Understand Your Credit Report Before Applying For a Home Loan

Applying for a new home loan can be worrisome, and daunting. If you have bad credit, applying for a new mortgage doesn't have to be stressful. Start easing your mind by getting a better understanding of your credit report and what potential lenders will consider for a bad credit mortgage.

Applying for a home loan requires submitting a credit application to a lender or mortgage broker. This means that they will be running your credit report to determine whether you qualify for a loan program and at what terms. Lenders will be reviewing your report to determine your payment history to include your total debt, late payments, bankruptcies, collection accounts, etc. If you have bad credit, it is highly likely that you have some or all of these on your report. Gaining a solid understanding of your credit report can help you understand what you can do to make sure you qualify for your bad credit home loan.

The ID Section: this lists your identifying info to include name, SSN, and date of birth.

Credit History Section: this is the most important part of the credit report. It tells potential lenders about your current and past accounts. This section will include company names, account numbers, balances, activity, terms, and more. Lenders will be looking at credit limits, balances, past due amounts, and whether accounts are open or closed.

• Collection Accounts Section: tells lenders what accounts you have in collections.

• Courthouse Records Section: refers to public records of your financial records such as bankruptcy, liens or judgments.

• Additional Information: usually lists former addresses and past employers.

• Inquiry Section: tells potential lenders who has looked at your credit report in the past 24 hours.

By carefully reviewing your credit report prior to applying for a bad credit mortgage, you won�t be confronted with last minute surprises. You may find that there are mistakes on your report that can make a big difference on whether you qualify for your bad credit home loan.

By Gabriel Traverso
Mortgage Credit Problems Columnist

You Can Get a Home Loan with Bad Credit - Find Out How

If you have bad credit, then you know how hard it is to get a loan of any type. Getting a home loan with bad credit is at the top of the list of loans that are difficult and tedious to secure. If you have bad credit, then lending companies see you as a risk and desperate compared with those having good credit. Lending companies will take advantage of your desperation and your bad credit by offering you high interest loans and a limited choice of repayment plans. In the long run, this can lead you to worse credit and possibly foreclosure if you cannot make your mortgage payments.

Despite the advantage mortgage lenders seem to have, there are ways to circumvent the lending practices aimed at those with bad credit. One possible solution is to provide collateral. Collateral is essentially property that the loan is held against. With collateral, you can secure the mortgage at a lower interest rate and better loan terms than without it. The downside of securing the loan with collateral is that if you miss payments, not only will your new home enter foreclosure, but you will lose the property you put up as collateral.

So you don't have property to put up as collateral for your mortgage? Well, this is often the case. There is another option for those without property to secure a mortgage. This option is research. Researching a home loan is an important part of getting a mortgage with bad credit. Researching home loan options will provide you with the best options available to you for a home loan.

Your first step in doing research for a home loan with bad credit is on the internet. The internet is a great way to start because most lending companies are online and will do free quotes. With your research, make sure you fill out as many free quotes as possible. This will increase your opportunities for a home loan with terms you can live with. While many will overlook these free quotes, you should not.

After receiving your free quotes, make sure you compare the options each lender is offering. You need to be able to live with the terms of the loan in the present and in the future. Don't be afraid to look up loan terms you are not familiar with. Again, the internet is a good place to begin your search. Understanding the loan terms is important to understanding their effect on your credit and your future financial situation.

by Robert Livingston

The Adjustable-Rate Mortgage: The Right Bad Credit Home Loan?

If you're exploring your bad credit home loan options and want to see what else is out there besides the traditional 30-year fixed-rate mortgage, try taking a look at an adjustable-rate mortgage.

The Advantages of the Adjustable-Rate Mortgage

An adjustable-rate mortgage, or ARM, offers many advantages to today's homeowners-- particularly for those looking for a bad credit home loan that will give them some time to get back on track. A bad credit ARM starts out with a lower introductory interest rate that typically gives you two to three years to improve your credit and refinance out (more recently these loans have become harder and may have stricter guidelines than in the past).

Unlike conventional loans for A-rated borrowers, the margin and interest rate caps are less important because the idea is to unload a bad credit loan before they ever come into play. If you can't do it, don't get an ARM for your bad credit mortgage. You need to be concentrating on fixing your finances, not opening yourself up to more problems with an unaffordable loan.

The Typical Bad Credit ARM

A couple of options offered by subprime lenders are 5/25 mortgages and 5/1 ARMs. With these loans you get a lower introductory rate for the first five years (it will be higher than the rate on a 2/28 or 3/27 but may be a safer option if you don't think you can turn your credit around in 3 years). On a 5/1, once your initial rate expires your interest rate can adjust annually. You don't generally want to be paying on a 5/1 subprime mortgage once the initial fixed period is up.

Not to be confused with a 5/1 ARM, the 5/25 loan generally offers a lower rate than the 5/1, but after the first 5 years there is a difference. There may be a balloon payment required, or your rate may be extended for 25 years at terms set by the lender. Understand the differences between these loans before selecting either one of them.

Is an ARM a Good Bad Credit Mortgage?

An ARM can be a great solution for borrowers who have a reasonable time frame for paying off the loan by refinancing or selling. Plan to get your finances in order to achieve this. Then make a back up plan in case the first one doesn't work. The number of subprime foreclosures today is evidence that depending on luck to pay your mortgage can cause you to lose your home. Your bottom line should be that if you can't get out of a subprime mortgage and into a conventional or FHA loan within five years you should probably consider putting off home ownership and get some financial counseling.

By Gabriel Traverso
Mortgage Credit Problems Columnist

Spotting tax foreclosure property in USA

Tax foreclosures are the business of buying properties for little more than the back taxes owed. When owners do not pay property taxes, the taxing entity has a legal right put a tax lien on the property in the amount of the past due taxes plus any interest and penalties. If taxes remain unpaid, the taxing authority�s tax lien gives them the right to foreclose on the property and sell it at auction at a fraction of its market value.

