit cards and don’t roll over balances. Once paid off, notify the company that you want to close the account.

Step No. 3: Make a spending plan. Change your free-spending ways. Track the money that’s coming in and going out. Use a debit card instead of your credit card. Download your bank transactions into a computer program for easy categorizing.

Step No. 4: Be careful about the equity in your home. Billions of dollars worth of equity has been withdrawn from millions of homes in the last few years. But many people pay down credit cards only to charge them up again – and then you don’t have the safety net of the equity in your home.

Step No. 5: Get help. For some people, the problem of overspending is a psychological one. Spending can become a habit that’s as difficult to kick as alcohol, drugs or gambling. Sometimes, its due to circumstances they truly could not avoid: medical bills or divorce or loss of a job.

You can talk with a credit counselor on a private basis. It only appears on your credit report if you enter their debt repayment program.

During this holiday season, as you consider your finances, remember that Americans are now carrying $683 billion in revolving credit card debt. 47% of the people who paid less than the full amount on their credit card bills in a recent month, made only the minimum payment due.

The good news is that planning and professional help will definitely help you turn things around.

Case in point: I went from bankrupt with zero assets living in a boarding house, to gainfully employed, running my own homebased business, with 2 houses and excellent re-established credit.

In other words, it can be done.

About the Author is run by Drew Harris and is a one-stop-shop web portal for those facing crushing debt issues. Multiple pages of resources, referrals and tools. Expert advice on credit cards, loans and avoiding bankruptcy.

Written by: Drew Harris

Organizing Your Finance- Show Me Your Finance

Benjamin Franklin once said, * Time is money *. I think he wanted one to
add up how much time they spent on a particular task or job and how much
money they might have been wasting.

I do an exercise with my clients to help them discover what their per minute
worth is to enable them to see how much money they might be losing because
they are disorganized. Such as, if you are doing a non-income producing
activity for 15 minutes, you can see how your money is being spent!

It's a very simple calculation.

Your Per Minute Worth Calculation

Yearly income divided by 52 weeks = weekly income
Weekly Income divided by 40 hours (or total hours you work per week) =
hourly income
Hourly income divided by 60 = Your Per Minute Worth

Before you begin to OverHall and Balance your financial area, you need to
find out your net worth, and your spending habits. This will help assist
you later with your budget, payoffs, or long-term savings. It will also
help in guiding you with such things as your protection, investment, income
tax, retirement, and estate planning.

Your total net worth is your total assets (what you own or already have
saved) minus your total liabilities (what you owe out). I'm not going to
tell you this is as easy as figuring out your per minute worth because it's
not! It will take time and a commitment from you to determine your net

TIP: I have found the best time to do this exercise is when you are paying
your bills. At that time you usually have the information needed to help you
calculate your net worth. So, if it usually takes you an hour to pay your
bills, tack on at least an extra hour this month for this exercise. For your
convenience, print out and use the net worth form below. You will be
writing in your totals for each line. For instance, if you have two savings
accounts, total your balances first and then write in the total next to
Savings Account.

Cash Reserve Totals-

Certificates of Deposit:
Checking Account:
Credit Union Account:
Money Market Account:
Savings Account:

Investment Totals-

Mutual Funds:

Personal Totals-


Real Estate Totals-

Second Home/Vacation Home:
Other Real Estate:



Short-term Debt Totals-

Credit Card Balances:
Current Bills Owed:
Loans w erms of six years or less:

Long-term Debt Totals-

Loans w erms of seven years or more:


Congratulations! You did it! * Drum roll * Please!

Now see if your net worth falls under A., B., or C. below, and see how you
can begin to bring some balance back to this area of your life.

A. If your total net worth is half or less of your annual income or you have
a negative number you need to REALLY * OverHall * and Balance your financial

~~ Pay off some/all debt
~~ Cut back on spending
~~ Stop charging
~~ Start a savings plan

B. If your total net worth is more than half your annual income but less
than a few years' income you need to * OverHall * and Balance your financial

~~ If you're 40 or under and own a home, you're okay for now
~~ If you're 40 or over and you don't own a home:
`` Cut back on spending
`` Stop charging
`` Reduce debt
`` Increase your savings
`` Buy a home before retiring

C. If your total net worth is more than a few years' of your annual income,
CONGRATULATIONS! Keep doing what you've been doing!

Listed below are some questions to ask yourself now that you know and can
see what your net worth equals.

1. Do you have enough cash reserves to meet your needs?

2. Do you have enough protection to provide money for unforeseen emergencies
(we talked about this last issue)?

3. Do you have enough fixed assets (usually long-term; bonds are an example)
to provide or produce additional income?

4. Do you have enough equity assets (short or long-term; real estate and
stocks are examples) for growth and income?

To answer those questions, you need to know what your family and your needs
and goals are and then plan how you are going to meet them.

Quick Tips to INCREASE Your Assets:

1. Maximize your 401(k) contribution
2. Start investing
3. Get automatic deduction/deposit from paycheck to savings each pay period.

