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VoyageLA Staff, Author at Voyage LA Magazine, LA City Guide, guide voyage.

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VoyageLA Staff

The digital and traditional arts are thriving in LA. From newer, technology based media like photography and digital art to more.

Through a mix of mediums, formats and perspectives local artists illuminate the unknown, color the previously black-and-white and add depth to.

VoyageLA owes a huge debt to the incredible local community of influencers – from fashion bloggers to foodies – who put.

Every neighborhood in LA has its own vibe, style, culture and history, but what consistently amazes us is not what differentiates.

New week, new look. Here’s some inspiration from some of LAs most gifted beauty professionals. S P R I N G⚡️C.

LA has always had an artistic soul. The culture and heritage of our city, like most great cities, owes a tremendous.

The editorial team shares some of the most noteworthy events in LA over the next few weeks. Check them out below.

Raw, unfiltered creative expression – from stories and photographs to illustrations and paintings – is at the heart of VoyageLA. In.

The digital and traditional arts are thriving in LA. From newer, technology based media like photography and digital art to more.

VoyageLA owes a huge debt to the incredible local community of influencers – from fashion bloggers to foodies – who put.

Los Angeles is an incredible city – but it’s so large and so vast and so diverse that all of us are missing out on tons of great people, businesses, organizations, events and more.

VoyageLA wants to highlight the best of LA – from freelance makeup artists that will dazzle you to the best Meetup groups in town.


Home Loan Rates in 2015: Heres Your Guide. #boat #loan #calculator


#housing loan interest rates
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Home Loan Rates in 2015: Here’s Your Guide

As soon as one starts looking out at properties to buy a house, banks start offering home loans. This can be overwhelming at times. Making a choice then largely depends on comparing what competitor banks have to offer. Here is a list, which compares home loan rates by different banks.

For a loan amount up to Rs 30 lakh and the tenure being 15-20 years, the following is on offering.

  • SBI ( State Bank of India)
  • ICICI Bank
  • HDFC Bank
  • HSBC Bank
  • Axis Bank
  • PNB Housing Finance
  • DHFL
  • India Bulls ( Up to Rs 25 lakh)
  • Citi Bank
  • Tata Capital Housing Finance Ltd

EMI per lakh works out to be Rs 975.

Show Full Article

SBI charges a processing fee of 0.25 per cent of the loan amount up to Rs 25 lakh or minimum Rs 1000. For a loan amount above Rs 25 lakh the processing fee is Rs 3,250. Citibank charges 0.25 per cent of the loan amount. ICICI, HDFC and PNB charge 0.5 per cent of the loan amount as processing fees. However, HDFC has capped the maximum amount to Rs. 10,000. Whereas, Axis Bank and HSBC charge a minimum processing fee of Rs 10,000 or 1 per cent of the total loan amount. DHFL charges Rs 5000 plus document charges and taxes and India Bulls charges Rs 7,500 plus taxes.

2. Floating interest rate of 10.20 per cent

This rate is being offered by the following banks:

  • Federal Bank
  • Bank of India
  • UCO Bank
  • Canara Bank

The EMI per lakh works out to be Rs 978.

Federal Bank and UCO Bank both charge 0.5 per cent of the loan amount. The minimum amount charged is Rs 3000 and Rs 1500 whereas maximum is Rs 7500 and Rs 15,000 respectively by both the banks. Bank of India has decided to waive off processing fees on new loans sanctioned up to March 2015.

3. Floating interest rate of 10.25 per cent

This rate is being offered by the following lenders:

  • IDBI
  • Punjab National Bank
  • Allahabad Bank
  • Central Bank of India
  • Corporation Bank
  • Union Bank of India
  • United Bank of India
  • Bank of Baroda
  • Oriental Bank of Commerce
  • Kotak Bank
  • Dena Bank
  • First Blue Home Finance
  • Syndicate Bank
  • Indian Overseas Bank
  • State Bank of Travancore
  • Indian Bank

The EMI per lakh works out to be Rs 982.

IDBI, Punjab National Bank and Oriental Bank of Commerce have NIL processing fees. State Bank of Travancore does not charge any processing fee up to a loan amount of Rs 25,000 and United Bank of India has waived off processing fee for a loan amount up to Rs 75 lakh. Processing fee ranges from 0.25 per cent to 0.5 per cent of the loan amount. Allahabad Bank charges 0.6 per cent of the loan amount with a cap of Rs 12,000 while India Overseas Bank charges 0.58 per cent of the loan amount with a cap of Rs 10,190.

4. Floating interest rate of 10.26-10.30 per cent

Standard Chartered Bank offers 10.26 per cent on home loans with a processing fee of Rs 5500 plus service tax. The EMI works out to be Rs 982.

Vijaya Bank charges 10.30 per cent and the EMI works out to be Rs 985. The processing fee is 0.25 per cent of the loan amount with a cap of Rs 10,000.

5. Floating interest rate of 10.50 per cent and above

  • Deutsche Bank offers an interest rate of 10.5 per cent and a flat processing fee of Rs 12,000 plus taxes. EMI per lakh works out to be Rs 998.
  • Bank of Maharashtra offers 10.55 per cent (up to 25 lakh) and 10.75 per cent above that. Accordingly the EMI works out to be Rs 1001 and Rs 1015 respectively. Processing fee is 0.25 per cent of the loan amount subject to maximum of Rs 25,000.
  • ING Vysya offers 10.75 per cent, the EMI for which works out to Rs 1015. Processing fee is 0.5 per cent of the loan amount.
  • Development Credit Bank and Dhanalakshmi Bank offer 11.50 per cent and charge a processing fee of 1 per cent. EMI per lakh works out to be Rs 1066.

6. Fixed rates on offer

  • LIC Housing Finance offers 10.10 per cent (fixed for 2 years)
  • HDFC Ltd offers 10.15-10.65 per cent (fixed for 2-3 years) and 10.25- 10.75 per cent (fixed for 10 years).
  • Axis Bank offers 10.40 per cent (fixed for 20 years)

Look out for festive offers when processing fee is waived off and always negotiate for better rates. Request your bank official to share complete details so that there are no surprises in the form of hidden charges, pre-payment charges etc. Also, find out about special rates applicable for self-employed individuals and women.

Hope this compilation helps you in analysing what suits you best.

Data source: deal4loans.com

Disclaimer: All information in this article has been provided by Creditvidya.com and NDTV Profit is not responsible for the accuracy and completeness of the same.

Story first published: Feb 14, 2015 13:46 IST



The TSP Loan Guide, Part 2: Pros and Cons of TSP Loans – TSP Allocation Guide #auto #title #loan


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The TSP Loan Guide, Part 2: Pros and Cons of TSP Loans

What are the advantages of Thrift Savings Plan loans?

(1) The interest rate is very low and you are paying it to yourself instead of to a bank. So the loan is essentially free to you, other than a small administrative charge.

(2) You avoid the 10 percent penalty on early withdrawals from retirement accounts. If you aren’t old enough, or are old enough but haven’t separated from federal service, you would have to pay this penalty if you withdrew the money outright.

(3) The fee charged for TSP loans is a very low, flat fee of $50.

(4) The TSP loan application is quick, easy and straightforward. No one is turned down for a loan assuming sufficient employee contributions and earnings. No credit check is required. Other types of loans require a more complex application process, a credit check and more fees.

(5) There is no negative impact on your credit score. A TSP loan does not appear on your credit report, because it is not really a loan (you are using your own savings). If a TSP loan borrower loses his or her job, retires or leaves federal service and is unable to pay off the loan balance, the unpaid balance will be classified as a distribution for which income taxes must be paid, but it will not show up on your credit report as a default.

What are the disadvantages of TSP loans?

(1) The most significant disadvantage is missed opportunity. The most powerful feature of a retirement plan like the TSP is the tax-deferred growth and compounding of earning. Removing funds from your TSP account can significantly affect its growth. The inevitable result will be a smaller TSP balance at retirement, which will impact the way that you live out your golden years.

For example, lets say you took out a $50,000 residential property TSP home loan at the current interest rate of 2.125% and paid it off over 15 years. At the end of those 15 years you would have paid back $58,500 (and earned an additional $950 in interest on the principal after you paid it back). Your nest egg would have grown by only about $9500 in 15 years, and nearly all of that money came out of your pocket. Compare that to $50,000 compounding at 10.6% (the stock market s average rate of return over the past 25 years). At the end of 15 years you would have $243,481.

(2) Potential tax penalty. If you fail to pay off a TSP loan, income taxes on the distribution will be due. An additional IRS early withdrawal penalty of 10 percent will be applied if the account owner is younger than age 59.5 at the time of the loan default.

(3) A TSP loan of either type is not a mortgage. Therefore, the TSP loan interest payments are not tax deductible, as they might be for a mortgage or home equity loan.

(4) If you leave Federal service, you must pay off the loan within 90 days of the date when your agency reports your separation to the TSP. Any unpaid balance will be reported as a taxable distribution

The Double Tax Myth of TSP Loans

In the Disadvantages section of most websites which address TSP loans, the authors usually blindly copy some original source which incorrectly stated that taking a TSP loan results in paying taxes twice because the TSP account holder is moving tax-deferred assets into the taxable realm and after-tax income must be used to repay the loan. Suze Orman popularized the notion while discussing 401K accounts (which have the same tax treatment as the TSP) and this myth is widely spread across the internet.

Let’s say you want to borrow $10,000 from your Thrift Savings Plan account for a year. The TSP G Fund interest rate at that time is 5%, which you must pay back to yourself. That $10,000 was a pre-tax contribution, so you never paid income taxes on it. You take it all out, leaving yourself with $10,000 in cash. You haven’t paid any taxes on that $10,000. You leave it under your mattress, and a year later pay back the same $10,000 plus $500 in interest. You still haven’t paid taxes on the $10,000. When you eventually withdraw the money, then you finally must pay taxes. So what was the only thing taxed twice? The part attributable to the $500. Not the $10,000.

Now, does it matter if during the year your brother took the original 10,000 and then later replaced it under your mattress with a different $10,000? The answer is no. As long as you pay back the $10,000, that is all that matters.

The only part that is taxed twice is the interest. And since you are paying yourself the interest, this small double-tax is really the only cost of doing this loan. Using the example above and assuming a 25% marginal tax bracket, that means you only got taxed an extra $125 on that $10,000 loan. This is the same as getting a regular loan with a 1.25% interest rate.



A Balloon Payment Car Loan Guide #mortgage #calculators


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A Balloon Payment Car Loan Guide

Contents

Typical balloon car loan schedule

Plan in Advance

It’s important to plan for your balloon payment in advance. Save monthly, or invest with this in mind. You should also know that refinancing a balloon loan can be difficult. It may be possible to extend the length of your balloon loan at the end of the term, but that isn’t guaranteed. And if you do refinance, you might end up stretching your original three-to-five year term to seven years, or even longer.

Not having the money for your balloon payment at the end of the loan is really the worst-case scenario for the lender — and for you. If you miss your payment, cannot make arrangements, or cannot refinance, you may lose the car even after you’ve paid the interest for all those years.

If you have the option to buy the car back, you still have to come up with the principal to do so. Under a normal loan, if you lost your car towards the end of the term you could buy it back for far less than you could with a balloon loan.

Dangers of a Balloon Car Loan

There are many concerns you should have about taking out a balloon payment car loan:

  • The first concern should be obvious, but many dismiss or overlook it. It is highly unlikely that you will be in a better financial position in three to five years, as much as you hope or would like to think that you will be.
  • You need to carefully consider what you will do if you are unable to refinance your car at a better rate and with better terms. How will you pay that loan off? You will still be obligated for the balloon payment. Are you prepared to let the car go? What will you do for transportation? Not making that balloon payment will damage your credit score.
  • Another concern is that since you are paying only interest on the loan through the end of the loan period, you will likely owe more on the vehicle that it is worth. This will cause you great difficulty in selling for the amount you owe or refinancing the loan.
  • Before taking on a balloon loan for a car purchase, carefully consider the value of the car, the expected value in two or three years when the balloon car payment will be due, and how much you are willing to sacrifice to own the vehicle. In many cases, a balloon loan is not the right financing option, and simply allows you to incur more debt that you can really afford.

See what kind of interest rates you can get

Benefits of a Balloon Car Loan

Here are some of the benefits of getting a Balloon Car Loan:

  • A balloon payment car loan buys time: The lower payments during the loan term allow for the borrower to collect the cash due to pay off the entire debt. Some scenarios include other investments that may mature during the loan term, or changes in income that will allow the borrower to pay off the entire debt.
  • A balloon payment car loan allows for a “sale option”: If the borrower holds the title in the interim, he or she has the option of selling off the vehicle and using the resulting cash to pay off the loan. It’s important to talk about this situation when taking out a balloon payment car loan, as liens or other types of restrictions may prevent or delay resale.
  • A balloon payment car loan is essentially “lump credit”: The lender carries much more of the deficit throughout the term of the auto loan, leaving more cash in the hands of the borrower.
  • A balloon payment car loan generally offers a lower chance of repossession: Because of the fact that the loan payments are smaller than they would be with a different type of loan, there is a lower chance that repossession agents will show up at the door looking to take a vehicle.

See what kind of interest rates you can get

Requirements for a Balloon Car Loan

There are two main requirements for getting a balloon car loan:

  1. In order to qualify for a balloon loan, you need to have a regular income — in other words, have proof that you are employed and can make payments on the car.
  2. You need to have a solid credit rating, although the exact number is flexible with some lenders.

Getting a Balloon Payment Car Loan with Bad Credit

How to Compare Balloon Car Loans

It is important to take the time to compare a balloon car loan against different loans. You do this to make sure you are getting the best deal possible. Taking the time to compare these types of car loans is very important, but knowing how to compare the balloon payment car loans is also important.

1. Understand the End Number

Every balloon payment car loan has a final number — this is the amount you will be making on your final payment. You should understand what that number is going to be, so ask.

2. Check out the Monthly Payment

Knowing you can afford the payment is also something you should know. During the course of the loan, the amount you pay each month could rise, making later payments much larger than when they started. Check this out by calculating the interest rate, and the total cost of what you are paying off.

Finding Balloon Loans with the Best Rates

3. Compare the Interest Rates

Knowing which interest rates you are going to be paying is crucial to your bottom line cost. Compare rates and compare the rates of how the loans will increase, or decrease over time. Check each lender and ask for a detailed amortization (or amount of projected time it would take to pay off the debt) of the loan. This will show you exactly where you will stand each month.

  • First, you can have a low interest rate which will make for a low initial payment that will rise over time for a higher ending payment.
  • Second, you can do the opposite. You can start with a higher interest rate which gives you a larger initial payment, but decreases over time.
  • See what kind of interest rates you can get

Balloon loans can be extremely beneficial to the right customer, but you should be aware of the dangers. More so than any other loan, you need to have a plan to take care of the balloon payment ahead of time. With careful planning and proper research you may be able to avoid any drawbacks.



A Servicemember’s Guide to Student Loan Interest Rates #short #term #cash #loans


#interest rates on student loans
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A Servicemember’s Guide to Student Loan Interest Rates

ATTENTION: Many servicemembers now qualify to have their federal student loan interest rates reduced! Read more below.

The Higher Education Opportunity Act of 2008

Privately financed student loans have always been subject to the interest rate cap provision of the Servicemembers Civil Relief Act (SCRA).

Since August 14, 2008, the Higher Education Opportunity Act has also made it possible for servicemembers to use the SCRA to have their interest rate reduced to six (6) percent on federal student loans that were taken prior to their entry into active duty.

How Do I Know If I Qualify?

To figure out if you qualify you will need to know two things:

  1. When you took out the loan; and
  2. When you entered active duty.

Only loans that were taken out prior to your entering active duty will qualify. Also, the new rule on federal student loans only applies to your active duty service after August 14, 2008 .

In addition, the SCRA only allows you to have your interest rates reduced when your military service is “materially affecting” your ability to pay (such as a reduced income as a result of military service).

Therefore, you qualify to have the interest rates reduced on your student loans IF :

  1. You took out the loan before entering active duty.
  2. You are currently on active duty.
  3. Your military service is materially affecting your ability to pay the higher interest rate.

If all of these conditions are met, your lender must lower your interest rate to six (6) percent, and apply all of the past interest you have paid over six (6) percent, as far back as August 14, 2008, to the balance of your loan.

What Do I Need To Do To Get My Interest Rate Reduced?

If you think you qualify to have your interest rates lowered, you should send a letter to your lender telling them that you qualify and would like to have your interest reduced. Go here to create your Interest Rate Reduction Letter. You will also need to send a copy of your orders showing your activation date.

Upon receiving your letter, your lender should reduce your interest rate. However, if you encounter any problems, you should seek Legal Assistance .

Can I Still Get My Interest Reduced If I Already Got Out Of The Military?

No. The SRCA is only available to active duty servicemembers. It is designed to prevent financial troubles from interfering with a servicemember’s wartime readiness.

Do I Qualify To Have Any Other Interest Rates Reduced As A Servicemember?

Yes. The Servicemembers Civil Relief Act allows you to have the interest lowered on a variety of loans. For more information about the Servicemember Civil Relief Act go here. To see the other automated forms we offer for helping you to assert you rights under the SCRA, go here .



A Guide To Student Loan Forgiveness And Repayment Options #quick #loans #for #bad #credit


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A Guide To Student Loan Forgiveness And Repayment Options

Getty

NEW YORK — Wish you could make your student loans disappear?

Student loan forgiveness programs can make it happen, but there’s a problem.

“There needs to be more awareness about these programs,” says Betsy Mayotte, director of regulatory compliance at American Student Assistance, a nonprofit that helps borrowers manage their student debt.

So the organization released a student loan forgiveness guide earlier this year on its website. The Consumer Financial Protection Bureau, a government watchdog, released its own guide last month to bring attention to the programs.

The programs are not a quick fix. Instead, they enable borrowers to erase their remaining student debt after several years of payments. Most of the programs are tied to certain low-paid professions, such as teachers or public defenders, and have other restrictions. Here’s a snapshot of several options.

PUBLIC SERVICE PROGRAM

This program is for those who work in federal, state or local government jobs, or at a nonprofit that’s been designated as a 501(c)(3) tax-exempt organization. The CFPB estimates that a quarter of the country’s workforce falls into those categories. Individuals must also have high student loan balances relative to their income.

The program works like this: anyone who makes 120 on-time monthly payments toward their student loans and works in a qualifying job for 10 years (they don’t have to be consecutive), can apply to have their remaining balance forgiven. The amount of the loans forgiven is not taxed, under current tax law.