There are a substantial number of instances where investors who buy a tax foreclosed property at an auction profit enormously. However, not every investor who bids on tax lien and tax foreclosed properties can or will make a profit because this is a real case of what you don�t know can hurt you.

So it�s very important to have correct and up to date information about the auction which is going to be happening in your place surround. Most of the time investors missed the golden opportunity where they could scored heavily. In order to avoid such a situation one should check the auction list time to time, although the power of the Internet makes a vast amount of information available on tax foreclosure event for people who no longer need to run to their local library to read outdated or hard-to-find information. By book marking this site and checking it often for new and updated articles, you will find that searching for the golden tax foreclosures event opportunity is not the dull process other sites make it out to be.

Using comprehensive tax foreclosure and tax lien research site makes finding tax liens and investing in tax foreclosures easier and quicker. You no longer need to search all over the internet for vague and confusing information on tax liens or tax foreclosures.
Beside internet is the fastest guide to get foreclosure listings. Also, it is less laborious. However information of properties held under foreclosure listings can also be obtained from the courthouses.

Thus it�s essential to get proper information on accurate time to strengthen your foundation in foreclosure business; you simply can visit several tax foreclosures website or can even watch special bulletin and most effectively by visiting the agent who could tell you more about properties, laws, ordinances, deeds, and loans before dealing with some thing huge. Try to learn title searches as fast as the professionals. Get to know government policies that have property records and tax assessment records. Get to know the property values in an area where you are going to invest. Always keep a close eye on the day to day affairs of your town who know some where you might receive heavy outcome which later become a source of joy on your face for ever.

By: mike praado

Secured Homeowner Loans: Home Equity Fills Financial Vacuity

Most of us live in a home. A home bestows us with its benevolent nature of abode. And yes, it gives its financial patronage at a time when you are in adversity also. Those who get unable to manage their personal finances get down to Secured Homeowner Loans. These loans are secured in as they are obtained through your security and for that your home guarantees.

A homeowner loan is a loan that uses the equity in a home as collateral to secure the loan. Equity is the amount of money a home is worth that exceeds the amount owed on the home. Collateral is something that the lender takes ownership of and can sell to get their money if a borrower defaults on a loan.

Usually, the first step of getting these loans is to get an appraisal for the home you place. An appraisal tells you and the lender how much the home is worth. Subsequently, the outstanding mortgage is subtracted and the remaining amount is the equity the homeowner has in the home. This amount is used to decide the amount of the loan. A home owner can borrower up to the amount, but does not have to borrower the full amount.

Though amount sanctioned to the homeowners varies person to person and of course lender to lender respectively. Despite all that, by and large you are able to secure an amount that varies somewhere from �3,000 to �75, 000. You get its benefits for a period that goes up to 25 years.

Lenders charge APR (annual percentage rate) on the amount you borrow. It depends upon the equity you have in your home. Though, these loans provisions cost cheaper to other loan provisions since you do pledging placing for loan.

Various lending institutions offer secured homeowner loans. You can apply for these loans through online or offline. However, online processing is simple and convenient. You can make a deal from anywhere in any point of time. Further, it makes you loan processing fast and you get your money provisions well in time.

by George Bell

Best Home Insurance Quotes

What would you do if you were in a situation that your house was burned down to the ground because of a fire, or someone robbed your house and took that brand new 46 inch television that you had bought or even expensive jewelry or maybe even your child’s laptop?

What if you did not have enough money to replace them and even if you did would you still have enough money left over to spend on other things even though you had already spent your hard earned money on those specific items?

Having home insurance will help protect you if any of these incidents happen. Home insurance provides you with money to fix your home if you are the owner of the home. It also gives you money to replace damaged or stolen property such as clothes, expensive car collection and the items that I have listed above.

It also offers you liability protection in case someone gets hurt in your home or if you somehow injure someone or damage their property and it does not matter where it happens. They have the great benefit of giving you money to cover any additional living expenses that may occur if you are forced to move out of your home because of a fire or other type of disaster.

The majority of home insurance companies offer three different policies and it is up to you to pick the one that will satisfy you best. InsureMe.com is one such insurance company that has been around since 1993 and has been helping a great amount of consumers save money on their home insurance. Getting quotes on home insurance has never been easier. They have a free service, you simply enter your information once and you are instantly matched with the most competitive companies in the business. You will get back a low cost quote so you can compare and save what a great way to save money.

by M.C.

How to Get Affordable Child Health Insurance in California

More than one million children in California do not have health insurance. That means these children may be lacking basic well-baby care, vaccinations, and dental care, not to mention necessary care during an illness. Here are the options that are available for affordable child health insurance in California.

Employer Insurance

Most Californians receive health insurance through their employers. This is the most economical form of insurance, as the employer usually pays part of the premium. However, small companies may not be able to offer affordable insurance to their employees.

Government Assistance

The California state government offers several programs to help families afford health insurance for their children:

* Medi-Cal is a public health insurance program for low-income children and families. It provides free comprehensive medical, dental, and vision coverage.

* The Healthy Families Program provides low-cost health, dental, and vision coverage to children whose families do not qualify for Medi-Cal but cannot afford other health insurance.

* Some local coalitions offer health insurance programs to families that do not qualify for either of these programs.

For more information on these state-sponsored programs visit the California Department of Insurance at: insurance.ca.gov.

Private Insurance

While private insurance is the most expensive form of health insurance, it's the choice for over 600,000 Californians and may be your best choice. With private health insurance you have many options to choose from, including HMOs, PPOs, and traditional comprehensive insurance.

by Brian Stevens

Where to Get Low Cost Nevada Health Insurance

Are you among the 400,000 people living in Nevada without health insurance? If so, you already know that health insurance is a necessity. Now you need to know where to find low-cost Nevada health insurance.

Who Lacks Insurance in Nevada?

Lack of health insurance is not limited to low income families or the unemployed. More than half of uninsured Nevada residents are middle-class working families.

There are several reasons for Nevada's high uninsured rate:

* About 95% of Nevada businesses have fewer than 50 employees. These small businesses are less likely to offer employer-sponsored health insurance benefits. If they do offer an insurance plan, the premiums are often too high and the employees do not participate.

