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How Does a FHA Mortgage Work?

fha mortgageFHA backed loans allow borrowers with credit scores below 620 to be able to own a house. The loans allow
borrowers to offer down payments as low as 3.5 percent and come with flexible underwriting standards. The mortgage is designed for first-time buyers but available to everyone.

FHA Mortgage Approval

The FHA loan is insured by the Federal Housing Administration (FHA). To qualify for the loan, a borrower and the property to be bought must meet some minimum criteria, which include:

  • Borrowers must have a credit score of at least 500.
  • Borrowers must have a debt-to-income ratio of 43 percent or lower
  • A down payment of 3.5% or more is required for the loan

The property to be bought by an FHA loan must have a roof that is intact. Apart from this, it should have utilities that are “turned on” and independent of the property. Finally, water should drain away from the home and not towards it. You can read more requirements of FHA loans here.

FHA Lenders

The FHA is an insurer and not a lender. Therefore, if you are interested in applying for an FHA loan, you must work with lenders approved by the FHA. The lenders … Read the rest

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3 Easy Holiday Money Saving Tips You Should Try

holiday money saving tips

When you go on holiday abroad and spend money the wrong way, you could end up wasting dollars every time you shop. Some specialist cards can help you get the best rate every time you are spending overseas while on holiday.

However, it’s not just enough to have the right card. There are other tricks, tips and tools that can help you get the most out of your bucks. Here are our top three holiday money saving tips you can try.

1. Compare the best currency rates

If you will need to pay for items using cash, compare the top currency rates before traveling. You can use a website like LowCostHolidays to compare the rates are different bureaus as well as find cheap holidays. Find out how much currency you will actually get after the charges and fees have been deducted.

Generally, you should stick to using cash or a debit card to pay for currency exchange. While you can use a credit card, keep in mind that the exchange will be considered a cash withdrawal, and hence there will be interest and fees to pay.

Getting cash is good if:

  • You have a secure place to keep it
  • You
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How to Get Cheap Car Insurance

cheap car insuranceMany people who own cars don’t fully understand the intricacies of car insurance. In fact, most car owners put their vehicles on insurance just to meet the road regulations in their country. Ultimately, because they don’t understand the dynamics of the service they’re paying for, they end up being over charged by insurance companies or getting a raw deal for their money. Here’s what to look for when shopping around for ideal cost friendly vehicle insurance.

Never Under-Estimate Local or Regional Insurance

Only a few companies control almost half a nation’s car insurance. Insurers like Progressive and Geico may have big names but less customer ratings when compared to smaller regional insurers like Auto Owners insurance. Yet the regional insurance could be cheaper. Compare rates for companies that serve your area. Sites like NerdWallet and Insurance Quotes NI could help you with insurance quotes NI.

Think Insurance When Buying That Car!

When considering models of cars to buy, many people naturally look at fuel efficiency, cost and availability of spare parts, cost of repair and the tax payable for the car. They forget to factor in insurance and end up paying dearly for this. Insurance premiums vary with car … Read the rest

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What You Should Know About Personal Finance

personal financeIf you keep track of your money, you will be able to get the bigger purchases that you want. Follow this article to learn all sorts of financial tips.

If your paycheck is entirely spent before the end of the week, you will want to decrease your discretionary spending. For instance, you may not be able to handle not going out to eat dinner at all for long. Try to eliminate every other dinner out each month and you will be able to save and still have fun going out to dinner.

It is important to safely dispose of financial documents. You can purchase a document shredder at any home office store. If all of your old documents are not properly disposed, you have a high risk of someone stealing your identity or fraud. Be thorough and protect yourself financially.

Sit down and actually put your expenses into categories. Separate your monthly expenses that are the same and those that change. By doing this, your budget will be much easier to follow. Staying on a budget is easier if you know how much must be paid out monthly.

If you want to do well in the foreign exchange market, you … Read the rest

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