If you’re planning on buying land and building your dream home, you’ll need to prepare yourself for attempting to obtain a construction loan to pay for the building process from contractors like http://www.roofingcontractorfl.com/miramar-beach-roofing/. These loans are typically more difficult to obtain than traditional mortgages because the lender is putting up money for an investment that doesn’t exist yet, thus you may not have the collateral to put up. To increase your chances of qualifying for a home construction loan, it’s important to make yourself look as financially sound as possible.
Here are some tips to follow:
Check your credit reports and scores from all three of the major credit bureaus to ensure there are no inaccuracies. Your credit report and history determines what loans you will qualify for and the interest rate you will likely pay. Lenders get your credit history by obtaining your credit score from all three credit bureaus. It’s important to proactively monitor and improve your score, because it can take a long time to repair any damage.
Having enough cash in your savings or checking account to pay for at least six months of living expenses in your new home is a key factor for many lenders. Once you pay off any of your debts, use the money that you have been saving each month to put aside for your new home project.
Lenders generally require a down payment of approximately 20% of the loan amount. The down payment reduces some of the risk for the lender, as it ensures your commitment to the project and likely will prevent you from walking away from the project if things become challenging before the construction is complete.
As even the briefest search on the internet will show you, there are thousands of credit cards available from many different providers, and even more sites offering advice on which card you should choose. Most card advertisements and promotions make a lot of noise about attention-grabbing features such as market-leading low rates, long balance transfer deal introductory periods, or enticing cashback or rewards programs, but some or all of these features may be irrelevant to you no matter how good they look.
What really matters when choosing a new card to apply for is getting the card with the right mix of features to suit the way you plan to use it. To ensure that you get the best deal available it pays to take a little time out to think about the ways in which you normally use your card.
In today’s increasingly cashless society, many people use plastic as simply a convenient payment method, clearing their balance in full every month. This frees them from having to carry large amounts of cash around, and makes it easier to keep track of their spending with online account management and the like. If this is the way you plan to use your card, then the interest rate doesn’t really matter to you. Considering that you’ll be clearing your balance every month, then you shouldn’t be charged interest at all.
What’s more important is to get a card that rewards you in some way for using it, either through cashback where a small percentage of everything you spend is credited back to your account, or with a rewards program that will allow you to build up points which you can later redeem to get cheaper goods or services.
If you plan to use your card to fund larger purchases such as home electricals, with the repayments being spread over several months, then the APR of a card is the single most important feature to look for. A low APR means that more of your repayments go towards clearing your debt rather than servicing the interest charges. This means that your debt will be cleared more quickly, and will have cost you less to take out in the first place. It may also be worth looking for a card which offers a long 0% introductory period on purchases, with many cards now offering a deal of 12 months or even longer.
The most common way of spending with a card is to have a mix of large and small purchases, repaying a reasonable portion of your spending each month but sometimes carrying a balance over if funds are a little short. It’s also common to want to transfer a debt from a more expensive account such as an older credit card or an expensive overdraft. For this kind of mixed use, a relatively new kind of card can be a good fit.
A ‘flat rate’ card charges the same low interest rate for each type of card use, whether purchases, balance transfers, or even cash withdrawals. The low interest rate means that your credit costs less and can be cleared more quickly, and the simplicity offered by having just one APR for everything means you know exactly where you stand.
So no matter how impressive a new credit card may seem, with a wide range of eyecatching features, it really pays to decide which one to apply for based on your own needs and spending habits rather than the features that card issuers tell you are the most important!
Instant Approval Bad Credit Credit Cards – 3 Ways To Improve Credit Rating
Have bad credit? Bankruptcy? If so, you can get approved for a credit card. Although having bad credit may make is impossible to obtain super low rates when financing merchandise, you have the power to change your credit situation. There are various ways to improve credit. Furthermore, if you are having a difficult time establishing credit, bad credit credit cards can put you on the right path.
What are Bad Credit Credit Cards?
Bad credit credit cards are designed for people who are unable to qualify for a regular credit card. There are many reasons why a person is denied for a credit card. Possessing a credit card is very useful. However, if you have no credit history, and you are hoping to establish credit, many credit card companies place you in the same category as a person with bad credit. Why? If you have no credit history, lenders cannot judge creditworthiness.
There are two types of bad credit credit cards. Secured credit cards ask applicants to submit an application with a down payment. With an unsecured credit card, a down payment is not required. However, these credit cards carry a high interest rate, and steep penalties for late and missed payments.
Use Bad Credit Credit Cards to Your Advantage
If obtaining a bad credit credit card to boost your credit rating, use the credit card wisely. Maintaining good credit is not hard. However, you must be disciplined and make smart credit decisions.
For starters, maintain low balances. Resist the urge to spend money frivolously. Credit cards are not free money. Set a spending limit and do not exceed this limit. If possible, pay off the balance each month. This way, you avoid accumulating unnecessary debts.
Additionally, submit credit card payments on time. Aside from late fees, skipped or missed payments justify an interest rate increase. Furthermore, irregular payments will greatly reduce your credit score. Also, if you do not maintain a good payment history, the credit card company may decrease your credit limit
Once you have established a good history with your current credit card company, you will qualify for better credit card offers in the future. However, avoid too many credit inquiries. Applying for several lines of credit will lower your credit score. Within a twelve month period, limit credit inquires to one or two.
Free credit report is in many countries, credit report is a record of an individuals or companies which has the record of past borrowing and repaying, including information about late payment and bankruptcy. Having a good credit saves your money. And one should have a credit report to see actual where your credit stands. Accessing you credit report will not adversely affect your credit score.
Credit report helps finance company to take a decision of whether or not to lend money to someone. The free credit report may be converted to numerical credit score as higher credit score indicates less risk so these score can be used as rating device.
People love to have their credit report as it is the only thing they know the most about. In credit report there is many things which we are not aware of. If want a proper answers for your question then visit online sites where you can get all the detailed information related to your credit report.
Many online sites provide you free credit report you just have to fill the online form. Once you have completed the online form just submit it and they will confirm it and then send you credit report. Previously the law didnt allow having copies of credit report but now you can get copies of your credit report which is a plus point.
Many consumer some times provide incorrect information to credit bureau when they use internet form. They wont give a proper detail like their credit card account number, mortgage lender or the exact amount of their last mortgage payment its because internet is cautious and do not except the incorrect information and your form get rejected.
Its important that you provide your correct information to the credit bureau so they are not sending out credit report to the wrong people.
Anna Josephs is a freelance journalist having experience of many years writing articles and news releases on various topics such as pet health, automobile and social issues. She also has great interest in poetry and paintings, hence she likes to write on these subjects as well. Currently writing for this website Read More