Quick Tips to DECREASE Your Liabilities:

Credit Cards
1. If you have to use a credit card, use only one major card
2. Pay more than the minimum payment on the credit card with the highest
interest rate
3. Stop charging to the highest interest rate credit card
4. Get rid of department store credit cards
5. Don't apply for anymore credit cards

1. Pay a little extra each month towards the PRINCIPAL of your mortgage
2. Drop your PMI (Private Mortgage Insurance) when your home equity exceeds
20% of your home's value (talk to your mortgage lender)
3. Refinance mortgage at a lower interest rate
4. Refinance mortgage at a lower interest rate AND finance for 15 or 20
years instead of the usual 30 years.
5. Pay half your monthly mortgage payment every two weeks (talk to your

Smiles, not Piles,
Janet L. Hall

The Organizing Wizard, Janet L. Hall, is a Professional
Organizer, Speaker, and Author. She is the owner of
OverHall Consulting, and Organizing By Phone. Subscribe to
her FREE organizing newsletter at or visit
her web site at

Copyright 2000 by OverHall Consulting
P.O. Box 263, Port Republic, MD 20676
All Rights Reserved. Permission is granted to reproduce, copy, or distribute so long as this copyright notice and full information about contacting the author is attached.

About the Author

The Organizing Wizard, Janet L. Hall, is a Professional
Organizer, Speaker, and Author. She is the owner of
OverHall Consulting, and Organizing By Phone. Subscribe to
her FREE organizing newsletter at or visit
her web site at

Written by: Janet L. Hall

Thursday, May 21, 2009

Organise Your Finance-Thinking Outside The Shoebox

If you’re like most people, your personal financial records are most probably kept in less than “Good Accounting Practices” standards.

For example, stashing old ATM receipts and hanging on to a stub showing what you paid for a pack of mints two years ago (cash, of course), might be filed with your paycheck stubs, credit card statements – paid and unpaid alike – as well as a few tax forms, a stray paper clip and a penny.

Anything from an old shoebox to a toolbox would do you for this method of personal financial tracking but you can do better than that.

Not to worry. Here’s how:

1) Plan for a few hours of “alone time” with your financial records. This is a dandy time to pack the kids off to the mall, put up a pot of excellent coffee and a little snack (preferably chocolate), as a treat when you’re done.

2) Supply yourself with ample space, such as a large dining room table. Make sure you have enough organizing supplies close at hand: sticky notes, file folders, a tub to hold them with hanging file folders, large envelopes, a check file, ring binder/s and a three-hole punch if you like, an open stacking file, and an organizer/sorter. A trash can by your side is a must.

3) Get everything from everyplace – shoe boxes, check files, file folders, etc.

4) While enjoying your cup of coffee, make a game plan. Decide what you’re going to put where: e.g., checks and statements go in a specific file for checks and statements, credit card statements can be unfolded and placed in a file folder, etc.

5) Start sorting on the table. Checks go here, ATM receipts go there, paycheck stubs go over there, paid bills go on the other side, etc. until all the “stuff” is divided into neatly organized piles. Use sticky notes to mark what-goes-where on the table to avoid confusion.

6) Put all the “paid” items away first. Be ruthless – it’s perfectly okay to toss the receipt for those mints from two years ago.

7) Put the rest of the inactive items in the envelopes, file folders, check files or other storage devices as are interesting, functional, and readily available from your local office supply store.

8) Have another cup of coffee and tackle the active, or open, items. Decide what you’re going to pay and when. If you have an open stacking file, you will find one with four compartments (one for each week of the month), very handy for this purpose.

9) Balance your checkbook. Now.

10) Enjoy your chocolate after putting everything away where it belongs and, oh, by the way, check the calendar for when you’ll be doing this again next month.

Of course, next month this will all be done much faster.

I highly recommend using technology to make this much easier and faster. Programs like Quicken and Microsoft Money will help. Really any spreadsheet program will do.

Have a category for each life area you spend money. Once a week or month take your receipts, checkbook records and scribbled notes and record where you spent ALL your money....every penny. One of my students was shocked to find out he was spending $75 per month on orange juice!

Legend has it that the Rockefeller boys kept track of all their spending and they turned out alright.

This time next year you’ll wish you started today.

About the Author

Leo J. Quinn, Jr. owner of is a financial educator from the Albany, NY area. For over eight years he has been helping thousands of people get control of their finances and get out of debt in a fraction of the normal time. He has a special offer for readers of this newsletter at

Written by: Leo J Quinn Jr

Get Paid To Complete Offers

Online Mortgage Refinance Quotes- What Some Lenders May Not Want You To Know

Do you know the benefits on the Internet today when searching for a lender to refinance your mortgage?

It definitely can be a daunting task and even an agonizing search to get lined up with a refinanced mortgage with better terms and rates.

Here are some tips:

Tip 1. Security and Personal Information

No one likes unsolicited propositions and today there are companies that take privacy very seriously. The last thing you want is to simply make an enquiry and then to be barraged with Mortgage lenders that seem to come out of the woodwork. Reputable companies will display on their site how your personal information is used and what is collected. Never deal with a web site that does not clearly indicate how your personal information is used and what a steps they take to prevent fraud.

Tip 2: Competing lenders under one roof

There are dedicated companies on the internet today that are not actual lending institutions but provide you with multiple financial service providers that want to compete for your business. This is a big advantage for you in a competitive marketplace because it really reduces the time searching for a lender with a mortgage that has better rates than their competitors.

Tip 3: Know your only shopping to refinance your mortgage

When different lenders contact you, let them know that you are comparing their Refinance options and rates with other lenders. They don't necessary want to lose you to the competition and may even go to better lengths to get a better rate than their competitors.

Tip 4: No cost to you for information

Reputable financial institutions know that they are competing for your hard earned dollars and getting information to you should not cost anything. It is only after you decide to go with a certain lender and the deal closes, then transactions complete.

