Category Archives: Home Mortgage
Free Home Grants For First Time Buyers
There is no better time than now to stop throwing money away in rent and get a first time homebuyer grant to purchase a new home. No one needs to tell you that paying rent is a big waste of hard earned money. When you look at the big picture, all renters are actually paying a mortgage…their landlord’s. With a monthly rental payment being just about as much as a mortgage, why not pay your own mortgage rather than someone else’s?
I’m sure that the common answer to that question is, “Well I would if I could afford the down payment and closing fess”. Well the good news is that you do not have to be able to afford those things to avail a new home. In fact, you will save much more money on your purchase if you can’t. The government has a great deal of money to invest in insuring that all American taxpaying citizens achieve the American dream and own property. They also have a serious interest in preserving the economy and improving the American housing market, so there is no better time to apply for first time homebuyer grants.
In addition to the benefits of receiving free government money to purchase your first home, currently all homes are being sold at dramatically reduced prices far below their actual value. Just buying now can save the potential new home buyer ridiculous amounts of money, possibly up to thirty or forty thousand dollars. Add to this already amazing savings the fact that a first time homebuyer grant can completely finance your down payment and closing fees, you can virtually save in excess of fifty thousand dollars the purchase of a new home or property. If you qualify, which millions do, you can achieve all of this without spending one single dime out of your pocket.
Follow the links below to see how much free government money is available to help you buy your new home, and where to find it.
Comparing Payday Loans To Personal Loans
Payday loans have, in many people’s eyes, a reputation as being an expensive form of credit. It’s certainly true that the imposition of a flat fee of 10% to 25% of the loan amount works out to be a very high APR when you take into account the short term nature of the loan, and although taking out a payday loan may actually work out to be cheaper than some other forms of finance such as long term credit card debt, the interest rate will still be much, much higher than that of a personal loan. So why do people take out payday loans if they’re so costly?
The first reason is simply speed. Many people resort to a wage advance when they literally don’t have any money left at the end of the month, and yet have bills to pay and food to buy. A payday loan can be arranged on the same day you apply, with the cash in your account the next day. A personal loan simply can’t compare to this – there will be complex forms to fill in, credit agreements to sign and return, credit checks to be carried out… the list goes on. When you need quick cash, a payday loan might well be the only answer.
Another advantage of these loans is the fact that you can borrow only a small amount if that is what you want, just enough to see you through your current cash flow problem. Most personal loans have a much higher minimum amount you need to borrow, and if you don’t need that much then you’re saddling yourself with unnecessary and unwanted debt.
A related point is that the repayment term of a payday loan is, by its very nature, a lot shorter. While the APR rate on a personal loan might appear to be much lower, by spreading the repayments over a longer term you may well end up paying more in interest overall. The combination of having to borrow a larger amount over a longer period is certain to cost more in the long run than taking out an advance of just the amount you need over as short a time frame as possible.
The final reason is that because of the way payday loans work, they’re very easy to be approved for. People with all kinds of credit ratings are likely to have their applications accepted, which is certainly not the case with other forms of finance.
No personal finance expert would recommend taking out a payday loan lightly, especially if you get into the situation of having to renew the loan every month, but taking the above advantages into consideration it’s easy to see why sometimes payday advances can actually be a perfectly prudent way of bridging a temporary financial gap.