* Nevada has many part-time and seasonal workers who do not participate in employer health care plans.

Options for Finding Low-Cost Nevada Health Insurance

The Nevada state government does offer some programs to help residents obtain insurance:

* The Nevada Check Up program is a children's health insurance program that provides low-cost, comprehensive health care coverage to low-income, uninsured children.

* The Nevada Check Up Plus program provides a subsidy to working parents employed by small businesses so they can afford to participate in their employer-sponsored health insurance.

If you are not eligible for state aid, your next step is to look for low-cost individual health insurance. The best way to find low-cost health insurance is to go to an insurance comparison website and fill out a form with information about yourself and your insurance needs. You will then receive quotes from multiple A-rated health insurance companies. You can then compare the quotes and choose the one with the lowest cost.

by Brian Stevens

Travel Insurance: Older Holidaymakers

Senior citizens are one of the most likely groups to holiday abroad, but it is also this group that can have the most difficulty in getting an affordable deal on travel insurance.

There are insurance companies that specialise in providing cover for the over 65's, as well as a number of non-specialist policies available that cater for the older traveller.

However, some insurers no longer offer multi-trip annual travel insurance cover to older holiday makers, meaning that the older generation are often excluded from the cheapest travel insurance options available.

There are now a range of providers that offer cheap travel insurance for the older holidaymaker, however some customers still find themselves having to pay much higher premiums for the chance to go abroad due to the increased risks associated with their age group.

Because of the higher cover prices for their age group, many are tempted to make the trips without taking out travel insurance in order to avoid paying a high price for cover which may exclude existing medical conditions.

The stereotypical view that older holidaymakers have an increased risk of falling ill or having an accident whilst on holiday makes it difficult for the older traveller to find an affordable travel insurance deal.

In the event of complications happening whilst on holiday, treatment can be expensive - not too mention the costs involved when booking an earlier flight home.

However, with a wider variety of specialist providers now offering affordable deals, older holidaymakers now have more options when it comes to selecting travel insurance for overseas excursions.

by David Collins

The Reasoning Behind Getting Car Insurance

The car has moved away from being a luxury to being a necessity. Everybody has one. Maybe because of the rise in the numbers of cars, there is a rise in the numbers of accidents as well. It's after being in an accident, when your car is badly damaged, that you'll either be thankful of your car insurance covering the costs or regret the fact that you never bothered. Regardless of the legality of driving without car insurance in many countries - or lack thereof - the sheer amount of damage that can be done to your car can be devastating if you never bothered with insurance.

Ignoring car insurance is not an option any more. If you own a car, you will have to make sure that you find a policy that provides you the best coverage. Note that "best" doesn't mean "most expensive" (as any legitimate form of car insurance can sort out the legal side of things in most countries) simply because the reason you're taking out insurance is to stop yourself from being potentially a few grand out of pocket when the repair bill comes in. At the same time, remember that you could be feeling the pinch when a certain amount goes into paying the premiums on the policy.

Let us say that you end up spending more on insurance than you do on your car, and don't have any accidents. This should really not be the case. If it is, then, you will have to think about looking at a new insurance plan. Regardless of that, though, if you happen to drive in an area where car insurance is a legal requirement (vast swathes of the world, really) then you'll need some kind of insurance scheme, but it doesn't have to be the most costly one.

It may be a good idea to switch to a different insurance company if your current one seems too expensive. But the fact of the matter is that when you do need to call on your insurance you'll almost certainly wish that you hadn't switched. In fact, this is the reasoning that many use as they stick on with a more expensive plan rather than move over to a cheaper one. It's a little like a loan that works in reverse: instead of getting the lump sum of money at the start, you receive it at the end. With an insurance policy in place, you don't have to worry about whether or not your car repair expenses will be taken care of.

The peace of mind that comes with knowing that, should someone damage your car, sorting out the problem is relatively hassle-free is more than enough to warrant the relatively small payments. If you are keen to avoid enormous repair bills, this is the way to go. The point to emphasize is that being without a car when you, say, travel to work everyday in one can cost you dearly due to the sudden extra amount of effort that you have to put in to earning the money to pay for a new set of wheels. If you were insured at the time, however, many policies include a "courtesy" car. In case of an accident, you can drive around in the "courtesy" car while waiting for your car to get back from the garage.

by Ajeet Khurana

Understanding Secured Bad Credit Loans

Chances are very good, if you're reading this, that you've already determined you'll need to use your residence as security in obtaining a bad credit mortgage or refinancing package to alleviate debt or stave off foreclosure. Its' not a comfortable position to be in, but it's certainly not a dire one. Securing a poor credit loan is not necessarily something to fear.

Obviously, having security to back up a loan or mortgage refinancing package almost always allows you to borrow more, and often to obtain more favorable interest rates. Plus, secured loans enable lenders and borrowers to negotiate for longer repayment schedules. Bad credit debt consolidation loans can definitely help you repair your credit score over time.

Why Not Take Unsecured Poor Credit Home Loans?

The stigma associated with securing a loan with an existing property has practically disappeared these days. Truthfully, it's going to be difficult to obtain an unsecured loan if you have bad credit. If anything, you may have to obtain costly Private Mortgage Insurance (PMI).

It may be scary to think that bad credit loan institutions might seize your home if you can't repay. But if you're truly going to get out of your bind, you'll hopefully commit to:

• Borrowing only the amount you can reasonably repay given your economic capabilities

• Repaying on time to restore your credit and, hopefully, renegotiate for a lower interest rate after paying down a significant amount on the principle

• Accepting a realistic bad credit mortgage repayment schedule that affords you long-term peace of mind without gobbling up monthly income.

Finally, realize that even with an unsecured loan there's no guarantee that your lender won�t look toward your wages or property if you fail to make your payments. Your first good step should be in contacting a range of lenders and finding out what can work for you in a secured bad credit loan.

