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5 Things EVERYONE Should Know Before Buying a House!? @ Video

5 Things EVERYONE Should Know Before Buying a House!, NEF2.COM


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5 Things EVERYONE Should Know Before Buying a House!


5 Things EVERYONE Should Know Before Buying a House!, REMMONT.COM


5 Things EVERYONE Should Know Before Buying a House!

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Buying Individual Health Insurance Tips? ) Video

#Buying #Individual #Health #Insurance #Tips

Buying Individual Health Insurance Tips, NEF6.COM


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Buying Individual Health Insurance Tips


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Car Insurance Quotes – Auto Insurance Quotes: Farmers Insurance, buying car insurance online. #Buying #car #insurance #online


Auto Insurance

Get an auto insurance quote

America’s finest agents, quote and buy online, great discounts, and award winning claims service.

Why Farmers Auto Insurance is a Smart Choice

At Farmers, we know that insuring your vehicle is more than just a basic obligation. It’s a vital and legal necessity in your world. and these days, your needs may go well beyond “basic.”

That’s why Farmers has spent 85 years building the Smart Choice in Auto insurance, to bring you more than simple coverage. With Farmers, Auto insurance comes with quality coverage, convenience, and personalized service far beyond basic. Yes, it can cover injuries and damages caused by an accident, if you’re legally responsible. However, Farmers goes further, delivering the accessibility, convenience, and options you want, along with the personal touch of your own neighborhood agent.

Car insurance with Farmers means:

Control over your policy

You’re in the driver’s seat. Register your policy and manage, change, and update it quickly.

Personalized attention

Your personal, dedicated and local Farmers agent is there when you need them, and our helpful Call Center agents are always a phone call away.

Insight and guidance

Farmers has spent a lifetime building a strong, trustworthy, and knowledgeable business. We put all of our products, resources, agents, information, and experience at your disposal.

Convenience

Manage your policy your way, with the Farmers Mobile App, paperless policy documents and billing, and online automatic bill payments.

Smart savings

Our long list of auto insurance discounts saves you money on smarter coverage.

24/7 protection

Our award-winning Farmers Claim Services is open 24 hours a day, 7 days a week to process your claim, guide you through the process, and get you back on the road safely.

Customize your Auto Insurance policy with plenty of coverage options

Farmers understands that in life, as in Car insurance, foresight and awareness are everything. When it comes to protecting what you care about most, “one-size fits all coverage” just doesn’t cut it.

That’s why Farmers Auto insurance gives you beyond-basic coverage options to help you spot coverage gaps and cover other unexpected costs.

Consider additional coverage options* like:

Accident Forgiveness

You’re normally a great driver, but you just had your first claim in years and you’re nervous about your rate changing. Well, if you have this option, don’t worry! Farmers will forgive one accident for every three years you drive without one.**

No Fault, No Foul

Accidents happen (that’s why you have insurance), and Farmers knows that they aren’t always your fault. That’s why, with this option*, your rate remains unchanged when you’re not at fault in any accident while your Farmers policy is in force.**

Small Claim Forgiveness

With this option, your rates will never go up because of a fender bender or other small accident even if it’s your fault.

Incident Forgiveness

Get a speeding ticket? Pretty frustrated? We understand these things happen. With this added option, Farmers won’t increase your rates for a citation, as long as no claim is filed.**

Farmers Rideshare

Insurance coverage for rideshare drivers doesn t have to be confusing. Farmers Rideshare can provide you with seamless personal auto coverage until the full commercial liability coverage provided by your rideshare company begins.

Start today with a quick online Auto insurance quote. You can even conveniently purchase your new Car insurance policy online too.

You can always speak to a local Farmers agent to learn more about coverage options, or talk about your coverage needs.

*Not available in all states.

**Benefits apply to Farmers customers only, and do not include any incidents or violations occurring before the date of insured with Farmers.

This brief summary is not a policy document. Please read the actual policy documents for your state for important details on coverages, exclusions, limits, conditions, and terms. If there is any conflict between this summary and the policy documents, the policy documents will control. Not all products and discounts are available in every state.


Buying Process – Home Loans #loans #for #the #unemployed


#how to get a loan
#

Home Loans

Buying Process

In most cases, you need to follow these steps to get a VA home loan.

Eligibility Requirements for VA Home Loans

Find a real estate professional to work with. Perhaps a friend has someone to recommend. Or you could look under “Real Estate” in your yellow pages or on the web.

Find a Lender

Locate a lending institution that participates in the VA program. You may want to get “pre-qualified” at this point – that is, find out how big a loan you can afford. Lenders set their own interest rates, discount points, and closing points, so you may want to shop around.

Get a Certificate of Eligibility

The Certificate of Eligibility (COE) verifies to the lender that you meet the eligibility requirements for a VA loan. Learn more about the evidence you submit and how to apply for a COE on our Eligibility page.

Find a Home and Sign a Purchase Agreement

Work with a real estate professional and negotiate a purchase agreement. Make sure the purchase and sales agreement contains a “VA Option Clause.”

Here’s a sample of a “VA Option Clause”:

“It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall not incur any penalty by forfeiture of earnest money or otherwise be obligated to complete the purchase of the property described herein, if the contract purchase price or cost exceeds the reasonable value of the property established by the Department of Veterans Affairs. The purchaser shall, however, have the privilege and option of proceeding with the consummation of this contract without regard to the amount of the reasonable value established by the Department of Veterans Affairs.”

You may also want the purchase agreement to allow you to “escape” from the contract without penalty if you can’t get a VA loan.

Apply for your VA Loan

Work with the lender to complete a loan application and gather the needed documents, such as pay stubs and bank statements.

Loan Processing

The lender orders a VA appraisal and begins to “process” all the credit and income information.

(Note: VA’s appraisal is not a home inspection or a guaranty of value. It’s just an estimate of the market value on the date of the inspection. Although the appraiser does look for obviously needed repairs, VA doesn’t guarantee the condition of the house. The appraiser, who is licensed, is not a VA employee. The lender can’t request a specific appraiser; assignments are made on a rotating basis.)

The lending institution reviews the appraisal and all the documentation of credit, income, and assets. The lender then decides whether the loan should be granted.

Closing

The lender chooses a title company, an attorney, or one of their own representatives to conduct the closing. This person will coordinate the date/time and the property is transferred. If you have any questions during the process that the lender can’t answer to your satisfaction, please contact VA at your Regional Loan Center .



Why it – s miles cheaper to avoid the banks when buying a car. #auto #loan #rates


#cheapest car loan
#

Why it’s miles cheaper to avoid the banks when buying a car

WITH car sales falling off a cliff, there’s never been a better time to buy a car. The number of new cars sold in Ireland last year was a third the number sold in 2000, when the Celtic Tiger was alive and well. The industry is on its knees as a result – so you’ve a better chance of getting a bargain.

“It’s definitely a buyer’s market,” said Conor Faughnan, director of policy with AA Ireland. “You can push the car dealer on price, particularly if you’ve got the cash to do a deal.”

Cash of course is the cheapest way to buy a car – but not many of us have the luxury of having the cash to buy a car outright. Chances are, you’ll have to borrow to buy your dream set of wheels. Choose the wrong car finance however and you could pay as much as €6,000 more for your car than you would have, had you borrowed the money elsewhere.

You usually have two choices of car finance – a hire purchase agreement, where you pay monthly repayments for the hire of the car, or a car loan. You’ll typically be offered hire purchase if you go to a dealer; while a bank will usually offer you a loan.

The Sunday Independent examined the car finance offered by AIB, Bank of Ireland, Danske Bank, Permanent TSB and Ulster Bank as well as the hire purchase deals offered by a few dealers. We found that hire purchase can work out a lot cheaper than a loan – but only if the interest rate is lower than 9 per cent and there are no hidden charges lobbed on top of that.

BORROWING €10,000

Up to €2,350 more expensive at the bank

If borrowing €10,000 to buy a car, one of the cheapest ways to do so is through hire purchase with Renault Finance.

If you’re buying a Renault Megane (Coupe, Hatch or Grand), Renault Finance offers interest-free hire purchase of up to €11,000 as long as you pay off the money borrowed over three years – and pay a 30 per cent up-front deposit off the price of the car.

If you’re not interested in a Megane, but have another Renault in mind, you could borrow €10,000 from Renault Finance at an interest rate of 4.9 per cent under hire purchase – as long as you can stump up the 30 per cent deposit. Under that rate, the monthly repayments are €185 over five years – and the cost of your credit, including interest and fees of €150, comes to €1,250. That’s up to €2,350 cheaper than the banks.

If you’re buying from a BMW dealer, BMW Financial Services charges 7.95 per cent interest under HP if you’re borrowing €10,000. The monthly repayments over five years are €198.67, which brings the cost of your credit to €1,920 – almost half what some banks charge. You don’t have to pay a deposit to get the 7.95 per cent interest rate.

Our survey found that Bank of Ireland is the most expensive for car loans. It charges 13.6 per cent interest on a fixed-rate loan of €10,000. Under that rate, your monthly repayments over five years are €226.82 – which brings the cost of your credit to €3,609.

Bank of Ireland will knock off 1 per cent from your interest rate if you get your loan online – but even with that discount, its €10,000 car loans still work out more expensive than those offered by AIB, Danske Bank, and PTSB. Ulster Bank is the second most expensive for a €10,000 car loan. Ulster charges 12.3 per cent interest – which clocks up to €3,238 after five years.

Permanent TSB offers the cheapest €10,000 car loan. Permo charges 9.9 per cent interest, which will cost you €2,595 after five years.

Check if your bank offers hire purchase as that may work out cheaper for you than a car loan. Bank of Ireland charges 10.5 per cent interest on €10,000 borrowed under hire purchase, which brings the cost of your credit to €2,756.40 after five years – about €800 cheaper than the bank’s fixed rate loan.

BORROWING €30,000

Up to €5,731 more expensive at the bank

If buying a Renault, Renault Finance should work out a lot cheaper than your bank. It costs €3,510 to borrow €30,000 over five years under Renault’s 4.9 per cent interest rate for hire purchase – but again, you need a 30 per cent deposit to get that rate.

If you don’t have the 30 per cent deposit, you’ll be charged 6.9 per cent interest – which is still cheaper than the banks.

It costs €6,068 to borrow €30,000 over five years under BMW Financial Services’ hire purchase plan – which charges 7.95 per cent interest.

Borrow the €30,000 through Bank of Ireland’s variable loan however, and you’ll pay €9,241 in interest over five years – between €3,173 and €5,731 more than the hire purchase offers we examined. Bank of Ireland charges 11.7 per cent interest on this loan – which makes its variable loan the most expensive of the €30,000 car loans examined.

Danske Bank’s variable loan is also expensive. Danske charges 11.47 per cent on a variable loan of €30,000, which will cost you €9,054 after five years.

The cost of Permo’s €30,000 car loan, which has an interest rate of 9.3 per cent, adds up to €7,277 after five years. The hire purchase offers from Bank of Ireland and AIB worked out cheaper than Permo’s loan however.

BORROWING €60,000

Up to €6,192 more expensive at the bank

One of the cheapest ways to borrow €60,000 is through hire purchase with BMW Financial Services. You’ll pay 7.95 per cent interest on €60,000 and this will cost you €12,290 after five years. Get a €60,000 variable loan at 11.7 per cent from Bank of Ireland however, and you’ll pay €18,482 interest after five years – about €6,200 more.

Avoid Danske Bank’s variable loan – it charges 11.47 per cent interest on €60,000, which will cost you €18,107 after five years.

At 9.3 per cent interest, Permanent TSB’s car loan was the cheapest €60,000 bank loan surveyed. The cost of that loan came to €14,555 after five years.

Bank of Ireland’s hire purchase however works out cheaper than Permo’s car loan. The cost of borrowing €60,000 under Bank of Ireland’s hire purchase over five years adds up to €13,515.

LEASING

If you own your own business and you’ve no desire to own a car outright, leasing could work out cheaper for you in the short-term.

For example, it could cost you €29,560 to buy a Toyota Avensis diesel saloon. If you lease it for five years from Merrion Fleet Management, your monthly repayments come to €512.67. These repayments include the cost of maintenance such as road tax, servicing and tyres. By contrast, the monthly repayments for a €30,000 bank loan over five years range between €619 and €654 and these repayments don’t include costs such as road tax and servicing.

The cost of leasing a car will however add up over time. After five years, the monthly repayments for the lease of the Toyota Avensis add up to €30,760 – and you won’t own your car but must hand it back to the leasing company at an agreed time. As long as you meet the repayments on your car loan or hire purchase agreement, you’ll own your car.

CAVEATS

You need to understand everything about a hire purchase agreement before you sign up to it, warns Dermott Jewell of the Consumers’ Association of Ireland.

The main advantage of a loan over hire purchase is that you can sell your car to repay the loan should you fall behind on your repayments. You can’t do this with hire purchase. As a result, you’re more likely to have your car repossessed under hire purchase than a car loan. With hire purchase, you don’t own the car until the final payment is made.

“The inability to pay later has given rise to significant debts when devalued cars are repossessed, sold for small market value and leaving unmanageable balances to pay,” said Jewell.

Irish Independent

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What’s the best way to finance buying a car? Money Advice Service #financial #loans


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Buying a car is no simple decision. From buying outright, to buying a car on finance, there are many options. You also have to consider running costs. In fact, it’s probably the second most expensive thing you’ll buy after a home. So it’s important to make sure you get the best deal on financing.

Cash or savings?

When interest rates are so low, it’s likely that your savings will not be earning much in a bank or building society account. So rather than keeping your savings and borrowing at a higher rate of interest, you could use them to fund all or some of the cost of the car.

  • You should make sure you have enough savings left over for an emergency after you have paid for your car.
  • If you don’t have enough savings to buy the car outright, you could use them to give you the biggest deposit possible.
  • Even if you use money from your savings you may be better off buying the car on your credit card so you benefit from credit card purchase protection. You should pay the bill off in full the next month.

Use our Car costs calculator to work out the total cost of motoring.

Personal loan

Did you know?

Personal loans are usually the cheapest way to finance a car deal, but only if you have a good credit rating.

You can get a personal loan from a bank, building society or finance provider so long as your credit rating is good.

Make sure the loan is not secured against your home. Otherwise you will be putting your home at risk if you failed to keep up with repayments.

Shop around for the best interest rate by comparing the APR (or annual percentage rate, which includes charges you have to pay as well as the interest).

Pros

    It can be arranged over the phone, internet or face-to-face Covers the whole cost of the car but it doesn’t have to Can charge a competitive fixed interest rate if you shop around

Cons

    There may be a wait for the funds to appear, although some lenders make funds available almost immediately Other borrowing may be affected

Hire purchase (HP)

Hire purchase is a form of buying a car on finance and is paid in instalments where payments are spread over 12-60 months and you usually (but not always) have to put down a 10% deposit. They are arranged by the car dealer and are often very competitive for new cars (less so for used cars). The loan is secured against the car, so you don’t own it until the last payment is made.

Pros

    Quick and easy to arrange Low deposit (usually 10%) Flexible repayment terms (from 12 to 60 months) Competitive fixed interest rates

Cons

    You don’t own the car until the final payment Tends to be more expensive for short-term agreements

Personal contract plan

This type of car finance deal is a variation on hire purchase and tends to result in lower monthly payments. Instead of paying for the car outright, you agree to pay the difference between its sale price and its price for resale back to the dealer. This is based on a forecast of annual mileage over the term of the agreement. Payments are spread over a shorter term of 12 to 36 months.

