Showing posts with label investors advice. Show all posts
Showing posts with label investors advice. Show all posts

Jul 3, 2018

3 Things You Need to Know Before You Finance a New Home

3 Things You Need to Know Before You Finance a New Home
Financing a home may seem like a daunting prospect when we think about all the paperwork that is sure to be involved. The truth is that while the process is undoubtedly thorough, it need not be intimidating at all. Preparation and readiness can help remove most anxiety about home financing.

Here are three things you should know before you finance a new home

1. Personal finance homework saves time and money

Gather your credit information. All lenders will look at your various documents – savings, taxation, outstanding loans – and decide if you are creditworthy. Make sure all your documents are to hand. Also, ensure that you are up-to-date on payments with any loans you may have including credit card bills.

Next, work out the cost of the home purchase process. The purchase price is one thing but work out all the other expenses as well. Interior work, taxes, stamp duty, repairs, additions, remodeling, furnishing, moving charges, exterior work, all these need to factor into your total cost of home ownership. Once you know this, you have a right ballpark for how much home finance is required.

After that, see how much you have in savings for the deposit. Is it enough to get you financing? How much more do you need? How much time will that take?

One outcome of this is that you might reevaluate the type of home and the location of the house that you wish to buy. This is not a bad thing. Buying a home is not something you have to do today. If you are not prepared, it is better to wait before entering into such a significant financial commitment.

2. Evaluate various home finance options

Work out which home buyer financial aid program that suits you best. In the UK, for example, you can get home buying assistance from the Help to Buy plan wherein the government loans up to 40% (in London) of the property price at a low-interest rate. If you have saved for the 5% deposit, you need home finance for the remainder only. You can even choose the Starter Homes scheme and get 20% discount on the property price after paying the deposit.

When approaching banks/lenders for the housing mortgage, make time to understand what they are offering entirely. Loans have to be repaid over several years. It is a commitment you cannot back out of without losing your home. Get professional help, if need be, to understand which loan scheme is most manageable for your financial status as on date and the change you expect in it in future.

3. Professional help from a trusted real estate agent can save you from heartache

Buying a new house is not just a matter of saving for the deposit, taking a loan and making the purchase. Buying a house involves contracts, negotiations, evaluations, inspections, appraisals, preparation of documents, dealing with local government authorities, ensuring that sellers give the home in the promised condition.

A real estate agent can help you navigate all stages from viewing the house to evaluating finances to getting government aid to getting loans to dealing with contractors. Remember, a seller’s representative does not have to protect your interests since you are the buyer. Buyers are best served when they employ their estate agents. To find a real estate agent that you can trust, a search on the internet will give you a list of real estate agencies.

Find out what you can about the performance of the agencies and their estate agents. You can even give each a call or meet with representatives and choose one with whom you feel comfortable. Remember that it will be a long-term association. Find a real estate agent whom you like and whom you find competent and professional.

A professional real estate agent will keep open lines of communication and will get back to you as quickly as possible about all queries. They will also not dismiss any question as trivial.

A real estate agent is invaluable even before you decide on a house. Take the help of your real estate agent to work out your finances, to understand what is the best home for you and how to get a house that is suitable not just for your life today but the house for your future life.

An estate agent will also help you understand in detail about the available financing options. Financing a home is a multi-year commitment; make a decision using professional help to protect your financial interests.

Financing a new home can seem like a paperwork-filled process. A few simple preliminary steps like understanding your personal finance and evaluating various home finance options can ease the burden by quite a bit. Asking for professional help from real estate agents makes the process even more comfortable.

Feb 23, 2015

Be your own advisor when it comes to personal investment plans

Be your own advisor when it comes to personal investment plans
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Growing personal wealth always has to begin with a plan, and also the simpler the strategy is, the better your chances is going to be of following through and which makes it happen. Too many people begin motivated to create a change in their own financial life, and also have a super driven and overly complex plan. The problem with this particular approach is that after things start to obtain a little hectic, a complicated plan is simply too hard to stay with. So here is an easy plan for gaining control of the financial life as well as increasing wealth.

May 8, 2014

How to Invest in CD with Proper Knowledge?

How to Invest in Certificate of Deposit (CD) with Proper Knowledge
The best thing about long term CD investment is that the interest rates are high. Short term strategy will attract even smaller interest rates. A Certificate of Deposit (CD) investment has always been a reserve for the wealthy but things are changing. If you are the type of investor who is future oriented, you will want your investment to earn better interest over time. CDs are good for long term investments and the risks are negligible. In order to ascertain whether or not CD is right for your investment portfolio, you need to look at two distinct factors:

Jan 24, 2014

Trading Binary Options in the United States

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Binary options have become a very popular trading vehicle and new binary options brokers are opening their doors in a steady stream. But most binary options brokers are not under supervised by any recognized regulatory organization and there is very little oversight involved, so caution is always advised when opening a binary options account.

Dec 23, 2013

Binary option trading - the Russian Binary Market

Binary option trading is undoubtedly a global phenomenon and traders from across the globe have access to the market, regardless of whether they are in front of their computers and trading their favorite assets or they are physically present on the floor where the trading is taking place. Binary trading has seen traders from all quarters and in this article, we will focus on the option trading market in Russia.

Dec 20, 2013

4 Mistakes you can make in Your Relationship with Banks

Although it is a necessity, working with banks can prove to be extremely exhausting and confusing at the same time. It is true that banks are there to help you when you cannot help yourselves. They give you a hand when you need it, but they also take everything from you when you cannot pay your debt.

There are two ways that your relationship with your bank works. On one hand, things work out smoothly, and your relationship is based on trust and respect. On the other hand, each of you tries to cheat on the other one and misunderstandings occur. Either way, here are the mistakes you should avoid when it comes to bank/client relationship.

Nov 13, 2013

The Various Markets to Engage in with Spread Betting

Spread betting is a popular trading method that has gained a lot of popularity in the last few years due to its flexibility and the various options provided to the traders. When you are spread betting, it's likely that you already have an account set up with a reliable broker. On this account, your broker will provide you with a wide variety of options for the markets you can trade in.

Aug 28, 2013

Basics of Stock Markets: The A-Z Quick Sheet for a Beginner-Level Investor

Several individuals wish to engage themselves in stock market and invest their money in stocks, but they don’t have an idea about Stock markets and how they work. In fact, there may be lot of info available to you, but they may all seem confusing without actually knowing the basics. This post aims at educating the beginners about the basics of stocks market. Read on to enlighten yourself about the A-Z of stock market.