Getting approved to purchase a new home can be a balancing act for many families. Lenders often look at your overall income compared to your current debt and family size to ensure that you will be able to make your monthly payments and not default on your loan. If you are pregnant, you are in a position where your financial situation may change rapidly after the birth of your baby. However, should you reveal your pregnancy to your mortgage broker? Below are three things to consider if you are applying for a loan while you are pregnant.
Legally, You Are Not Required to Reveal a Pregnancy
Under federal law, it is a violation for a mortgage broker to ask if you are pregnant or planning a family. However, it is still common for many brokers to ask this question. If you are asked about your plans for a family, you can simply state that you are not required to answer that question and your broker should move on.
Your Loan May Be Affected If the Baby Is Born Before Your Loan Is Secured
While your broker cannot ask about your plans to create a family, they can ask how many current dependents you have. Your answer to this question will be considered when determining your monthly disposable income. Since purchasing a home can take a long time, you may be asked to confirm your financial details several times during the process. If the baby is born before your loan is secured, it may change the amount you are eligible to receive. If you think your baby will be born before you close on your home, consider letting your broker know so they can adjust your loan amount ahead of time so there are no surprises.
Make Sure You Can Afford Your Loan After the Baby Comes
As with any loan, it is important that you only request an amount that you are sure you will be able to afford, even if you are approved for more. You should carefully consider how a newborn will affect your budget and whether you will be able to meet your financial obligations while on maternity leave if you plan to take it. For example, you may want to only claim one income when applying for a loan in case your second income is reduced due to child care responsibilities.
If you are pregnant, you may not want to tell your broker. However, it is important that you negotiate a loan that you will be able to afford with your changing family size and obligations. For more information about home loans in your area, talk with your mortgage broker today.Learn More
Installment loans are essentially any type of loan that is repaid in certain amounts over a set period. For example, loans you take out for the payment of a car, boat or motorcycle are often installment loans because you promise the bank or the credit union that you will pay “x” amount of dollars every month for the next several months or years. What you may not know about installment loans is that there are several types. Here are some of those types of loans and why each may be of value to you.
Short-term, unsecured installment loans usually have very high interest rates and you are required to pay them back quickly. You can get this type of loan from many non-traditional lenders, including payday loan lenders. This type of loan is most beneficial when you need cash right away, you cannot get a traditional loan because you have nothing to secure it with, and you know you will be flush with cash in the next couple of months (e.g., you are expecting a sizable tax refund).
Short-term secured installment loans require some type of valuable collateral. This could be your vehicle, your wedding ring, your boat, etc. It could also be your credit card sales from the prior months of conducting business. The interest rates and fees vary widely (depending on the lender), which can include a pawn shop owner or title loan lender. The loans are often based on the fair market value or resale value of the item you use to secure the loan, but you retain the rights to the item(s) by consistently making timely payments on the loan. These might be some of the easiest loans to get, although they might not meet your full and current monetary needs.
Unsecured Based on Business Profits
This is a new type of installment loan emerging for small business owners. It helps you secure working capital based on your prior month’s or prior quarter’s profits. Typically, the loan amount comes with a hefty fee attached, and the amount is only a percentage of your prior month’s sales or profits. However, if you own and operate a small business and you are struggling to make ends meet this month, this might be the perfect short-term solution. Small businesses located in tourist areas often benefit from this type of loan in the off-season months right before the high-season months begin because it keeps the business afloat until the high-season profits can pay back the loan.Learn More
Whether you want to make room for more jewelry or truly need the money you’ll earn from sales, selling your silver and gold jewelry might seem easy to do. However, if you want to ensure you make the most money possible, follow the advice below.
The first mistake you might make when selling off your collection is to sell in bulk lots. You might not want to take the time to sort through and price each piece, and you might assume that a buyer will be able to give you a fair price for everything.
However, it’s important to note that every piece isn’t valued the same. You may have some very expensive pieces that would get overlooked in one big bulk sale, causing you to be paid less than you could have gotten otherwise. It may take more time to sell each piece alone, but ultimately you may make a higher profit.
Get a Professional Appraisal of Each Piece
It might seem strange to think that spending money on an appraiser’s fees would help you make more money overall, but that is what indeed may happen. Being able to present a piece for sale–with the support of an appraiser’s professional opinion of value–is one way to ensure you get the price you want for your piece. Buyers may be more likely to pay more for a piece when they can see evidence of its worth.
