Vicky Edema's Blog
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Jan 11

Identifying the best mortgage loan company

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Mortgage is a very important thing for people to buy houses. There are many different companies that offer the mortgage loans. Finding the best mortgage loan company is a task in itself. Once you have identified the best company, you have to get into the next step of finding the best mortgage rates that will work for you. For many families, buying a house is a long desired dream. Mortgage loans make these dreams come true because the individual wanting to buy the house may not have enough cash on hand and the only option they have is to get a loan to buy the house.

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Jan 11

The various steps involved in home loan finance

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Home loan finance is something that almost all people need to buy a home. There are various important steps that need to be understood by the home buyer to be able to purchase the house. Many people are unable to buy a house because they are not able to secure home loan finance from a company. There are various reasons for companies rejecting the application that was made for the purchase of a home loan. This is the reason for a person to know the right steps to get a home loan.

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Jan 06

A Great Investment Loan can be found at the End of the Rainbow

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You have probably heard that magical creatures known as leprechauns hide their gold at the end of the rainbow because no one can ever get to the end to find it. You may have felt the same way about finding a great investment loan as well, but you should know that the end of the rainbow is not as far away as you first thought.

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Jan 05

Get a Cheap Home Loan with the Help of a Mortgage Broker

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Many people probably feel that they can obtain a cheap home loan without the help of another person or organization, and they might be right. However, a mortgage broker can make the process simpler on your behalf. A mortgage broker can be your best bet because of the number of contacts and relationships they have built up as part of their business.If you do a search on the web, you would be surprised how many brokers are around to help you with a cheap home loan. A broker can help you to understand the differences between a normal loan and a tricky challenging loan. Just as you would research the background of some other type of professional you want to use such as a doctor, lawyer, or plumber, you need to do the same for finding a great mortgage broker.Check out any brokerage you are interested in by checking the Internet. You can find out almost anything about the history of a broker by checking out not only their website but other places as well. The Better Business Bureau can help you by letting you know if the broker or company he or she works for has ever had any complaints against them. It can also tell you how they may have been resolved. Take the time to meet anyone you are interested in getting help from to secure a cheap home loan. Most people tell you that first impressions are not always indicative of what a person really is, but you would be surprised how many times a face-to-face meeting can give you a hint of what to expect.A broker can create a timeline of events to help you to see how the mortgage process will work. This is important for those who have no experience with the process and may not understand what to expect. Do not be afraid to ask a million questions. If you do not understand something about your cheap home loan, you need to ask. You are the one who will be committing to a long-term loan that will shape your life for many years to come. You not only deserve to understand what you are doing, but you must know!Now you might be thinking that this is a great deal of work when you could probably get a cheap home loan on your own, right. Wrong! You may have heard of the phrase, there isn’t such thing as a free lunch. This is true whether you believe it or not. If you do procure a cheap home loan, you may find out later that you paid for that cheaper loan in another area or in another way. By using a professional or at least someone with a great deal of experience in the mortgage area, you ensure that you do not lose out in some other way when getting your loan.Take advantage of the skills that a mortgage broker has worked so hard for and you can get the best and safest cheap home loan that will help you buy the home of your dreams.
Dec 22

Using Your Investment Loan to Purchase a Rental Property

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So you have your investment loan and you are looking to purchase rental properties and become a landlord.  How do you go about purchasing profitable rental properties and making sure your finances are in order to enter the rental property market?  With regard to purchasing properties one way is to approach landlords directly and see if they are interested in selling one of their properties.  Since being a landlord is not for everyone you may find landlords that have been in the business for a long time and are looking to get out of it.  Along with selling you a property they may also be able to give you other valuable tips like how to get a better rate on an investment loan or how to screen tenants. 

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Dec 22

Using an Investment Loan to Enter the Rental Property Market

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An investment loan can refer to a variety of products but usually refers to a loan that is taken out to be invested into a business.  There are several benefits of taking out an investment loan with one of the most important being that it usually allows the customer to borrow more money than any other type of loan.  The loan can be used to consolidate several smaller loans that perhaps were taken out at the start of a business and roll them into one large loan that is paid to a single loan supplier.  In the current economic environment another important consideration is the borrowing rate which of course the borrower wants to be as low as possible.

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Dec 22

How Can a Mortgage Broker Help You?

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With all the current turmoil in the mortgage business choosing a reputable, knowledgeable mortgage broker can be one of your best defenses against paying outlandish monthly rates or even losing your home.  A mortgage broker is an intermediary who sells loans in behalf of a business or an individual.  Though this job has traditionally been one that banks have handled themselves, with the growing competition in the mortgage market working through brokers has become more popular.  There are several federal measures in place to ensure that the broker complies with the laws and regulations of the jurisdiction where the consumer lives. 

