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Nationwide platinum merchandise card

Personal finance is an individual’s financial status. It’s about how much money you have, and how much you need.

It is about managing your money – today and for tomorrow.Money is nationwide platinum merchandise card the currency on which all world economies function. Income – expenditure –bills- debts - savings: These are a fact of life. A constant for most is the endeavor to tip the scales in favor of savings.Successful financial management includes planning and keeping records of income and expenditure, budgeting, balancing your check book, insurance and investments – whether in real estate, the share market, funds or any of the other available mechanisms. You cannot overlook the necessity of planning your savings, your tax savings and your retirement.A very interesting way to look at Asset and Liability is in the following terms:An Asset is anything which brings in money or does not change the status of your money in the bank. A liability is anything which causes money to flow out - whether under the pretext of taxes, interest or fees.Budgeting – This ensures that merchandise platinum nationwide card you are financially healthy and flourishing. It is a good idea merchandise platinum nationwide card to create and use a budget worksheet which allows you to make a detailed expenditure plan and helps you discover any shortage or unplanned expenditures.Some useful tips in planning your finances:- Handle your own money. If you choose a financial consultant, ensure you understand how your money is being managed.- Save a huge amount in interest by opting for a shorter tenure of loan term – home/ car/ personal.- Debt: Should ideally not be indulged in, or repaid at the earliest.- Savings: it is easier to save more if you start early – you can put aside small sums and over the years watch it accumulate and earn interest for you.- Retirement planning: don’t wait till you are 40 to start. Begin today – nationwide platinum merchandise card and ensure a comfortable lifestyle in your old age. Avoid cashing out your PF or breaking your Funds.- It’s nationwide platinum merchandise card a good idea to do an Annual / Quarterly financial health check up.2

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Reducing consumer debts will ease anxiety and open the door for better rates on a home loan or mortgage. Unfortunately, becoming debt-free is a long process, and it may take several years to achieve this goal. If you own a home, refinancing your existing mortgage – even with poor credit – may present extra cash to payoff high interest credit cards.

What Does it Mean to Refinance a Home Mortgage?

Refinancing a home loan is an everyday practice. There are several reasons to contemplate a refinancing. For starters, if you attain a cash-out refinancing, the mortgage company will hand over a lump sum of money at closing. Prior to this, homeowners apply for a new home loan, which replaces the old. In addition to creating a new mortgage, homeowners also borrow money from their home's equity. For example, refinancing an existing $125,000 mortgage, and borrowing $25,000 of the home's equity will produce a new mortgage of $150,000.

Advantages of Refinancing an Existing Mortgage

If your intent is to become debt-free in the shortest amount of time, refinancing your home is a great alternative. High interest credit cards are difficult to eliminate. Unless you are able to make large payments, it may take ten to twenty years to payoff a $2,000 credit card balance. Moreover, a new mortgage is great for acquiring funds to make home improvements, build a savings account, or plan for retirement. Homeowners with poor credit may increase their credit rating upon reducing or eliminating consumer debts.

When is the Best Time to Refinance?

For many homeowners, now is a good time to refinance their current mortgage. Individuals who obtained home mortgages before rates began to decline are likely paying two or three percentage points above the current average. Refinancing for a lower rate may decrease your mortgage payment. Moreover, refinancing may eliminate private mortgage insurance.

With low mortgage rates, refinancing for a fixed rate or interest-only option may be favorable. Before refinancing, count the costs. Remember, refinancing will entail paying closing costs. If the monthly savings are insignificant, or you plan on moving in less than five years, you will not benefit from a refi loan.

Mortgage lenders have a somewhat insulting name for people who switch lenders to for lower interest rates – they call them “Rate Tarts”. The author has a much more fitting description – Astute Shoppers! After all, why should you be subject to implicit criticism for ensuring you get the best deal? After all a £ from one lender as effective as a £ from another!

The mortgage industry is extremely competitive and as long as lenders use price as the main weapon in their marketing campaigns, price competition will encourage remortgagers to chase cheaper offers. Call them Rate Tarts if you must, but guess who'll be the richer for it! You're just playing the market by it's own rules.

In an attempt to curtail switching, some lenders have raised their up-front charges whilst the more enlightened have improved their client retention programmes. In such a cut-throat market, accolades must be awarded for the best customer retention programmes but raising up front charge will reduce the lenders market share, although on better profit margins. It seems that some mortgage lenders still have to find out that carrots beat sticks!

Take Birmingham Midshires for example. They currently offer a two year fixed deal at 3.89%. This looks like a bargain until you read the small print – they've hiked up the arrangement fee to a massive £1,499! If you write off this fee over two years at £749.50 per year, that's equivalent to an additional 0.75% on a £100,000 mortgage.

So if you want to remortgage you need to do a little homework. Firstly calculate the costs of moving your mortgage. Remember to add in the legal fees to switch the mortgage (usually around £350 on a £100,000 mortgage), the valuation fee (typically £250 for a £100,000 mortgage), the arrangement fee (typically £500), maybe a booking fee (£50?), plus the cost of any penalties you'll be subject to if you repay your existing mortgage.

Now get on the phone to your existing lender.

Let them know that you're considering moving for a better deal. Unless you put pressurise them, lenders often work on the basis that, provided they offer a reasonably attractive deal, natural apathy will prevail - borrowers will be happy to sit tight and avoid the cost, time and trouble of remortgaging. So shake their tree and see if a better deals falls down. If your current lender just offers you their standard variable rate they don't warrant your business!

Now you've found the best new remortgage deal you qualify for, weighed up the costs of moving and got your existing lender to quote for retaining your business, you can make a full comparison and a clear decision.

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