Beware of Your Emotions
One of the things that could stop you from getting a good price on one of your pieces is how you feel about it. Your attachment to particular pieces can be problematic when you’re trying to make a sale, because someone might place an offer that you feel isn’t enough for the piece–not because of its value, but because of your feelings about the piece.
You might have thought you were willing to part with your great-aunt’s opal ring, for instance, but you might want much more than it’s worth because of your attachment to it. Be sure to get a handle on your feelings so that you don’t make the mistake of losing out on a sale altogether.
Now that you have a better grip on what actions you can take to get the most money for your jewelry collection, start doing your research and pricing your pieces accordingly. Work with gold and silver buyers like Wimpey’s Pawn Shop.Learn More
Whether you’re looking to switch banks or are even planning on opening up a checking account for the first time, the fact remains that you have a lot of options available to you. No matter where you live, online banking makes it possible for you to open a checking account with one of dozens of banks. Before you open an account with just any bank, however, there are some important mistakes you’ll want to avoid.
Choosing a Bank That Doesn’t Waive ATM Fees
These days, no reputable bank should be charging you an ATM fee when you use your bank card to withdraw money from an ATM. If your bank won’t waive these fees or, at the very least, reimburse you for them at the end of your statement month, then it’s time to look for a different bank. Keep in mind that individual ATM providers (such as those found inside your local convenience stores) can still charge you fees, however.
Going With a Bank That Doesn’t Have Online Account Access
Another important thing to look for in the bank where you wish to open a checking account is easy online account access. It’s difficult to find a bank these days that doesn’t have online account access, but not all platforms are easy to use or very robust in terms of their features. Ideally, you’ll want to find a bank that offers online bill pay, money transfer, and similar features. Bonus points if they have a free app you can download so you don’t have to log-in every time.
Choosing an Account With Monthly Balance/Deposit Requirements
Some banks will have requirements and minimums when it comes to how much money you need to deposit into your checking account each month and how much of a balance you need to maintain in order to keep your free checking or avoid service fees. Avoid this hassle and open an account with one of the dozens of banks that don’t impose these kinds of minimums.
Failing to Consider ATM and Branch Location Convenience
Finally, though you may be able to find checking accounts with excellent terms online, you’ll also want to make sure you can find a local branch in the event that you need one-on-one help with your account or wish to take out a large sum of money from your account. Specifically, look for banks with locations close to your place of employment and your home.Learn More
If you have a loved one who is arrested, you might be in need of getting a bail bond. This allows you to pay a small percentage of the bail amount, then provide collateral and have them released from jail. The collateral is extra insurance in case they don’t appear in court as requested, in which case you owe the rest of the bail amount. Many people put their house up for bail because the property is worth more than vehicles and jewelry. Here are some things to know about choosing this option.
How do you put your house up for bail?
When you decide that your house is the only property you have that works as proper collateral, you will need to provide documentation that can be put in the bail bondsman’s trust. This allows them to sell it or take over ownership if the entire bail amount isn’t paid following the defendant’s case. You will need to provide either the title to your house or the deed to the house. You don’t need to sign it over to them, but put it in their possession. A contract will be signed that states you will hand over the house and move out if it comes to that. While many bail bondsmen will work with you to avoid that happening, it is always a risk you take.
Will your house value cover the cost of bail?
One thing you need to keep in mind when you put your house up for bail is that the value of the house must cover the cost of the bail. You need to consider the full bail amount and the current value of your home. If your home is older and is in disrepair, or the bail is an extremely high amount, it might be enough to cover it. However, if you have a house that is worth, say, $200,000 but the bail amount is over $350,000, then the house alone might not be enough collateral. You may need to offer the house in addition to vehicles, jewelry, or other valuable items as collateral for the bail bond.
What happens if the defendant doesn’t go to court?
Whenever you decide to bail someone out of jail, whether it is a friend, family member, or co-worker, you are taking responsibility for them. You are telling the bail bondsmen that if they don’t go to court after they are bailed out and the bondsman can’t track them down to bring them back to jail, you will pay the entire bail amount. If the amount is much more than what you have in your bank account, then you may lose your house.
