Everyone must have a perfect control on their finances so that they can live a comfortable life. We need to recalculate and reconsider our financial decisions so that we don’t make a bad financial mistake that may put us into troubles. Credit card debts, automobile loans, home loans are the major expenses in a person’s life and if the payments are neglected, it can become a mammoth total because of negligence. It will not only become tough to catch on the principal amount but it will make the present life even tougher. There are many ways by which you can keep your financial situation under control. One of the alternatives is mortgage loan. Mortgage loans involve utilizing the equity in your home and borrowing a certain amount from the lender.

Many people are getting mortgage loans from their lenders so that they can get some money to take care of their personal finances, paying off their existing debts and secure financial stability. If you don’t do a thorough research and take a mortgage loan without knowing the terms and conditions and the associated costs, you will do more harm to your personal financial situation. Here are different ways of how you should get the best deal while taking a mortgage loan.

Check the mortgage lender before taking the loan. He is the most important person in the loan process. If you do not understand the terms and conditions set by the mortgage lender, you will jeopardize your personal finance. Always look for a mortgage lender who has been in the business for some time and have good consumers’ feedbacks with the law enforcement agencies. You should always compare the quotes with different mortgage lenders and pick the best offer. Read all the terms and conditions of the loan contract thoroughly. If you default in your payments, your home will be at risk.

When you take a mortgage loan from a lender, you will be keeping your home as collateral to the lender. Never miss your loan payments otherwise your mortgage lender will leave no chance to seize your home. The lender has given you the loan added up with interests. He is going to make his profit by lending you the principal amount. If you default in your monthly payments, he will not only charge high interest rates and fees, but will also try to foreclose your home. There are different types of plan when you get a mortgage loan. You may go for Fixed Rate Mortgage loans, Floating Rate Mortgages which are also called as adjustable rate mortgages, No closing fee mortgage, interest only mortgage etc. You need to know which program will be least taxing on your monthly income.

You will have less headache while applying for the mortgage loan if you hire a mortgage broker to complete the loan formalities. He will find out the best deals for you according to your requirements. You won’t have to run after different lenders because he will do all the tedious work for you. A good mortgage broker will be well versed with the laws applicable in your state and norms pertaining to mortgage loans. He will charge a service fee and a certain percentage of the mortgage loan for using his services. He will educate you with the various loan programs and offer guidance when you are shopping for the best deals.

Since you will be putting a lot of trust on the mortgage broker and the mortgage lender, make sure that you are working with a licensed and legit person/company. There are many con men out there who are on the hunt for innocent and uneducated customers.

Once you have got the mortgage loan, set the repayment plan according to your expected financial situation in the future. You may set the loan term for longer duration to keep lower interest rates or you take the loan for a shorter time period at a high repayment plan. If your loan is set for a longer time period, you will be paying a lot of money in interests and fees. So it is better to pay off the mortgage loan within the shortest time frame.

Growing number of identity theft cases has now made the businesses take severe actions to protect the consumers interests. They are finding out different solutions to safeguard the personal and financial information of the consumers. One such company called LifeLock claims that they will take all actions to protect their customers from possible chances of identity theft. While there are several credit card companies that are taking serious actions to resolve this identity theft issue, there seems to be less positive feedbacks of a positive plan of action.

Fortunately, there was a new identity theft protection system introduced that will make the credit card applications more secure and protected from any mischievous activity. There is a new process called “two factor authentication” introduced by a company called RSA. This two step process will keep your personal and financial information protected on your computer and cell phone. When you do a purchase on the internet or do an online transaction, the phone received a wi fi signal from the PC and it shows that you are doing an online transaction. This transaction will pop up on your mobile device showing that a transaction is being done online and its waiting for your approval. Once you approve it, it will send a signal back to the computer and the money will be transferred. People filling up the credit card applications on the internet should be aware of such protection measures offered by their credit card company so that they can build up their trust towards that credit card company. These measures can be applied on credit cards for bad credit so that the people not having a good financial background can avail the same benefits.

This is a great security measure for someone doing the online purchases with their credit card. If anyone gets your credit card information and tries to do a purchase online, you will come to know in your mobile device and you will instantly get an alert of this fraudulent transaction being done by someone. You will be able to take instant actions and inform the credit card company of this fraudulent transaction and money will not drain out of your account.

