Skip to main content

Featured Post

What should I look for in a property maintenance company?

Some of the things to consider when choosing a property maintenance company All kinds of buildings require maintenance. Whether residential or commercial, it is very important to take care of the property so that it is in shape for many years. Therefore, you need a professional service provider to always ensure quality. The company can perform routine cleanings, emergency repairs, etc. You must be careful when planning to avoid unnecessary damage. When making a choice, you need to make sure that you end up with the plan that suits you best. In many cases, you can enter a contract with the company in question. You must also choose between short and long-term contracts. In some cases, there are some benefits that can be associated with the long-term type of contracts and you may find that they are much easier on your pocket. A trustworthy company must eliminate your worry and do a satisfying job. Some of the things worth considering include: Experience It is important to check how long

Let's find some common banking terminologies

Who does not know that Banking Industry is the topmost industry in today's economic world? Different Banks and other financial institutions together form the backbone of the economy of every country. We truly depend on these organizations and it is really very much important to be familiar with the terminologies while having a significant banking decision. But, do you feel a little bit puzzled about the commonly used banking terms sometimes?

Well, it is time to share some knowledge on this topic with you so that in future you won't have to stumble upon those general phrases.

Chequing
The most common bank account is cheque account. A Cheque is nothing but an agreement between two persons. It is a type of contract for money-transfer. The cheque is signed by a person and is submitted to another person's bank to transmit a specific amount of money from the account of the first person to that of the second person.

Debit
Debit is simply an accounting approach. It points to either the increasing of your assets or the decreasing of your liabilities in your account. It is another form of chequing. But the difference is, it is not time-consuming like the previous.

Interest
If it is an issue of chequing, savings or money market accounts, an amount of money is paid to you month-wise by the bank, based upon the assets you already have. In this case it is the interest. But in case of credit cards, loans etc. and pay a fee for the privilege of borrowing money on monthly basis upon your debt.

Annual Percentage Rate
APR or Annual Percentage Rate is the rate of interest expressed as a charge for a whole year over loan, mortgage, credit card etc. It can be of two types: Nominal APR, which is a simple interest rate and Effective APR, which is collectively the fee and the compound interest rate. APR can vary at any time.

Equity
It depends on your payment to clear off your debt. It also shows you off how much you own your property. It is considered to be very much important in refinancing.

Balloon Payment
This is so named because of the nature of the payment. At first you have to pay small amounts in order to lessen your debt. Whenever this time of small payment is over you have to make "Balloon Payments", as this last payment type is a large one.

Closing Costs
When you go to buy real-estate or some other high-value items, you have to pay some other charges along with the cost of purchase. These are payable at the time of closing the deal.

So, these were the common banking terminologies. Remember these and you will surely never feel a fish out of water while dealing with a bank.

Comments

Popular posts from this blog

4 Smart and effective ways to pay off debt on your own

If you are overburdened with an overwhelmingly large amount of debt, you can now reduce your debt burden on your own. If you go to legal debt relief services, you can also get rid of debt but why would you pay for services, which you can do on your own? There are very simple steps involved in paying off your debt on your own. You just have to follow these steps to pay debt off . Read on to know the steps, taking which you could relieve yourself of the debt burden 1. Pay more than the minimum amount: It is a credit card rule that you need to make a minimum payment in order to stay current on your accounts. But if you have already accumulated a huge amount of debt burden, you should look beyond paying the minimum amount each month. Go and save money to pay more than the minimum amount. Though the banks or the financial institutions will want you to make the minimum payments only in order to drag on with the interest rates, but don’t fall a prey to such bank tactics. Make sure that you

Things to Know About Tax Preparation Service

In a few months’ time, the tax season would have already started and people would once again find themselves stressed out with filling out and preparing all documents needed in order to file their tax returns on time. It is in situations like these that the importance of a tax preparer becomes even more highlighted. Now, the question becomes, what does one need to ask in order to get the right person for the job?

The differences between payday loans and cash advances

Payday loans and cash advances are very similar at what they accomplish – they provide you with money during times which you need it the most. Even though they both achieve the same goals, there are still some key differences between them. While they are both methods for getting the money that you need, quickly, your personal situation may make one of them a better or more plausible option than the other. By knowing the differences between these two different solutions to your cash flow problems, you will be able to learn what you need about these types of loans and be able to use this information to decide which one is best for you and the situation you currently find yourself in.

How to Calculate the Refunded Amount of PPI – Reclamation of Your Money

PPI is the short form of Payment Protection Insurance. You can apply for PPI loans when you are running short of funds in your bank accounts and even the current assets are undervalued for your debt. The PPI is given along with the loan you take. However, you can reclaim your money any time, if you feel that the PPI claim was overvalued and you were sold without your knowledge. You can get back all the money you have paid for PPI.

Assessing your monthly outgoings

One of the New Year’s resolutions for businesses that often get thrown around is a suggestion to keep better records. As part of that, if you’re not already being very careful with your record keeping, you should keep better track of your monthly outgoings and properly balance it against your monthly income. The benefits of this should be immediately clear and if they are not, I would suggest going and asking someone why it’s important. Anyone will do. If you have small children, even they will probably know.

Reasons to Use a Financial Management App

If you like to keep track of personal budgets, or if you just ask yourself at the end of the month where did all the money go, it is time to go from a piece of paper and a pen to your financial management app. As smartphones are everywhere now, there is no reason for you to refuse to use an app that would bring so many benefits to you and your finances. You save Money It has been proven that people who keep track of their income and expenses, and people who plan their budgets manage to save more money than others do. Financial management apps allow you follow your incomes and your costs, analyze them and see where you can cut and where you can add. Seeing the exact numbers will motivate you to want to save money, and will help you decide on whether to take a loan.