If you have any other questions about putting up your house for collateral in a bail bond, consider contacting a local bail bonds company, such as All Night & Day Bailbonds, for more information.Learn More
For those with a limited income, renting a home can be quite difficult, let alone trying to buy one. However, with many different assistance programs out there, the process is becoming easier. If you need help figuring out how to get a mortgage and the home of your dreams, consult some of the following:
Regardless of whether you are earning $15,000 or $25,000 per year, when you fall into the low-income category, it can be difficult to get a mortgage. Many lenders won’t even look at your application until you make a certain dollar amount. This can be quite frustrating for someone looking for answers. Thankfully, there are a variety of different programs out there to help individuals who might have a little lower income than the average for the area. Check out some of your options below:
Public Housing Agency
One of the first things you can do is to contact the Public Housing Agency in your area and ask them about their Housing and Urban Development (HUD) Homeownership Voucher. If you have heard of Section 8, this falls in the same type of category, except it allows you to own a home versus just rent one. You can use your subsidy to pay a mortgage payment and step out of the renting game.
Real Estate Agents and HUD Homes
A real estate agent can help you with purchasing a HUD home. While these particular homes might be offered at a fair-market price, you can snag significant savings if you are working as a teacher, police officer, firefighter or EMT. These borrowers can easily secure a home in one of the federally-designated revitalization areas for about half the cost of what everyone else might spend.
Try speaking with lenders who have FHA insured loan programs available. Because many of these loans don’t require that the borrower have a certain income, they tend to be more lenient in terms of lending money to individuals than what a traditional bank would be. With a traditional loan, you normally cannot commit to paying more than 36% of your income to your mortgage. However, these loans allow you to go as high as 41%, thus letting you get more home for your money.
Talk with your local credit union, bank or other government initiative to see what they have available for those purchasing their first home. You might be surprised by all of the different subsidies out there for those who have never purchased a home before. Some properties are specifically reserved for those who fall into the low-income category, thus allowing you to have more choices available to you.
Whatever you do, spend time talking with individuals in the area about the different programs available to you. There is no reason why you should feel as if you don’t have any options available when there are plenty of different programs just waiting for you to come out and apply. By checking around, you can get the home of your dreams at a price that is going to work for you in no time. Homeownership isn’t that far away, but you have to be the one to take the first step toward making it happen.
Click here for more info on a local mortgage company.Learn More
If you need some quick cash or your credit score would not be sufficient to get a loan from your bank or credit union, a payday loan is an ideal way to meet your short-term financial needs. However, it is easy to fall into a pattern of borrowing, given that the fees can be significant. Therefore, it is important to know the following advice, so that you can be sure that you are getting the best possible deal from your payday loan.
#1-Make Sure That You Set the Maximum Amount That You are Borrowing…Not the Lender
If you have been turned down for credit or loans recently, it is easy to become overwhelmed when a payday lender tells you that you are approved for a larger amount of money than what you actually need. However, as with any debt, you will be paying it back, and since payday loans are known for meeting short-term needs, you will be paying it back quickly. As a result, you should be sure to only borrow the amount of money that you need, so it is easier to pay off your debt on your next payday.
#2-Be Aware of All The Fees and Charges…and How They Might Impact You
It is also important to note that a payday loan will often carry fees, other than the interest rate that you probably expect, that are easy to miss. Common examples include origination fees, verification fees and collection costs. In addition, you will often be allowed to renew part or all of your loan on your next payday if you cannot pay it off in full at that time, but renewal fees may apply at that time.
#3-Contact More Than One Payday Loan Company
One mistake that is easy to make relates to the belief that the fees a payday loan accrues are somehow “industry standard.” The truth is that each lender has the right to determine what charges and fees they offer. Although you may find that working with a well-known lender offers some benefits, like extended hours or the ability to apply for your loan online, it is a good idea to be aware of the different options for lenders. By doing so, you can often minimize the total cost of your loan, which will also make it easier to pay your loan off.
In conclusion, a payday loan is an easy and quick way to access money without a credit check. However, it is important to be sure that you are getting the best possible deal on your loan, so remembering the above information will help you immensely. If you have any questions about payday loans, consider contacting local services, such as EZ Money, to discuss your concerns.Learn More