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If you are looking to get a home loan, don’t get confused with all the “jargons” used within the finance industry. Prepare for your home loan with the checklist of typical questions asked by the lending officers employed by the lenders/credit providers. This checklist is useful when you are looking to:

>> Buy your first home

>> Refinance your existing mortgage

>> Consolidate your debts

>> Upgrade or renovate your home, or

>> Invest in another property

Question – What is the purpose of the credit you are considering?

Your response should be anyone of the following:

>> Purchasing a home to live in

>> Investing in another property

>> Renovating your home

>> Consolidating your debts, or

>> Refinancing your existing mortgage or any other needs

Question – What kind of loan repayment type are you considering?

You should consider your loan repayment options, such as:

Interest-Only repayments – You will only repay the interest on your home loan, and your loan balance will not reduce

Principal and Interest – You will have to repay the interest and principal amount together. It means your loan balance will gradually reduce.

Question – What kind of interest type are you considering?

You need to consider the interest rate type in terms of:

A Fixed Rate home loan – With this type of home loan, your interest rate is set for a fixed period, and your repayments remain the same for the duration of the fixed period, usually between one and five years, or

A Variable Interest Rate home loan – This type of home loan is very popular with first-home buyers who just want a loan product that is simple, easy to manage and offers a number of features and benefits.

Question – Are you concerned with the amount of interest rate percentage being charged?

If you are concerned with the amount of interest rate percentage being charged on your home loan, you can use comparison rates because they are a handy indicator to help you compare loans more easily. An expert finance broker will readily provide you with a number of impartial comparisons to help you when deciding and which a bank aligned lending officer is not willing to provide you.

Question – Are you concerned with interest rate movements (i.e. up or down)?

If you are concerned with the interest rates moving upwards, you should consider a Combination (Split) interest rate loan because it will allow a mixture of security and flexibility. This is how you will pay:

>> A fixed interest rate payment for an agreed portion of your home loan, and

>> A variable interest rate payment on the remaining portion of the home loan.

Question – What kind of features and benefits are you considering with your home loan?

You should make sure you fully understand all the features and benefits available to you, such as:

>> Taking advantage to make unlimited “extra repayments” each month. So, you can pay off your loan faster.

>> Taking advantage of “redraw facilities”, so you can withdraw any extra payments you have made on top of your normal repayment amounts, if you need the cash.

>> Taking advantage of “100 percent offset accounts”. If you decide to put as much of your spare cash as you can into an offset account, and keep the cash in the offset account for as many days as possible, your home loan repayments will reduce. It is because your savings are bringing down the interest incurred, and ultimately your loan will reduce much faster.

Question – How long do you expect to remain in the credit contract (i.e. your required loan term)?

You need to consider if you expect to sell the security property in a certain time frame, for example:

>> Long-term – over ten years

>> Medium-term – 5 to 10 years, or

>> Short-term – less than five years

Question – What is an Exit Strategy?

An exit strategy is a plan for what will happen with your loan when you retire. The lender/credit provider will need to see that you will be able to afford the repayments without having to sell your property (i.e. selling your house is not seen as being a valid exit strategy).

So, now you have a checklist of questions to help you get organised when getting a home loan or an investment loan. And, you should now be better prepared to make a decision that suits your personal needs and budget.

In Texas, there is a great number of people being stopped, or during an accident that do not have the necessary auto coverage (about 1/4 of all autos are driven without auto insurance). It is imperative to know the current laws of the Texas state, when looking for a car insurance. Do not trust only on price of an insurance policy when you are obtaining your Texas car insurance. Good insurance does not necessarily have to be expensive, but remember “you get what you pay for”.

Your car insurance quote should include basic auto liability coverage. Keep in mind during your search for a Texas car insurance estimate, this is the nominal liability auto coverage obligatory. There are quite a few vehicles that if damaged or totaled, will cost more than the 25/50/25 auto liability requirement. The insurance company will pay up to this amount; unluckily you will be accountable for the remaining costs. Consequently you may reflect increasing your liability limits if you can afford to do so. This will effect in a rise in your auto insurance quote.

If you wish to have a coverage that will repair or replace your car that is involved in a motor vehicle accident, you must add complete and crash coverage to your liability policy. This coverage is required by most finance companies if you are financing or leasing your car. This is done to protect the finance company against a lost if the vehicle is involved in an accident. This will also increase your car insurance quote.

Searching for car insurance quotes online is another way to get multiple quotes from different companies. By doing so, you may be able to get an inexpensive rate. If you chose to do this, you need to have some knowledge in the various coverage’s that are available and also what is required by law.