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One of the best things since sliced bread and Sky + is undoubtedly the invention of Online Banking! It is so convenient and easy to use and I absolutely love it, whoever invented it needs to be knighted by the queen as far as I’m concerned.

You can do pretty much anything with Online Banking, from checking your balance and recent transactions to applying for loans, mortgages and savings accounts. I find it very easy to check my balance at home or at work, it’s a lot easier than the old way by going down to the bank and checking at the ATM.

I applied for my savings account my putting an application in on my Online Banking account; also I pay payments such as my rent or bill payments online, it’s brilliant!

Mortgages and loans information can also be found via Online Banking, you can also apply online for them.

If you have had a Student Loan then you will know that at some point you will have to pay the amount you borrowed from The Student Loans Company, how much at what points are anybody’s guess as they don’t exactly make it easy to understand.

You aren’t supposed to pay anything back until you are earning £15,000 or more per year, although the problem with this of course is that you end up accruing quite a in interest which isn’t really want you want to do.

The system that they use is very nice not making you pay anything back until you are earning a decent amount although the problem is that the loan amount increases with interest, so it isn’t like it stays the same.

My advice would be to set up a Direct Debit of a small amount, for example £30 per month just so they loan is getting steadily less rather than more, It’s not as if they will ever come knocking for the money although you really don’t want it getting larger do you?

There are lots of different ways to save money and it’s important to save money in the way that suits you. You can set up things such as Savings account with your banks, cash ISA, Premium Bonds etc, and these options are plentiful with varying rates of interest and accessibility.

My personal view is that with the current lack of high interest rates means that it doesn’t matter too much about the savings account you choose, it’s more important how accessible that account is.

Cash ISA’s are a great way to save money although a sticking point can be that for the higher interest account you have to wait 7 days to get your hands on your money, that is a bit of a pain when it comes to withdrawing your money.

My personal view is that a savings account with you bank is a better option as it is easily accessible and easy to transfer your money into. I have a savings account with my bank which runs alongside my bank account, all I have to do on my Internet banking is switch between the two.

As for saving the actual money I would recommend putting away a set amount per month with maybe a long term target of how much you’d like to save, or simply your money away as something to dip into for things such as car insurance, rent deposits.

A few little financial tips from me today, they may seem simple to some and good to others but here goes.

The main thing is to ALWAYS live within your means and always know what you’ve got and what you can afford to spend, this may sound simple but to some this is difficult, so always know what you can and can’t afford. It may be difficult to say no to getting a new kitchen in when it has been needed doing for years, but if you go and get a loan to pay for it and don’t meet the repayments is it really worth it?! NO! So don’t do it! You only end up with less money than you had before, think about the short and long term.

It may seem boring but if you don’t manage your money very well and are always left with no money with 2 weeks until you get paid then you need to sit down and work out a weekly budget. If you can’t make your money last then you have little choice than to make a different plan.

1. Choosing a Loan Program

The first step in getting a loan is deciding what kind of loan is best for you.

When you apply for a loan, you’ll need to have a program in mind so the lender can prequalify you for a specific interest rate and term (the amount of time you want to spread the payments over). Many lenders used the terms “preapprove” and “prequalify” interchangeably. You can change your mind about your loan program after you apply – but let your lender know as soon as possible.

2. Picking An Interest Rate

The first reaction a lot of people have to this step is to say “the lowest one!” There are other factors to consider and the lowest interest rate may not always be the best way to go.

3. Applying For A Loan

You can apply for a loan after you have already signed a contract to purchase a home or before making an offer, if you would like to have a pre-approved loan before you submit offers.

When you submit your application you will have the option to either lock-in the current interest rate and points for periods ranging from 10 days to 6 months or you may elect to float the interest rate with the market and lock-in at a later date. If you elect to lock-in, the interest rate and points on your loan will be fixed for the period of the lock-in regardless of changes to interest rates in the market either up or down. If you elect to float, the interest rate on your loan will be determined by the interest rates available when you do choose to lock-in and could be either higher or lower than the interest rates available on the day you apply. We recommend careful consideration in making this decision.

When you apply for your mortgage the lender may ask you to pay an application fee. You may also be asked to pay a credit report fee and/or an appraisal fee. The important thing to remember is that these fees may be negotiable so be sure to ask if fees can be waived or reduced.

That’s it! You’re done for now and on your way toward the settlement of your new mortgage, which can occur in as little as 30 days (or less!) at the office of the settlement agent you choose.

4. Getting Pre-Approved

You can be preapproved for a mortgage before you find the house you want to buy. Getting preapproved may make you a stronger buyer in the eyes of the seller because the only step remaining in the mortgage process is to have the property appraised. Also, once you are preapproved you’ll know the maximum price you can afford to offer for a house.

5.Processing the Loan Application

To “process” a loan is to make sure that all of the required documentation has been obtained and checked to ensure the conditions stated in the preliminary approval are met.

Upon receipt of your file, the lender will order an appraisal on the subject property. Within three business days you will be sent a complete set of mortgage disclosure documents by your lender. These documents will include a Good Faith Estimate of settlement charges, a Federal Truth-in-Lending Disclosure, a Mortgage Program Disclosure and other information and documents pertinent to your transaction.. You should carefully review these documents for accuracy; contact your lender directly to answer any questions.

Within the first week after you apply for a mortgage two other events should occur. First, an appraiser hired by your lender should have made an appointment with you or your real estate agent to perform a physical inspection of the property. Second, you should engage the services of a licensed settlement agent to perform the settlement and escrow process. If you have any difficulty with either of these two items, call your lender for advice and assistance.

Once the appraisal, credit report and completed disclosure and documentation package is received, your lender will prepare your loan for submission for final approval.

6. The Credit Decision — Final Approval

The underwriter will review and analyze the processed loan package and either approve, deny or suspend your application for a loan. If mortgage insurance is required for your loan, the underwriter will also submit the loan package to a mortgage insurance company for review. In reaching a decision on your application, the underwriter will take into consideration your income, credit, cash reserves and the property itself.

The underwriting process usually takes less than two days to complete. Oftentimes, buyers want to be approved before they find a property to buy.

7.Funding your loan — A satisfying conclusion

The end of the lending process is usually called “settlement” because that’s when everybody “settles up.” Loan funds are either wired to an escrow account or the lender sends a cashier’s check to the closing agent (in some states this may be a title company, in others an attorney or escrow agent). While at settlement you will read and sign numerous documents relative to the purchase (or refinance) of your property. Several of these documents will be familiar to you as they were provided to you in the initial package you received from the lender. Your settlement agent will be able to answer any questions you may have regarding these documents.

Here are some of the most common mortgage loans, along with information to help you decide which is right for you.

Fixed-rate: Found a home to live in for 5-25 years then consider this. Stable and predictable, the interest rate is set for the full length.

Adjustable-rate: Starts with a lower initial interest rate, then grows after a set period. May depend on market conditions which will affect monthly payments, however there is a upper limit which helps limit excessive changes in your monthly payment.

Other types are:

• Jumbo loans. These are loans for homebuyers who need larger loan amounts.
• Stated Income/Stated Assets.
• No income/No assets
• Interest Only

Refinancing: This replaces your existing loan with another lower interest rate loan for the same amount. This can save you tons of money when market interest rates drop 1 or more percentage points lower than your present rate. Refinancing can be used to reduce your interest rate, change the term of your loan, or to consolidate your debts.