With that in mind, you can see why finding the right mortgage is so important. It’s just as important as finding the house of your dreams. You don’t have to live in your mortgage, but you will be paying it off for 15 or 30 years or more. A good mortgage broker can help prospective home buyers find the mortgage that fits their lifestyle.

But how do you find the right mortgage broker?

First, let’s understand what a mortgage broker does. A mortgage broker:

• Pre-qualifies or pre-approves buyers for a loan. This lets buyers know the price range of house they can afford, narrowing the home search to realistic parameters before they begin.
• Offers a variety of mortgage options to meet your needs. Loans aren’t one size fits all, and a mortgage broker helps you sift through the vast array of options to find one that meets your needs.
• Helps you find the best interest rates. A mortgage broker should stay in touch with you throughout the loan application process, keeping an eye on interest rates in order to get you the best rate available. He understands the market trends better than someone outside the industry, so he can advise you to “lock in” your rate or wait to see if interest rates fall.
• Walks you through the loan application process. Mortgage applications can make filing taxes look simple. A mortgage broker will help you every step of the way. He can offer advice on how best to manage your finances in the months before closing on a new home, and lets you know what paperwork and documentation is necessary to complete the application process.
• Offers a “good faith estimate” of closing costs. Your mortgage broker should provide a line-by-line estimate of all costs associated with buying a home.
• Works hand-in-hand with the real estate lawyers, agent and any other necessary parties to bring the deal to closing.

A mortgage broker can save you time, money and hassles by helping you choose the right loan. But just as loans are not one-size-fits-all, neither are mortgage brokers. Before selecting a broker, consider your needs. Are you:

-          A first-time home buyer?

-          A real estate investor?

-          A home owner looking to refinance?

Make sure the mortgage broker you select is accustomed to dealing with customers in need of similar services.

Finding a Mortgage Broker

It’s easiest to find a broker by word-of-mouth; the real estate agent may be able to recommend a good broker. Otherwise, talk to family and friends who have recently purchased a home.

Most mortgage brokers get paid by the lenders; the broker should disclose all commissions or fees, which should not equal more than 2 percent of the total loan value.

Questions to Ask

When you narrow down your choices of brokers, consider the following questions:

• Does the mortgage broker answer all your questions and make you feel comfortable about the process?
• Is he readily available by phone or e-mail to address any concerns or questions? Brokers need not be “on call” 24-7, but you should be able to expect to hear from them within 24 hours.
• Does the broker work with a broad range of lenders, making it more likely he’ll be able to find the best loan for you?
• Is the broker willing to provide in-depth written information about the different loans that fit your needs?
• Do you feel as if the mortgage broker has your best interests in mind? A broker should not pressure you to select one mortgage product over another without disclosing his motivations and explaining the reasons clearly.

If you can answer “yes” to all the questions above — and that broker has a loan product that fits your needs – congratulations! You’ve found the right mortgage broker to lead you on your journey toward home ownership. If not, keep looking – the wrong mortgage broker is far worse than no mortgage broker at all!

Photo by Rev Dan Catt

Secured Loans – A secured loan has some asset held as collateral against payment.  A car loan is an example of a secured loan.  If you don’t pay your car note, the lender has the right to confiscate your ride.

Unsecured Loans – An unsecured loan has no collateral set against it.  A credit card is an example of an unsecured loan.  Unsecured debt is usually higher in interest and fees than secured debt because if you don’t pay, it isn’t as easy for the company to recover the loan costs simply by confiscating some asset.

When it comes to taking out a personal loan, FIDO suggests that you distinguish between wants and needs.  By distinguishing these two areas, you can often save yourself hundreds or even thousands of dollars of interest by simply saving up for those items you want.  For example, if you want to take a trip that costs $1,000, at a 12% interest rate, you will pay about $135 in interest if it takes you 2 years to pay the loan back.  If, instead, you save up for the trip, you can place that $135 you would have paid in interest in savings account.

Once you have determined whether you are faced with a “want” or a “need,” then you can decide whether a loan is necessary or if you can simply save up for the item.  If you determine that you must take out a loan, then it is time to do your homework.

Determining how much loan you can afford

The very first step in obtaining a loan isn’t to go out, find that car you like, and have it financed.  Instead, if you do a little research and go into the office knowing what you can and cannot afford to pay each month, then you will save yourself potential heartache later.  Just because the car dealership allows you to finance a $25,000 vehicle doesn’t mean you can afford it.

