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Lost in a storm of confusion? Here is the lowdown on mortgages for potential first home buyers

Bryan Cleveland

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Here is the lowdown on mortgages for potential first home buyers

Mortgage loans can be a scary thought when purchasing a home for the first time. It is the big passage in adult life to be able to get a good handle on a mortgage. With more research and understanding, you will be able to relax as you will realise knowing more about mortgage with time will make it easier for you to figure out the best loan for your particular situation. In this piece, we are looking at the basics of a first home loan and providing answers to the most asked questions from first home buyers.

This is a guide for those who don’t have the right grasp on mortgages

Save, save, and save!

The best way to decrease the amount in your mortgage is by saving as much as you can so you in turn have a tiny amount of money it takes to buy the home of your dreams. By doing so this will ease the stress in a mortgage as you have less repayments to make. Therefore, it is highly important to have budget that you will commit to. A great way to earn the most with your savings is to begin a savings account with a good interest or even get on board with the governments first home super saver scheme.

Look into a mortgage broker

Although it is in the name, a mortgage broker will not break your heart neither your bank. Although it may seem convenient to go with get in touch with the bank for mortgage advice, it will cost more than if you decide to ask for help from a mortgage broker. Priva Mortgage is the leading mortgage broker in Texas providing exceptional services for mortgage support for a good value. This company has access to an extensive range of lenders and highly experience and qualified to go along with you easily on the lending application process. The market in the mortgage industry is highly competitive therefore you will be able to save more by taking your mortgage advice elsewhere. You will be able to get the best advice on which particular home loan is perfect for your property. In this way, you will be able to save money, making sure you reap the most benefits from your mortgage. These professionals will be able to offer the best advice on what home loan is suited to you based on your particular situation.

Learn about what you can or cannot borrow

Before you jump on board with any loan it is highly significant to know the amount of money you can borrow, especially when you start to look for a home. The best way to learn about this is through a mortgage calculator. The mortgage calculator won’t show you a point-by-point accurate amount, but it will provide a close estimation of how much your lender will allow you to borrow to help you gauge what your overall budget is in consideration of your mortgage. It is therefore important to also speak to the lenders to ask them to consider your ability to obtain a loan and your credit history to make sure your loan application effectively goes through.

First homeowners have an incredible amount of benefits provided by the government

Potential homeowners who are buying their property for the first time can largely benefit with a grant that will be able to help you get your first ever home. There is an incredible amount of incentives in getting your first property. This can be good to make sure you are supported financially so in turn you are on your way closer to getting the home of your dreams. Reap in all the benefits with these incentives.

The main takeaway

When you are rife with the right amount of information, this will be beneficial to make sure you make the right choice when it comes to your mortgage dilemmas. It may seem like a scary avenue to reach but with the right guidance it doesn’t have to be so hard. By getting advice to see the best mortgage for your budget and particular circumstances, this is the key to making sure you are closer to your way of owning your own property. Own it! You’re going places.

I cover national business news and lifestyle for Metic Press. Previously, I've written for TIME, Newsweek, the New York Daily News and VICE News. I am also an editor at HuffPost, a small business news room for a young audience.

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Things rich people do in order to stay rich

Clyde Buie

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Things rich people do in order to stay rich

The world has a number of highly wealthy people who all got there in different ways, but the outcome is the same, wealth. These wealthy people would also have methods they pursue in order to stay at their level of wealth.

They are not necessarily smarter than the average salaryman; however they have mastered techniques and methods to obtain wealth and to keep their wealth.

Here are some things that rich people do in order to stay rich.

They have a financial mindset

Wealthy people will often have a mindset that is concerned with financial growth and how to continue it. They will have creative ways to pursue riches, as well as keeping a mindset that focuses on their goals of success and wealth.

It is this constant mindset that keeps them pursuing new ways to create wealth in order to keep it.

They have a network of professionals and people with similar mindsets

Wealthy people usually like to hang out with other highly successful people.

This network allows them to have more connections and opportunities to create more wealth. It also allows them to maintain and grow their financial mindset by listening and socializing with other people who share the same mindsets as they do.

 

They have multiple streams of income

Wealthy people will have multiple streams of income, whether that be through investments or entrepreneurial pursuits, they will usually have more than one form of income. This ensures that they have a constant cash flow.

The rich are creative in their financial pursuits, and will always be looking for ways to grow their wealth. This coupled with a financial mindset and a network of wealthy professionals and connections, creates multiple income streams in which they obtain, keep and grow their wealth.

 

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How to invest your money and turn it into wealth

Clyde Buie

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How to invest your money and turn it into wealth

There is a vast amount of information on investing your finances, with various methods to do it. With so much information available to us nowadays with the Internet as a major information platform, it can be easy to get overwhelmed with what exactly to do. When you invest money, you are buying a small piece of a company with the intent of increasing the value of this piece over time. Investing is not a get rich quick method, but with the correct investments, you are sure to bring in some extra money.

Here are some ways to invest your money and turn it into wealth.

The stock market

The stock market is a great place to start investing your money. The stock market lists a whole range of companies which are offering parts of their company for sale. When you buy a stock in a company, you own a tiny portion of that company. You should be looking to increase the value of this portion over time. When the company profits, the value of your portion increases, as well as when the company grows. With this growth, the price of your portion increases, which you can then sell at a later date for higher than what you bought it for initially.

Investment bonds

Purchasing a bond means that you are loaning money to a company or the government. The company or government will then pay you interest on the investment over the bond’s duration. Investment bonds are usually a safe investment, but the return is much lower than riskier investments.

These are some ways to invest your money, and with the right investments picked, over time, you can turn them into more money and wealth. Generally, the higher the risk and amount you put into the investments, the more you can earn, and lose.

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Ways to make extra money on the side

Clyde Buie

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Ways to make extra money on the side

You might be stuck in a situation where you need extra money, maybe you aren’t going to make rent this next cycle, or maybe you have some free time and want to earn a bit of side hustle money. Either way, it’s always helpful to have a bit of extra cash coming in.

Here are some ways to make extra money on the side.

Become a ridesharing app driver

Uber, Lyft and Ola are all apps available to the public for ridesharing.

These apps allow you to join, if you have a clean driving record, and become a driver to transport people to their destinations. If you have some extra time after your normal job, this is a good way to make some extra money on the side and is relatively simple to get into, provided you have a car.

Join market research studies

There are numerous market research studies available looking for participants. These can be found over the Internet, and range in pay depending on how much needs to be done and the duration of the study. These are easy ways to make a bit of extra money and don’t take much effort usually.

Sell off old items on Ebay or Amazon

There’s sure to be a bunch of old items you have lying around your property that you don’t need or use anymore. Many of these items can be sold on websites such as Ebay or Amazon, bringing in some extra cash. These items could be books, second hand appliances, sports equipment/gear and clothes.

These are some relatively simple ways to make extra cash on the side. It is always good to have extra cash coming in, and it would be wise to look into some of these ideas which can provide quick busts of capital.

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