Tip 5: You are not committed to any lender for a quote

Companies that provide you with multiple lenders and the financial institutes giving you their quotes know that you are doing comparison-shopping for better mortgage rates and terms. You are under no obligation to go with a certain lender when you receive a quote. Even when you have all the information, you decide to go with a certain lender or to stay with your current mortgage lender.

To Summarize, more than ever today, many companies take your privacy very seriously especially in the prevention of fraud. Instead of hunting for a lender one by one, there are companies dedicated to provide multiple lenders saving you a time-consuming search process. There should never be any cost or obligation to getting the information you need to make better decisions. Lenders will even give the extra effort knowing the competition may take your business possibly giving a better refinance deal than expected.

About the author:

Brad Jacobsen writes articles about Mortgage Refinance. Get some informative tips on the Ins and Out of Refinancing including Free No Obligation Mortgage Quotes in minutes from leading lenders in your area.">">

Written by: Brad Jacobsen

"Make $40,000 a month with ADsense Treasures"

Online Mortgage Refinance Quotes-Tips to Find A Better Rate

Do you know the benefits on the Internet today when searching for a lender to refinance your mortgage?

It definitely can be a daunting task and even an agonizing search to get lined up with a refinanced mortgage with better terms and rates.

Here are some tips:

Tip 1. Security and personal information

No one likes unsolicited propositions and today there are companies that take your privacy very seriously. The last thing you want is to simply make an enquiry and then to be barraged with Mortgage lenders that seem to come out of the woodwork. Reputable companies will display on their web site how your personal information is used and what is collected. Never deal with a web site that does not clearly indicate how your personal information is used and what a steps they take to prevent fraud.

Tip 2: Competing lenders under one roof

There are dedicated companies on the internet today that are not actual lending institutions but provide you with multiple financial service providers that want to compete for your business. This is a big advantage for you in a competitive marketplace because it really reduces the time searching for a lender with a mortgage that has better rates than their competitors.

Tip 3: Know your only shopping to refinance your mortgage

When different lenders contact you, let them know that you are comparing their Refinance options and rates with other lenders. They don’t necessary want to lose you to the competition and may even go to better lengths to get a better rate than their competitors.

Tip 4: No cost to you for information

Reputable financial institutions know that they are competing for your hard earned dollars and getting information to you should not cost anything. It is only after you decide to go with a certain lender and the deal closes, then transactions complete.

Tip 5: You are not committed to any lender for a quote

Companies that provide you with multiple lenders and the financial institutions giving you their quotes know that you are doing comparison-shopping for better mortgage rates and terms. You are under no obligation to go with a certain lender when you receive a quote. Even when you have all the information, it is your choice to go with a certain lender or to stay with your current mortgage lender.

In Conclusion, more than ever today, many companies take your privacy very seriously especially in the prevention of fraud. Instead of hunting for a lender one by one, there are companies dedicated to provide multiple lenders saving you a time-consuming search process. There should never be any cost or obligation to getting the information you need to make better decisions. Lenders will even give the extra effort knowing the competition may take your business possibly giving a better refinance deal than expected.

Monday, May 18, 2009

Non Homeowner Loans-Creating A Source of Finance For The Homeless

Because of the preference that loan providers show for the homeowners, you have started having feelings of jealousy against them. Your experience with lenders shows that there are not much takers for you as a non homeowner. However, we feel that you are still half informed. Though, loan providers' preference for homeowners is well known, it isn't that they do not cater to the borrowers other than homeowners. So, you as non-homeowners too can get good deals in non homeowner loans.

Aimed specifically at the people who do not have a landed property of their own, Non homeowner loans are the only hope of this category of people. Tenants, both council tenants and tenants with private lenders, can get their financial needs covered through the non homeowner loan. The category also includes people who have been living with their parents in their parent house.

Non homeowner loan is generally offered as an unsecured personal loan. However, when borrowers agree to pledge certain other assets as collateral, then the loan is converted into a secured loan.

The best part of the non homeowner loan is that there is not much to lose. You haven't pledged anything or the asset pledged is not as important as a home in homeowner loan. Non homeowner loans do not haunt borrowers with the repossession fears, which is so characteristic of the homeowner loans.

This means that the lenders are at a risk of losing the money lent as non homeowner loan. While the money can be recovered by suing the borrower for the non payment, the process is often long drawn and costs dearly to the loan providers too.

It is because of this risk that loan providers desire the borrowers to have a good credit history. Borrowers who have a good credit history imply that they are less drawn towards non payment. Those with a bad credit history may find a large majority of loan providers running away from them. Since, it is the credit history that acts as a guarantee for the borrower in the absence of collateral, loan providers will find it difficult to ignore bad credit history.

This does not put a full stop on the chances of the bad credit borrowers to get non homeowner loans. Certain loan providers do have deals for the borrowers with a lower credit score, i.e. bad credit history.

Borrowers wishing to take up non homeowner loans need to fulfil the following essential requirements:

* The borrower must be in full time employment. * Computerised pay slips are used for paying the borrower. * Bank account must have a direct debit facility. * The proofs of identification and residence must be ready. * The borrower must have been regular in making rent payments. * The borrower must have a home telephone line or a mobile (if it is a mobile, a copy of the agreement must be produced)

The non homeowner loan can be used for as many purposes as a homeowner loan. These are consolidating debts, purchasing cars etc. However, you need to understand that the amount available under non homeowner loan is not at par with the homeowner loans. The lower amount may be the result of increased risk. In money terms, the amount under homeowner loans can range from £1,000 to £50,000 over a period of 1 to 25 years.

