Obtaining a Home Loan

Although the number of mortgage applications filed to purchase homes for the week of November 6, 2009 was the lowest level seen in nine years, people still want to purchase homes. According to Freddie Mac, 30-year mortgage rates have been below the 5% mark for at least seven weeks. See what you can do to take advantage of these low rates.

To apply for a home loan, banks normally check the applicant’s background, whether they have a good, steady job or some other stable source of income. Credit line is also checked, whether the applicant has been responsibly paying his/her debts well. An applicant must also have collateral as financial back up, as an assurance that the applicant will be paying back the loan in full.

Do some research on how much you can ask from lenders. This will give a general idea in figures of how much you can borrow, how much of your income is needed for the down payment as well as for the succeeding payments. Evaluate how much you can afford to spend for the house loan, in consideration with other existing monthly payments. It is recommended that less than a third of the applicant’s monthly income be spent on the payments for the loan and property.

Start saving money for the purchasing of the house before attempting to apply for a home loan. Possible ways of saving for the home loan and property purchase include taking a second job or reducing unnecessary expenses. This initial investment is a good demonstration to the lender of the applicant’s good intent in purchasing a house. There are also other options to be considered in obtaining financial support when purchasing a house such as the Veteran’s Administration loan for veterans. Consult with your real estate agent regarding other financial support options.

As a result of the recent development in the economy, banks are becoming more stringent in assessing applications. However, there are ways of improving chances when applying for a home loan. In order to prepare for qualifying for a home loan, it is recommended that the applicant obtain a copy of their credit report from a qualified agency. There are services which can send a report annually or directly contact the agencies for an immediate copy. Banks check your credit report and look for your history in repaying loans you have already acquired. Pay back all debts. If this is not completely possible, then make it as low as possible. This is important as it sends a note to the lender of the applicant’s reliability in paying back the loan.

Banks look at your ability to repay the loan you are requesting. Other properties in real estate or investments in the stock market are possible sources of collateral.

There are no definite rules that can assure the applicant will obtain the home loan. Loans are approved on a case to case basis. However, following these tips increases the chances of getting the home loan. Do not despair if you are denied a home loan but see it as a sign that there may be areas in your application that need improving.

Copyright (c) 2009 Sherry Tingley

Using a Home Equity Loan to Escape Bad Credit

If you own a house there is a good chance that there is fair bit of equity that has built up over the years. This equity can be utilized for many things such as an investment loan for investing in things like property, shares or a debt consolidation loan to cover all your debts with one monthly payment. These types of debt or bad credit home loans are not a new thing, but in these times of financial insecurity there are many people turning to them to help escape the bad credit trap.

You can use a equity loan to consolidate all your debts into one payment at a low interest rate. This is an example of how it works:

  • You might have a $10000 credit card debt, a $5000 car loan and a $14000 student loan. You then borrow $29000 against your house at the lower home loan interest rate. This amount is used to cover all your debts and you are left with a one reasonably low interest loan that you pay off once a month.
  • Many people use this method because it is easier to pay off one big loan than the many different smaller loans each month. It also removes the debts that are negatively effecting your credit.

    This might sound like a really good idea, but there are some serious considerations that need to be taken into account before taking out this type of home loan. Once you have borrowed against your house the bank will not hesitate in repossessing it if you are late with your payments. Therefore you need to be sure that you can afford this monthly commitment. It is also important to consider mortgage insurance to protect your family from debt should an accident or death occur.

    Dragon Fruit Nutrition And Health Benefits

    The dragon fruit, like the cactus pear, belongs to the cactus family. With its unique shape and vibrant colours, it blooms at night and hence is referred to by names such as Lady of the Night and Moonflower. Not only is it beautiful to look at, it has a great many health benefits as well. The dragonfruit is a goldmine when it comes to nutritional value.

    Rich in Nutrients and Minerals

    The dragonfruit is rich in Vitamin C, and other vitamin sources such as B1 as well as B2 and B3. It also contains minerals such as calcium, iron and phosphorus. Apart from that, it is a good source of fiber, protein and contains 80 per cent water. It would therefore be no exaggeration to call it a super fruit! If you are calorie conscious, you will be delighted to know that having a serving of 100 Gms is equivalent to having only 60 calories.

    Regular consumption of this fruit can help maintain digestive health and reduce your weight. Since it is low in its content of cholesterol, there is no risk of it harming your heart. On the contrary, it may prevent the onset of any heart disease as it prevents stiffening of arteries and reduces oxidative stress. Those who suffer from arthritis may also benefit from the consumption of dragon fruit. It has anti-inflammatory qualities so swelling of the joints is reduced considerably, when this fruit is consumed on a regular basis. The dragon fruit is also a great source of antioxidants and helps in washing away the toxins from your body and can prevent damage to your health.

    How to use the Dragon fruit

    When you are buying dragon fruit, avoid buying the overripe ones. It’s best to buy them in their dry condition. It can be consumed raw by just cutting it into two halves and scooping out the middle with a spoon. You can add chunks to salads or enjoy a glass of chilled juice. Dragon fruit is also used as an ingredient to make tasty smoothies. Blend one cup of the pulp of this fruit with half a banana, one cup of fresh coconut water. Add a teaspoon of ginger paste to this mix and you get a drink that tastes heavenly to say the least!

    And that is not where the benefits of this fruit end. You can use it as a face pack along with some yogurt. Because of its antioxidant properties, it makes your skin glow and even works as an anti aging agent. Those suffering from acne can greatly benefit from the application of this fruit pulp directly on the affected areas. Leave it on the skin till it dries out and wash it off with warm water. Applying it twice a day can make acne disappear in no time!

    So, as you can see, the dragon fruit is indeed packed with goodness of all kinds. This should give you enough reason to include the dragonfruit in your shopping the next time you are out to buy fruits!

    Beauty and the Beast of Starting a Business

    Starting a business is always difficult so always remember that a problem shared is a problem halved. I am sure that there are other small businesses in your area that are also wishing to advertise with a minimum budget. Get some leaflets printed off and start making contact with them. Here are some ideas to get you started:

    1. Go to the local health club and ask to put leaflets out or a poster up stating that members of the gym get 10% off a certain treatment such as, pedicure etc.

    2. Offer a “bridal treatment” as a service to the local wedding planner or bridal shop.

    3. Put up leaflets at the local golf club offering cheaper prices on your less busy days. Offer a discount to the local soccer club, football club, cheer leaders etc.

    4. Consider setting up a mobile service – but take the usual safety precautions by aiming at clubs and hotels.

    5. Contact the local mother and baby clubs and offer to provide manicures after the meeting. Young mothers are tired and would welcome the opportunity of feeling great again.

    6. Offer your services at the local hospitals, assisted living etc. All places where people wish to feel better.

    7. Offer your services to local large hotels – be careful how you describe what you offer!

    8. Visit your local large companies, shops etc. and offer your services to their staff – either on their premises or at your office.

    9. Offer a beauty club membership to your locals. Give them a discount on their 10th treatment, if they introduce a friend etc.

    10. Put your posters up in places that offer complimentary services in exchange for their poster in your salon.

    11. Look at other services you can offer in your salon. Sometimes that fact that you offer free coffee and make people feel really welcome is all it takes. Make sure that your “home office” is welcoming and professional looking.

    12. Try and innovative new product/service etc and tell people about it – including the local radio station and newspaper.

    Anything to get the name of your services in front of others. Yes you discount your prices – but you get more people in and you get the name of your company known.

    Be professional, look professional, be friendly and be different! Look at how the big companies do it and use their ideas. Good luck.

    Setting And Reaching Goals For True Happiness And Health

    If you have ever wondered what you are supposed to do with your life, you are not alone. Even people who seem to have the greatest plans are often unsure if they are even on the right path. If this sounds like you or someone you know, then read on.

    What you are going through is perfectly normal. People of all ages and at all stages of life are asking the same questions every day. I am happy to let you know that with a little bit of understanding, awareness, and discipline, the answers can be quite simple.

    In this life and in this universe, there is no such thing as a permanent state. In this way you simply cannot decide today exactly who or what you will be tomorrow; our universe is much too dynamic to allow for such thinking. The most important thing for you to do is simply trust your gut feelings and put one foot in front of the other. It is only through this type of participation that your questions will be met with answers.

    Imagine if you will that the universe is like one huge machine, complete with an infinite number of gears and miscellaneous mechanical devices. Each time that you think, say, or do anything, it’s like putting a new cog into the machine, or like taking one out. Either way, each of your actions has a direct effect on every other part of the mechanism. When you trust the feeling in your gut and put one foot in front of the other, you are beginning to participate within this great process of cause and effect.

    The good news is that much like a car or a computer, you don’t need to know exactly why it works in order to use it effectively. To get started on the right foot, I recommend that you set some simplified goals for yourself. For example: I will be happy and healthy. I will have a beautiful, safe, and healthy place to live. I will always have safe, reliable, and fun transportation. I will have a healthy and beautiful family. etc.. In this way you are programming the mechanism to provide a high quality life no matter what the details may end up being. The truth is that keeping it simple opens up the possibility of having a life that is far greater than anything that you can imagine or plan.

    The next step in this process is to allow yourself to be guided. I call this trusting the feeling in your gut or following the big arrow. The big arrow never points to a final destination; it is always just the next step. Always be open, aware, and ready! An example of this type of experience is when you find yourself being drawn into a bookstore only to find “the” book that changes your life forever. Or you find yourself going somewhere or doing something out of the ordinary which leads you meet a person that changes your life in a monumental way. Always be open, aware, and ready!

    It is not our ability to plan that makes a great life, it is our ability to participate.

    Be well, Nathaniel.