By financen | June 23, 2018 - 6:44 am - Posted in Home Improvement

Working on your own home improvement ideas can be daunting. To pull off a successful DIY home repair, you need to strike a balance between affordability and quality of repair. If you’re just an average person, how will you even start with the entire process?

In case you feel stuck in this maze called the home improvement, we’ll help you get out of your rut and actually find a way to make your home much better. Upgrade your living space by asking yourself a few questions.

What are the basic skills that will come in hand?

Before you even plan which parts of your home require some retouch, you may want to examine first if you have the skills to do it yourself. If you ignore this point altogether, you might end up doing more harm than good to your house and end up spending more. Some of these skills can’t be learned overnight even if you spend countless hours watching YouTube tutorials or reading self-help books or magazines.

What are the most basic skills you’ll need for DIY home improvement? The following are the abilities you’ll need if you don’t want to call in experts:

  • Basic carpentry
  • Plumbing
  • Painting
  • Electrical skills
  • Gardening

Don’t ever think these skills are merely confined to menial jobs. Aside from coming in handy in these times, you can also do some basic troubleshooting when you’re in the know. That can save you a lot of money.

What percentage of the house requires repair/renovation?

After determining whether or not you can patch up your home, it’s time to figure out which holes to patch. To approximate how much of your house needs repairs, take a look at the following portions and assess the damages courtesy of Resolve by Lowe’s:

  • Water damages
    • Water accumulation in corners and joints
    • Discoloration of paint
    • Changes in texture
    • Odor
  • Structural damage
    • Loose bolts and poorly aligned joints
    • Rusty metal joists
    • Uneven roof or load-bearing walls
    • Cracked walls

 

These simple symptoms can help you determine whether or not a portion of your house requires some basic repairs. If the damage is too severe for your skills, it’s best to call professionals to handle it.

How should I pay for my home repair?

A new paintjob or some kitchen remodeling will not be cheap. Unless you have stacks of cash lying around, the problem with repairing your house is how you will finance it. Fortunately, there are different ways to source your money to make your remodeling possible:

  • Use up your emergency fund. Home repairs, especially when they’re absolutely necessary, are a valid reason to withdraw the funds you’ve been keeping in times of peril. Normally, your emergency funds should be able to cover minor repairs and a few remodeling projects. Once you’ve used them up, be sure to stock up your reserves again.
  • Apply for a personal loan. If your house repair project will require you to spend a moderate amount of money, the best way to finance it is to get a personal loan. These loans are good when you need an amount that can be paid in a short amount of time. In addition, personal loans can be taken without any form of collateral.
  • Get a home loan. Housing loans are not just used to purchase homes. In certain scenarios, you can finance your house renovation by using your current home as a collateral. This is perfect for huge amounts of money to be used for major home overhaul, with the financed amount to be paid under more amenable terms.

Sources:

https://www.resolvebylowes.com/guidance/flood/how-to-detect-water-damage/115000633508

https://www.angieslist.com/articles/setting-budget-home-maintenance-and-repair.htm

 

Author’s Bio Paragraph

Josh is a Marketing Specialist at eCompareMo. His passion for helping individual in all aspects of online marketing strategy. Aside from his career, he loves also performing with his band in front of hundreds of people. A marketer by day and a performer by night.

By financen | June 16, 2018 - 6:12 am - Posted in Business

Most business owners become dissatisfied with their company’s current level of success at some point. When this time comes for you, it’s immensely important for you to access strategies that will keep you on track to making your business bigger and better than ever. Below you’ll find just two of many strategies that you can implement to keep your company on track to perpetual growth:

1. Don’t Put Marketing On The Backburner.

One of the best ways to ensure that your business becomes bigger and better than ever is by not putting marketing on the backburner. This technique will ensure that you’re able to constantly share your products with prospects who will likely be interested in making a purchase. There are many ways that you can get the marketing optimization process going and growing, one of which is by focusing on enhancing the quality of your website. Anything from making the site more mobile friendly to creating a clever call to action can take your sales from average to awesome. In addition to implementing high quality web design and development strategies, make sure that you focus on using other techniques like social media optimization and content marketing.

