My husband has great credit, but prior to our marriage I had a rough patch while trying to finish school. I am cleaning things up so I was wondering can he finance a home with out my name on it? His credit is better but my income is greater! What should we do?
Secured loans for homeowners are also called mortgages. They are
loans that are backed by a collateral. A Secured loan for Home
Owners is offered against the guarantee of your home or any
concrete property. It enables you to get loans according to your
needs and also get good deals for easy repayment. They basically
mean that if you are a home owner, you can borrow money from a
recognized lender offering your property as security against the
loan. Their popularity is escalating. Secured loans for
homeowners have always been made available at low interest
rates. They are forever bettering their own record in terms of
interest rates.
The whole perception of the world in the past few years has
changed. It allows us to see and capture things that have not
been possible in the past. Borrowing money is no longer
considered taboo and therefore applying for a loan is a
preferred way to sort out our financial troubles. Loans have
become accessible and by applying for a secured loan, we can
avail of benefits like: Lower monthly repayments than unsecured
loans The ability to borrow more money Spread repayments over a
longer period of time Home equity is the value of the home that
it may fetch, when sold. Thus, equity shows the market value of
the home. By taking a secured loan, one can use this equity.
Using equity does not mean selling the home. It is because of
the equity that borrowers get the best terms on secured loans.
Secured Loans for Home Owners is based on the equity worth of
the property and is the preferred loan choice of majority of
lenders (and home owners!). This choice offers cheaper interest
rates and will be more flexible if the credit track record of
the borrower is a bit dodgy. All because you own a property, you
can use it as a guarantee, should anything go wrong with your
repayments.
There is more scope to borrow larger amounts of money when it is
secured against your home, as long as you are able to satisfy
the lender of your ability to repay the loan. The amount of
money you can borrow over a given term depends on a number of
factors, including the amount of equity remaining in your home
and your apparent ability to repay the loan. So it pays to spend
time finding the right loan from a company you are happy with.
Offering the home as collateral does not cease the rights of the
borrower as the owner of the home. Though the lender holds the
ownership rights to the home, these are exercisable only when
the borrower does not repay the entire amount of the loan. The
borrower stays in the home and even regains the rights when the
final instalment to the loan is paid.
These days, Secured loans for
homeowners are available with a wide selection of flexible
repayment plans, making it easy to ‘tailor’ your loan payments
to suit your own personal finances. In the event that you should
fail to keep up the required payments on your secured loan, the
lender has the right to ask the courts to enforce the sale of
your home in order to recoup the remaining debt incurred.
However, repossession of your property by the lender of your
secured loan due to failure to meet repayments is the worst-case
scenario.
Many people with a bad credit history think that they will not
be able to get a secured loan, but any home owner that can offer
property as security against a loan should not have a problem.
The best attraction of secured loans for home owners is, simply,
that it is secured. And because it is a secured loan, it is
cheaper. Compare it with your bank or credit card loans, and you
might be in for a shock! Secured loans for home owners are
credited by offering the lowest interest rates. Interest being a
function of risk is lesser in case of secured loans. This is the
most important aspect of loan. The result is that you have more
money for other things each month, money that would otherwise
have gone to financial institutions in the form of interest.
This type of secured loan allows you to spend the money on
anything you choose, from that much-needed vacation, to home
improvements, to consolidating other more expensive loans.
The most preferred loans are those that are offered with
sufficient backing. Many lenders look more favourably on people
who are home owners as this demonstrates a commitment to repay a
large amount of money over a long period. Because these loans
are secured by the equity of the property, there is less risk to
the lender and the interest rates are lower. They are a smart
way to go!!
Marsha Claire is offering loan advice for quite some time.To
find UK secured loans,unsecured loans,mortgage visit http://www.ukfinanceworld.co.uk
Marsha Claire is offering loan advice for quite some time.To
find UK secured loans,unsecured loans,mortgage visit
http://www.ukfinanceworld.co.uk.
My husband and I are debating how to finance some home improvement projects. He says use savings, I say use a line of credit(repay within two years hopefully) I am afraid if we use savings we will never replace it. He doesn’t want debt. Any opinions?
I want to buy a home owner finance but I see all these calculators on the owner finance websites in my area and I don’t know what percentage to use. I live in Texas.
Is there a number or something I can call to get people to stop sending me credit card offers? I cant at least 5-10 credit cards offers a week, whether it’s mail or phone calls.
Please help. This is annoying.
Thank you.
This interesting article addresses some of the key issues regarding 30 Year Home Loans. A careful reading of this material could make a big difference in how you think about 30 Year Home Loans.
