Finance, Loan, Debt and Credit.

July 31, 2014

$8,000 First-Time Home Buyer Tax Credit

Filed under: Tax — Tags: , , , , — admin @ 12:47 pm

The information below pertains to the American Recovery and Reinvestment Act of 2009 – Fist Time Home Buyer Tax Credit:$8,000 tax credit is only for the first time home buyers (IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase).First time buyer can purchase any kind of housing (single family home, town house, condominium, mobile home and even houseboat), but the purchase must occur on or after January 1, 2009 and before December 1, 2009; the purchase date = the day when closing happens.There are income limits to qualify for the tax credit. The limits are $75,000 for single taxpayer and $150,000 for married taxpayers filling a joint return.The tax credit does not have to be repaid back; however home buyers must use their home as a principal residence for at least three years.To claim tax credit you need to claim it on federal income tax return. Homebuyers have to complete IRS form 5405 to determine their tax credit amount and then claim this amount on line 67 of the 1040 income tax form for 2009 returns. No other application or forms are required, and no pre-approval is necessary.You will not qualify for home buyer tax credit if you purchase a home from your ancestors, children, grandchildren or your spouse.The home tax credit is refundable meaning credit can be claimed even if the taxpayer has little or no federal income tax liability to offset.You can access the money allocable to the tax credit before 2009 tax returns. Potential home buyers who belive they meet the criteria for the tax credit are allowed to reduce their income tax withholding up to the amount of credit. However buyers should adjust their withholding amount on their W-4.


Student Loan Consolidation Info – Consolidate Student Loans To Save On Interest Charges

Filed under: Loan — Tags: , , , , , , , , , — admin @ 12:46 am

Your student loans have all been assigned a different variable interest rate over the years. Variable means that your interest rate will increase when the current interest rate goes up or will decrease if the interest rates should happen to drop. Each student loan you may have could have different interest rates and they may even have changes yearly. Keep in mind that interest rates are more likely to go up when you get them at a low rate and keep increasing until you get the loan paid in full. A more stable interest rate may be obtained by getting a student loan consolidation.
With a ten year student loan consolidation plan, you can lock in the current loan rates for the life of the loan and save lots of money at the same time. Another benefit to consider with a student consolidation loan is the freedom of having only one payment to manage. By reducing the amount of loans you have to manage you also will reduce the amount of lenders you have to deal with over the years giving you less of a burden. Some lenders also will give you a break on the interest rate for paying on time for a set period of time or offer other discounts in the interest rate for having your monthly payment automatically deducted each month from your checking or savings account.
Interest rates are not the only reason to get a student consolidation loan. If you are starting to have trouble managing your debt for one reason or another, you can get a student consolidation loan to lower your total monthly payment. Having many payments to make can be time consuming to maintain, especially if your payments are to be made at different times of the month. You might forget to send in one of your payments and fall behind in your credit score making it difficult for you to acquire new credit when the time comes. Having many different student loans to manage could lead you into student loan default if you are having trouble with your payments. It is best to spend the time to look into what kind of student loan consolidation you will qualify for before it gets any worse.
Student loan default is a very serious issue that can never be fixed on its own. A student consolidation loan can help save on interest charges and also assist you to work towards getting your debts paid off as soon as possible, because ignoring the debt will only lead to damages on your credit score.

July 30, 2014

Refinancing your Home Loan in Chicago

Filed under: Loan — Tags: , , , , , — admin @ 12:46 pm

Known as the “Windy City”, Chicago is the largest city in the state of Illinois. The greater metropolitan area, known as Chicagoland, encompasses a population of 9.4 million, making it the third largest in the United States. Chicago also has several dozen distinct neighborhoods to match its ethnic diversity and it is divided into 77 community areas. Right now, the real estate market in Chicago is booming.

Refinancing your home loan is quite an effective method to save money, and here is how it works. The idea behind home loan refinance is basically getting a new loan to pay for the already existing home loan, because the new loan has a lower interest rate. Lets say for example that you have a home loan with a 10% APR, but you have just found that another lender is offering you a home loan that has 8% APR. So what you do is you sign with the second lender, use the borrowed money to pay off entirely the first loan, and you are left with just one loan that has a lower interest rate compared to your first one. This is what refinancing your home loan is all about. This method is applicable for all real estate properties, no matter if it is a condo, home, townhouse or an apartment.

