What Mortgage Type is The Perfect Fit for You

If you are looking to get a house then you will require a mortgage loan. There are many types of mortgage loans which are each fit for a particular group of people. You need to gain the information about each type in order to identify the right mortgage option which fulfils your loan needs with perfection.

Here, we present the most common mortgage types that are available in the UK and often selected by people. especially for buying their first property.

Fixed Rate Mortgage

The most common type of mortgage is the fixed rate mortgage. The lender charges you a fixed interest rate for the whole duration of the mortgage. This rate is often subject to the standard interest rate in the country as well as the period of mortgage. It increases with the increase in period of mortgage. It cannot vary during the period of payment, but late fees and other penalties may be added in case of failure to pay monthly instalments.

The disadvantage with this mortgage is that you cannot enjoy the benefits of a lower interest rate if economic conditions change in the future. On the other hand, you are also protected if there is a negative effect in the economy causing an increase in the variable interest rate. There is also a penalty if you want to opt for an early repayment.

Tracker/Variable Rate Mortgage

This mortgage is formulated on the base rate of interest which is set by the bank of England in the UK. Most tracker mortgages are at 2% above the base rate. This rate changes each time there is a change in the standard interest rate in the country. Tracker mortgage rates are often lower than fixed rates but you are at a risk if the economic conditions change.

Tracker mortgage also has some penalties for paying off the loan, but there are many tracker mortgages which only charge a small fee to pay off the complete loan amount. They are riskier than their fixed rate counterpart.

Offset Mortgage

This is a special mortgage which employs your savings. It allows you to pay interest from your current amount of loan. You can place additional money in your savings account which is taken as the principal amount of loan that you are returning. This means that your additional savings are used to constantly decrease the remaining mortgage thereby reducing the interest with each month.

This type of mortgage is suitable for the bank as well  as the debtor is responsible to pay it completely after the designated period of either five or ten years.

Which is Better?

This depends on your financial circumstances and your preferences. A person who has a stable income and wants to pay off the loan in a long time needs to select a fixed rate mortgage. A person who is sure to pay the mortgage in just two to three years can ideally select the variable rate mortgage option. For a person who is running his own business and doing well, the offset mortgage is a great option as he can greatly reduce the loan amount whenever he earns a big amount.…

Big Data: How to Make Big Sales with Ironclad Results

Big data is an old concept in the world of virtual marketing. Business telecoms have been using strategies that include gathering of salient data for present and future business reference. Marketers in business telecommunications and other industries know the practices of database marketing and data mining. The method helps you determine and target customers based on gender, industry, country, and other salient factors

The term big data generally refers to the quantity of information that is generated and stored per second on a global level. These are terabytes of information available in the virtual world. However, it is imperative to note that this huge source of data is useless if you don’t have a plausible way to navigate the available information. There are four salient factors that affect Big Data, known as the four Vs:

1. Volume

This refers to the scale of data presented and gathered. According to reports, most companies located in the United States have at least 100,000 gigabytes or 100 terabytes of data stored. 6 billion people out of the 7 billion world population own cell phones, which are also huge sources of information. An estimate of 2.5 quintillion bytes of data is produced per day while 40 zettabytes or 43 trillion gigabytes of data is predicted to increase 300 times from 2005. The same amount is expected to be created by the year 2020.

2. Velocity

Big Data also depends on its velocity or the analysis of streaming data. The New York Stock Exchange for instance captures an approximate of 1 TB of trade information per trading session. Contemporary cars have 100 sensors which track items such as tire pressure and fuel level. A projected 18.9 billion of network connection by the year 2016 states that each person on earth will have almost 2.5 connections.

3. Variety

There are different forms of data available in today’s digital world. There are 30 billion pieces of online contents being shared on social networking giant Facebook in a monthly basis. The global healthcare industry is known to have recorded 161 billion gigabytes of data as of 2011. There are 200 million active Twitter users per month that send 400 million tweets per day. YouTube documented more than 4 billion hours of video viewings each month.

4. Veracity

The uncertainty of the data also plays an important role in classifying Big Data. According to reports, $3.1 trillion is lost in the economy of the U.S. due to poor data quality. A survey shows that 27% of the total respondents state that they are unsure of the accuracy of the data they receive online. One in three business leaders on the other hand do not trust their data when making important decisions.…