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Financing Medical Care

Financing Medical Care

When it comes to medical expenses there are a few ways that these expenses can be financed, but you will need to weigh up your options.


Financing Elective Care

Many people will choose to use a loan or a credit card to pay for elective dental care, weight loss surgery, eye surgery or fertility treatments.

There are some medical expense credit cards that people are able to apply online for and get approved almost immediately. This makes them attractive to those that do not want to wait for some medical care.

Understanding the Contracts

Medical financing does have some benefits, but many borrowers end up paying more in interest and late fees because they do not understand their contracts. This can really damage your credit score.

You will need to go through your contract carefully and ensure you understand any promotional terms, what you will be paying once the term has ended and other costs. If you do not understand anything then you need ask.

Getting the Best Deal

If you are considering paying for medical bills with financing then you need to know how you can get the best deal.

The first thing that you will need to do is research. It is not a good idea to go for the first deal you find. Rather spend your time doing research.

There are providers that will not accept medical credit cards and medical credit card issuers will not let you use your line of credit for chronic and acute care, emergency room visits or to finance any existing medical debt.

It might not be a good idea to apply for credit at your doctor’s office as the application process is often rushed.

As with any loans or credit cards, a medical credit card will have interest and fees that you will need to understand. If you do not pay on time then you may incur a late fee that is reported to the credit bureaus, which in turn will affect your credit score.

You could consider using a credit card that you already have especially if it has a low interest rate and you are able to get a higher credit limit. Banks and credit unions may offer better loan terms and credit card offers.

There are some procedures that take more than one doctor visit to complete. You should not allow your doctor to bill your credit card for services they have not yet been provided.


The Right Time To Apply For A Mortgage

The Right Time To Apply For A Mortgage

Every mortgage lender has a regular monthly business cycle, so when is it the right time to apply for a mortgage?


The loan application process should be started within the first few business days of the month. At this time of the month, lenders are hungry for new business. Loan officers and processors are willing to return your calls and will carefully review loan applications and terms.

The worst time to apply for a mortgage is in the last week of the month. This is because lenders will be busy closing loans in order to meet targets and compensation goals.

Applying at the beginning of the month will ensure you get that extra attention.

You can improve your experience with a lender with these helpful tips.

Get Organized

A lender will ask you for a lot of financial documents, so you should be ready for this. Get organized and have everything that you need at hand.

A Complete Application

It is a good idea to be prepared and ensure that you submit a complete set of documents with your application. This will speed up the process and your lender will be able to send your loan for underwriting straight away.

Detailed Information and Explanation

You should think about how your application will look to a risk underwriter. If there are any quirks in your financial history, you should explain these. These things may include gaps in employment or any credit pitfalls.

Expect Delays

Your rate lock should include a few buffer days. This is to ensure that you do not lose your rate due to delays that are out of your control.

medical bills

What To Do When You Can’t Pay Your Medical Bills

What To Do When You Can’t Pay Your Medical Bills

Medical bills can become expensive and you may find that you are not able to cover them. This leads you to being in debt and collection agencies can even be sent to recover the cost. If this happens it will affect your credit score quite badly.


If you get a medical bill that you are not able to afford then there are a few things that you should do.

Don’t Ignore It

A medical bill should not be ignored. As soon as the bill goes to collections you could lose some of your bargaining power and it can wreck your credit score.

Read the Details

When you receive a medical bill you should look over it carefully. If you need to ask for an itemized bill so you can see where the money is going.

Check the medical bill for any errors, double billing, wrong room rates and any medications that you didn’t receive.

These errors happen and will equal extra money tacked onto your bill.


You are able to negotiate with your medical provider especially when you do not have insurance. Patients that pay from their own pocket will usually have a higher rate then patients with insurance. However, you can ask for lower rates you just need to ask.

Speak to the Billing Department

Medical providers don’t want to have to get collections involved, which means they are willing to work with you. Doctors and hospitals generally have protocol in place so that payment plans can be set up. This allows patients to pay their bills without having to go through collections.

Speak to the billing department and tell them what you are able to afford each month and see how they can work with you.

Negotiate Again

If you are not able to avoid a medical bill going to collections then you should wait and then negotiate with the collections agency. You should tell the agency the amount that you can afford each month.

first time homebuyer

First Time Home Buyer Loans

First Time Home Buyer Loans

Home ownership is more accessible through the use of first time homebuyer loans. You do not need to use a special loan though for your first home purchase. There are restrictions with first time home buyer programs, so they will work for some and wont for others.home buyers

Programs will vary, but they are designed to offer financial assistance to qualified borrowers. This can come in the following ways:

  • Allowance for low down payment
  • Grants to help with a down payment, improvements and closing costs
  • Subsidized interest costs
  • Limits on fees
  • Loan forgiveness

Finding Loan Programs

In order to find a good program you will need to do quite a bit of research. You are able to search the web and include your location in your search.


First time homebuyer programs are aimed at those that have never owned a home. You may find that you will need to meet certain financial restrictions. However, first time homebuyer programs reserve benefits for people that have a low or moderate income. Your chances are then reduced if you earn too much or have substantial assets.

Loan Restrictions

You will unlikely be able to use a first time homebuyer loan to buy an expensive property in your area. You will find that you will be limited to less expensive properties.

You will need to live in the home as your primary residence. If you plan on renting the home out then you will need to look a different type of loan.

The home that you buy will also need to meet physical requirements. It will need to be in good condition and free of safety hazards.

The Pitfalls of First Time Home Buyer Loan

With a specialized loan there are some challenges. These include:

  • Price restrictions
  • If you sell too soon you may lose some benefits
  • You might have to pay recapture tax
  • You might be limited to a short list of loan types
  • If your home increases in value this might have to be shared with the program.

In light of these restrictions you might be better off looking for a different type of loan.


Cash Vs. Mortgage When you Buy a Home

You will always hear how bad it is to carry debt around, so it is logical to think that buying a home with cash or putting down as much cash as you can for your home so that you can avoid the massive debt that is associated with a mortgage.home

However, there is a lot you need to consider when you buy a home with cash or by getting the best home loan according to

Cash Cuts Costs

When you use for a home it will eliminate the need to pay interest on a loan and other closing costs. You will then not have to pay mortgage origination fees, appraisal fees or other fees that are charged.

Also paying cash can make your offer to purchase more attractive to sellers.

Paying cash for a home also means that there is flexibility in closing faster.

Also the cash buyer might be able to get the property for a lower price.

A cash buyer’s home is also not leveraged, which then means that a homeowner is able to sell more easily.

Mortgages also Make Sense

There are also benefits to getting finance, as your personal cash is not tied up in real estate.

Cash buyers need to be sure that they leave themselves plenty of liquidity. If the home needs repairs or renovations it might be hard to get a home equity mortgage later on as you cant be sure what your credit score will look like in the future, how much the home will worth or other factors that could influence mortgage approval.

Selling a home that was paid for with cash can also cause a problem if the owners stretched a lot financially to buy it. A cash buyer will need to ensure that they have enough cash reserves to put a deposit down on a new home.

There are also tax implications when you pay cash as mortgage interest payments are generally taxed deductible.

When you decide how to pay for real estate you need to choose the option that will give you more for your money. You also need to consider which will give you the greater return on your investment.