Tag Archives: may
Why a Free Prepaid Card May Be Right for You
There are many reasons why a free prepaid credit card may be the card for you. Perhaps you would like to teach your college kid good fiscal responsibility. Maybe you are having trouble obtaining a normal credit card due to poor credit score and would like to work on improving it.
A prepaid credit card has its fair share of advantages and disadvantages. In fact, they function more like debit cards, except there is no savings or checking account tied to the card. With a prepaid credit card, your credit limit is determined by the amount you pre-pay to the credit card company. Once the balance has been depleted, you will then be required to purchase more credit in order to continue using the card.
One of the greatest advantages of prepaid cards is the low application requirement, where a good credit score is unnecessary. In fact, you dont even need to have a credit score, or even have an income to qualify. You just need to be at least 18 years of age.
Also, most prepaid credit cards do not impose APRs on the amount you have deposited with the credit card company. This makes sense, since youre not actually obtaining credit from them. Another feature of prepaid credit cards is their ability to let you deposit your check directly onto the card balance. Not only will this save you trips to the bank, its also a great convenience if youre the type who charges everything to the credit card.
While prepaid credit cards are generally a good bet, they are not without their downsides. Like regular credit cards, they may have fees attached to them such as a monthly maintenance fees, transaction fees and ATM fees. These are costs of using your prepaid credit card, and can be significant if you dont choose the right card.
In conclusion, prepaid cards function truly well for those who do not wish to spend more than what they own, but at the same time require the convenience of a credit card. This way, you wont get carried away with your expenses or find yourself drowning in debt.
Researching the Market for Good Home Loan Refinancing Rates
If you start experiencing problems repaying your FHA mortgages among other bills or loans, or if you just want a lower mortgage payment it may be time to look at FHA home loan refinancing. This will allow you to either lower your mortgage payment, help you avoid any chances of being declared bankrupt or worse lose your home due to foreclosure.
Your income may have dwindled down causing you to struggle with the now high home mortgage rate. Refinancing your loan will offset your remaining balance in your present mortgage and give you another that is payable in a fixed rates which are consistent with your current earnings and spread over a period of ten, fifteen or thirty years.
Types of FHA Loans There are plenty of FHA home loan refinancing options but all are centered on you obtaining a friendly home mortgage rate. Some options can absorb your other unpaid bills and have them paid at the mortgage closing. This relief however comes with paperwork which is meant to fulfill the minimum requirements of the FHA loan refinancing program.
Borrowers stand a better chance of refinancing if they have an impeccable record of repaying their initial FHA loan or conventional loan; a middle ground can however be achieved for late payments since the income drop. While applying for refinancing the client may also have to present all the other unpaid debts that he or she may have. It is advisable not to seek credit from other sources during this time.
FHA Guidelines The FHA guidelines dictate that the house to be refinanced be the current home you live in. The same rules for particular situations may require that the current property to be appraised. Homes that may have appreciated in value since their purchase will bring you a very competitive home mortgage rate. It thus good to have your home spruced up and maintained as such for the appraisal. This may also affect different lenders decisions to offer a home loan refinancing or not.
All these processes require a refinance specialist firm which may provide the loan itself or arrange for the closing of the loan at a FHA-approved refinancing office. It is possible to achieve all these through the online option without the risk of compromising the entire process. Identifying a competent and well established FHA home loan refinancing lender is very important.
There are websites that can guide a refinancing borrower to FHA lender and for free. These sites also give guidance to the FHA requirements essentially easing up the whole process. Finally, the same sites may provide the current home mortgage rate for different firms in different states of the US. This information may be very useful in saving you thousands of dollars with respect to interest rates.