At the end of the term you can:

Personal leasing

You can pay the dealer a fixed monthly amount for the use of a car, with servicing and maintenance included, as long as the mileage doesn’t exceed a specified limit. At the end of the agreement, you hand the car back. It never belongs to you.

Pros

    Motoring at a fixed monthly cost No worries about the car depreciating in value Flexible payment terms (from 12 to 36 months)

Cons

    Monthly costs are higher because servicing and maintenance are included Need to find a deposit (usually 3 months rental) Possible extra costs if you exceed the mileage limit The car is never yours

Car finance options – Things to look out for

As you compare car financing, there are a few key things to do before making a final choice.

  • Make sure you can afford the monthly payment.
  • Make sure you compare interest rates by looking at the APR (annual percentage rate), which includes all the charges you have to pay. Remember that a higher deposit will normally mean a lower interest rate.
  • Compare the total cost of borrowing, including all charges over the loan.
  • Think carefully before buying payment protection insurance (PPI) or other insurance, such as GAP cover, which can be expensive and may give limited cover. GAP cover is designed to pay out if your car is a total write-off and the outstanding finance is more than the value of your car.
  • Beware of early repayment or other charges, which kick in if you exceed the forecast mileage in personal contract plans (and also personal leasing).

Shop around

The best way to shop around for a good deal is to use an online comparison site. Here are some of the sites you might want to consider.



Which laptop to buy 2015 – Tech Advisor #which #laptop #should #i #buy?,what #laptop #should #i #buy?,laptop,laptops,laptops #review,laptops #reviews,laptop #guide,what #laptop,buying #a #laptop,choosing #a #laptop,,laptop


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Which laptop to buy 2015

We explain which laptop to buy. 2015 laptops buying advice – grab a bargain with the best budget laptops, best ultraportable laptops and more. Plus: laptop specifications explained.

There has never been more choice when shopping for a laptop. which can make purchasing the right laptop a difficult process. Do you want a netbook or an ultraportable. Or are you more concerned about price: looking for a budget laptop. mid-range laptop or a high-end laptop. Perhaps you need a Mac laptop or even a tablet ?

The first thing to do is to read our unrivalled laptops buying advice. explained in detail below. This explains all the relevant specifications, and shows you how to get to grips with the specs on offer and how to learn the bare minimum requirements for today’s portable computers.

Then check out PC Advisor’s laptops reviews reviews, which we’ve broken down into the relevant categories to help you make a selection. Comparing two or more similar laptops and working out which is the best laptop for you is, of course, a tricky task. And even though to an extent this is a subjective decision, we’ve tried to take some of the pain out of it with the laptops section of our unique, constantly updated best laptops charts .

We present the best laptops available in the UK, in a variety of product categories. And because we review more products than any other UK website, our charts are constantly updating, so you can be sure you’re getting good, up to date advice. (See also: Should I buy a Windows laptop or a Chromebook? )

Which laptop to buy: laptops buying advice

‘Which laptop should I buy?’ A simple question, and the question we are asked the most often. But ‘Which laptop should I buy?’ is also a deceptively difficult question to answer.

The fact is that the laptops market has become commodified. With the exception of the laptops made by a handful of high-end laptops makers – principally Apple – it is difficult to differentiate between the myriad laptops that flood the market. Indeed, the question is not which laptop to buy, but what specifications you should look for, what manufacturers you should consider, and how much you are prepared to pay.

A good laptop purchased in 2015 should last you for four or five years. But you have to make sure what you buy is fit for purpose. (See also: Should I buy a refurbished laptop? )

Which laptop to buy: what specs to look for

This depends on for what you will be using your new laptop. For the majority of people, a laptop is for web browsing, email and social media, and office work such as spreadsheets and Word docs. There may also be some photo- and video-editing.

The good news is that for such users the specification can be relatively light, and that will save you money. We would recommend that you focus your budget on the best possible processor, the most RAM you can afford (and use) and – a key consideration – that you invest in as much onboard storage as is possible.

So even at the budget end of the market you should be looking for an Intel Core i3 or higher processor. There’s nothing wrong with AMD chips, of course, but Intel truly dominates the PC market these days. Unless you are really strapped for cash avoid Intel Pentium or -Atom processors.

In terms of memory, you want as much RAM as possible. If you purchase a 32-bit Windows laptop you will be able to use a maximum of 3GB RAM. For a 64-bit install the more the merrier. You will never regret having too much RAM, as it will keep your laptop faster for longer.

Similarly, storage is critical. If you’re lucky it’s the aspect of your laptop that will run out the first. These days we all store myriad images and videos, and making sure you have sufficient space will keep your laptop useful for longer. A solid-state drive – or SSD – is always best, as it is much quicker than a traditional spinning hard drive. But an SSD will add significantly to the cost of your laptop and capacities tend to be lower. If you are at the budget end of the market go for a HDD.

Get those three specifications right and you will be off to a winning start. They will all impact on battery life, too. You want the biggest possible battery cell, and ideally it should be replacable. Other key considerations include the size and weight, and the display and graphics. We’ll also consider multimedia and connectivity.

With the former, you need to ask yourself for what you will be using your laptop – and where. If you want a laptop as your principal home computer, and it is unlikely to do all that much travelling, you can save money on thin and light and stretch out to a large 15in or 17in laptop. But if you need a laptop for work on the move, you will probably pony up more for a sleek and portable Ultrabook.

Size and weight directly impacts on display size, of course. Things to look out for here: it’s not just the physical size of the screen that matters, but the resolution. Ideally you should aim for a 720p or 1080p display, these days. And not all screens are made equal. You’ll find that a matte display is better than glossy if you work under strip lighting (or outdoors). Do you want a touchscreen? It can be nice but it will add considerably to the cost. Generally speaking the more you pay the better you get, in terms of richness of colour and flexibility of viewing angles, and so on.

Few laptops have dedicated graphics cards. Unless you are looking for a gaming rig you will be unlikely to need any more than the onboard graphics built in to many mmodern Intel chipsets. But if hardcore gaming is your thing, invest your money here. Finally, if you will be watching movies on your laptop, or listening to music, you may wish to get a laptop with decent front-facing speakers. In terms of connectivity 802.11ac/n Wi-Fi should be a given. Look for an HDMI port if you want to play content from your laptop to your TV. You can never have too many USB ports, and Bluetooth can be useful.

Which laptop to buy: what manufacturers to consider

We can’t in all fairness list only a few laptops makers and tell you to avoid all others. But I will say this: laptops are complex and expensive machines. Things go wrong all the time, and you want to know that if your laptop breaks you will be able to take it back to the manufacturer and get it fixed. So I would always err toward a manufacturer with history and a good reputation. There are great deals to be had online, but there’s nothing wrong with a physical store into which you can walk with your laptop if you need help.

Check out the reputation of your chosen manufacturer, although do bear in mind that all computer makers turn out the occasional lemon and customers tend not to post online with stories of a good PC delivered on time. And remember, if something looks too good to be true it probably is.

Which laptop to buy: how much should I pay?

Again: work out what you need, and work from there. These days it is perfectly possible to get an adequate web-browsing machine for 300- 350 inc VAT, if you don’t need the very best build or the latest spec. But if you want style, portability and performance you will need to shell out for it. Work out the specs you require, then look at what is available online and on the high street. Remember that at the lower end of the market even mainstream supermarkets sell decent laptops these days. But when you see a model you think would suit your purposes, be sure to check that spec against what you can get online to ensure you grab a bargain. For more, see: How to choose a laptop below 500 .

Which laptop to buy: best laptops of 2015

Still confused as to which laptop to buy? Fear not. Below are links to our regularly updated laptops group tests, featuring full reviews of the latest and greatest laptops in a variety of key categories.



Buying a Home With Owner Financing #student #loan #rates


#home financing
#

Owner Financing in Real Estate

By Elizabeth Weintraub. Home Buying/Selling Expert

Elizabeth Weintraub has an extensive background in real estate spanning more than 30 years, including experience in related industries such as title and escrow. She is a full-time broker-associate at Lyon Real Estate’s midtown Sacramento office and is recognized as a top producer. She is also a Life Member of the Master’s Club, an honor bestowed by the Sacramento Board of REALTORS , and ranks in the top 1% of all the agents at Lyon Real Estate.

CA BRE License #00697006

Asking a seller to give you owner financing to buy a home can be a tricky proposition. That s partly because if you ask the listing agent if the owner will carry some or all of the financing, the agent probably doesn t know. Why? The agent never asked.

Most sellers don t sell a home every day. Their knowledge is limited to conventional practices where the buyer goes to the bank to get a mortgage .

However, for a seller whose home isn t selling or when traditional lender guidelines are tightened, owner financing suddenly becomes very popular. Owner financing is definitely a viable option in buyer s markets .

What is Owner Financing?

When part or all of the purchase price, less the buyer s down payment. is carried by the seller, the seller is providing owner financing.

It doesn t matter if the property has an existing loan, except to the extent that the existing lender might accelerate the loan upon sale due to an alienation clause. Instead of going to the bank, the buyer gives a financing instrument to the seller as evidence of the loan and makes payments to the seller.

If the property is free-and-clear, meaning the seller has clear title without any loans, the seller might agree to carry all of the financing. In that instance, the buyer and seller agree upon an interest rate, monthly payment amount and term of the loan, and the buyer pays the seller for the seller s equity on an installment basis.

Continue Reading Below

The security instrument is generally recorded in the public records, which protects both parties. Bear in mind, some state laws prohibit balloon payments.

Types of Owner Financing

Most purchase-money transactions are negotiable. Sellers and buyers are free to negotiate the terms of the owner financing, subject to usury laws and other state-specific regulations.

While there is no standard down payment required, many sellers want a sufficient down payment to protect their equity. Down payments can vary from little to 30% or more. Sellers feel their equity is safeguarded by the buyer s down payment because buyers are less likely to go into foreclosure if they ve invested a lot of money upfront.

Some variations of owner financing include:

Land contracts do not pass legal title to the buyer, but give the buyer equitable title. The buyer makes payments to the seller for a certain period. Upon final payment or a refinance, the buyer receives the deed.

Sellers can carry the mortgage for the entire balance of the purchase price (less the down payment), which may include an underlying loan. This type of financing is called an all-inclusive mortgage or all-inclusive trust deed (AITD). The seller receives an override of interest on the underlying loan.

A seller may also carry a junior mortgage, in which case, the buyer would take title subject to the existing loan or obtain a new first mortgage. The buyer receives a deed and gives the seller a second mortgage for the balance of the purchase price, less the down payment and first mortgage amount .

  • Lease Purchase Agreements.

    Selling on a lease purchase agreement means the seller is giving the buyer equitable title and leasing the property to the buyer. Upon fulfillment of the lease purchase agreement, the buyer receives title and typically obtains a loan to pay the seller, after receiving credit for all or part of the rental payments toward the purchase price.

    Owner Financing Benefits to Home Buyers

    • Little or No Qualifying.

    Even if the seller demands a credit report on the buyer, the seller s interpretation of buyer qualifications are typically less stringent and more flexible than those imposed by conventional lenders.

    Unlike conventional loans. sellers and buyers can choose from a variety of payment options such as interest only. fixed-rate amortization. less-than-interest or a balloon payment. Payments can mix and match. Interest rates can adjust periodically or remain at one rate for the term of the loan.

  • Down Payment Flexibility.

    Down payments are negotiable. If a seller wants a larger down payment than the buyer possesses, sometimes sellers will let a buyer make periodic lump-sum payments toward a down payment.

    Without an institutional lender, there are no loan or discount points to pay. No origination fees. processing fees, administration fees or any of the other assorted miscellaneous fees that lenders routinely charge, which automatically saves money on buyer closing costs .

    Because buyers and sellers aren t waiting on a lender to process the financing, buyers can close faster and get buyer possession earlier over a conventional loan transaction.

    Owner Financing Benefits to Home Sellers

    • Higher Sales Price.

    Because the seller is offering owner financing, the seller may be in a position to command full list price or higher.

    The seller might pay less in taxes on an installment sale. reporting only the income received in each calendar year.

    Payments from a buyer increase the seller s monthly cash flow, resulting in spendable income.

  • Higher Interest Rate.

    Owner financing can carry a higher rate of interest than a seller might receive in a money market account or other low-risk types of investments.

  • Shorter Listing Term.

    Owner financing attracts a different set of buyers. If a property is not selling under conventional methods, offering owner financing is one way to stand out from the sea of inventory and move a hard-to-sell property that otherwise might not sell.

    In closing, before entering into a transaction with owner financing, consult a real estate lawyer and obtain competent legal advice.

    At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.



  • Buying a New Car #commercial #loan


    #new car loans
    #

    Related Items

    A new car is second only to a home as the most expensive purchase many consumers make. According to the National Automobile Dealers Association. the average price of a new car sold in the United States is about $30,000. That’s why it’s important to know how to make a smart deal.

    Buying Your New Car

    Think about what car model and options you want and how much you’re willing to spend. Do some research. You’ll be less likely to feel pressured into making a hasty or expensive decision at the showroom and more likely to get a better deal.

    Consider these suggestions:

    • Check publications and websites that discuss new car features and prices. These may provide information on the dealer’s costs for specific models and options.
    • Shop around to get the best possible price by comparing models and prices in ads and at dealer showrooms. You also may want to contact car-buying services and broker-buying services to make comparisons.
    • Plan to negotiate on price. Dealers may be willing to bargain on their profit margin, often between 10 and 20 percent. Usually, this is the difference between the manufacturer’s suggested retail price (MSRP) and the invoice price.
    • Because the price is a factor in the dealer’s calculations regardless of whether you pay cash or finance your car — and also affects your monthly payments — negotiating the price can save you money.
    • Consider ordering your new car if you don’t see what you want on the dealer’s lot. This may involve a delay, but cars on the lot may have options you don’t want — and that can raise the price. However, dealers often want to sell their current inventory quickly, so you may be able to negotiate a good deal if an in-stock car meets your needs.

    Learning the Terms

    Negotiations often have a vocabulary of their own. Here are some terms you may hear when you’re talking price.

    • Invoice Price is the manufacturer’s initial charge to the dealer. This usually is higher than the dealer’s final cost because dealers receive rebates, allowances, discounts, and incentive awards. Generally, the invoice price should include freight (also known as destination and delivery). If you’re buying a car based on the invoice price (for example, “at invoice,” “$100 below invoice,” “two percent above invoice”) and if freight is already included, make sure freight isn’t added again to the sales contract.
    • Base Price is the cost of the car without options, but includes standard equipment and factory warranty. This price is printed on the Monroney sticker.
    • Monroney Sticker Price (MSRP) shows the base price, the manufacturer’s installed options with the manufacturer’s suggested retail price, the manufac-turer’s transportation charge, and the fuel economy (mileage). Affixed to the car window, this label is required by federal law, and may be removed only by the purchaser.
    • Dealer Sticker Price, usually on a supplemental sticker, is the Monroney sticker price plus the suggested retail price of dealer-installed options, such as additional dealer markup (ADM) or additional dealer profit (ADP), dealer preparation, and undercoating.