Only those with federal Direct Loans will qualify for this program, but some loans, such as the Federal Family Education Loan (also known as FFEL) and the Perkins Loan can be consolidated into a Direct Loan. If you don’t know what type of federal loan you have, you can find out at nslds.ed.gov.

The program was established in 2007, so no one has received loan forgiveness yet. Those hoping to take advantage need to make sure their job qualifies with the Department of Education every year, says Mark Kantrowitz, publisher of Edvisors.com. Save the paperwork and annual income forms, in case you need to later prove your eligibility.

The Department of Education offers more guidelines. http://1.usa.gov/18sELJS

INCOME-BASED REPAYMENT

Under this program borrowers can qualify for reduced monthly payments, and after 25 years the remaining balance is forgiven. It is important to note that the forgiven amount is taxed as income, which means you will likely have to pay a sum to the IRS that’s lower than the amount forgiven.

The program is for those whose federal student loan debt is high relative their income and family size. Your lender will ultimately decide if you are qualified, but you can see if you would benefit from this program by using this online calculator. http://1.usa.gov/1bIO1yw

There are other rules, such as which types of federal loans qualify. The Department of Education has a helpful tip sheet. http://1.usa.gov/19JJVQA

PAY AS YOU EARN PLAN

Borrowers can apply to have their monthly payments reduced, and after 20 years of payments, the balance is forgiven. Any forgiven amounts are taxed as income. This program is for those with a high level of federal student loans compared to their income, and who took out their first federal student loan after Oct. 1, 2007.

Use the Department of Education’s online calculator to see if you qualify. http://1.usa.gov/194F7V0

OTHER PROGRAMS

Depending on your job, you may be able to get help with your loans.

Teachers, for example, should see if they’re eligible for the teacher loan forgiveness program. They must work at a qualifying school for five consecutive years to receive up to $17,500 in forgiveness on certain federal loans. For more details see. http://1.usa.gov/1bITqWq

American Student Assistance put a list together of over 60 programs. Some are based on type of job, others are state programs. You can see them here. Some state programs even help with private loans. Mayotte of ASA recommends an Internet search to see if your state or job qualifies for some sort of student loan help. She says it’s important to ask your employers or human resources department if student loan help is available. She says more employers are refunding a part their employee’s student loan payments. http://bit.ly/15xGpNs

Mayotte also warns that borrowers shouldn’t take jobs just to have their student loans forgiven, or take out too much debt because they assume their debt will be forgiven. Many of the programs are budget based, there’s a possibility that some could disappear or not be around by the time you graduate, Mayotte says.

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MORE INFORMATION:

Public service loan forgiveness: http://1.usa.gov/18sELJS

Teacher loan forgiveness program: http://1.usa.gov/1bITqWq

Consumer Financial Protection Bureau’s guide: http://1.usa.gov/1as4UK8

American Student Assistance’s guide: http://bit.ly/15xGpNs



Student Loan Guide: Learn About School Loan Options in Canada #military #loans #no #credit #check


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A Guide to Student Loans

The average cost of post-secondary education in Canada can top $80,000, making financing a reality for most students. If you re unsure of where to start, use this guide to student loans and learn how to apply for federal, provincial and private loans.

Government school loan programs

The federal government has two programs which can help you fund your education. You can apply for school loans from the Canada Student Loan Program (CSLP) or grants from the Canada Student Grants Program (CSGP). Visit www.canlearn.ca to learn more and see how you can apply.

Canada Student Loan Program. Whether you re a full- or part-time student, you can apply for a loan through this program. If your application meets the established requirements for financial need, you could be eligible to receive up to 60 percent of the cost of your tuition in federal loans. There is also a maximum amount you can receive, and that is subject to change, so consult the latest literature to review this cap. When you graduate, you will owe the loan amount plus interest back to the government.

Canada Student Grants Program. This program combines all of the previously available federal grants into one plan. Again, you have to apply for a grant and demonstrate financial need. If your application is accepted, you could be eligible for grant money, which you do not have to repay upon graduation. There are also grants for individuals who fall into certain categories, such as those who are disabled or are supporting children while attending school.

Provincial and territorial school loans

When you max out your federal benefits or if you are denied federal financial assistance, you may be able to find support from the province or territory that you reside.

Alberta. The Alberta Learning Information Service offers scholarships, bursaries and school loans plus financial planning resources.

British Columbia. StudentAidBC provides loans, scholarships, grants and more. They also have special information for applicants who have dependents, disabilities, use income assistance or have other unique situations.

Manitoba. You can apply for tuition loans and grants through Manitoba Student Aid. If you re a medical student, review the special section on medical grants.

New Brunswick. Apply for full-time or part-time student assistance through New Brunswick s Student Financial Services. You ll find all the information and forms you need for provincial aid.

Newfoundland and Labrador. Learn about your financial assistance options with Newfoundland and Labrador Student Aid. Start your full-time or part-time loan application, or read more about grants and other aid options.

Northwest Territories. Find student handbooks, policies, procedures and applications for aid from NWT Student Financial Assistance .

Nova Scotia. Visit the Nova Scotia Student Assistance department to view your student aid options. You can apply for student loans and find approved institutions.

Ontario. The Ontario Student Assistance Program seeks to provide financial support to its residents through student loans, grants, scholarships and bursaries. You may be eligible for aid whether you are a full-time or part-time student.

Prince Edward Island. Apply for provincial loans through PEI Student Financial Services. They offer both full- and part-time funding.

Quebec. Take advantage of loans and bursaries for both full- and part-time students from the Aide financiere aux etudes .

Saskatchewan. View your student loan options through the Saskatchewan Student Financial Assistance program. Learn more about student assistance with the Student Loan Handbook, and then apply for loans.

Yukon Territory. See if you re eligible for aid from Yukon Student Financial Assistance. Learn about grants, loans, scholarships, awards and other funds you can take advantage of to help pay for your education.

Private student loans

If you’ve maxed-out government aid options, look into school loans and lines of credit from CIBC. For example, with an Education Line of Credit. you can get the money you need to pay for books, housing, tuition, transportation and more.

If you re a student working toward a professional degree in medicine, accounting, dentistry, law, business, pharmacy or other programs, you can take out larger tuition loans and lines of credit to accommodate the increased costs of these schools. CIBC offers the Professional Edge Student Program. which is a line of credit that comes with repayment options to fit your budget.

You can also use the equity in your home or your parents home to get a lower interest rate on a Home Power Plan that can be used to fund your education.

You can apply online or get your questions answered by talking to a CIBC advisor at 1-866-525-8622 .



FHA Loans – Complete Guide to FHA Loans #perkins #loan


#what is fha loan
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FHA Loans: The Complete Consumer Guide

In this article:

What Is an FHA Loan?

An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.

The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable. Nowadays, FHA loans are very popular, especially with first-time home buyers.

What Are the Advantages of FHA Loans?

Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. An FHA down payment of 3.5 percent is required. Borrowers who cannot afford a traditional down payment of 20 percent or can’t get approved for private mortgage insurance should look into whether an FHA loan is the best option for their personal scenario.

Another advantage of an FHA loan is that it can be assumable, which means if you want to sell your home, the buyer can “assume” the loan you have. People who have low or bad credit, have undergone a bankruptcy or have been foreclosed upon may be able to still qualify for an FHA loan.

What Are the Disadvantages of an FHA Mortgage?

You knew there had to be a catch, and here it is: Because an FHA loan does not have the strict standards of a conventional loan. it requires two kinds of mortgage insurance premiums: one is paid in full upfront -– or, it can be financed into the mortgage –- and the other is a monthly payment. Also, FHA loans require that the house meet certain conditions and must be appraised by an FHA-approved appraiser.

Upfront mortgage insurance premium (MIP) — Appropriately named, this is an upfront monthly premium payment, which means borrowers will pay a premium of 1.75% of the home loan, regardless of their credit score. Example: $300,000 loan x 1.75% = $5,250. This sum can be paid upfront at closing as part of the settlement charges or can be rolled into the mortgage.

Annual MIP (charged monthly) —  Called an annual premium, this is actually a monthly charge that will be figured into your mortgage payment. It is based on a borrower s loan-to-value (LTV) ratio, loan size, and length of loan. There are different Annual MIP values for loans with a term greater than 15 years and loans with a term of less than or equal to 15 years. Loans with a term of greater than 15 Years and Loan amount or =$625,000.

  • Loans with a term of greater than 15 Years and Loan amount or =$625,000
    1. LTV less than or equal to 95 percent, annual premiums are 0.80%
    2. LTV above 95 percent, annual premiums are 0.85%.
  • Loans with a term of greater than 15 Years and Loan Amount $625,000
    1. LTV less than or equal to 95 percent, annual premiums are 1.00%
    2. LTV above 95 percent, annual premiums are 1.05%
  • Loans with a term of 15 years or less and Loan amount or =$625,000
    1. LTV less than or equal to 90 percent, annual premiums are 0.45%
    2. LTV above 90 percent, annual premiums are 0.70%
  • Loans with a term of 15 Years or less and Loan Amount $625,000
    1. LTV less than or equal to 90 percent, annual premiums are 0.70%
    2. LTV above 90 percent, annual premiums are 0.95%

Example (for LTV less than 95 percent on a 30 year loan): $300,000 loan x 1.30% = $3,900. Then, divide $3,900 by 12 months = $325. Your monthly premium is $325 per month. The mortgage insurance will be in your payments for the entire loan term if your LTV is 90%. If your LTV is = or 90%, the Mortgage Premium will be for the mortgage term or 11 years, whichever occurs first.

Single family home mortgages with amortization terms of 15 years or less, and a loan-to-value (LTV) ratio of 78 percent or less, remain exempt from the annual MIP.

FHA Mortgage Insurance Duration

  • The duration of your annual MIP will depend on the amortization term and LTV ratio on your loan origination date. Please refer to this chart for more information:

FHA Loan Requirements

  • Must have a steady employment history or worked for the same employer for the past two years.
  • Must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Must make a minimum down payment of 3.5 percent. The money can be gifted by a family member.
  • New FHA loans are only available for primary residence occupancy.
  • Must have a property appraisal from a FHA-approved appraiser.
  • Your front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance ) needs to be less than 31 percent of your gross income, typically. You may be able to get approved with as high a percentage as 46.99 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Your back-end ratio (mortgage plus all your monthly debt, i.e. credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of your gross income, typically. You may be able to get approved with as high a percentage as 56.99 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent. FHA-qualified lenders will use a case-by-case basis to determine an applicants credit worthiness.
  • Typically you must be two years out of bankruptcy and have re-established good credit. Exceptions can be made if you are out of bankruptcy for more than one year if there were extenuating circumstances beyond your control that caused the bankruptcy and you ve managed your money in a responsible manner. See this page  for more details.
  • Typically you must be three year out of foreclosure and have re-established good credit. Exceptions can be made if there were extenuating circumstances and you ve improved your credit. If you were unable to sell your home because you had to move to a new area, this does not qualify as an exception to the three-year foreclosure guideline.

Property needs to meet certain standards: Also, an FHA loan requires that a property meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).

FHA Loan Limits

There are maximum mortgage limits for FHA loans that vary by state and county. In certain counties, you may be able to get financing for a loan size up to $729,750 with a 3.5 percent down payment. Conventional financing for loans that can be bought by Fannie Mae or Freddie Mac are currently at $625,000.

How Do I Get an FHA Loan?



Commercial Mortgage Guide – #payday #loan #no #credit #check


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Looking for a Commercial Mortgage?

B2B Commercial Mortgages

When are commercial mortgages used?

Commercial mortgages generally take over where business loans finish. Business loans up to 25,000 are unsecured, but for larger amounts lenders need security in order to reduce the risk to themselves. Because of the legal and administrative costs of taking security on commercial property it is considered uneconomic to borrow under 50,000 this way, and some lenders have a minimum of 75,000 or more.

How to find the best deal

Because of the complexity we have teamed up with specialist commercial mortgage brokers, B2B Commercial Mortgages, who offer an online service and who charge no Broker fees. B2B are NACFB members who you can rely upon to find you the best deal, since they cover the entire market.

What can be offered as security?

Generally lenders take the property you are buying as the only security for the loan, which is typically 70% of the value of the property, and ask for a cash deposit for the balance of the purchase price. If you don’t have the cash you can offer the lender additional security, which is typically other property which you have considerable equity in, but could be a charge over other assets such as an insurance policy or shares.

Can I get a mortgage on a leasehold property?

Only if the lease remaining is more than 70 years, for most lenders, otherwise you will need additional security.

How long are commercial mortgages for?

Commercial mortgages are typically from 3 to 25 years. Shorter term finance is also available and this may be called a bridging loan or property development loan, which you may have from a few weeks up to 24 months.

Are all commercial mortgages variable rate?

No, but most are. Typically a rate will be quoted as X% over base or LIBOR, and this in residential terms would be called a tracker mortgage. Fixed rate mortgages are available and for amounts under 500,000, where the lender takes the rate risk themselves, they may be advantageous. But mortgages where the lender passes the risk on to the borrower by using a Swap contract are best avoided. These complex derivatives are not suited toSME borrowers.

Why can’t I find a definite rate?

The rates charged for commercial mortgages and business loans are not pre-determined like personal loans usually are. In each and every case when an application is made for a commercial mortgage a lending manager looks at it carefully to assess the risk level in making the proposed loan. A great deal of information is required for this decision. The lending manager will vary the rate offered to take account of the riskiness of the loan. Larger loans with a low risk will get the best rates. Lenders usually have a risk profile that they work to, so if your loan falls outside their risk profile it will be refused.

How much can I borrow?

For owner occupied property you can find a 70-75% mortgage. If it is an investment then the amount you can borrow will be determined by the rental income generated by the investment, but will not exceed 65% of the purchase price. If you are buying a business which includes goodwill, stock etc then the amount available will be further reduced.

Arrangement fees

Whilst arrangement fees are usually added to the loan when it completes, some lenders want some money to cover their work if you don’t accept their offer. In this case they may charge a commitment fee, which is part of the overall arrangement fee, but is payable with your formal application, and is non-refundable. Arrangement fees are typically 1% -2% of the loan amount for loans up to 1 million, with the smaller loans getting the higher rates.

Valuation Fees

Commercial properties are far more variable than residential ones, so a valuer will be required to visit the property and write a 20-30 page report about it to the lender. Typically residential properties are not visited by a valuer today, which is why they are much cheaper than commercial valuations, which start at around 500 for a simple case, but again because of variety are not done on a fixed price but from a bespoke quotation. This is payable to the lender after an initial indicative offer has been accepted.

Legal Fees

You will be required to pay both your own legal fees and those of the lender. Again because of the variety of property legal fees will vary with complexity, but start at around 500 for each party. Savings in cost and time can be made where it is agreed that both parties will use different partners in the same firm for representation.

Using a broker

It makes sense to use a specialist commercial broker who has the contacts and market knowledge to get you the best deal. The broker has to present your case to the lenders, so you must be truthful and fully co-operative in your dealings with your broker. Do not try to use several brokers simultaneously, you will be embarrassed and may end up empty handed. Brokers who are members of the NACFB can be relied upon to have Professional Indemnity insurance and to abide by a code of practice.

Broker fees

Many brokers charge for finding commercial mortgages, expect to pay a fee of up to 1% of the loan value, but don’t agree to pay anything until the broker has produced a loan offer at terms that you have pre-agreed with them.



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.



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USSSP News Blog

Find out when the latest issues of Baloo s Bugle and Ask Andy have been published, see what s new on the site, and get the latest news from the U.S. Scouting Service Project. Visit http://usssp.blogspot.com

Forums

Discuss It – Online Forums at usscouts.org – You can participate in an online forum where you can discuss Scouting topics with other Scouts and Scouters.

Scouts-L Email Discussion List

Join over 2500 Scouters in the longest running Scouting email discussion list. Find out more .

More USSSP Email Discussion Lists

We sponsor several specialty email discussion lists on a variety of Scouting topics. Whether it is Cub Scouting, Philmont, or Venturing, you ll find great exchanges of ideas and information. Subscribe to a list .

Support Scouting in Your Community
Make a donation to support Scouting in your local area. There are other ways to help too. For more information visit http://www.scoutingfriends.org.

The U.S. Scouting Service Project websites have hundreds of feature areas. Below you ll find links to some of our features. For more features, please use the navigation menu to the left or our site-map.


Ask Andy is a frequently published advice column with answers to questions asked by front-line Scouters. Got a question that is stumping you? Check out the column or drop old Andy a line and see what he has to say.


Baloo s Bugle is a monthly collection of program helps for Cub Scout leaders. Each month a new edition is published with ideas for the following month s Cub Scouting theme.

The Scouting Activities Database features a number of activities submitted by visitors that you may want to try in your unit.

Scout Camp Search

Use the Scout Camp Database to find a Scout Camp and read visitor comments.

Scout Site Search


We track all of the changes in advancement requirements and have a listing of requirements for every rank in the Cub Scouting, Boy Scouting, and Venturing Programs and much more. Visit our Advancement area .


We track all of the changes to all merit badge requirements and offer requirements for each current merit badge.


Trying to find information on Awards? Visit our Awards area to find information on just about every known award.


Scouting s founder, Lord Robert Baden-Powell was a prolific writer and for more than thirty years from 1909 to 1941, he contributed notes to The Scouter. Those notes are captured in B.P. s Outlook.

Internet Scout Patch


The U.S. Scouting Service Project encourages Scouts and Scouters from around the world to learn about the Internet and how to use the Internet safely. Earn-It.


As a campfire gives way to embers or a meeting comes to a close, it is a Scouting tradition to take a moment with a thought that gives a lesson. Visit The MacScouter s collection of Scoutmaster Minutes.


Good grub makes a difference on an outing, so when it s time for Chow Call. be prepared with some great tips and recipes.


You can find thousands of images in the U.S. Scouting Service Project s Clipart collection including an assortment of animal clipart from the U.S. Fish and Wildlife Service. Get your critter clipart.

Knots and Ropework

Fact or Fiction


There are a lot of urban legends in Scouting that just aren t true. Visit Scouting: Fact or Fiction? to see some of the most often encountered urban legends in Scouting.



The TSP Loan Guide, Part 2: Pros and Cons of TSP Loans – TSP Allocation Guide #best #rate #loans


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The TSP Loan Guide, Part 2: Pros and Cons of TSP Loans

What are the advantages of Thrift Savings Plan loans?