The advantages of refinancing your home loan are obvious. You can get better terms, lower rates, and other benefits that will essentially allow you to pay off your loan much faster.

The statistics have also proven the advantages of loan refinancing as a record number of Americans used it in 2001 and 2002. Nowadays, more and more home owners are understanding that this idea can help them save a lot of money. Home loan refinance is an option for people with bad credit as well.

As it was already mentioned, refinancing a home loan is getting a second loan with a better rate than the first one. But you may ask, why not choose the second lender in the first place? Well, there could be many reasons for that. One is you could not have spent enough time to look around for the best financing deals. Or, you could have availed of an indirect financing where your lender charges a higher interest rate compared to those you availed of directly from banks and other lending institutions. Either way, refinancing a home loan will save you cash.

Refinancing your home loan starts by knowing your current interest rate. This information you can get from your lender or you can find it in the loan documentation. Then you have to start searching for a provider that is offering a lower rate. You’ll find that many lenders are offering a very low rate, and then you end up finding out that this rate does not apply for you, because of your particular situation. To avoid that, get a copy of your credit report and find out your credit score.

Once you are ready to refinance your Chicago home loan, research mortgage lenders and their rates. Online mortgage websites allow easy comparison shopping. Look at both interest rates and fees of refinancing quotes. Usually a slightly higher rate with low fees is the best deal. Once you have decided on your terms, you can finish your loan application online or through the mail. Quotes are not guaranteed, so rates may vary slightly once your application has been approved.

Difference Between Debt Settlement and Debt Consolidation

When Debt Becomes a Problem

When a debtor faces overwhelming debt that cannot be paid, he must consider several options. Ignoring the problem will not make it go away, although many people attempt to do this, hoping that the statute of limitations will run out on the debt at some point. The problem is, if the individual has employment of any type that is reported to the IRS, the creditors can find him/her.

Other options include one of the two types of bankruptcy, debt settlement or debt consolidation. Responsible debtors who want to get relief in a legal manner, but who do not want a bankruptcy on their credit reports, will consider the remaining options. The difference between debt settlement and debt consolidation are quite specific and, before making a decision, the consumer needs to understand what each entails.

What is the Difference?

Debt consolidation is the process of obtaining one large loan to pay off all creditors who are holding “bad” debt. Bad debt is defined as that for which there is no collateral (e.g., home, car, etc.) and which has been accumulated in the purchase of goods and services which are not permanent. The debtor secures a loan which usually has a lower interest rate and/or which provides for lower monthly payments than the combined total of the former debt.

The relief provided is that the debtor has a monthly payment which he can afford, and, can more easily provide for monthly living expenses. If a debtor’s credit is still good, he can often obtain such a consolidation loan himself, from a credit union, a bank, or through accessing the equity in his home through an equity loan or line of credit, or through a complete refinance of the home, taking cash out to pay off the debt.

The advantage of using home equity is that the interest rates on these types of loans are usually lower than other conventional loans. If the credit rating is already affected by late or missed payments, however, securing a debt consolidation loan may be almost impossible without contracting the services of a consolidation professional. This individual may be able to negotiate lower overall debt amounts and secure a loan for the debtor. There are fees involved for these services, which are usually added to the loan amount.

The one benefit of a debt consolidation loan is this: if the original debt amounts are paid in full, the credit rating actually jumps up a great deal, enabling the consumer to get future credit at very reasonable rates.

Debt settlement is a process of negotiation to lower the amount of each debt a consumer owes. If an individual is strong, assertive and committed, he can complete this process himself, once he is 60-90 days behind in payments on credit card and revolving debt. The creditor, facing the possibility of getting nothing at all, is usually willing to negotiate a lower debt amount for the prospect of getting something.

If an individual is not knowledgeable in the process of settlement or does not have the assertiveness to negotiate from a point of strength, it is preferable to employ the services of a professional debt settlement individual or agency. The major purpose of this process is to lower the total debt amount, not to consolidate existing debt into one larger loan.

Unlike debt consolidation in which debts may be paid in full, the settlement agreement is usually reported to the credit bureaus as a “settlement for less than the original amount.” This damages a credit rating, and the individual must work steadfastly and consistently to repair the damage to the credit score.