2. Invest In Your Staff.

In addition to putting marketing first, make sure that you invest in your staff. Doing so will ensure that you have a community of internally motivated, qualified, confident people working for you at all times. There are many strategies you can adopt to help your staff members grow. One of them is providing them with opportunities to develop key skills like internet research or the acquisition of a second language. Additionally, you may want to tap into the power of meeting with each employee in a one-on-one setting once a month. This technique will help you determine what the staff’s current needs are while also enabling you to discuss your primary concerns and what you expect from them when they are in the office setting. Also remain in tune with employees who express the need to attain certain products and services so their organizations can function effectively. Note that companies such as KnightsBridge Resources Inc. can provide you with key products such as camera systems, a passive optical network, cabling infrastructure installation, and the aerial survey.

Conclusion

Two business-building techniques you can use to keep your company growing include placing primacy on effective marketing and helping your employees become increasingly proficient, positive, and productive while in the office setting. Start using one or both of these business growth strategies so your organization can flourish in a dynamic way!

With the property market continuing to heat up throughout the region, it is important to make sure that you have all of your legal bases covered if you’re an investor. There are a range of issues that can arise during the course of any transaction, large and small, so it is best to have a lawyer working on your side who you can trust. This decision should not be taken lightly, so continue reading to discover how to effectively hire the right real estate lawyer for you.

Experience Matters

Many property transactions can become quite complex very quickly. This is why your real estate lawyer Vancouver Wa should be experienced in a range of legal matters that impact your investments. This will allow you to sleep much better at night knowing that your legal needs are in good hands.

Check References

Dpending on where you are located, there may very well be quite a few real estate attorneys all clamoring to get your business. This is an important decision that you are about to make, so you do not want to simply hire the first name you come across on the Internet. Check references and look to ensure that the lawyer has a solid reputation amongst both clients and within the legal community.

Analyze Client Service Potential

From the first contact you make with any lawyer, you should quickly begin to assess their service potential. Make sure that they are quick to respond to you and that they are willing to make themselves accessible to you as you need them. If you sense that it is going to be difficult to get a hold of your lawyer, you should look elsewhere.

These are three critical areas that your real estate lawyer should excel in. This is an area of the law that is highly specialized, to the point that even the savviest of property investors will need legal advice from time to time. Take your time at the outset to hire the right real estate lawayer and it will almost certainly pay dividends down the road.

By financen | June 14, 2018 - 5:01 pm - Posted in Lawyers, Others

Although divorce rates among parents of young children have been steadily dropping over the years, there’s still plenty of people raising children in two separate homes. Many times, the parents project their own animosity toward each other onto their children. Those who are able to put their own issues aside for the sake of their children may raise kids with better mental health. There are certain things you should avoid if you don’t like your ex-spouse.

Avoid Sharing too Much

Responsible parents allow their children to be children. Don’t expect your kids to be your confidants or even to understand adult issues. Allow your kids to love their other parent even if you were hurt by them.

Don’t Limit Visitation

Before you separated from your spouse, you both spent time with the children every day. Your kids have a relationship with their other parent, no matter how bad your relationship is with your ex. There is an exception here. If the other parent is involved in dangerous activities that could harm your children or they have a history of harming the children, it’s important to work closely with a custody lawyer in hernando county fl to ensure your young children are safe.

Avoid Undermining Your Ex

Divorce itself can make children feel unstable. One of the best ways to make them feel comfortable is to keep the house rules as consistent as possible. Don’t go out of your way to do things for your children that your ex is opposed to. This could encourage children to play one parent against the other.

Parents are responsible for ensuring their children feel safe, whether they live together or separately. Whether you are at a point where you can be in the same room with your ex without getting emotional or not, your young children shouldn’t be aware of it.

Although there are many benefits to acquiring a financial education as early on in our human growth and development as possible, as much as 20% or more of Americans never discuss money management with their children.  Psychologists and financial experts believe that instilling in children ethical work principles, self-reliance, and financial literacy could lead to a happier life. You may find that your recent college graduate has an outstanding debt but very few debt relief options. This is because they haven’t been taught how to become financially independent. If this is the case and your child is looking for debt relief options, read on, finding debt relief may be easier than you think.