(1) The interest rate is very low and you are paying it to yourself instead of to a bank. So the loan is essentially free to you, other than a small administrative charge.

(2) You avoid the 10 percent penalty on early withdrawals from retirement accounts. If you aren’t old enough, or are old enough but haven’t separated from federal service, you would have to pay this penalty if you withdrew the money outright.

(3) The fee charged for TSP loans is a very low, flat fee of $50.

(4) The TSP loan application is quick, easy and straightforward. No one is turned down for a loan assuming sufficient employee contributions and earnings. No credit check is required. Other types of loans require a more complex application process, a credit check and more fees.

(5) There is no negative impact on your credit score. A TSP loan does not appear on your credit report, because it is not really a loan (you are using your own savings). If a TSP loan borrower loses his or her job, retires or leaves federal service and is unable to pay off the loan balance, the unpaid balance will be classified as a distribution for which income taxes must be paid, but it will not show up on your credit report as a default.

What are the disadvantages of TSP loans?

(1) The most significant disadvantage is missed opportunity. The most powerful feature of a retirement plan like the TSP is the tax-deferred growth and compounding of earning. Removing funds from your TSP account can significantly affect its growth. The inevitable result will be a smaller TSP balance at retirement, which will impact the way that you live out your golden years.

For example, lets say you took out a $50,000 residential property TSP home loan at the current interest rate of 2.125% and paid it off over 15 years. At the end of those 15 years you would have paid back $58,500 (and earned an additional $950 in interest on the principal after you paid it back). Your nest egg would have grown by only about $9500 in 15 years, and nearly all of that money came out of your pocket. Compare that to $50,000 compounding at 10.6% (the stock market s average rate of return over the past 25 years). At the end of 15 years you would have $243,481.

(2) Potential tax penalty. If you fail to pay off a TSP loan, income taxes on the distribution will be due. An additional IRS early withdrawal penalty of 10 percent will be applied if the account owner is younger than age 59.5 at the time of the loan default.

(3) A TSP loan of either type is not a mortgage. Therefore, the TSP loan interest payments are not tax deductible, as they might be for a mortgage or home equity loan.

(4) If you leave Federal service, you must pay off the loan within 90 days of the date when your agency reports your separation to the TSP. Any unpaid balance will be reported as a taxable distribution

The Double Tax Myth of TSP Loans

In the Disadvantages section of most websites which address TSP loans, the authors usually blindly copy some original source which incorrectly stated that taking a TSP loan results in paying taxes twice because the TSP account holder is moving tax-deferred assets into the taxable realm and after-tax income must be used to repay the loan. Suze Orman popularized the notion while discussing 401K accounts (which have the same tax treatment as the TSP) and this myth is widely spread across the internet.

Let’s say you want to borrow $10,000 from your Thrift Savings Plan account for a year. The TSP G Fund interest rate at that time is 5%, which you must pay back to yourself. That $10,000 was a pre-tax contribution, so you never paid income taxes on it. You take it all out, leaving yourself with $10,000 in cash. You haven’t paid any taxes on that $10,000. You leave it under your mattress, and a year later pay back the same $10,000 plus $500 in interest. You still haven’t paid taxes on the $10,000. When you eventually withdraw the money, then you finally must pay taxes. So what was the only thing taxed twice? The part attributable to the $500. Not the $10,000.

Now, does it matter if during the year your brother took the original 10,000 and then later replaced it under your mattress with a different $10,000? The answer is no. As long as you pay back the $10,000, that is all that matters.

The only part that is taxed twice is the interest. And since you are paying yourself the interest, this small double-tax is really the only cost of doing this loan. Using the example above and assuming a 25% marginal tax bracket, that means you only got taxed an extra $125 on that $10,000 loan. This is the same as getting a regular loan with a 1.25% interest rate.



A Guide to Business Startup Loans for Women. #compare #payday #loans


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A Guide to Business Startup Loans for Women

A number of government agencies, non-profits and professional organizations offer business startup loans to women in an attempt to foster good relationships, create jobs and stimulate the economy. To truly understand the requirements of outside organizations, individuals have to acquaint themselves with the types of financing available to new entrepreneurs .

Offering advice and counseling for free, places like the Small Business Association, or SBA, and the Association of Women’s Business Centers provide training as well as put women into contact with sources of funding for their startups. Despite needing to meet specific criteria, women worldwide can qualify for business grants and unsecured business loans.

Qualified women can borrow money for their businesses in the following ways:

Secured Business Loans

Collateral is put up by the receiver of the loan in an effort to protect the lender’s investment. If the recipient defaults on the loan, the bank can seize the item, commonly real estate, as a form of repayment.

Unsecured Business Loans

No prevention measures are taken to protect the lender but the interest rate is higher than a secured loan. This type of funding is given to women with a solid financial background and exemplary credit history.

Small loans are given to start-up businesses and have a very specific timeframe for repayment. The average loan size is $13,000, but startups can request up to $35,000 from intermediaries that are approved by the SBA.

Available through local and state programs as well as non-profits, grants must be matched by the entrepreneur or combined with other means of funding like a loan.

Requirements That Must be Met to Attain a Loan

    Good Personal Credit. Business owners need to know a thing or two about managing money before starting out on a venture of their own. A Solid Business Plan. A roadmap highlighting possible successes and failures, not to mention a clearly stated plan of action, gives investors a way to measure a start-up’s staying power. Work Experience. Past opportunities can help entrepreneurs cultivate the skills needed to be a successful business owner. An Educational Background. Related coursework will strengthen a small business. Proof That the Business Has Longevity. Researching competitors and giving direct examples regarding risks and profits is one way that women can help their chances of being approved for business startup loans.

Where to Find Additional Information

    The Small Business Association (SBA) has local chapters throughout the United States. Workshops, pamphlets and podcasts make it easy for women to get the information that they need regarding funding for their start-ups. WomenBiz.Gov caters to women who use their businesses to sell to the Federal Government. Easy-to-navigate and full of useful information, start-up businesses stand a better chance of succeeding with federal contracts after visiting the agency’s website.

Securing finances for their start-ups is one way that women can keep afloat amongst their competition. From unsecured business loans to private grants, funding is available to those entrepreneurs who are willing to ask for it.



Financing Dental Care – A Guide To Your Options #federal #consolidation #loan


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Financing Dental Care

A Guide To Your Options

Dentistry can do so much these days to improve a person s health, appearance and self-confidence. From barely noticeable braces that straighten crooked smiles to dental implants that replace missing teeth, there is a state-of-the-art solution to virtually any dental problem. Of course, like anything that involves the time and resources of skilled professionals, highly technical and sophisticated dental treatment doesn t come inexpensively; indeed, the phrase you get what you pay for probably applies doubly to dentistry. Also, the types of treatment mentioned above, as well as many others, are often considered elective and therefore may not be covered (or only partially covered) by dental insurance. This can be the case even when a given procedure offers proven health benefits.

It s important to keep in mind that dental insurance isn t really insurance meaning, it doesn t protect you from large, unforeseen expenses. It functions more like an annual discount coupon that pays a maximum of $1,000 1,500 a year. Therefore, it can only help a little for a big-ticket item provided that a particular treatment procedure meets various criteria for coverage (decided upon by your employer and the insurance company). So if you need and want anything from limited treatment to a complete smile makeover, how do you pay for it?

Well, there is always the old fashioned way: with money saved specifically for this purpose. In addition, some dentists will discount a large fee if a patient is able to pay up front, which can be a good strategy. However, it may mean a delay in gaining the use and benefits of the treatment if you have to save for it.

In the case of orthodontic treatment, dentists, generally orthodontists in this case, traditionally will accept partial payment up front and then monthly payments to cover the balance over an extended period of time. It s an arrangement that makes sense because you, as a patient, have to visit the dental office regularly over a course of months or even a couple of years to complete the treatment. But if you re having treatment that takes only a few visits over a short period of time, your dentist is less likely to offer an extended payment plan because it could be a riskier financial proposition for the practice.

Therefore, it may be that financing (in essence borrowing) or using credit to pay for the care you need is the best option for you. And there are various ways people go about doing this; some are described below. If you are contemplating one of these methods, it s important to figure out exactly what size monthly payment will fit your budget. Equally essential is to understand thoroughly all the terms of the specific credit offer you are contemplating.

Borrowing Opportunities For The Healthcare Consumer

General-Use Credit Cards

There s a good chance your dentist accepts payment by a credit card you already have. If you use it, you won t have to apply for a new loan. The downside is that you might tie up credit you routinely rely on for other needs; plus, credit card interest rates can be higher than other types of loans. Here s a good tip from one consumer advocate: If you want to charge dental expenses to your credit card, look for a good deal on transferring that balance to a new card. Some credit card companies offer a single-digit interest rate for the life of the transferred balance, along with a transfer fee, but always make sure to read the fine print.

Healthcare Credit Cards

In recent years, credit cards designed specifically for charging medical/dental expenses have emerged. The largest is CareCredit , offered by GE Capital and accepted by thousands of healthcare providers nationwide. CareCredit allows you to charge as many dental treatment procedures as you want until you reach your credit limit. Typically, consumers who are approved for this card will pay an interest rate of 14.9%, though a few may qualify for a promotional period in which no interest is charged. Late monthly payments, however, can result in penalty interest rates that are significantly higher (some reaching into the high twenties) and late fees of up to $35. So it is important to be comfortable with the size of the monthly payment required.

This type of arrangement should only be entered into with the utmost care particularly for no-interest promotional plans. If the entire balance is not paid within these promotional periods, the cardholder will pay an agreed-upon double-digit annual percentage rate (APR) on interest that was accruing (but not yet charged) from the day of purchase. This means that if circumstances you didn’t foresee prevent you from paying off the balance on time, it can add a large amount to your overall debt.

Healthcare Installment Loans

If you have a large dental or medical expense that you want to finance, an installment loan might be your best option. Springstone Patient Financing is the leading company that offers this particular type of healthcare loan. Unlike a healthcare credit card account to which you can charge many smaller procedures as long as you don t go over your credit limit, an installment loan sets a payment schedule and fixed interest rate for one larger instance of borrowing say, to have your missing or failing teeth replaced with dental implants. In that way, it s very much like taking out a car loan. And like a car loan, an installment loan can be re-financed to add in additional procedures if they are large enough (typically a $1,000 or more) while still keeping one low monthly payment.

Interest rates depend on your credit history and can go as low as 3.99% APR or as high as 17.9% APR, with the average consumer paying around a 9.9% APR. There are no penalty rates. The rate you get at the beginning does not change over the life of the loan, even if a monthly payment is late. Monthly payments are often lower too, as healthcare installment loans are available for up to 84 months.

Equity Loans

Equity loans are secured by collateral, such as the borrower s house. Because of this, equity loans tend to have lower interest rates than so-called unsecured debt such as credit cards and installment loans. That is the main advantage of an equity loan. The risk is that the lender can take the collateral i.e. your home and sell it if you don’t repay the debt. The equity you have in your home its value minus any amount you still owe on the mortgage determines the amount you can borrow. Of course, many people choose not to reduce their home equity because preserving it is a great way to preserve capital and/or save for retirement.

It s Your Finances And Your Decision

All of these options have advantages and disadvantages, which may not be so obvious at first glance. The important thing is to take your time and make sure you ask all of the questions you have. Said one healthcare finance expert, this decision is akin to the one you are making about undergoing treatment in the first place: You wouldn t want to have a dental procedure for which you did not clearly understand the risks and benefits, or if you did not completely trust the doctor. Think of this as an extension of the trust relationship you have with your healthcare provider.

If you take it slowly and enter into a financing agreement with a clear understanding of the terms and your own financial situation, it can work out very well.

If you take it slowly and enter into a financing agreement with a clear understanding of the terms and your own financial situation, it can work out very well. And be advised, if you are rushed into an agreement you don t understand or which is beyond your means, the results can be disastrous. So before you sign on the dotted line, do your research, read and understand the fine print, ask plenty of questions, and seek professional financial advice or credit counseling if you need it. After all, the point is to get a great smile, not a bad headache!



Registered Nurse Salary – Job Description > Interviews – Career Options #registered #nurse #salary, #registered #nurse #job #description, #how #much #do #registered #nurses #make, #pay, #career #options, #jobs, #career, #advices, #challenges, #opportunities, #goals, #future, #guide, #information, #options, #best #paying #careers, #good #paying #careers


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Interview with a Registered Nurse

What do you do for a living?

I am a Registered Nurse.

How would you describe what you do?

I take care of patients who are recovering from a wide range of illnesses or from recent surgery.

What does your work entail?

I’m responsible for making sure that the patient’s pain is under control, that they receive their prescribed medicine on time, that their vital signs are stable, that the doctor’s orders are being followed and I act as a liaison between the doctor and the patient’s family.

What is a typical workweek like for you?

I work three, twelve-hour shifts and I’m stuck on night shift right now. The night shift is really hard. The money is good but the rest of your family is scared to call during the day because they’re scared that I’ll be sleeping. But you kind of get used to it and then eventually you get to work days. So I work 3-twelve hour shifts that usually end up being about 13 or 14 hours because you have to stay late sometimes to finish charting. It ends up almost being a 40 hour work week.

How did you get started?

I actually started by going to college and getting a psychology degree and with that degree I was only able to get a job as a receptionist.

I knew a psychology degree doesn’t really do anything unless you go for your PhD or Masters so I really wanted to help people but I didn’t feel like I was really getting that opportunity and my sister was in nursing school and loved it so I went too.

I went to a school that offered a one year accelerated Bachelor’s degree in nursing program.

It was twelve months because I had already had my Bachelor’s degree. I didn’t have to take all the other classes and so I got a second Bachelor’s.

It was a crazy year. It was probably the most difficult year of my life but it was worth it.

What do you like about what you do?

The best part is seeing patients get better and knowing that I played a small role in that. We get a lot of patients who are in a lot of pain after their surgery which can be pretty stressful trying to get their pain under control. But once they’re comfortable and smiling it does feel really good to know that I helped them out.

What do you dislike?

I wish I had a lot more time to spend with my patients. There are some busy nights where I’ll run into a room to see something and my patient wants to tell me a joke or a story about her grandkids and it absolutely breaks my heart to have to interrupt them and leave because the patient in the room down the hall is throwing up and another patient is crying in pain and another patient has to go to the bathroom. So there’s sometimes that there is so much going on that I feel like I can’t give my patients the attention that they desire and that I want to.

How do you make money or how are you compensated?

Nurses are all hourly so they’re not a salary. It’s not a salary position unless you’re in management.

How much money do you make as a registered nurse?

In Kansas City it seems like most hospitals for new graduate nurses start around $21 or $22 an hour and then every year the salary goes up by a little bit less than a $1 a year. I’ve been a nurse for 5 years and I’m making $26 an hour.

Hospital nurses tend to make more than other types of nurses. At doctor’s offices they only make like $18 or $19 an hour even if you are a registered nurse. So you definitely get more in the hospital and then hospitals usually pay night shift workers a shift differential which for me is $3 an hour so I get my base pay and then for the night hours I get $3 more an hour and I also get additional pay. If it’s a weekend you get $2 an hour extra.

How much did you make starting out in this career?

I started out at $22 an hour maybe but that was in TX.

What education or skills that are needed to be a Registered Nurse?

Most hospitals require a registered nurse degree but you can do that two ways. There’s actually a Bachelor’s degree which is called a BSN and some hospitals prefer that and pay more; other hospitals don’t distinguish between a diploma nurse, which is an RN without the Bachelor’s, and the Bachelor’s.

What is the most challenging about what you do?

The patient load and the severity of their sickness.

If I have five patients and I have one patient who demands a lot of time because they’re in a lot of pain or they’re really sick then my other four patients might not get the attention that they deserve. So I’ve learned time management skills are just absolutely critical and even then sometimes I’ll have my whole night figured out and something will come up and throw everything off. So it’s definitely a skill learning to prioritize and juggle my plans for the night I guess. That takes a long time to learn.

What is the most rewarding for you?

The patients, just getting to know the patients and their families and seeing them get better.

What advice would you offer someone that’s considering this career?

The best advice I could offer would be to contact a hospital in the area and see if there’s any way that you can shadow a nurse for a full shift because I think that a lot of people watch TV shows and see doctors doing all the work and they think that’s the way things actually are and it’s not like that. Nursing is a very, very physical job. It’s a lot of thinking and it’s a lot of work. I love it but I’ve met a lot of people who I think if they would have actually seen what it was really like before they went to school that they might have chosen something different.

I don’t want to sound discouraging by any means but I think it’s a good idea to actually shadow someone to see what it will be like.

How much time off do you get or take?

Well we technically have a 12 hour shift. It’s only three days a week so every week you get four days off and then it seems like hospitals give you a lot of paid time off because you don’t get holidays paid. With most jobs you get paid when you don’t have to work on a holiday but hospitals they’re open every day all day so you sometimes have to work holidays so we do rack up a lot of paid time off and so it just seems like occasionally I’ll be able to take a day or two off which is really nice.

What is a common misconception that people have about what you do?

That nurses just give medicine and they don’t do much else.

What are your goals or dreams for the future?

I guess to eventually to try different areas of nursing and just see what is all out there because that’s one of the best things about nursing, there are so many different areas that if you get bored with something or something isn’t the right fit you can try a different specialty, or you can go from being a floor nurse to an operating room nurse and it’s almost like a different profession. So you have a lot of options I guess. In the future I would like to try out different things and see what the best fit is for me.

What else would you like people to know about what you do?

That’s a good question. To be nice to their nurses! No, I’m kidding. It’s a very rewarding job, you learn a lot, it’s constantly evolving, that people should only go into nursing if it’s their true passion.

And that if you really do want to help people and you are interest in medicine that it is a very rewarding and exciting career.



New Jersey Insurance Guide #new #jersey #insurance #guide, #plymouth #rock #insurance #options #nj, #plymouth #rock #insurance #choices


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More Than Just Insurance For New Jersey Drivers

If you’re ready to experience a different kind of carrier that offers insurance in New Jersey, consider Plymouth Rock Assurance. Our leadership team. supported by local employees, understand that while insurance is a transaction, assurance is a relationship. Whether you’re a customer or an agent, you’ll be treated with the highest level of respect and care. This commitment is reflected in the variety of our coverage options to help protect your most important assets:

Auto Insurance

Having the right car insurance is critical. It protects your vehicle as well as the equity in your home if you are ever held responsible for the damages resulting from a car accident.

Commercial Auto Insurance

Choosing commercial auto insurance from Plymouth Rock provides you peace of mind at an affordable price. If you’re looking for policies for your individual business vehicles and small fleets, we have the coverage for you.

