Tag Archives: money

Factors to Consider When Looking for the Best Mortgage for You

MortgageA mortgage takes many years to pay in full. Thus, you have to make sure that you find one that you can manage well.

Getting the best mortgage rate in Salt Lake City would be an advantage. But, there are other factors to consider. Here are some of them:

Mortgage Type

There are two main types: fixed and adjustable rate mortgages.

Fixed Rate Mortgage – The interest rate remains the same throughout the term of the loan. It allows you to budget your payments. The downside is when there is a general decline in interest rates. Interest on your loan does not go down.

Adjustable Rate Mortgage (ARM) – At the start of the loan, the interest rate for an ARM is often low. It will then fluctuate throughout the rest of the term. You will pay less if the prevailing interest rate goes down. If it rises, you will pay more. 


It is best to compare offers from different lenders. Interest rates and terms may vary from one lender to another. Compare mortgage products with the same features to make sure you are getting the best offer.

Mortgage Rates

Various factors influence the interest rate on a mortgage. These include economic and market conditions, as well as your financial profile. You can qualify for preferential rates if you have an excellent credit score and a steady job.

Mortgage Fees

Aside from interest, other costs come with a mortgage. These may include loan administration and processing fees. Thus, it is also important to consider the “junk” fees when comparing mortgages.

Lock Period

Offers from lenders are only good up to a given period. Interest rates are locked-in during this time. Beyond the lock period, the interest may go up or down, depending on prevailing conditions.

Consider these factors when looking for the ideal home loan to get. This will help you land the right mortgage for you.

Save More: How You Can Save Yourself from Hitting Rockbottom

Saving MoneyEveryone needs money; it’s simply not possible for most — if not all — people to live without it. In today’s economy, you can’t have too much of it. If it’s not you, at least you know someone who’s currently struggling to make ends meet.

Whether it’s you, a friend, a member of your family, or someone you know at the office, anyone can benefit from these ideas on how to stay away from hitting rock bottom.

Pay Your Bills Ahead of Time

Whenever you receive your paycheck, set aside the total amount you need to pay your monthly bills. These bills are always present, so you should always be prepared for them. People who make excuses, saying they can’t handle their bills, are probably not thinking about paying their bills in the first place. How can you miss something so regular?

Avoid using the money to buy a new pair of shoes and justifying the purchase by saying you can skip just one payment on a bill. That skip means penalties or an interruption of service, which means you’ll be paying more and dealing with a hassle you don’t need.

Refinance Your Mortgage, if Possible

Still struggling to pay the bills? You can try checking out the mortgage refinance rates in Salt Lake City. Refinancing typically lets you pay a smaller monthly rate, which means you can adjust your budget to pay for more things every month.

Don’t Make Purchases You Don’t Need

Like that new pair of shoes or that new smartphone, there are things that only count as a luxury. If you want something, open a separate bank account for it. Saving for it means you can still keep up with your expenses; all you have to do is wait a little while longer to buy whatever you’re saving for.

Get a New or Additional Job

If you think you are not getting paid what you deserve, check the market for someone with your qualifications. There might be a company looking for someone like you and which can pay you more. You can likewise get an additional means of earning money like babysitting, dog walking, and freelance writing. Use what you earn from your side job to pay for your daily expenses. What you earn from your main job is what goes to the bank.

Live Within Your Means

Don’t buy expensive things you can’t truly afford, don’t dine in fancy restaurants because your friends do — in short, you must earn much more than what you spend.

Saving money is not a New Year’s resolution; it should be a part of your life. Save what you can today and enjoy what you want tomorrow.

To Borrow and Borrow is Such Sweet Sorrow

Loan ApplicationThose who suffer from financial problems often have one thing in common: they borrow money to borrow more.

For example: using a credit card to buy a new flat screen television. While there’s nothing wrong with buying a new entertainment system using your credit card, problems arise when you use the card and can’t pay it off in full each month because you have exceeded your credit limit.

There’s nothing wrong with borrowing money. In fact, smart borrowing can help you save loads on other finances. But if you overdo it, you’ll fall victim to the endless borrowing cycle.

Borrow to Borrow for Lifetime Experiences?

Getting a loan for depreciating assets like cars is not the wisest decision. Apart from increasing your risk for debt, you don’t get much in return for your personal finances. Since most assets depreciate eventually in the future, what about borrowing money for once-in-a-lifetime experiences?

Good experiences (e.g. luxury cruise) may appreciate over time. But if you borrow money, make sure that your good memories appreciate faster than your debt.

Never Borrow More

It doesn’t matter if you’re buying assets, luxury items or experiences on debt. If you can’t pay the down payment or following interest, then don’t borrow. It’s simple: if you can’t afford it, never risk it.

It’s tempting to buy things on credit because you think you can pay for it in the end. That’s not the case for everyone. Your bank account might fall short of the item that you want. Before you buy, think it over twice and ask yourself: can I afford this or not?

Also, if you’ve already borrowed money, don’t borrow more. It’s a financial trap that leads you to more debt.

Borrowing more is never the solution. If you don’t want to be on the receiving end of an unpleasant bill, it’s best to be a smart borrower now than regret later.

Different Types of Taxes Individuals Have to Pay

Paying Taxes in UtahPersonal income tax is one of the most known taxes, but there are many others that you have to pay. In any given financial year, there are different types of tax that you aren’t exempt from paying. Many people do not love paying taxes, but it is for their own benefit. Below is a list of the different taxes you have to pay:

Personal Income Tax

This is the percentage of tax you pay on the income you receive in a year. This is dependent on the gross income you receive, so those receiving higher gross income pay may have to pay more tax. You have to fill in a form every year to pay these taxes. You can ease the personal tax burden by making the most of the following tax credits: saver’s credit, child tax credit, and education credit. Tannerco.com says that hiring licensed accountants in Utah or anywhere in the U.S. can help you with this if you’re still confused.

Property Taxes

This tax is a computation on the value of your property. The tax collected is used to go to local projects and other related concerns, such as road maintenance and sewage treatment. The percentage paid differs from one state to the other, so make sure you know how much you have to pay.

Consumption Taxes

This is a tax that is pinned to the selling price of an item. For each item you buy, a percentage of the selling price is given to the government as tax. The more you buy, the more consumption tax you have to pay. There are some products that are exempted from tax, however, such as groceries and medications. The rate of tax is usually set by state governments. Tax on items is usually collected by the retailer who passes it on to the government.

It is wise to pay your taxes to avoid penalties, such as jail time. In the end, you will be the one benefiting from the taxes by enjoying better services.