Allowances and chores are popular parental strategies, but they are not enough. To help your child deal with debt relief and find the best options for financial success, instead of handing out a spending amount, children can participate in the decision-making process of allowance and become aware of the reasons why it is beneficial for him/her to know how to manage their spending money.  After all, money doesn’t grow on trees. Debt relief options are at your child’s fingertips. It’s how they manage their life that counts.

Budgeting and saving are the most crucial factors to tackle during conversations with your child.  Discussing and setting short and long-term goals lead to achieving the necessary skills to find debt relief options when education and ca loans are weighing  heavily on their finances.  First and foremost, it pays to get into the habit of saving.  Curbing instant gratification purchases such as ice cream, fast food, or the new shoe style, will lead to a debt-free life when you’ve applied the best debt relief option of all: saving for a rainy day.

For many young adults, the cost of living can be extremely difficult to meet.  Student loan debt, for example, is one of the most corrosive elements preventing young adults from obtaining credit and achieving financial independence. Parents are instrumental in helping children reach their financial potential by promoting and showing them the money management skills necessary for success. In fact, debt relief options are simple and straightforward. But they must also be consistently applied to daily living habits.

Many college grads find themselves having to move back home, not because they are looking for a smooth ride, but because the cost of living is higher than their ability to make ends meet. This is true today in most metropolitan areas and beyond.  You may need to step in as a parent and your child’s best friend.  Intervening to help your child find debt relief options and become financially independent is something both of he/she will one day be grateful for.

The following guidelines are proven to develop sound financial judgment in young adults to help them cope and prevent economic hazards.  Don’t wait until you have no debt relief options available.  Prevention is the key to financial wellness.

  1. Define expectations

Whether your child is living back home with you or has moved out on their own, most parents would like to help their children meet the responsibilities of adult life on substantial grounds.  Communication is the key to defining expectations you have of them, especially if they are still living at home, as well as those expectations society places on young adults when they are in the real world surviving on their own.

It’s not that parents don’t want their children to have a nest to return to and be comfortable, but that may hinder their child’s ability to develop the necessary skills to fly way.  When your child is in debt, finding a debt relief option that works for them is where parenting comes in handy at any age.

Be clear and consistent about the boundaries and rules your grown child must abide by at home if he/she is living with you; this will guarantee a safe transition to their own nest. Set realistic goals, decide on a step by step course of action.  Follow through.  Reconvene and discuss what is working and what is not working on a regular basis.  Always keep the communication door open.

  1. Budget, budget, budget

No matter what the circumstances are, even if your child doesn’t have a job yet, a budget can be created so that when he/she does have income, it will be easier to follow through on the plan.  The secret to finding debt relief options is in how well they can stick to a budget.

Becoming aware of the daily cost of living is an eye-opener most young adults don’t develop until later on in life when they have had to figure it out on their own when they have already acquired debt.  Why wait when they can be ready sooner. Frustration is easy to set in when in debt and it may seem like there are no right or quick debt relief options.  But planning for success is the way out of the struggle.

If your child is gainfully employed but the goal is to gain a higher financial position before taking the leap, budgeting and sticking to the budget is the only guarantee to a financially independent existence.  To consistently follow the daily budget limits, checking and reviewing statements and account activities is the best medicine.

  1. Get rid of the unnecessary fluff

There are two little words used frequently that have strong ties to financial success. Discuss  Wants vs. Needs with your child and find pleasure in being able to control frivolous desires that lead you down the wrong fiscal path.  Once the fluff has been eliminated, financial gains will follow, and instant gratification will turn into long-term satisfaction.  Allow and expect your child to cover their phone, gas, and insurance payments. This will make them responsible and reliable. Every debt is manageable, but it takes determination and perseverance: the best debt relief option for everyone.

