Finance Archive

Jewelry Care: Protect Your Investments

jewelry in a boxYou may not need to hire armed guards to protect your jewelry like how Kim Kardashian reportedly have to do, but that doesn’t mean you should not be careful with them. They are, after all, an investment — something you can pass on to your children as heirlooms.

There are several things you can do to keep your jewelry in the best condition for a long time:

Buy Only Quality Jewelry

There’s no use trying to protect low-quality jewelry and imitation stones. If you want your accessories to last a long time, start with pieces that are actually of good quality. Jewelers in Salt Lake City offer various designs for engagement rings, wedding rings, pendants, and necklaces, so there’s no excuse for you to settle for something that’s going to look good today, but will easily tarnish in a year or two.

Clean Before Storage

You already bought the best jewelry pieces your money can buy, and you’re ready to wear them for special occasions. After those occasions, you’ll want to keep them in a safe location — but first, clean them. Use fabric and cleaning solutions designed for the kind of material your jewelry is made of, to avoid accidentally scratching the surface. You wouldn’t want to store your diamonds with some dirt on them if you want to preserve their beauty.

Store Properly

After cleaning each piece, it’s time to finally store them. Now, if you’re planning to invest in different kinds of jewelry, you should start reading up on the hardness levels of the materials you choose. Diamond is up there as one of the hardest minerals, which means storing it with the rest of your jewelry may scratch them. Storing diamonds in a separate pouch should do. After you’ve separated the jewelry to preserve the condition of each one, it’s time to look for a storage space. If you’ve got a safe, you can store your jewelry there. If you don’t have any, a secure yet unpredictable location will have to do.

Caring for jewelry starts with choosing the right pieces to purchase. Then, be informed of proper cleaning and storage to prolong their lifespan.

Home Buyers Guide to the Conveyancing Process

Beautiful housesWhen purchasing a house for the first time, you might still be in the dark about the whole conveyancing process. This involves the legal transfer of ownership from the seller to the buyer. It begins as soon as your offer for the house is accepted and finishes when you finally receive the keys.

It is important to understand this process thoroughly to ensure that your transaction goes  smoothly and avoid stressful disputes.

Finding a Solicitor

Conveyancing can be a tedious and complicated process, and many people opt to hire a solicitor instead. The solicitor or conveyancer will take care of communicating with the sellers solicitor, drafting contracts, and filing forms and other details.

These days, more buyers turn to online e-conveyancing services from companies like The Conveyancing Network, as they provide better quotes than the estate agents endorsed solicitor.

Doing the Legal Work

The solicitor will guide you through all the legal work and answer your concerns. He or she will make sure that you are aware of all the factors involved in the property you are buying.

Some of these include validating the title plan and register at the Land Registry, getting information on flood risk, and other specific searches depending on the location.

Signing the Contracts

You have been in correspondence with your conveyancer throughout the whole process, and it is time to wrap things up.

But before signing the contracts, your solicitor needs to make sure that you are satisfied with the agreement, all the details in the property are what you expected, and a completion date has been made between you and the seller.

The conveyancing process does not have to be such a daunting task once you have the right professional to help you with every step. Once all the paperwork is complete, you are finally free to enjoy your new home.

All About Mortgage Pre-Approvals

Real Estate Mortgage Approved Loan Document With House KeyGetting a mortgage pre-approval is a complex process but a necessary one in the acquisition of a house. Mortgage pre-approval involves having the lender determine the loan program you can qualify for and the interest rate thereof. The lender bases the assessment on factors such as income, credit score, debt, as well as employment history.

Why is it important to get pre-approved?

Altius Mortgage Group, a mortgages expert from Utah, reiterates that even before you begin looking at mortgage offers, you must first get pre-approved. Going house hunting before doing so is like walking into a supermarket without a wallet — even if you spot something you like, you won’t be in apposition to engage in a transaction.

Getting pre-approved gives you an accurate idea of what you can afford, saving you the time you’d spend looking at houses beyond your price range. Further, a pre-approval letter is proof that you’re a credible buyer, and sellers will take you more seriously than someone without this letter.

What documents do you need to get pre-approved?

The documents required vary from lender to lender. But, generally, you will need documents that show your income, assets and any other commitments against your income. These are some of the documents you’ll need:

  • Thirty days of pay stubs
  • Bank statements of two months from all your accounts
  • Two years of W2s
  • Last two federal tax returns

Does getting pre-approved guarantee a loan?

It’s important to note that pre-approval letters are subject to modification and even cancellations. Should your financial conditions change, the lender has every right to cancel the pre-approval letter.

A pre-approval letter is not a commitment to make a loan, an offer to lend, or a guarantee of specific terms or rates. Before extending your loan, the lender may require additional asset and income verification, plus the satisfaction of other conditions.

For fear of not getting approved, some buyers put off the loan application process. The problem with doing this is that you postpone your dream to own a house. If you’re worried about your credit score, getting an assessment will help you begin improving the score for future eligibility for mortgages.

