How to Determine If Now Is the Right Time to Take Out a Second Mortgage on Your Home

How to Get Back Up When Drowning in Debt

It can be difficult for you to deal with debt. If you owe thousands of dollars, then you may feel as though you are never going to get out of it. However, there are some things that you can do to get back on your feet.

Set a Budget

The first thing that you will need to do is do if you are struggling with debt is to set a budget. You need to know where your money is going. After you have budged for food, utilities, transportation, and shelter, you may find that you have extra money left over. You should put this extra money towards paying off your debt.

Consider Debt Consolidation

Debt consolidation is the process of combining multiple debts into one. People typically consolidate debts by taking out a loan and paying off multiple debts. There are several ways that you can benefit from consolidating your debt. 

You will be able to get out of debt faster. You will only have to make one payment each month. Additionally, you will be able to save money on interest.

Increase Your Income

You may not be bringing in enough money to pay off your debt. That is why you should look for ways to increase your income. You can get a second job or pick up a side hustle. There are several ways that you can make extra money. 

This includes driving for Uber, working at a coffee shop, and mowing lawns. Even if you are only able to bring in a few extra hundred dollars a month, you can still put this towards paying off your debt.

File for Bankruptcy

Bankruptcy can help you get rid of all or part of your debt. However, it should be the last option because it can ruin your credit for a long time. You can choose chapter 7 or chapter 13 bankruptcy. 

Chapter 7 bankruptcy will allow you to wipe out your debt in just a few months. Chapter 13 bankruptcy allows you to repay your debts within three to five years. If you want to file for bankruptcy, then you should contact a debt relief attorney for more information.

It is possible for you to get out of debt. You can set a budget or consolidate your debt. You can also find ways to increase your income. Additionally, you can file for bankruptcy.

A Close Look at The 95% Mortgages

Just look at it, everyone is chasing it. Only a yes from the lender and you get one of the most precious luxuries of the mortgage market. Yes, the hint is for the mortgage with 95% LTV. It is considered as a great success if you get the approval

for such a significant amount, as it is not easy to convince the lender when it comes to applying for a property loan. 

It covers your property value conveniently, and you do not need to worry about the additional arrangements to bridge the financial gap between the 5% deposit amount and the loan amount you qualify for.

But don't you think before you desperately yearn for the mortgage, it is better to know about all the aspects? Have a look at the different related facets.

First, get friendly with the basic concept

Before you go further, have a quick look at the elemental nature of these mortgages. They facilitate funds equal to 95% of the purchase price or the property value, whichever is high.

Now the ESSENTIAL facts –

The introduction part is done, and now you can move on to the varied features of the 95% mortgages.

The interest rate choices

The mortgages are available with both the types of rate options - fixed rate as well as variable rate. In the latter one, most of the options are available with tracker rate and variable discount rate.

What, if your family or relatives want to help you?

There are several provisions for this too. Several options are there to let it happen.

• They can pledge their savings as security
• Can share the responsibility of the monthly mortgage repayments
• Can offer to give some charge or payment on their property to make it act like a security

You calculate a 95% mortgage like this

With a simple calculation, you can calculate your LTV. Just a small game of numbers and price and you can do it. 

The rule is that you need to divide the loan amount (you want to borrow) by the property price or purchase price, whichever is high. Then multiply it with 100.

Here is an example –

You want to buy a property, and the price is £3,00,000

After deducting the deposit amount you need to borrow 2,85,000

Your LTV will be 2,85 000/3,00,000x100 , which tells that your LTV is 95%.

Higher monthly installments

You may take it as a significant advantage that you have received approval for 95% mortgage, and yes, it is good. 

However, there is always the other side of the coin. Yes, it is easier to cover the property value with this type of mortgage, but your monthly installment will be bigger than a mortgage product with a lower LTV.

Before you make or take a decision, do all the necessary calculations to adjust the upcoming mortgage installments in your monthly budget. Losing the trust of the lender in repayments can affect your financial future through a sharp fall in the credit score status.

Early repayment charges apply on loan with variable rates

If you have taken the loan on the variable rate and want to switch to the fixed rate option or wish to remortgage, it may not be possible to do it without paying an early repayment charge. 

The amount may not be minimal. This fact should always be in your mind when you apply for a 95% LTV mortgage.

Most of the borrowers are ignorant about it, and when they plan the switch, they get stunned. It is the reason that it is better to hire a broker to assist you. 

Broking companies have all the necessary information with the most profound detail. Don't worry. There are fee-free brokers available. They will not add to your burden of installments due to higher LTV, search for 'mortgage broker near me' and you will get the options like Shinemortgages.co.uk.