The more authentic information about 30 Year Home Loans you know, the more likely people are to consider you a 30 Year Home Loans expert. Read on for even more 30 Year Home Loans facts that you can share.
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It used to be the first choice of most borrowers, because since the total payments are spread over a longer period of time with the interest rate set for the entire time of the mortgage. 30 year home loan rates are an industry standard but is it the right choice for you?
The 30 year home loan is an industry standard, but is it the right choice for you? Because the total payments are spread over a longer period of time and the interest rate set for the entire time of the mortgage. This was the first choice of most home owners.
As we mentioned, the plus side for a 30 year home loan is lower monthly payments. This attraction is somewhat dimmed by the fact that you pay thousands extra in interest. But, your interest is 100% tax deductible which does lower your after tax cost. It offers you some flexibility so that if your financial situation changes and you have more money you can pay it off in less than 30 years, this while keeping the low monthly payments. Your payments are smaller so in reality you can purchase a larger roomier home.
To show an example of the interest difference between 30 year home loan rates and one of the other rates. On a 30 year, 100,000 dollar loan using 7% interest rate your monthly payment of interest and principle would be $665.30 dollars. Over the next 30 years you will have paid $139,511.04 in interest alone. Now with a 15 year home loan rate on the same amount you will pay $871.11 per month and over the next 15 years, you would pay $56,799 in interest. This would save you $82,712 dollars.
If you have the will power to invest the savings from the monthly payments, it still could be a good choice to go with the 30 year mortgage. Especially if you can find an investment that the long term payoff matches or exceeds what you would save in a 15 year mortgage. Another factor to consider is how fast you want to accrue equity in your home or to own it out right. 30 year home loan rates take much longer to build equity.
30 year home loan rates are certainly attractive and the vast majority of home buyers get 30-year loans because that is the longest home loan available today. Experts agree if they could get a 35- or 40-year loan, they probably would. There are many other options to consider. Probably the biggest question you have to ask yourself when considering a loan is what are your financial goals? What loan plan will help you the most to reach that goal? It is clearly to your advantage to look into other loan options for the best loan available for you and your financial goals. It may surprise you that because of your personal situation there may be other plans more suitable for you.
Knowing enough about 30 Year Home Loans to make solid, informed choices cuts down on the fear factor. If you apply what you’ve just learned about 30 Year Home Loans, you should have nothing to worry about.
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I found a home I really like but its $97000 and my income is $1600 per month. They can give me either option to finance myself or mortgage. I want a mortgage because I would like to have everything escrowed and then refinance after 2 years. My credit score is 561 and maybe I can get a better interest after 2 yrs. What would be my best option?
LONDON THEN AND NOW
By SHAMLAL PURI
WHEN I first arrived in London some 35 years ago, life for Indians and Asians from the Indian-sub continent settled here was very different.
When they walked the streets of London or went to their work places, everything to them was so British. Super stores stocked everything that was British and European. Indian goods were frowned upon by English shopkeepers.
The earliest wave of Indians had arrived from the sub-continent during the British rule there. They were largely students who settled here. At that time migration was difficult and not many Indians could settle here.
They struck a compromise – outside they lived life as the rest of Britons. The only Indian touch they enjoyed was at home. They ate Indian food cooked in their kitchen, and within
their four walls, listened to Hindustani music with records and tapes bought while visiting India on holiday.. The weekends were spent enjoying the best of Indian life in the privacy of their homes.
Racism was rife in the UK in those years. The natives of England looked down upon Indian food and culture and considered Indians a species from another world. Winston Churchill’s famous uncharitable remarks describing Mahatma Gandhi, as the “naked fakir” added fuel to fire stocking racism to its zenith.
Even when educated Indians wore English suits and bowler hats in the public, they were put down as foreigners who had no right to be in the UK.
There were fewer cinema halls offering a fare of Indian movies. Those that catered for Hindustani films showed them on the weekends under special arrangements with cinema owners who normally screened Hollywood films. It was a rare treat for Indian film fans that flocked cinema halls not only to watch Bollywood films but also to socialise because they missed India.
We all watched three channels on British television – BBC 1, BBC2 and ITV, mostly on monochrome sets. Colour TV was a rarity. Indian television was non-existent except for some educational Hindi and Urdu programmes such as Nayi Zindagi Naya Jeewan shown by BBC Television with erstwhile presenters such as Mahendra Kaul, Salim Shaheed and Ashok Rampal, among the few household name Indian presenters. The programmes largely reflected
issues confronting Indians and other Asians and their lives in their country of adoption.
