Understanding FHA 203K Mortgage

The mortgage rates have skyrocketed during the recent times. The American consumers are still engaged with the debt consolidation companies to resolve their debts and may find it impossible to invest in real estate. However, this matter has actually come as a surprise during a time when the prices of real estate should have been ideally low due to the subprime crisis which emanated in the US two years ago. The primary reason for the rising prices of real estate can be accounted to the FHA loan program. Due to this program, getting loans have been easier for the consumers. For instance, if you have bought a house which will require some maintenance work, the best way to settle the deal is by securing a FHA 203K mortgage. The benefits of FHA are pretty well known to the Americans by now. Whether it is about the consumers who are battling their financial hardships or the retired ones with lesser income, FHA has done it all for them. The major advantage of this loan is that it will allow the consumer to borrow more than 95% of the price of the mortgage and the rates are fixed which in turn will lower the down payments. However, in order to be eligible to secure these loans, the consumers will need to have a minimum income. They can even carry out a renovation work with the help of FHA loans with slight restrictions. According to the regulations of the FHA loan program, the work on the housing premises has to start within 30 days of signing the loan agreement but if there is an increase in the cost of the work later, the mortgage cannot be increased. Therefore, the consumer should try to have a negotiated deal with the consumer before deciding to opt for the FHA loan program. In other words, the FHA 203K mortgage is the best option for those people who are trying to buy a foreclosed property which may require a good amount of repair and renovation.

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Can you make money through property investment?

Property investments are lucrative and supposed to fetch good returns if done with the right acumen. An experienced and far sighted investor will conduct a lot of research before putting the money for investments. The best thing about a property investment is that it will not only help you to get returns but also act as an asset. Therefore, the property that you have secured will actually have a twin potential. Although, there is a lot of money that is usually associated with a property investment, it is also about making a lot of efforts. The huge debts, created by the subprime crisis, which is also known to be the major cause of recession has taught the consumers about the money management in the hardest of ways. The investors are therefore required to be properly educated before taking the plunge. Property investments will also require you to have an idea about the long term plans. You can definitely buy and sell the property quickly, but it will never provide you with the returns which you were expecting to get. Ideally, you should buy a property, get it done and sell it only when the mortgage market will predict a higher trend.

In other words, the property that you have decided to buy should actually cater to your long term financial goals. Before buying the property the investor will need to take out a loan and this is the most crucial part of the investment. The financial capabilities of a lot of consumers were affected during the economic downfall. A majority of them are still in consultation with the debt consolidation companies and this will affect the amount of money which is required to be borrowed for securing the property. Again, an investor is supposed to do a lot of homework about the type of loan that he is eligible for and the rates of interest. It is better to go with private vendors to get a loan. It will also be possible to save thousands of dollars and get the right bargain on the property deal.

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Should teens have credit cards?

One of the hottest debates doing the rounds right now is whether teenagers should actually have credit cards or not. As one school of thought goes on to say that having credit cards will help the teenagers to learn the tenets of money management; others say that credit cards will not do any good other than allowing them to splurge.  The credit card, which is supposedly used by the teenagers, is more of a prepaid or secured credit card which will only allow them to spend the amount which is there on the card. The lines of credit are also much flexible for these credit cards. The predicament of a majority of college students with huge debts on credit card is a scary situation undoubtedly. Although, the debt consolidation programs are equally popular for settling the college debts, the credit card liabilities actually start from high school. If the purpose of teen credit cards is to teach them about managing their finances, the best thing to do is to let the teenager to make the payments. Not only will they learn to keep a track on their expenses, they will understand that a credit card is not meant for spending irresponsibly. They will also get the idea that spending more on the credit cards will mean making more payments and accruing interests.

Although, the primary reason for using credit cards is for the array of benefits that it provides. However, the teens should use the credit cards to build a good credit score. With a good credit score, they will be able to qualify for several loans in future and a host of other advantages. However, the credit cards can be considered as useful for the teens only when they will learn to use it responsibly. Moreover, the parents should also monitor the expenses and savings of their teenage children. Their views and suggestions will hopefully bring in positive changes and will make their children more aware about the choices that they make related to the credit card expenses. The basic idea is that the teens should only use credit cards for convenience and not reliance.