Factors that can get you the approval on 95% LTV mortgage

By working on several conditions, you can get approval on the mortgage.

• You need an excellent credit score 
• Your income status should be strong 
• The debt-to-Income ratio should not be lower than 70:30 
• Do not take any new loan 
• Stay in the same job.

(According to the industry experts, you should have completed at least two years in the same company when you apply for a mortgage)

• If possible try to create additional sources of income as they will help prove a strong repayment capacity
• Your guarantor should be financially stable and there should be no high-interest debt in your financial records
• Do not max out your credit cards 
• Do not make multiple mortgage applications

If you thoroughly follow the above points, it is possible to get a 95% mortgage SMOOTHLY.

So...

The above basics about the 95% LTV mortgages prepare you to apply for the loans with less or no chances of rejection. Besides, the knowledge of the mortgage product is always beneficial for taking big decisions on property investment in the future. 

Author’s note – XYZ has strong knowledge about the mortgage industry and shares here some necessary facts. 95% LTV mortgages are quite popular in the mortgage industry, but how many of you know about them precisely and clearly? Here are the few essential points that should be in your knowledge.

7 Things You Need to Consider When Purchasing a Property

Investing in the property is the right thing to do if you have enough money in hand. It will help you save so much money, in the years to come and it will give you the best returns after some time. Everyone in the world who works hard has a desire to own a property.

But, also those who want to purchase a property do not know where to start their search. Some do not have an understanding with regards to the purchasing processes. As a result, they try to learn things from scratch, and it is a complex process.

You need to plan on checking on the 'Cotierproperties' website. They have some of the best properties in California. Your search for a better home ends when you visit their site. But, what are some things that should be of concern to you when you are looking for a home?

Here are some of the best tips or insights that will help you in this endeavor:

Budget in Hand: Yes, this is the first thing that should be of concern to you when you are looking for a property. You should not go ahead with your search unless you have a clear understanding of this aspect. Check your bank account to see how much you did save in the bank to date.

Also, check your credit rating to see how much loan you can get from the bank. If your credit rating is not up to the mark, you need to plan on working on it if you want to take a loan for the purchase of the home.



Location of the House: Now, this is one of the most crucial aspects when you are planning to buy a home. Take the time to check the neighborhoods that are safe and secure. It should be closer to your workplace and your kid's school or college.

You should also check the area to understand if there are any malls near to your house and if yes, how big is it and what kind of stores and shops are available around the neighborhood.

You should also plan to check with real estate consultants to understand the kind of developments that are going to happen in and around the area. If you do this task, you will quickly identify the best home in the neighborhood.

Square Footage of the House: You need to consider this thing if you are planning to purchase a home. Consider the present and the future needs to understand what kind of house is sufficient for your family.

Talk with your family to understand the sort of house that will be comfortable for them. If you spend time with your family on this one, you will make a better decision.

Bedrooms and Restrooms: Yes, this is one more thing that should be of concern to you. Speak with your family to understand how many restrooms and bedrooms that you require at your house. Do not invest money into a property if you do not have a clear understanding of this aspect. Take time to check on this thing before you start searching for a property.

The Layout of the Kitchen: Food is one of the most critical things that we need to live. A kitchen that is elegant and stylish will help in boosting your mood. People who are cooking the food will do a better job when the kitchen is simply superb.

Now, this is the main reason why you should check the layout of the kitchen before investing your money into a property. Take time to compare different houses to find the best one for you. The size of the kitchen also depends on the number of people staying in the home.

Age of the House: Yes, this should be one more thing that should be of concern to you when you are looking for a property. Check on the website 'Cotierproperties,' to understand this aspect. If the property is old, you might want to inspect the home to check if everything is okay.

If you have any questions, you can have specialists come and do the inspection for you. This way, you are not going to invest in something that is not of any value. It will also help you to make an informed decision.

The Market Price: Check the various homes that are available for sale in the locality. Compare the prices so that you can find the best house that fits well with your budget. If you know the market rates, you can also negotiate the rates with the seller. Most people are ready to reduce if a potential buyer has sufficient knowledge about an area or the neighborhood.

These are some of the aspects that you need to check when purchasing a home for your family.

How the Coronavirus is Impacting the Gold Price Forecast

COVID-19 or the Coronavirus is having a surreal impact on this world in many ways, including the economies of many countries. The following will help you understand how it's affecting the gold and the price forecast for this precious metal.

Demand is High

One thing that is affecting the gold price forecast at the moment is the demand for gold. The uncertainty in several world economies is making people fear that their monetary gains will not maintain their value.