You would surely not be complaining after learning about non homeowner loans. Though the terms under non homeowner loans are not as attractive as homeowner loans, borrowers cannot help because of the vast differences in the circumstances of the homeowners and non homeowners. Also, there are not much finance options for non homeowners other than to take non homeowner loans.

Steve Clark can tell you how to look better, live better and breathe better by giving you tips to improve your finances.He writes on loans. His ideas can help you rejuvenate your money.To find Secured homeowner loans,bad credit homeowner loans,online homeowner loans,non homeowner loans visit http://www.easyhomeown

About the author:

Steve Clark can tell you how to look better, live better and breathe better by giving you tips to improve your finances.He writes on loans. His ideas can help you rejuvenate your money.To find Secured homeowner loans,bad credit homeowner loans,online homeowner loans,non homeowner loans visit

Written by: Steve Clark

New York Refinance- Refinancing in New York

If you are looking to refinance in New York, it helps to get the facts before you begin the refinancing process. If you have an existing high interest mortgage, refinancing now could be the best choice for you. You can choose to refinance with cash out to make home improvements or to consolidate bills, or to simply refinance your existing mortgage to a lower interest rate that will save you a lot of money over time. New York real estate is always a booming business. Mortgage lenders in New York and throughout the country are competing for your business. You can get quotes from several lenders with one quick online application. Online lenders are offering the same great terms as traditional lenders and will give you the professional service and attention that you expect.

New York lenders will give you expert advice and superior customer service when you apply for a refinancing loan. If your existing mortgage has a high interest rate, refinancing now could dramatically lower your monthly payments. New York is a diverse state that offers rural living and a bustling city atmosphere. Owning a home in New York is an excellent investment. Real estate values rise continually and the current low interest rates make it easier than ever to refinance your New York home. Mortgage lenders online normally provide mortgage loans all states, including New York. When you apply online for a refinancing loan, you can get multiple quotes from one simple application and you will be contacted within hours by lenders that provide loans in your area. You do not need perfect credit to refinance your mortgage. There are many subprime lenders through online mortgage companies. You can even be pre-approved for a loan from an online lender.

Refinancing your New York home could be the best decision you can possibly make if you want to help secure your financial future. Extremely low interest rates and low monthly payments will give you more freedom to save for college, make home repairs, or simply live life the fullest extent possible. New York lenders are offering previously unheard of terms for refinancing loans. Contact a lender in your area or complete a short online application. You loan could be approved very quickly and you could begin saving money immediately. Mortgage lenders who service the New York area are anxious to help you realize your financial dreams. Get rid of your high interest mortgage and start paying less money on mortgage payments each month. Online nationwide mortgage lenders can provide loans to all areas of the country and can give you low rates on refinancing your home.

To view our list of recommended online nationwide mortgage lenders who service
New York visit this page:
Recommended New York &
Nationwide Online Mortgage Lenders.

About the Author

Carrie Reeder is the owner of ABC Loan
Guide, an information website with articles and the latest news about
various types of loans.

Written by: Carrie Reeder

New Website Launched For Consumer Finance and Education

Credit Card Management Services, Inc. is a fully licensed 501(c)(3), non-profit, credit counseling agency whose mission is to provide compassionate, professional debt management counseling and education in an ethical manner with efficient, timely and problem-solving client support.

Since 1996, CCMS has helped thousands of consumers gain financial stability through credit counseling, personal finance education and debt management solutions. Located in West Palm Beach, CCMS provides our services to consumers in over 40 states. CCMS prides itself in being a customer-service oriented, education-driven agency.

CCMS offers credit counseling, budget analysis and personal finance education to all consumers that seek our assistance. Consumers that contact CCMS are directed to one of our certified credit counselors who review their unique financial situation. During this initial counseling session a credit counselor will review a client’s current outstanding financial obligations, both secured and unsecured, as well as their monthly budget. Our counselors carefully analyze and assess the client’s financial situation and recommend a course of action that helps them meet their financial needs.

CCMS provides debt management plans to those clients that show significant need. The debt management plan, in most cases, allows consumers to reduce their monthly payments and interest rates while giving them a fresh start on paying off delinquent accounts. When combined with effective credit counseling, a debt management plan can provide consumers with the tools to become and - more importantly- stay debt free.

CCMS believes that a proactive approach to education and counseling is the best approach. In addition to providing credit and budgeting counseling on an individual basis, CCMS also participates in local housing fairs, credit seminars and similar events to help promote financial awareness. CCMS offers free, on-site budgeting, personal finance and credit seminars to local schools, community development corporations and community groups in the South Florida area.

Please visit the website at

Lisa was hired by CCMS in February, 2003 as a customer service representative. She learned very quickly and was a big part of the renaissance of that department through hard work and dedication. Lisa was selected for the Counseling Department in the summer of 2003 and in January, 2004 was promoted to her current position as Counseling Manager.

As a counselor, Lisa quickly became a leader and advocate for her clients. As manager, she has organized the department to provide maximum coverage and a new system where 94% of incoming calls to the Counseling Department are answered by a live person. Lisa also played a huge roll in the design and feel of our website.

