Making Financial Decisions

Important financial decisions should not be rushed, you need to seek out all available options then weigh the pros and cons of each. In a perfect world this is how we would all proceed, then we would all win the lottery and pigs would fly. In the real world we are faced with decisions on a regular basis many of which must be made on intuition alone. This process can be risky, especially when the decisions are financial which is why quick decision loans should be something we at least think about before the need arises.

A house you've been looking at for years suddenly goes on the market, you've got some money saved and your credit is OK. However, it is a very nice house at a great price and there are already several people looking at it. This would be an example of when a loan is needed in a very short amount of time. You'd need to apply, get approved, and put your down payment on the house immediately. By nature the loan process can be a long one; your financial history needs to be looked over, financial statements need to be produced and handed over to potential lenders for scrutiny, documents need to be looked at and signed, possibly with a legal adviser, etc… there is a lot to do. When time is not a luxury many details must be skimmed and decisions made on the fly and this is where previous research and familiarization with financial processes can come in handy.

The best way to approach this type of situation is to have some sort of plan in place, know what you want or need, and educate yourself on whatever financial processes will be necessary to fulfill those wants or needs when the opportunity arises.

If you are in need of a new house, research the mortgage process, find out what "points" are and how many your real estate agent should get. Learn about PMI insurance and whether or not you may need it. Do some calculations and figure out how much you can afford per month and how much house you can afford on a 30 year mortgage be it a fixed rate or an adjustable rate.

This same type of planning can apply to any other type of loan. Do you need to renovate your house? Will you need a new car within a year? Will your kids be going to college soon? Would you like to start your own business? Each one of these loans has different options and if you see yourself needing one of these loans down the road you'll be ahead of the game if you do your homework before you find yourself starring at a foot high stack of legalize awaiting your signature.

This is of course good advice for anyone and not just someone who finds themselves having to scramble for quick decision loans due to unexpected opportunities.