Homeowners Insurance

Maximize your discount on your auto insurance when you also buy home insurance in New Jersey.

Flood Insurance

Floods are the most common natural disaster in the U.S. It’s certainly possible your home is located in a flood zone. If so, you need to have flood insurance. It’s important to find out how much coverage you need to protect your home, business or rental. Read more about flood insurance here .

Motorcycle Insurance

We have a special program that offers quality coverage for your motorcycle. Find out more about insuring your motorcycle.

Boat Watercraft Insurance

Our program offers tailored coverage for various boats and watercraft to fit your needs and lifestyle. Read additional information about boat insurance.

Motor Home Insurance

We can help protect your motor home. Learn about the benefits of insuring your motor home.

Collector Car Insurance

You can find coverage for your classic, exotic or custom car through our special collector car insurance program.

Umbrella Insurance

Umbrella insurance provides coverage over and above your auto liability coverage and insuring your home. Learn why a policy may be an important part of your overall protection needs.

Teachers’ Auto Insurance

Teachers’ Insurance Plan of NJ offers special car insurance rates and exclusive benefits for faculty and staff. Eligible to NJ residents employed by or retired from accredited preK-12 schools, colleges and universities. Learn more .

Term Life Insurance

We all know that life is full of unexpected events. Help plan for your family’s future with the right term life insurance. Find out more about what is the right amount of coverage for you.

Call 855-993-4470, get your free quote online or find a local agent to see how we can help you save on your insurance coverage in NJ. If you need additional information you can visit our Contact Us page.



Student Loan Repayment Calculator – Complete University Guide #simple #loan #agreement


#loan repayments calculator
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Student Loan Repayment Calculator

We have developed this Student Loan Repayment Calculator to give you an idea of how much you might expect to pay back and over what period of time. You should bear in mind that any model like this is based on a number of assumptions and is looking some 30 years into t he future, so the figures should only be seen as broad indicators of potential outcomes, and this page should not be considered as financial advice.

Remember, this Calculator is for use by those interested in going to universities from 2012 and not for students who started university in 2011 or before, for whom a very different funding system applies.

Repayments

Show detailed results

How we arrive at these results

A new student finance system based on increased tuition fees and interest-attracting loans was introduced in parts of the UK for university entry from 2012 (read about tuition fees and financial support ).

This calculator estimates the monthly repayments that will be due under the new regime, assuming the predicted earnings described below and shown on the page of detailed results.

The results are for illustrative purposes only, since the exact repayments will depend on the actual salary earned throughout the period.

Interest

An interest rate of 3% above inflation will be applied from the receipt of the first payment from the Student Loans Company (SLC) until the end of the fiscal year (5th April) following the end of the course.

The interest rate applied after this will depend on the annual earnings of the recipient of the loan:

There will be a threshold below which the rate of interest will be the rate of inflation. This will be 21,000 in the first year.

There will also be a threshold above which the rate of interest will be 3% above the rate of inflation. This will be 41,000 in the first year.

Between these two thresholds, the calculator follows the Student Loan Repayment Ready Reckoner produced by the Department of Business, Innovation and Skills (the BIS ): the rate will increase in proportion to the amount earned over the lower threshold. Therefore, annual earnings of 31,000, for example, would mean that a rate of 1.5% above inflation would be applied in the first year.

The thresholds will increase annually, at the same rate as the national average of earnings. The calculator uses a rate of 2% above inflation for this increase, which is the long-term average.

Repayments

No repayments will be due until the start of the fiscal year (6th April) following the end of the course.

After this, the amount due will be 9% of the earnings which exceed a threshold. This threshold will be the same as the threshold below which the rate of interest is the rate of inflation 21,000 in the first year (see above).

Salaries

The calculator assumes continuous employment over 30 years.

The projected salaries used by the calculator are based on the careers of past graduates, and are derived from figures from a number of sources.

The Association of Graduate Recruiters (AGR) provided the current starting salaries for the careers which we list.

Current final salary figures were sourced from a variety of professional, industry-expert salary surveys and guides. These final salaries have then been adjusted to allow for an increase in the national average of earnings of 2% above inflation, over the subsequent 29 years. To do this, we have assumed that the salaries will remain unchanged in relation to each other and to the national average. We have therefore increased the final salaries by 2% for every year, which is a 78% increase over the whole period.

The growth in salary between the starting and final figures for each career follows the pattern of the salary predictions for all graduates in employment in the BIS ‘s Ready Reckoner. higher increases in earnings are expected at the start and at the end of the 30 year period, and lower increases in between.

In addition to expected earnings for particular careers, we give three further options for low, medium and high earnings across the whole graduate population. The figures used are as follows:



Step-by-Step Guide to Applying for a Private Student Loan #new #car #loan


#how to apply for student loans
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Step-by-Step Guide to Applying for a Private Student Loan

The Consumer Financial Protection Bureau suggests that about 67 percent of students who earned a bachelor s degree in 2010 used some form of student loan in order to cover the cost of that education. But even though borrowing money is a common part of the student experience, few classes are taught on the subject, and few students talk openly about the steps they must follow in order to get help.

Students who have never applied for a private loan might have a number of misconceptions about how the process works, and they might even believe that getting a loan is a long and painful process that they won t have time for. In reality, getting a loan from a private lender is remarkably painless, as long as students follow a few basic guidelines and complete each necessary step with care.

Pulling Together Information

Private lenders want to know a significant amount of information about the people who want to tap into their sources of money.

Typically, these lenders ask students to disclose their:
  • Income levels
  • Value of any assets

Students are also required to outline how much money they ll need to borrow. Determining the cost of tuition and adding in fees for books and expenses can seem difficult, but often, students who enter the private marketplace for loans have already completed the Free Application for Federal Student Aid (FAFSA). and they ve been given a formal response from the school that outlines how much the student is expected to contribute on a yearly basis. That letter should contain all the financial data the student needs.

Completing the Form

Most student loan documents are available in online formats. Students can simply move from screen to screen, filling out each box with the information that pertains to them. Students must be sure to be honest as they complete these forms, as they can be prosecuted for any willful distortions of data.

Once that form is complete, officials look over the data and determine how much the student might qualify for, and how risky that loan might be. Then, if the student s application is approved, officials provide a document in which the terms of the loan are spelled out. It s vital for students to look over these documents carefully. According to American Student Assistance. most students have loans when they re 30 and older, and they pay interest during this entire time. All of the costs associated with the loan, including costs attributed to interest payments, are spelled out in the loan documents. Students should be sure that they understand what they re being asked to pay.

If the terms are agreeable, however, students can simply sign the loan documents. The funds will be distributed through the school, in most cases, so students can check with the financial aid office of their schools to ensure that everything happened properly.

Tips For a Successful Application
  1. Have everything ready when you sit down to apply.

Some of the information you will need for your federal and/or private student loan applications may not be readily available:

  • The amount of your monthly rent or house payment
  • Your gross annual income and other tax-filing info. Keep your latest tax return on hand.
  • Contact information for references name, address, phone number
  • Social security number, contact and employment information, and tax return info for your cosigner
  • Keep your cosigner handy.
    If you are applying for a private student loan, remember that a cosigner is almost always recommended.
  • Remember to pay close attention to total cost of the loan.
    Each $1 borrowed today can become much more once interest is compounded.
  • Run the numbers before you apply.

    Figure out exactly how much you need to borrow before you go online to apply.

  • We know that the idea of borrowing money can be frightening, and we d like to help soothe your fears. Please browse our Find a Student Loan tool to find out more about how loans work and to help you find a product that will meet your needs.

    How does the loan application process work?

    After selecting the lender of your choice at SimpleTuition, you can either call the lender via the toll free number listed or click through to the lender s site to begin an application. The approval and processing of applications varies greatly from lender to lender so it is hard to put a time-line to it. However, some lenders offer e-signature, which will allow you to complete the process online and receive your funds faster. Some banks will send or express mail the necessary documents to you to complete the student loan.

    As of February 14, 2010, a new form is required before a private loan can be disbursed. In compliance with the Federal Reserve and Department of Education rules and regulations, students who borrow private loans are required to complete the Private Loan Self-Certification Form for each loan. This form is available at your financial aid office or directly from the Department of Education. As with federal student loans, you will be required to sign (or e-sign) a promissory note for each private loan whereby you agree to accept the terms of the loan (rate/fee/APR/repayment) and then repay it.

    Frequently Asked Questions


    Sacramento Home Security Systems in Sacramento CA – Sacramento Alarm Systems and Sacramento Burglar Alarms #sacramento,ca,sacramento #california #home #security,sacramento #home #security #systems,home #security #systems #sacramento,sacramento #home #alarm,sacramento #burglar #alarms,home #alarm #systems #sacramento,security #sacramento,security #systems,sacramento #alarm #systems,security #services,security #guide


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    Sacramento Home Security Systems and Alarm Systems

    Alarm Monitoring and Burglar Alarm Systems Sacramento, California

    To save your house in Sacramento from unnecessary hassles, you need to seek the best monitoring service. While there are several home security systems available in the market, you need to choose the best to keep it safe from possible thefts and unwanted emergencies such as a fire breakout. SecurityGuide.com can provide you with quotes from Sacramento security companies. These companies offer the best monitoring service at an affordable cost. Not only does SecurityGuide.com save your time researching all of these companies, we also help you to save money.

    Have you been considering buying a home security system to provide protection for your home and family? Are you worried that you can’t afford to add this protection to your home? SecurityGuide.com offers homeowners a chance to secure their family and home in Sacramento at a very affordable price. A residential security system is available in Sacramento, California in many types and styles and SecurityGuide.com is able to help you find a top security company in your area. Contact SecurityGuide.com today to protect those things that are precious to you.

    In case you are not satisfied with your current home security system in Sacramento, you need to look for more choices. SecurityGuide.com can provide you with quotes from Sacramento security companies that offer the latest and the most effective residential security system for ensuring the complete safety of your cherished home. So, if you are scared of burglars or scared at the thought of a possible fire outbreak in Sacramento, simply fill out the free quote form on SecurityGuide.com.

    You aspire to keep your home in Sacramento safe and secure, yet there are times when the unforeseen happens are you are not around. This is when home security systems come into picture. A security system can help you protect your Sacramento home when you are not there. SecurityGuide.com will connect you with Sacramento companies that will allow you a free home security review so that you can make a perfect choice.

    Sacramento County Crime Statistics

    Sacramento, California is located in Sacramento County

    The crime information for Sacramento County has been collected from the FBI crime statistics reported in the United States Census. The crime rate of Sacramento County includes violent crimes, aggravated assaults, property crimes and burglaries.

    Sacramento County Violent Crimes



    Alternative Loan Options – Guide to Financial Aid #apply #for #loan #online


    #alternative student loans
    #

    Alternative Loan Options

    Private

    Private student loans are meant to fill the gap in financial aid that is left between the Cost of Attendance (COA) and the Federal loans/aid you ve received. Private loans are not offered through the federal government, so it s important to look for a loan program from an institution you trust, like a credit union s Student Choice solution. These loans are in the name of the student but often require a co-signer. They are not guaranteed or subsidized by the government. Instead, they are based on the credit score of the student and/or the credit score of any co-signer they have on the loan.

    Look for a loan with zero origination or prepayment fees, low interest rates, flexible deferment and repayment options, and an easy application process. You ll also want to make sure that the loan is certified through the school – which means the school verifies the amount you need to borrow to prevent you from borrowing too much or too little. Funds should be given directly to the school and any difference back to the borrower for books, transportation, technology and other necessities.

    Federal PLUS (Parent Loan for Undergraduate Students)

    Parents of dependent students may apply for a Federal PLUS Loan to help pay their child s education expenses as long as certain eligibility requirements are met. These loans are in the parent s name, cannot be transferred to the student, and include origination and other fees. Graduate and professional students may apply for PLUS Loans for their own expenses.



    EarthLink – Welcome to myEarthLink #weather, #movies, #showtimes, #sports, #email, #portal, #customized, #personals, #stocks, #favorites, #directories, #news, #guide, #search


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    Wife Heads to Trial With Cosby for First Time

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    When it comes to flying, how much you pay determines everything from where you sit to whether you even leave the gate.

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    The Nasdaq 100 plunged last week on heavy volume, signaling that sharply lower stock prices could be ahead.

    He Spent 17 Years in Prison. Then They Found His Lookalike

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    Online Course: ABCs of English Grammar – CEU Certificate #online #college #english #courses, #online #course #class #video #tutorial #hd #training #certification #continuing #education #accredited #ceu #certificate #grammar #basics #review #prep #punctuation #learning #distance #e-learning #high #school #students #college #secretaries #writers #editors #proofing #test #preparation #homeschoolers #teachers #essay #writing #english #exams #skills #grammatical #errors #subject #verb #agreement #sentence #mechanics #structure #adverbs #adjectives #fragments #prepositions #parallel #structures #modifiers #misspelled #words #run-on #sentences #pronouns #pronoun #cases #noun #logic #tutoring #verbs #diagramming #101 #diction #capitalization #expert #instruction #make #money #teaching #guide #help #tutor #knowledge


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    ABCs of English Grammar

    Course Description

    This self-paced online course will provide you with a review of the grammar and writing skills necessary when taking any high school or college test, or with your everyday work-related writing and correspondence.

    Divided up into 15 easy-to-understand lessons, this grammar course concentrates on usage, the mechanics of a sentence, spelling, and a general review of grammatical problem areas. Each lesson focuses on frequent errors, gives examples, suggests strategies, and offers further study guides.

    This course is ideal for all types of students who want to get an edge on taking a high school, college, or a job related English exam and anyone wishing to update and improve their grammar skills.

    If you’re looking for a quick and efficient review of basic grammar skills, ABCs of English Grammar will meet your needs. This online class is not only for students prepping for high school and college English exams, but anyone who feels their grammar skills are not up to par. Divided into easy-to-understand lessons, this grammar course concentrates on usage, the mechanics of a sentence, spelling, and a general review of grammatical problem areas. Each lesson focuses on frequent errors, gives examples, suggests strategies, and offers further study guides.

    Learning Outcomes

    By successfully completing this course, students will be able to:

    • Recognize the subject and predicate of any sentence.
    • Know the differences between nouns and pronouns.
    • Be comfortable with forming sentences with the correct verb tenses.
    • Recognize irregular verbs.
    • Differentiate between adjectives and adverbs and use them properly in sentences.
    • Understand what is meant by a Phrase.
    • Identify the Clause.
    • Break down the mechanics of a sentence.
    • Identify the role of modifiers and use them correctly.
    • Correctly use capitalization in writing.
    • Correctly punctuate sentences.
    • Avoid common spelling problems, and
    • Demonstrate mastery of lesson content at levels of 70% or higher.

    Student Testimonials

    • “I enjoyed this class and learned alot from it. Good Class! The instructor was great very prompt to answer emails. Will be taking another subject with UniversalClass very soon.” — Rita R.
    • “Instructor was very helpful.” — Lisa M.
    • “This instructor is very smart and helped me get through a very difficult class.” — Lisa G.
    • “My instructor was very helpful and patient. She always got back to me right away!” — Karin P.
    • “The instructor was very good, took time to help me and worked with me very well. The course was organized very well. Lessons were easy to understand and the assignments and exams followed what was in the lesson.” — Marlis W.
    • “I enjoyed all of the course from U.C.” — Loredana G.
    • “Great instructor. She answered my questions and was always available and prompt. Very knowledgeable. Nice job!” — Karen B.
    • View More Testimonials.

    Related Courses



    Newtek Business Credit #newtek #business #credit, #factoring #companies, #factoring #company #guide


    #

    Newtek Business Credit

    Is Newtek Business Credit the right factoring company for you?

    Since 1998, Newtek Business Credit has provided over 100,000 businesses in all industries with the resources and services to increase revenues, reduce expenses, and minimize risk. Their business lending solutions include accounts receivable financing, term loans, and merchant cash advances. Newtek Business Credit also offers credit card processing, payroll processing, insurance coverage, accounts receivable management, and IT services to help support business growth.

    Newtek Business Credit is a publicly traded company with over $100 million in stockholder equity and over $160 million in revenues. They are financially capable of funding business growth from $50,000 to $10,000,000 and have the market knowledge and expertise to help businesses operate more efficiently. Their short term cash flow solutions give businesses the working capital they need for expansion, to meet payroll, to take advantage of trade discounts, to pay taxes, and much more.

    About Newtek Business Credit’s Factoring Program

    As a non-bank lender, Newtek Business Credit can put a financial package in place to support the cash flow needs of their clients in as little as two weeks. Their factoring program offers up to a 90% advance with funding capabilities ranging from $50,000 to $1.5 million on open invoices. A minimum volume of $10,000 per month is typically required. In addition to providing financial resources, Newtek Business Credit also provides complete accounts receivable management. This service includes credit analysis and monitoring, billing, lockbox collections, and accounting reports. Their secure and state-of-the-art online system interacts with nearly all accounting software packages.

    Another cash flow solution offered by Newtek Business Credit is their merchant cash advance program. With this option, an agreed upon amount based on two months’ worth of credit card sales is advanced. A percentage of each future credit card or debit card sale is then paid back to Newtek Business Credit by the credit card processor. Lines ranging from $5,000 to $250,000 are available with no interest rates or term limits to pay back the amount. Once a certain portion has been paid down, the advance can be renewed to obtain additional capital. Monies can be used purchase inventory, meet operational expenses, or to fuel business growth.

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    Newtek Business Credit Location



    Home Loan Prepayment Calculator Guide. #private #loans #for #students


    #home loan payment calculator
    #

    Prepayment calculator for home loan

    This calculator will calculate the savings one can make by making prepayments. Prepayment of loan is the best way to reduce interest burden. Do you know what is the worse part of interest payments? Even it we continue paying interest for next 100 years, the burden of loan will not reduce. It is important to realize that we must pay-off principal portion of loan. There are two components of any loan. One part is principal & second part is interest. Until we pay-off principal, interest expense will continue to incur year after year. We can continue to pay interest all our life, but loan will never finish. Without clearing principal component of loan, loan never get paid. When we pay EMI, a portion of EMI is used to pay interest and a portion is used to pay principal. Our aim should be to finish paying principal in fastest time. Loan prepayment allows us to pay-off principal component early.

    Concept of Loan Prepayment

    What is a right time to prepay loan?