    Financing Your New Car

    If you decide to finance your car, be aware that the financing obtained by the dealer, even if the dealer contacts lenders on your behalf, may not be the best deal you can get. Contact lenders directly. Compare the financing they offer you with the financing the dealer offers you. Because offers vary, shop around for the best deal, comparing the annual percentage rate (APR) and the length of the loan. When negotiating to finance a car, be wary of focusing only on the monthly payment. The total amount you will pay depends on the price of the car you negotiate, the APR, and the length of the loan.

    Sometimes, dealers offer very low financing rates for specific cars or models, but may not be willing to negotiate on the price of these cars. To qualify for the special rates, you may be required to make a large down payment. With these conditions, you may find that it’s sometimes more affordable to pay higher financing charges on a car that is lower in price or to buy a car that requires a smaller down payment.

    Before you sign a contract to purchase or finance the car, consider the terms of the financing and evaluate whether it is affordable. Before you drive off the lot, be sure to have a copy of the contract that both you and the dealer have signed and be sure that all blanks are filled in.

    Some dealers and lenders may ask you to buy credit insurance to pay off your loan if you should die or become disabled. Before you buy credit insurance, consider the cost, and whether it’s worthwhile. Check your existing policies to avoid duplicating benefits. Credit insurance is not required by federal law. If your dealer requires you to buy credit insurance for car financing, it must be included in the cost of credit. That is, it must be reflected in the APR. Your state Attorney General also may have requirements about credit insurance. Check with your state Insurance Commissioner or state consumer protection agency .

    Before you negotiate the price of your next new car, use this worksheet to establish the bargaining room. *You can get the invoice price by looking at the dealer’s invoice or reviewing car publications.

    Trading in Your Old Car

    Discuss the possibility of a trade-in only after you’ve negotiated the best possible price for your new car and after you’ve researched the value of your old car. Find out what your current vehicle is worth before you negotiate the purchase of a new car. Check the National Automobile Dealers Association’s (NADA) Guides , Edmunds. and Kelley Blue Book. This information may help you get a better price from the dealer. Though it may take longer to sell your car yourself, you generally will get more money than if you trade it in.

    Considering a Service Contract

    Service contracts that you may buy with a new car provide for the repair of certain parts or problems. These contracts are offered by manufacturers, dealers, or independent companies and may or may not provide coverage beyond the manufacturer’s warranty. Remember that a warranty is included in the price of the car while a service contract costs extra.

    Before deciding to purchase a service contract, read it carefully and consider these questions:

    • What’s the difference between the coverage under the warranty and the coverage under the service contract?
    • What repairs are covered?
    • Is routine maintenance covered?
    • Who pays for the labor? The parts?
    • Who performs the repairs? Can repairs be made elsewhere?
    • How long does the service contract last?
    • What are the cancellation and refund policies?


    Buying a Home After Bankruptcy #payday #loan #store


    #loans after bankruptcy
    #

    When and How to Find a Home Loan

    Understandably, mortgage companies want some form of reassurance that the borrower is on a safe and responsible financial track. Many lenders prefer to see three things when considering loaning money to someone following a bankruptcy:

    • A two-year stretch of on-time bill payments
    • A down payment
    • A steady income

    The one non-negotiable item on the list is a reliable income. The other two two spotless years of credit and a down payment aren t quite set in stone. Some lenders will be willing to provide a loan sooner than two years if there is evidence of responsible bill payment on a car or secured credit card plus reliable income.

    Likewise, with a steady work history and a down payment (even a small one), it s not impossible for someone just coming out of bankruptcy to secure 100-percent coverage on a home loan.

    Finding a reputable lender willing to loan a home s total value to someone just beginning the process of rebuilding their credit, and with an on-again off-again employment situation, is a tall order, and probably not a good idea for the would-be borrower. Post-bankruptcy borrowing should be undertaken at a slow pace and with an eye toward the future. With proof of responsible borrowing and spending, home ownership won t be far off.

    Related Info

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    Buying a Car with Bad Credit – Bank vs. Dealer Financing #best #loans


    #bank loans for bad credit
    #

    Buying a Car with Bad Credit – Bank vs. Dealer Financing

    Bank financing

    Whenever possible, it’s best to get your auto loan before you walk onto a dealer’s property. When you already have an approved loan, you may as well have cash in hand, cash you can take with you and walk away if you don’t like the way things are going.

    What’s more, an independent bank won’t try to raise the car’s price, ignore trade-in credits or lard the contract with extras like credit insurance or extended warranties.

    At present, Capital One. Household Finance and AmeriCredit stand out as being particularly aggressive in offering loans to subprime borrowers. Be sure to check the complaints about these and other companies you may be considering. We get our share of hair-raising complaints about each of these companies (as well as most of the others) but they may be the best non-dealer financing options a consumer with bad credit can get.

    One good thing about borrowing from banks is that you can sometimes complete the entire application online — often a good thing if you’re embarrassed about discussing your past credit issues with a potentially predatory finance officer.

    Capital One, for example, offers an online car loan application at www.capitaloneautofinance.com. The bank promises to respond within three business hours if you qualify for its Custom Finance Program (aimed at borrowers with credit issues).

    Dealer financing

    If you can’t line up a bank loan, you can go to the dealer and see what kind of financing they can get for you. For some people, dealer financing is more or less are the only option.

    “The lenders do have cutoff points,” notes Todd Kutcher, chief operating officer of lending site Credit.com. “If a consumer’s score is below the mid-500s, they’re just auto-declined by many lenders. In that case, an individual’s best bet is with dealers. They have a lot more flexibility.”

    Among other options, most dealers have access to what’s known as “captive finance companies,” finance firms owned and run by auto manufacturers. Often, they’re the lenders behind the sweeter low- or no-interest deals that pop up so prominently in car advertisements. Sometimes, though not always, they’ll also be the finance company willing to take a chance on higher-risk loans, given that their job is to move cars for dealers.

    Virtually any auto dealer you deal with is likely to have a captive they can work with in a pinch. Mazda, for example, finances vehicles through subsidiary Mazda American Credit, GM dealers have General Motors Acceptance Corp. Nissan dealers Nissan Motor Acceptance Corp. and so on.

    While there are no guarantees, representatives of several of the larger captive finance companies contacted by ConsumerAffairs.com said that they do offer bad credit loans, though they couldn’t be specific as to how low your FICO score could be. “We do not necessarily go out of their way to finance subprime customers, as a captive, they will generally finance deeper than a bank might,” says a Mazda American Credit spokesman.

    As with the banks, bear in mind that different captives have different business practices, and some are less savory than others. If you’re a bad-credit customer, you’re going to want to be especially careful about whom you deal with, and captives are no exception. Search the ConsumerAffairs.com site, and you’ll find complaints about overcharging, financing trickery and other ills. Go into the deal with your eyes wide open.



    Domain name and web hosting, what – s the difference? Bluelime Media #buying #a #domain #name #and #hosting


    #

    Domain name and web hosting, what s the difference?

    January 12, 2011

    When setting up your first website it s not uncommon to get confused between domain name registration and web hosting.

    Your domain name is the name of your site or your url (www.mynewcompany.com) and can be purchased by going to a domain name registrar. Domain names usually range from about $10 to $50/year depending on the extension. (.ca are more expensive than .com.)

    In order for your website to appear on the Internet, the files need to be uploaded to a server. These can be hosted at a hosting company. Hosting is usually billed monthly or annually at a rate of $10 to $50/month depending on how the type of server you need and how much space and bandwidth you are using.

    Domain names can be purchased anywhere, but it s convenient to buy the domain and set up hosting in the same location.

    When setting up WordPress sites, I recommend the following hosting providers:

    All of these hosting companies provide domain name registration as well as hosting making it very convenient.

    You can however, purchase a domain name and then host it somewhere else.

    The following domain name registrars are quite popular:

    Once you ve purchased a domain name, you will be provided with login details to access your account. It s important to keep this info on hand and pass it on to your web developer.

    If you ve purchased a domain name at one company and decide to host it somewhere else, then you ll need to login to your domain registrar and modify the dns. This dns change just tells your domain registrar that the url you are using is now being hosted by someone else.

    Before modifying the dns, be mindful of your email addresses. If you ve set up email addresses with your domain registrar, you will need to set these up again with your hosting provider. Before making any changes, it s best to contact your web developer or IT department and make sure that any changes won t incur email loss.

    This whole domain name registration and hosting may seem daunting but it s very simple once you ve done it once or twice. If you re setting up a brand new site, choosing one of the hosting companies to purchase both domain name and hosting will make it simpler. If you ve already purchased the domain name somewhere else, just make sure that you keep your login details to both domain registrar and hosting provider and pass this info to your web developer.

    January 12, 2011

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    Computer Networking #computer, #fundamentals, #tutorial, #beginners, #overview, #applications, #generations, #types, #components, #cpu, #input #devices, #output #devices, #memory, #ram, #rom, #motherboard, #memory #units, #ports, #hardware, #software, #number #system, #number #conversion, #data, #networking, #operating #system, #internet, #intranet, #buying, #courses.


    #

    Computer – Networking

    A computer network is a system in which multiple computers are connected to each other to share information and resources.

    Characteristics of a Computer Network

    Share resources from one computer to another.

    Create files and store them in one computer, access those files from the other computer(s) connected over the network.

    Connect a printer, scanner, or a fax machine to one computer within the network and let other computers of the network use the machines available over the network.

    Following is the list of hardware’s required to set up a computer network.

    • Network Cables
    • Distributors
    • Routers
    • Internal Network Cards
    • External Network Cards

    Network Cables

    Network cables are used to connect computers. The most commonly used cable is Category 5 cable RJ-45.

    Distributors

    A computer can be connected to another one via a serial port but if we need to connect many computers to produce a network, this serial connection will not work.

    The solution is to use a central body to which other computers, printers, scanners, etc. can be connected and then this body will manage or distribute network traffic.

    Router

    A router is a type of device which acts as the central point among computers and other devices that are a part of the network. It is equipped with holes called ports. Computers and other devices are connected to a router using network cables. Now-a-days router comes in wireless modes using which computers can be connected without any physical cable.

    Network Card

    Network card is a necessary component of a computer without which a computer cannot be connected over a network. It is also known as the network adapter or Network Interface Card (NIC). Most branded computers have network card pre-installed. Network cards are of two types: Internal and External Network Cards.

    Internal Network Cards

    Motherboard has a slot for internal network card where it is to be inserted. Internal network cards are of two types in which the first type uses Peripheral Component Interconnect (PCI) connection, while the second type uses Industry Standard Architecture (ISA). Network cables are required to provide network access.

    External Network Cards

    External network cards are of two types: Wireless and USB based. Wireless network card needs to be inserted into the motherboard, however no network cable is required to connect to the network.

    Universal Serial Bus (USB)

    USB card is easy to use and connects via USB port. Computers automatically detect USB card and can install the drivers required to support the USB network card automatically.



    Auto Loans & Car Financing with Nationwide #nationwide #auto #shopping #service, #auto #shopping #service, #car #buying #service


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    Auto Loan Rates

    Find The Right Payment

    Auto Refinancing

    NATIONWIDE AUTO SHOPPING SERVICE

    New Auto LoanUsed Auto LoanAuto Loan RefinanceLease Buyout

    Call 1-877-422-6569 8 a.m. – 8 p.m. ET Monday – Friday 9 a.m. – 2 p.m. ET Saturday

    We help make car shopping easier for you

    With Nationwide, you can get a great low rate and find the perfect car for a fair price completely online. Our car shopping service powered by TrueCar allows you to compare vehicles side-by-side and see what other customers have paid with free vehicle reports. Buyers using TrueCar have saved an average of $3,279 off MSRP 1 on new cars and received exclusive used car discounts. Save time and hassle by getting everything you need online.

    Step 1: Find

    Search from over 12,000 TrueCar certified dealerships.

    Find a car

    Step 2: Finance

    Get pre-approved for our lowest rate, so you know how much you’ll save.

    Apply for your loan

    Step 3: Protect

    Once you buy your car, you can insure it with us.

    Get an auto quote

    Apply online with our streamlined approval process

    Once you find the perfect car, finance it with us. We offer great rates for new, used and refinance car loans, along with flexible terms and payment options. With our new, streamlined approval process, you can apply for Nationwide auto loans online, get pre-approved and even sign your loan documents – anywhere and anytime.

    NEW CAR

    36-month loan as low as

    Nationwide Mutual Insurance Company, Nationwide Mutual Fire Insurance Company, Nationwide Life Insurance Company, Nationwide Life and Annuity Insurance Company and Nationwide Investment Services Corporation are affiliates of Nationwide Bank. The insurance products and services offered through these affiliates of Nationwide Bank are not insured by the FDIC or any federal government agency, nor are they guaranteed by, deposits of or obligations of Nationwide Bank. The products and services offered through Nationwide Investment Services Corporation are subject to investment risk, including possible loss of value.

    Programs (including, without limit, fees, rates and features) are subject to change without notice.

    Nationwide, the Nationwide N and Eagle, Nationwide is on your side and Nationwide Bank are service marks of Nationwide Mutual Insurance Company. ©2017

    Nationwide Bank, Member FDIC, is a federally chartered savings bank. Loans, lines of credit and credit cards are not insured by the FDIC. Nationwide Bank is an Equal Housing Lender.



    How To Buy a Car After Bankruptcy #how #to #buy #a #car #after #bankruptcy, #buying #a #car #bankruptcy, #chapter #7, #chapter #13, #auto #loan, #bankruptcy


    #

    How To Buy a Car After Bankruptcy

    Even if your finances have hit the skids and you’ve landed in bankruptcy court, it doesn’t have to mean you need to put the brakes on buying a car.

    “Lenders lend to people in bankruptcy all the time,” though interest rates could be sky high, says Edward Boltz, a bankruptcy attorney in Durham, North Carolina, and president of the National Association of Consumer Bankruptcy Attorneys.

    The key to buying a car after a bankruptcy, experts say, is to shop around for an auto loan, just as you would if you didn’t have that black mark on your credit report.

    When you’re just emerging from bankruptcy, “you’re likely to agree with just about anything they’ll give you. But you shouldn’t just take the first offer you get,” warns Chris Kukla, senior vice president at the nonprofit Center for Responsible Lending.

    A study by the center found that in 2009, consumers paid $25.8 billion in extra interest over the lives of their loans due to inflated interest rates, according to Kukla. Those who paid exorbitant interest rates were more likely to fall behind on their loans and eventually have their cars repossessed.

    It’s Not Hopeless

    But your situation doesn’t have to be that grim. If you’ve had a good track record paying previous car loans or your financial issues stemmed from uncontrollable events, you may very well be able to finance your vehicle through a lender such as a credit union, says Phil Maniaci, senior vice president of CU Direct Corp.’s CUDL Automotive, which administers the largest auto lending service network for credit unions.

    Unlike megabanks, credit unions are generally located in the communities that they serve, so those managers understand the vagaries of the local economy, such as a city where a major factory closed, leaving workers unemployed, Maniaci says. Because of that familiarity, “they’re a little more flexible on auto loans.”

    Bankruptcy has often been seen as a tactic of those who are financially irresponsible, but unforeseen hardships such as medical bills and divorce often drive people into bankruptcy court.

    The situation has been exacerbated by the Great Recession, when unemployment peaked at 10 percent in October 2009. Although the rate had dropped to 7.6 percent in the summer of 2013, many people have wound up in jobs making far less than they once earned. And it’s not unusual for people to be out of work for a year or more.

    The recession officially began in December 2007, and since that time, more than 7 million consumer bankruptcies have been filed, according to the American Bankruptcy Institute. Some cases involve a single individual, while others involve couples.

