What is a credit card? I am sure most of you know what a credit card is, but here goes. A credit card is a 3 3/8 inch x 2 1/8 inch plastic card with 16 digits on the front and a magnetic stripe on the back. The card is issued by a bank for the purposes of extending credit to the card holder for financial transactions. The transactions are processed by Visa, MasterCard, Discover Card, American Express, etc. each time a transaction takes place. These processing companies charge a percentage of each transaction to the business owner of the company where the transaction occurred. So for example, if you buy a $100 product from XYZ Company, then XYZ Company owes the processing company a percentage of the transaction. If the percentage fee is 6%, then XYZ Company owes Visa $6.
Exchange gifts. This will dramatically reduce costs. If you have a big family or group of friends you will just buy one gift. You can take it a step further and implement the Secret Santa. Write names down on a piece of paper and put them in a bowl. Everyone will have to pick out a name and that’s the person for who you will buy a gift.
If you didn’t have collateral to put up, your interest rates would be much higher. Or, you might not even be able to obtain this type of loan. Many lenders today just won’t make a loan without some type of collateral.
Is the resale market good in the community you’re considering? Places that are too remote will only appeal to a select few buyers. Make sure your second home will be attractive to a large number of people, in case you end up selling it down the road.
Check with HUD – The Department of Housing and Urban Development has some of the biggest inventory of foreclosed homes because of the high default rate on FHA https://offershaze.com/2018/04/07/laan-uten-sikkerhet/. One great technique is to visit the HUD website and visit their home for sale category. In those listings you can usually find the name and contact information for the contractor responsible for maintenance on the home. Give the contractor a call and see if they have any work to farm out.
You should know all the fees you will be charged when you apply for a home loan with any lender. You should receive a printout of all fees. You should ask for a “Good Faith Estimate” of all the fees you will owe. If you have that information, you will be able to better evaluate the costs of the loan and compare lenders.
Funny, but you know how it is – there are some voices that just click for you – well hers is one. Now she’s pushing 65 and has 3 grandkids and is happily married … so I’m not talking THAT kind of sweet, but you know what I mean.
Why? Because asset markets do fall and then folks are stuck, just like now. What is the solution? Get back to basics. Spend less than you make and save the rest. Then buy appreciating assets and pay your debt against them off over time until you own them clear title. Use the room in your budget to modestly improve your lifestyle. Save more and pay off other debts faster. This process will take at least 10 years to realize success.