The first step in determining what you can afford is to track your expenses – especially your fixed expenses for at least a month.  By doing this, you can see spending patterns and you know how much money you have each month to dedicate towards loan repayment.  FIDO has a wonderful budget calculator to help you visualize your income vs. your expenses.

Using Finance Calculators Online

Your next step in securing a personal loan will be to utilize one of the many finance calculator tools available online.  Infochoice is a great resource for this.  You will get a list that allows you to compare rates – and in some cases, you can apply online.

When looking at the loan comparison, you may wonder what all the different numbers mean.  For example, you may see a chart that looks something like this for a $10,000 loan:

The initial two interest columns are the current variable rate.  If you choose a variable rate, you could wind up saving money on interest – if the interest rates go down.  If the interest rates go up, however, you could spend more money on interest than otherwise.  The comparison rate is the interest rate with all fees taken into account. According to the Personal Loans website, the comparison rate is mandated by the ASIC (Australian Securities and Investments Commission).  This rate includes both the interest rate and the fees and charges except:

• Any government fees or charges
• Charges applied in special circumstances
• Any perks to the loan

For more information on comparison rates, you’ll want to view the two available factsheets: Comparison Rates – A Consumer Guide and Comparison Rates: Frequently Asked Questions.

The next four columns in the above chart refer to a fixed-rate loan.  You’ll notice that while the “Greg Fixed” loan only has an interest rate of 13.89%, its comparison rate brings it up to being about 21.71%.  This means, for $10,000 of borrowed money, you would pay back a total of $12,416.41.  Make sure when you calculate the estimated monthly payments, you use the comparison rate, not the initial interest rate for a more accurate estimate of what you will need in your budget.

Fees

In addition to interest, various fees may be charged to a loan.  These fees include:

• Establishment Fee – the fee charged for starting up the loan.  It is often added to the amount being borrowed.
• Ongoing Fees – monthly charges for continuing the loan
• Exit Fees – watch out for exit fees.  If you pay off your loan early you may be required to pay a fee.
• Redraw Fees – if you are ahead on your repayment schedule, sometimes you can take out funds that were already paid into the loan.

Remember: While it might seem like a lot of work doing all the homework and comparison shopping ahead of time, it will save you hundreds (possibly thousands) of dollars – and your sanity.  By carefully planning for a personal loan that you must take out to meet a need, you can avoid falling into a potential debt-trap.

Who Should Not Apply

Those people that should stay away from bad debt loans include the following:

• Those that have a lot of outstanding debts
• Those that can gain a better loan rate elsewhere
• Those that do not have a plan to repay a bad debt loan
• Those that plan to use bad debt loans as a form of long-term financing

If you fall into any of the categories listed above, it is best to seek another way of finding the funds that you need. If you are seeking a bad debt loan for another reason, then you may find that this type of loan is exactly what you have been looking for.

Why Apply For a Bad Debt Loan

Believe it or not, bad debt loans can actually help you rebuild your credit. If you want to patch up your credit, or start building it up again from scratch, a bad debt loan is a great idea. Why? If this type of loan is paid in-full on time, your diligence will reflect positively on your credit record.

In addition, if you cannot find extra funds anywhere else, applying for a bad debt loan can help. Often, people that have declared bankruptcy in the past may not be able to obtain a personal loan. In this instance, a bad debt loan can come in handy.

The other reason why bad debt loans may help you is if you simply cannot pay your bills one month. Everyone goes through tough times, but it’s not a good idea to skip a bill payment. If you find that you need to make a payment, but you don’t have any cash, you can gain the funds you need through a bad credit loan.

Things to Think About

It never hurts to be extra careful when it comes to borrowing money. If you find yourself contemplating a bad debt loan, make sure that you run down the following checklist first.

• Look at every other loan option
• Read the loan fine print – are all the terms clear?
• What happens if a loan is not repaid on time? Are you penalized?
• Can you pay back that loan on time?
• Are you choosing the best bad loan offer out there?

Once you have gone through all of these questions, you will be better poised to apply for a bad credit loan. Clearly, bad credit loans aren’t always a bad choice, though they won’t work for everyone. Before you apply for any loan, make sure that you shop around – there are hundreds of bad credit loan companies out there, but only a few of them are worthwhile.