  1. Motivation is the precursor of change

If everyone saved a percentage of their disposable income instead of spending on things they want versus their future, there would not be any need to find debt relief options. Instead, we would be able to have the big things we desire for our future lives that much faster.  Saving can make a huge difference in being financially independent.  “To motivate your child and create the beneficial habit of saving, you can, for example, offer to match their first $500 saved,” says financial advisor and mom, Stephanie Bussell, of Omaha, NE.  When her daughter came back home after college, she was able to save enough money to move into her own one-bedroom place in less than a year after she got hired by an IT company.  “We used to play games like these when she was in grade school,” recalls Mrs. Bussell.  “She’d get an allowance and was asked to save 20%. If she did, I would match that with another 20% and this made a huge difference in her savings habits.”

“When she found that her graduate student loan was a little overwhelming, she moved back home and was able to make two years worth of payments on the loan with a bit of extra income from a side job. Making this sacrifice really gave her the confidence she needed and was a great debt relief option,” elaborated Mrs. Bussell.

  1. Rent is due

It’s OK to charge your child rent.  Even a small insignificant amount is helpful.  What you want is to build the responsibility and reliability of having to meet a monthly due.  You may want to give it all back to them when they decide it’s time to settle down on their own.  But don’t give it away. Building good financial habits is key to success in life and becoming debt free.

  1. Debt managing

Everyone has to get into debt at one point or another in life.  Whether you are buying a vehicle or acquiring a mortgage on a home, sound debt management is a skill that we all need to learn.  The first debt a child acquires could be a small amount they can pay off quickly, but making payments on time and knowing the terms, benefits, and responsibilities of having a loan are priceless.  Student loans are an excellent example of how not knowing how to manage debt can pull young adults under significant financial stress.  It may be difficult to find the right debt relief option if your child has unpaid education loans and doesn’t make any payments on the interest of the loan.  The unpaid interest will roll over into the principal, and pretty soon the loan principal will double, and there will be no end to it.

Getting the details in print is not enough sometimes.  Making calls and applying even small but consecutive payments to the interest of a loan during hard times is paramount to becoming financially independent.

  1. Vision and career planning

Degrees take effort, time, and resources to achieve. But many young adults lack vision when they graduate from college.  Knowing what their career path is and how to get and stay on can be the most challenging postgraduate activity for young adults.  They focused on getting the degree, but when they finally walk, then what? Many become discouraged when they can’t find the right job.  Planning for and researching career paths is the first step.  In some cases, relocation is necessary since some industries are centralized in certain geographic areas.  The cost of relocation must be computed into the plans.  If one job is only covering the essentials, think about a side or part-time money making venture that will help meet the goals set for a certain number of months.    “Taking the time to visualize and plan a career path while at the same time paying at least the interest on outstanding debts can be the best course of action for a new grad,” says Heather Placencia of Jonesboro, WI, financial planner and educator.

Every child’s circumstance is different and complex.  Smart money management, however, is simple: spend less than you earn and invest in your future by saving between 10 to 20 percent of your income.  No matter how long it takes, the first step to finding debt relief options begins with setting financial goals with your child before incurring in debt.

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By financen | May 22, 2018 - 3:42 pm - Posted in Law, Law Firm, Lawyers, Legal

Going through a divorce can be one of the most difficult experiences that a person can endure. There are so many emotions that are involved in a situation like that. However, you also need to be concerned about protecting the assets that you have spent a lifetime accumulating. Child custody is also something that is commonly disputed during the course of a divorce case. Therefore, you need a legal representative who will fight for your rights in divorce court and get you the settlement that you deserve. There are certainly many lawyers who handle divorce cases. How do you decide which one of these people you will hire to represent you? Here are a few of the most crucial details that you need to keep in mind.

1. The Better Business Bureau has a large list of divorce lawyers that you can look through.

It will not be hard to find a competent and experienced lawyer if you rely on the BBB to help you. They have been assisting people in finding lawyers and other professionals for many decades. They gather a lot of info about each lawyer and present it in a way that is very easy for people to read and understand. Each divorce lawyer has a letter grade that is assigned to them by the BBB. An A+ rating is awarded to lawyers who have consistently performed great work for their clients in divorce cases for an extended period of time. The BBB has no agenda. Therefore, you can take all of the info on their site at face value. Cordell and Cordell has helped many people with their divorce cases.