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Dec 16

Do you need a Mortgage Broker

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Most people do not think they need a mortgage broker to help them to get a loan or buy a home. These people would be very wrong. A broker can help you to get your mortgage easier, quicker, and more efficiently. Take advantage of any help you can get because a mortgage broker can go through your circumstances to help determine what your individual requirements might be for the mortgage you are seeking.

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Dec 14

Creative Ways to Get a Cheap Home Loan

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Two primary ways to get a cheap home loan is to shop around for a lender and getting the most out of your equity. Even if you have bad credit or a lack of credit, you can still procure a cheap home loan as long as you have some equity in your home.

First, look around and do some research on the possible lenders that might be able to help you. Each lender will offer different interest rates. Shop around and gather the different possibilities then go online and see what some of the online lenders may offer. Offline lenders are often able to offer lower prices because they have little or no overhead. Many online lenders can provide a cheap home loan faster and more efficiently. After gathering quotes from lenders, you can compare them and determine which can provide you the best options.

Equity is an important way to maximize your cheap home loan. Equity is the amount of money that you have paid for your home against the amount that is still left to be paid. To get the most you deserve, make sure you do not ask for more than the equity you have built up in the home itself. If you ask for less than what you have in equity, a lender will be more inclined to provide you with a cheap loan because they do not have to worry about what would happen if you default. Asking for so much less than what you owe, will provide you with a better opportunity to get what you are looking for in a cheap home loan.

Secured cheap home loans are a very popular because they are very easy to secure even when someone has bad credit. Due to the low risk associated with this type of loan, lenders will still offer cheap rates and are not worried about repayment. One of the convenient ways that this type of loan works is that it can allow you to take a short-term loan instead of having to commit to a long and drawn out loan.

If you do take advantage of a cheap home loan, you need to be sure to pay attention to the fine print and make sure you do not miss a payment. Another advantage to taking out this type of loan is that you can help to rebuild your credit history at the same time. You can use the loan to help improve the value of your home, pay off medical bills, or even taking a holiday trip. The loan could be sued to take care of other bills. Consolidating some debt can also be accomplished with a cheap home loan.

Many organizations exist to help you get the best cheap home loan possible. With a little research and some homework, you should be able to find one that wants to provide you with a cheap home loan that will get you what you need out of the equity in your home and still be affordable.
Dec 10

Carefully consider your investment loan to build wealth and maximise your financial position

Published in Untagged  by Vicky Edema |

When you enter the investment market one of matters to which you should givfe careful, consideration is your investment loan. Most financial planners and accountants will generally recommend that you gear your investment to gain tax benefits. Gearing your property acquisition with an investment loan will generally provide you with a negative gearing benefit. Negative gearing applies when that the rental, business or dividend income you receive from your investment property, business or share portfolio is less than the costs associated with your investment as well as the interest on your investment loan. The “negative” shortfall between your investment income and the costs plus interest on your investment loan is an allowable deduction against your normal salary or self-employed income.

 

By claiming the shortfall that results, primarily being the interest on the investment loan, as a deduction against your normal gross income you reduce your annual income and as a result the tax you pay.

 

When considering an investment loan there are a few important matters you should check out:

  1. Make sure you have an interest only component in your loan from the outset particularly if you already have existing home loan or personal / credit card debts. The reasons for this are two-fold:

            (ii)        Rather than making a principal and interest payment on your investment loan you should keep your payments on the investment loan to a minimum and use any surplus cash to reduce any personal or home loan debt. This is because the interest you pay on personal debt                      is not deductible. You are paying interest on anything other than an investment loan in after tax dollars. This makes personal borrowings very expensive – often termed “bad” debt because of the non-deductibility factor.

            (ii)        By just paying interest only on your investment loan you are not reducing the loan balance nor the deductible interest that you can claim on the investment loan.

 
  1.  If you have a home loan or personal debt at the time you are taking out an investment loan then you should look to include an investment line of credit within your investment loan package. This will provide you with access to funds to meet any shortfall in the interest repayments on the investment loan as well as any unexpected or standard costs in relation to your investment e.g. you may have a vacancy factor that was not factored into your cash flow – you draw on the investment line of credit to meet the regular monthly shortfall or any unexpected shortfall as noted above. By utilising the line of credit to meet the any costs or interest shortfall on the investment loan you are avoiding subsidising these costs with your personal income. Instead of using your personal income to meet the shortfasll costs you can instead apply what you would normally have paid to making an additional repayment to your non-deductible home or personal loan. This is a much more tax efficient way of using your personal income as opposed to using it to subsidise your investment loan and other costs associated with say, an investment property.
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