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This is business

No matter where you get your loan, the lender you use is only lending you the money to make a buck (or many) off of you. While most decent businesses will be honest about the costs (This is a legal requirement), it is not in their interests to tell you where to go to save a few hundred dollars.

Considering this, you should definitely shop around when looking for a personal loan company. While most personal loans do not have a payback term as long as a mortgage, you do not want to be a month into a five-year loan, only to find out the company around the corner is offering the same deal at a better rate.

Is the Company Reputable?

You do not want to deal with a “cowboy” operation that makes huge promises, gives you the money then starts charging all sorts of arrangement and admin costs that have been written into the fine print. Ask yourself:

- How long have they been operating? Yes, just because a company is new doesn’t mean it isn’t reputable (and vice versa), but it’s always worth checking into the company before you take the plunge.

- Do you know anyone that can recommend this company? If someone you know used the personal loan company and had a good experience, chances are you will do well with them too. Many companies are quick to offer testimonials from happy customers, but these will be edited to show the company in the best light possible. You may consider speaking to someone like ASIC (http://www.asic.gov.au/asic/asic.nsf) regarding the company if you have any doubts.

Does the personal loan company do secured or unsecured loans?

- A secured loan is called ‘secured’ as you use collateral that you pledge to give the personal finance company if you don’t pay back the loan. If the money lent is for a mortgage, the collateral is your home. With a car loan, you risk losing your car. With a personal loan, you might pledge something already mentioned, or perhaps another expensive item – Jewellry perhaps.

- An unsecured loan is similar to credit card debt, as there is no collateral to cover the personal finance company’s investment if you do not pay the sum back. This does not mean you will get away with missed payments however; the company will often get you back with late fees and so forth – Plus it can damage your credit rating.

How will your credit standing affect the loan company’s desire to do business with you?

If you have a bad credit rating, or even no credit history at all, some companies will not even humour you. Other companies, however, will be happy to take you on, albeit at a higher than usual interest rate.

-Another possibility is that the company will ask you to have a cosigner on the loan – If you’re young and have poor or non-existent credit history this is likely. What this means is that the company aren’t happy with just your assurance that the loan will be repaid (Which is essentially what your signature is on a loan application). The cosigner will also need to sign the loan documents, ensuring the company that they will pay back the loan if you default on it. Many people will not (or can not) cosign a loan however, as it is a massive financial responsibilty should you default on the loan.

Unfortunately, there are no absolutes when dealing with life, and that includes getting a personal loan. However, if you keep these recommendations in mind, ask any questions you have (no matter how dumb they may seem) and verify every step you take, then getting the money you need should be relatively painless.

Photo by Daniel Y Go

The first, and cheapest, way to purchase a car is by paying cash. However, most people simply cannot afford to spend that much cash at once. Another popular option is to lease a car; the purchaser makes payments for a certain period of time and essentially “rents” the car for that time period. However, those who want to own the car for its lifetime, but cannot afford to pay cash, often choose to obtain car finance.

Common Contract Terms

When discussing car finance, it is important to understand they key factors which will determine how much you pay for the car and how good of a deal you get. A car finance contract will have very similar terms to other financing and loan contracts: for example,

1. Length of Contract- The overall cost of the car finance contract will depend largely on the length of the payment period. By shortening the payment period, you may be able to save thousands of dollars in interest over the length of the contract period.
2. Interest Rate- One other important factor when determining the overall cost of a car loan is the interest rate. You can save money by finding a lender that offers the loan at a lower rate; even a few fractions of a percentage point will make a difference.
3. Down Payment- A significant down payment can help reduce the overall cost of borrowing. By paying as much money as you can up front, you won’t have to borrow as much, and you will save on the interest charges.
4. Fees and Penalties- Many finance contracts will include different fees and penalties in the “fine print.” Be wary of anything hidden that could substantially increase the cost of the loan, such as hidden processing fees and penalties for prepayment of the loan. 

Tips For Saving Money

While the specifics of the terms of the car loan will depend on how much the financing costs, there are many ways to increase the chances of getting a better deal.  Some of these tips include:

• Initially pay down as much as you can in cash
• Look for alternatives to taking out a loan
• Shop around for the best rates and plans
• Maintain a clean credit record

The Sydney Morning Herald has a great list of personal /car loan tips and questions to consider when taking out a loan. And yes, it’s perfectly relevant for non-Sydney siders too!