By Gabby Hyman
Mortgage Credit Problems Columnist

Understand Your Credit Report Before You Apply

When you apply for a bad credit mortgage you could be making the best move in your life, or you could be making a mistake you'll regret for years to come. After all, buying a new home is bound to be one of the biggest events in your life. So how do you know if you're doing the right thing? Your first step is to check your credit report.

Your Bad Credit Documented

Banks and mortgage brokers use your credit report, among other things, to evaluate whether or not they will offer you a loan. Your credit report shows the history of debts you've had, your payment history, even places you've lived. Any credit cards you've had and car loans you've taken out will be documented. However, sometimes mistakes are made. There is also the threat of identity theft. Before you apply for a home loan, make sure that everything on your credit report is accurate -- especially if you've been told you have bad credit.

What Lenders Consider

There are a few key areas lenders will be looking at on your credit report. In a bad credit home loan situation this is where you need to protect yourself. Make sure the following accurately reflect your history:

• Your payment history: are there late payments listed?

• How many accounts you have and what kind: are all the accounts listed yours?

• Late payment history: late payments will be posted. Are they correct?

• Collections accounts: are any accounts you've paid off showing here?

Just because you're stuck with bad credit (for the time being) doesn't mean you need to get stuck with a bad loan. When you apply for a bad credit mortgage you want to make sure that you present the best picture possible. Check your credit report for any inaccuracies before you apply. You may find a few discrepancies that are fixable and end up improving your credit.

By Gabriel Traverso
Mortgage Credit Problems Columnist

Tips for Saving Thousands on Your Home Loan

Taking a mortgage loan is probably the most significant financial decision in a family life as it will affect the family finance for many years to come. Saving as much money as possible when requesting a home loan will contribute to the family financial freedom and will reduce the mortgage payment effects on the family finance.

Interest Rate

The interest rate will determine how much money over the original amount you will have to pay over the life of the loan.

Along with fees and insurance costs, the interests are the price you pay for borrowing the money. As regards the lender, the interests represent their profit.

As with any loan term, the interest rate is negotiable. You need to request loan quotes from several lenders and compare them. Do not hesitate to contact a lender, tell them that you have received a better offer and ask if they can improve theirs. The idea of loosing a deal to another lender might convince them to offer you a lower interest rate.

Down Payments

Probably the best way to save money on a about mortgage loan, is to request only the amount you strictly need. If you can save enough money for an important down payment, not only you will have to pay less money on interests (interests are calculated as a percentage over the principal), but you will also prove that you are capable of making considerable savings and thus the lender will offer you lower interest rates and a much better deal.

Installments

Instead of making regular monthly payments, you can save a lot of money by paying every two weeks. Even if you only pay a bit more, every time you pay, the principal is reduced and so is the amount of money you will have to pay on interests. Moreover, the sooner you pay of your debt, the lesser you pay on interests.

Obviously, to make payments every two weeks you need to have an important and steady income. However, if you dont, you can always make additional payments every time you have an unexpected income. Just make sure the payment goes to the principal and not to the interests only, otherwise, it would be completely pointless. Also, check before making additional payments that your loan terms do not include prepayment penalty fees.

What If I already have a Mortgage Loan?

If you are currently paying your mortgage installments and your outstanding mortgage loan terms are not as good as current lender offers, you can always refinance your home loan. You will then take a loan with better terms and use the money to cancel the previous loan.

You need to be sure that the interest rate charged for the refinance home loan is lower than your previous mortgage, but you also need to check that the overall costs of the transaction are lower than the amount of money you will be saving over the life of the loan.

There are many ways of saving money on your home loan, just take your time to analyze what your options are and do not rush in to the first offer you receive. Compare rates, fees and other terms and once you have all the information you need you will be able to make a conscious and well informed decision.

by Mary Wise

Homeownership Can Boost Your Approval Rate

Regardless of the loan type you are applying for, you can get a boost on your approval rate if you are a homeowner. Homeowners have better chances of getting approved for home loans, home equity loans but also for unsecured personal loans, student loans, car loans, business loans and many other loan types.

The reasons for this can be explained analyzing the effects that homeownership has on the loan terms and requirements for approval. There is a variable that is greatly modified by homeownership which has important incidences on all loan terms and requirements: the risk of default for the lender in the financial transaction.

Risk Of Default And Approval

The approval process is ruled by the lenders fear of default: The higher the risk of default, the lower the chances of getting approved. In the event of default, the lender is actually loosing his investment because there are little chances of recovering the money unless the lender has sufficient assets to compensate for the loses.

The risk of default and approval are thus, greatly related. If the applicant can provide any aid to reduce the risk of default, the lender will be significantly more comfortable at lending the money that the borrower needs. Thus, it is important to know which modifiers can reduce the risk of default and boost the chances of getting approved.

Consequences of Homeownership

Along these modifiers we can analyze various options: collateral, simple homeownership, down payments and a co-signer. Collateral provides the best form of guarantee as it is a particular asset that is used for security of a loan and the lender can take legal action of repossession in the event that the borrower defaults on the loan.

A down payment is useful for certain secured loans that already have collateral but the risk of default is still high. Then, the borrower offers a certain amount of money that has already been set aside by him, so as to reduce the amount of money needed to purchase the home or the car and thus, leaving the property with a higher amount of equity left. The property guaranteeing the loan is then worth more than the debt it is guaranteeing.

A co-signer is obliged to repay the loan along with the main applicant and thus provides an additional guarantee for repayment. This is also associated with homeownership. If both the applicant and the co-signer are homeowners, chances of getting approved are greater as the lender has additional properties to obtain repayment from in the event of default.

Finally, we have reached the modifier that can provide a great risk reduction without too many hassles. Simple homeownership provides a reduction on the risk involved in any financial transaction regardless if the property or properties are used as collateral for the loan. This is due to the fact that all of the applicant’s assets guarantee in a way the repayment of the loan. All the assets legally guarantee any debt that the owner may have and that’s the reason why a co-signer who is also a homeowner provides an additional guarantee and lowers the risk even more: He does not only provide an additional income but also, an additional real estate guarantee or guarantees.

by Amanda Hash

Differences in Home Equity Mortgage Loans

If you have a bad credit card habit, need to pay for an education, or finance medical treatment, you may be considering a home equity loan. These loans come in two forms and one may be better suited to your situation than the other.