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Things That the Collectors Cannot Ask You to Do According to FDCPA

Our relation with debts and financial deficiencies have almost been a pretty long and deep rooted one which not only associated us with various debt relief programs but have also introduced us with the greatest and most powerful economic downfalls and turbulences which disrupted both our personal finances as well as federal economy. The world federal reminds me of the Government Corporation or law called The Fair Debt Collection Practices Act which has played a crucial role in controlling our debt woes and creditors harassments. Without the presence of the laws stated in FDCPA, debtors would have chased their debts to hell in order to pay them off. Collectors and creditors are always the most dreaded terms for a debtor but FDCPA dictates how debt collectors can act when collecting a debt from you, as there are certain lines or boundaries of action which they are not allowed to cross over, until they want to end up in legal issues and complaints put up by the debtor. Following are the cases/actions/behaviors that the collectors that the collectors or creditors should keep away from doing:

  • The collector cannot misinterpret the amount you owe him or cannot even ask you to pay more than you owe (except for the interest rates)
  • They cannot ask you to pay interest, fees, penalties or expenses which are not legally applicable.
  • They cannot call you repeatedly or continuously reminding and harassing you about the debts and loans.
  • They are forbidden from using  obscene, profane or abusive language against the debtors which can cause shame, embarrassment or insult to the debtor or hurt his/her dignity.
  • They re legally not allowed to make calls before 8.00 am and after 9.00 pm which are considered as harassment and threatening calls.
  • They cannot threat to use violence or to cause any kind of physical, financial or mental harm to make the debtor pay his/her debts.
  • They are prohibited from using hollow threats of taking action which they are not allowed to legally.
  • They cannot illegally inform a third party about your alleged debt. Except the attorney, creditor, and credit reporting company they are not viable to involve a third party in this.
  • They are bound to produce a written and proven debt validation notice and evidences against the debtor’s bills and debts including the amount of the debt, name of the creditor, and notice of your right to dispute the debt within 30 days.
  • They cannot continue the collection process after receiving the debtor’s cease communication notice

Thus a debtor should always keep his/her senses open against the collectors who jeopardize these FDCPA rules and should take legal actions against them.

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Setting and Chasing a Goal in Investment

Our financial blunders have not only made us confront the hardest economic times and the complications of debt relief processes but also made us realize the significance of certain financial requirement and awareness which plays a crucial role in gaining us monetary literacy. Investment procedure is undoubtedly one of the most important financial decisions one has to take at the right time and with the right policies and products. However setting goals and chasing to achieve them forms the major part of the initiation and conclusion of the entire investment procedure. Having a goal thus is critical to your investment career as it gives directions to you and will also set your mind to reach that goal. So, before putting any money into stocks, the first question you should ask is what do you want to achieve with stock investing? For most investors the goal is to stay away from charity in investments and to want more return on the investment. In that case the particular goal will define the conditions and will determine the type of money market wherein the money would stand a possibility of growth and higher returns in share markets. Defining a goal also let the investor realize his/her wants, desires and necessities which gets veiled in daily life’s and money’s mad rat race. On the other hand an investor should always focus at the right goal or purpose which will secure his future financial prospects; thus he/she should understand the types of financial requirements and emergencies one may face in old age and should invest accordingly. There is nothing wrong with having an investment goal. Goal helps you to focus. While having a goal will not automatically boost your investment return, investors with a goal will find a way to boost their investment return. Finally, investors should set a realistic goal too. Expecting a 50 % annual return on your investment might not be achievable if you just start investing or if your past return had been less than 10%. Thus investment is a science of probability in sync with profitability which may invite the investors’ vast financial literacy and practical knowledge.

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Materialize Your Dream of Owning a Home Business

The recent debt situation has almost disrupted all our financial dreams and prospects apart from introducing us to the various debt management plans which alone could rescue us from such horrendous conditions. But not all our dreams could be curbed due to economic obstacles and one of such dreams is to own a home business which will allow the businessperson to not just enjoy the process of money-making sitting at the comfort of home but would also provide financial independence without being dependent on any external sources or people. Owning a home business is probably the fondest dream of every entrepreneur who at the back of his/her mind make plans to materialize this prospect. About owning a successful home business we tend to have stereotyped notions such as only few can succeed in this arena of home business, or one has to have bundles of money to make it come true or one must have resourceful acquaintances to support the process and purpose. Well, all these are but partially true, whereas the main two ingredients are still unknown to many of us which include having a good attitude and lots of determination. The keyword of starting a home business does not lie in all rational excuses and hurdles which came between you and your dream but it lies in that one revolutionary yet small step backed by self-trust and perseverance to stick through it through hard and soft times. The success starts with building blocks by brick upon brick with hard work, sincerity, proper usage of talent, creativity and intellect along with taking the right action at the right time. One should never let go off any opportunity that comes forth and sometimes one has to create opportunity for himself/herself. One may think that it is not possible without a good amount of money; well, that’s true to some extent. But once you are determined and confident to gain good returns and results from your home based business, you will find many avenue open up to support you financially such as government banks, corporations, creditors and business lenders etc. The next step should be gaining expertise and experience along with efficiency in your work or business management and production which forms the backbone of any home based business. Later get in touch with all the supply and delivery chains and middlemen required for your business and strike the best profitable deal with them. As you go on building your business step by step, you should remember one thing that positive thoughts and optimistic ideas leads to profitable and productive results. Thus it is most important to focus what you want to do rather than what you want to avoid. Owning a successful home business is certainly not an easy task but it also is not the toughest thing to do, only if you avail your accuracies correctly.

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