Totaling The Costs

The financing of a car is one of the most important aspects of car shopping. Again, one can choose to pay for the car in cash, lease it, or finance the car with a loan. The best way to save money on a car finance loan is to shop around and compare the contract terms from different lenders. However, you can also save money by doing simple things such as paying down a lot of cash and avoiding hidden penalty fees.

For more resources on car financing and car insurance, check out Fido.

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1. A Payday Loan is a type of short-term loan

   For the most part, all you will need when applying for one is a checking account, a steady source of income, and a valid ID.  It does not require a credit check.  Most loans are for a period of between 7 and 62 days.

2. Interest Rates are higher.

   Because payday loans do not require a credit check (in most cases) before the checks are cashed, the companies compensate for the problem by hiking up the interest rate.   Some of these rates may be up to 1300% per annum – so that loan you take out for $300 could wind up costing you $3900.  Ouch!

3. Repeat Customers keep payday loan companies in business.

   That’s right, like the couple I know, most people who apply for a payday loan find themselves needing to apply for another – and another, thus continuously driving themselves further into debt – and at that high rate of interest.
   

4. Those most likely to request payday loans tend to be low-income.

   This means they are less likely to have an emergency fund set aside.  When unexpected expenses hit, they often fall prey to the payday loan cycle.  The best way to avoid the payday loan cycle is to avoid taking out a payday loan in the first place.  Set aside a portion of every paycheck for an emergency fund.

5. In May 2009, new legislation was proposed in Australia governing payday loans.

   This law will advocate licensing procedures that requires lenders to also provide information on payday loans to borrowers at the transaction’s initiation.  It will also require credit checking – intended to help keep consumers out of trouble by keeping them from taking on more debt than they can pay back.

6. In the United States, payday loans have been banned in 11 states.

   The New York Times profiled a man who spends $1500 a month just paying the interest on payday loans.  The cycle is vicious, and government officials over the world are beginning to catch on to how predatory these lenders can be.

7. Because the loans are easy to get, you can wind up in trouble faster than you expected.

   Most people don’t expect payday loans to become a permanent solution, but because of the astronomical fees associated with the loans, wind up becoming dependent upon the system just to barely keep their noses out of the deepening debt waters.

8. Payday Loans should be a last resort.

   This is why establishing an emergency fund is so important.  If you have no assets that can be liquidated should a crisis come along that requires money you don’t have, you have no one who can lend money to you, and all other options are also exhausted, then get a payday loan.  Payday loans should never be used because you paid your bills and don’t have anything left over for buying that new video game system.  For ten alternatives to payday loans, you might want to read “10 Options to Consider before Getting a Payday Loan” by Trent at The Simple Dollar.

What happened to the couple I knew?  They eventually crawled their way out of the hole with help from family and friends – and a part time job.  For a while, however, it did put a strain on their relationship due to having constant financial stress hanging over their heads.  And both of them wished they had been more informed about the perils of payday loans before signing.

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What is the First Home Buyer’s Grant?

The grant is a one-time boost intended to motivate citizens to purchase property.  The amount given in the grant ranges from $10,500 to $21,000 depending upon when the home is purchased and whether the home is new or existing.

Who is Eligible?

According to the Department of Families, Housing, Community Services and Indigenous Affairs, to be eligible for the first home buyer’s grant, you must purchase a new home or home on the plan between 14 October 2008 and 31 December 2009 and

• Have reached at least 18 years of age
• Be either an Australian citizen or a permanent resident of Australia
• Have not previously received the First Home Owner Grant (or a spouse that received the grant)
• Have not previously owned and lived in a home (or a spouse)
• Must plan to live in the home for at least six months beginning within 12 months of the purchase

How Much Do First Time Buyers Receive?

If the home purchase documents are signed prior to 30 September 2009, then eligible purchasers will receive a lump sum of $14,000.  After 30 September 2009, the amount decreases to $10,500.  If the home purchased is new or under construction, the lump sum amount increases to $21,000 for those completing the transaction before 30 September 2009, and $14,000 between 1 October 2009 and 31 December 2009.