The only entertainment slot was a few minutes of Indian music and singers at the end of the programmes. The programmes, beamed from Birmingham, used to be a treat for Indian households on Sunday mornings who would watch these while leisurely tucking into paranthas and puris for breakfast.
When I first arrived here in the 1970s, there were few Indian journalists around. I was among very few Indian journalists settled in London. Unless you were the London-based correspondent of Indian newspapers, it was very difficult to get into mainstream British journalism because the profession was a closed shop and jealously guarded by the White British elite. You had to be a member of the National Union of Journalists (NUJ).
Indians were caught up in a catch 22 situation – you could not get a job unless you were a member of the NUJ and you could not join NUJ unless you worked as a professional journalist. It took a very broadminded white editor to welcome you on his staff.
Those Indians who managed to get into main stream journalism were achievers. The British population landscape was changing. The trickle of Indians of arriving in the UK was going to turn into a torrent. The first hint of things to come was in 1968 however when a new wave of Indians started arriving from Kenya following that country’s Africanisation policy. Indian businesses were refused trading licences forcing them to leave the country in bif numbers.
Plane-loads of Indians started arriving in a cold Britain. The exodus is still fresh in the minds of those who arrived here in 1968.
Four years later, the Ugandan dictator Idi Amin, was upset with Indians living in his country, He was livid that they had monopolised the economy and taken over the entire business sector. To add fuel to the fire one Sunday afternoon he saw Indians milling around in groups and walking leisurely in Kampala and he lashed out accusing them of treating his country’s main city as if it were a suburb of Bombay. His mind was made up to expel all Asians from his country in August 1972.
Thousands of British passport holders packed their bags and arrived in the UK as refugees.
They started their life afresh. With some 150,000 Indian families from Kenya and Uganda settling in Britain, There were panic waves in neighbouring Tanzania, Malawi, Zambia, Zimbabwe and South Africa, from where whoever could prove British citizenship connections, arrived to settle in this country.
It had suddenly become fashionable to emigrate to the UK. With the settling of so many Indians, London suddenly lacked infrastructure to meet the needs of the new-arrivals, some of whom were not educated.
Africa’s loss was Britain’s gain.. These Indians were well-trained businessmen and started taking over corner shops from the English owners. They stocked groceries and newspapers, the daily needs of their local communities. They offered their customers a quality service which snooty British owners had not cared to give. Woe betide if you were to go and ask for a pint of milk at their closing time – they would say ‘we are closed! Come back tomorrow’. Not so with the Indians, even if they were about to put a padlock on their front door and somebody dropped in to buy a bread, they would happily open their store and serve them with a smile.
Indian-owned corner shops were an institution as they were open all hours and attracted mainly Indian customers and also some English.
The major top name super-stores were watching them in awe as they attracted business. Even they decided to join in the competition by keeping theirs open all hours. Prince Charles, the Prince of Wales, paid a tribute to the Indian-owned corner shops by saying they had revolutionised Britain’s shopping system.
By using their clout for bulk-buying and lower prices to their customers the super stores succeeded in routing the small corner shops which have been closing in the current economic downturn. But history is a witness to how these small Indian shopkeepers taught the giants that quality service attracts customers.
Today Indian shops stock virtually everything produced in India complete with labels in Hindi, Urdu, Punjabi, Bengali, Gujarati and other Indian languages. While shopping in these stores sometimes one virtually forgets that they are shopping in a store on British soil and not in Mumbai. Every summer mangoes imported from India and Pakistan are in popular demand as are other fruits and vegetables flown from there.
As the community settled, their social needs also grew. London lacked a radio station offering Indian music.
It was a great day when London Broadcasting Corporation (LBC) teamed up with Indian broadcasters to launch Geetmala, a weekly entertainment programme. It was presented by Chaman Lal Chaman, a well known Indian broadcaster from Kenya and produced by Suresh Joshi. LBC’s Keith Belcher was credited with allowing Geetmala to come to fruition. That programme became a firm fixture with thousands of Indian listeners.
Geetmala ended its run a few years later, but this proved there was a need for radio stations offering Indian programmes. Other radio stations followed.
There were several pirate radio stations run by various ethnic communities, which were raided and closed down by the Home Office, the Government authority. They rose again until the authorities realised they had to cater for Britain’s ethnic minority communities and the best way to regulate them was to licence them.
Sunrise Radio was born out of such a creation. It has prospered with the creation of several radio stations and a small slice of satellite broadcasting.