    Chapter 7 and Chapter 13

    About 70 percent of those who file bankruptcy choose Chapter 7, so most of their debts are erased in a matter of months, but it can stay on their records for up to 10 years.

    Most others opt for Chapter 13 in a bid to save their assets. They wind up paying all or part of their debts, and the process can take up to five years. And even when they’ve completed the process, it can stay on their records for up to seven years.

    Because Chapter 13 cases can take so long, it’s not unusual for the person involved to need a new car during that time. And the bankruptcy trustees who oversee cases understand that.

    “It’s really not hard to get new debt, particularly if you need it,” says Henry Hildebrand III, a Chapter 13 bankruptcy trustee in Nashville, Tennessee. As a bankruptcy trustee, he must approve auto loans or other new debt a consumer wants to take on while in the midst of bankruptcy proceedings.

    Don’t Expect a Luxury Car

    Although a trustee is likely to approve your getting a new auto loan, don’t expect him to sign off on a new Mercedes or Jaguar. You’re more likely to get the green light to buy a used vehicle below a certain price, such as $20,000, and the maximum interest rate could be capped at rates such as 15 or 18 percent.

    That’s far steeper than someone with stellar credit would pay, says Todd Mark, vice president of education for the nonprofit Consumer Credit Counseling Services of Greater Dallas, citing interest rates listed by FICO, which is best known for assigning credit scores.

    FICO scores range from a low of 300 to a high of 850. As of mid-June 2013, someone with a credit score of 720 or higher would typically pay around 3.80 APR for a 36-month car loan. At the lower end of the spectrum, someone with a credit score of 500-589 would expect to pay about 17.02 APR, Mark says.

    The longer you’ve been out of bankruptcy, and the more you’ve been able to put your financial house in order, the better chance you have of landing a decent interest rate, Mark says. “There’s more time to heal some of the wounds, not just with time but with good behavior” in paying other debt.

    Because your vehicle serves as collateral for the loan, “a car loan might be one of the best credit builders post-bankruptcy,” Mark says.

    What Lenders Expect

    Maniaci says if you’re applying for an auto loan, lenders focus on your history of making car payments and mortgage payments. Your track record for paying on your current vehicle carries the most weight. Lenders’ focus on mortgage payments has slipped a bit in recent years, given the foreclosure crisis and the fact that so many houses are underwater.

    Lenders will look at whether you’ve missed a payment or two on your current car loan and are now back on track, and if an uncontrollable incident, such as a job loss, impacted your finances, he says. They’ll also consider your income and monthly expenses. If making the monthly payment is considered a financial stretch, they’ll want you to put more money down on the vehicle, minimizing their risk if they ultimately have to repossess it.

    If you’re an existing credit union member and you’ve been reliable making payments in the past, there’s a good shot the credit union will give you a second chance, Maniaci adds.

    While it may take time and effort to find a credit union or bank that will lend to you, “just because you have a blemish on your credit report doesn’t mean you can’t get credit somewhere,” Kukla says.

    The Trouble with “Buy Here Pay Here”

    But consumers don’t like hearing “no,” and feeling like they’re being judged, he says, so they may be inclined to take the first offer they receive. That’s thrown open the doors for “buy here, pay here” auto dealers. where shoppers arrange financing and make payments at the dealership. These dealers, in particular, can be “very aggressive in marketing to people with credit problems,” Kukla says. But that could be disastrous.

    Katie Moore, a financial counselor with the nonprofit GreenPath Debt Solutions, says dealers who offer to sell cars with no credit check and no money down “are really preying on consumers who are uneducated about the process.”

    They’re likely to offer sky-high interest rates and lengthy loan terms on older vehicles in order to keep the monthly payments low. But it’s not uncommon for the car to break down, while the buyer is still paying on the loan, Moore says.

    Kukla says these kinds of dealerships tend to sell vehicles that have 100,000 miles or more on their odometers. The dealerships typically buy the cars at auction, put a bit of money into them and then sell them for two to three times more than their cost.

    The dealers then require a down payment of 25-30 percent of the price. “It’s a huge down payment on a very unreliable car,” Kukla says.

    The dealerships also charge interest rates at the high end of what is allowed in whatever state they’re doing business. Each state sets its own interest rate limit. In North Carolina, where Kukla is located, interest rates can reach 29 percent.

    And in many cases, dealers won’t even tell you the car’s price, he says. “Most don’t set the price until after they look at your credit report,” Kukla says. Once they do, they’ll offer you two or three vehicles to choose among.

    Kukla says about one-quarter of those vehicles end up being repossessed, and then can be sold to the next buyer facing a credit crunch.

    To avoid being taken for a ride, Moore recommends that if you’re coming out of bankruptcy, you use public transportation if you can’t afford to pay cash for a vehicle.

    Shop with Care

    Some other ideas come from the National Independent Automobile Dealers Association (NIADA), which includes “Buy Here, Pay Here” dealers among its members. Check with your state attorney general’s office and the Better Business Bureau to see if there are any consumer complaints on file before you do business with a car dealer, suggests NIADA regulatory counsel Shaun Petersen, who previously worked for the consumer protection section of the Ohio Attorney General’s Office.

    Also check with friends and family members to see if they can recommend a reliable dealership, Petersen says. Finally, he says it’s imperative to “do your due diligence to find out if a business has a significant number of complaints.” And if there are?

    “It could be a red flag for you,” he says.

    The Edmunds content team brings you industry-leading vehicle reviews, news and research tips that make it easier for you to find your perfect car.



    Is there an ideal credit score for buying a house? Trulia Voices #home #mortgage #rates


    #ideal home loans
    #

    Answers

    Your Credit May Not Be As Bad As You Think,

    By Stephen Webber Retired After 34 Years of Real Estate For First Time Home Buyers

    Most importantly don’t do anything until your loan officer looks it over with you. So many times people do what would seem like a good idea; pay off a past due or pay off a credit card and close the account to later discover they actually lowered their rating.

    Loan officers work with credit continually and many times can suggest a notification or two and presto the rating is up. Maybe there is a late pay that didn’t happen or maybe should have fallen of the report months earlier.

    They have a very strong incentive. They can’t make a loan unless the credit is acceptable so the experienced loan officers know their stuff.

    An article that will serve you well is #13 Consultation Interviewing Loan Officers at Your Road Home.com. Also article #5 Your Credit and Financing Your Home.

    Choose your loan officer before you allow anyone to fix or monitor your credit. Your loan type will dictate the required rating. Once you know exactly what needs to happen you can direct the requirements, establish a time line and plan your next step.

    The shortest path to owning your home.

    Most importantly;

    Don’t let anything or anyone deter you from your goal of owning your home.

    Best of Luck, Stephen Webber Retired After 34 Years of Real Estate For First Time Home Buyers



    Moving Checklist – Things to Remember When You Move #buying #a #home,moving #checklist,packing,new #house,real #esate,packing #boxes,moving


    #

    9 Smart Things to Do Before You Move

    Advertisement – Continue Reading Below

    You’ve just signed the paperwork on a new home (congrats!). But soon the excitement of getting settled at your new place will wear off, and the panic of packing up boxes will set it. We’ve rounded up expert-approved tips to keep you sane and totally prepared during the move.

    1. Manage packing smartly.
    “For my recent move, I gave myself a daily box quota to prevent a draining weekend of non-stop packing,” says Amy Azzarito, design writer and author of Past Present . Avoid boxing up your old place in one fell swoop, if you have the time. Remember, you’lll need some energy left to unpack, too.

    25 Ways to Get Rid of Clutter

    9 Clever Ways to Make a New House Feel Like Home

    How to Move Without Going Bankrupt

    3 Top Tips if You’re Planning a Move

    Moving Day Made Easy

    2. Skip the cardboard boxes.
    Target Home Style expert and blogger Emily Henderson used California-based company rentagreenbox.com for her most recent move. “A week before I moved, they dropped off sturdy boxes with attachable lids and came back to collect them once I unpacked,” she says. “No cardboard boxes, taping, or bubble wrap. Plus, its eco-friendly and can be cheaper than buying pricy moving boxes.” If you’re not in Los Angeles, companies with similar business models are popping up around the country and are just a Google search away.

    3. Don’t pack your closet.
    “If you use professional movers, ask them to bring several wardrobe boxes on the day of the move,” suggests Emily Schuman, author of the blog Cupcakes and Cashmere. “The movers take clothing right on the hangers and, woosh. your clothes will be in and out.” Bonus: You can skip a full day of ironing once you’re settled.

    Advertisement – Continue Reading Below

    4. Switch your utilities.
    This one may seem like a no-brainer, but Brendon DeSimone, author of Next Generation Real Estate . says the timing is key: “As soon as you have a closing date, call the utility companies and set up a service switch.” This is especially important if you’re moving into a home that is newly built or previously vacant: Arranging a maintenance call to reestablish service might be necessary.

    5. Make saying goodbye easier.
    Moving from a home with sentimental value (your kids’ growth-mark notches in the doorframe!) can be gut wrenching. To ease the pain, Azzarito suggests creating a Pinterest board with things you’re excited to do in the new home, like dream decorating or new things to do in that part of town. If you have young kids, personal organizing guru Barbara Reich suggests taking a video of each child talking about their favorite part of the house to preserve the memories.

    6. Haul the basics before the moving truck comes.
    If your new place is within driving distance of your current home, plan to take basic supplies over the day before, says Reich. “Unpacking the bathrooms in advance and having pajamas and clothes for the next two days set aside will bring some normalcy to the chaos of the boxes,” she says.

    7. Visualize life in your new home.
    “Confession: I’ve been known to hang pictures while the movers have been unrolling rugs,” says interior designer Nate Berkus. While Berkus attributes his hyper-organization to his Virgo star sign, we think he has a pretty good point: “The sooner you get unpacked and organized, the sooner it feels like home.” If you move at a slower pace than Nate, plan out spots for your favoriate pieces of art and d cor in advance. You’ll feel more accomplished and settled if you do.

    8. Meet your neighbors the fun way .
    Sure, baked goods and a friendly hello will do the trick, but if you’re going to be painting the interior walls, Henderson has a fun party idea: “It’s called a graffiti party and guests are given paint samples or markers to scribble games and notes on the wall.” Don’t be shy about hosting a gig sans furniture; this relaxed party theme is built around pizza and folding chairs.

    9. Discover the local resources.
    Take a walk around your new neighborhood and be sure to introduce yourself to people you pass by. DeSimone says this is the best way to get a recommendation for a handy man, neighborhood favorite babysitter and get to know the lay of the land. If your life was an ABC Sunday night drama, these meet-and-greets would be peppered with salacious gossip on the community’s comings and goings (ha!).

    TELL US: What made your last move easier?



    Home Buying – Banks vs. Mortgage Brokers #federal #student #loan #consolidation


    #loan broker
    #

    Mortgage Brokers

    Mortgage brokers are professionals who are paid a fee to bring together lenders and borrowers. They usually work with dozens or even hundreds of lenders, not as employees, but as freelance agents.

    Think of mortgage brokers as scouts.

    They find and evaluate home buyers, analyzing each person s credit situation to determine which lender is the best fit for that person s needs. The broker submits the home buyer s application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. A good mortgage broker can find a lender for just about any type of credit.

    The mortgage broker working to secure your loan is earning a fee for the transaction and the better deal they achieve for a lender, the more they are paid.

    Don t be too anxious to disclose to a broker the interest rate you are willing to accept–let them tell you what terms they can secure. Shop around to make sure the terms are reasonable.

    Many of the mortgages companies that advertise online are mortgage brokers.

    What Difference Does it Make?

    A local or online mortgage broker may find you a lender in another part of the country. An online bank might not have a local office where employees can help you one-on-one.

    Some out of town lenders don t understand the types of heating systems used in specific areas, they aren t familiar with private septic systems, and they don t immediately understand common classifications and terms used by local appraisers. Those are just a few examples of problems I ve seen that caused significant slow-downs in loans made by an out of town lender working with a mortgage broker.

    Using a local bank can sometimes be a plus. Their staff generally understand the specifics of local properties, but a distant lender who doesn t will delay closing until questions are answered.

    Mortgage brokers can often find a lender who will make loans that a bank refuses–problem credit is one example. Loans for unique or commercial properties might be easier to secure through a mortgage broker.

    Make your choice of a lender based on the best loan terms you can find. Ask questions about expected time-frame. Ask your real estate agent friends who have recently bought a home for lender and broker referrals.

    Pull Your Own Credit Reports

    Order your credit reports and scores from all three major credit reporting agencies before you visit a bank or broker. Personal copies of current reports should provide enough details for them to give you an opinion of the types of loans they can offer you.

    The lender you decide to use will access your credit files, but taking your personal copies to the initial interview avoids multiple credit pulls that can lower your scores. Requesting your own credit reports does not affect your scores.



    Is Buying a New Car For Zero Percent Interest Loan a Good Idea? #student #loans #without #cosigner


    #new car loans
    #

    Is Buying a New Car For Zero Percent Interest Loan a Good Idea?

    by Joe Plemon on August 2, 2012

    My friend Larry recently asked me a good question that led to a challenging question: “Joe, isn’t it true that everyone needs to be putting aside money every month for a car fund?”

    Joe, “Well, yes. Although some may be wealthy enough to have a nest egg generating vehicle purchase money, the vast majority of us need to be constantly saving for our next car purchase.”

    Larry, “I know you are big about saving for car purchases. But I have been able to get a zero percent loan on the last couple of new cars I bought, so what is the difference in borrowing at zero percent and saving up to pay cash?” (That was the challenging question)

    I admit that Larry caught me off guard. He is a sharp guy who would immediately challenge any noble idealism I might purport about debt being bad. He needed objective rationale.

    So, scrambling a bit, here was my response, “Larry, I have found that when I save and pay cash, I am much more selective about what I buy. That cash is something that I have worked and scrimped to save, so I shop very carefully. On the other hand, when I borrow money to buy a car, I don’t see the money come out of my account, so it just doesn’t seem as real. I will therefore pay more, buy newer and get more options. In short, I spend more when I borrow than I would paying cash.”

    “Oh. I hadn’t thought of it that way.” Larry was slowly nodding his head. “That makes sense.”

    So I suppose I was able to give a decent answer, but Larry’s question made me think. Are there other reasons not to borrow money for a new car, even at zero percent interest? I think there are. Here are some thoughts:

    Depreciation

    New cars depreciate faster than used cars. Yes, you get a new car guarantee and a new car smell, but you are paying for it. According to SafeCarGuide.com. “New cars lose an average of 20% of their value the instant they are driven away from the dealership. When coupled to the annual yearly depreciation of 7% to 12%, your first year’s loss is anywhere from 25% to 35%. That translates to a loss of $6,000 to $8,000 loss on a $22,500 new vehicle, or a $10,000 to $15,000 loss on a $40,000 one. And that is for a vehicle that is only driven the average of 13,500 miles. If you drive more than that, your depreciation will be greater (35% to 50% for the first year)”

    I think you get the point. That zero percent loan is costing you between $500 and $1,000 a month in depreciation costs for the first year alone.

    Risk

    The zero percent loan could spellbind you into buying too much car. If life happens (injury, job lay off, etc.) and you can’t make your payments, Mr. Tow Truck will show up and get your car. You will still owe on the negative equity even if you no longer own the car. Zero interest sounds pretty hollow once repo man shows up.