2. People who have already gone through a divorce can give you valuable advice about legal representation.

Divorces are very common. There is a very good chance that you know several people who have been through the process of getting a divorce. You should try to find as many of these people as you can. Consult with them about divorce lawyers. Were they happy with the legal representation they received during their divorce? If so, what is the name of the lawyer they hired? Did he charge a fair rate? Get the names of several lawyers and set up appointments with them. Cordell Cordell is known for being a very reputable law firm that handles divorce cases.

3. Read online reviews of divorce lawyers who have offices in your area.

There are many forums online where people are able to write reviews of lawyers they have dealt with in the past. These reviews can be very insightful. They can give you a good idea about the quality of legal counsel you can expect to receive.

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By financen | May 15, 2018 - 6:22 pm - Posted in Loan

In a perfect world, no one would need loans, because everyone would have the money they need to buy homes, cars, boats and anything else they desire. Unfortunately, for most of us, that isn’t the case. In fact, many people live paycheck to paycheck and it’s all they can do to pay their bills each month. To make matters worse, it can be extremely difficult to get a traditional loan if you are low on cash. In fact, traditional lenders can make you jump through hoops in order to qualify for a loan. Here a just a few factors that will be considered when going for a loan or mortgage:

  • Your current employment status (if you’re self-employed, it can be almost impossible to qualify for a loan)
  • Your credit history (do you pay your bills on time)
  • Your credit score
  • Whether you own your own home or not
  • Other assets
  • Debt load (do you have outstanding balances on credit cards, loans, etc)?

Lenders will also look at things like your bank balance and how long you’ve been doing business with that financial institution.

Many people can find it difficult to go through traditional lending channels to get a loan; that’s why unsecured personal loans are becoming a more viable choice. Whether you need help paying your bills this month or you need to repair your furnace in a hurry, these personal loans can be a lifesaver. Here are just some of the benefits of these types of loans:

  • Minimum eligibility requirements – Often times, all these lenders need is assurance that you are employed and have a bank balance that is in good standing (no overdraft or bounced checks in the last 6 months).
  • Social Security Number – Applicants must have a social security number in order to be eligible.
  • Flexible repayment – These lenders will work with you to create a repayment schedule that works for you and your budget.
  • Fast-funding: Once approved, you’ll normally have your money within 24 hours, directly deposited into your bank account. Now that’s convenience!

We all go through hard times at one point or another in our lives; it doesn’t make you a bad person, but it can be a great learning experience. While you’re learning how to better manage your money, or working on getting a higher-paying job, it’s nice to know that there are traditional lending alternatives for you to count on.

That doesn’t mean you shouldn’t work on your financial health, though. You’ll have peace of mind knowing that you can qualify for a mortgage or car loan, and pay less interest. Here are some steps you can take today to ensure you are good financial health:

  • Check your credit: Not just your credit history, but your credit score. Traditional lenders rely on this number to give them a glimpse into your credit worthiness. There are several websites that allow you to check your history for free. Look at it carefully to make sure there are no mistakes. You can also sign up for a credit monitoring service.
  • Pay your bills on time: Credit cards, utility bills, etc. should all be paid on time, even if it’s just a minimum balance.
  • Don’t max out: Ideally, you want your credit card debt to be only 30% maxed out. So, if your credit limit is $1000, always have a balance of $300 or less.
  • Curb those impulse buys: Think carefully before purchasing anything on a whim; give yourself 24 hours to think twice about those new golf clubs or that fancy new suit.

Make sure that a low credit score doesn’t stop you from living your dream – home ownership, a new car, and even a college degree could be out of your reach if you are not responsible with your finances.

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By financen | May 11, 2018 - 5:34 pm - Posted in Uncategorized

Making the decision to get divorced is never easy. Even if you feel it is the right decision for you and your family, you may feel regret over the lost relationship and the coming shift of your everyday life. You also may worry about how you are going to start over as a newly divorced individual.