Despite her many assignments and projects, Lisa always has time to work with her current clients. She received many complementary client testimonials concerning the professional handling of the debt management program, but more importantly praising Lisa’s caring, personal and caring touch.

Copyright 2004 Credit Card Management Services, Inc.

Need Extra Money?- Refinance or Equity Line Of Credit

You may be looking for some extra money to fix up the house, go on a vacation or buy a new car, and you want to take some equity from your home to do it. To do this you could either refinance your home and take some of your equity or apply for an equity line of credit instead. The question is which one is right for you? There are some things to consider about both options when determining how you should obtain the money.

Refinance Your Home

-Are you currently paying a high interest rate and would like to reduce it?
-Does your lending company charge closing costs or points to refinance?
-Consider that you will be borrowing this money and be paying interest on the full borrowed amount for the duration of your mortgage
-Is the interest tax deductible? Speak with your tax advisor.

Equity Line of Credit

-You are only charged interest for the money you take out.
-You may repay the minimum amount or additional monies without penalty.
-What are the interest rates? Are they lower then the current mortgage rates?
-Are there any fees associated with opening an equity line of credit with our financial institution?
-Is the interest tax deductible? Speak with your tax advisor.

The increase in the real estate market has provided people the opportunity to borrow money against their residences to generate cash for the things they need. Financial institutions are making it easier for people with equity in their homes to borrow money. If you are looking for extra money and own a home, you may want to consider one of the two options, either refinance your existing mortgage or take an equity line of credit against your home.

About the Author

Ashlee Hovsepian is the publisher of where you can find the right mortgage and refinance companies to finance your mortgage online.

You may freely distribute or publish this article provided you publish the whole article and include this copyright notice and links in full.

Written by: Ashlee Hovsepian

Saturday, May 16, 2009

Mortgage Refinance Quote Offers Flexibility To Homeowners

Over the past several years, the housing market in the U.S. has boomed. Homeowners have watched their home equity balloon as housing prices have soared. In many areas in the U.S., modest homes purchased as recently as seven years ago have doubled or tripled in value. During that same period, interest rates dipped dramatically, allowing a homeowner to obtain a mortgage refinance quote. In refinancing, homeowners lowered monthly payments and often withdrew a portion of their home equity - via home equity loans and home equity lines of credit - to make purchases or pay down consumer debt with higher interest rates.

In a speech given in October 2004, Federal Reserve Chairman Alan Greenspan said, "Despite average annual mortgage debt growth in excess of 12 percent over the past two years, the financial obligations of homeowners have exhibited little change as a share of their income because mortgage rates have remained at historically low levels. The enormous wave of mortgage refinancing, which ended only in the fall of 2003, allowed homeowners both to take advantage of lower rates to reduce their monthly payments and, in many cases, to extract some of the built-up equity in their homes. In the aggregate, the cash flows associated with these two effects seem to have roughly offset each other, leaving the financial obligations ratio little changed."

Greenspan continued, saying, "Indeed, the surge in cash-out mortgage refinancings likely improved rather than worsened the financial condition of the average homeowner. Some of the equity extracted through mortgage refinancing was used to pay down more-expensive, non-tax-deductible consumer debt or to make purchases that would otherwise have been financed by more-expensive and less tax-favored credit."

According to the Federal Deposit Insurance Corporation (FDIC), historically low mortgage rates caused record numbers of homeowners to obtain a mortgage refinance quote and to sign on the dotted line to refinance their mortgages at lower rates. In a recent report, the FDIC said, "As mortgage rates bottomed out, refinancing volumes peaked in June 2003, but they have fallen sharply since then...Indeed, the Mortgage Bankers Association recently forecast that the dollar volume of refinancings would decline 57 percent in 2004 from a record $2.5 trillion in 2003."

More homeowners are seeking a mortgage refinance quote to obtain a home equity line of credit (HELOC). According to the FDIC, these lines of credit have grown about 30 percent annually. The FDIC report states, "The rationale for homeowners' greater use of HELOCs is straightforward. With consumer spending outpacing income growth in the 2000s, homeowners have turned increasingly to home equity lending as a substitute for consumer credit to finance new consumption, reduce outstanding debt, or purchase a home in a two-loan package deal. The appeal over other more costly credit alternatives derives from the significant advantages of comparatively low interest rates, tax deductibility, and easy availability, since income and cash flow tests matter less for determining credit lines than for credit cards or auto loans. Furthermore, because HELOCs offer the flexibility to draw money only as needed and the convenience of a revolving credit line, borrowers favor HELOCs more and more over closed-end home equity loans. For these reasons, many homeowners are converting the equity in their home into cash through home equity borrowing and making this kind of transaction an increasingly important part of their household finances. With the dramatic decline in mortgage refinancing volumes since mid-2003, a homeowner would more likely choose to tap home equity through a draw on a HELOC rather than extract cash as part of a refinancing."

Obtaining a mortgage refinance quote is the first step in obtaining a home equity line of credit that homeowners can use for home improvement, debt consolidation, or consumer spending.

About the author:

Chris Robertson is an author of Majon International, one of the worlds MOST popular internet marketing companies on the web. Visit this Financing\Investi ng Website and Majon's Financi ng\Investing directory.

Written by: Chris Robertson

Mortgage Refinance- Tips To Help You Cut Cost And Fees

Saving money through a mortgage refi is more than just finding the lowest interest rates. You can further cut fees and costs through the structure of your loan, avoiding PMI, and buying lower interest rates.