Home equity loans are collateralized by your home, with terms ranging from 5 to 30 years, and are generally tax deductible if you itemize your deductions on a Schedule A. There are two main types of home equity mortgage loans--fixed rate loans and lines of credit. Each works differently and is appropriate for different situations.

Fixed Rate Loans

A fixed rate loan delivers a lump sum to you, which you repay with monthly installments for a set number of years. The interest rate and the payment remain constant over the life of the loan. The rate on a fixed home equity is generally higher than that of a first mortgage but usually lower than credit cards or other consumer financing. A fixed rate home equity loan or second mortgage offers you the advantage of stability--you know exactly what your payment and interest rate will be each month. If you need a large sum to pay off lots of debt, finance a home improvement effort, or pay for an emergency medical procedure, the fixed rate mortgage is probably your best bet.

Home Equity Lines of Credit (HELOCs)

A HELOC is a revolving line of credit similar to a credit card. You are approved for a credit limit, and can use as much or as little of that as you need. Your payment is determined by the interest rate, which can change, and the amount borrowed. The HELOC must be paid in full at the end of its term. HELOCs can be broken into two phases, a drawing phase, when you tap into your credit, and a repayment phase, when you have to make payments but aren't allowed to increase your balance. HELOCs can be great hedges against emergencies--you can prevent bad credit and financial problems later by getting approved for a HELOC when things are going well. If you have wildly fluctuating income, having a HELOC in place could help you avert a financial or credit crisis. Home equity mortgage loans can be great tools to bail you out of financial trouble or bad credit problems, or as a backup source of funds to help you prevent a financial crisis. It makes sense to investigate them even before you need them.

By Gina Pogol
Mortgage Credit Problems Columnist

Cheap Secured Loans - How To Borrow Funds At Desired Rate

If you are a homeowner, then surely a loan can be accessed not only with ease but at low cost as well. However, your homeowner status only will not ensure you such a loan. Cheap secured loans are accessible only when you approach to a lender well prepared with the knowledge of its different aspects. Through these loans you can meet expenses with low cost.

These loans provide funds at cheap rate of interest which is lower than the normal rate on secured loans. But, usually only good credit history people can have access to cheap rate on secured loans. So there should not be any credit faults mentioned against your name. So first take a copy of your credit report and correct any inaccuracies in it before you apply for the loan.

However, do not be disheartened if you could not make timely payments on some occasions. A borrower with slightly blemished credit history can also get Cheap Secured Loans. But on condition that the borrowed amount is below the value of property against which the loan is being taken. This way the lenders feel safer and they are willing to cut the rate.

Most importantly, you should look for Annual Percentage Rate on the loan which includes the lenders' additional charges as well. Those lenders whose extra charges are less, they are most likely to be cheaper for your circumstances.

Furthermore, comparison of different lenders is a must in taking cheap secured loans. You will come across host of lenders on internet. Generally all the online lenders provide loans at lower interest rates as compared to banks and financial institutions. You should take rate quotes of online lenders first. Then compare them extensively to find out which lender offers loans at further lower rates. You are likely to sign a suitable deal this way.

by Simon Peyton

Understanding Secured Bad Credit Loans

Chances are very good, if you're reading this, that you've already determined you'll need to use your residence as security in obtaining a bad credit mortgage or refinancing package to alleviate debt or stave off foreclosure. Its' not a comfortable position to be in, but it's certainly not a dire one. Securing a poor credit loan is not necessarily something to fear.

Obviously, having security to back up a loan or mortgage refinancing package almost always allows you to borrow more, and often to obtain more favorable interest rates. Plus, secured loans enable lenders and borrowers to negotiate for longer repayment schedules. Bad credit debt consolidation loans can definitely help you repair your credit score over time.

Why Not Take Unsecured Poor Credit Home Loans?

The stigma associated with securing a loan with an existing property has practically disappeared these days. Truthfully, it's going to be difficult to obtain an unsecured loan if you have bad credit. If anything, you may have to obtain costly Private Mortgage Insurance (PMI).

It may be scary to think that bad credit loan institutions might seize your home if you can't repay. But if you're truly going to get out of your bind, you'll hopefully commit to:

Borrowing only the amount you can reasonably repay given your economic capabilities

Repaying on time to restore your credit and, hopefully, renegotiate for a lower interest rate after paying down a significant amount on the principle

Accepting a realistic bad credit mortgage repayment schedule that affords you long-term peace of mind without gobbling up monthly income.

Finally, realize that even with an unsecured loan there's no guarantee that your lender won�t look toward your wages or property if you fail to make your payments. Your first good step should be in contacting a range of lenders and finding out what can work for you in a secured bad credit loan.

By Gabby Hyman
Mortgage Credit Problems Columnist

Travel Insurance - Holidaying in a Winter Wonderland

According to the Ski Club of Great Britain ski holidays and skiing weekends are becoming ever more popular. With more and more of us taking advantage of cheap European flights we're able to get out on to the slopes more frequently and those who are more experienced are able to fit all their fun into a weekend break much like a city break for a weekend.

With no need for lessons it's obvious that they can get their fix of skiing and or snowboarding done in a weekend, this is a considerably cheaper option to the usual cost of lessons and most of the time spent during a normal week falling over and veering towards trees!

This said, it's also important to remember despite you're expertise at gliding down the mountainside there's still the possibility that you could take a fall or collide with a novice (it has happened in the past) and while this can certain put your holiday plans on ice it could also mean that your quick weekend away ends up meaning a week or two off work. This obviously means that travel insurance is needed more than ever.

Considering the costs of accidents whilst skiing, to assist an injured skier can often cost around �400, for a helicopter to rescue a skier form a mountain costs �1500 and should you need taking back home via air ambulance then that can cost a mammoth �9000, all of these services are not covered by health insurance policies and so would only be covered by travel insurance policies.

