Category Archives: Blog

Top 3 Retirement Plan Options to Lead a Comfortable Life

You need to plan for your retirement early in your life. But it is not wise to stick to a single plan. You should have several options. Here are the best retirement plans you can choose to live comfortably for the rest of your life.

Pensions

maxresdefault1234589It is the easiest retirement plan you can have. Here the employer contributes all the money, and your fund is managed professionally. You only need to stay on the job for a long time to qualify for the pension. After you retire, you can collect the pension money. However, this option is mostly available to government workers. There has been some dissatisfaction with the pension schemes offered by companies. They don’t offer a cost-of-living adjustment. So, the monthly amount you get from your pension is same even after 10 years. So, you need to have other sources of fund.

Guaranteed income annuities

money105It is an insurance product that lets you invest today and get a guaranteed income when you retire. You can get it as monthly, quarterly, annually or as a one-time payment. Before investing in annuities, you must make sure that you can rely on the company. If you fall into the wrong hands, you may end up losing the money you invested.

 

 

 

Real estate

14552602478_299ab9b5ab_bIt is a great income-producing option. It is better to buy the property without any loan. There is some risk associated with this plan, but it is an option you cannot ignore.

If you consult a financial advisor, he or she can tell you about all the options you have for your retirement. You can learn about them and decide which one you want to go for.

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4 tips for Getting Your First Home Mortgage

Lots of people apply to get their home mortgage approved every year, but not everybody gets it. There are many reasons why so many of them gets rejected for a home mortgage. You should consider the following tips so that the chance of you getting rejected is reduced.

Reduce usage of your credit card

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You should make sure that your credit card usage doesn’t exceed 40% of your balance. Banks want to see that you are a responsible borrower. You should pay off your credit card amount as much as possible. It increases the chances of you getting a mortgage.

Limit applying to too many banks

If you apply to too many banks for your mortgage your credit card company will question you. This may lower your credit points so that you will have a bad credit card report.

You should be prepared to pay 20% down payment

Most banks want you to have a credit score of minimum 580. You should pay at least 20% down payment. So, you need to have that 20% money in your savings. If you don’t have it, you can look for new home buyer loans or other options.

Get preapproved


It is recommended that you get your preapproval letter before shopping for a mortgage. For this letter, you may have to provide lots of documentation to your bank. You also need to run your credit score. But this letter will help you to know how much you will be able to borrow from the bank and how much down payment you require to pay.

Getting a mortgage is the first step in owning a house. The hardest part is to make sure that you pay the monthly installments on time so that over time you can own the house.

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