Finance Book

Home improvement continues as one of the biggest expenses for African- American homeowners. Black homeowners pay the most for home improvements, repairs, upgrades and interest rates according to Federal Government statistics.

Because of a lack of information sources to get the word out to African American homeowners, most African American homeowners fail to take advantage of the many programs available to them.

Despite a record number of home improvement grants available from the federal government. Thousands of black homeowners still pay for high-priced home improvements, without first looking at what’s available from the federal government.

This could often save black homeowners thousands of dollars. It’s a shame the programs most black homeowners finance through there taxes go unused. Yes, by the people who could use them the most.

This week we’ll talk about some of the grant programs currently available from the U.S government. These grant programs can help you improve the value, comfort and energy savings of your home.

If you can get just one of these grants, it would more than pay for the time and effort it takes to get it.

According to HUD (Federal Housing and Urban Development) The Department has published the Early Registration Notice for potential applicants applying for funding under HUD’s competitive grant programs, available on the Grant.gov website. This Notice provides information to help applicants better understand the electronic submission process.

To help with the registration process, HUD has developed a brochure on how to register. HUD also has a brochure that will help you find and apply for grant opportunities. HUD has also prepared a Special file to assist you in completion of a grant. In addition to HUD, many low and no cost loans and grants exist for home improvements from most state and local government agencies.

These loans can go toward bringing homes up to code, used for energy efficient improvements or for cosmetic improvements to your property. All these actions can also help to raise and preserve the value of your home for little or no cost to you.

To take advantage of this program contact your local city or county rehabilitation department for more information. The key is to getting informed and starting the process by taking action.

For the website that list all federal government grants currently available Click Here! This site offers many tools for getting grants, such as tips for finding the right government grant for your specific needs. This site also offers a government grant search tool, government grant email alerts and much more.

By searching and keeping up-to-date on what home improvement programs are available, you can save thousands of dollars. HUD is working feverishly to improve and streamline the application and approval process of home improvement grants.

Meanwhile find out what qualifications you need to apply, get the necessary paperwork, fill it out and send or email it in. You never know, this may turn into a chance for you to save money and improve your home at the same time. What a deal.

By: Roy Primm

When the burden of debt becomes unbearable, you search for all options to get rid of it. One tempting option is using your home equity. It’s simple and easy. Your credit card debt will melt in no time. But remember, it is a double edged weapon.

You may buy your first home in the beginning of your career. You make your mortgage payments promptly. Real estate market also moves up gradually. Over a few years, you build up a good margin over your mortgage. That is your money and you will require it for buying a bigger house or for moving to a posh locality. This is an investment for your retirement also.

However, over the number of years your habits may change. You may go on spending a lot with the help of those ‘powerful’ credit cards. But in the periods of downturn, these credit cards are hard to maintain. With higher interest rates, unreasonable fees and penalties you end up with huge balances on your credit cards. Your income is unable to cope up with re-payments.

There are companies offering instant solutions to get rid of such situation. Their solution is – take loan against your home equity and pay off the entire debt.

You can take such a loan in two ways – either use a home equity line of credit (HELOC) or use a home equity loan (HEL). Both these loans are easy to get if you have built up a good equity over the years. However, you should take such a decision only after weighing major risks.

1. This loan is against your home. If you are unable to pay it off in time, there is a risk of losing your home. You will be quickly spending the loan amount towards discharging debt but if your spending habits continue, you may create further credit card debts in a short time.

2. Consider the market price of your home. If the real estate market is falling, the value of your home may go down and finally your mortgage plus home equity loan may exceed the value of the house. This is a trap of bankruptcy.

3. Your monthly payments on home equity loan will be lower than the payments for your credit card dues. However, the repayment period may be longer and you will have to make the monthly payments regularly all the time.

4. Determine the exact amount outstanding on your credit card. If you are taking your home equity loan, take only the minimum required. If you are planning to take the home equity line of credit, be very careful while spending that money. You may be tempted to use this money for spending further! That will be a very dangerous move.

You should always remember that this loan is second mortgage. It is backed by the security of your home. If you make any defaults, there is a risk of losing your home. Moving from your own home to a rented apartment is never a good idea.

By: Chintamani Abhyankar

No matter what many credit counseling scam artists may try to tell you, no one can legally remove any information that is up-to-date and accurate from your credit report. They can’t do it, and you can’t do it yourself. However, you CAN request an investigation of anything you find in your credit file that you believe to be either incomplete or inaccurate. That is perfectly legal, and can be done at NO cost to you. In fact, anything that a credit repair company offers to do for you can be done yourself, generally free or for a nominal fee.

The good news is that just because you may have some negative information in your credit report doesn’t automatically mean you can’t get credit at all. Most creditors have their own guidelines when it comes to granting credit, which means that each company will look at your credit report in a slightly different way. For instance, it’s not uncommon for companies to lend more credence to the most recent information in a credit report. That way, if you experienced some financial difficulty a number of years ago, but then were able to get back on an even keel and have been exemplary since that time, you’ll be more likely to receive the credit you’re seeking with those companies. It might even be to your benefit to have an informal discussion with a potential creditor to discuss how they interpret credit reports–even before you apply for credit.

You’re entitled to a free credit report every twelve months, and it’s worthwhile to take advantage of that fact, just to see what information is contained in your file. Many financial advisors and consumer advocates suggest that you review your credit report periodically, because erroneous information can sometimes get into your report inadvertently and can affect your chances of getting a loan or qualifying for insurance–as well as how much those will cost you, in terms of interest rates or premiums.

So request a free credit report from one of the Big Three: Experian, Equifax, or TransUnion, and make sure that all the information it contains is up-to-date and accurate, especially if you’re about to apply for a major purchase, seek insurance, or apply for employment. Checking your credit report on a regular basis can also alert you to identity theft, which is one of the fastest-growing crimes in the world today. Inaccurate or incomplete information in your credit report can have a significant impact on your chances of obtaining loans, insurance, or a job, so it’s well worth the effort to make sure everything in your report is exactly as it should be.

If you’re having trouble with your credit report and need help finding assistance, you can contact the Federal Trade Commission (FTC) for help. Find them on the Web at www.ftc.gov, or you give them toll-free at 1-877-FTC-HELP. Their TTY number is 1-866-653-4261. They maintain an online database that lists hundreds of civil and criminal law enforcement agencies in the U.S., and they’ll be able to steer you toward the help you need.

Copyright © Jeanette J. Fisher

By: Jeanette Joy Fisher