After 31 December 2009, the First Time Buyer’s Grant is $7,000.

How Can I Receive Benefits from the Grant?

The first step to receiving grant benefits is to file an application form with your state or territory revenue office.  These forms are available through many of the state websites.  You can find links to the government websites where you can download the form here.

What Can I do with Benefits from the Grant?

Before you rush out after receiving your cheque and buy all new furniture for your house, consider and plan what you will do with the money.  One thing many people do is use the grant to pay off outstanding debts.  This can lower your financial obligations each month.

If you don’t have any debt, you may wish to invest the money or use it to fund a savings account.  There is some great information on the FIDO website discussing how to choose an account that suits your needs.

Be careful when looking forward to the grant and don’t take out a larger mortgage than you can afford just because you are receiving this government incentive.  Just because you get $21,000 for buying a new home doesn’t mean you can afford another $25,000 on the mortgage.  Be clear with what you want and what you can afford when making your purchase.  For more information on the grant, specific to your state or territory, visit the First Home website.

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The existence of compound interest speaks to the latter. And it’s exactly why compound interest is one of the safest, most effective mechanisms for growing wealth in existence.

Albert Einstein called compound interest the “greatest mathematical discovery of all time.”

But fortunately, understanding and capitalizing on compound interest doesn’t require the mental capacity of a genius like Einstein.

What is Compound Interest?

Compound interest occurs when you add accumulated interest back to the principal. As a result, interest is earned on interest on a perpetual basis thereby increasing your overall investment amount exponentially over time.

Although you can quite easily use a compound interest calculator to input the values unique to your financial situation, here is just one example of the awesome power of compound interest:

If you save one hundred dollars each month for forty years and your investment compounds at 12% annually, how much will you have? $980,000.

How Compound Interest Works

Compound Interest is often likened to the snowball effect. As your investment rolls down the hill it grows at an accelerated pace. Even with a small snowball to begin with, an exceptionally large one will result over time.

Compound Interest is based on two variables – the length of investment and the rate of return. Simply put, the longer your money is left to grow, the faster it will balloon. Similarly, the higher the interest rate you earn on your money, the higher the invested amount will become over the duration of the investment.

If you’ve ever wondered why it seems easier to stay rich than it is to become rich, it’s largely because of this mathematical phenomenon known as compound interest.

Yet, even if you are not already independently wealthy, there are simple steps that can be taken to yield big returns in the long run. For example, most people spend at least one dollar each day on some form of refreshment. Over the course of one month, however, if each dollar is directed instead to an investment account accruing compound interest at an 8% annual return, after a forty-year period elapses, you will have earned a whopping $101,372.91.

The only potential drawback associated with making compound interest the centerpiece of your investment strategy is that the rate of interest may not be the same every month. And because the rate may fluctuate (5% the first month, 3% the next month, etc.) a lot of investors still prefer to maintain the more stable and consistent – yet lower rate – of return by foregoing compound interest and, in its place, keeping their money in a simple savings account.

Making Compound Interest Work for You

Compound interest doesn’t work overnight. Throughout the duration of your investment, it is pivotal to patiently add, not withdraw from your investment if you are going to experience the awesome power of compound interest in full.

By working hard and having your money work hard for you, the path to fiscal strength and lifelong solvency will be clear and much easier to follow.

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The Basics

Essentially, a home equity loan involves using your home as collateral in order to obtain a revolving line of credit. Home equity loans can be used for many different things, though they should not be used for everyday items.

Some reasons why homeowners apply for equity loans include:

• School Tuition
• Home Improvements
• Medical Bills

If you are seeking a loan to help you pay bills, fund a vacation, or pay for car repairs, then you should look into other types of loans. Keep in mind that you home is on the line when you are approved for a home equity loan.

What to Look For

Should you decide to go ahead with a home equity loan, there are a couple of things that you’ll need to be aware of. First and foremost, make sure that you understand all loan terms. If you come across any jargon or figures that you don’t understand, be sure to ask all necessary questions.

Next, take into account the following fees that will apply to your home loan:

• Appraisal costs: property appraisal costs
• Application fees: sometimes these fees are refunded
• Up-front costs: includes “point” costs
• Closing costs: attorney fees, mortgage fees, filing fees, and other fees
• Other Fees: membership and maintenance fees

When all is said and done, you could wind up paying hundreds of dollars in fees. Finally, take a good look at how you plan to repay your home equity loan.

