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Category: Apartment Life

Forty-five more cities join the million-dollar club

Soaring home values spurred growth in the million-dollar housing market

Source: mpamag.com

SBI offers up to 30 bps interest concession on home loans in 8 cities – The New Indian Express

SBI offers up to 30 bps interest concession on home loans in 8 cities  The New Indian Express

Source: newindianexpress.com

Four Things to Consider When Choosing Your Next Community

Deciding to move is a major decision and location is one of the most important aspects you should consider when planning a move. Whether it’s a new neighborhood, a new city, or a new state–once you get there, you want to make sure your new community truly makes you feel welcome.

The post Four Things to Consider When Choosing Your Next Community appeared first on Homes.com.

Source: homes.com

5 Best Small-Business Loans & SBA Lenders of 2021

Are you looking for a lender to help you grow your business? Avoid suboptimal financing by using this list of the best SBA lenders.

Source: moneycrashers.com

Credit Unions vs. Banks: Here are the Pros & Cons

Credit union or bank? Learn the key differences between the two so you can pick the best financial institution for all of your monetary needs.

Source: crediful.com

What Is A Consumer Loan?

A consumer loan is a loan or line of credit that you receive from a lender.

Consumer loans can be auto loans, home mortgages, student loans, credit cards, equity loans, refinance loans, and personal loans.

This article will address each type of consumer loans.

Get Approved for personal loan today.

Types of consumer loans:

Consumer loans are divided into several kinds of categories. They include auto loans, student loans, home loans, personal loans and credit cards. Regardless of type, consumer loans have one thing in common: you have to repay the loan at some period of time. 

Auto loans

Most people who are thinking of buying a car will apply for an auto loan. That is because buying a car is expensive.

In fact, it is the second largest expense you will ever make besides buying a house. And unless you intend to buy it with all cash, you will need a car loan.

So, car loans allow consumers to purchase a vehicle where they may not have the money upfront. With an auto loan, your payment is broken into smaller repayments that you will make over time every month.

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You can choose between a fixed or variable interest rate loan. But the most important thing is, whether you’re buying a new or used car, it’s important to compare loans to help you find the right auto loan for your needs.

Start comparing auto loans now!

Home loans

Another, and most common, type of consumer loans are home loans. A home loan or mortgage is a loan a consumer receives for the purpose of buying a house.

Buying a house is, undoubtedly, the biggest expense you’ll ever make in your life. So, for the majority of consumers who want to purchase a house, they will need to borrow the money from a lender.

Home loans are paid back over a period of time. Those mortgages term are typically 15 to 30 years. They can be variable rate or fixed rate. A fixed rate means that your repayments are locked in for a fixed term.

Whereas a variable rate means that your repayments depend on the interest rate going up or down when the Federal Reserve changes the rate.

Over the loan’s term, you will pay back the principle amount of the loan plus interest. This makes it very important to compare home loans. Doing so allows you to save thousands of dollars on interest and fees.

Personal Loans

The most common types of consumer loans are personal loans. That is because a personal loan can be used for a lot of things.

A personal loan allows a consumer to borrow a sum of money. The borrower agrees to repay the loan (plus interest) in installments over a period of time.

A personal loan is usually for a lower amount than a home loan or even an auto loan. People usually ask for $500 to $20,000 or more.

A personal loan can be secured (the consumer backs it with his or her personal assets) or unsecured (the consumer does not have to use his or her personal asset).

But most of them are unsecured, so getting approved for one will depend on your credit score, income and other factors.

But consumers use personal loans for different purposes. People take out personal loans to consolidate debts, such as credit card debts. You can use personal loans for a wedding, a holiday, to renovate your home, to buy a flt screen TV, etc…

Student Loans

Consumers use these types of loans to finance their education. There are two types of student loans: federal and private. The federal government funds a federal student loan.

Whereas, a private entity funds a private student loan. Generally, federal student loans are better because they come at a lower interest rate.

Credit Cards

Believe it or not credit cards is a type of consumer loans and they are very common. Consumers use this type of loan to finance every day expenses with the promise of paying back the money with interest.

Unlike other loans, however, every time your pay with your credit card, you take a personal loan.

Credit cards usually carry a higher interest rate than the other loans. But you can avoid these interests if you pay your balance in full immediately.

Small Business Loans

Another type of consumer loans are small business loans. These loans are used specifically to create a business or to expand an already established business.

Banks and the Small Business Administration (SBA) usually provide these loans. Small Business Loans are different than personal loans, because you usually have to provide a collateral to get the loan.

The collateral serves as a way to protect the lender in case you default on the loan. In addition, you will also need to provide a business plan for the lenders to review.

Home Equity Loans

If you have your own home, you can borrow money against it. These types of consumer loans are called home equity loans. If you’ve paid off the mortgage on the home, you can borrow up to the full value of the home.