The only case when you can’t stop this fraudulent activity from happening is when you lose your credit card and mobile phone at the same time. If you have just lost your credit card and your mobile is still with you, then your credit card information is still safe.

You can get a credit card from a bank, retailer or a consumer store. You will be able to purchase goods and services with your credit card. Every credit card comes with a certain credit limit based on the credit worthiness of the individual. Interest rates applicable on that credit card account vary between person to person. If you have a good credit history, your interest rate will be low and vice versa. Here’s how you can apply for a credit card.

Browse through the internet, review the personal finance magazines and newspapers to know about different credit card plans, low interest rate credit cards, and the terms and conditions.

Once you have a found out a suitable credit card according to your requirements, fill out the application form and if you want to apply online, you can do it on the internet. Make sure that the application form is endorsed by the credit card company and is an original document. Photo copies are not valid.

To apply on phone, call the toll free number of the credit card issuer of your choice. You can find the toll free number on the website of the credit card company, or through yellow pages, newspapers and magazines. Follow the automatic instructions on the phone when you call the toll free number.

Online applications for the credit card are much faster, easier and most preferred method. All credit card companies, financial institutions and stores have their website where you can fill up the online application form.

Compare the interest rates on the credit card and review the terms and conditions thoroughly before filling up the application form. You need to make sure that you are getting the best deals in terms of low interest rate credit cards, APRs, credit limits, interest free days, penalties, grace periods, schemes for cash advances and balance transfers, attractive offers and other implied costs.

Choose the credit card that suits to your requirements and search for applying options online.

Make sure that you have checked the pre conditions of applying, such as the documents that will be needed while applying for the credit card. Usually the credit card companies will ask for your driving license number, social security number, date of birth and address proof. You don’t need to have an account with the same bank from whom you are applying for the credit card.

Double check the information that you have filled in the application form, read the privacy statement before you click the “Apply” button.

You can apply for multiple credit cards if you want to. It is up to the credit card company that will decide whether to grant you credit cards or not. They usually issue new credit to those people who have a reliable financial background.

I got a nice 4 percent APY online savings account from Washington Mutual with a free checking account. I find it very interesting because I have a savings account with Brick and Mortar WaMu that pays me only 0.50% interest.

I get the benefits of free ATM cash withdrawals with the new savings and checking account. I can start with an opening balance of $1. There are some more benefits like other banks like cash back for debit purchases, free checks for life. One thing that I find attractive is the free overdraft/NSF fee waiver program every year. Other banks charge a lot of NSF/Overdraft fees. I have the facilities of free outbound wire transfers and a high yield 4% interest savings account.

There are several great features offered by WaMu along with services. The sign up process for a new account is very simplified. Besides, there are security features so that the online transactions remain protected.

There is a 24 X 7 online banking facility so that I don’t have to wait for my monthly statements to be mailed. This helps in balancing the checkbook. I find it very easy when everything is just one click away from a mouse. I don’t have to pay any charge for these numerous services.

I can also pay my utility bills online. I don’t need to pay any fee for these services. They are offering it to attract large number of consumers. I can schedule a day for certain bills to be automatically paid. I just have to call the customer care and give standing instructions. I know there are other banks that charge a certain percentage for this kind of service.

You can order a new checkbook online. This is an ideal feature for people who don’t have the time to go to the banks to put such small requests. A few of the others features that I get to enjoy with my WaMu account is the online stop payment on a check, get a copy of a paper check returned to my address.

With so many added features with WaMu and the 4 percent interest rate, I am sure many people will be interested towards opening accounts and enjoy the variety of services.

It is difficult to control the spree when you have those small, stunningly good-looking cards in your pocket. Credit cards are now widely popular in almost all the developed countries. It is a fashion to have credit cards and credit card companies cash in the impulse.

Credit cards are for emergency. While doing transaction in credit cards, one should know that the amount is going to be due on the next bill.

A lot of people roll over the balance from one month to next by just paying the minimum amount. If this is done intentionally, then the credit card users should be prepared for unforeseen events too. Little indulgence, financial hardship due to emergencies, medical expenses or problems like job loss will take no time to make them default on credit card payments.