Close Credit Card Accounts

Close inactive credit card accounts to improve your credit score, making you eligible for lower interest rate loans. You will need to notify the credit card companies in writing that you wish the accounts closed on your request.

Next, check your credit report after 30 days to be sure closed accounts include the comment “Closed at Customer’s Request.” You want future lenders to know it was your request and not bad credit that closed your accounts. Also, take the time to check for any mistakes in your credit report that could negatively impact your credit score.

Avoid The Hidden Cost Of PMI

When refinancing a mortgage, as many as 30% of homeowner’s cash out part or all of their home’s equity. By investing in home improvements or paying off credit cards, this can be a smart. But, if you are borrowing more than 80% of your home’s value, you will be hit with private mortgage insurance, costing you hundreds a year.

Pay Points Now

If you are planning to stay in your home for several years, then you can save money by paying points for lower interest rates. You pay up front fees to ensure you have lower interest payments over the course of your loan. Remember, this only works if you keep your mortgage for several months.

Choose A Short-Term Loan

Short-term mortgages offer lower interest rates than long-term mortgages. You save money by the lower interest rates and shorter payment period. The trade off is a larger monthly payment, but this option can save you thousands.

Ask About Fees

Fees are a hidden cost of many mortgage loans. By law, lenders must disclose fees within three days of a loan application. Fees can go by many names like – document prep fees, courier fees, administrative fees, and more.

When comparing refi options for your mortgage, request a list of fees from several lenders. Add these fees with the interest of a loan. With these figures, you may be surprised that the cheapest loan didn’t have the lowest interest rate.

About the Author

Carrie Reeder is the owner>, an informational website about various types of loans. To view our recommended sources for refinance mortgage loans online, visit
this page:>

Written by: Carrie Reeder

Mortgage Refinance After Bankruptcy

If you are considering remortgaging your home after Bankruptcy, there are many factors to consider in the decision making process. Here we discuss some of the essentials topics that will enable you to decide if releasing equity from your home is your best option.

Becoming bankrupt

If you are in a bad debt situation and are thinking of declaring yourself bankrupt, then the first thing you should do is get legal and financial advice to make sure that this is your best option. Don't leap ahead to thinking about refinancing after bankruptcy if you haven't even decided if bankruptcy is the best thing for you.

Once you have taken the decision to become bankrupt, or you have been declared bankrupt by your creditors, you will need to take some time to deal with the immediate consequences of bankruptcy and work out your next moves. Think about what you want to achieve in the future. If your house has had to be sold, or part-sold in order to clear your debts, then you may want to look into mortgage refinance after bankruptcy so that you can see what your options are.

My options

If you have been declared bankrupt, but your period of bankruptcy has ended because all your debts have been cleared, you can look at your options for the future. These might include:

-Employment. If you were self-employed before bankruptcy, then you may want to consider being an employee. This can remove the stress of self-employed earnings and can also put you in a better position when it comes to applying for loans or mortgage refinance after bankruptcy.

-Debt. The experience of being declared bankrupt should have convinced you to take a different attitude to debt, and make sound financial plans, with help and advice where needed, to ensure that you don't run into such big problems again.

-Restrictions. Expect some restrictions to be placed on you, even though you have been discharged from bankruptcy. Most credit applications will ask if you have ever been declared bankrupt and you must answer honestly. Your chances of getting a loan at standard rates may be affected by your bankruptcy for some time.

-Advice. Even after your period of bankruptcy is over, it is worth retaining some of the advisers you had to use. Not only will they know your financial background, but they should be well-placed to advise you in the future.

Getting Advice

If you are thinking about mortgage refinance after bankruptcy, then all the above considerations apply to you. A mortgage lender will want to know that you are serious about not returning to a position of bad debt and they will also be reassured if you are in full or part-time employment. There will be restrictions placed on you because of your credit history and you will need professional mortgage advice to ensure that you get the best mortgage product for your needs. If you don't already have a mortgage adviser, then talk to an experienced mortgage broker who can talk you through the mortgage refinance products that are available to you, and advise you on how to approach your application to get the best results. Whilst getting mortgage refinance after bankruptcy is a good idea, because it can give you access to lower interest rates than some other mortgage deals, you will need to take advice to make sure it's the right route at the right time.

About the author:

Elizabeth Grant writes exclusively for The Mortgage Broker specialist websites. To read more of Elizabeth's articles on Adverse Credit Mortgages please visit the Adverse Mortgage Centre.

Written by: Elizabeth Grant

My Friend Abid Made $40,000 per month,Find Out How

Mortgage Refinancing : 4Ways To Know It's Time To Refinance

You may want to refinance your home for several reasons.

1)Mortgage Rates might be lower now. The biggest reason that people refinance their mortgages is to save money. No matter what has happened to you, there is always a good reason to start saving money. A lower rate on your mortgage can help you stretch out the payments so that every month you are paying less to live in your house than the previous month. When interest rates are low and you had previously locked your mortgage into a higher price, it might be a good idea to shop your rate around to see how low you can get it. The early 2000's have been an environment of very low mortgage rates which make it a good idea to shop around to see if you can refinance your mortgage.

2)You need money and need to stretch out your payments. Maybe you've recently filed for bankruptcy and therefore need more money to get back on your feet. Maybe you've switched jobs and therefore need to refinance your mortgage in order to make your monthly payments lower. No matter what people say, it's always a good idea to have more money in your pocket than less, isn't it? Refinancing your mortgage might be a good idea in this situation.

