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Tag: loan

Temporary government loan modification for unemployed

Temporary government loan modification for unemployed

Career
For homeowners, an unexpected job loss can be a unpleasant obstacle in the way of obtaining a home loan modification due to the fact that lenders require homeowners to possess an income sufficient enough to comfortably repay a modified mortgage loan. Through the Making Home Affordable program, the federal government offers temporary loan modification to unemployed individuals to help them avoid foreclosure while seeking new employment. Home Loan Modification for the Unemployed Unemployed homeowners can apply for a forbearance plan through Making Home Affordable. The goal of the forbearance plan is to give the homeowner manageable mortgage payments until he can find employment. Restructured mortgage payments can continue for a minimum of three months and maximum of six months. ...
Pros, cons and loans in self employment

Pros, cons and loans in self employment

Business
The pros and cons of self employment are actually pretty great in number, and they might not even be the same for every professional who’s ever dabbled with work at home. For some, hours of working alone can be refreshing, invigorating and the perfect environment for finishing projects. For others, the sheer loneliness of self employment is a deal-breaker. What does it take to work at home? Self Employment: The Pros Who doesn’t want to call the shots, be the boss and make all the decisions? Sure, self employment is great for independence. But at the same time, even that could be considered a con. What are the pros of self employment, and do these positives make up for the negatives that might come with working on one’s own? Flexible Hours. Need to be three hours late next Wedn...
How to save money and invest in a house

How to save money and invest in a house

Real Estate
Buying the first home starts with raising enough funds for a home loan deposit. While everyone understands the need to save for at least 10% to 20% of the purchase price, not many know exactly how to accumulate that amount of money. Saving money to buy a house requires some sort of planning and strategy. Here are some useful tips for raising home loan deposits. Open a First Home Saver Account First time home buyers in Australia should open a First Home Saver Account, a tax effective way to save for a house deposit. Basically, the first $5000 of individual contribution made each year to the account will see the government contributing 17% of that amount. This is much higher than any interest rate in savings accounts or fixed term deposits. The First Home Saver Account should not...
How to get very good remortgage deals

How to get very good remortgage deals

Finance
For most people a mortgage is their biggest financial commitment and it makes sense to reduce that cost wherever possible. At present mortgage interest rates are at an all time low, even the standard variable rate (SVR), which most mortgages revert to after the initial discounted offer are at very low levels. Compare Remortgage Quotes For first time buyers it’s a particularly tough time to get a good mortgage deal but for those who already have a mortgage and have an excellent credit score, it’s definitely a good time to compare some remortgage quotes from an independent mortgage broker. Despite the current low levels of interest it may still be possible to save money on a new remortgage deal. For those who are still using an endowment insurance policy to repay their mortgage it ...
How to clear college student loan debt

How to clear college student loan debt

Finance
The golden rule of college student loan debt is to never default. Although an unsecured debt, it is notoriously difficult to write off and defaulting on a student loan will leave fewer options. Income based repayment plans, forbearance and deferring repayment will no longer be possible. Repaying student loans at an affordable rate is the best option when disposable income is limited. It isn't in anyone's interest to see the borrower default so a number of different forms of assistance and guidance are now available. Income Based College Student Loan Debt Repayment Since the 1 July 2009, it is possible to cap each monthly student loan repayment at a more affordable rate. Hard-up college graduates are now able to pay just 15% of the amount of income they make that exceeds the federal p...
How to consolidate student loans: private and federal

How to consolidate student loans: private and federal

Finance
Lately, the National Postsecondary Student Aid Study shows that two-thirds of Bachelor’s degree students graduated with debt. The average debt reported was $23,186. A survey conducted by the National Association of Colleges and Employers found that only 19.7 percent of the college graduates were employed at the time of graduation. Experienced workers have flooded the market because of lay-offs, creating stiffer competition and decreasing entry-level compensation. Graduates with heavy student loan debt are finding that debt more difficult to repay. Why Consider Student Loan Consolidation? Loan consolidation, as with any financial decision, should be carefully considered with all the options fully weighed before making a decision. Once a consolidation loan is made, it cannot be rev...