    May be paying more for car

    You may well be paying for that zero interest loan via higher sale price. Yes, dealers are offering deals to move new cars, but they aren’t stupid. That same car might have sold at a lower price if the financing would have included some interest payment.

    The cost of dealing with a dealer

    New cars, of course, must be purchased from dealers, but that is part of the problem. For sake of discussion, I compared the Kelly Blue Book retail price of a 2007 Cadillac Escalade ESV, excellent condition, with the private party price of exactly the same vehicle. The retail price of $42,440 is $3,600 more than the private party price of $38,840. My point is that you pay a premium simply for buying from a dealer. You also pay more sales taxes in many states. For example, in Illinois (where I live) the taxes for that $42,440 vehicle purchased from a dealer are $2,652.50 compared to $1,500 if purchased from an individual.

    Lost opportunity cost

    Larry and I started this conversation by agreeing that everyone, whether they are making payment on a loan or saving to pay cash, needs to budget a set amount for vehicle purchases. Even at zero percent interest, the new car buyer is going to pay more per month than someone (like me) who saves up and pays cash. How much is this difference and what could that money be doing if it weren’t going for cars? This number will vary greatly from person to person, but if we assume a $25,000 new car every five years compared to a $10,000 used car every five years, and factor in depreciation for each, the new car buyer will pay about $220 a month more. The lost opportunity, if invested at 8% annual growth for 40 years, is $768,000 dollars! How many of us could use that much extra cushion in our retirement portfolios?

    Concluding thoughts

    While a zero percent loan on a new car sounds good, there are many downsides. If the owner buys a new car just to get that zero percent loan, he is probably buying more car than he would by saving and paying cash. Even though he isn’t paying any interest, he is paying for depreciation, sometimes as much as $1,000 a month for the first year. Other downsides are risk and the higher costs of purchasing from a dealer. In addition, the lost opportunity cost can be substantial over a lifetime.

    According to “The Millionaire Next Door” by Stanley and Danko, 37% of millionaires buy used cars instead of new. Hmmm. Maybe that is how they became millionaires.

    How do you plan for car purchases? Do you save and pay cash or do you borrow? What have you found to work best for you?



    Home Buying – Banks vs. Mortgage Brokers #no #fee #loans


    #loan broker
    #

    Mortgage Brokers

    Mortgage brokers are professionals who are paid a fee to bring together lenders and borrowers. They usually work with dozens or even hundreds of lenders, not as employees, but as freelance agents.

    Think of mortgage brokers as scouts.

    They find and evaluate home buyers, analyzing each person s credit situation to determine which lender is the best fit for that person s needs. The broker submits the home buyer s application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. A good mortgage broker can find a lender for just about any type of credit.

    The mortgage broker working to secure your loan is earning a fee for the transaction and the better deal they achieve for a lender, the more they are paid.

    Don t be too anxious to disclose to a broker the interest rate you are willing to accept–let them tell you what terms they can secure. Shop around to make sure the terms are reasonable.

    Many of the mortgages companies that advertise online are mortgage brokers.

    What Difference Does it Make?

    A local or online mortgage broker may find you a lender in another part of the country. An online bank might not have a local office where employees can help you one-on-one.

    Some out of town lenders don t understand the types of heating systems used in specific areas, they aren t familiar with private septic systems, and they don t immediately understand common classifications and terms used by local appraisers. Those are just a few examples of problems I ve seen that caused significant slow-downs in loans made by an out of town lender working with a mortgage broker.

    Using a local bank can sometimes be a plus. Their staff generally understand the specifics of local properties, but a distant lender who doesn t will delay closing until questions are answered.

    Mortgage brokers can often find a lender who will make loans that a bank refuses–problem credit is one example. Loans for unique or commercial properties might be easier to secure through a mortgage broker.

    Make your choice of a lender based on the best loan terms you can find. Ask questions about expected time-frame. Ask your real estate agent friends who have recently bought a home for lender and broker referrals.

    Pull Your Own Credit Reports

    Order your credit reports and scores from all three major credit reporting agencies before you visit a bank or broker. Personal copies of current reports should provide enough details for them to give you an opinion of the types of loans they can offer you.

    The lender you decide to use will access your credit files, but taking your personal copies to the initial interview avoids multiple credit pulls that can lower your scores. Requesting your own credit reports does not affect your scores.



    100% USDA Home Loans For Buying A House With Bad Credit With No Money Down #business #financing


    #usda home loans
    #

    100% USDA Home Loans For Buying A House With Bad Credit With No Money Down

    Posted on 07/22/2010 10:22:45 AM PDT by Lorianne

    Rural Home Loans For People With Bad Credit And Single Mothers __ The USDA Farm Home Loans program provides low interest fixed monthly mortgage payment terms to help low and moderate income households afford a house of their own to keep the family together. In such difficult economic conditions, such rural home loans from the United States Department of Agriculture, Rural Development Branch, can offer better credit flexibility compared to traditional lenders in the troubled and sluggish housing and lending market.

    Do not be too put off by the rural home loans name of this program since many semi-rural properties just outside city limits also fall within the USDA farm home loans eligibility and will not seriously affect your transport options and commuting time to work or schools in the city and business district.

    Farm Home Loans – Buying A Rural House With Bad Credit

    That is a small price to pay in return for 100% mortgage financing and no down payment home loan financing under this USDA rural development farm home loan program. Lack of funds for down payment towards buying a house is the biggest problem faced by many low and middle income families in the country.

    USDA Rural Residential 100% Financing

    With the new Housing Rescue Bill passed in 2009, seller funded down payment assistance and zero down FHA mortgage lending are banned, leaving many bad credit home buyers that cannot meet the minimum 620 FICO score guidelines and down payment limits without any options.

    However, many do not realize that it is still possible to buy a house with no money down via USDA farm loans. You can now avoid home ownership problems by borrowing up to 100% of the latest appraised value of the house you have in mind that falls within the USDA rural housing districts.

    USDA Rural Farm and Housing Loan Qualifications The USDA Guaranteed Home Loan has a fairly easy and prompt approval process, and the available federal funds for this rural housing service program are not facing any shortages so far. Compared to FHA house mortgage loans, there are no monthly PMI private mortgage insurance necessary and only a 2% upfront fee is charged which can be financed by the loan as well.

    You get a 30 year low interest fixed rate rural mortgage with zero early prepayment penalty. The government underwrites and guarantees all USDA rural home loans made by the private lenders such that they will be reimbursed in the event that any borrower defaults on the repayment. As with the usual FHA arrangement, house buyers work with approved USDA home loan lenders directly while the government plays the role of the guarantor and underwriter. Monthly mortgage repayments are thus made directly to the lender and not the USDA.

    How Can I Apply For A USDA Home Loan With Bad Credit And No Down Payment? This USDA housing loans assistance program has quite lenient loan requirements compared to private and even the latest FHA mortgage guidelines. Although you need to demonstrate a stable employment record for the past two years and your income must meet the relevant limit guidelines on the area where you intend to buy a house with USDA farm loans, there is no minimum FICO credit score requirements to be concerned with.

    The given USDA rural development loans can be used on buying new houses, existing homes, new construction and home improvement projects. Although the USDA rural development loan rates are very low, note that all repairs, renovations or new constructions must be done by a licensed contractor if you intend to do 100% USDA home loan financing.

    Finally, all the upfront fees and USDA closing costs can be financed by the seller, with 100% gifting arranged allowed such that borrowers do not need to come up with any minimum cash contributions. If you are a first time home buyer or have not owned a home over the past three years, the USDA home loans also allow you to use the Housing Rescue Plan HR3221 bill to buy a new home with no money down and still get up to $7500 of tax rebates. This tax credit must be paid back over a 15yr period at $500 a month interest free starting the following year.

    USDA Rural Home Loan Rates Based on current USDA rural home loan rates and the median rental costs in the same sub-rural residential area, you can buy a home with appraised value of $175,000 that costs just as much as if you were to pay for rentals. Many families have to use a large portion of their income for rental property and never get to fully own a house of their own due to problems coming up with the down payment.

    With 100% USDA home farm loans, these low income families can now truly buy a home with no down payment and on low mortgage interest rates. The exact USDA home loan rates offered is determined on a case by case basis depending on the total income of the borrower and financial status of the household.

    For example, a single mother with 3 dependent children can expect as low as 1% USDA home loans rates under the government subsidized mortgage program. For families with higher income or two working parents, the rates are still very competitive compared to private mortgage loan rates.

    Note that applying for farm loans does not mean you will be living like a farmer, giving up on convenient amenities in the city and quiting your office job to start growing apples. Most sub-rural properties that meet the USDA loan eligibility locations are not more than 30 minutes drive from the nearest major cities.

    You get to enjoy living in less densely populated areas and the USDA rural development loan will also finance land up to five acres. Before you buy a new manufactured home and land package, their staff will also help you inspect the property in detail for to make sure it is built according to safety specification codes.

    Buy A House With No Money Down With 100% USDA Home Financing Farm Equipment Loans

    If you have been denied from other government assisted mortgage loan programs due to poor FICO credit score or lack of funds for the down payment, upfront fees, mortgage closing fees etc, you should seriously consider applying for USDA rural development loans instead of continuing to pay money on rentals as tenants. Many households have already benefited from being able to buy a house with no money down using 100% USDA home loans financing and more families are starting to join the program.

    Shirley Sherrod: Department of Agriculture has more money for low-income housing loans than ever

    http://freerepublic.com/focus/f-bloggers/2556897/posts

    Georgia gets another $30M for home loans http://www.effinghamherald.net/news/article/11046/

    http://www.freerepublic.com/focus/f-news/2555580/posts

    USDA Rural Development s direct loan program has many positive features including 100 percent financing and low-interest rates. House payments are based on household income. The program also has built in provisions, for example, so that down the line, if someone loses their job, mortgage payments can be deferred and rolled into the end of the loan. This provision is only available to Rural Development borrowers after the loan has closed and isn t available to families that have homes from other lenders.



    Home Buying – Banks vs. Mortgage Brokers #instant #payday #loan


    #loan broker
    #

    Mortgage Brokers

    Mortgage brokers are professionals who are paid a fee to bring together lenders and borrowers. They usually work with dozens or even hundreds of lenders, not as employees, but as freelance agents.

    Think of mortgage brokers as scouts.

    They find and evaluate home buyers, analyzing each person s credit situation to determine which lender is the best fit for that person s needs. The broker submits the home buyer s application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. A good mortgage broker can find a lender for just about any type of credit.

    The mortgage broker working to secure your loan is earning a fee for the transaction and the better deal they achieve for a lender, the more they are paid.

    Don t be too anxious to disclose to a broker the interest rate you are willing to accept–let them tell you what terms they can secure. Shop around to make sure the terms are reasonable.

    Many of the mortgages companies that advertise online are mortgage brokers.

    What Difference Does it Make?

    A local or online mortgage broker may find you a lender in another part of the country. An online bank might not have a local office where employees can help you one-on-one.

    Some out of town lenders don t understand the types of heating systems used in specific areas, they aren t familiar with private septic systems, and they don t immediately understand common classifications and terms used by local appraisers. Those are just a few examples of problems I ve seen that caused significant slow-downs in loans made by an out of town lender working with a mortgage broker.

    Using a local bank can sometimes be a plus. Their staff generally understand the specifics of local properties, but a distant lender who doesn t will delay closing until questions are answered.

    Mortgage brokers can often find a lender who will make loans that a bank refuses–problem credit is one example. Loans for unique or commercial properties might be easier to secure through a mortgage broker.

    Make your choice of a lender based on the best loan terms you can find. Ask questions about expected time-frame. Ask your real estate agent friends who have recently bought a home for lender and broker referrals.

    Pull Your Own Credit Reports

    Order your credit reports and scores from all three major credit reporting agencies before you visit a bank or broker. Personal copies of current reports should provide enough details for them to give you an opinion of the types of loans they can offer you.

    The lender you decide to use will access your credit files, but taking your personal copies to the initial interview avoids multiple credit pulls that can lower your scores. Requesting your own credit reports does not affect your scores.



    Buying a New Car #subsidized #student #loans


    #new car loans
    #

    Related Items

    A new car is second only to a home as the most expensive purchase many consumers make. According to the National Automobile Dealers Association. the average price of a new car sold in the United States is about $30,000. That’s why it’s important to know how to make a smart deal.

    Buying Your New Car

    Think about what car model and options you want and how much you’re willing to spend. Do some research. You’ll be less likely to feel pressured into making a hasty or expensive decision at the showroom and more likely to get a better deal.

    Consider these suggestions:

    • Check publications and websites that discuss new car features and prices. These may provide information on the dealer’s costs for specific models and options.
    • Shop around to get the best possible price by comparing models and prices in ads and at dealer showrooms. You also may want to contact car-buying services and broker-buying services to make comparisons.
    • Plan to negotiate on price. Dealers may be willing to bargain on their profit margin, often between 10 and 20 percent. Usually, this is the difference between the manufacturer’s suggested retail price (MSRP) and the invoice price.
    • Because the price is a factor in the dealer’s calculations regardless of whether you pay cash or finance your car — and also affects your monthly payments — negotiating the price can save you money.
    • Consider ordering your new car if you don’t see what you want on the dealer’s lot. This may involve a delay, but cars on the lot may have options you don’t want — and that can raise the price. However, dealers often want to sell their current inventory quickly, so you may be able to negotiate a good deal if an in-stock car meets your needs.

    Learning the Terms

    Negotiations often have a vocabulary of their own. Here are some terms you may hear when you’re talking price.

    • Invoice Price is the manufacturer’s initial charge to the dealer. This usually is higher than the dealer’s final cost because dealers receive rebates, allowances, discounts, and incentive awards. Generally, the invoice price should include freight (also known as destination and delivery). If you’re buying a car based on the invoice price (for example, “at invoice,” “$100 below invoice,” “two percent above invoice”) and if freight is already included, make sure freight isn’t added again to the sales contract.
    • Base Price is the cost of the car without options, but includes standard equipment and factory warranty. This price is printed on the Monroney sticker.
    • Monroney Sticker Price (MSRP) shows the base price, the manufacturer’s installed options with the manufacturer’s suggested retail price, the manufac-turer’s transportation charge, and the fuel economy (mileage). Affixed to the car window, this label is required by federal law, and may be removed only by the purchaser.
    • Dealer Sticker Price, usually on a supplemental sticker, is the Monroney sticker price plus the suggested retail price of dealer-installed options, such as additional dealer markup (ADM) or additional dealer profit (ADP), dealer preparation, and undercoating.

    Financing Your New Car

    If you decide to finance your car, be aware that the financing obtained by the dealer, even if the dealer contacts lenders on your behalf, may not be the best deal you can get. Contact lenders directly. Compare the financing they offer you with the financing the dealer offers you. Because offers vary, shop around for the best deal, comparing the annual percentage rate (APR) and the length of the loan. When negotiating to finance a car, be wary of focusing only on the monthly payment. The total amount you will pay depends on the price of the car you negotiate, the APR, and the length of the loan.

    Sometimes, dealers offer very low financing rates for specific cars or models, but may not be willing to negotiate on the price of these cars. To qualify for the special rates, you may be required to make a large down payment. With these conditions, you may find that it’s sometimes more affordable to pay higher financing charges on a car that is lower in price or to buy a car that requires a smaller down payment.

    Before you sign a contract to purchase or finance the car, consider the terms of the financing and evaluate whether it is affordable. Before you drive off the lot, be sure to have a copy of the contract that both you and the dealer have signed and be sure that all blanks are filled in.

