Category Archives: Home Mortgage
The Pros And Cons Of Prepaid Credit Cards (Page 1 of 3)
Observers in the lending industry have estimated that there may be at least 50 million Americans who are not able to qualify for credit. These consumers are usually young, often members of the minority groups and unbankedÂ…and they are faced with the long-standing dilemma of credit: how can I build my credit record if no one will give me any credit at all?
One of the answers offered by credit card companies is a variety of prepaid credit cards, designed for use by specific segments in the market. The prepaid credit cards are meant for that significant portion of the population that cannot meet the qualification criteria for regular credit cards, or who qualified before but have since lost their credit due to repeated defaults and other reasons.
Advantages of Prepaid Credit Cards For those who do not have enough credit history or have had it blemished, prepaid credit cards are an effective way to build or slowly rebuild credit. That may not happen immediately, but it is something to work on over time. The banks that issue prepaid credit cards are also prepared to extend normal credit the moment you are able to show that you have become a worthy credit risk.
For the moment, you may have to make do with prepaid credit cards. You can use prepaid credit cards as you would any other regular credit card to purchase airline tickets, reserve hotel rooms, or order items online.
Prepaid Credit Card for Students
There is a special prepaid Visa credit card for students, which offers a lot of convenience not only for the students but also for their parents. These reloadable prepaid credit cards offer parents several options on how to reload. Parents can add money to reloadable prepaid credit cards by depositing money, by arranging an automatic transfer of funds from their account (a deposit account or their own credit card account), or by online transfer. Using the prepaid Visa credit card is no different from giving the regular allowance to their child, only they do so by electronic means and there is no more cash that changes hands.
The big advantage of the prepaid Visa credit card is that the student is limited to spend only as much money as there is in the card. The parent is thus able to control to some extent the spending behavior of their child. They can use the prepaid credit card anywhere that the credit card brand is accepted.
Prepaid Credit Cards as Gift Certificates Some prepaid credit cards function like gift certificates. You buy the prepaid credit card for a certain amount, and your recipient can purchase items with it at any of the brick-and-mortar stores or online merchants, and also for mail order items, that accept the particular credit card brand. Your recipient can use the prepaid credit card only up to the amount of money that you loaded on it. This particular version of prepaid credit cards is non-reloadable.
Like any gift certificate, recipients of prepaid credit cards can buy whatever it is they want at any time they want. Unlike a gift certificate that, when it gets lost is lost forever to the recipient, prepaid credit cards may be replaced if it gets lost or is stolen.
How Important is a Land Survey when Purchasing a Home in Montgomery, AL
When purchasing a real estate, most mortgage lenders will require that you obtain a Montgomery land survey in order to acquire the money that’s needed to purchase the home. A land survey is the licensed individual that prepares the survey for the property. This survey serves as a legal depiction of the property in a graphical format, and allows you to see each of the features of the property from a top-down perspective.
There are various types of surveys that show improvements to the land, including the home and garage, as well as the size of the lot or land where the home is located. If there are any uneven boundaries or variances, they are stated in the Montgomery survey. While preparing the survey, the individual performing the check will pour over court documents and records, taking legal documents into account including deeds and land documents from the county recorder’s office. The survey will also include property measurements.
Legal Aspects – When there are property disputes between two parties, a survey is necessary to determine where your land ends and the land of a neighbor begins. As the buyer, you can use a survey to easily address items owned by adjoining property owners that may be interfering in your own property. The survey in Montgomery can be used as court evidence in boundary and property disputes.
The survey is important from a legal standpoint because it can help you determine if you’re legally allowed to add features to your property once it has been purchased. For example, a large item like a pool can actually infringe on the property of a neighbor if you have uneven property lines. If you build a structure that crosses the property line of your neighbor then you are exposing yourself to a potential lawsuit and the expenses of having to move the item – or pay to leave them there.
Restrictions – Some areas also have restriction that can have an effect on the property you’d like to buy. Zoning restrictions are in place to keep areas uniform and developed within specific ordinances. Violating a zoning restriction can lead to heavy penalties as well as legal action from local authorities. A survey in Montgomery would list all the potential problems that can arise from zoning when the final data is compiled.
Building restrictions are imposed by local authorities or the developer of a property about how structures on that property can be built – a garage for example. The individual performing the land survey will be able to examine records on the property relating to building restriction and can determine if you are buying a property that is subject to restrictions of this kind and if it’s currently in violation of any restrictions. The most common restriction is the setback or how far the home is from the front and sides of the lot. In some cases, though not all, you can apply to have restrictions waved before purchasing property.