Vice versa, if you’ve paid half of the mortgage on the home, you can borrow half of the value of the house. You can use a home equity loan for several purposes like you would with a personal loan.

But most consumers use this type of loan to renovate their house.  One disadvantage of this type of loan, however, is that you can lose your house in case of a default, because your house is used as a collateral for the loan.

Refinance loan

Loan refinancing is a basically taking a new loan to replace an existing one. But you get this loan specifically either to refinance your existing mortgage or to refinance your student loans or a personal loan.

Consumers usually refinance in order to receive a lower interest rate or to reduce the amount of monthly payments they are making on their existing loans.

However, reducing to a lower payment will lengthen the time to pay off the loan and you will accrue interest as a result.

Consumers also use this type of loan to pay their existing loans off faster. However, some mortgage refinancing loans come with prepayment penalties. So do you research in order to avoid that extra charge.

The bottom line is consumer loans can help you with your goals. However, understanding different loan types is important so that you can choose the best one that fits your particular situation.

So do you need a consumer loan?

Get Approved for personal loan today.

Speak with the Right Financial Advisor

If you have questions about your finances, you can talk to a financial advisor who can review your finances and help you reach your goals (whether it is making more money, paying off debt, investing, buying a house, planning for retirement, saving, etc). Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post What Is A Consumer Loan? appeared first on GrowthRapidly.

Source: growthrapidly.com

Best High-Yield Savings Accounts for 2020 | The Simple Dollar

High-interest savings accounts offer those looking to save a liquid option to grow their money at a competitive rate in fee-free, no minimum accounts.

Source: thesimpledollar.com

How to Protect Yourself From Credit Card Theft

Source: feeds.killeraces.com

The Best Time to Buy a TV, Mattress and More: Here’s Your Guide

Now that summer is in full swing, outdoor gear — like tents, backpacks, lanterns and even fitness gear — is marked down.
I understand you’re not going to time your baby’s birth to get the best deal on all their accoutrements.
The pandemic may have kept you out of the gym, and you might still be hesitant to return. But gyms are known to offer big incentives to sign up and get fit in the New Year. Home gym equipment also goes on sale in January, as do scales, according to Consumer Reports. Here’s some guidance on what equipment you need for a good, affordable home gym.

But more often than not, you can plan ahead for life’s necessities — and some non-necessities, too.

Our Guide to the Best Time to Buy Everything

You can’t tell the difference between last year’s refrigerator models and this year’s, right? Didn’t think so.

What to Buy in January

If you’re looking for a blender, food processor, coffee maker or anything else that’ll proudly take up space on your kitchen counter, it’s worth waiting until Black Friday sales begin in stores and online.

TVs

Jeans typically get discounted in October, after back-to-school sales have ended and families are stocked up on fall attire.

Calendars

Presidents Day is a good time to buy a mattress because it gives you a long weekend to shop with your partner for an item you should both agree on before buying.

Gym Memberships and Home Fitness Equipment

Source: thepennyhoarder.com

Linens

Look for deep discounts after retailers remove their rose-colored glasses. It’s not worth paying the “love tax” to celebrate with your sweetheart, anyway.
Computer manufacturers typically release their new models in the summer, so back-to-school sales are a great time to buy last season’s model. The specs probably won’t be different enough for you to notice, unless you’re a hardcore gamer or designer.

Christmas Gear

Bridal shops are slow before the proposal rush during the holiday season, so the few weeks before Thanksgiving is a good time to start trying on gowns.

What to Buy in February

Apple products, however, typically get announced in the fall, so hold off to get that new MacBook.

Mattresses

Lisa Rowan is a former staff writer and producer at The Penny Hoarder.
July means humidity. Pick up an older version of a much-needed dehumidifier in July or August, according to Consumer Reports.

Jewelry

Celebrate the season… by shopping smart, obviously.
Grilling season doesn’t stop at the stroke of Labor Day. Buy at the tail end of summer to enjoy your grill until almost Thanksgiving (OK, depending on where you live).
If you’re eager to start your home DIY projects in the spring, go ahead and shop now.

Winter Coats

Back to school? More like back to the checkout lane.

What to Buy in March

But if your kiddo needs a new stroller or high chair, May is a good time to shop, according to Consumer Reports — especially if you can grab the Memorial Day deals.

A woman carries her luggage down an alleyway in Europe.

Luggage

October means fall leaves — and they are likely covering your yard. Pick up a leaf blower, and while you’re at it, get ready for the snowy days ahead with a snow blower, according to Consumer Reports.
Ask about sample sales and last year’s styles that may be priced to move.

What to Buy in April

No need to rush to the bookstore in December to get a new wall or desk calendar. Buy one in January to get a discount.

