Your Financing Strategy
Ask questions from your bankers which of one these will benefits you most and which one could be costly to you. You can also get free checks when you open your account, you do not need to pay for checks. All checks are processed the same way that is up to you and how you manage your money.
-Savings Accounts: Custom Savings, Money Market Account Checking Accounts: Economy Checking, Express Checking, -Regular Checking, Senior Checking, Student checking
-Your Debit/Visa Card to use for shopping could be free when you open your account, make sure you ask for it, at times they will ask you if you want one or not. Where you use your Debit/Visa Card to withdraw money matters to your bank, it could cost you for using it at the wrong places, ask your banker for information where you could use your card without paying extra charges...
Some banks charges between $1.00 up to $3.00 if you use their card to withdraw money from another bank that they do not do business with. It is your money...
Each one of the above has advantages and dis-advantages, be careful when you are opening your accounts; you could loose money to the bank right away. You also need to know if your monthly statements are going to be free or not, when you make inquiries, the bank could be charging you for too many inquiries. Some things are free from the big banks and something's are cheaper from the community banks.
Basic Requirements for lending you money:
· Savings and Checking Account
· (2) Good Credit or No Credit it depends where you are getting the money.
· (3) Collateral such as your House, Car, Boat, Gold/diamond or any valuable assets they can hold on
· Driver's License,
· Social Security numbers
· Good Employment, at least for six months.
Lenders Information:
Big Bank requirements-
Can be very tough to meet because they have to abide by the 'Federal Reserve Bank or Federal Deposit Insurance Corporation (FDIC)' regulations. They got their money from the Federal Reserve Bank at a lower rate, however, they could turn around and loan it to the smaller banks at a higher rate, and the smaller banks loan it at higher quote rate to the public.
Community Bank requirements/Credit Union:
Well, the community bank is no different either, they turn to the big banks to borrow money at a lower rate so that they can loan it to their customers/clients at a higher rate to make some profit to stay in business.
Private Capital market requirement:
This is where the business gets tougher. The Capital Market enterprise is a big boy on the Wall Street, where they can finance just about anything they like, because they are not being regulated by the government, it is an individual rich businessmen that have money to loan out at a higher rate. They are not required to follow financing rule rigidly as the bank does, but they still have follow the consumer law that protect all of us from being taken advantage of.
Family friends requirement:
This one is your best source of financing, if you could find a rich friend or family friends that can loan you money without any attachment or collateral. They may ask you to pay them some small interest, or none it all depends what you are using the money for, at they would like to get a piece of the apple when they know you are going to make a lot profit.
Collateralization:
There some companies out there that would loan you money to meet your emergency needs, but becareful, they may ask you to give them your house, car, motor cycle or any of your valuables for collateral just in case you were unable to pay them back, but, they are very quick to take your valuables and you may not have any re-course to take them to court for doing so. I would stay away from such financing unless you have to...
There is going to be a time when we are going to need finance or re-finance our mortgages, car, motorcycle, big boat, air-planes etc., that we cannot come up with up-front lump sum money to pay for it This force us to turn to our bank, family friends, private capital market, small loan companies to loan us that money. This is where we are being taken advantage of by offering us some sort of un-affordable rates. At first you would think this a great opportunity that it will not be problem, you could afford that payment being offered to you by your lender, you better think again before you sign that dotted line. They could be collecting interest from you money for long time without any of it going to your principle.
Pay attention to dotted Line and Small print in the loan documents:
The loan documents can be very tricky to read when you are not an attorney, the small fine prints areas are very important areas to pay attention to, because this is where they hid rates, timeline, and warrante, but if you don't pay attention to the rates they quote or offer to you in the loan document that you are going to sign you could be losing a lot of money. You probably better off to take to your attorney before you sign the dotted line.
In the fine print of the loan documents is where they hid most important information that your lender did not want you to know about, especially mortgage and credit card documents. It sounds strange, but it is true, If you don't believe what I said here in this document, go to your loan documents and read the small prints in there you may find out something that you would not like to see or hear about, or if don't believe what I said here, ask yourself a question of why didn't they just print the whole loan documents in a readable format with nice fonts that an average third grader can read and understand it without having to scratch their head or look up words in the webster dictionary for interpretation of words, after all you are the consumer paying them for this services and they will be collecting interest from your financing for such a long time. 95% of mortgage homeowner never gets to the point of paying principle or their mortgage finance off before being taken away from them, but the bank or private investor already started to benefit. Yes, I understand they took the risk to finance us.
I think what is fair is fair, they should make the loan documents more readable for us, and there should be no small prints that is had to read on any loan documents. They should be in a readable format that average Joe can understand; my question all the years was why are they making it so complicated to read if they do not have anything to hide? I also think the loan documents should not have so many pages when we are talking about saving the threes... Not too many consumers read all these pages, it has no value to have so many pages when no one really reads it, of course the attorney will not be making money if they these document could be reduced to minimum.
