Category: mortgages and loans

What You Need To Know About Leasing Options

Many people think because leasing options are so cheap that this is a great way to buy a new vehicle. While it might look good from a financial perspective, it might not be right for you and your family. Before you sign a lease agreement on a new car you should read the information below. Better informing yourself and doing a little bit of research can really help you save money and time when buying a new vehicle. When it comes to knowing everything about leasing options we’ve got the information for you. 

What Is A Car Lease?

A car lease is an agreement between you and a dealership / manufacturer in which you are renting the car for a monthly payment. The reason a lease can be so attractive vs. a loan is due to the fact that it is often a much cheaper monthly payment that a loan payment. A car lease is great for someone who doesn’t drive all that often because of the fact that car leases usually come with a cap on mileage. This means that when you sign the agreement you will agree to only drive at so many miles. For instance, you might sign a two-year agreement with a cap of 35,000 miles. This means that this is not necessarily a great idea for someone who likes to drive a lot, family is that take road trips, or someone who has an hour to two hour commute to work each day. However, a car lease can be a great way to get into a new vehicle for a lower payment and select the option to buy after the lease agreement is up. 

Calculating Lease Payments

When it comes to calculating a lease payment, you should check out the car lease calculator on This free, easy to use online tool can help you determine which financial option is best for you and your family. Once you choose a make and model car that you were looking to buy, simply use the car lease calculator in order to estimate monthly payments. You can then print this information out and take it to a dealership in order to discuss the leasing options they may have for you to match this payment. Depending on what time of year you decide to lease a vehicle you might even be able to save more. 

What Time Of Year To Lease A Car

Many people see extremely attractive commercials with low leasing option rates. This can often prompt us to go to a dealership and talk about a lease option. However, sometimes the time of year can have a direct effect on what you pay for lease. End-of-year sales are obviously the best time to purchase a new car. There are other holidays in which car leases can be a little cheaper than others. Thank 4th of July, Presidents Day, and Memorial Day. Some car manufacturers and dealerships run specific summer sales, as well. Just make sure when you decide to lease a vehicle that you do it during a sales event to save the most money.

mortgages and loans

FourSmart Reasons to Refinance a Mortgage

The mortgage rates are normally on the rise; thus, you need to know how to refinance them. If you find away, then you will note some things you can do to refinance them. You can use also the Mortgage broker, who will later aid you in several ways you may think of.  This will begin with you, thus helping you to be well concerned of what you think is working well for you. There are several reasons why you need to refinance your mortgage, but here are the four main ones which you cannot miss to know.

  1. Interest rates going down

If you want to refinance your mortgage, then there is a reason why you should lower all your rates.  This is the reason why many business owners do the lowering of the rates if they want to refinance the mortgage. It will then get to determine all you have to be involved in, if you expected to lower your business rates so that you can make some reasonable profits. They may not be achieved if one is failing to make some adjustments as you may expect them to be. Once you do the possible, then you can have what you may desire.

  1. The credit score going up

Under some circumstances, you may experience your rates going down. But you can still qualify for your credit if at all they are well improved.  If you want to qualify for such mortgages, you have top focus on getting higher scores of FICO. This will enable you to understand what you will be managing with time as you may need it be. If this is your case, then you will get to know what you can do to aid you achieve all your desires. They may not be achieved if you will not get to know the possible things you can do.

  1. Lower the monthly payments

If you want to meet most of your demands on the monthly basis, you need to lower them to avoid any problems which may arise. This can as well determine all you think will work out for you at all times. If this is the case, then you will know how to sort all your possible issues. It is good to ensure that you refinance you mortgage if you need to lower your monthly payments. When you have your own way of dealing with such, then this can give you what it takes to meet your expectations.

  1. The conversion of the ARM

The refinance can actually make some sense if it can be converted from familiar rate mortgage to the mortgage which is fixed. This is believed to be the interest rates are normally on rise. There is need to have the concern which you may think will be of the benefit you may need. This type of reason can aid you to ensure that you refinance your mortgage to avoid any difficulties. If this is taken to be serious, then you will have to know all you may need.

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10 top tips for securing contractor mortgages and loans

mortgages and loans

Contractors can improve their chances of securing a contractor mortgage o loan by understanding how lenders rate their customers and by adopting some basic financial strategies. Therefore, the greater understanding they have of how lenders think the greater chance they will have of securing finance for their dream home.

The following some of the top tips for securing contractor mortgages and loans;

  • Avoid high street lenders

Contractors often find that they receive an initial positive response from high street lenders such as banks and building societies but are then turned down for a mortgage once they put in on their new home. This is because high street lenders initially only conduct a superficial credit check.

  • Find a lender happy to use annualized contract rates to set lending limits

The good news to contractors is that those lenders and mortgage brokers who understand them use an annualized contract rate when calculating how much they can borrow. Contract-based underwriting takes a contractor’s daily rate and multiplies it typically by 48 weeks per year to come up with an annualized rate.

  • Use your company accounts to back up you mortgage or loan application

Freelancers, who tend to work on a project and ad hoc basic rather than having a contract, qualify for special underwriting which uses the salary plus the net profit of the business based on company accounts. When applying for mortgages, freelancers need to supply up to three years of accounts, three months of bank statements and two forms of identification.

  • When doing your sums, remember you cannot use company money for offset mortgages

Contractors can run up huge cash surpluses during the year made up of money saved for corporation tax, income tax and VAT. But this money belongs to the contractor’s and not them personally. However, this does not stop contractors from utilizing this popular loan type as many link their savings and current accounts to the offset account to significantly reduce their mortgage interest.

  • Make sure you achieve and maintain a good credit rating

Contractors must have a good credit rating to ensure they qualify for the most competitive contractor mortgages. Contractors can have a shock in some circumstances, finding that their potential lender rejects their application because of something in their past.

  • Understand how targeted lenders use credit ratings

Most lenders use a bespoke algorithm to evaluate credit scores and create an internal score card for each contractor.

  • Big deposits win

Contractors with large deposits are more likely to secure a mortgage. Lenders look at the contractor’s credit profile and their loan to value ratio. Contractors with smaller deposits borrowing with a high loan to ration may have to answer more questions and jump through more hoops because the lender views them as a bigger risk.

  • Avoid breaks in competing

One of the attractions of the contracting lifestyle is the ability to take long breaks for holiday, travel and any other reason. However, if those breaks exceed eight weeks over an average 12 month period, then lenders start to have concerns.

  • First-time contractors can qualify for mortgages

Despite the requirement for a track record, there are lenders who will offer first-time contractors competitive mortgage deals. A track record will secure the best deals but first-timers can get their foot on the property ladder.

  • Work out if you can afford the repayments

Many people only look at how much they are permitted to borrow rather than how much they can afford to borrow.

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