July 29, 2014

Credit Card Debt Elimination Program – The Advantages

Filed under: Credit — Tags: , , , , , , , — admin @ 12:47 pm

There are many different ways to approach your debt, especially if you have big amounts staring you right in the face.

For some people, the approach is to bury their heads in the sand and pretend that the debt doesn’t exist. This is obviously a poor approach and people in this situation would be much better off going with one of the popular debt elimination programs that exist today.

Hector Milla Editor of the “Credit Card Debt Free” website — — pointed out;

“…So what are the advantages of these programs that you absolutely have to know about in the current economy? They are many and it really depends upon what sort of program you choose…”

Stopping the damage to your credit history

Many individuals find that as they attempt to pay off their bad debts, they end up with lots of credit damage. This occurs as a result of the disorganization associated with having many revolving accounts. When you miss payments or pay your cards late, this has a direct impact on your credit score. The more times you do this, the more you wreck your credit for the future and this can obviously be very dangerous for anyone that is serious about their future. If you get in with an elimination program, you can get on the track to paying these debts off, instead of missing payment after payment.

Reducing the amount of interest you pay

Whether you are looking into a consolidation plan or a settlement plan, you will reduce the amount of total interest that you pay over the years. One issue that keeps people in debt is the fact that they spend most of their time paying down interest, instead of making progress on the principal of the loan. This doesn’t help you get out of debt, so you need a program that gives you a chance to pay directly on the loan. Settlement programs will knock out the principal at once, while consolidation programs give you a lower rate and a better payment plan. Each of these has the advantage of saving you big bucks over the long haul.

“…Ultimately, the advantages have a lot to do with giving you a clear path to financial freedom. You will be much more likely to stay in debt if you don’t see the finish line. With an elimination program, you get the information in an organized manner and it is much easier to understand. This will help you as you try to become debt free and as you strive for a financial freedom day…” added H. Milla.

Further information about trusted and reputable companies for credit card debt settlement by visiting;

Why To Choose An Online Tax Filing Option?

Filed under: Tax — Tags: , , , — admin @ 12:47 am

How to pay taxes is a major issue that most taxpayers have to deal with. There is an old and typical way that most people have been using so far is paper filing. It’s somewhat tiresome and as well as time-consuming process. On the contrary, there is online tax filing option you can choose for your task.

More and more people are turning towards doing taxes online because of certain reasons. If you’re an internet savvy, and are good at calculations, then you can easily prepare taxes on your own. As most people favor this method of filing taxes online, tons of companies have come on the surface offering online tax service options. If you explore the internet, you will see that most of the services claim to offer tax preparation and e-filing services for free, but some charge fees. So, you need to explore properly before choosing such services.

The best thing you can do is to visit the IRS website – – to learn about the latest news, chance of tax laws – if any – and much more. If you wish to prepare online tax return for free, you can check out whether you can use “Free File” program provided by the IRS. If you do not qualify for using free file software program, then you can choose the services approved by the IRS.

You can do your taxes with Online Tax Specialist which provides you with the easy-to-use software program. The program will let you prepare online tax return by offering step-by-step guidelines. You need to answer properly the questions asked by the system and fill out the form provided. Your return file will become accurate because of the error check feature in the program.

You should e-file your tax return to the IRS before the deadline. Whether it is online state tax or online federal tax, if done properly using software program, you’ll be able to submit your file accurately before the deadline ends up. Choose to get your IRS refund deposited directly into your account safely.

July 28, 2014

Free Up Funds With a Refinancing Loan

Filed under: Loan — Tags: , , , , , , — admin @ 12:46 pm

The refinancing of a loan is simply where you attain a secured loan to replace an existing loan that has the same assets acting as security. Refinance loans are commonly used especially in the case of mortgages. These are often done for a range of reasons and can have some advantages to the person seeking to refinance. Refinancing a loan may seem simple but this is not an option to be taken unless you are certain that you can handle its demands. One such advantage is that the loan can reduce the interest costs that were undertaken when the first loan was taken. Sometimes interest rates are high and we can benefit from periods when this rate is low. The lowered rates when they do hit the market can be taken advantaged off. One can refinance at a lower interest rate and by doing this reduce overall interest costs. This must be calculated properly though as often the fees associated do add up and sometimes savings may not be worth it in the long run. It really depends but crunch those numbers to determine whether they add up to worthwhile savings.