While many of the uncertainties will work themselves out over time, the worries about child custody, child and spousal support, and living arrangements are best allayed in a courtroom. You can have these concerns dealt with in a timely and legal manner when you retain the services of a divorce law firm, court mediator, or Lake County family attorney today.

Skilled Legal Representation

Family laws vary from state to state. Even if you got married in one state, you are not bound by that state’s laws if you moved to another and now pursue a divorce in it. You may not even know what those family law are with any degree of certainty.

When you hire a family lawyer, you get skilled counsel who knows what the laws are and how they apply to your case. Your attorney can make sure you get the compensation to which you are entitled as the custodial spouse or as a spouse who does not have a full-time job right now. You may not need to worry about money right away after your divorce is finalized and support issues are settled.

Your lawyer can also be of assistance if you are divorcing an abusive spouse who has threatened your safety and that of your children. The lawyer can file for a protection from abuse order to make sure the spouse stays away from you. This evidence can also be used in your favor in court.

A divorce can alter your life in serious ways. You may not want to worry about issues like how you are going to support yourself or who will get custody of the kids. These issues can be answered in your favor when you hire an attorney to represent you.

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By financen | May 10, 2018 - 5:32 pm - Posted in Event

It’s important for you to choose a tent that works well for your event. This means reviewing a few features. A high peak tension tent, for example, could provide you with the elegance and space that you need.

Size:
You need to consider what’s going to occur under the tent. This includes having room for everyone to sit as well as a bar, stage, and potentially even a buffet for food. The number of people that you plan to have in attendance should also be considered.

Many tents are capable of fitting 100 people or more. Some tents are as long as 120’ long to be able to accommodate all of your needs. You can also have multiple tents in order to accommodate larger events.

Ability to Set Up Quickly:
You don’t want a tent that will take hours to set up. Instead, you want to make sure that the tent is simple enough for you to erect within a short period of time. It will allow you to focus on getting everything under the tent ready for your big event. After all, you can’t set up tables and chairs under the tent until it’s in position

Stable:
Stability has to be a top consideration when you are looking for a tent. You can’t risk the tent blowing down when it gets windy outside. Some tents have a certified wind rating up to 76 miles per hour. This ensures that it’s rugged enough to last against virtually any conditions that you may face. Steel stakes and bars will also ensure that it doesn’t get knocked over easily.

Reviewing the specifications of a tent will help you to make a decision. The more you know about your event and the level of attendance will also help you with the process.

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By financen | May 5, 2018 - 12:00 pm - Posted in Banking

The idea of changing banks gets a bad rep. Too many individuals and firms believe that it is such a challenge to change and that it isn’t worth the hassle.

However, this isn’t the case.

Despite this prevailing myth, most of the time, changing banks can occur seamlessly and can actually bring you far more benefits than you initially imagine.

As your personal or business finances grow, your banking needs will also develop.

If you have grown disillusioned with your current provider, there is no reason to not shop around for a bank that can give you something more.

  • Here are five legitimate reasons to change banks this Spring.

1. You want fewer fees

Without a doubt, the main reason to change banks is so that you — the customer — can have access to superior banking for a lower price.

Unlike previously when banks would throw in lots of freebies and incentives, now you are most likely charged for everything. Fees for maintenance? Yes. Fees for overdrafts? Lots of them. Fees for bounced checks? You bet. And new fees are popping up all the time.

Even if you are not sure you want to change banks, you should always be on the lookout for better deals.

Keep your eyes wide and your ears open for banks that offer inexpensive checking accounts, unlimited monthly transactions, and a small business lending capacity (if applicable to your situation).

2. You want a more convenient app interface

While it may not be the first thing you think of, in 2018 it is crucial that a bank is staying up-to-date with enhancements in technology.

Working with a bank that prioritizes its users’ online and app experience makes things a lot easier and demonstrates their commitment to their customers.

Mobile banking services are the future, and you want to feel comfortable being able to manage your accounts from your devices. Not only will it be easier for you to check your accounts more frequently, but it also will help you stay on top of your day-to-day financial needs if you can do them from your smartphone.