    Purpose of loan prepayment is save on interest component. Interest load is maximum in initial months. Loan prepayment objective is to maximize savings of interest. In order to do this, loan prepayment must start in first months itself. Interest burden is maximum in initial months and minimum in later months. Below graphical representation will help us to visualize how load of interest vs principal varies with time. In initial years, principal component is maximum. Principal maximum means loan outstanding is maximum. Interest calculation depends on loan outstanding. Outstanding maximum means interest burden also maximum. This is why in initial years, majority of our EMI is consumed to pay interest.

    Example of loan payment in initial years.

    Already thinking how to reduce loan outstanding.

    If we pay only EMI, we have no possibility to save interest.By loan prepayment we can pay principal component of loan faster. By making prepayment we pay additional sum of money above EMI. Prepayment allows us to pay principal faster. Each payment made, in addition to scheduled EMI, goes as prepayment. This will finish our principal amount earlier allowing us to save on interest. How effective it is to use a online home loan prepayment calculator? Calculator helps to visualize how much can we saved because of prepayment. This motivates people to practice loan prepayment. On internet there are good loan prepayment calculators launched recently. It is essential to understand benefits of loan prepayment. Loan calculators makes us aware of these benefits. Longer loan tenure means higher loan burden. Using home loan prepayment calculator highlights the negative effect of longer tenure.

    Example: A home loan of Rs 30,00,000 taken at rate of 10.5% per annum for a period of 20 years. The proportion of principal payment verses interest payment during the tenure of 20 years is graphically represented below. In the first few years, interest load is maximum. In the graph one can see that, in a year, total EMI payment is Rs 350,000. In the first year, out of the total EMI only Rs 50,000 is paid as principal. Every year the principal component increases. But the growth is slow. In initial years, interest dominates the EMI. This makes home loan prepayment in initial years even more important. In this article we will learn about loan prepayment. Learning to calculate prepayment will help us to comprehend how prepayment helps us to save interest. But before that lets look at some basics.

    How EMI’s on Home Loan is calculated?

    The formula for EMI calculation is: E = EMI P = Principal r = monthly rate of interest (Interest is 10.5% it means r = 10.5/12/100 =0.00875) n = time in months Example: home loan of Rs 30,00,000 at rate of 10.5% per annum for a period of 20 years (240 months). EMI will be: E = 30,00,000 x 0.00875 x [(1+0.00875)^240 / <(1+0.00875)^240>-1> = Rs 29,951 per month for next 20 years.

    Home loan prepayment is always better?

    No not always. There are cases when prepayment cannot take top priority. If there are other investment opportunities that gives higher returns then priority changes. Confused whether to use your extra money for investment or for prepayment? Don’t worry here is a solution. Rule is to pay your costlier debt before making any investment. If you are investing in stocks, then probably your long term return will be close to 12% per annum (leave aside risk factors). Compare this return with your home loan interest rate. If home loan interest rate is higher than 12%, it means your should prepay your home loan first. If the home loan falls within the range of minus 3% of stock market returns, even them home loan shall be paid. But problem is, how many of us knows how to handle stocks? My personal suggestion to people like me and you will be always consider home loan prepayment as priority. The interest that we save on home loan is like a assured return. Interest saving in tune of 10% per annum is phenomenal. These days even stock market cannot assure such high returns in short term.

    Home loan prepayment is common mans way to get rich.

    Home loan is the biggest-loan an average middle class Indian avails in his life. As home loan amount is big, people often go for longer loan tenure like 20-25 years. In home loan, both loan amount tenure is big. These two factors makes the interest burden very huge. For example, a home loan of Rs 30 lakhs, for 20 years at rate of 10.5% per annum, interest burden is Rs 42 lakhs. But when home loan of Rs 30 lakhs, is availed only for 15 years at rate of 10.5% per annum, interest burden is only Rs 27 lakhs. When home loan of Rs 30 lakhs, is availed only for 10 years at rate of 10.5% per annum, interest burden is only Rs 19 lakhs. These type of permutations can be easily done using home loan prepayment calculators. The interest payment we make is over and above principal of Rs 30 lakhs. for 20 year tenure, the interest portion is even bigger than the principal. So it is a must for all home loan takers to evaluate the possibilities of reducing the interest burden. Home loan prepayment is one effective way of reducing the interest burden.

    A Calculation we shall never forget.

    As a rule of thumb, a real estate property which yields rental income of 4% per annum is considered a good investment. Property Value (our cost) = Rs 30 Lakhs Rental Income in first year = Rs 10,000/month (Rs 120,000/year) Rental Yield = 120,000/30,00,000 = 4% But the yield of 4% will happen when we we buy property without taking loan. In this case our our cost is only Rs 30 lakhs.

    In case of home loan scenario Rs 30 lakhs is not only our cost. Out total cost is Interest+Principal. Cost will be equal to Rs 30+41.5=71.5 Lakhs. In this case our rental yield will be much lower: Property Cost (due to loan) = Rs 71 Lakhs Rental Income in first year = Rs 10,000/month (Rs 120,000/year) Rental Yield = 120,000/71,00,000 = 1.7%

    We can see that due to interest burden, the rental yield gets reduced substantially. The interest burden has made our property investment less lucrative. In order to make our property investment more lucrative, we must decide to prepay our home loan as fast as possible.



    50, 000 Unsecured Loan Guide. #cheap #payday #loans


    #personal unsecured loans
    #

    $50,000 Unsecured Loan Guide

    A $50,000 loan limit is classified as a large personal loan by most lending standards. Typically, large personal loans are secured against an asset for collateral; for example, home equity loans may have high limits. If you would like to secure this large loan without collateral, you will be exposing both yourself and the lender to a large amount of risk. As a result, the lender will have more stringent requirements from you up front, and the cost may be high. By agreeing to these terms, however, you can potentially secure a $50,000 personal loan.

    Provide an Excellent Credit Report

    An unsecured loan of any size is rarely provided to an individual with low credit. If the borrower would fail to repay the debt, which is common with a bad credit borrower, it is unlikely the lender would recover the lost expense. As a result, excellent credit will be required for most unsecured personal loans. The only exceptions would be very small loans, such as pay check advances, which may not require a credit check. With a large $50,000 loan, a credit check will be run. You must pass with flying colors, such as a score over 720, in order to meet the first criterion.

    Maintain Low Debt Limits

    Even a good credit borrower can present risk to a lender if that borrower has a number of other debts. This applies not only to active balances on debts, such as a mortgage balance, but also potential credit limits. For example, if you have $100,000 of available credit on your current credit lines, you could potentially spend this money while your new personal loan is active. As a result, your personal loan payments would be much more difficult for you to make. Lenders will shy away from extending this large line of credit to you if you have high credit limits as a result.

    Verify a High Income

    If your income is high enough, you can significantly reduce the risk associated with your loan. For example, for a person earning $150,000 in a given year, a $50,000 loan could be repaid in a year or two. The income is considered as part of a ratio, however, not on its own. Your income will be compared to your current debt and your current assets. Therefore, you will qualify for higher limits if you are earning $150,000 this year and have only $20,000 of existing debt as opposed to $200,000 of existing debt.

    Agree to Strict Terms

    Once you qualify based on credit, debt ratios and income ratios, you will still pose a risk to the lender. The lender will ask you to compensate for this risk by agreeing to strict terms. These can include high interest rates, high monthly payments and high fees for missing these payments. You should consider these terms heavily before making a decision. Ask yourself what would happen if you lost your job or encountered a financial emergency. How long could you sustain the debt until it went into delinquency? The penalties on a delinquent, high limit personal loan can threaten your financial stability.

    Need Cash Now? Get a Cash Advance



    Carpet Cleaning Edmonton #edmonton, #carpet, #cleaning, #furniture, #area #rug,home, #safe, #consumer, #choice, #award, #alberta, #pet, #friendly, #truck, #mount, #steam, #hot, #water, #stain, #guide


    #

    Alberta Carpet Cleaning

    All major carpet manufacturers recommend professional steam cleaning every 12-24 months in order to maintain your warranty. Regular cleaning protects your investment and helps to keep your carpet looking better for longer. Click here for more information about keeping your carpet looking its best between regular cleanings.

    We stand by our work with a satisfaction guarantee.

    Alberta Carpet Cleaning is a local, family owned business, not a national licensee or sub-contractor.

    Health and safety are our priority. In addition to on the job training IICRC Certification, your technician participates in a comprehensive safety program. Our equipment and vehicles are well maintained for optimal operation, and the products used in your home are HomeSafe™.

    Money Back Guarantee. – It’s Not Clean Until YOU Say It’s Clean. Guaranteed.

    All work that you have performed by Alberta Carpet Cleaning is backed by our simple service promise. It’s not clean until YOU say its clean. Guaranteed. If you are unsatisfied with any service that Alberta Carpet Cleaning provides we’ll refund your money in full. No arguments and no hassle.

    Service That Works For You™ – We Work Hard to Make It Easy For You.

    You’ll get a lot more than just great cleaning when you choose to use Alberta Carpet Cleaning. We promise that you’ll get award winning service too. From your first telephone call or e-mail to our post-service follow up, Alberta Carpet Cleanings people will work hard to make sure that your carpet cleaning experience is easy, convenient and tailored to fit your busy schedule. In many cases, we’re serving our 3rd generation of customers. Our Alberta Carpet Cleaning service experts maintain that loyalty by thinking like customers. We like to call it “Service That Works For you.”

    Family Friendly, SystemSafe™ – The Choice That You Can Trust.

    Ensure the cleanest, safest indoor environment for your family, pets or business with award winning professional carpet cleaning and furniture cleaning by Alberta Carpet Cleaning. We service Edmonton and the surrounding area and are western Canada’s largest and most trusted provider of carpet cleaning, furniture cleaning, area rug cleaning and are the sister division to Alberta Furnace Cleaning. When you call Alberta Carpet Cleaning you can be sure that you’ll be visited by a well trained tech specialist who will use state-of-the-art properly maintained truck mounted carpet cleaning equipment and the high powered but gentle Thermo-Rinse™ truck mounted carpet cleaning method to provide you with the most effective, safe and thorough carpet cleaning and furniture cleaning ever. If you need your area rugs cleaned we pick them up and clean them at our main plant to ensure the ultimate in quality.

    Experience, Training, Equipment and Great People. – It All Comes Together For You.

    Alberta Carpet Cleanings friendly well trained tech specialists bring a wealth of experience and training into your home or business that assures you that the job is done right the first time. All Alberta Carpet Cleaning tech specialists are bondable, insured full-time permanent staff and they participate in comprehensive, ongoing mandatory in-house training, IICRC (Institute of Inspection Restoration and Cleaning) training and industry leading safety programs. Alberta Carpet Cleaning technicians use only modern equipment that is maintained to the highest standards. Your carpet and furniture will be cleaned with the deep cleaning, fast drying Thermo-Rinse™ truck-mounted hot water extraction cleaning system, the carpet cleaning method endorsed by major manufacturers.



    Loans If You re Unemployed – MoneySuperMarket Guide #guaranteed #student #loans


    #cash loans for unemployed
    #

    Loans for unemployed

    If you’re out of work cashflow will be tight, so you may need to take out a loan to make ends meet. The trouble is, lenders are often unwilling to loan money to those without a stable job and salary.

    However, there are options available, so here is our guide to getting a loan if you are currently not working.

    Loans for the unemployed

    Usually you will need a steady salary to borrow from mainstream lenders, but there are an increasing number of specialist providers of loans for the unemployed. So being without a job, salary and stability to borrow from high-street banks does not mean you won’t get access to cash.

    However, there may be separate factors at play making it tricky to get access to credit. For example, you may also suffer from a poor credit history, which can happen if you’ve missed repayments in the past, or ever had a County Court County Court Judgement (CCJ) or bankruptcy against your name.

    So being without a job, salary and stability to borrow from high-street banks does not mean you won’t get access to cash.

    However, being in this situation doesn’t mean that all lenders will reject you. It will simply mean that you have fewer options, and loans will come with higher interest rates.

    Improving your credit history

    An option if you’re unemployed and seeking a loan, and want to make yourself more appealing to lenders, is to work on improving your credit score. You can do this by, for example, putting your name on the electoral role when your local authority sends you details of this.

    Also make sure to space out your applications for credit. Every time you apply for a loan you will leave a ‘footprint’ on your file – and if you’re rejected, this makes the next lender less likely to accept you. When you do get credit, make sure you keep up repayments to gradually rebuild a damaged credit history.

    Types of loans you can get

    You won’t be able to apply for the best buy loans available, so those with the most attractive terms and rates. These are likely to be reserved for borrowers with clean credit histories who are in employment.

    However, there are specialist lenders that offer loans to people who seem a greater risk because of their poor credit history, or unemployment. You can compare the rates on offer from these on comparison sites like MoneySuperMarket.

    But unfortunately, the greater the risk you are perceived to be by the lender, the more interest you’ll pay. It is the folk who need access to credit most who face the highest interest rates from lenders.

    Yet while you might face hefty interest charges, taking on a loan will give you the chance to demonstrate that you’re a trustworthy borrower, provided you keep up repayments. It can also help tide you over while you are searching for work, but make sure not to overstretch yourself in the meantime. The best option if you are unemployed and without an income however, is not to borrow at all.

    Moneysupermarket is a credit broker this means we ll show you products offered by lenders. We never take a fee from customers for this broking service. Instead we are usually paid a fee by the lenders though the size of that payment doesn t affect how we show products to customers.



    Guide to Getting the Cheapest Car Loan #online #payday #loans #direct #lenders


    #cheapest car loan
    #

    Guide to Getting the Cheapest Car Loan

    Shopping for a car loan is just like shopping for any other product or service. You need to consider a variety of sources and comparison shop to get the best deal.

    You’ll be surprised how much money you can save simply by comparison shopping.

    Oftentimes, consumers tend to be timid when shopping for an auto loan – feeling as if they’re asking for a hand-out. Get that thought out of your head because lenders WANT your business . They make tons of money with car loans so don’t think of it like they’re doing you a favor.

    Note: Before you start shopping for an auto loan, you need to first know your credit score and check for errors in your credit report. Improving your credit score is the best way to save money on financing (See: How Fixing Your Credit Score Can Save You $8,500 ).

    That being said, let’s move on to the good stuff and show you how to get the cheapest possible auto loan rates.

    Step 1. Check for Special Manufacturer Finance Rates

    The best car loan rate you could possibly get is 0% financing, and the only way to get it is through the car manufacturer’s finance division. These are called captive finance companies – Toyota Financial, Ford Credit, and Honda Financial Services are some examples.

    Manufacturers will sometimes offer very low interest rates on certain models to help boost sales. They lose money on the financing, but make it up in increased vehicle sales. Interest rates have been low recently so we’re seeing a lot of financing deals in the 0% to 2.9% range. These special rates are usually available only on certain models, so you need to check if your desired vehicle has these incentives available.

    You can check by visiting the manufacturer’s web sites, calling a local dealer, or by filling out the price quote form below. The dealers will let you know of any rebates and incentives available in your area along with a no-haggle price offer.

    Check for Special Finance Deals Here:

    Tip: When a manufacturer offers special finance rates, they usually offer a cash-back rebate as an alternative. In most cases you will have to choose between the two. If you can find a decent financing rate elsewhere, it’s usually better to take the cash rebate from the manufacturer. Make sure to keep that in mind.

    Step 2. Get Car Loan Rates Online

    The next step is to start comparison shopping rates online. Thanks to the internet, the process has become very simple and efficient. Most online lenders have less overhead expenses compared to traditional lenders such as banks. Because their costs are lower, they can sometimes pass the savings to you through lower interest rates.

    I recommend you get loan quotes from the following source. You’ll be using the rates you get online as a “control source” which you will use to your advantage when comparing loans from other sources later.

    1. Auto Credit Express – they have dozens of lenders in their network and can provide financing even if you don’t have the best credit.

    What to Expect: – After filling out your online loan rate request, you will usually get at least one or two approvals within 48 hours (as long as you don’t have sub-prime credit). Follow up with them and make sure you get the following information clearly stated:

    • Annual Interest Rate
    • Lenght of Loan
    • Amount Financed
    • Lending Source

    If you don’t get favorable rates, don’t be discouraged. You still have several other sources that haven’t been tapped yet.

    Step 3. Get Quotes from Credit Unions

    Credit unions are not-for-profit “banks” with the sole purpose of providing reasonable loans to their members. They tend to provide the lowest rates, so you should always include one or two when shopping for a car loan.

    In addition to being trustworthy and competitive, credit unions are more likely to work with first-time buyers. They also tend to charge the same rates whether you’re buying new or used (most other lenders charge a higher rate for used vehicles).

    In order to get a loan through a credit union, you have to become a member (don’t worry, it’s easy). Here’s an article on How to Find and Join a Credit Union.

    Step 4. Get Quotes from Banks

    Banks should be your next source for auto finance quotes. Oftentimes, they offer special finance rates that can be hard to beat.

    Your first call should be to banks that you already have a relationship with. They’re more likely to offer you better rates since you have a history with them. Make sure you let them know about the best rates you qualified for through the earlier steps and see if they can beat it. Remember, everything is negotiable!

    Other large banks you should apply to are Capital One. HSBC. and Wells Fargo. They each have large auto finance divisions and can usually offer great rates if you have decent credit.

    Step 5. See if Dealer Can Beat the Best Rates

    Your final step is reserved for when you actually visit the dealership to purchase the car. They will want to know if you’ll be financing the vehicle.

    Since you went through the process of arranging your own financing, you’re in a great position now. All you have to do is tell the dealer the best rate you were quoted and see if they can beat it. Dealers have a network of lenders, some of which work exclusively through dealers, so there is a chance they may beat your best rates. If so, think of yourself as lucky. If not, no problem because you can rest assured you got the best rates on your own.

    That’s really all there is to it. Getting the cheapest car loan rate is simply a matter of taking the time to comparison shop. This entire process may take a few days to complete, but you’ll be saving hundreds, if not thousands of dollars in the process.

    My Recommendation for Car Shoppers

    TrueCar No-Haggle and Edmunds Price Promise are the quickest way to see the lowest car prices in your area. These sites show you no-haggle prices from dealers closest to you – and the deals are usually really good. This should be the first step you take when negotiating your car price. Follow this up with my checklist to make sure you squeeze out every last bit of savings.

    – Gregg Fidan



    Resources for Private Student Loans, A Guide to Private Student Loan Options #instant #cash #loan


    #private student loan
    #

    Private Student Loans

    After you first take advantage of all other forms of financial aid including federal financial aid. federal student loans. and outside scholarships. you may discover you still have expenses you need to cover to pay for your education. That’s when you might want to consider private student loans. Check out our short video for a quick look at all of the important details.