Repayment

Many borrowers forget to create a solid repayment plan prior to applying for a loan. Not only is this a mistake, it is a mistake that can effectively create a financial noose around your neck. Before you apply for a loan, think about how you intend to repay that loan.

Some home equity loan plans will allow you to make set monthly payments towards your loan. However, you should be aware that these monthly payments may not actually be enough to pay off the loan at the end of the loan term.

Other loans include an interest only payment plan. Interest only plans will solely allow you to pay interest on a loan, which means that you will have to pay the entire loan amount once that loan term is up. For example, if you borrow $20,000 you will still have to pay that total amount at the end of the loan term – even if you have been making interest payments for months. In short, taking out a home equity loan requires a sound repayment plan that includes any additional fees. While some lenders will allow you to pay more than the minimum monthly amount, this is not always the case.

A home equity loan may sound like a great idea, but unless you know all the ins and outs of a loan, you could be in for more trouble than you originally bargained for.

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Naturally, some lenders are considerably more flexible than others and therefore willing to work with borrowers who have diverse and even less-than-favorable financial histories. Luckily, with enough time and careful planning, adequate steps can be taken before any big-time borrowing to drastically improve your chances of securing a low interest rate loan.

1. Know Your Credit

Do you have excellent credit, good credit, average credit, or bad credit? You should know before your lender does. If your credit is less than spotless – and if your need for a loan isn’t time sensitive – you can apply for a loan after taking necessary steps to repair your credit or possibly obtain a co-signer.

2. Correct Errors on Your Financial Record

Many people find that their credit histories contain errors that needlessly reflect poorly on their financial standing. Before requesting a loan, take the time to investigate your financial and credit records and correct any errors that could stand between you and the low interest rate you may deserve.

3. Research Reputable Lenders

Securing a low interest rate on a loan is important. But working with a reputable lender that can be trusted and honor commitments is far more important. Before doing business with any institution that offers a low rate, check to ensure that such claims are as legitimate as the lender.

4. Get Current and Stay Current

The more responsible your repayment history appears, the more favorably a potential lender will look upon you. If you have any outstanding late fees or unpaid penalties on a previous debt, settle up before you subject your financial history to the scrutiny it will come under during application screening.

5. Competitively Shop

One of the most effective mechanisms for getting a great rate on a loan is to competitively shop. Making banks and other financial firms negotiate for your business can be a great equalizer when other factors (your debt, credit, income, etc.) might be working against you.

6. Beware of Refinancing Penalties

The seemingly foolproof plan of taking out a loan at a high rate today in hopes of refinancing in the near future can ultimately prove to backfire. Many lenders attach substantial early exit fees if you seek to refinance within the first few years of the loan. The combination of a higher rate today with the penalties of tomorrow would effectively mute the benefits of refinancing your way to a lower interest rate.

7. Pay Down Debt Before Borrowing More

Reducing your overall debt before undertaking any additional borrowing is certain to help you get the lower interest rate you’re wanting. If possible, paying off another loan before requesting a new one will represent a responsible payment history and bode well for the next interest rate you receive from a lender.

8. Lock in Your Low Rate

If a lender’s standard variable rate is higher than other lenders (meaning you would pay more on the loan over time) consider a potential lender with a lower variable rate or, better yet, lock in a fixed rate until the loan is repaid in full.

9. Don’t Consolidate

You may think that having only one lump sum of debt will look better to a lender than several revolving accounts, but moving debt around in the form of a loan consolidation will look unfavorable on your financial history in the short term. Even if you have multiple credit balances (as long as they are not delinquent) keep them exactly where they are.

10. Borrow Less

This may seem like a no-brainer, but many individuals who seek a loan actually obtain more than they need. Naturally, by borrowing less you will not only reduce your overall debt burden, but you will be more inclined to secure a low interest rate since larger loans are typically those that carry the highest rates.

The Lowdown on Low Rates

Even the smallest decrease in the interest rate attached to a loan can mean the difference between saving or throwing away thousands of dollars over the life of a loan. Although cautious lenders will make you jump through many hoops to get the rate you’re looking for, any efforts taken to obtain the best rate possible will always pay off over the long haul.

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