    Some dealers and lenders may ask you to buy credit insurance to pay off your loan if you should die or become disabled. Before you buy credit insurance, consider the cost, and whether it’s worthwhile. Check your existing policies to avoid duplicating benefits. Credit insurance is not required by federal law. If your dealer requires you to buy credit insurance for car financing, it must be included in the cost of credit. That is, it must be reflected in the APR. Your state Attorney General also may have requirements about credit insurance. Check with your state Insurance Commissioner or state consumer protection agency .

    Before you negotiate the price of your next new car, use this worksheet to establish the bargaining room. *You can get the invoice price by looking at the dealer’s invoice or reviewing car publications.

    Trading in Your Old Car

    Discuss the possibility of a trade-in only after you’ve negotiated the best possible price for your new car and after you’ve researched the value of your old car. Find out what your current vehicle is worth before you negotiate the purchase of a new car. Check the National Automobile Dealers Association’s (NADA) Guides , Edmunds. and Kelley Blue Book. This information may help you get a better price from the dealer. Though it may take longer to sell your car yourself, you generally will get more money than if you trade it in.

    Considering a Service Contract

    Service contracts that you may buy with a new car provide for the repair of certain parts or problems. These contracts are offered by manufacturers, dealers, or independent companies and may or may not provide coverage beyond the manufacturer’s warranty. Remember that a warranty is included in the price of the car while a service contract costs extra.

    Before deciding to purchase a service contract, read it carefully and consider these questions:

    • What’s the difference between the coverage under the warranty and the coverage under the service contract?
    • What repairs are covered?
    • Is routine maintenance covered?
    • Who pays for the labor? The parts?
    • Who performs the repairs? Can repairs be made elsewhere?
    • How long does the service contract last?
    • What are the cancellation and refund policies?


    Buying a Home with a USDA Home Loan #micro #loan


    #usda home loan
    #

    Buying a Home with a USDA Home Loan

    by Ahmet K. on June 7, 2011

    The United States Department of Agriculture is home to a little known mortgage program that s actually quite large. Along with VA loans, USDA mortgages are the only zero down mortgage product on the market today. Homebuyers can finance rural property and even small farms with some of the USDA s mortgage programs.

    Types of USDA Loans

    Loan Guarantee Programm Section 502 This program functions similarly to FHA loans; the lender makes a loan, not the USDA itself, however the USDA guarantess the to pay the lender the full amount should the borrower default. This program is attractive because it does not require a down payment.

    Mutual Self-Help Program Section 523 This loan program enables borrowers to buy a fixer-upper or personally build a new home and use their own labor to build some sweat equity. Homeowner s must commit to doing 65% of construction or repair work on their own.

    Home Repair Loan and Grant Program Section 504 This refinance program helps low income homeowners obtain a USDA refinance and borrow to fix major issues such as a leaking roof or foundation crack. Generally this program is coupled with a grant that makes the interst very low sometimes as little as 1%.

    Qualifying for a USDA Loan

    USDA Loans are made to families with incomes below 80% of the median in their area. This is specifically meant to help lower income borrowers that could not afford a conventional mortgages. Also, USDA loans must be issued in rural areas. Rural is defind as areas with 20,000 residents or less and is loosely enough interpretted that many suburbs of large cities can qualify.

    To learn more about the USDA Rural Mortgage Program visit their site today .



    What’s the best way to finance buying a car? Money Advice Service #loans #bad #credit


    #cheapest car loan
    #

    200,000 people are taking care of their money with our FREE money advice newsletter.

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    Buying a car is no simple decision. From buying outright, to buying a car on finance, there are many options. You also have to consider running costs. In fact, it’s probably the second most expensive thing you’ll buy after a home. So it’s important to make sure you get the best deal on financing.

    Cash or savings?

    When interest rates are so low, it’s likely that your savings will not be earning much in a bank or building society account. So rather than keeping your savings and borrowing at a higher rate of interest, you could use them to fund all or some of the cost of the car.

    • You should make sure you have enough savings left over for an emergency after you have paid for your car.
    • If you don’t have enough savings to buy the car outright, you could use them to give you the biggest deposit possible.
    • Even if you use money from your savings you may be better off buying the car on your credit card so you benefit from credit card purchase protection. You should pay the bill off in full the next month.

    Use our Car costs calculator to work out the total cost of motoring.

    Personal loan

    Did you know?

    Personal loans are usually the cheapest way to finance a car deal, but only if you have a good credit rating.

    You can get a personal loan from a bank, building society or finance provider so long as your credit rating is good.

    Make sure the loan is not secured against your home. Otherwise you will be putting your home at risk if you failed to keep up with repayments.

    Shop around for the best interest rate by comparing the APR (or annual percentage rate, which includes charges you have to pay as well as the interest).

    Pros

      It can be arranged over the phone, internet or face-to-face Covers the whole cost of the car but it doesn’t have to Can charge a competitive fixed interest rate if you shop around

    Cons

      There may be a wait for the funds to appear, although some lenders make funds available almost immediately Other borrowing may be affected

    Hire purchase (HP)

    Hire purchase is a form of buying a car on finance and is paid in instalments where payments are spread over 12-60 months and you usually (but not always) have to put down a 10% deposit. They are arranged by the car dealer and are often very competitive for new cars (less so for used cars). The loan is secured against the car, so you don’t own it until the last payment is made.

    Pros

      Quick and easy to arrange Low deposit (usually 10%) Flexible repayment terms (from 12 to 60 months) Competitive fixed interest rates

    Cons

      You don’t own the car until the final payment Tends to be more expensive for short-term agreements

    Personal contract plan

    This type of car finance deal is a variation on hire purchase and tends to result in lower monthly payments. Instead of paying for the car outright, you agree to pay the difference between its sale price and its price for resale back to the dealer. This is based on a forecast of annual mileage over the term of the agreement. Payments are spread over a shorter term of 12 to 36 months.

    At the end of the term you can:

    Personal leasing

    You can pay the dealer a fixed monthly amount for the use of a car, with servicing and maintenance included, as long as the mileage doesn’t exceed a specified limit. At the end of the agreement, you hand the car back. It never belongs to you.

    Pros

      Motoring at a fixed monthly cost No worries about the car depreciating in value Flexible payment terms (from 12 to 36 months)

    Cons

      Monthly costs are higher because servicing and maintenance are included Need to find a deposit (usually 3 months rental) Possible extra costs if you exceed the mileage limit The car is never yours

    Car finance options – Things to look out for

    As you compare car financing, there are a few key things to do before making a final choice.

    • Make sure you can afford the monthly payment.
    • Make sure you compare interest rates by looking at the APR (annual percentage rate), which includes all the charges you have to pay. Remember that a higher deposit will normally mean a lower interest rate.
    • Compare the total cost of borrowing, including all charges over the loan.
    • Think carefully before buying payment protection insurance (PPI) or other insurance, such as GAP cover, which can be expensive and may give limited cover. GAP cover is designed to pay out if your car is a total write-off and the outstanding finance is more than the value of your car.
    • Beware of early repayment or other charges, which kick in if you exceed the forecast mileage in personal contract plans (and also personal leasing).

    Shop around

    The best way to shop around for a good deal is to use an online comparison site. Here are some of the sites you might want to consider.



    100% USDA Home Loans For Buying A House With Bad Credit With No Money Down #consolidate #private #student #loans


    #usda home loans
    #

    100% USDA Home Loans For Buying A House With Bad Credit With No Money Down

    Posted on 07/22/2010 10:22:45 AM PDT by Lorianne

    Rural Home Loans For People With Bad Credit And Single Mothers __ The USDA Farm Home Loans program provides low interest fixed monthly mortgage payment terms to help low and moderate income households afford a house of their own to keep the family together. In such difficult economic conditions, such rural home loans from the United States Department of Agriculture, Rural Development Branch, can offer better credit flexibility compared to traditional lenders in the troubled and sluggish housing and lending market.

    Do not be too put off by the rural home loans name of this program since many semi-rural properties just outside city limits also fall within the USDA farm home loans eligibility and will not seriously affect your transport options and commuting time to work or schools in the city and business district.

    Farm Home Loans – Buying A Rural House With Bad Credit

    That is a small price to pay in return for 100% mortgage financing and no down payment home loan financing under this USDA rural development farm home loan program. Lack of funds for down payment towards buying a house is the biggest problem faced by many low and middle income families in the country.

    USDA Rural Residential 100% Financing

    With the new Housing Rescue Bill passed in 2009, seller funded down payment assistance and zero down FHA mortgage lending are banned, leaving many bad credit home buyers that cannot meet the minimum 620 FICO score guidelines and down payment limits without any options.

    However, many do not realize that it is still possible to buy a house with no money down via USDA farm loans. You can now avoid home ownership problems by borrowing up to 100% of the latest appraised value of the house you have in mind that falls within the USDA rural housing districts.

    USDA Rural Farm and Housing Loan Qualifications The USDA Guaranteed Home Loan has a fairly easy and prompt approval process, and the available federal funds for this rural housing service program are not facing any shortages so far. Compared to FHA house mortgage loans, there are no monthly PMI private mortgage insurance necessary and only a 2% upfront fee is charged which can be financed by the loan as well.

    You get a 30 year low interest fixed rate rural mortgage with zero early prepayment penalty. The government underwrites and guarantees all USDA rural home loans made by the private lenders such that they will be reimbursed in the event that any borrower defaults on the repayment. As with the usual FHA arrangement, house buyers work with approved USDA home loan lenders directly while the government plays the role of the guarantor and underwriter. Monthly mortgage repayments are thus made directly to the lender and not the USDA.

    How Can I Apply For A USDA Home Loan With Bad Credit And No Down Payment? This USDA housing loans assistance program has quite lenient loan requirements compared to private and even the latest FHA mortgage guidelines. Although you need to demonstrate a stable employment record for the past two years and your income must meet the relevant limit guidelines on the area where you intend to buy a house with USDA farm loans, there is no minimum FICO credit score requirements to be concerned with.

    The given USDA rural development loans can be used on buying new houses, existing homes, new construction and home improvement projects. Although the USDA rural development loan rates are very low, note that all repairs, renovations or new constructions must be done by a licensed contractor if you intend to do 100% USDA home loan financing.

    Finally, all the upfront fees and USDA closing costs can be financed by the seller, with 100% gifting arranged allowed such that borrowers do not need to come up with any minimum cash contributions. If you are a first time home buyer or have not owned a home over the past three years, the USDA home loans also allow you to use the Housing Rescue Plan HR3221 bill to buy a new home with no money down and still get up to $7500 of tax rebates. This tax credit must be paid back over a 15yr period at $500 a month interest free starting the following year.

    USDA Rural Home Loan Rates Based on current USDA rural home loan rates and the median rental costs in the same sub-rural residential area, you can buy a home with appraised value of $175,000 that costs just as much as if you were to pay for rentals. Many families have to use a large portion of their income for rental property and never get to fully own a house of their own due to problems coming up with the down payment.

    With 100% USDA home farm loans, these low income families can now truly buy a home with no down payment and on low mortgage interest rates. The exact USDA home loan rates offered is determined on a case by case basis depending on the total income of the borrower and financial status of the household.

    For example, a single mother with 3 dependent children can expect as low as 1% USDA home loans rates under the government subsidized mortgage program. For families with higher income or two working parents, the rates are still very competitive compared to private mortgage loan rates.

    Note that applying for farm loans does not mean you will be living like a farmer, giving up on convenient amenities in the city and quiting your office job to start growing apples. Most sub-rural properties that meet the USDA loan eligibility locations are not more than 30 minutes drive from the nearest major cities.

    You get to enjoy living in less densely populated areas and the USDA rural development loan will also finance land up to five acres. Before you buy a new manufactured home and land package, their staff will also help you inspect the property in detail for to make sure it is built according to safety specification codes.

    Buy A House With No Money Down With 100% USDA Home Financing Farm Equipment Loans

    If you have been denied from other government assisted mortgage loan programs due to poor FICO credit score or lack of funds for the down payment, upfront fees, mortgage closing fees etc, you should seriously consider applying for USDA rural development loans instead of continuing to pay money on rentals as tenants. Many households have already benefited from being able to buy a house with no money down using 100% USDA home loans financing and more families are starting to join the program.

    Shirley Sherrod: Department of Agriculture has more money for low-income housing loans than ever

    http://freerepublic.com/focus/f-bloggers/2556897/posts

    Georgia gets another $30M for home loans http://www.effinghamherald.net/news/article/11046/

    http://www.freerepublic.com/focus/f-news/2555580/posts

    USDA Rural Development s direct loan program has many positive features including 100 percent financing and low-interest rates. House payments are based on household income. The program also has built in provisions, for example, so that down the line, if someone loses their job, mortgage payments can be deferred and rolled into the end of the loan. This provision is only available to Rural Development borrowers after the loan has closed and isn t available to families that have homes from other lenders.



    Is Buying a New Car For Zero Percent Interest Loan a Good Idea? #unsecured #business #loans


    #new car loans
    #

    Is Buying a New Car For Zero Percent Interest Loan a Good Idea?

    by Joe Plemon on August 2, 2012

    My friend Larry recently asked me a good question that led to a challenging question: “Joe, isn’t it true that everyone needs to be putting aside money every month for a car fund?”

    Joe, “Well, yes. Although some may be wealthy enough to have a nest egg generating vehicle purchase money, the vast majority of us need to be constantly saving for our next car purchase.”

    Larry, “I know you are big about saving for car purchases. But I have been able to get a zero percent loan on the last couple of new cars I bought, so what is the difference in borrowing at zero percent and saving up to pay cash?” (That was the challenging question)

    I admit that Larry caught me off guard. He is a sharp guy who would immediately challenge any noble idealism I might purport about debt being bad. He needed objective rationale.

    So, scrambling a bit, here was my response, “Larry, I have found that when I save and pay cash, I am much more selective about what I buy. That cash is something that I have worked and scrimped to save, so I shop very carefully. On the other hand, when I borrow money to buy a car, I don’t see the money come out of my account, so it just doesn’t seem as real. I will therefore pay more, buy newer and get more options. In short, I spend more when I borrow than I would paying cash.”

    “Oh. I hadn’t thought of it that way.” Larry was slowly nodding his head. “That makes sense.”

    So I suppose I was able to give a decent answer, but Larry’s question made me think. Are there other reasons not to borrow money for a new car, even at zero percent interest? I think there are. Here are some thoughts:

    Depreciation

    New cars depreciate faster than used cars. Yes, you get a new car guarantee and a new car smell, but you are paying for it. According to SafeCarGuide.com. “New cars lose an average of 20% of their value the instant they are driven away from the dealership. When coupled to the annual yearly depreciation of 7% to 12%, your first year’s loss is anywhere from 25% to 35%. That translates to a loss of $6,000 to $8,000 loss on a $22,500 new vehicle, or a $10,000 to $15,000 loss on a $40,000 one. And that is for a vehicle that is only driven the average of 13,500 miles. If you drive more than that, your depreciation will be greater (35% to 50% for the first year)”

    I think you get the point. That zero percent loan is costing you between $500 and $1,000 a month in depreciation costs for the first year alone.

    Risk

    The zero percent loan could spellbind you into buying too much car. If life happens (injury, job lay off, etc.) and you can’t make your payments, Mr. Tow Truck will show up and get your car. You will still owe on the negative equity even if you no longer own the car. Zero interest sounds pretty hollow once repo man shows up.