When you are worried about your currency, you turn to gold. This precious metal is valued no matter what, which is the reason the demand is so high at the moment. Currently, retail gold premiums have spiked about 11 percentage points for one-ounce coins or bars.

Crumbling Economies

The reality is that several economies have plummeted, and this fact is not only driving people to gold but is also spiking gold prices. The more currencies drop, the more a company or person can make when they sell the gold to someone else.

What is worse is that there is no cure for COVID-19, which means this pandemic is pretty much unstoppable. The best thing countries can do is slow it down and monitor it, but life cannot go back to normal just yet. Folks who are interested in gold need to pay attention to countries like Taiwan and South Korea that seem to be handling COVID-19 better than other developed countries.

Shortage is Happening

Amid COVID-19 mining of gold, refineries have become non-essential in many places around the world, like Mexico and Switzerland. It makes sense that governments want to do their best to stop the spread and protect their populations, so making a difficult choice like this one is only right.



This is a new reality people who are interested in gold have to cope with. With less gold available, the ability to purchase this metal might get a little more difficult. No one knows when production could get started again, and that could put pressure on near-term gold inventories. It may seem like a good thing for those who have gold, but people who don't and want to make a good decision for their futures should be able to buy some as well.

Potential Hoarding

Another possibility that may impact gold prices is hoarding. As mentioned earlier, mining is slowing down, and that shortage scares some gold owners as well. Some people might avoid trading until they know what is happening with this pandemic, which makes sense.

This will only create more pressure and could help the price of gold rise. Some people might keep their gold because they want to be able to say their monetary future is secure. You should hold on to this precious metal, but that doesn't mean you shouldn't trade it at all; you can trade when you see some stability.

Market Growth

The likelihood that this pandemic might cause the gold market to grow is very high. People are rushing to gold now, but there's still a lot of people who haven't purchased gold just yet. Furthermore, the uncertainty that this pandemic has created on several economies around the world is becoming apparent.

That level of uncertainty doesn't just go away. Worry can linger for some time, and this fact may make the gold market grow even more after this pandemic is over or a little more controlled. People are not going to trust their economies too quickly. A lot of people want to keep some gold because they've seen what could happen. People who weren't able to invest in gold during the pandemic might choose to do so to shield themselves from the next financial crisis. This could change the gold market and gold prices for a long time.

These are some ways COVID-19 is affecting gold prices and how it may continue to affect prices for a long time. If you own gold or want to buy gold, right now is the time to pay attention to the gold market, and all news linked to the market because everything is changing rapidly. Increase your knowledge so that you can make wise choices.

Tips for Budgeting for Car Repairs for Large Families

When you have four or more people living in a home, it can get expensive to do anything. From family outings to utilities and car repairs, the list is endless. We have four ways you can plan for the cost of living and driving as a large family below.

Plan for the expected events

With several drivers in the home, it becomes more likely for an accident to occur, whether it is with another vehicle, a fallen branch, or a wayward softball. Someone may end up with a crack or hole in the windshield. 

Many car insurance companies cover auto glass replacement for broken windshields. You may only need to save back a deductible for this style of claim. Your agent can answer these questions and make sure you have the correct policy for this coverage.

Other things that fall into this category include tires, windshield wipers, and all consumable parts. The more people in the home, the more likely some vehicles will have more miles. Brakes also fit this area. You might want to take advantage of the coverage as long as it does not raise your insurance premium.

Save extra paychecks

You might be thinking there are no extra checks at my house. However, there is an average of two months each year that have three paydays, says U.S. News. 

If you can afford to put these checks in the bank, then you will have an emergency fund of several hundred dollars. You can use this money for yearly maintenance checks. Then, you fix most problems that might arise.

Join a loyal rewards program

Many companies will offer deep discounts to keep people coming back. You will need to spend some time comparing programs to find one that works for your situation. For example, one company might offer a certain amount of money off for spending $50 or $100. 

Another may have a percentage discount with a deeper cut for coming back for routine maintenance like turning rotors and rotating tires.

Save a little out of every paycheck

When you put aside even five or ten dollars a check, the money accumulates much faster than you expect. After three months of depositing five dollars a week in your bank account, you will have $60. Now, this may only pay for a small repair, but another three months, and then three more. You get the picture.

When you have several people in the home, a vehicle typically gets more wear and tear than one in a smaller family. By combining all these techniques, and others you find, you could end up with a large fund in a short time. Then, you can concentrate on a back bill, college funds, a clothing allowance, vacation, or an emergency fund for the house.

Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at facebook.com/brooke.chaplan or Twitter @BrookeChaplan