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A Cure for an Ailing Credit
Credit has become a much-used word, thanks to the various connotations that it is being used in. Transactions in which the payment is deferred to the near future are termed as credit transactions. Ever thought why the grocer sells goods on...
Accepting Online Credit Cards
When you opened your new business, you thought that everything
would be fairly straight forward. After all, businesses every
day complete credit card processing, online credit card
approval, and internet business. But finding the right way...
Credit Cards
When applying for a credit card it is always a good idea to know
your personal credit score, since this will affect your ability
to negotiate beneficial terms for your credit. If your credit
score is poor - e.g. due to unpaid bills, a habit of...
Credit repair scam - How to avoid being a statistic?
Credit repair scam - How to avoid being a statistic? A good credit history is critically important for the consumer. A bad credit will prevent you from getting a business loan, owning a home, or even a job. Promises to "fix" your credit are always...
One Solution to Bad Credit - how to beat the Credit Bureaus at their own game.
There's only one sure way of freeing yourself from the shackles of bad
credit . Create a new credit file within the credit bureau's
computer system!
The credit bureau has many identities entering their system for
the first time or leaving...
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The True cost of Credit
The current house price boom has perhaps passed its peak as I write this, but that doesn't stop the mortgage companies from offering yet more new and tempting products that look like good deals for a consumer. But be warned - The standard mortgage, running over 25 years is set like that for a reason! When you see companies offering '40 year mortgages' or 'low start' mortgages, or perhaps even 'interest only' mortgages, you should understand these shiny new products may have a nasty sting in their credit tail!
Perhaps the ultimate expression of lending absurdity is Japan, where at the peak of their last boom, 'Grandfather - Father - Son' mortgages were common. These committed unborn future generations to mortgage payments incurred by their predecessors (a situation thankfully illegal in most parts of the world!). Could it ever happen here? Probably not, but the extension of 'standard' mortgage terms on lower interest rates are not actually a good thing for the ordinary Joe, even though they are touted as being 'more affordable', and should be viewed with deep distrust, simply because it means YOU WILL PAY MORE over the life of the loan. Don't believe me? Try working out the math,
instead of simply looking at the monthly repayment figure.
Using the good old loan calculator on www.nodebtever.com we can see that a standard $100,000 loan at 5% over 25 years will cost you over $175,000. That's a big $75k in interest. What about the same loan over 40 years at 4%? That's cheaper, right? WRONG! You'll pay over $200,000 over the period - an extra $25k or so! And if interest rates stay at 5%, add another $30k to make $55k of extra costs for you!
A repayment mortgage will suffer an additional penalty on a longer loan - the amount of capital you pay off each month is adjusted to take account of the fact that it now runs over 40 years, not 25, and this means you build up equity in your property far slower than in a shorter loan.
So what's the advice? If you can't afford a house on a 'traditional' setup, rent. The price will undoubtedly come back into line with wages at some point. If you already have a mortgage, overpay when you can - the difference over the years can amount to TENS of thousands of dollars!
About the Author
Aimee Phillips writes for www.NoDebtEver.com a free site debt problem article for you
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