Balance Transfer Of Credit Cards
Transferring Credit card balance is a good way of minimizing credit card debt, and can also be a way out of the burden of debt. Credit card issuers, realizing the demand of balance transfers among customers, bring about good offers on balance transfers. With plenty of credit card companies around, the card issuers are facing stiff competition. The following points should be kept in mind while going ahead for a balance transfer.
It is important to ensure that the balance transfers are done on time, without overlapping offer periods from one card to other, which could cost you high interest rates. Please note that each bank will move at different speeds in responding to customer requests. Ensure that the credit card offers with zero balance transfer are always immediate and are applicable at the time of your application. There is no point in applying for a transfer when the offer period is about to end. While opting for a balance transfer that is free of interest, watch out for any charges hidden in small print. An offer of 0 APR (Zero Annual Percentage Rate) should exactly mean what it conveys.
The kind of card from which balance transfers are made is also crucial. The rate of APR in Store cards is greater than regular credit cards, so all balances can be transferred to a single card with low interest rate. A solid amount of money can be saved this way. Keep track of the correct date of end of zero interest offer period and apply for anew credit balance transfer credit card at least fifteen days prior to the last date.
The source which provides you with information regarding interest rates on balance transfer offer on your card should not provide any biased information over a particular bank or credit card. Also the source should provide information with comparative charts that are easy to understand without any unnecessary pressure or misguidance.
Lastly try to make sure that the facility of interest free balance transfer on your card is quick and flexible. These days, while giving application, you may be asked for the details of balance transfers of your credit cards in writing. Always keep in mind that both parties should be aware of the proceedings simultaneously.
The right usage of balance transfer of credit cards could be a convenient way of avoiding a credit card debt.
Buy A House With Poor Credit - 3 Tips On Getting Approved For A Bad Credit Mortgage
Buying a house is in reach for those with poor credit histories. Even with bad credit, you can secure a mortgage with reasonable rates and terms. Before you assume you have a low credit score, check your credit report. If you do have adverse credit, plan on getting the best rates possible by following these three tips.
1. Up Your Down Payment
Besides your credit report, your down payment will greatly affect the rates you qualify for. In some cases, it’s possible to qualify for conventional rates with a large enough down payment.
If you have an especially low score due to a recent bankruptcy or foreclosure in the last year, you may be required to put down 50% of the home’s value. It is possible to get a mortgage with no cash down, but your rates will be much higher.
2. Be Flexible With Your Terms
Your loan’s terms can also vary rates within a point or two. Adjustable rate mortgages will start out about a point less than fixed rate mortgages. This will also help you qualify for a larger mortgage. But you may find your rates and payments increase in the future with an ARM.
The shorter your home loan, the lower your rates. You will also save thousands in interest cost simply by having a shorter loan.
Some lenders have additional discounts for automatic payments. You also have the option of buying down rates, which can be a real savings if you keep your loan for several years.
3. Take Time To Compare Lending Offers
Taking the time to compare lending offers is the surest way to save money on your mortgage. A difference as little as an eighth of a point will save you thousands on interest. So just like you spend hours searching for just the right house, so you should spend time researching lenders.
With online financing companies, you can quickly gather information to make your mortgage decision. Mortgage broker sites can get you multiple loan estimates in minutes. You can also get loan quotes through individual lender sites without hurting your credit score.