Borrowing Money: The DOs and DON’Ts

Paper bills on a tableNo one wants to have debt, but sometimes you just got to do what you got to do if you need some extra cash. This is why it’s very crucial that you do research your options thoroughly before you commit to getting new debt. If you’re a still uncertain if you should borrow money or not, consider the following DOs and DON’Ts of borrowing money.

DO Extensive Research First

Never go to the first lender or credit source available to you. It’s important that you shop around for a specific loan that would meet your needs and offer you monthly payments that you could comfortably afford. If you have an issue with your credit score and can’t find a good deal because of it, you might want to build it up first and then try looking for cash loans again, suggests a loan officer from the Utah Money Center in Provo.

DON’T Focus on the Interest Rate

Aside from the interest rate, check out prepayment or late payment penalties as well. Be wary of loans that require add-ons such as credit life insurance since these policies would increase your interest rate if you roll them into your cash loan.

DO Know How to Budget

If you have debt, you have got to know how to effectively manage your money. Start with monitoring your monthly income and expenses and then evaluate them at the end of the month. Determine if your expenses are reasonable and see if you could cut back on some of them. This is the only way to see where your money is going and ensure that you have enough money for your monthly loan payments should you decide to get one.

DON’T Pay Late

Paying bills that you could afford to pay would only increase your interest and negatively impact your credit rating. Not to mention the potential penalties for late payments that could easily throw off your budgeting efforts.

Everybody will borrow some money at some point in their life, but the important thing to remember is that you need to do your due diligence before you sign anything. Also, it’s vital that you only take on debt that you could afford.

 

Getting a VA Loan: What Do I Need to Do?

A loan has been approvedHaving a car is great, but owning your own home is a sound investment. So you’ve got your eyes on one of these, but the only way you can afford one is to get a loan. If you’re a veteran, a VA Loan in Missouri can help you get the car or house you’ve always wanted to have.

Who Can Apply?

If you’re a member of the US military, a retired veteran, a military reserve or a National Guard member, you are eligible to apply. If you are a spouse of any of those mentioned who died doing their duty, you are also eligible to apply for a VA Loan.

What Do You Need to Prepare?

There are several things you can do to prepare for a VA Loan application. First, check your credit report. Make sure that your credit record is clean and that you have a credible status as a borrower. This affects how much you could borrow for your VA loan.
You should also prepare your Certificate of Eligibility (COE). Contact the Department of Veteran’s Affairs for your Certificate. You could also ask lenders such as Top Flite Financial, Inc. to assist you in getting your COE.
There are other documents you need to prepare, such as your recent tax returns, paycheck slips or stubs, and other employment documents.

What Are the Advantages of a VA Loan?

A VA Loan usually does not require a down payment. If you pay down payment, you only need to pay only 3.5 % of the total loan.
A VA Loan also offers lower than the average interest rates, so it is easier for many borrowers.
For those who want to own a car or a house but need to take out a loan, you should consider getting a VA Loan if you are a member of the military or the armed forces.

Close Your Mortgage Before Your Rate Lock Ends

Mortgage ratesMortgage rates fluctuate. The most recent movement sees a dip in interest rates on 30-year mortgages, the most common type of loan, at its lowest since the previous year. The best way to make sure you get the same interest rate that the bank quoted is to secure a mortgage rate lock.

A rate lock, according to migonline.com, gives you mortgage at the agreed-upon rate during the lock-in period. The lender adds that even when rates rise before closing, you will still get the lower interest rate.

Lock Period

Rate locks can last anywhere between seven days to 90 days. You can choose how long your rate lock will be. You can take into account any delays that may occur along the way. Sometimes, delays can even push your mortgage closing date beyond the rate lock period. In such times, you can ask for a rate lock extension that can cost you a fee of several hundred dollars.

Accomplish All Paperwork

You can make sure that you close your mortgage before any lock extension occurs, saving you from the hefty fee. You can fill out your mortgage applications quickly and submit them promptly. You can also submit any other documents your lender asks for immediately. You can have an easier time closing your mortgage when you finish all the necessary paperwork.

Follow Up on Your Mortgage

In addition to finished paperwork, you can also check your loan progress with your lender regularly. When you actively handle your mortgage, you can easily respond to any needed tasks. You can also easily check any incorrect information on your mortgage, sale contract, or closing date.

Negotiate with Your Lender

When delays happen, however, because of the seller, you can negotiate with your lender about a rate lock extension without paying any fees. You then have to ensure that your sale contract will include a clause indicating the seller’s responsibility for paying your lock extension fee. In other cases of delays beyond your control, you can also negotiate with your lender.

A mortgage lock can help you manage payments and stay safe from rising rates. But the rate lock also keeps you from taking advantage of low rates when they fall. There’s also the rate lock extension fee to think about. Considering the advantages and drawbacks of this feature, you’ll want to seek professional advice before committing to a loan agreement. This way, you don’t worry about rushing to close your mortgage to avoid paying an extension fee.