It is worthwhile to check with your travel insurers as snow and other activities may need extra cover or a specialist policy, whilst only 5% of snow and ski insured people have to claim per year it is still a very expensive claim with not only the costs mentioned earlier but also the healthcare in ski resorts is often private care with substantially increased costs since there is not much competition in remote places.

by Andy Adams

Travel Insurance: Financial Protection Ensured Abroad

Travel Insurance gives you your best chance when you go travelling outside the secure and familiar domain of your country. Problems do not come with a clear-cut calling and one has to be aware of the different types of problems that you may face when you are out to enjoy your holidays. It gives you the essential coverage to take care of your well-being wherever you go journeying around the world.

This policy gives you international medical insurance. So if you face any problem related to health, such as injury due to any reason such as any accident whatsoever, you are taken care of properly. This policy ensures that you do not face any hassles owing to language problems or due to unfamiliar terrains. Help would be available to you and you would be in for special treatment with an honorable privilege even in a foreign land with travel insurance.

The company providing you this insurance have their contacts and health service subscribers all over the world sitting there to take care of you there. Not only health services, this policy also provides coverage for your baggage, should any harm come to it out of no fault of yours. Needless to say, their service can be simply invaluable in emergency situations.

This policy offers you different complementary services as mentioned in the terms and conditions of the policy. You should specially read the clauses related to medical emergencies and evacuation; and also the conditions where any claim related to your personal belongings would be covered. Personal liability is another important term wherein any injury caused by you to someone else unintentionally is also covered. Finally remember that the travel insurance policy is generally valid only for the time that you are abroad, outside the boundaries of your country, and ceases to be in effect the moment you come back to your home.

by Allan Elvin

Travel Insurance : Safety While You Out of Familiar Surroundings

Travelling abroad is holiday time for most of us. For many, it is for business purpose. Whether you travel for business or for pleasure, accidents can come to you in equal measure although when you are traveling for pleasure, you may tend to get somewhat adventurous, and the risk of accidents may increase. So when you are out on your dream trip, with all that excitement, it is wise to consider the risks that you are exposed to.

After all, you are in unfamiliar land, and if you face any trouble, it may take some time before you get help and it could be expensive as well. Travel insurance is a serious policy to deal with the serious things that may happen, as you are out there for all the fun. You need to think about the chance-occurrences that can land you up in trouble.

Many of these problems can be related to your health. Some of them can be due to internal factors such as some symptoms that might suddenly surface while you are enjoying your trip. Or it could be simply some sickness that you may catch due to a change in climate and environment. Other problems can come about to be due to potential dangers such as that of terrorism or casual accidents. Travel insurance ensures that you receive help in all such cases. It gives you international medical insurance so that you get medical attention, no matter where you go around the world. It gives you the essential cover when you expose yourself to a new environment in a new place abroad.

This policy is a way to ensure that you do not leave any stone unturned to see to your safety as well as that of your family members who might be traveling along with you. At the same time, since the travel insurance policy caters to a variety of situations that a person traveling abroad may be exposed to, one needs to be clear about what all conditions are actually covered.

by Allan Elvin

Home Insurance: An Impeccable Security Blanket For Homes

The need of a home simply cannot be ruled out. It gives the assurance that whatever might happen, one would always have a roof above one's head to seek asylum from the brutality of the times. However, what is most heart-wrenching is the fact that like so many other things, this era has made this basic requirement of life distanced from the masses. Indeed, with prices of everything propelling up, the dream of owning one's own house is just that for an average earning man, a dream. That is till the time he does not decide to go for loans.

Thankfully, with plenty of financial institutions coming up and loans available rather easily, this dream that once appeared to be too expensive for lay people is actually turning into a reality. However, if one is of the notion that the work is over by possessing the house then one is sadly mistaken, for the real challenge starts now. The challenge is to protect one's dream possession from a range of calamities. And when it comes to protecting one's home then one thing that automatically comes to mind is home insurance.

Home insurance provides a security blanket which protects a house from such potent threats like fire, earthquake, storm, lightning, flood, theft, burglary, riots, vandalism, fire, explosion, subsidence, burst pipes, civil upheaval, water leakage, oil leakage, impact from vehicles, falling trees, air crafts etc.

However, as it is with any other form of insurance, in home insurance also one has to take care of a few points so that one is in a position to derive maximum advantage from it. The most important thing to find out here is whether the policy covers the entire value of the house. Does the policy come to life as soon as it is signed? Is the amount required for claims satisfactory? Lastly, one must check the policy periodically and ensure that obsolete points are removed. Obviously, information to this effect must be communicated to insurance company so that there are no hassles.

by Smith james

Home insurance - Avoid a washout

With increasing numbers of incidents of flooding every year, choosing the right insurance policy can be vital to protecting your valuables from flood damage.

After the waters have receded, your first step should be to contact your insurance company - most of which have 24 hour help lines - and don't worry if you can't find your policy documents as your insurer will have you on the database.

If your building and contents cover are with separate companies you may need to put in two calls, and if your vehicle has suffered damage as a result you'll need to contact your motor insurer - bearing in mind that you'll only be able to make a claim if you have fully comprehensive cover.

It is advisable to contact your home insurance company before arranging emergency repairs, keeping any receipts for work undertaken in order to claim.

Take photographs if you are able to as this could help your claim, and don't just throw equipment away as it could affect a loss adjusters' assessment.

In the event of severe flood damage, you may have to be moved to an emergency shelter whilst restorative work is being carried out on your house.

Your house insurance provider will usually ask you to approve any temporary accommodation before your stay begins and will most likely have a limit on how much will be paid towards your stay. This will typically be around the 20% of the sum insured; if you spend more than this you are likely to be liable for the cost.

It could take months for insurers to process your claim and arrange payouts, however you may be offered interim payments in order to help you buy essentials and to help with short-term expenses.

If you are unable to return to your home for a long time after flooding, the 20% limit should stand. Insurers have said they will continue to offer flood cover to as many homeowners as possible and many have said they would allow customers to renew their existing cover.