    Private student loans can be an option to help you fill the gap between what federal, state, scholarship and school assistance provides and what you actually need in order to afford higher education. Private student loans (sometimes called alternative student loans) are credit-based consumer loans to be used specifically for paying educational expenses.

    Much like auto or home loans, private student loans are based on your credit-worthiness. Most students will need a credit-worthy co-signer such as a parent or other relative in order to obtain a private loan. Terms and conditions applicable to these loans vary greatly and it is important to pay careful attention to the terms you are offered before making a financing decision.

    Borrowing Process for Private Student Loans

    Private student loans are offered from many financial instituitions, but vary by loan provider and by borrower credit. Factors such as interest rate, total cost of loan, Annual Percentage Rate (APR), length of repayment, loan minimum and maximum as well as loan fees and borrower rewards or repayment incentives/benefits should be carefully considered when researching and choosing a private student loan.

    Some parents want to place the responsibility for education finance on the shoulders of their child. A private student loan is made in the name of the student borrower and is backed by the parent cosigner (in most cases). In a sense, because the student is the primary borrower, they have “skin in the game” and many parents feel bearing this responsibility will teach their child the valuable life lessons that can only be learned experientially.

    We’ve created LoanFinder . a loan finding tool to help match students and parents find and compare loan options before beginning the application process.

    Most private student loans will allow a student to borrow up to their school’s Cost of Attendance minus other financial aid including other student loans. In some cases, the school’s cost of attendance may exceed the maximum loan amount offered by the provider and in other cases a student may not qualify for the full loan amount requested. Private loans generally have a minimum that can be borrowed and that amount is usually around $1,000-$2,000.

    Private Student Loan Interest Rates

    Interest rates vary widely based on loan program and the credit of the student (and cosigner). Lenders offer both variable and fixed rate loan programs. A variable rate means that the rate will change over the course of repayment. Interest rates for fixed rate loans do not change. The rates offered for fixed rate loans are generally higher than variable rate loans. If you feel that the fixed rate offered is reasonable and you are afraid that interest rates will increase substantially during the repayment period of your loan, a fixed rate loan might be a good option.

    Many lenders offer a small interest rate reduction if the borrower enrolls in automatic payments. Borrowers who elect to have their student loan payment directly debited from checking benefit by ensuring their payments are made on time. On-time payments are an important part of building good credit especially for students who are new to credit and financing. A 0.25% interest rate reduction is a very common reduction amount.

    Some loans charege a fee at origination. Origination is simply the time at which the loan is disbursed or paid to the school. It’s important to understand the impact of fees charged. Origination fees are always added to the loan amount you borrow. As such, you are borrowing the amount of loan you need to pay for school plus the fee added by the lender. In today’s private loan market, origination fees are the exception but pay careful attention as to ensure that either a fee is not charged or that it is taken into consideration before borrowing.

    Private Student Loan Repayment

    One feature of many private loans is the ability to completely postpone (defer) payment of principal and interest until you graduate from college. Many lenders require a small “token” payment while you are in deferment. These payments are usually in the range of $25 to $50 per month. Making these payments will help reduce your cost of borrowing and also establish the habit of paying your loan on time every month. It’s a great way to really understand the responsibilities that come with borrowing.

    The amount of time you will have to repay your loan will vary depending on the loan program and how much you borrow. Repayment tersm typically range between 10 and 20 years.

    Some lenders offer repayment incentives such as interest rate reduction or cosigner release for making a number of consecutive on-time payments. However, in the case of cosigner release, the student usually has to meet credit and income requirements as well.

    Private student loans almost always offer better terms than credit cards. Also, they can be a good alternative to home equity lines of credit. On one hand, a student or, more likely, a parent may be able to get a very attractive rate on a HELOC, but they are also exposing themselves to risk in the even the family has a large uninsured expense or ends up being upside down on the mortgage and needs to sell the home the HELOC is secured by. If you are considering a HELOC, talk to a professional financial planner and discuss your specific circumstance.

    While we actively encourage students and families to pursue federal student loan options before considering private education loans, there are many situations where a private loan may be a good alternative. Sometimes parents want their student to be responsible for paying for his or her education, in which case a private loan may be preferable to a Direct PLUS Loan for Parents. Also, parents with good credit may qualify for low private loan rates which may be better in short term repayment options. In other cases, having the full educational costs covered up front with federal and private loans may mean that the student can focus on their studies rather than having to meet some expenses with earnings from a part-time job.

    Compare Private Students Loans Before Borrowing

    Whatever your situation may be, a private education loan can be an attractive and affordable option to help pay for education expenses. Just remember, borrow only what is needed and carefully compare private student loans before borrowing.



    Student Loan Guide: Learn About School Loan Options in Canada #guaranteed #loans


    #loans canada
    #

    A Guide to Student Loans

    The average cost of post-secondary education in Canada can top $80,000, making financing a reality for most students. If you re unsure of where to start, use this guide to student loans and learn how to apply for federal, provincial and private loans.

    Government school loan programs

    The federal government has two programs which can help you fund your education. You can apply for school loans from the Canada Student Loan Program (CSLP) or grants from the Canada Student Grants Program (CSGP). Visit www.canlearn.ca to learn more and see how you can apply.

    Canada Student Loan Program. Whether you re a full- or part-time student, you can apply for a loan through this program. If your application meets the established requirements for financial need, you could be eligible to receive up to 60 percent of the cost of your tuition in federal loans. There is also a maximum amount you can receive, and that is subject to change, so consult the latest literature to review this cap. When you graduate, you will owe the loan amount plus interest back to the government.

    Canada Student Grants Program. This program combines all of the previously available federal grants into one plan. Again, you have to apply for a grant and demonstrate financial need. If your application is accepted, you could be eligible for grant money, which you do not have to repay upon graduation. There are also grants for individuals who fall into certain categories, such as those who are disabled or are supporting children while attending school.

    Provincial and territorial school loans

    When you max out your federal benefits or if you are denied federal financial assistance, you may be able to find support from the province or territory that you reside.

    Alberta. The Alberta Learning Information Service offers scholarships, bursaries and school loans plus financial planning resources.

    British Columbia. StudentAidBC provides loans, scholarships, grants and more. They also have special information for applicants who have dependents, disabilities, use income assistance or have other unique situations.

    Manitoba. You can apply for tuition loans and grants through Manitoba Student Aid. If you re a medical student, review the special section on medical grants.

    New Brunswick. Apply for full-time or part-time student assistance through New Brunswick s Student Financial Services. You ll find all the information and forms you need for provincial aid.

    Newfoundland and Labrador. Learn about your financial assistance options with Newfoundland and Labrador Student Aid. Start your full-time or part-time loan application, or read more about grants and other aid options.

    Northwest Territories. Find student handbooks, policies, procedures and applications for aid from NWT Student Financial Assistance .

    Nova Scotia. Visit the Nova Scotia Student Assistance department to view your student aid options. You can apply for student loans and find approved institutions.

    Ontario. The Ontario Student Assistance Program seeks to provide financial support to its residents through student loans, grants, scholarships and bursaries. You may be eligible for aid whether you are a full-time or part-time student.

    Prince Edward Island. Apply for provincial loans through PEI Student Financial Services. They offer both full- and part-time funding.

    Quebec. Take advantage of loans and bursaries for both full- and part-time students from the Aide financiere aux etudes .

    Saskatchewan. View your student loan options through the Saskatchewan Student Financial Assistance program. Learn more about student assistance with the Student Loan Handbook, and then apply for loans.

    Yukon Territory. See if you re eligible for aid from Yukon Student Financial Assistance. Learn about grants, loans, scholarships, awards and other funds you can take advantage of to help pay for your education.

    Private student loans

    If you’ve maxed-out government aid options, look into school loans and lines of credit from CIBC. For example, with an Education Line of Credit. you can get the money you need to pay for books, housing, tuition, transportation and more.

    If you re a student working toward a professional degree in medicine, accounting, dentistry, law, business, pharmacy or other programs, you can take out larger tuition loans and lines of credit to accommodate the increased costs of these schools. CIBC offers the Professional Edge Student Program. which is a line of credit that comes with repayment options to fit your budget.

    You can also use the equity in your home or your parents home to get a lower interest rate on a Home Power Plan that can be used to fund your education.

    You can apply online or get your questions answered by talking to a CIBC advisor at 1-866-525-8622 .



    Loans If You re Unemployed – MoneySuperMarket Guide #free #mortgage #calculator


    #cash loans for unemployed
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    Loans for unemployed

    If you’re out of work cashflow will be tight, so you may need to take out a loan to make ends meet. The trouble is, lenders are often unwilling to loan money to those without a stable job and salary.

    However, there are options available, so here is our guide to getting a loan if you are currently not working.

    Loans for the unemployed

    Usually you will need a steady salary to borrow from mainstream lenders, but there are an increasing number of specialist providers of loans for the unemployed. So being without a job, salary and stability to borrow from high-street banks does not mean you won’t get access to cash.

    However, there may be separate factors at play making it tricky to get access to credit. For example, you may also suffer from a poor credit history, which can happen if you’ve missed repayments in the past, or ever had a County Court County Court Judgement (CCJ) or bankruptcy against your name.

    So being without a job, salary and stability to borrow from high-street banks does not mean you won’t get access to cash.

    However, being in this situation doesn’t mean that all lenders will reject you. It will simply mean that you have fewer options, and loans will come with higher interest rates.

    Improving your credit history

    An option if you’re unemployed and seeking a loan, and want to make yourself more appealing to lenders, is to work on improving your credit score. You can do this by, for example, putting your name on the electoral role when your local authority sends you details of this.

    Also make sure to space out your applications for credit. Every time you apply for a loan you will leave a ‘footprint’ on your file – and if you’re rejected, this makes the next lender less likely to accept you. When you do get credit, make sure you keep up repayments to gradually rebuild a damaged credit history.

    Types of loans you can get

    You won’t be able to apply for the best buy loans available, so those with the most attractive terms and rates. These are likely to be reserved for borrowers with clean credit histories who are in employment.

    However, there are specialist lenders that offer loans to people who seem a greater risk because of their poor credit history, or unemployment. You can compare the rates on offer from these on comparison sites like MoneySuperMarket.

    But unfortunately, the greater the risk you are perceived to be by the lender, the more interest you’ll pay. It is the folk who need access to credit most who face the highest interest rates from lenders.

    Yet while you might face hefty interest charges, taking on a loan will give you the chance to demonstrate that you’re a trustworthy borrower, provided you keep up repayments. It can also help tide you over while you are searching for work, but make sure not to overstretch yourself in the meantime. The best option if you are unemployed and without an income however, is not to borrow at all.

    Moneysupermarket is a credit broker this means we ll show you products offered by lenders. We never take a fee from customers for this broking service. Instead we are usually paid a fee by the lenders though the size of that payment doesn t affect how we show products to customers.



    A Guide to Business Startup Loans for Women. #car #loan #payment


    #business loans for women
    #

    A Guide to Business Startup Loans for Women

    A number of government agencies, non-profits and professional organizations offer business startup loans to women in an attempt to foster good relationships, create jobs and stimulate the economy. To truly understand the requirements of outside organizations, individuals have to acquaint themselves with the types of financing available to new entrepreneurs .

    Offering advice and counseling for free, places like the Small Business Association, or SBA, and the Association of Women’s Business Centers provide training as well as put women into contact with sources of funding for their startups. Despite needing to meet specific criteria, women worldwide can qualify for business grants and unsecured business loans.

    Qualified women can borrow money for their businesses in the following ways:

    Secured Business Loans

    Collateral is put up by the receiver of the loan in an effort to protect the lender’s investment. If the recipient defaults on the loan, the bank can seize the item, commonly real estate, as a form of repayment.

    Unsecured Business Loans

    No prevention measures are taken to protect the lender but the interest rate is higher than a secured loan. This type of funding is given to women with a solid financial background and exemplary credit history.

    Small loans are given to start-up businesses and have a very specific timeframe for repayment. The average loan size is $13,000, but startups can request up to $35,000 from intermediaries that are approved by the SBA.

    Available through local and state programs as well as non-profits, grants must be matched by the entrepreneur or combined with other means of funding like a loan.

    Requirements That Must be Met to Attain a Loan

      Good Personal Credit. Business owners need to know a thing or two about managing money before starting out on a venture of their own. A Solid Business Plan. A roadmap highlighting possible successes and failures, not to mention a clearly stated plan of action, gives investors a way to measure a start-up’s staying power. Work Experience. Past opportunities can help entrepreneurs cultivate the skills needed to be a successful business owner. An Educational Background. Related coursework will strengthen a small business. Proof That the Business Has Longevity. Researching competitors and giving direct examples regarding risks and profits is one way that women can help their chances of being approved for business startup loans.

    Where to Find Additional Information

      The Small Business Association (SBA) has local chapters throughout the United States. Workshops, pamphlets and podcasts make it easy for women to get the information that they need regarding funding for their start-ups. WomenBiz.Gov caters to women who use their businesses to sell to the Federal Government. Easy-to-navigate and full of useful information, start-up businesses stand a better chance of succeeding with federal contracts after visiting the agency’s website.

    Securing finances for their start-ups is one way that women can keep afloat amongst their competition. From unsecured business loans to private grants, funding is available to those entrepreneurs who are willing to ask for it.



    Mortgage Application: A Borrowers Guide #credit #card #for #bad #credit


    #loan application form
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    Mortgage application: A borrower’s guide

    A mortgage application serves a simple purpose: to help the lender decide whether to lend money to the borrower. But the industry standard Uniform Residential Loan Application, also known as Fannie Mae Form 1003, is more complicated than that straightforward intent might suggest.

    This section-by-section summary should help you figure it out.

    Section 2: Property Information and Purpose of Loan. Many homebuying loan applicants haven’t identified the property they want to purchase. In such cases, parts of this section will be marked “to be determined,” Cook explains. Borrowers will need to indicate who will own the property and how title will be held. They’ll also have to disclose the source of the down payment (for example: cash, gift, first-time homebuyer program).

    More On Applying For Mortgages:

    “mortgage”

    Section 3: Borrower Information. This section asks for the borrower’s and co-borrower’s full names, birthdates, addresses, telephone numbers, Social Security numbers, marital status and other details. All of it, Cook says, should be “a no-brainer” for borrowers.

    Section 4: Employment Information. This section enables the lender to contact the borrower’s employer (or employers) to verify the length and terms of employment.

    A two-year job history typically is a minimum requirement, according to Jay Dacey, a mortgage broker for Metropolitan Financial Mortgage Co. in Minneapolis. That means specificity is crucial. “If you get lazy and two years was really one year and 10 months, then all of a sudden the whole loan could be messed up,” he warns.

    Section 5: Monthly Income and Combined Housing Expense Information. The left side of this section is used to determine whether the borrower has the financial ability to repay the mortgage. Cook says this information often “requires some tweaking” because lenders calculate income differently than most borrowers perceive it.

    Virtually all lenders require you to sign IRS Form 4506-T, which authorizes the lender to request a transcript of your tax returns.

    One potential glitch for self-employed borrowers early in the year is that last year’s earnings can’t be used for loan qualification purposes until the lender can obtain verification of a current tax return from the IRS, Dacey explains. It takes four to six weeks for the IRS to process and verify a Form 4506-T.

    The right side of this section discloses the so-called payment shock the borrower will experience as he or she transitions to new, often higher monthly housing costs.

    “If someone has been living with Mom and Dad, paying zero rent, and is taking on a $1,500 payment and hasn’t been able to save any money, that’s a signal to the lender to look closer,” Cook says. “If they’re paying $1,200 in rent and the new house payment is $1,400 and they have a down payment and good credit scores, the lender is not so worried.”

    Featured Rates

    Section 6: Assets and Liabilities. Assets refer primarily to savings, checking, and retirement accounts and other investments. “If you have demonstrated an ability to save and it’s your own money in the deal, it makes lenders feel better,” Cook says.

    Retirement savings typically aren’t counted at 100 percent, Dacey explains, due to investment volatility and early withdrawal penalties and taxes. As a general rule, retirement savings are marked down to 60 percent or less, he says.

    Liabilities can be listed from the borrower’s credit report, Cook says. Alimony and child support payments also must be disclosed, so the lender can evaluate the borrower’s financial obligations.

    The separate Schedule of Real Estate Owned gives the lender a snapshot of the borrower’s other properties, if any. This section is especially important for move-up buyers who intend to keep their current home as a rental.

    Section 7: Details of Transaction. Cook says borrowers are “never going to fill out” this section because the details depend on the terms of the loan origination. Still, read it carefully.

    Section 8: Declarations. This section is the last chance for borrowers to “own up,” to use Cook’s words, to any financial hiccups they’ve experienced such as a bankruptcy, foreclosure or lawsuit.

    “Tell your lender everything,” he advises. “If it can be fixed, we can fix it upfront. If it can’t be fixed, there’s no sense getting into escrow on a house you’re never going to close on.”



    HARP: Home Affordability Refinance Program – Consumer Guide and Information #payday #loans #for #unemployed


    #harp loan program
    #

    What is HARP 3.0?

    The Home Affordable Refinance Program (H.A.R.P.) is a federal-government program designed to help homeowners refinance at today s low mortgages rates even if they owe as much or more on their mortgage than their home is worth. The goal is to allow borrowers to refinance into a more affordable or stable mortgage. Most homeowners eligible for a HARP refinance are able to reduce their monthly payment by lowering the interest rate on their mortgage. Other homeowners can use HARP to convert their adjustable mortgage into a more predictable, fixed-loan program. You also have the option to do a HARP refinance for a shorter-term loan, which will help you build equity in your home at a faster pace.

    The Home Affordable Refinance Program (H.A.R.P.) 2.0 was rolled out in March 2012 to help underwater and near-underwater homeowners refinance to a loan with a lower monthly payment. About 2.8 million homeowners have taken advantage of the HARP program to-date, but there are still an additional 2 million homeowners who qualify for a HARP refinance. But, there s still time since the HARP loan program has been extended through December 31, 2015 with the following changes:

      No underwater limits

    Borrowers are now able to refinance regardless of how far their homes have fallen in value. There is no longer a loan-to-value limit set at 125 percent. No appraisals and underwriting

    Most homeowners do not have to get an appraisal or have their loan underwritten, making the refinance process smoother and faster. Modified fees

    Certain risk-based fees for borrowers who refi into shorter-term loans will either be eliminated or modified. Looser restrictions on income verification

    Many lenders require less paperwork to verify income. Some lenders are also able to grant a HARP mortgage if borrowers have at least 12 months of mortgage payments in reserve.

    To qualify for the HARP program:

      You must be current on your mortgage

    You must have no late payments made 30 or more days past the due date in the last six months, and no more than one late payment made 30 or more days past the due date in the last 12 months. You must have a certain property type

    Your home must be a primary residence, a 1-unit second home or a 1- to 4-unit investment property. Condos, PUDs and manufactured homes are eligible. Loan must have a note date of May 31, 2009 or before

    Your note date is the day your mortgage closed. The lookup tools below can help you determine your note date. Your mortgage must be backed by Freddie Mac or Fannie Mae

    Use the Freddie Mac or Fannie Mae online lookup tools or call Fannie Mae at 1-800-7Fannie or Freddie Mac at 1-800-FREDDIE to determine who owns your loan. You must have a loan-to-value (LTV) ratio of 80 percent or higher

    To calculate your LTV, divide the amount of money you owe on your house by its value. To get an estimated market value of your home, look up the Zestimate.

    No, you do not have to do a HARP refinance with the same bank that you originally obtained your loan through. If your bank tells you they cannot or will not help you with a HARP refinance, it s important to not give up. Use our HARP shopping tool below to shop for custom mortgage rates.

    Also, it is important to distinguish the difference between your mortgage servicer and mortgage backer. If your loan is backed by Fannie Mae or Freddie Mac, they are your mortgage backer. The bank that collects your monthly mortgage payments is your mortgage servicer. In fact, it is in your best interest to shop for the best HARP refinance rates by comparing quotes from several different lenders.



    The TSP Loan Guide, Part 2: Pros and Cons of TSP Loans – TSP Allocation Guide #fast #loans #no #credit #check


    #tsp loan
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    The TSP Loan Guide, Part 2: Pros and Cons of TSP Loans

    What are the advantages of Thrift Savings Plan loans?

    (1) The interest rate is very low and you are paying it to yourself instead of to a bank. So the loan is essentially free to you, other than a small administrative charge.

    (2) You avoid the 10 percent penalty on early withdrawals from retirement accounts. If you aren’t old enough, or are old enough but haven’t separated from federal service, you would have to pay this penalty if you withdrew the money outright.

    (3) The fee charged for TSP loans is a very low, flat fee of $50.

    (4) The TSP loan application is quick, easy and straightforward. No one is turned down for a loan assuming sufficient employee contributions and earnings. No credit check is required. Other types of loans require a more complex application process, a credit check and more fees.

    (5) There is no negative impact on your credit score. A TSP loan does not appear on your credit report, because it is not really a loan (you are using your own savings). If a TSP loan borrower loses his or her job, retires or leaves federal service and is unable to pay off the loan balance, the unpaid balance will be classified as a distribution for which income taxes must be paid, but it will not show up on your credit report as a default.

    What are the disadvantages of TSP loans?

    (1) The most significant disadvantage is missed opportunity. The most powerful feature of a retirement plan like the TSP is the tax-deferred growth and compounding of earning. Removing funds from your TSP account can significantly affect its growth. The inevitable result will be a smaller TSP balance at retirement, which will impact the way that you live out your golden years.

    For example, lets say you took out a $50,000 residential property TSP home loan at the current interest rate of 2.125% and paid it off over 15 years. At the end of those 15 years you would have paid back $58,500 (and earned an additional $950 in interest on the principal after you paid it back). Your nest egg would have grown by only about $9500 in 15 years, and nearly all of that money came out of your pocket. Compare that to $50,000 compounding at 10.6% (the stock market s average rate of return over the past 25 years). At the end of 15 years you would have $243,481.

    (2) Potential tax penalty. If you fail to pay off a TSP loan, income taxes on the distribution will be due. An additional IRS early withdrawal penalty of 10 percent will be applied if the account owner is younger than age 59.5 at the time of the loan default.

    (3) A TSP loan of either type is not a mortgage. Therefore, the TSP loan interest payments are not tax deductible, as they might be for a mortgage or home equity loan.

    (4) If you leave Federal service, you must pay off the loan within 90 days of the date when your agency reports your separation to the TSP. Any unpaid balance will be reported as a taxable distribution

    The Double Tax Myth of TSP Loans

    In the Disadvantages section of most websites which address TSP loans, the authors usually blindly copy some original source which incorrectly stated that taking a TSP loan results in paying taxes twice because the TSP account holder is moving tax-deferred assets into the taxable realm and after-tax income must be used to repay the loan. Suze Orman popularized the notion while discussing 401K accounts (which have the same tax treatment as the TSP) and this myth is widely spread across the internet.

    Let’s say you want to borrow $10,000 from your Thrift Savings Plan account for a year. The TSP G Fund interest rate at that time is 5%, which you must pay back to yourself. That $10,000 was a pre-tax contribution, so you never paid income taxes on it. You take it all out, leaving yourself with $10,000 in cash. You haven’t paid any taxes on that $10,000. You leave it under your mattress, and a year later pay back the same $10,000 plus $500 in interest. You still haven’t paid taxes on the $10,000. When you eventually withdraw the money, then you finally must pay taxes. So what was the only thing taxed twice? The part attributable to the $500. Not the $10,000.

    Now, does it matter if during the year your brother took the original 10,000 and then later replaced it under your mattress with a different $10,000? The answer is no. As long as you pay back the $10,000, that is all that matters.

    The only part that is taxed twice is the interest. And since you are paying yourself the interest, this small double-tax is really the only cost of doing this loan. Using the example above and assuming a 25% marginal tax bracket, that means you only got taxed an extra $125 on that $10,000 loan. This is the same as getting a regular loan with a 1.25% interest rate.



    A Guide to Joint Mortgages #loan #comparison #sites


    #joint loans
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    A Guide to Joint Mortgages

    Joint mortgages can provide you with a solid opportunity to purchase a home. This type of mortgage works differently from a mortgage you would use if buying a home as an individual. Here are the basics of joint mortgages and how they work.

    Joint Mortgages

    A joint mortgage is a type of mortgage that allows two or more individuals to purchase a home together. They will all fill out a joint mortgage application at the same time with the lender.

    Increased Income

    One of the major benefits that you will receive by using a joint mortgage is that you get to count more income towards the purchase of a home. Since you have two or more individuals purchasing a home, the lender is going to evaluate the loan application based upon the income of all of the parties involved. This is going to increase the chances of getting approved for your loan, and it will allow you to purchase a larger home than you would be able to individually. As a general rule, you will be able to borrow approximately 3 times the income of the primary earner and half of the other individual’s income. Some lenders will take both incomes and add them together and then multiply by 2.5. Regardless of which method is used, you will be able to borrow quite a bit more money with this technique.

    Credit Considerations

    Using a joint mortgage will also help when it comes to getting approved based upon your previous credit history. When you apply for a mortgage on your own, the bank is looking at only your credit score and credit history. When you apply for a joint mortgage, the lender is going to evaluate both parties’ credit histories together. If one of the individuals has a low credit score, it can be made up for with a high credit score from the other individual. This can also help you get a better interest rate than you would be able to get alone.

    Joint Tenancy

    Joint tenancy is one way that you could choose to hold the property once you obtain a joint mortgage. This is very common with married couples. With this arrangement, the parties in the joint mortgage have equal shares in the property. If one of the individuals were to pass away, his or her share in the property would then be transferred to the other party.

    Tenancy in Common

    Tenancy in common is another common way that property is held jointly. This type of arrangement is common with friends or family members who choose to purchase a property together. This method of holding a property also provides all parties with equal shares of the house. However, with this method, if one of the individuals dies, his or her share of the house does not necessarily go to the other owner(s). It would go to whomever the individual’s will specifies to receive it.



    Home Buyer s Guide: Mortgage Loan Application Process #guaranteed #loans #for #bad #credit


    #loan application
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    Once you have decided to go with a certain lender and signed a purchase contract, it is time for an actual credit approval verifying income, liabilities and your ability to repay the loan.

    Most loan applicants go to their loan interview with a signed copy of purchase contract. A purchase contract for the house will specify the amount of your down payment, the price you will pay for your house, and your proposed closing date. When you go to apply for a mortgage, the lender will use all these data to calculate whether the house you want to buy can serve as collateral for the amount of money you wish to borrow.

    Your ability to obtain a mortgage to a great extent depends on the information contained in your Credit Report. So, it’s a good idea to get your credit report, before you apply for a mortgage, and correct errors.

    To ensure that your mortgage application will be processed as quickly as possible, it’s important to bring all the proper information to your loan application interview. Click on the Loan Application Checklist for a list of documents most lenders will require in order to process your mortgage application.

    Typically, you will complete the Uniform Residential Loan Application, that is widely used in the mortgage industry, during the initial interview. Keep in mind that probably you will be required to pay an application fee. credit report fee and the appraisal fee when you submit the mortgage application.

    After you apply the lender will begin the work of verifying all the information you’ve provided. This loan approval process, described in the next step. can take anywhere from one to eight weeks, depending on the type of mortgage your choose and other factors.

    Related Articles:

    Loan Application Checklist A list of documents most lenders will require in order to process your mortgage application.

    It is important to understand what and how lenders verify when considering to extend loan. Discover steps a lender follows to process and approve your application.



    Home Loan Prepayment Calculator Guide. #auto #loan #payment #calculator


    #home loan payment calculator
    #

    Prepayment calculator for home loan

    This calculator will calculate the savings one can make by making prepayments. Prepayment of loan is the best way to reduce interest burden. Do you know what is the worse part of interest payments? Even it we continue paying interest for next 100 years, the burden of loan will not reduce. It is important to realize that we must pay-off principal portion of loan. There are two components of any loan. One part is principal & second part is interest. Until we pay-off principal, interest expense will continue to incur year after year. We can continue to pay interest all our life, but loan will never finish. Without clearing principal component of loan, loan never get paid. When we pay EMI, a portion of EMI is used to pay interest and a portion is used to pay principal. Our aim should be to finish paying principal in fastest time. Loan prepayment allows us to pay-off principal component early.

    Concept of Loan Prepayment

    What is a right time to prepay loan?

    Purpose of loan prepayment is save on interest component. Interest load is maximum in initial months. Loan prepayment objective is to maximize savings of interest. In order to do this, loan prepayment must start in first months itself. Interest burden is maximum in initial months and minimum in later months. Below graphical representation will help us to visualize how load of interest vs principal varies with time. In initial years, principal component is maximum. Principal maximum means loan outstanding is maximum. Interest calculation depends on loan outstanding. Outstanding maximum means interest burden also maximum. This is why in initial years, majority of our EMI is consumed to pay interest.

    Example of loan payment in initial years.

    Already thinking how to reduce loan outstanding.

    If we pay only EMI, we have no possibility to save interest.By loan prepayment we can pay principal component of loan faster. By making prepayment we pay additional sum of money above EMI. Prepayment allows us to pay principal faster. Each payment made, in addition to scheduled EMI, goes as prepayment. This will finish our principal amount earlier allowing us to save on interest. How effective it is to use a online home loan prepayment calculator? Calculator helps to visualize how much can we saved because of prepayment. This motivates people to practice loan prepayment. On internet there are good loan prepayment calculators launched recently. It is essential to understand benefits of loan prepayment. Loan calculators makes us aware of these benefits. Longer loan tenure means higher loan burden. Using home loan prepayment calculator highlights the negative effect of longer tenure.

    Example: A home loan of Rs 30,00,000 taken at rate of 10.5% per annum for a period of 20 years. The proportion of principal payment verses interest payment during the tenure of 20 years is graphically represented below. In the first few years, interest load is maximum. In the graph one can see that, in a year, total EMI payment is Rs 350,000. In the first year, out of the total EMI only Rs 50,000 is paid as principal. Every year the principal component increases. But the growth is slow. In initial years, interest dominates the EMI. This makes home loan prepayment in initial years even more important. In this article we will learn about loan prepayment. Learning to calculate prepayment will help us to comprehend how prepayment helps us to save interest. But before that lets look at some basics.

    How EMI’s on Home Loan is calculated?

    The formula for EMI calculation is: E = EMI P = Principal r = monthly rate of interest (Interest is 10.5% it means r = 10.5/12/100 =0.00875) n = time in months Example: home loan of Rs 30,00,000 at rate of 10.5% per annum for a period of 20 years (240 months). EMI will be: E = 30,00,000 x 0.00875 x [(1+0.00875)^240 / <(1+0.00875)^240>-1> = Rs 29,951 per month for next 20 years.

    Home loan prepayment is always better?

    No not always. There are cases when prepayment cannot take top priority. If there are other investment opportunities that gives higher returns then priority changes. Confused whether to use your extra money for investment or for prepayment? Don’t worry here is a solution. Rule is to pay your costlier debt before making any investment. If you are investing in stocks, then probably your long term return will be close to 12% per annum (leave aside risk factors). Compare this return with your home loan interest rate. If home loan interest rate is higher than 12%, it means your should prepay your home loan first. If the home loan falls within the range of minus 3% of stock market returns, even them home loan shall be paid. But problem is, how many of us knows how to handle stocks? My personal suggestion to people like me and you will be always consider home loan prepayment as priority. The interest that we save on home loan is like a assured return. Interest saving in tune of 10% per annum is phenomenal. These days even stock market cannot assure such high returns in short term.

    Home loan prepayment is common mans way to get rich.

    Home loan is the biggest-loan an average middle class Indian avails in his life. As home loan amount is big, people often go for longer loan tenure like 20-25 years. In home loan, both loan amount tenure is big. These two factors makes the interest burden very huge. For example, a home loan of Rs 30 lakhs, for 20 years at rate of 10.5% per annum, interest burden is Rs 42 lakhs. But when home loan of Rs 30 lakhs, is availed only for 15 years at rate of 10.5% per annum, interest burden is only Rs 27 lakhs. When home loan of Rs 30 lakhs, is availed only for 10 years at rate of 10.5% per annum, interest burden is only Rs 19 lakhs. These type of permutations can be easily done using home loan prepayment calculators. The interest payment we make is over and above principal of Rs 30 lakhs. for 20 year tenure, the interest portion is even bigger than the principal. So it is a must for all home loan takers to evaluate the possibilities of reducing the interest burden. Home loan prepayment is one effective way of reducing the interest burden.

    A Calculation we shall never forget.

    As a rule of thumb, a real estate property which yields rental income of 4% per annum is considered a good investment. Property Value (our cost) = Rs 30 Lakhs Rental Income in first year = Rs 10,000/month (Rs 120,000/year) Rental Yield = 120,000/30,00,000 = 4% But the yield of 4% will happen when we we buy property without taking loan. In this case our our cost is only Rs 30 lakhs.

    In case of home loan scenario Rs 30 lakhs is not only our cost. Out total cost is Interest+Principal. Cost will be equal to Rs 30+41.5=71.5 Lakhs. In this case our rental yield will be much lower: Property Cost (due to loan) = Rs 71 Lakhs Rental Income in first year = Rs 10,000/month (Rs 120,000/year) Rental Yield = 120,000/71,00,000 = 1.7%

    We can see that due to interest burden, the rental yield gets reduced substantially. The interest burden has made our property investment less lucrative. In order to make our property investment more lucrative, we must decide to prepay our home loan as fast as possible.



    The simple guide to Career Development Loans #personal #loans #interest #rates


    #career development loan
    #

    The simple guide to Career Development Loans

    Everything you ever wanted to know but were afraid to ask abut funding your postgraduate degree

    It will suffice for me to say that much of the readily available information covering Career Development Loans (also known as Professional and Career Development Loans) is not always as lucid as it could be.

    The CDL is the loan you’ll need if you’re thinking of applying for a post-graduate course, so it’s worth getting your head around – and quickly, as you should apply presently.

    Where do I get it from?

    There are only two banks offering the CDL, the Co-Operative bank and Barclays. Be wary of others dressing up their ordinary loans as a supposedly student tailored outfit; however they weave and spin figures, they don’t operate in the same way and should be avoided. Whereas all traditional loans insist a borrower accrues interest from the moment the bank hands over the cash, with a CDL you won’t be charged interest until your course ends.

    This is because a CDL from either establishment is backed by the government, who cover your interest while you’re studying. Consequently, the offerings from Barclays and the Co-Op are largely very similar, meaning your choice may be most easily decided by who you currently bank with – if you’re already cosy with one, it may be simpler to apply with who you know.

    How do I get all the details?

    Make your initial enquiries through the National Careers Service who, though occasionally foggy on the details if you call, will send you a comprehensive application pack with all the terms and conditions from both banks; the application form itself comes with no strings so should you be undecided about post grad study, it’ll at least give you a firm idea of what financial straits you’re headed toward. There’s no pressure to apply.

    This pack will prove invaluable as the online offerings are – as perhaps I made clear – paltry and unhelpful. Use the phone instead; Barclays advertise their customer services number online, and while they’re based a few continents over (should this bother you), every operator I’ve dealt with has been extremely knowledgeable, helpful and most importantly, contactable between 9am – 7pm.

    Co-Op’s page offers a number which rings through to startled National Career Service employees who aren’t expecting an interrogation on the particulars of the Co-Op terms and conditions. The number you actually need is 0845 602 3862 – and choose option 2. They are an extremely helpful bunch but bear in mind that they are disagreeably only available between 9am – 4pm and it’s best to call early to avoid hold-music induced insanity.

    Any restrictions on applying?

    To apply for a CDL, you’ll need to be over 18, be ordinarily resident in the UK for at least three years and have unlimited right to remain in the UK. The ‘resident for three years’ may be the only hiccup for some as anyone who’s been living abroad for over six months prior to applying for the loan may find the bank rejecting them out of hand.

    Though the banks say they’ll ‘automatically reject’ anyone who’s spent too long away from UK shores, they also say it’s worth applying anyway. Avoid trouble by making clear you had no intention to permanently domicile abroad. The easiest way to do this is to put your most recent address as your most recent permanent address, rather than the various beach shacks you slept in while travelling.

    Alternatively, if you have spent some time away – say, teaching abroad – to secure a loan, write a covering letter. This should explain your situation and your intent. Supporting evidence from a university is helpful here, though not strictly necessary. The application form itself is a series of tick boxes spiced with the occasional one word answer so any extra info should be put separately, rather than squeezed into the margins.

    How much can I get?

    The money available is between £300 and £10,000, and the process of applying takes around six weeks, though it’s emphatically recommended you leave at least three months for everything to clear. Hence, apply at least three months before your course begins. You can also apply anytime during your course, up to three months before its conclusion. This is helpful if after a few weeks you find money tighter than expected.