Another benefit is the fact that refinancing can free up funds to pay off other debts. We often are not only burdened by our mortgage payments but by other loans and debts as well. Refinancing our mortgage can free up funds to pay off other debts and often the mortgage installment will stay the same but time for the mortgage will be increased. This means we meet the same installment that we have handled well over the years. This is a great option but try to avoid incidents where you increase your payments and are not able to cope. Remember your home is your security and if you default you stand to lose this.

Some people also refinance as an option by which to liquidate the equity of there home that has accumulated over time. In many instances this is done when money is required for large investments and can be a simple way to obtain the funds without having to take another loan and without having huge installments to be paid at the end of the month. This can mean however in some cases starting over the payments of your mortgage depending on how much equity you liquidate. Your home will be tied up with mortgage payments for more years and you will have to weigh the advantages and disadvantages before moving in this direction.

It is also possible to refinance and lower the monthly installments required on the loan. This is done by an extension of the time period of the mortgage. You can spread payments over a long period of time for relief from the burden of large payments and pay with ease over the years. Refinancing has many numerous advantages but can also have disadvantages associated with the inability to repay and many others. These must be evaluated carefully before this step is taken.

An Easier Way To Get Student Loan Consolidation Loans

Filed under: Loan — Tags: , , , , — admin @ 12:47 am

When getting any kind of loan, whether it is student loan consolidation or a mortgage, you will soon find that a lot of paperwork must be filled out. This can be a hassle, and seem repetitive. Is there an easier way to get student loan consolidation loans? Find an easier way here!
Most students will go physically to a bank or lender and apply for student loan consolidation. They will need to take a lot of paperwork with them. We all have found ourselves in such a position, even if we weren’t applying for student loan consolidation.
What happens? We forget something, we find we have missed something, and now we need to go back and forth trying to get everything together, just to be able to apply. Needless to say, that this is a lot of hassle.
Is there an easier way? Could it get easier? Applying for student loan consolidation loans over the phone maybe an option. At least like this, you have easier access to all the information they will need for your application.
There is another option, and more and more students are taking this route. That is to apply for student loan consolidation online. It is the pinnacle of ease!
Applying online has many benefits:
* You Save Time
* Get Better Rates
* Get The Information You Need
* You Save Time
Applying for student consolidation loans online allows you to save time. This time saving is due to having all the information in front of you. If you need something during the application process, a quick look around will allow you to find the paperwork necessary to complete the application.
* Get Better Rates
A lot of lenders are offering better rates for people who apply online. For the lender, there is no need to hold as many staff, and have seating for them, etc. These savings work out to be a lot, and most lenders will offer you better rates.
Another way you get better rates is through research. The internet gives you the power to find what you could not offline. For example, you could easily find 10 places online, whereas offline, you may have only been stuck with 1 or 2 options.
* Get The Information You Need
The internet is bigger than any library in the world. It contains almost the sum total of all human knowledge. If there is something you don’t know or are not sure about, the internet can help you find out about the information you need to get a student loan consolidation loan online.

July 27, 2014

Can I Refinance My Car With Bad Credit?

Refinancing your car with bad credit is actually very simple. The key to being able to do this and to actually get lower car payments without having to put any money down, is using a good lending source. The process is the same as obtaining a duplicate car loan, it’s just that you have to find a lender that will approve you for a lower interest rate. There are a few really good sources online that allow you to do this easily and with minimal headaches.

Many people these days are ending up in situations where their bills are more than their income. It’s very common and especially with the latest turn of event in the economy. More and more people are finding themselves in the predicament of having to choose between a car payment and a light bill. What used to be pocket money for extra little things is now being tightened up as people try to simply get by.

Refinancing your car loan, even with bad credit is a good way to cut corners and lower your monthly expenses. If you’ve had your vehicle for a couple years, you can get approved for another loan at a better interest rate and with better terms, extending out your car loan so that your payments are lowered. The central key in doing this is using the right lending services. Not all loan companies are the same and you know that there are many out there that won’t approve you with bad credit. That’s why it’s important to deal with car finance and refinance companies that work specifically with people that have bad credit and need a new car loan, or a car loan refinance with bad credit.

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