However if you're looking to take precautions and take out home insurance to protect your possessions against flooding it's best to shop around but also to be cautious - as you may be offered a policy that would pay out in other circumstances but not if you end up if you suffer flood damage.

by David Collins

Buying Your Health Insurance Online

If you are in the market for an affordable health insurance plan, there are many options you can choose from when it comes to how you find your insurance plan. The traditional way is to call a few providers and get quotes on their rates, most using a provider that they already use for other insurance needs. But there is another option that can be commonly overlooked, especially by those who rarely use the Internet -- buying your health insurance online.

Buying your health insurance online can come with many distinct advantages, some of which you may have never considered before. Some of these advantages include:

Easily compare prices between different plans and different providers

When you shop for your health insurance policy online, you have the option of not only comparing different plans from a single provider, but also comparing plans available by different providers. To do this, you don’t go to the website of each individual insurance provider, but rather go to a reputable comparison website that will allow you to pull up multiple quotes from multiple providers with one single search. How it works is that you will put in basic information (gender, age, smoker, student) on each person you want to insure and the website will pull up the best policies offered in your area. You can even compare the major issues of each policy (price, deductibles, co-pays, etc.) side-by-side.

Purchase with no hassle from an insurance agent

Another great thing is that you won’t have someone looking over your shoulder while you are making a decision about your insurance policy. While it may be great to have someone there to help you, it can also be a burden. What if they are suggesting policies that aren�t right for you? What if you are uncertain if you even want to purchase a policy from their company? These scenarios can lead to uncomfortable situations that many people would prefer to avoid altogether.

View the details of each plan before you decide on a policy

When looking at a health insurance plan online, you can see the full details of the plan right there in black and white. You will be able to see what is covered, what isn’t covered, what may require a waiting period, how much dental or mental health benefits you will receive under the plan, and almost anything else you need to know in order to make an informed decision.

Look for prices on your own schedule, without even leaving your house

Lastly, purchasing an insurance plan online allows you to do so at your convenience. You can get your plan in the morning, the afternoon, the evening, or even at 3 AM. You also don� even have to leave your house in order to find and purchase the insurance plan you need.

All in all, these advantages make a great case for purchasing your next health insurance policy online, as opposed to phoning different providers to decide which plan you want to commit to. It is easier, it is more convenient, you can do it on your own time, and you can completely research each policy before you make a decision regarding which plan is best for you.

by Didier Moujaes

The importance of considering mortgage protection insurance

Any homeowner should ask themselves if they would be able to continue to repay their mortgage if they were to become unable to work after suffering from an accident, suffering an illness or faced involuntary redundancy. In most cases, the answer would be that they would not be able to cope financially. For those who would be eligible to claim, a mortgage protection insurance policy could be their lifeline.

The majority of homeowners think they would we able to live on their savings or that the State would kick in and help out. However, savings would soon dwindle if you were to be out of work for months on end and the financial assistance the State offers - even if you are entitled to receive help - is very little. Providing you have checked the exclusions in a policy then mortgage protection insurance can be a very valuable lifeline.

Mortgage insurance can be taken out for a premium each month which varies between providers and is based on your age at the time of taking it out and the amount of your monthly mortgage that you wish to insure. You do have to read the exclusions in a policy because the cover is not suitable for the circumstances of all individuals. Common exclusions include being self-employed, suffering an ongoing illness, being of retirement age or if you only work in part time employment. There can be others attached by the provider so it is essential that you do read the small print.

If a policy is suitable for your circumstances then it could begin to payout once you had been out of work for anywhere between 31 and 90 days, this is stated in the small print. Once it has commenced you would receive a tax free income each month which means that you would not have to struggle when it comes to repaying the mortgage and related outgoings such as insurance each month.

Mortgage protection insurance along with other payment protection products have earned themselves a bad name and have caused much confusion which has caused a drop in the amount of policies being sold. However it is not the actual cover itself which is to blame but those who sell it with little knowledge regarding the products. When bought from an independent specialist provider you can be sure that the cover is sold by qualified staff and is your policy is backed up by experience in the payment protection business.

A specialist provider will give you access to the vital information you need to determine if a policy is suitable for your circumstances. Along with this they will offer the cheapest quotes for the premiums which make mortgage protection insurance affordable for everyone. Despite the many faults and ongoing investigation by the Financial Services Authority, mortgage protection insurance is worth considering when you take into account that it could mean the difference between you losing the roof over your head by getting behind on your mortgage repayments or keeping it.

by Simon Burgess

Take care when buying mortgage insurance

In 2005 the Financial Services Authority (FSA) began investigating the payment protection insurance sector and subsequently handed out fines to several well known firms on the high street for mis-selling payment protection products. Recommendations were made for selling the cover and some changes for the better have been seen, however recently the FSA handed out a fine not only to a firm, but also the Chief Executive for failing to follow the proper procedures when it came to selling mortgage insurance.

The company was found to have sold 2,000 policies to consumers remortgaging while putting them at a high risk of being mis-sold their policy and were the first firm to receive not only a company fine but also where the Chief Executive had to put their hands in his own pocket.

However, the negative publicity that mortgage payment protection insurance (MPPI) has attracted does not do the product justice. Mortgage insurance, when taken out correctly and understood after being given the key facts and exclusions, can be an excellent safety net on which you can fall if you should lose your income. If you were to be out of work after suffering from an accident, sickness or through such as unemployment then you could be left struggling to find the money to repay your mortgage. If you cannot keep up with your mortgage repayments then you risk having your home repossessed as the State cannot be relied upon to give you the money needed.

A mortgage insurance policy could begin to give you a tax free income which would start once you had been out of work for a set period of time which can be anywhere between 31 and 90 days of being continually out of work. Once the cover had commenced payout then it would continue to do so for between 12 and 24 months depending on the provider. However the cover is not suitable for all circumstances and you have to make sure that is suitable for yours before taking out the cover.

Exclusions which are common to all policies include if you are retired, self-employed, if you suffer from an ongoing medical condition or you only work part time. Providers can add additional exclusions so when looking for your cover take these into consideration along with looking for the cheapest quotes for the cover.