3)There may be better deals out there than you think there are. Finding a new mortgage company or bank to refinance your mortgage might be a good idea just to kick the tires of the industry and see if you could get a better deal. If you've been spending a lot of money and paying off the balances on your credit card on a monthly basis there is a significant chance that your credit score has increase recently. An overall better credit score is better for everyone including your lenders. If a new lender sees that your credit score has increased recently, she might be in a much better position to give you a better deal on your mortgage than you think. She could refinance your mortgage by shopping the deal around at more banks and finding the best one for you. Shop your refinancing around, it can't hurt.

4)Mortgage refinancing as a sound business decision. If you own a small business of any sort and need a capital infusion, then investigating mortgage refinancing might be a very smart thing to do. If your business is truly small and you run it out of your house, then the line between your personal and business expenses might be thinner than you are reasonably comfortable with. Clearing up a little extra capital, through refinancing your home, every month might be the difference between investing in some new small equipment and not investing. Everything that is an expense should be lowered if possible. Refinancing a mortgage might be a fantastic idea to increase capital reserves and to plan for future investments. Many business owners who work out of their homes constantly try to decrease their monthly payments so that when it comes time to pay their business bills, they have a little extra capital. Always check with a CPA or attorney to determine what is deductible and what isn't. But, more money is more money, even if you are lending it from yourself to your business.

Mortgage refinance can clearly be of good use in many situations.
About the Author

Richard Martin is a contributing writer at has Vioxx and injury lawyer articles.

Written by: Richard Martin

Mortgage Loan Information - Know The Basics When You Refinance Or Purchase A Home

If you are currently looking for a new home, chances are that in all the excitement you won’t really give any thought to the type of home loan mortgage you take out, instead going with the first one offered to you. This could be a serious mistake – costing you thousands, if not tens of thousands. Make sure you know all about the different types of home mortgage loans before you starting looking for that new dream home!

Here are some of the basic types of mortgage loans:

Fixed-rate home loan mortgage -

As the name suggests, this is a plain-vanilla home loan. Basically you borrow a certain amount over a certain period at a fixed rate of interest. You then pay the same monthly installments for the life of the home loan. The benefit of a fixed-rate home loan is that you can easily budget for the repayments. The downfall of a fixed-rate home loan is that you could end up paying a higher rate of interest than everyone else – no one knows what interest rates will be in 15-20 years time!

Adjustable-rate home loan mortgage -

Mirroring the fixed-rate mortgage is the adjustable-rate mortgage. Again, you borrow a certain amount over a certain period, however in this case the interest rate is not fixed, but is adjustable (or ‘floating’ as you may also hear it called). The upside to adjustable-rate home loans is that the interest rate at the start of the loan period can be lower than the fixed rate would be. The downside is that it is difficult to budget for, as the amount can change, and you are at the mercy of something outside of your control – interest rate fluctuations, which can change quickly.

Hybrid home loan mortgages -

Trying to fill the void left with the downside of the fixed and adjustable/variable-rate home loans, the hybrid home loan lets you fix the interest rate over the first part of the home loan, and then switch to an adjustable/variable rate later. The upside of hybrid home loans is that they allow you to budget for your repayments during the expensive time when you first buy the home. The downside is that if floating rates are much higher than your fixed rate when the switch happens, you could find you are paying a much higher repayment each month.

To see our list of recommended mortgage lenders with competitive rates for refinance, purchase loans, second mortgages, home equity loans and all other mortgage loans, visit this page Recommended Mortgage

Mortgage Brokers For Home Loan Refinance-Refinance Online

Mortgage Brokers For Home Loan Refinance - Refinance Online

Online brokers negotiate financing deals with several lenders. This may mean that you can find a better deal through their site than by working with the lender. Not all mortgage brokers guarantee the lowest refinancing rates, so you should also compare brokers.

Understanding Mortgage Brokers

Mortgage brokers specialize in finding financing. They work with many lenders to offer you several financing choices. They partner with traditional banks as well as thrift institutions, credit unions, and mortgage companies. They can even connect you with subprime lenders if you have poor credit.

Not all brokers call themselves "mortgage brokers." But any site that offers bids from more than one lending company is a broker. Make sure you know if you are dealing with a broker, since this will affect your closing costs.

Brokers collect a fee for each loan they refer to a lender. Sometimes you will pay this fee as part of the closing costs, other times it will come out of the mortgage company's fees. Even with the additional expense of a fee, brokers can usually find you better deals than if you shop alone.

Working With Broker Sites

Online broker sites enable you to make quick comparisons from basic financial information that you provide. Usually, you will need a general idea of your credit score, loan amount, and down payment. The quote you receive gives you a rough idea of rates and closing costs.

Take the time to check with a couple of broker sites to find the best deal. Each broker works with different lenders and negotiates unique deals. Spending a few extra minutes analyzing quotes can save you thousands in interest costs.

Taking The Next Step

Once you have narrowed your choices down for refinancing, request a detailed quote from the lender. This will require the financing company to look at your credit score. You don't want to request too many detailed quotes, since your credit score is temporarily lowered every time a lender makes a credit inquiry.

The detailed quotes will list rate along with terms, such as required points. Even with this accurate quote, it can change hourly based on market indexes and bank rates. If you find a good deal, it is best to act on it quickly to lock in rates.