    May be paying more for car

    You may well be paying for that zero interest loan via higher sale price. Yes, dealers are offering deals to move new cars, but they aren’t stupid. That same car might have sold at a lower price if the financing would have included some interest payment.

    The cost of dealing with a dealer

    New cars, of course, must be purchased from dealers, but that is part of the problem. For sake of discussion, I compared the Kelly Blue Book retail price of a 2007 Cadillac Escalade ESV, excellent condition, with the private party price of exactly the same vehicle. The retail price of $42,440 is $3,600 more than the private party price of $38,840. My point is that you pay a premium simply for buying from a dealer. You also pay more sales taxes in many states. For example, in Illinois (where I live) the taxes for that $42,440 vehicle purchased from a dealer are $2,652.50 compared to $1,500 if purchased from an individual.

    Lost opportunity cost

    Larry and I started this conversation by agreeing that everyone, whether they are making payment on a loan or saving to pay cash, needs to budget a set amount for vehicle purchases. Even at zero percent interest, the new car buyer is going to pay more per month than someone (like me) who saves up and pays cash. How much is this difference and what could that money be doing if it weren’t going for cars? This number will vary greatly from person to person, but if we assume a $25,000 new car every five years compared to a $10,000 used car every five years, and factor in depreciation for each, the new car buyer will pay about $220 a month more. The lost opportunity, if invested at 8% annual growth for 40 years, is $768,000 dollars! How many of us could use that much extra cushion in our retirement portfolios?

    Concluding thoughts

    While a zero percent loan on a new car sounds good, there are many downsides. If the owner buys a new car just to get that zero percent loan, he is probably buying more car than he would by saving and paying cash. Even though he isn’t paying any interest, he is paying for depreciation, sometimes as much as $1,000 a month for the first year. Other downsides are risk and the higher costs of purchasing from a dealer. In addition, the lost opportunity cost can be substantial over a lifetime.

    According to “The Millionaire Next Door” by Stanley and Danko, 37% of millionaires buy used cars instead of new. Hmmm. Maybe that is how they became millionaires.

    How do you plan for car purchases? Do you save and pay cash or do you borrow? What have you found to work best for you?



    Is there an ideal credit score for buying a house? Trulia Voices #student #loan #companies


    #ideal home loans
    #

    Answers

    Your Credit May Not Be As Bad As You Think,

    By Stephen Webber Retired After 34 Years of Real Estate For First Time Home Buyers

    Most importantly don’t do anything until your loan officer looks it over with you. So many times people do what would seem like a good idea; pay off a past due or pay off a credit card and close the account to later discover they actually lowered their rating.

    Loan officers work with credit continually and many times can suggest a notification or two and presto the rating is up. Maybe there is a late pay that didn’t happen or maybe should have fallen of the report months earlier.

    They have a very strong incentive. They can’t make a loan unless the credit is acceptable so the experienced loan officers know their stuff.

    An article that will serve you well is #13 Consultation Interviewing Loan Officers at Your Road Home.com. Also article #5 Your Credit and Financing Your Home.

    Choose your loan officer before you allow anyone to fix or monitor your credit. Your loan type will dictate the required rating. Once you know exactly what needs to happen you can direct the requirements, establish a time line and plan your next step.

    The shortest path to owning your home.

    Most importantly;

    Don’t let anything or anyone deter you from your goal of owning your home.

    Best of Luck, Stephen Webber Retired After 34 Years of Real Estate For First Time Home Buyers



    Buying a Home With Owner Financing #african #bank #loans


    #home financing
    #

    Owner Financing in Real Estate

    By Elizabeth Weintraub. Home Buying/Selling Expert

    Elizabeth Weintraub has an extensive background in real estate spanning more than 30 years, including experience in related industries such as title and escrow. She is a full-time broker-associate at Lyon Real Estate’s midtown Sacramento office and is recognized as a top producer. She is also a Life Member of the Master’s Club, an honor bestowed by the Sacramento Board of REALTORS , and ranks in the top 1% of all the agents at Lyon Real Estate.

    CA BRE License #00697006

    Asking a seller to give you owner financing to buy a home can be a tricky proposition. That s partly because if you ask the listing agent if the owner will carry some or all of the financing, the agent probably doesn t know. Why? The agent never asked.

    Most sellers don t sell a home every day. Their knowledge is limited to conventional practices where the buyer goes to the bank to get a mortgage .

    However, for a seller whose home isn t selling or when traditional lender guidelines are tightened, owner financing suddenly becomes very popular. Owner financing is definitely a viable option in buyer s markets .

    What is Owner Financing?

    When part or all of the purchase price, less the buyer s down payment. is carried by the seller, the seller is providing owner financing.

    It doesn t matter if the property has an existing loan, except to the extent that the existing lender might accelerate the loan upon sale due to an alienation clause. Instead of going to the bank, the buyer gives a financing instrument to the seller as evidence of the loan and makes payments to the seller.

    If the property is free-and-clear, meaning the seller has clear title without any loans, the seller might agree to carry all of the financing. In that instance, the buyer and seller agree upon an interest rate, monthly payment amount and term of the loan, and the buyer pays the seller for the seller s equity on an installment basis.

    Continue Reading Below

    The security instrument is generally recorded in the public records, which protects both parties. Bear in mind, some state laws prohibit balloon payments.

    Types of Owner Financing

    Most purchase-money transactions are negotiable. Sellers and buyers are free to negotiate the terms of the owner financing, subject to usury laws and other state-specific regulations.

    While there is no standard down payment required, many sellers want a sufficient down payment to protect their equity. Down payments can vary from little to 30% or more. Sellers feel their equity is safeguarded by the buyer s down payment because buyers are less likely to go into foreclosure if they ve invested a lot of money upfront.

    Some variations of owner financing include:

    Land contracts do not pass legal title to the buyer, but give the buyer equitable title. The buyer makes payments to the seller for a certain period. Upon final payment or a refinance, the buyer receives the deed.

    Sellers can carry the mortgage for the entire balance of the purchase price (less the down payment), which may include an underlying loan. This type of financing is called an all-inclusive mortgage or all-inclusive trust deed (AITD). The seller receives an override of interest on the underlying loan.

    A seller may also carry a junior mortgage, in which case, the buyer would take title subject to the existing loan or obtain a new first mortgage. The buyer receives a deed and gives the seller a second mortgage for the balance of the purchase price, less the down payment and first mortgage amount .

  • Lease Purchase Agreements.

    Selling on a lease purchase agreement means the seller is giving the buyer equitable title and leasing the property to the buyer. Upon fulfillment of the lease purchase agreement, the buyer receives title and typically obtains a loan to pay the seller, after receiving credit for all or part of the rental payments toward the purchase price.

    Owner Financing Benefits to Home Buyers

    • Little or No Qualifying.

    Even if the seller demands a credit report on the buyer, the seller s interpretation of buyer qualifications are typically less stringent and more flexible than those imposed by conventional lenders.

    Unlike conventional loans. sellers and buyers can choose from a variety of payment options such as interest only. fixed-rate amortization. less-than-interest or a balloon payment. Payments can mix and match. Interest rates can adjust periodically or remain at one rate for the term of the loan.

  • Down Payment Flexibility.

    Down payments are negotiable. If a seller wants a larger down payment than the buyer possesses, sometimes sellers will let a buyer make periodic lump-sum payments toward a down payment.

    Without an institutional lender, there are no loan or discount points to pay. No origination fees. processing fees, administration fees or any of the other assorted miscellaneous fees that lenders routinely charge, which automatically saves money on buyer closing costs .

    Because buyers and sellers aren t waiting on a lender to process the financing, buyers can close faster and get buyer possession earlier over a conventional loan transaction.

    Owner Financing Benefits to Home Sellers

    • Higher Sales Price.

    Because the seller is offering owner financing, the seller may be in a position to command full list price or higher.

    The seller might pay less in taxes on an installment sale. reporting only the income received in each calendar year.

    Payments from a buyer increase the seller s monthly cash flow, resulting in spendable income.

  • Higher Interest Rate.

    Owner financing can carry a higher rate of interest than a seller might receive in a money market account or other low-risk types of investments.

  • Shorter Listing Term.

    Owner financing attracts a different set of buyers. If a property is not selling under conventional methods, offering owner financing is one way to stand out from the sea of inventory and move a hard-to-sell property that otherwise might not sell.

    In closing, before entering into a transaction with owner financing, consult a real estate lawyer and obtain competent legal advice.

    At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.



  • Why it – s miles cheaper to avoid the banks when buying a car. #just #military #loans


    #cheapest car loan
    #

    Why it’s miles cheaper to avoid the banks when buying a car

    WITH car sales falling off a cliff, there’s never been a better time to buy a car. The number of new cars sold in Ireland last year was a third the number sold in 2000, when the Celtic Tiger was alive and well. The industry is on its knees as a result – so you’ve a better chance of getting a bargain.

    “It’s definitely a buyer’s market,” said Conor Faughnan, director of policy with AA Ireland. “You can push the car dealer on price, particularly if you’ve got the cash to do a deal.”

    Cash of course is the cheapest way to buy a car – but not many of us have the luxury of having the cash to buy a car outright. Chances are, you’ll have to borrow to buy your dream set of wheels. Choose the wrong car finance however and you could pay as much as €6,000 more for your car than you would have, had you borrowed the money elsewhere.

    You usually have two choices of car finance – a hire purchase agreement, where you pay monthly repayments for the hire of the car, or a car loan. You’ll typically be offered hire purchase if you go to a dealer; while a bank will usually offer you a loan.

    The Sunday Independent examined the car finance offered by AIB, Bank of Ireland, Danske Bank, Permanent TSB and Ulster Bank as well as the hire purchase deals offered by a few dealers. We found that hire purchase can work out a lot cheaper than a loan – but only if the interest rate is lower than 9 per cent and there are no hidden charges lobbed on top of that.

    BORROWING €10,000

    Up to €2,350 more expensive at the bank

    If borrowing €10,000 to buy a car, one of the cheapest ways to do so is through hire purchase with Renault Finance.

    If you’re buying a Renault Megane (Coupe, Hatch or Grand), Renault Finance offers interest-free hire purchase of up to €11,000 as long as you pay off the money borrowed over three years – and pay a 30 per cent up-front deposit off the price of the car.

    If you’re not interested in a Megane, but have another Renault in mind, you could borrow €10,000 from Renault Finance at an interest rate of 4.9 per cent under hire purchase – as long as you can stump up the 30 per cent deposit. Under that rate, the monthly repayments are €185 over five years – and the cost of your credit, including interest and fees of €150, comes to €1,250. That’s up to €2,350 cheaper than the banks.

    If you’re buying from a BMW dealer, BMW Financial Services charges 7.95 per cent interest under HP if you’re borrowing €10,000. The monthly repayments over five years are €198.67, which brings the cost of your credit to €1,920 – almost half what some banks charge. You don’t have to pay a deposit to get the 7.95 per cent interest rate.

    Our survey found that Bank of Ireland is the most expensive for car loans. It charges 13.6 per cent interest on a fixed-rate loan of €10,000. Under that rate, your monthly repayments over five years are €226.82 – which brings the cost of your credit to €3,609.

    Bank of Ireland will knock off 1 per cent from your interest rate if you get your loan online – but even with that discount, its €10,000 car loans still work out more expensive than those offered by AIB, Danske Bank, and PTSB. Ulster Bank is the second most expensive for a €10,000 car loan. Ulster charges 12.3 per cent interest – which clocks up to €3,238 after five years.

    Permanent TSB offers the cheapest €10,000 car loan. Permo charges 9.9 per cent interest, which will cost you €2,595 after five years.

    Check if your bank offers hire purchase as that may work out cheaper for you than a car loan. Bank of Ireland charges 10.5 per cent interest on €10,000 borrowed under hire purchase, which brings the cost of your credit to €2,756.40 after five years – about €800 cheaper than the bank’s fixed rate loan.

    BORROWING €30,000

    Up to €5,731 more expensive at the bank

    If buying a Renault, Renault Finance should work out a lot cheaper than your bank. It costs €3,510 to borrow €30,000 over five years under Renault’s 4.9 per cent interest rate for hire purchase – but again, you need a 30 per cent deposit to get that rate.

    If you don’t have the 30 per cent deposit, you’ll be charged 6.9 per cent interest – which is still cheaper than the banks.

    It costs €6,068 to borrow €30,000 over five years under BMW Financial Services’ hire purchase plan – which charges 7.95 per cent interest.

    Borrow the €30,000 through Bank of Ireland’s variable loan however, and you’ll pay €9,241 in interest over five years – between €3,173 and €5,731 more than the hire purchase offers we examined. Bank of Ireland charges 11.7 per cent interest on this loan – which makes its variable loan the most expensive of the €30,000 car loans examined.

    Danske Bank’s variable loan is also expensive. Danske charges 11.47 per cent on a variable loan of €30,000, which will cost you €9,054 after five years.

    The cost of Permo’s €30,000 car loan, which has an interest rate of 9.3 per cent, adds up to €7,277 after five years. The hire purchase offers from Bank of Ireland and AIB worked out cheaper than Permo’s loan however.

    BORROWING €60,000

    Up to €6,192 more expensive at the bank

    One of the cheapest ways to borrow €60,000 is through hire purchase with BMW Financial Services. You’ll pay 7.95 per cent interest on €60,000 and this will cost you €12,290 after five years. Get a €60,000 variable loan at 11.7 per cent from Bank of Ireland however, and you’ll pay €18,482 interest after five years – about €6,200 more.

    Avoid Danske Bank’s variable loan – it charges 11.47 per cent interest on €60,000, which will cost you €18,107 after five years.

    At 9.3 per cent interest, Permanent TSB’s car loan was the cheapest €60,000 bank loan surveyed. The cost of that loan came to €14,555 after five years.

    Bank of Ireland’s hire purchase however works out cheaper than Permo’s car loan. The cost of borrowing €60,000 under Bank of Ireland’s hire purchase over five years adds up to €13,515.

    LEASING

    If you own your own business and you’ve no desire to own a car outright, leasing could work out cheaper for you in the short-term.

    For example, it could cost you €29,560 to buy a Toyota Avensis diesel saloon. If you lease it for five years from Merrion Fleet Management, your monthly repayments come to €512.67. These repayments include the cost of maintenance such as road tax, servicing and tyres. By contrast, the monthly repayments for a €30,000 bank loan over five years range between €619 and €654 and these repayments don’t include costs such as road tax and servicing.

    The cost of leasing a car will however add up over time. After five years, the monthly repayments for the lease of the Toyota Avensis add up to €30,760 – and you won’t own your car but must hand it back to the leasing company at an agreed time. As long as you meet the repayments on your car loan or hire purchase agreement, you’ll own your car.

    CAVEATS

    You need to understand everything about a hire purchase agreement before you sign up to it, warns Dermott Jewell of the Consumers’ Association of Ireland.

    The main advantage of a loan over hire purchase is that you can sell your car to repay the loan should you fall behind on your repayments. You can’t do this with hire purchase. As a result, you’re more likely to have your car repossessed under hire purchase than a car loan. With hire purchase, you don’t own the car until the final payment is made.

    “The inability to pay later has given rise to significant debts when devalued cars are repossessed, sold for small market value and leaving unmanageable balances to pay,” said Jewell.