In the past mortgage insurance has been known to be an expensive addition to an already over stretched budget and it can when taken out alongside the mortgage. Buying cover from an independent specialist provider can save you a lot of money. Along with this as they are more ethical you can be sure that they will provide the key facts of the policy and make sure the consumer understands the exclusions before buying and so can make an informed decision regarding the policy. A policy can work in the way it is intended to do but you have to know what you are buying and stick with a specialist provider if you want to be sure you have a quality product which is backed by experience in selling payment protection.

by Simon Burgess

Protect your monthly loan repayments with loan cover

Just as you would go with a big name in electrical supplies if you were looking to buy a new TV set so you should go with a specialist provider when it comes to looking for loan cover. Loan cover can give you peace of mind and the security of an income in the event of you becoming unable to work, but you have to choose it wisely.

Just as with anything you buy there can be pitfalls and with loan cover it is the exclusions in a policy which can cause problems if you have not checked them against your circumstances. There are certain conditions which could mean that loan cover would not be suitable, if you are retired, self-employed, suffer a pre-existing medical condition or only work in a part time position.

When bought correctly with the exclusions in mind, loan cover can give you the income each month if you were to lose your own through coming out of work due to an illness, if you were to suffer an accident or should become unemployed. The cover would kick in with a tax free income to cover yours up to a certain amount each month once you had been out of work for between 31 and 90 days dependant on the provider. A policy would then continue to provide you with peace of mind and security for between 12 and 24 months

Depending on where you buy the cover will all depend on how much information you will get regarding the exclusions. The lack of information was the main problem when it came to policies being mis-sold and which has been widely reported in the press over recent years. High street lenders add cover onto loans and mortgages while not always making the consumer fully aware that exclusions exist. This led to an investigation by the Financial Services Authority (FSA) and several high street names receiving fines before the sector was referred to the Competition Commission by the Office of Fair Trading for review. Some changes have been seen and many firms have taken the recommendations set out by the FSA to heart, however others are still putting huge profits ahead of the consumers best interest by failing to follow the guidelines.

The FSA recently announced that in 2007 over 4,000 cases of mis-sold insurance have been investigated, this is double the year before. They also urge consumers who own the 20 million policies in the UK to check the terms and conditions because half of these could have been mis-sold.

by Simon Burgess

Refinancing Your Home Loan: Is Now the Right Time?

You should only refinance if you can get lowered interest rates, lower monthly payments and better terms in your mortgage. If all these are favorable, then getting a home loan may be a sound financial decision.

What does it really mean when you refinance your home loan? Why would you want to refinance? Well, there are quite a number of reasons why home owners resort to refinancing. Unfortunately, knowing whether to refinancing a home loan is a sound financial decision or not remains a difficult crossroads to take.

Refinancing simply means applying for a new mortgage to get some extra money to seal in all your other debts. It can be financially favorable as there are a number of mortgage loans that are given at better interest rates. If you get a better deal, you may be able to pay off your loan much sooner and would have to pay back a much lower amount. However, refinancing may also work the other way around and you may end up paying higher than your initial mortgage. Because of this, you should carefully choose the right time to refinance,

Before making a decision to refinance, consider the following factors:

What are the terms of your existing mortgage? If you are already on the 20th year of your 30-year mortgage, you will only add on to your financial burden if you decide to refinance. You will have to extend for a few more years and this may not be worth it.

What is the interest rate you will get if you refinance your home loan? If it is at least 2% lower with reasonable points, refinancing may be favorable. You can easily know the going interest rate in your mortgage paperwork, or you can consult your lender about this before making your final decision.

How much monthly payment do you need to pay with a new home loan? Mortgage refinancing may lower the monthly payment you need to pay. This proves to be a great opportunity to get some extra savings. However, this is usually at the expense of extending your home loan back to its original tenure. Consider though that you can use the extra savings you have to pay off your principal little by little, so it might not be such a bad idea after all.

When deciding whether you should refinance your loan or not, you can simply take a look at your current interest rate, monthly payments and the remaining period that you have to pay for your mortgage. Compare all these to the monthly payments as well as the required payoff if you get a new home loan. If you think that the benefits of refinancing definitely outweigh the process cost, then refinancing should be right for you.

You can also easily evaluate whether a new home loan makes sense financially (quantitatively) at this time by listing down all the current monthly payment you need to pay, the amount that is left on your loan, along with the total payments you still need to pay for. Do the math and compare this to how much you are bound to pay monthly and for the whole mortgage if you refinance your home loan. Consider fees and escrow costs in the latter as well.

by Alan Lim

The Impact of Bad Credit on Getting a Home Loan

Having bad credit does not mean you can't get a home loan. Nor does it mean you'll get "ripped off" or taken advantage of. It does, however, mean that you have to compare mortgage quotes more carefully.

Bad Credit? Mortgage Lenders Still Want to Work With You

If you have bad credit you might end up paying a few percentage points higher than someone with perfect credit. You might not be able to get 100% financing or roll your closing costs into the home loan--options some good credit borrowers have available to them--but you should still be able to find a mortgage lender to work with you.

Mortgage News: Current Events

The recent trouble in the subprime or bad credit mortgage business really boils down to impractical lending practices. As home prices rose dramatically and the excitement grew to a frenzy, many lenders wrote loans that were neither in their best interests nor the homeowners. Now the buzz is about the rising foreclosure rate. These events do not mean that you won't be able to get a home loan because you have bad credit--but you might have to provide such details as proof of income.

The Real Estate Industry Wants To Help

The National Association of Realtors is America's largest trade organization and with the strength of more than 1.3 million members is pushing hard for FHA reform to help consumers achieve the goal of home ownership. They're advocating for the needs of everyone, not just those with perfect credit.

Don't let your bad credit hold you back. It's a buyer's market out there and this is a great time to be shopping for a new home. Spend some time comparing mortgage offers and you should find that you can get the home you want despite your bad credit.

By Gabriel Traverso
Mortgage Credit Problems Columnist