Aug/110
How to Get a Low Interest Rate Credit Card
Low interest credit cards are there for one reason only: to draw in more consumers. In an age where there are more credit sharks than ever before, people can now fatefully choose between sticking with one company or another.
A FICO score would be able to tell you whether your current credit condition is poor or excellent. Your FICO score would also tell you what types of credit cards would easily become available to you than others. This doesn’t mean that you would be barred from other cards though. It just means that you would have to pay higher fees than those whose FICO score are robust.
Interest Rates
There are two types of annual interest rates that you should take note of. The first type of annual interest rate is called fixed rate (just like in mortgages). This means when a credit card company offers ten percent, it will stay ten percent for a whole year.
The second type of annual interest rate is called the variable rate (like mortgages, again!). As you may already know from the effects of the market on interest rates of other forms of credit, the variable interest rate in credit cards is also affected in the same manner. Therefore, there’s a chance that midway into the year, your interest rate would change.
Choosing Between Fixed and Variable Interest Rates
Are variable rate credit cards an intrinsic evil? Not really. For one, there are instances that the prime rate in the market is lower than the fixed low rates provided by private creditors. If this is the case, you can opt for the variable rate cards.
Inversely, if the prime rate is following an increased projection instead of a decreasing one, choose lower rates from private creditors.
Excellent, So-So or “Get A Financial Advisor Now!”
There are only four main categories for FICO scores. If you were in the “excellent” category that means all loans would be made available to you if you so desire them.
The next rung is called “good” and they are for those with FICO score of less than 770 but no less than 700. The average FICO score would be less than 700 but no less than 620. The worst-case scenario would be the last rung, “bad”. If you’re in the red zone already, consider remedying the situation immediately.
Remember, credit would not be extended to you if you have a very low FICO score. Of course, sub prime deals can be made available.
However, it is not recommended that you get sub prime loans from private individuals. The pay-off is simply too large, and if you’re already suffering from large debt, sub prime deals would only magnify the problem.
Getting the Card
If this is the first time to get a credit card, make sure you’re aware of the “fine print”. Some credit cards may waive the first year’s annual fee. Make sure that you know what they’re charging.
If you already have credit card debts, you may opt to transfer your balance to low interest cards and try to pay off as much debt as possible.
May/110
Mortgages in Turkey
With its wonderful landscapes, inviting climate and historical background, Turkey has long been a popular tourist hot spot. So popular, in fact, that many visitors have inquired about buying property there. Until recently, though, if you were a non-resident then you could only buy a property in Turkey if you paid cash. However, with recent changes in legislation due to the rise in inflation, you can now take out a Turkish mortgage and make your dream of living in the sun a reality.
However, since this is such a new introduction to this part of the world, there are still some changes to the mortgage system that are happening frequently, therefore it’s wise to check with your financial adviser or mortgage broker before committing yourself to this venture.
For instance, when the mortgages first came into effect, you could only take out a fixed rate mortgage, with the same pros and cons that kind of mortgage entails. In February of this year, however, a new law was passed that allowed Turkish mortgages to be variable, or floating, as well.
The responsibility of any problems after the property handover has changed as well. Before the new legislation came in, if there were any defects or problems with the home, there was no limit on the amount of time a new owner could claim against the bank or mortgage provider for any problems. Now, however, this has been limited to just one year.
The area of tax relief has also changed on Turkish mortgages. Previously, to encourage potential buyers, the Turkish government allowed people to claim tax relief on their mortgage or property. Now, however, due to a rise in interest rates, this has been withdrawn. Although lower rates over a longer loan period are available, this has put some possible house buyers off, especially those on a lower wage or income.
However, as long as you’re aware of some of these changes and are willing to work with them, then Turkey offers a fantastic opportunity for both those wishing to buy a home there for themselves, and those looking to use it more as an investment. With the cost of living relatively inexpensive, a Turkish mortgage can allow you far more opportunities than in a more expansive part of the world, like the US or UK.
If you’re looking to use property as an investment such as a holiday home or villa, especially with the high tourism rate in Turkey, then one of the areas you might want to look at is Didim, especially the towns of Altinkum and Akbuk. Located on the east coast, Didim is a wonderful mix of both historic and new Turkey and is very popular with today’s tourist trade.
Altinkum offers the more modern version of Turkey, although that’s not to say it doesn’t enjoy its own part of history; but with the expansive beaches and new jetty’s ideal for sun-seekers, as well as plenty of restaurants and the nightlife available, it’s a livelier spot.
Akbuk offers a more relaxing alternative, and is extremely popular for its sea bass fishing trips. With a wonderful old chapel that is opened to the public, Akbuk attracts the holidaymaker who simply wishes to unwind and relax, and offers summer houses and villas as buying opportunities.
The prices for property itself is highly attractive – in Akbuk, for instance, a two-bedroom apartment costs as little as 38,000 GBP and this includes scenic views over the surrounding hills. Even four-bedroom apartments in Altinkum are as little as 130,000 GBP, often with their own private pool included.
With these types of prices and the new legislation making it easier to buy, you can see why Turkish mortgages are becoming more than just a possible idea. Add in the climate, friendly locals and history of this country, and it really is a wonderful opportunity.
Feb/090
Continues to rise in the demand for loans
Spend the stormy waters of the mortgage crisis last year, now the housing market seems to be back on their feet.
Applications for mortgages rose again, up 8% compared to June last year.
According miaeconomia Euribor merit is so low and the renegotiation, in my opinion a lot of influences also the beginning of economic recovery.
While the convenience of buying house is now surely high, the other the severe crisis had delayed purchases of many people. Now the tight mesh of dark economic times is increasing and encourages all buyers who have waited these last two years.
The Euribor this month has touched another record low, but sooner or later rises again as happened in the past, so always remember to evaluate very carefully the type of mortgage that squeeze. Fixed or variable is a question that you must always ask yourself carefully. In our blog you will find several tips on the types of mortgage that exist and how best to adjust the choice of mortgage.
But remember that ultimately only you know your financial situation and your prospects for the future, look for more information on the web and then given final judging.