My solution to this big fat loan documents should be to reduce them to minimum, all it should it be contain is, who own the house, the rate, how long is going to be paid, warranty, borrower's and co-borrower, and all other very valuable information it should not be more than 10 pages long.
Kenapa Bulu Roma Meremang Bila...
Easy Finance Tips For Students
The first year of University is a daunting prospect for most young people, having to move away from your parents for the first time and being independent can seem scary. One of the biggest things that I see my fellow students struggle with is controlling their finances. For some people this just comes naturally, or maybe they will have a lot of help from their parents. However for the rest of us learning to live on a very small budget when you have never previously paid too much attention your cost of living is quite a challenge. I have written this article to provide you with some tips on a few areas in which students often struggle with money. The first piece of advice I will give you is not to buy anything silly with your student loan when you get it! This might seem obvious but many people find it hard not to go and treat themselves the second they see that £1500 sitting in their bank accounts for the first time (or even the second, third and eighth times!). This is compounded by the fact that most students have a fairly sizeable overdraft nowadays, which means you could have around £3000 of available funds, possibly for the first time in your life. If there is something you really want to buy then the best advice I can give is wait until the end of the semester to buy it. This lowers the risk of any nasty surprises causing you to run out of money before the semester is up. Remember that your overdraft is not bottomless. If you get £1500 and you are doing a 3 year course then that means you really only get £500 of loan per year! The main use of your overdraft should be to act as a buffer in case of emergencies. I would not take it into account for my normal spending. I'd also highly recommend against getting a credit card. There should be no situation for a student in which your student loan, overdraft is not enough. If this is the case then it means you are spending too much and you most definitely should not have a credit card in this case! If you are really struggling then you should get a part time job as this will give you money instead of costing you money like a credit card. You can also get financial advice from your university and many students are eligible for certain grants without being aware of it. NIGHTS OUT The second piece of advice is to be economical when going out. It's far too easy to go out and spend ridiculous amounts of money; being drunk does not help your financial acumen at all! Try to take advantage of cheap student nights all the time. Many places offer much cheaper drinks or even all you can drink deals on certain nights, and another advantage of going out on these nights if you're likely to be socialising with people your own age. If you like your music, don't be tempted too much by nights advertising big names that also have big prices. I find that lesser known local DJs or bands can be just as entertaining as the famous ones most of the time. This is a great way to expand your tastes. Taxis are another big spend on nights out. You don't have to not get taxis, but call a private hire firm instead of using an expensive hackney carriage and try to split the fare with as many of your mates as possible - this way you can often get a taxi for less than the price of a bus fare. FOOD Food is another stumbling block for many new students. Takeaway and ready meals are the biggest temptation. You just have to remember that it's far too expensive compared to cooking, the ingredients will be of a lower quality than what you would cook yourself (unless you spend a LOT of money on your takeaway) and it is usually very unhealthy too! If you aren't very good at cooking, learn a few simple recipes that you cook each week and build from there. Certain foods are particularly good for students - when it comes to meat, mince is an obvious one. If you have market nearby check to see if there are any butchers as these often do good deals on meat compared to the supermarkets. I can get enough meat to last a week for £10 from my local market (don't forget to haggle!). The different cuts you get also encourage you to learn new recipes. Remember to use plenty of vegetables too, not only are they healthy but they are cheap and can fill out a meal for next to nothing. Potatoes are a great buy for students, get a big sack and you can use them for so many different meals, not to mention quick and easy jacket potatoes for snacks. Don't bother with brand names. They are very rarely worth the extra cost and you are usually paying for their expensive TV advertising campaigns or posh packaging instead of having your extra dosh go towards a nicer product. The biggest tip I can give for food though is to plan ahead and most definitely not to shop whilst you are hungry! Have an idea of what meals you want to eat before you do your weekly shop and make a shopping list that you stick to. This will make sure that you actually get everything you need and also stop you from buying things you don't need. CRIME Student areas often have to put up with high crime rates. This is because students are easy targets and thieves tend to home in on them. This might seem a strange section to have in a financial advice article but if you have something stolen then you will probably have to pay for the replacement. A lot of student houses can have several expensive computers or laptops, games consoles, TVs, music systems and other expensive gadgets which are very tempting to thieves. Students also tend to be careless and leave their doors or windows unlocked from time to time. You should always be as careful as possible - don't even be tempted nip out to local shop without locking your door behind you and checking the windows. You will never regret locking your door as much as you could regret not locking it. Keep the door locked whilst you are in the house too as thieves can strike at the most unexpected times. It is also worth getting home contents insurance on your stuff. Even if you are 100% vigilant yourself, you cannot always trust your housemates to be as careful. It is easier to plan around a small payment for insurance (and you'd be surprised how cheap it can be) than to have to buy a new £800 laptop unexpectedly. I'd recommend getting a quote from Norwich & Peterborough Home Contents Insurance for students in the UK. Best of luck with your degree and I hope these tips help you out!