3. You want greater proximity when on the go

There is no point working with a bank that is located far from where you reside. If you are a frequent traveler, you are going to require a bank that has many branches, and whose services can be utilized no matter where you go.

You will need a bank with a more extended ATM network, so your hard-earned cash isn’t merely going towards paying off ATM fees.

That being said, you don’t necessarily just want to look at the big, major banks, as a more local branch could not only offer a more personal service (see #4) but also may be partnered with a broader array of banks across the country and the world.

4. You want more personalized service

When dealing with your personal or business finances, you want to be concentrating on building a relationship with your bank manager. They can help you obtain necessary financing, apply for a personal or business credit card, and ensure you are protecting your assets.

Having a relationship with your bank manager means you can be assured that they will guide you, advise you, encourage you and support you in accomplishing your financial goals — whether they include getting a personal loan or setting up the best possible retirement plan.

If you don’t feel like you are getting the appropriate amount of personalized service with your current bank, it is certainly time to look elsewhere.

5. You just want to do some spring cleaning

We all have those recurring charges that we have been paying for so long that we forget to evaluate their necessity. Whether it is your video streaming account, an abundance of magazine subscriptions, or a gym membership, these small monthly fees add up to a large number of withdrawals from your account.

Just like spring cleaning your home, spring cleaning your bank account is an essential way to clear up your life.

By switching bank accounts, you will be forced to go through your recurring charges and make a new decision about whether they are bringing you enough value to make it worth signing up again.

Due to the significant changes transpiring in the global banking sector, there are more options than ever for you as a banking customer. Have you recently changed banks? What was your experience? If not, what is stopping you? Let us know in the comments below!

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By financen | April 30, 2018 - 5:16 pm - Posted in Home loans, Loan

Home loan is one of the most important factors when buying a house. This helps you financially to finally make your dream come true. Thus, it is important to choose and decide carefully about the right loan type that will suit you best. Two of the most common loan types are fixed rate and variable home rate.

In this article, we will discuss these two types of home loan including advantages and disadvantages to help you decide which is the best type to apply for. This is very important to make sure that there will be no problem when paying off your mortgage.

Fixed rate home loan

Fixed rate home loan charges “fixed” (thus the name) interest rates that does not change throughout the lifespan of the loan. It does not matter if the cash rates or interest rates are lower or higher for particular month. With fixed rate home loan, you have a fixed amount that you need to pay each month despite all other factors.

Advantages of fixed rate loan

  1. With fixed rate mortgage, borrower is protected from sudden increase of monthly payments in case interest rates rise.
  2. It is easier to understand and remember the amount you owe each amount because the amount is fixed.
  3. It is easier to save and plan your budget since you know the exact amount that you need to pay. You can allot the specific amount so you are sure that when the due date arrives that you have money to pay.

Disadvantages of fixed rate loan

  1. It may be difficult to qualify for a loan especially when the interest rates are high.
  2. It may also be difficult to avail this type of loan if you have less than excellent credit score.

Finding the lowest fixed rate home loan should be your main goal in case you decided to go for this type of loan. Also, be sure that your credit score is excellent.

Variable rate home loan

This type of loan is also known as adjustable-rate mortgage with interest rate that varies over time. The initial interest rate is set below the market rate compared to fixed rate. However, over time, the rate varies depending on the current interest and cash rates so there are chances that it will go high or low.

Advantages of variable rate home loan

  1. The initial payments can be very low.
  2. The borrower can enjoy lower interest rates in case the cash rates and interest rates in the market is low.
  3. Availing loan in this type is easier even for first time borrowers.

Disadvantages of variable rate home loan

  1. Monthly payments may change frequently and significantly.
  2. It can be difficult when the interest rates rise especially if you avail a large amount of loan.
  3. It is more complicated to plan your budget since you do not know the exact amount you need to pay. Sometimes, your estimates might be lower that can ruin your entire budget for the month.

So what is the right type of home loan to avail? It is important that you weigh the advantages and disadvantages. Also, take into consideration your income as well as your lifestyle to know which type of loan is best for you.

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