It is now very easy to set up a commercial Asian radio station. All you need is money and a set of very sound reasons to convince the Home office to grant a broadcasting licence.
Meanwhile, BBC TV’s erstwhile Nayi Zindagi Naya Jeevan was also on its last legs. It had served its purpose (and bored its audiences thoroughly). BBC TV in Birmingham started
revamping itself and its Asian Unit looked at different ways to develop programmes for the growing Indian, Pakistani and other Asian communities. ITV also jumped on the bandwagon with its own programmes for Asian and Black viewers.
For Asian viewers, Eastern Eye was broadcast under the watch of Indian broadcaster Samir Shah and a team that once included the famous Karan Thapar, Narendra Morar, Ziauddin Sardar, Shyama Perera and Aziz Kurtha. I worked for Samir Shah on a series of programmes.
For Afro-Caribbean viewers, there was Black on Black under the watchful eye of the highly respected broadcaster, Trevor Philips, who is today the chairman of Britain’s Commission for Racial Equality.
These programmes ended their run after a few years.
While BBC and ITV-controlled the terrestrial airwaves for many years, there was ample market for cable and satellite TV.
The arrival of Zee TV and Sony TV revolutionised the entire Indian media scene. Now, viewers in the UK enjoy whatever is being shown on these channels in India. With a wide array of programmes to choose from, these TV networks have actually brought India into the living rooms of British Asians. Apart from these two networks, Star TV, Star Plus, BFU, Zee Music and a wide array of other channels such as Vectrone, Alpha Punjabi, Zee Gujarati, have set the media scene ablaze in Britain.
In many Asian households, terrestrial TV channels such as the BBC and ITV have long been ignored as there is great enthusiasm to watch Indian soaps and films every day.
Added to this is the plethora cinema houses such as Cineworld, Himalaya and various other theatres offering latest Indian film releases.
So, far away from home, people still feel at home in Britain with a wide variety of choice.
Alas, the same cannot be said of newspapers for the Asian community.
The print media, which first started revolutionising coverage of Indian events has long been left behind.
There have been household names as India Weekly (where I worked as an assistant editor in the 1970s), Eastern Eye, Asian Voice, Garavi Gujarat, Gujarat Samachar, Asian Trader, Des Pardes, Navin Weekly and a variety of other language newspapers and magazines offering a regular diet of news from back home.
The newspapers and magazines used to have a good readership base at one time but nowadays, apart from first generation Indians who enjoyed a good read, a lot of these have now crossed the floor to Indian TV and radio channels.
The late Chottu Karadia, editor of the weekly current affairs magazine, Asian Post, once said sardonically: “Asians simply do not read! Why don’t our Asians read newspapers?”
The magazine was losing sales and consequently, advertising revenue.
Asian newspapers have depended very strongly on local government advertising and a band of loyal readers. Both of these have been dwindling in recent years, making enterprising Indian publishers live on precarious budgets.
The future for the Indian owned print media is not very strong. Radio and TV have a future here, though, the Chief Executive of Sunrise Radio once lamented on air, that while Indian traders stocked Coca Cola in their shops and stores, the multinational did not see it fit to advertise its brands on his radio station.
That perhaps, says a lot about the business of publishing for the Indian community in the United Kingdom. — Shamlal Puri
shamlalpuri@gmail.com
Shamlal Puri is a veteran British journalist, broadcaster, author and press photographer. He has worked with the media in Europe Africa, Asia and the Middle East. He was the founding editor of Newslink Africa, a pioneering news service for the continent, He has worked for Daily News Tanzania, was a senior journalist on Kenya Times, Nairobi and worked for Drum magazine.
His latest novel ?Dubai Dreams: The Rough Road to Riches? ISBN – Hardback 978-0-9552627-2-2, Softcover – 978-0- 9552627-3-9 will be released around the world in 2010. Contact: www.crownbirdpublishers.co.uk
He is widely traveled in a journalistic career spanning 30 years. His work has been published in more than 250 magazines, newspapers and journals around the world.
He is also the author of Axis of Evil: Blood Money and That’s Life; Michael Matatu at Large (based on his columns in Drum and its sister magazines.)
Any advice on what to look for when shopping around for home equity loans?
Are there referral commissions?
I have a couple of individuals looking for a home equity loan … I told them I’d look into it for them. I’d like to find a quality vendor, but if referrals commissions are paid out, I’d like to negotiate for that too.
How do I figure out what is a “great deal”?
PS. I’ll happily take general replies but this would be specific to Calgary, Alberta, Canada.
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