Posts Tagged ‘Mortgage loan’
NOT a secret that many adults who are stuck in a financial trap, and had to enlist the help of parents to free themselves from the problem. However, there are some things to consider before knocking on doors and ask for their help.
Condition of the elderly
Do not ask parents to help solve your financial problems, when every day they are still struggling to pay off your bills or worry about their retirement savings.
You need to find another way to get out of financial bondage, and do not burden them with your problem. As a child, you also have to face the possibility and the responsibility that one day they will have to live with you.
Various debt ranging from credit card bills, home loan or vehicle, and so can be disastrous for your financial health. However, you are more likely to get the loan money to pay off debt that is more”responsible”.
In a poll on the site Credit Cards, the parents expressed a willingness to help pay student loans, home mortgage payments, rent and car loan rather than having to pay credit card bills or even gambling debt. This is due to the latter type of debt is irresponsible spending. Parents certainly do not want to be seen to justify the behavior.
Do not ask for help unless your parents are really serious about cutting spending and looking for extra income. Find a place to stay with cheaper rent, find friends to share the rent, use public transport to work, make your own lunch, or find a second job.
Thus, in case you can overcome financial problems senditi without asking help from others. Or at least you have made progress to be seen by your parents.
Once in a lifetime
The biggest concern of parents is perhaps, one of assistance provided will lead to further help is endless. Concerns are certainly justified, because many children who have grown but remain dependent on parents to take care of their finances.
Not a gift
A Creditworthy.com poll on the site shows, the parents are more willing to help if funds provided will be returned again someday.
Some experts suggested creating a formal and written agreement, detailing the term of the loan, payment due date, until a fine if you do not pay it.
If you managed to get a loan from parents, the direct use those funds to pay your debts. Do not celebrate by spending money lent. Imagine how upset and disappointed parents, if you know that you are using the money they lend to vacation in a luxury resort and Bertram
Take responsibility for errors that you have created, and show the parents that you will avoid similar problems in the future.
Borrow motifs in different communities. There are people who borrow for capital to open their business and Best Business. There are also people who borrowed for home renovations, buy new cars, buy computers and so forth. The difference is that last motif makes the bank and then create a wide range of loan products. Each product is created to fulfill different purposes. Basically, there are three kinds of credit products. Namely:
1. Business Loan
2. Consumer Credit
3. Multipurpose Loan
Business Loans are loans used to finance the business or the business cycle which can lead to something productive, such as trade, domestic industry, business consulting services, and deodorized. If you have a business that its prospects look bright enough, you can come to the bank and apply for loans can get funding for your business.
Meanwhile, Consumer Loans are loans used to buy things that are consumptive, such as buying a home or private vehicle. Two consumer credit which is usually quite popular mortgage (mortgages) and Auto Loans. Of course, because that money will be used by customers for the purpose of consumption, the risk for the bank that customers can not afford to repay the loan will be larger so that in general the interest rate charged to customers for consumption credit would be greater than the mortgage interest for purposes of business.
Unlike when using capital as loans without collateral from the bank in a pioneering effort, cautioned. If financial management is weak, it will make the effort collapsed and difficult to pay the mortgage loan. It would be either if the pioneering efforts to use their own capital. It can reduce the risk.
Another message, to the newly started the business. Do not ever give up during their process. Focus on what the field of business and always believe that the goods sold are the best.
Apart from That. prepare mentally stronger. Typically, said lrdawati, a new entrepreneur is always thinking of profits [profit) at the beginning of his business. Strive every advantage be used to supplement or increase the stock of goods. “If a complete inventory, buyers will be more and more to come. If it were so, gain more bosar. Then start setting aside profits, “he said.
Customer satisfaction is also a major weapon
in boosting sales. Moreover, consumers now have smart in selecting the goods. Therefore, lrdawatl not want to disappoint customers. You do this by following the customer, both in product ordering and delivery speed.
“It is better to satisfy one customer who will tell it to 10 other people, than disappoint a customer who will notify the other 1,000 people,
There are several things to consider if you think to borrow money. Ideally, you should be able to:
• Know a variety of sources and institutions that provide loans
• Assess the loan terms
• Know how to calculate the cost of credit
• Define your own debt limit
Where can you borrow?
Most consumer credit comes from banks, savings and loan institutions, credit unions, credit card companies. There are also people who borrow from family or others who are a source of credit (not) good. Lenders who do not have a fixed place of business usually offer loans with higher interest rates than the legal interest rate.
To anyone you borrow, make sure you get a signed contract, and READ THE FINE PRINTED TEXT including the terms and financial costing.
How Much is Needed?
Before taking a loan, think carefully how much you need. Usually you have to pay a deposit of about 20% to 30% of total loans, depending on the type and amount of loans, the experience of your other debts, and the value of your credibility. In addition, you need to allocate funds for monthly payments and interest. It also depends on your loan term and interest charged by financial institutions. Finally, you also have to allocate funds for insurance and other taxes, such as the value of the building. All this depends on the type of loan that you’re proposing.