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Many people go out in search of new home without realizing that it can be difficult to get approved for a home mortgage. You will need good tips to help get you caught up if you are in the dark about this subject. Read on for great home mortgage tips that anyone can use.
Find out your credit score, before trying to get a mortgage approval. Mortgage lenders can deny a loan when the borrower has a low credit score caused by late payments and other negative credit history. If your credit score is too low to qualify for a mortgage loan, clean up your credit, fix any inaccuracies and make all your payments on time.
Regardless of h
Hi-Way, which provides car-title loans under the Somwang Ngern Sang Dai brand, developed the Somwang Sabai Jai product last year, but decided to tone down this form of lending at the beginning of the second half of this year after learning that the government planned to introduce pico-finance for low-income earners, managing director Supachai Boonsiri said.
Somwang Sabai Jai currently has a loan portfolio of Bt200 million, which is deemed sufficient for controlling operating costs, he said.
Prevailing economic conditions were another reason for Hi-Way to slow down its micro-finance, as this type of lending is unsecured and the company might face rising operating costs from debt collection from borrowers who are small vendors, he explained.
While the cost is under control if a customer repays debt when the company sends a reminder alert, it rises beyond the target level if Hi-Way has to dispatch on-the-ground staff to pursue repayment.
Therefore, Hi-Way needs to review its micro-finance plan and be clear about the full conditions for operating a pico-finance business before deciding its next step, Supachai said.
Hi-Way will apply for a licence if it is able to lend to customers who work in a province where the company has an office, while the customers household registration is in another province.
However, if the pico-finance licensing conditions do not allow allowing operators to lend across provinces, Hi-Way might opt to take another look at its operations to see what it can do to enhance the way it controls risk and customer behaviour within the terms and conditions of its micro-finance licence, he said.
Tisco Bank, however, wants Hi-Way to focus on car-title loans and expand the vehicle segment to achieve the target set for the business over the next three to five years, he pointed out.
During the period, Somwang Ngern Sang Dai aims to have outstanding loans of Bt15 billion, compared to an estimated Bt8 billion this year, the managing director said.
About 95 per cent of its portfolio currently relies on four-wheel vehicles, he said, adding that to achieve its target, Hi-Way will attempt to expand its lending to fleet cars and motorcycles, which it hopes will account for 10 per cent and 25-30 per cent, respectively, within three to five years.
Auto-title lending entails taking out a short-maturity loan, under which customers can repay all the debt before the end of the term, which many choose to do.
The company therefore has to acquire new accounts to maintain its portfolio and expand its branch network to cover the whole country, he said.
Hi-Way targets having 300 branches within the next three to five years double the current number.
Last year, Hi-Way missed its outstanding-loan target of Bt8 billion because many customers repaid their debt before maturity, leaving it with outstanding lending of Bt6 billion at the end of December, Supachai added.
BERLIN The German economy had a good start to the second quarter and its upswing is likely to continue albeit at a slower pace than in the first three months of the year, the Finance Ministry said on Monday.
Europe's largest economy grew 0.7 percent between January and March, its strongest quarterly rate in two years, as soaring private consumption, higher construction investment and state spending on migrants more than offset weak foreign trade.
The government expects domestic demand to drive an overall economic expansion of 1.7 percent in 2016, on a par with last year.
"The German economy had a good start to the second quarter," the ministry said in its monthly report. "Economic indicators overall suggest a continuation of the economic upswing, albeit at a less dynamic pace than at the beginning of the year."
Rising employment, higher wages and low interest rates are boosting the purchasing power of German consumers, the ministry said, adding: "Altogether, the conditions for private consumption remain good."
The resulting strong domestic demand is pushing up the state's tax income, with overall revenues up nearly 6 pct on the year in first five months of 2016, the finance ministry said.
Buoyant tax revenues were enabling Finance Minister Wolfgang Schaeuble to increase state spending on migrants and infrastructure while keeping a balanced budget.
Turning to foreign trade, the ministry said exports were still growing thanks to strong demand from European Union countries which was cushioning the effect of weaker demand from emerging markets such as China, Brasil and Russia.
"Nevertheless, trade-related risks remain, especially with regard to the still sluggish development of the world economy," it added.
(Reporting by Michael Nienaber,; Editing by Richard Balmforth)
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One of the most difficult things for most adults is finding a way to effectively manage their finances and make sure that they can make all their ends meet. Unless you're earning a couple hundred thousand dollars a year, you've probably been in a situation where money is tight. The tips bellow will give you ways to manage your finances so that you're never again in a situation like that.
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