About the author:

View our recommended mortgage re fi lenders.

Written by: Carrie Reeder

Friday, May 15, 2009

MoneyNet Takes Finance Personally

Moneynet, the personal finance specialist, is expanding its range of product guides to include financial lifestyle information to appeal to families, students and other consumer markets. Moneynet, the most established consumer research website in the UK has taken the initiative in response to concerns that consumers are becoming alienated by complex finance information.

The family finance guide is the sixth publication to be released by moneynet and initially incorporates two sections, with the intention of future content expansion. The first section covers financial basics for parents, with a summary on the financial resources that are available to families, including Child Benefit, Statutory Maternity Pay, Child Tax Credits, Child Trust Funds and the Education Maintenance Allowance. The second section offers some suggestions to parents who wish to encourage their children to become financially aware and responsible with money.

The family finance guide will be extended later this year to encompass issues such as the financial practicalities of bereavement, inheritance tax, financial protection for the family, planning your child’s education, and divorce.

With increasing pressure on personal finance product providers to present more transparent information for consumers, companies which proactively seek a more positive interaction with customers are welcomed by the public. In terms of managing customer expectations online, moneynet can appreciate the increase in internet users going online to research and manage their money #, whilst acknowledging the fact that most consumers have yet to feel comfortable with their finances. Credit Action reported in May this year that half the people who take out credit in shops, had not intended to do so when they left home, whilst a report published by Cambridge University allegedly revealed that nine million Britons suffer from financial phobia. These factors secure moneynet as a highly relevant tool to assist consumers with their financial homework.

Moneynet has been championing greater access to financial product information for consumers since 1997. The company hopes that information which is based on a ‘stage of life’, as well as encompassing technical details about a particular product, will be more accessible to visitors, encouraging them to seek the best deal for their loan, mortgage, credit card and insurance.

Richard Brown, Chief Executive of Moneynet said of the guides, “since 1997 moneynet has been at the forefront of the move to make financial information more accessible to the consumer. As the first personal finance website in the UK to publish inter-active and comprehensive data on the UK personal finance market we have always believed that the consumer should be better informed. Our latest guides will add to the existing library and help to further educate our users, making them better positioned to challenge the product providers.”

# According to market research firm NOP World (

Further information:

Contact: Jane Meares, Communications Manager
Tel: 020 8313 9030
Address: 2nd Floor, Sussex House, 8-10 Homesdale Rd, Bromley, Kent. BR2 9LZ

About the Author is the UK’s most established personal finance research and data website. The company offers consumers a wide range of low cost financial products: from mortgages and personal loans; to car, home and medical insurance; credit cards; savings accounts and best-buy fixed rate products.

Written by: Rachel Lane

MoneyNet Tackles Funding University With New Student Finance Guide

Consumer research site, moneynet, has published its seventh online brochure in the series of personal finance product guides. The student finance guide, collated by two graduates at moneynet, was generated in response to requests moneynet received from parents, students and prospective students who had serious financial concerns about how to fund university.

Graduates are reportedly leaving university with debts of over £13,000. With the advent of Child Trust Funds as a long term measure to assist with the costs of higher education, there is pressure on financial providers to not only consider the type of financial product they offer students, but to additionally review how they communicate complex terms to this young market and to ensure students have a solid understanding of the personal finance market.

In response to widespread public concern and letters from its customers who have families, moneynet has published a comprehensive guide to those factors which affect student finance and university budgets, including realistic expectations and practical suggestions. Key recommendations include:

* Gathering as many savings as possible before university, through birthday and Christmas presents, summer jobs, part-time jobs and any other savings accounts
* Shopping around for the best deals on household insurance, current accounts and savings accounts
* Bulk buying weekly groceries and being strict about spending, borrowing and lending

Richard Brown, Chief Executive of Moneynet said “We all understand the importance of budgeting, but for students this can be especially difficult. Our Guide to Student Finance is designed to provide some simple help and advice aimed at making those years in higher education a bit more bearable.”

Moneynet also provides an online banking management tool called AccountStore, which is a fast, simple and secure way to manage money. AccountStore would allow students to manage all their online accounts in one place under a single login, making it easy to keep track of credit card bills, overdraft spending, savings and standing orders.

Other publications in Moneynet’s series of consumer product information guides include: credit cards, mortgages, loans, life insurance, ethical investing and family finance. The website also features a comprehensive glossary for consumers who wish to look up more general personal finance terms.

Resources: (Online banking management tool) (Student finance guide)

* * * * * * * * * * * * * * *

Editor's notes is the UK’s most established personal finance research and data website. The company offers consumers a wide range of low cost financial products: from mortgages and personal loans; to car, home and medical insurance; credit cards; savings accounts and best-buy fixed rate products. is an ethical, impartial and comprehensive source of consumer finance information, covering the whole of the personal finance sector.

Moneynet was founded in 1997 by Chief Executive Richard Brown to simplify the personal finance market and provide consumers with impartial and interactive information on financial products and services.

Press enquiries
Richard Brown, Moneynet Chief Executive, 020 8313 9030

Consumer enquiries:

* * * * * * * * * * * * * * * * * * *

About the Author

Online distribution by bigmouthmedia:
Bigmouthmedia is a search engine optimization (SEO) + search engine marketing agency, specialising in paid search (PPC), organic search (optimisation), link strategy (online PR) + consultancy services in online brand protection.

Written by: Rachel Lane