On the course of carrying credit card debts from one month to the next, high interest is charged against the loan amount. And as soon as one goes default, high fees are added to the accumulated debt. Credit card companies can also increase the rate of interest if stated in the terms and conditions.

The situation can really be horrifying. However, credit card debt relief program can help debtors get out of this never-ending debt cycle. Credit card debt consolidation is the process wherein a counselor negotiates with your credit card companies to lessen the rate of interest, to get financial charges and other fees waived and to fix a monthly amount to pay off the remaining debt.

It depends on the efficiency and experience of the credit card debt consolidation company how low the new payment structure will be. An expert negotiator can lower monthly payments as much as 40% to 60%.

Credit card debt problem can become such a pain that people file personal bankruptcy to get rid of credit card debts. It is true that bankruptcy relieves you from unsecured debts, but at the same time, it ruins your credit. Credit card debt relief program is always a better option to solve credit card debt problems permanently.

Well, you are about to read a good article that I have written on how to make a sound long term investment. I did some thorough research on Roth IRA and found these interesting points. Hope it sounds beneficial to you.

Earnings are completely tax free: Roth IRA will offer you something that no other retirement plan can offer. It has the ability to withdraw your earnings without paying taxes on it. When you decide to cash out on your retirement plan, you will earn all the money that you put on the investment plus the interests you have accrued all these years and it’s completely tax free.

Better than Mill IRA: In Roth IRA, the maximum that you can contribute is $4,000 annually. It is going to be raised to $5,000 in 2008 to account for inflation. The only drawback is that there is no tax deduction for your contributions. As long as you are interested to maximize your contributions, Roth IRA is a good choice for most investors. You get more leverage while filing taxes to your retirement savings. The only thing that you need to do is to stick to the plan to enjoy the maximum benefits.

Flexibility: Roth IRA is very flexible. There are different ways to utilize your investment. IRS will allow a $10,000 withdrawal from your Roth IRA if you are going to purchase a home for the first time. You can also apply your investment in Roth IRA for educational purposes. And if you are in a hard situation, you can withdraw the maximum permissible amount anytime without having to pay back like it happens in case of 401(k). But be aware that you might catch some minor penalties when you withdraw from your investment in Roth IRA.

There is no rule on minimum distribution: if you are old and retired and have other sources of income, you don’t have any restrictions from cashing out from your Roth IRA. You can always sit back and see your tax free investment growing each year.

If you think that in order to be financial successful, it has something to do with money, stocks, bonds, asset allocation and retirement plans, then it is not always right. Of course, these do matter in the long run, but let’s not confuse financial tools with the basic fundamentals. Everything lies on the preparation, planning, and the relationship that money has on the other aspects of life.

• Five basic financial fundamentals:

1) Set your financial goals: How do you want to be after let’s say 5 years or 10 years? You need to create action plans right from today in order to be able to achieve your goals and financial success. Just a simple calculation, if you want to save $1 million in fifty years, you need to invest $140 each month at 8 % return. What do you think?

2) Interactive communication: Get your family and friends involved. If one member of your family is spending more than what you are saving, it is having a negative effect on your total finance. If another member is spending as much as you are saving, the net progress is zero. To achieve your financial goals, everyone in the family needs to work together. You all can take different paths but your goals or the destination should be the same.

3) Commitment or motivation: If you are trying to do something, make sure that you know your plan of actions. Your chances to achieve your goals will be better if they are personal. If that means that you have to take baby steps, do it and reward yourself frequently.

4) Planning for the unexpected: Unexpected things can happen anytime and your financial road map or budget can get affected because of this unincidental event. Incorporate the unexpected expenses into your plan. You never know when a situation can turn bad but if it does, then you should have ways to come out of it.

Don’t stay far away from your personal happiness: Set your goals and when you finally achieve it, you have every reason to be happy. But there is no reason you can’t enjoy the road to get there too.

5) Action plan: Getting financial success is not a very tough job. Once you have your strategies and commitment in place, you can use your financial tools, such as investing and asset allocation to achieve your success.