Payday Loan Power

About Me

Payday Loan Power

Payday loans sometimes get negative attention because they can be expensive. But when I needed cash fast and couldn’t get it anyplace else, it was a payday loan provider that was there for me. I was able to get the cash that I needed to have my car repaired when I couldn’t have afforded it otherwise. Without my car, I risked losing work because I wouldn’t have been able to drive. I live in a rural area without a great bus system, and my job description sometimes involves driving. Not taking that payday loan would have cost me a lot more than taking it did. I was able to go to work, earn the money to pay it off, and move on with my life. That’s the power of payday loans – they allow you to go on living your life, even in the face of a financial emergency.

 

Avoid These 4 Mistakes When Buying A Home

12 January 2015
 Categories: Finance & Money, Blog

Share

Buying a home is one of the most important investments in your life. While you might be antsy to sign the mortgage papers and step into homeownership, you don't want to make a crucial mistake in the process. Being as informed as possible about the whole process will make the path to owning your own home far less complicated. Make sure you don't make one of the costly mistakes below when it comes to buying your new home.

Not finding a lender you can trust.

While this might seem obvious, people often overlook this component of getting a mortgage. If you don't choose someone that you can trust, you will often find yourself in for one of the most stressful times in your life. You need someone you can turn to when you have questions, not someone you have to track down every step of the way.

Not thinking about the pricing of the mortgage.

Just because a mortgage company promises to get you the absolute best rates on your new mortgage, that doesn't mean they are telling you the truth about what's going to happen. Ask the company how long that rate is going to last. Oftentimes, the mortgage company will end up changing out the rate right before you close on the loan. Getting the dates in writing is crucial to preventing the company from taking advantage of you.

Trying to bottom the mortgage market out.

Trying to figure out the best time to secure your rate can be a lot harder than what you might think. Many people wait until they think the rates have bottomed out. In turn, they wait longer than what they should and pay more in interest than necessary. Pay attention to the rates on a regular basis to ensure you get the lowest interest rate possible.

Not being ready to handle the closing costs.

Beyond the traditional down payment needed, you are also going to have to pay a bunch of other fees and the closing costs before the deal is done. Expect to spend anywhere from 2-6 percent in closing costs. The estimate from the lender helps you know what you are going to be responsible for paying.

By not making the mistakes above, you can make the process of buying a new home far less complicated and confusing. Speak with the mortgage broker, or bank such as McHenry Savings Bank, about the various options you have available to you today.