Credit Provide - Credit Card Resource Site
May 5, 2007 – 4:36 amI was researching for a friend to see if he would still qualify for a mortgage with bad credit rating. He could not get his mortgage application approved from conventional financial institutions but it seems that there are many lenders online who would be more than willing to grant him a mortgage at a higher interest rate.
My friend was in two minds if he should get that mortgage. For one, he would own a house, finally. And by meeting his repayment schedule, this is the chance for him to repair his bad credit. Bad credit history will only stay in his report for a maximum of seven years only, after all.
On the other hand, he is rather apprehensive of the high interest rates, which he may be unable to meet.
During my research online, I stumbled upon the website of Credit Provide which is a mortgage resource site. I discovered that there are actually THREE types of loan calculators. Well, I thought there was only two.
There’s the Mortgage Refinance Calculator, which like the name says, allows us to calculate our monthly savings should we remortgage our property and refinance at a lower interest rate. This is a great tool especially when we need to compare the different loans that are available. A slight difference in the interest rate will make a huge difference in our total loan and monthly repayment.
And then there is the Simple Loan Calculator, which is used to compute monthly repayments on a fixed interest loan and total interest paid throughout the loan period. This is a useful calculator when comparing loans with different fixed interest rates. As usual, a slight difference will make a substantial difference in the total loan cost.
Last but not least, there is the Payday Loan Calculator. Payday Loans are short term loans that are also known as Cash Advance Loans. As these loans carry an exceptionally high interest rate, you can use the Payday Loan Calculator to calculate the monthly interest rate and annual interest rate. Do not be surprised by the figures that you get!
Besides the discovery of these three calculators, Credit Provide also has an Education Center that has a list of informative articles. Two articles that caught my eye are Guarding Against Credit Card Fraud and Doing Away With Credit Card Debt.
I have actually been a victim of credit card fraud and this comprehensive article is a guide on how to prevent credit card fraud and what to do should it happen.
In the other article, I believe it will be most helpful to a couple of friends who are now saddled with credit card debts. These debts were accumulated over time and it is not easy to settle the debts but it can happen if they overhaul their spending habits. I am going to show them this article and hope that their financial situation will improve soon.
Hello and welcome to my blog. I would love to receive your comments! If you wish to be updated on new content, do subscribe to my RSS feed on your feed reader or via email. Thanks for visiting!
Related 'MUST READ' posts:
