Questions To Ask Before Applying For A Mortgage

Buying a home is usually the biggest investment that we will make in our lives, so it is important that you do your research and find the best mortgage solution for your circumstances. There is a wealth of information on the subject online which will show you some pertinent questions that you should be asking before you apply for a mortgage. Here is a summary of some of the points you should be looking at before you submit your application.

What Can I Afford To Borrow?

How much money you can borrow is one thing, but how much you can afford is usually different, so it is important that you work out how much you can afford to pay back each month on your mortgage. Using this as a base and you can then work out how much you can borrow affordably, and if you already have a property lined up, it will also show you how much deposit you will need to get the mortgage.

What Fees Are There?

It is important that you read all of the small print in the different lender’s agreements so find all of the charges that you may incur. These fees can vary drastically so you will need to shop around and look at lots of different lenders to get the best deal possible. Whether you are looking for a mortgage broker on the Central Coast, in Darwin, or in your local area, there is a large choice of different lenders that you can talk with before applying for your mortgage and they can be found easily using the internet.

What Are The Interest Rates?

The interest rate is one of the most important factors with a mortgage as this will determine how much money needs to be paid back for the lifetime of the loan. The APR (Annual Percentage Rate) is the amount of interest that is added each year to the outstanding debt, and the rates charged although are very similar can differ between the different mortgage companies. As such, you should shop around and look at as many different companies as you can to secure the best package for your circumstances.

Working Out What Is Best For You

With so many different options available it is important that you get some help with finding the best mortgage for you. There is a lot of independent advice that is available, and the internet is an excellent tool to compare the different options. You can also get a lot of useful information on various blogs to help you find the most suitable mortgage for you. It is important that you take your time when making a decision, as your mortgage is going to last for the next 25 to 30 years most likely, so it is a massive commitment on your part. Look at all of the available options and weigh up the pros and cons of each. Make sure that you do not stretch yourself too much with the size of your mortgage and with a bit of luck you could be moving into your new home before you know it!

Money Worries: When Poor Health Means You Can No Longer Work

We go to school, college and university to study for the job we want. We start at the bottom of the career ladder, work our way up and make many sacrifices along the way. Whether it’s working late, missed special events, strained relationships- at one time or another most of us have put something on the line to ensure our success at work. And so when we can no longer work due to an injury or illness it can be devastating. As well as the emotional aspect there also finances to consider too- a drop in money and a change of lifestyle. If you’ve found yourself in this tough situation, here are a few things to consider.

Do You Have Any Savings You Could Use?

It’s always advisable to have some emergency savings, and if you do this situation will certainly be a lot easier. If the drop in income is due to something temporary- for example, your condition is likely to improve after treatment- using your savings allows you to keep up to date with your bills and keeps a roof over your head for the time being. However if the situation is more long term or even permanent, you may need to consider one of the options below.

Are You Entitled To Any Help?

Have you had to resign and permanently stop working due to an accident or illness? Perhaps you may get better in the future but are likely to be out of work for some time. You may well be entitled to money to live on from the government. Each country and area have a different way of doing things so you will need to research the kind of help that’s available out there and then get the ball rolling. If you’re unsure, or are having problems (such as being denied benefits when you know you should be entitled to them) you could speak to a social security disability attorney. They will fight your case for you and ensure you get access to the money you should rightfully have. Don’t be afraid to reach out for help, if you’re unable to work because of your health your country has a duty to look after you. It’s sure to be a drop in income compared with working full time, but means you won’t go hungry or lose your home.

Could You Earn Some Money From Home?

You might not be well enough to get to work each day, but a flexible job that you can do from home could be an option. When you freelance, you can control the number of projects and the amount of work you do, meaning if you have a bad day health wise you can simply choose to not take on any work. There are lots of freelancing sites online, and if you have a skill such as writing or designing these could be utilized to make you some money. You could even start a blog or Youtube channel, and once it picks up speed begin monetising it. Its something you can do from your bed or sitting at a desk so useful even if you’re not very mobile, and can help to keep you busy and productive. Losing your job can be a difficult time, coupled with feeling unwell and being bored stuck at home it can lead to further issues such as depression and anxiety. Being able to keep busy and earn a little extra income is likely to be beneficial from both a health and financial point of view.

Buying a Car Online is it Trustworthy?

It is possible to buy almost anything online, and your next car is no exception to this. The main reason to buy online is savings in both time and money. But, is it a trustworthy way of making such a large and important purchase. The answer is yes, if you follow the same principles as you would for making any purchase on or offline.

Know what you are looking for

Start your car purchase by writing a list of the specs that you are looking for. Start with those that are essential, such as manual or automatic, number of seats, fuel type and engine size. Follow this with a list of desirable specs such as air conditioning, electric windows, central locking, blue-tooth connectivity. If there are any things that you really don’t want, then make sure you note these down as well. This might be something as simple as really not wanting a pink car, or not wanting to have to do any work on the vehicle.

Set your budget

How much do you have to speed on your vehicle? Ensure that you have an idea of your top limit, as well as how much you would prefer to spend. Remember that when you purchase your car, there may be extras offered, and that these will need to be figured into your budget if you want them.

Check out the seller

Whether you are looking at a private car seller, car dealership or a car lease company spend some time checking them out. Also check whether the car is with the seller, or if they are acting as a middle man for the actual owner. If it is a dealer they will have an online presence, including reviews and customer feedback. It is vital to look beyond the information on their own website, and to check reviews on independent sites.

See the vehicle for yourself

It is important to see the vehicle you are considering in the flesh so to speak. Take a good look at it both inside and out and under the bonnet. If you are unsure of what to look for take someone who does know with you. Make sure that the paperwork checks out as well. The details on the logbook need to match those on the car. If you are looking at a second-hand vehicle, then it is a good idea to also check the vehicles history. This will ensure that the car has not been subject to an insurance write off, has been scrapped, or reported stolen. If you are unsure of any aspect at this stage then walk away.

Money matters

Never part with any cash until you have seen it and gone for a test drive. Regardless of the reasons the seller gives, there is no reason to part with cash before you have seen the car, especially if you are asked to undertake a money transfer using a money wiring service. Make sure that you have signed paperwork even once you have seen the car before you leave a deposit to secure the vehicle. Get everything in writing, so that if there any questions later you have evidence of what you originally agreed.

By following these tips, you can ensure that the car you are looking to buy online is perfect for you, and is worth the money that you are going to spend.