Tools

There’s a joke about spooky deals in here, but I won’t make it.
Don’t sweat these savings.

Sneakers

Fall in love with these deals during February.

What to Buy in May

June is typically peak wedding season, and stores hope you’ve planned ahead to buy wedding registry gifts.

Baby Gear

Kick off the new year with big savings.
Be a smart shopper and plan your purchases according to this calendar, which plots the best deals, month by month.

Refrigerators

Toy deals stick around after those Black Friday and Cyber Monday sales in November.
The dog days of summer offer some amazing bargains.
That’s why retailers use the holiday to post sales on pricy items many people have put off buying or replacing for a while. Take advantage.

What to Buy in June

The days get shorter, but the deals get bigger.

A young girl watches a movie on her iPhone on a plane.

Vacation Tickets

Retailers know that the newest TVs and other electronics are revealed at the annual Consumer Electronics Show in January. This makes January the best time to buy a TV, thanks to major discounts — as long as you don’t covet the new, fancy models too much.

Outdoor Gear

Winter coats take up a ton of room in your closet and just as much room in stores. Help retailers clear ’em out this month, and you’ll get a big discount.

Cookware and China

Now is when those items are discounted, and it’s the perfect time to replace or upgrade what’s in your own cabinets.
Before you let an impulse buy drain your bank account, consult our handy calendar of the best time to buy absolutely everything. You might be surprised at the deals each new season brings!

What to Buy in July

Here come the… deals?

Furniture

The yearly tradition of hosting a white sale dates back to the 1870s, when linens were only available in white. But modern white sales include linens and home goods in every color of the rainbow.

Dehumidifiers

Everyone’s finally going outside again. Let sporting goods stores make it easier for you to keep up with your New Year’s resolution (remember that?) by discounting those new kicks.

What to Buy in August

Plus, when their workload slows in the winter, many contractors are willing to lower their prices.

Computers (Except Apple Products)

Your costs typically drop a few percentage points at the end of September (after the kids have gone back to school), making this the best time to buy a house.
Spring forward by making these smart purchases in March.

Grills

Generally, September is the best month to buy Thanksgiving flights.

What to Buy in September

Also look for discounts on other Valentine’s Day goods, such as cards and chocolate after the holiday itself.

Thanksgiving Flights

I know, you have an entire 11 months until you get invited to your next ugly sweater party. But my Goodwill intel reports that January is the best time to find a truly hideous sweater for way cheap. Other Christmas supplies are also on sale in January, including holiday cards and decorations.

Swimsuits

This might not be a frequent purchase, but if you’re in the market for a new home, it can help to hold off past the busy spring and summer buying seasons.

A House

You don’t have to wait until Father’s Day to find excellent prices on tools and home improvement gear.

What to Buy in October

Just don’t forget where you put it when it’s time to pack.

Denim

Hopefully 2021 proves to be a better year for travel. Planning a summer vacation? Travel early or late in the summer instead of during peak times. And you’ll pay less for airfare if you can travel midweek.

Patio Furniture

The smart shopper always plans ahead.
Even if you’re done with holiday shopping for your little ones, consider picking up their favorite character and activity toys while they’re still discounted to stash away for birthdays.

Leaf Blowers

Also look for deals on other necessities like freezers, oven ranges and air conditioners, according to Consumer Reports.

FROM THE SAVE MONEY FORUM

What to Buy in November

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Small Appliances

Some purchases are tough to plan: car repairs, patches for a leaky roof, a working furnace right before the big snowstorm hits.
Even though your local pool might be closed for the season, you should think about stocking up on swimsuits for next year.

A woman gets her wedding gown fastened in the back.

Wedding Gowns

If your family’s been begging for a backyard pool, December is the best time to have one installed. It might be chilly, but pool pros would rather avoid working on 90-degree days!
Hitting the prime booking window — plus our other top tips for saving on air travel.

What to Buy in December

Don’t wait until a week before your big family vacation to get a new suitcase. March is the best time to buy luggage, as it’s on sale to entice shoppers who are desperate to be done with their snowy, dreary winters and who crave a little spring break.

Swimming Pools

New styles hit stores in February and August, so retailers spend much of July clearing out old stock, especially over Fourth of July weekend — making this the best time to buy furniture.
New refrigerator models debut in the summer. Shop in May to get last year’s model at a better price.

Toys

Goodbye summer, hello savings.
It’s worth checking out the patio furniture if you don’t mind storing it over the winter. When that first warm spring day hits, you’ll be ready to bask in the sunshine.
Is your refrigerator running? If not, May is a great time to get a new one.
One of the best times to buy jewelry is in February — but only after Valentine’s Day.
This time of year is ripe with rock-bottom prices on giftable small appliances.

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