If you are new to home loans or if you have just started your preparation to apply, there are some basic terms and concepts you need to be familiar with.
Collateral: It is a security or asset provided to the lender by the borrower in lieu of the loan amount. Upon failure of repayment, the lender can seize the asset (usually property or real estate).
Down payment: The total cost of the house is almost always never financed. The partial value of the house needs to be paid to the seller of the house as down payment. Tip: the more your down payment amount, the lesser the loan amount and thus you might get better terms on your loan.
Loan term Loan: This is the length of the loan repayment period. It can be a flexible span of time depending on your income – higher the income, a longer term can be chosen, your age – the younger you are, as you have most of your working life ahead of you to enable repayment, you are more likely to get a long-term loan.
Equity: The difference between the current market value of your house and the current liability on the property. Over time, as the value of the home increases and the amount of loan decreases, the equity of the home generally increases.
Refinancing: The process of paying off an existing loan and establishing a new loan.
Title: The evidence of the right to or ownership of property.
Annual percentage rate: It is the rate of interest that will be paid back to the lender. The rate can a fixed rate or variable.
Principal: This is the amount of money borrowed for the mortgage. The principal amount keeps decreasing as the borrower makes steady repayments.
Foreclosure: In the unfortunate event of the inability of loan repayment, the lender takes back the balance of the property by forced selling.
Monthly amortization: This is the process of paying monthly installments of the principal amount and the interest rate. Consistent payments will ensure that the loan is repaid on time.
Loan to value ratio: LVR refers to the amount of financing you are getting in relation to the house’s value. LVR of more than 80% requires the borrower to purchase private mortgage insurance (PMI).
PMI: This protects the lender against loss if the loan has defaulted. The monthly PMI payment is added to the mortgage repayment installment amount.
Get a good hold of all these basic terminologies before getting into talks and negotiation with the Bankers.
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4 popular data plans from Verizon
Read moreVerizon is making major changes in its plans after the announcement of bringing back its unlimited plans, this year. It is a good news for heavy Internet users. Verizon knows that every customer is different and has designed its plans accordingly.
As we all know Verizon Wireless is a venture between Verizon Communications and Vodafone, we expect its plans to be one of the good ones. And the newly launched four plans are the best you can get in the market.
- Small (2GB data at USD 35/month): If all you use is Wi-Fi and need data for some really small stuff then this plan is perfect for you. This is one of the best Verizon cell phone plans for light data users. You will save huge bucks every month. 2GB is enough for doing some infrequent Web browsing. This plan will also allow you to use apps that consume less data.
- Medium (4GB data at USD 50/month): Among all the Verizon cell phone plans, this is the perfect one for moderate data users. This plan is enough for browsing and using social media apps like Facebook. If you think that 2GB won’t be enough for a user like you, so you may double it by this medium plan. And the bonus is of spending only USD 15 extra on your monthly plan.
- Large (8GB data at USD 70/month): Large plans are for those who are always looking at their smartphones and burning some data. This is one of the best Verizon cell phone plans suitable for people who keep using multiple apps at the same time. This plan may also be useful when you have to make regular video calls or download some files.
- Unlimited (Unlimited data at USD 80/month): If you are a heavy data user who keeps on streaming YouTube and Netflix then this plan is just perfect for you. It will allow you to update apps and use apps that consume a large amount of data. You may switch to this plan if you want to enjoy uninterrupted Internet streaming.
Verizon has a plan for all kinds of users. Pick the one that suits you the best.
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The best SUV you could gift yourself,
Read moreThe Jeep Cherokee is one of the best choices one can make when it comes to buying an SUV in the mid-size range. Whether it is a smooth drive on a highway connecting two cities or a mud road that leads into desolate woods, this automobile can take it all.
Jeep Cherokees are available in various models like Sport, Latitude, Grand, Sot altitude and Trail hawk. Each of these models comes with their own unique features that satisfy the different needs of the customers. They are available in three attractive colours – red, white, and gray.
These SUVs are designed to provide superior comfort to its drivers. The lush interiors are spacious. The dashboard and controls are simple. The layout is such that all knobs and switches are within easy access to the driver. The design of the automobile is inspired by scenic scenes from the Grand Canyon to the magic and mystery of Morocco. The upholstery on the seats is made of Nappa perforated leather.
The cabin space is well ventilated. Superior air conditioning and heating allows the driver to maintain comfortable temperatures inside the vehicle irrespective of the weather outside. Innovative features in the SUV include collapsible coolers, storage lockers and kits for roadside assistance.
Another noteworthy feature of the Jeep Cherokee SUV is the freedom for customization that it offers. The driver information digital clutter displays are highly customizable and can be tweaked to suit individual tastes and styles. The Cherokee has not compromised on its exteriors either. With its robust body structure and high strength steel, the vehicle gives superior crash protection.
The Cherokee comes at affordable prices. The cost of Jeep Cherokee Sport starts at $24,500. The midrange Cherokee Latitude model costs around $26,500 while the Altitude models come for $25,500. The Jeep Cherokee Trail Hawk model is a slightly more expensive. It comes in the range of $32,000 to $35,000 depending upon the customisations made.
Cherokee jeeps are a great combination of good engine power, amazing interiors and dynamic styling, all available in a reasonable price bracket.