    Irish Independent

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    Shariah Home financing, sharia home buying, Islamic financing Debt Free, Riba Free, Mortgage Free islamic investing #home #equity #loan #calculator


    #home financing
    #

    Our patent-pending Home Partnership Program provides a true debt-free, riba-free solution for sharia home financing.

    Find out what constitutes Riba and the difference between a truly Shariah compliant program and one that only appears to be.

    Our investors enjoy great returns on their money and the reward of helping people lead debt-free lives.

    Check with ANY scholar for 100% peace of mind. We believe that a true Shariah compliant Islamic financing solution is not about one scholar, or even a few scholars, making allowances based on technicalities or exceptions. A real Islamic financing solution is one that withstands the scrutiny of ANY scholar and conforms to the letter, essence and spirit of Islamic Law.

    The scholars on our team of advisors are known worldwide and their credentials, and experience, speak volumes in Islamic financing Jurisprudence (shariah financing) and its application to the current business field. However, we welcome the scrutiny of ANY scholar, anywhere. Please feel free to present our program to any scholar for review. If there is anything in our program that any scholar finds dishonest, or not 100% conforming to Shariah, we will fix it and owe you our gratitude for letting us know.



    Is Buying a New Car For Zero Percent Interest Loan a Good Idea? #interest #rate #on #car #loan


    #new car loans
    #

    Is Buying a New Car For Zero Percent Interest Loan a Good Idea?

    by Joe Plemon on August 2, 2012

    My friend Larry recently asked me a good question that led to a challenging question: “Joe, isn’t it true that everyone needs to be putting aside money every month for a car fund?”

    Joe, “Well, yes. Although some may be wealthy enough to have a nest egg generating vehicle purchase money, the vast majority of us need to be constantly saving for our next car purchase.”

    Larry, “I know you are big about saving for car purchases. But I have been able to get a zero percent loan on the last couple of new cars I bought, so what is the difference in borrowing at zero percent and saving up to pay cash?” (That was the challenging question)

    I admit that Larry caught me off guard. He is a sharp guy who would immediately challenge any noble idealism I might purport about debt being bad. He needed objective rationale.

    So, scrambling a bit, here was my response, “Larry, I have found that when I save and pay cash, I am much more selective about what I buy. That cash is something that I have worked and scrimped to save, so I shop very carefully. On the other hand, when I borrow money to buy a car, I don’t see the money come out of my account, so it just doesn’t seem as real. I will therefore pay more, buy newer and get more options. In short, I spend more when I borrow than I would paying cash.”

    “Oh. I hadn’t thought of it that way.” Larry was slowly nodding his head. “That makes sense.”

    So I suppose I was able to give a decent answer, but Larry’s question made me think. Are there other reasons not to borrow money for a new car, even at zero percent interest? I think there are. Here are some thoughts:

    Depreciation

    New cars depreciate faster than used cars. Yes, you get a new car guarantee and a new car smell, but you are paying for it. According to SafeCarGuide.com. “New cars lose an average of 20% of their value the instant they are driven away from the dealership. When coupled to the annual yearly depreciation of 7% to 12%, your first year’s loss is anywhere from 25% to 35%. That translates to a loss of $6,000 to $8,000 loss on a $22,500 new vehicle, or a $10,000 to $15,000 loss on a $40,000 one. And that is for a vehicle that is only driven the average of 13,500 miles. If you drive more than that, your depreciation will be greater (35% to 50% for the first year)”

    I think you get the point. That zero percent loan is costing you between $500 and $1,000 a month in depreciation costs for the first year alone.

    Risk

    The zero percent loan could spellbind you into buying too much car. If life happens (injury, job lay off, etc.) and you can’t make your payments, Mr. Tow Truck will show up and get your car. You will still owe on the negative equity even if you no longer own the car. Zero interest sounds pretty hollow once repo man shows up.

    May be paying more for car

    You may well be paying for that zero interest loan via higher sale price. Yes, dealers are offering deals to move new cars, but they aren’t stupid. That same car might have sold at a lower price if the financing would have included some interest payment.

    The cost of dealing with a dealer

    New cars, of course, must be purchased from dealers, but that is part of the problem. For sake of discussion, I compared the Kelly Blue Book retail price of a 2007 Cadillac Escalade ESV, excellent condition, with the private party price of exactly the same vehicle. The retail price of $42,440 is $3,600 more than the private party price of $38,840. My point is that you pay a premium simply for buying from a dealer. You also pay more sales taxes in many states. For example, in Illinois (where I live) the taxes for that $42,440 vehicle purchased from a dealer are $2,652.50 compared to $1,500 if purchased from an individual.

    Lost opportunity cost

    Larry and I started this conversation by agreeing that everyone, whether they are making payment on a loan or saving to pay cash, needs to budget a set amount for vehicle purchases. Even at zero percent interest, the new car buyer is going to pay more per month than someone (like me) who saves up and pays cash. How much is this difference and what could that money be doing if it weren’t going for cars? This number will vary greatly from person to person, but if we assume a $25,000 new car every five years compared to a $10,000 used car every five years, and factor in depreciation for each, the new car buyer will pay about $220 a month more. The lost opportunity, if invested at 8% annual growth for 40 years, is $768,000 dollars! How many of us could use that much extra cushion in our retirement portfolios?

    Concluding thoughts

    While a zero percent loan on a new car sounds good, there are many downsides. If the owner buys a new car just to get that zero percent loan, he is probably buying more car than he would by saving and paying cash. Even though he isn’t paying any interest, he is paying for depreciation, sometimes as much as $1,000 a month for the first year. Other downsides are risk and the higher costs of purchasing from a dealer. In addition, the lost opportunity cost can be substantial over a lifetime.

    According to “The Millionaire Next Door” by Stanley and Danko, 37% of millionaires buy used cars instead of new. Hmmm. Maybe that is how they became millionaires.

    How do you plan for car purchases? Do you save and pay cash or do you borrow? What have you found to work best for you?



    Home Buying – Banks vs. Mortgage Brokers #bank #student #loans


    #loan broker
    #

    Mortgage Brokers

    Mortgage brokers are professionals who are paid a fee to bring together lenders and borrowers. They usually work with dozens or even hundreds of lenders, not as employees, but as freelance agents.

    Think of mortgage brokers as scouts.

    They find and evaluate home buyers, analyzing each person s credit situation to determine which lender is the best fit for that person s needs. The broker submits the home buyer s application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. A good mortgage broker can find a lender for just about any type of credit.

    The mortgage broker working to secure your loan is earning a fee for the transaction and the better deal they achieve for a lender, the more they are paid.

    Don t be too anxious to disclose to a broker the interest rate you are willing to accept–let them tell you what terms they can secure. Shop around to make sure the terms are reasonable.

    Many of the mortgages companies that advertise online are mortgage brokers.

    What Difference Does it Make?

    A local or online mortgage broker may find you a lender in another part of the country. An online bank might not have a local office where employees can help you one-on-one.

    Some out of town lenders don t understand the types of heating systems used in specific areas, they aren t familiar with private septic systems, and they don t immediately understand common classifications and terms used by local appraisers. Those are just a few examples of problems I ve seen that caused significant slow-downs in loans made by an out of town lender working with a mortgage broker.

    Using a local bank can sometimes be a plus. Their staff generally understand the specifics of local properties, but a distant lender who doesn t will delay closing until questions are answered.

    Mortgage brokers can often find a lender who will make loans that a bank refuses–problem credit is one example. Loans for unique or commercial properties might be easier to secure through a mortgage broker.

    Make your choice of a lender based on the best loan terms you can find. Ask questions about expected time-frame. Ask your real estate agent friends who have recently bought a home for lender and broker referrals.

    Pull Your Own Credit Reports

    Order your credit reports and scores from all three major credit reporting agencies before you visit a bank or broker. Personal copies of current reports should provide enough details for them to give you an opinion of the types of loans they can offer you.

    The lender you decide to use will access your credit files, but taking your personal copies to the initial interview avoids multiple credit pulls that can lower your scores. Requesting your own credit reports does not affect your scores.



    Home Buying: Do physician loans still exist wtih little down #loan #modification #program


    #physician loans
    #

    Answers

    Yes! Here in San Diego, one of the lenders that I work with through Bank of America do physician loans. I don t know what the points are or the required down, but I can put you through to my lender and she can help. She and I work in North County, so we are very local!

    BEST ANSWER

    goneill79. Home Buyer, Marina del Rey, CA

    Hello, i m an anesthesiologist in the Los Angeles area and Fred Hall with BBVA Compass helped me purchase my condo in Venice using a physician loan they offer.

    At the time I closed my loan, Fred could lend a physician up to $1,750,000 with a reduced down payment without mortgage insurance. I personally only had to put down 5% on a $1M loan. It s far and away the best loan deal I could find for that size of a loan.

    In addition, after I closed on my loan, mortgage rates continued to decrease and Fred was able to reduce my rate with a low cost modification, which means I got to lower my rate on my 30yr fixed without having to do a full refinance and all the hassle that would normally bring.

    I have referred many fellow physician colleagues to Fred and they have all been highly satisfied with the entire process. At least 5 physicians from my group have bought their homes through Fred with the physician loan since I referred them.

    I know you can also get the physician loan for refinances, construction loans, and renovation loans as well, but the physician loan is only available in CA, AZ, CO, NM, TX, AL, and FL.

    I put his info below for you. I highly recommend you contact Fred if you are a physician looking to buy a home. Good luck!

    Fred Hall

    V.P. Senior Mortgage Banking Officer

    Cell: 916-500-8108

    Office: 916-913-LOAN (5626)



    Buying a Home After Bankruptcy


    #loans after bankruptcy
    #

    When and How to Find a Home Loan

    Understandably, mortgage companies want some form of reassurance that the borrower is on a safe and responsible financial track. Many lenders prefer to see three things when considering loaning money to someone following a bankruptcy:

    • A two-year stretch of on-time bill payments
    • A down payment
    • A steady income

    The one non-negotiable item on the list is a reliable income. The other two two spotless years of credit and a down payment aren t quite set in stone. Some lenders will be willing to provide a loan sooner than two years if there is evidence of responsible bill payment on a car or secured credit card plus reliable income.

    Likewise, with a steady work history and a down payment (even a small one), it s not impossible for someone just coming out of bankruptcy to secure 100-percent coverage on a home loan.

    Finding a reputable lender willing to loan a home s total value to someone just beginning the process of rebuilding their credit, and with an on-again off-again employment situation, is a tall order, and probably not a good idea for the would-be borrower. Post-bankruptcy borrowing should be undertaken at a slow pace and with an eye toward the future. With proof of responsible borrowing and spending, home ownership won t be far off.

    Related Info

    Like What You’ve Read?



    5 easy steps to buying a new motorcycle


    #motorcycle loan calculator
    #

    5 easy steps to buying a new motorcycle

    “One of the biggest mistakes is buying a bike that’s cool as opposed to something that properly fits your needs,” says Steven Balduzzi, who has been riding motorcycles for more than 30 years and was involved in motorcycle sales, maintenance and bike assembly at two dealerships in the 1990s.

    Each type of motorcycle has a different fit. Balduzzi, from Jupiter, Fla. notes that sport bikes — high-performance machines that are built for speed and acceleration — can become uncomfortable during a long commute. You have to lean forward to hold the handlebars and tuck your legs up high to reach the foot pegs, Balduzzi says.

    On a cruiser motorcycle, like a Harley-Davidson, Basem Wasef, a Los Angeles-based motorcycle writer for About.com, explains that on this type of bike, you have much more upright posture and your legs are in front of you, giving them room to move around.

    Touring bikes are meant to be ridden long distances. They’re all about comfort and often have backrests, wind screens, saddlebags, radios and even speaker systems, Wasef says.



    What’s the best way to finance buying a car? Money Advice Service


    #cheapest car loan
    #

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    Buying a car is no simple decision. From buying outright, to buying a car on finance, there are many options. You also have to consider running costs. In fact, it’s probably the second most expensive thing you’ll buy after a home. So it’s important to make sure you get the best deal on financing.

    Cash or savings?

    When interest rates are so low, it’s likely that your savings will not be earning much in a bank or building society account. So rather than keeping your savings and borrowing at a higher rate of interest, you could use them to fund all or some of the cost of the car.

    • You should make sure you have enough savings left over for an emergency after you have paid for your car.
    • If you don’t have enough savings to buy the car outright, you could use them to give you the biggest deposit possible.
    • Even if you use money from your savings you may be better off buying the car on your credit card so you benefit from credit card purchase protection. You should pay the bill off in full the next month.

    Use our Car costs calculator to work out the total cost of motoring.

    Personal loan

    Did you know?

    Personal loans are usually the cheapest way to finance a car deal, but only if you have a good credit rating.

    You can get a personal loan from a bank, building society or finance provider so long as your credit rating is good.

    Make sure the loan is not secured against your home. Otherwise you will be putting your home at risk if you failed to keep up with repayments.

    Shop around for the best interest rate by comparing the APR (or annual percentage rate, which includes charges you have to pay as well as the interest).

    Pros

      It can be arranged over the phone, internet or face-to-face Covers the whole cost of the car but it doesn’t have to Can charge a competitive fixed interest rate if you shop around

    Cons

      There may be a wait for the funds to appear, although some lenders make funds available almost immediately Other borrowing may be affected

    Hire purchase (HP)

    Hire purchase is a form of buying a car on finance and is paid in instalments where payments are spread over 12-60 months and you usually (but not always) have to put down a 10% deposit. They are arranged by the car dealer and are often very competitive for new cars (less so for used cars). The loan is secured against the car, so you don’t own it until the last payment is made.

    Pros

      Quick and easy to arrange Low deposit (usually 10%) Flexible repayment terms (from 12 to 60 months) Competitive fixed interest rates

    Cons

      You don’t own the car until the final payment Tends to be more expensive for short-term agreements

    Personal contract plan

    This type of car finance deal is a variation on hire purchase and tends to result in lower monthly payments. Instead of paying for the car outright, you agree to pay the difference between its sale price and its price for resale back to the dealer. This is based on a forecast of annual mileage over the term of the agreement. Payments are spread over a shorter term of 12 to 36 months.

    At the end of the term you can:

    Personal leasing

    You can pay the dealer a fixed monthly amount for the use of a car, with servicing and maintenance included, as long as the mileage doesn’t exceed a specified limit. At the end of the agreement, you hand the car back. It never belongs to you.

    Pros

      Motoring at a fixed monthly cost No worries about the car depreciating in value Flexible payment terms (from 12 to 36 months)

    Cons

      Monthly costs are higher because servicing and maintenance are included Need to find a deposit (usually 3 months rental) Possible extra costs if you exceed the mileage limit The car is never yours

    Car finance options – Things to look out for

    As you compare car financing, there are a few key things to do before making a final choice.

    • Make sure you can afford the monthly payment.
    • Make sure you compare interest rates by looking at the APR (annual percentage rate), which includes all the charges you have to pay. Remember that a higher deposit will normally mean a lower interest rate.
    • Compare the total cost of borrowing, including all charges over the loan.
    • Think carefully before buying payment protection insurance (PPI) or other insurance, such as GAP cover, which can be expensive and may give limited cover. GAP cover is designed to pay out if your car is a total write-off and the outstanding finance is more than the value of your car.
    • Beware of early repayment or other charges, which kick in if you exceed the forecast mileage in personal contract plans (and also personal leasing).

    Shop around

    The best way to shop around for a good deal is to use an online comparison site. Here are some of the sites you might want to consider.