    Despite what the websites say, you can apply for any amount necessary and it doesn’t have to be in particular increments; the Co-Op specify £50 increases but in actuality, aren’t strict on it. A CDL can be used to cover living costs as well as tuition fees; if you’ve not been working three months prior to application, you’ll be eligible for 100 per cent of your tuition (if you have worked, only 80 per cent). This sum will be paid directly to your institution, meaning you won’t have the hassle of dealing with it.

    The money for living costs will be paid into your bank account in one lump sum at the beginning of the course – though if you work for more than thirty hours each week, Barclays won’t provide any loan for living costs.

    What’s the interest like? Any hidden fees?

    The interest on a loan from either bank is 9.9 per cent. Barclays make the most of a 5.7 per cent APR rate online, which represents the overall interest a borrower will pay during the full lifetime of the loan. The interest will begin accruing one month after the conclusion of your course and repayment one month after that: if your course finishes at the end of September, the government covers your interest until the end of October (whereon you being accruing the interest) and you won’t begin repaying until the end of November.

    Gladly, these loans come without arrangement fees. They also both come without early settlement charges (should you want to repay your loan in full as soon as possible), despite how the Co-Op website can be read. If you reach the end of your course and want to settle immediately, you’ll only pay back exactly the amount borrowed. If you begin repayments and then want to settle up early, there is no fee but the process will in effect officially take 28 days to clear, so you’ll have to pay an additional months interest. That means if you tell your bank you want to clear the loan on the 30 of January, you’re liable for February’s interest too.

    Talk me through the repayments

    Repaying a CDR isn’t like repaying your undergraduate student loan. You’ll have between one and five years to make repayments. Banks are flexible on this and it can be decided with them as you wish. The longer you take to repay, the lower the monthly repayments but the greater amount you repay overall, and vice versa.

    Should you be on a three-year plan and wish to repay sooner, you can without additional charges. As mentioned, repayments with either bank will start two months after graduating your course, during which time you’re expected to use your qualification to land a job which can afford the hefty repayments (typically around £200, if you borrow near the top end and pay back over the longest time).

    If the job market is pitiless as ever, making repayments tough or impossible, you’ll need to head into the local branch for a chat. This isn’t like the undergraduate loan, which waits until you’re earning enough to pay your debts comfortably – the CDL is a student loan all grown up and curiously enough, banks are pretty keen to get their money back. If an immediate repayment is unmanageable, you can talk over an adjusted repayment plan but do not defer your repayment at the last minute. Once you begin repayments, it will be difficult to pause them or put them off; don’t risk it. No matter your situation, if you’ve started paying a bank will almost always expect you to continue so arrange things well in advance.

    Though there are no deferment fees and the interest should stay as agreed, going off-plan can detrimentally affect your credit history. This matters because it’ll show up on checks a future lender makes into your past, when they’re deciding whether to trust you with their money (whether it be a credit card  company or a bank arranging your mortage…) Bear this in mind as you apply for it; despite being one of the only accessible supports for post graduate studies, CDLs do not always have happy endings. It’s enough to make one think the system is clearly inadequate… well, quite.

    David Ellis is editor of student finance website studentmoneysaver.co.uk



    Student Loan Repayment Calculator – Complete University Guide #easy #loans


    #loan repayments calculator
    #

    Student Loan Repayment Calculator

    We have developed this Student Loan Repayment Calculator to give you an idea of how much you might expect to pay back and over what period of time. You should bear in mind that any model like this is based on a number of assumptions and is looking some 30 years into t he future, so the figures should only be seen as broad indicators of potential outcomes, and this page should not be considered as financial advice.

    Remember, this Calculator is for use by those interested in going to universities from 2012 and not for students who started university in 2011 or before, for whom a very different funding system applies.

    Repayments

    Show detailed results

    How we arrive at these results

    A new student finance system based on increased tuition fees and interest-attracting loans was introduced in parts of the UK for university entry from 2012 (read about tuition fees and financial support ).

    This calculator estimates the monthly repayments that will be due under the new regime, assuming the predicted earnings described below and shown on the page of detailed results.

    The results are for illustrative purposes only, since the exact repayments will depend on the actual salary earned throughout the period.

    Interest

    An interest rate of 3% above inflation will be applied from the receipt of the first payment from the Student Loans Company (SLC) until the end of the fiscal year (5th April) following the end of the course.

    The interest rate applied after this will depend on the annual earnings of the recipient of the loan:

    There will be a threshold below which the rate of interest will be the rate of inflation. This will be 21,000 in the first year.

    There will also be a threshold above which the rate of interest will be 3% above the rate of inflation. This will be 41,000 in the first year.

    Between these two thresholds, the calculator follows the Student Loan Repayment Ready Reckoner produced by the Department of Business, Innovation and Skills (the BIS ): the rate will increase in proportion to the amount earned over the lower threshold. Therefore, annual earnings of 31,000, for example, would mean that a rate of 1.5% above inflation would be applied in the first year.

    The thresholds will increase annually, at the same rate as the national average of earnings. The calculator uses a rate of 2% above inflation for this increase, which is the long-term average.

    Repayments

    No repayments will be due until the start of the fiscal year (6th April) following the end of the course.

    After this, the amount due will be 9% of the earnings which exceed a threshold. This threshold will be the same as the threshold below which the rate of interest is the rate of inflation 21,000 in the first year (see above).

    Salaries

    The calculator assumes continuous employment over 30 years.

    The projected salaries used by the calculator are based on the careers of past graduates, and are derived from figures from a number of sources.

    The Association of Graduate Recruiters (AGR) provided the current starting salaries for the careers which we list.

    Current final salary figures were sourced from a variety of professional, industry-expert salary surveys and guides. These final salaries have then been adjusted to allow for an increase in the national average of earnings of 2% above inflation, over the subsequent 29 years. To do this, we have assumed that the salaries will remain unchanged in relation to each other and to the national average. We have therefore increased the final salaries by 2% for every year, which is a 78% increase over the whole period.

    The growth in salary between the starting and final figures for each career follows the pattern of the salary predictions for all graduates in employment in the BIS ‘s Ready Reckoner. higher increases in earnings are expected at the start and at the end of the 30 year period, and lower increases in between.

    In addition to expected earnings for particular careers, we give three further options for low, medium and high earnings across the whole graduate population. The figures used are as follows:



    Student Loan Guide: Learn About School Loan Options in Canada #consumer #loans


    #loans canada
    #

    A Guide to Student Loans

    The average cost of post-secondary education in Canada can top $80,000, making financing a reality for most students. If you re unsure of where to start, use this guide to student loans and learn how to apply for federal, provincial and private loans.

    Government school loan programs

    The federal government has two programs which can help you fund your education. You can apply for school loans from the Canada Student Loan Program (CSLP) or grants from the Canada Student Grants Program (CSGP). Visit www.canlearn.ca to learn more and see how you can apply.

    Canada Student Loan Program. Whether you re a full- or part-time student, you can apply for a loan through this program. If your application meets the established requirements for financial need, you could be eligible to receive up to 60 percent of the cost of your tuition in federal loans. There is also a maximum amount you can receive, and that is subject to change, so consult the latest literature to review this cap. When you graduate, you will owe the loan amount plus interest back to the government.

    Canada Student Grants Program. This program combines all of the previously available federal grants into one plan. Again, you have to apply for a grant and demonstrate financial need. If your application is accepted, you could be eligible for grant money, which you do not have to repay upon graduation. There are also grants for individuals who fall into certain categories, such as those who are disabled or are supporting children while attending school.

    Provincial and territorial school loans

    When you max out your federal benefits or if you are denied federal financial assistance, you may be able to find support from the province or territory that you reside.

    Alberta. The Alberta Learning Information Service offers scholarships, bursaries and school loans plus financial planning resources.

    British Columbia. StudentAidBC provides loans, scholarships, grants and more. They also have special information for applicants who have dependents, disabilities, use income assistance or have other unique situations.

    Manitoba. You can apply for tuition loans and grants through Manitoba Student Aid. If you re a medical student, review the special section on medical grants.

    New Brunswick. Apply for full-time or part-time student assistance through New Brunswick s Student Financial Services. You ll find all the information and forms you need for provincial aid.

    Newfoundland and Labrador. Learn about your financial assistance options with Newfoundland and Labrador Student Aid. Start your full-time or part-time loan application, or read more about grants and other aid options.

    Northwest Territories. Find student handbooks, policies, procedures and applications for aid from NWT Student Financial Assistance .

    Nova Scotia. Visit the Nova Scotia Student Assistance department to view your student aid options. You can apply for student loans and find approved institutions.

    Ontario. The Ontario Student Assistance Program seeks to provide financial support to its residents through student loans, grants, scholarships and bursaries. You may be eligible for aid whether you are a full-time or part-time student.

    Prince Edward Island. Apply for provincial loans through PEI Student Financial Services. They offer both full- and part-time funding.

    Quebec. Take advantage of loans and bursaries for both full- and part-time students from the Aide financiere aux etudes .

    Saskatchewan. View your student loan options through the Saskatchewan Student Financial Assistance program. Learn more about student assistance with the Student Loan Handbook, and then apply for loans.

    Yukon Territory. See if you re eligible for aid from Yukon Student Financial Assistance. Learn about grants, loans, scholarships, awards and other funds you can take advantage of to help pay for your education.

    Private student loans

    If you’ve maxed-out government aid options, look into school loans and lines of credit from CIBC. For example, with an Education Line of Credit. you can get the money you need to pay for books, housing, tuition, transportation and more.

    If you re a student working toward a professional degree in medicine, accounting, dentistry, law, business, pharmacy or other programs, you can take out larger tuition loans and lines of credit to accommodate the increased costs of these schools. CIBC offers the Professional Edge Student Program. which is a line of credit that comes with repayment options to fit your budget.

    You can also use the equity in your home or your parents home to get a lower interest rate on a Home Power Plan that can be used to fund your education.

    You can apply online or get your questions answered by talking to a CIBC advisor at 1-866-525-8622 .



    Commercial Mortgage Guide – #unsecured #loan


    #commercial loan
    #

    Looking for a Commercial Mortgage?

    B2B Commercial Mortgages

    When are commercial mortgages used?

    Commercial mortgages generally take over where business loans finish. Business loans up to 25,000 are unsecured, but for larger amounts lenders need security in order to reduce the risk to themselves. Because of the legal and administrative costs of taking security on commercial property it is considered uneconomic to borrow under 50,000 this way, and some lenders have a minimum of 75,000 or more.

    How to find the best deal

    Because of the complexity we have teamed up with specialist commercial mortgage brokers, B2B Commercial Mortgages, who offer an online service and who charge no Broker fees. B2B are NACFB members who you can rely upon to find you the best deal, since they cover the entire market.

    What can be offered as security?

    Generally lenders take the property you are buying as the only security for the loan, which is typically 70% of the value of the property, and ask for a cash deposit for the balance of the purchase price. If you don’t have the cash you can offer the lender additional security, which is typically other property which you have considerable equity in, but could be a charge over other assets such as an insurance policy or shares.

    Can I get a mortgage on a leasehold property?

    Only if the lease remaining is more than 70 years, for most lenders, otherwise you will need additional security.

    How long are commercial mortgages for?

    Commercial mortgages are typically from 3 to 25 years. Shorter term finance is also available and this may be called a bridging loan or property development loan, which you may have from a few weeks up to 24 months.

    Are all commercial mortgages variable rate?

    No, but most are. Typically a rate will be quoted as X% over base or LIBOR, and this in residential terms would be called a tracker mortgage. Fixed rate mortgages are available and for amounts under 500,000, where the lender takes the rate risk themselves, they may be advantageous. But mortgages where the lender passes the risk on to the borrower by using a Swap contract are best avoided. These complex derivatives are not suited toSME borrowers.

    Why can’t I find a definite rate?

    The rates charged for commercial mortgages and business loans are not pre-determined like personal loans usually are. In each and every case when an application is made for a commercial mortgage a lending manager looks at it carefully to assess the risk level in making the proposed loan. A great deal of information is required for this decision. The lending manager will vary the rate offered to take account of the riskiness of the loan. Larger loans with a low risk will get the best rates. Lenders usually have a risk profile that they work to, so if your loan falls outside their risk profile it will be refused.

    How much can I borrow?

    For owner occupied property you can find a 70-75% mortgage. If it is an investment then the amount you can borrow will be determined by the rental income generated by the investment, but will not exceed 65% of the purchase price. If you are buying a business which includes goodwill, stock etc then the amount available will be further reduced.

    Arrangement fees

    Whilst arrangement fees are usually added to the loan when it completes, some lenders want some money to cover their work if you don’t accept their offer. In this case they may charge a commitment fee, which is part of the overall arrangement fee, but is payable with your formal application, and is non-refundable. Arrangement fees are typically 1% -2% of the loan amount for loans up to 1 million, with the smaller loans getting the higher rates.

    Valuation Fees

    Commercial properties are far more variable than residential ones, so a valuer will be required to visit the property and write a 20-30 page report about it to the lender. Typically residential properties are not visited by a valuer today, which is why they are much cheaper than commercial valuations, which start at around 500 for a simple case, but again because of variety are not done on a fixed price but from a bespoke quotation. This is payable to the lender after an initial indicative offer has been accepted.

    Legal Fees

    You will be required to pay both your own legal fees and those of the lender. Again because of the variety of property legal fees will vary with complexity, but start at around 500 for each party. Savings in cost and time can be made where it is agreed that both parties will use different partners in the same firm for representation.

    Using a broker

    It makes sense to use a specialist commercial broker who has the contacts and market knowledge to get you the best deal. The broker has to present your case to the lenders, so you must be truthful and fully co-operative in your dealings with your broker. Do not try to use several brokers simultaneously, you will be embarrassed and may end up empty handed. Brokers who are members of the NACFB can be relied upon to have Professional Indemnity insurance and to abide by a code of practice.

    Broker fees

    Many brokers charge for finding commercial mortgages, expect to pay a fee of up to 1% of the loan value, but don’t agree to pay anything until the broker has produced a loan offer at terms that you have pre-agreed with them.



    Bridging Loans Guide #used #auto #loan


    #bridging loans
    #

    Bridging loans guide

    Bridging loans are a short-term funding option. They are used to ‘bridge’ a gap between a debt coming due – and we’re talking primarily about property transactions, here – and the main line of credit becoming available. Or they can simply act as a short-term loan in pressing circumstances.

    They can be invaluable in facilitating a property purchase that otherwise would not be possible. But as you might expect with a stop-gap measure, they can be significantly more expensive than a ‘normal’ loan.

    What are bridging loans and how do they work?

    Bridging loans are designed to help people complete the purchase of a property before selling their existing home by offering them short-term access to money at a high-rate of interest.

    As well as helping home-movers when there is a gap between the sale and completion dates in a chain, this type of loan can also help someone planning to sell-on quickly after renovating a home, or help someone buying at auction.

    As banks and building societies have grown more reluctant to lend in the wake of the financial crisis, there has been an influx of bridging lenders into the market.

    However, rates can be high and there can be hefty administration fees on top. Indeed, potential borrowers are warned there is a risk of getting ripped off unless you proceed extremely carefully.

    If you take out a bridging loan, you could face costs of up to 1.5% a month – meaning 18% a year.

    Bridging loans are designed to help people complete the purchase of a property before selling their existing home by offering them short-term access to money at a high-rate of interest.

    Who are bridging loans aimed at?

    Generally speaking, bridging loans are aimed at landlords and amateur property developers, including those purchasing at auction where a mortgage is needed quickly.

    They may also be offered to wealthy or asset-rich borrowers who want straightforward lending on residential properties.

    When should you use bridging loans?

    Bridging loans can be used for a variety of reasons, including property investment, buy-to-let and development.

    However, more recently, there has been a growing trend among borrowers to use bridging loans because high street and private banks are taking longer to process applications for larger home loans.

    Some borrowers are also viewing bridging loans as a simple alternative to mainstream lending.

    While a bridging loan may sound tempting, if you’re thinking about taking one out, you need to think carefully about your exit strategy. This might, for example, involve getting a mainstream mortgage or a buy-to-let mortgage, or selling the property altogether.

    The problem is, you may not have any guarantee of being accepted for a mortgage with a mainstream lender after having taken out a bridging loan. This could put you at risk of losing your home.

    The FCA is concerned that advisers could be recommending this type of loan too quickly when it may not be the best solution.

    Crucially, if you’ve not used this type of finance before you need to tread carefully, as there are often hidden and hefty legal fees and additional administration fees that are not always made clear.

    All of these mean the cost of your bridging loan could soon mount up.

    Put simply, bridging loans should not be viewed as an alternative to mainstream lending.

    Where can you get a bridging loan?

    Bridging lenders can come in all shapes and sizes, ranging from one-man bands up to professional outfits regulated by City watchdog, the Financial Conduct Authority (FCA).

    If you want to take out a bridging loan, it’s advisable to go to an FCA-regulated broker because they will only recommend a bridge if it is appropriate for you and your particular circumstances.

    Moneysupermarket is a credit broker this means we ll show you products offered by lenders. We never take a fee from customers for this broking service. Instead we are usually paid a fee by the lenders though the size of that payment doesn t affect how we show products to customers.



    A Balloon Payment Car Loan Guide #auto #loan #refinance


    #car loan payment
    #

    A Balloon Payment Car Loan Guide

    Contents

    Typical balloon car loan schedule

    Plan in Advance

    It’s important to plan for your balloon payment in advance. Save monthly, or invest with this in mind. You should also know that refinancing a balloon loan can be difficult. It may be possible to extend the length of your balloon loan at the end of the term, but that isn’t guaranteed. And if you do refinance, you might end up stretching your original three-to-five year term to seven years, or even longer.

    Not having the money for your balloon payment at the end of the loan is really the worst-case scenario for the lender — and for you. If you miss your payment, cannot make arrangements, or cannot refinance, you may lose the car even after you’ve paid the interest for all those years.

    If you have the option to buy the car back, you still have to come up with the principal to do so. Under a normal loan, if you lost your car towards the end of the term you could buy it back for far less than you could with a balloon loan.

    Dangers of a Balloon Car Loan

    There are many concerns you should have about taking out a balloon payment car loan:

    • The first concern should be obvious, but many dismiss or overlook it. It is highly unlikely that you will be in a better financial position in three to five years, as much as you hope or would like to think that you will be.
    • You need to carefully consider what you will do if you are unable to refinance your car at a better rate and with better terms. How will you pay that loan off? You will still be obligated for the balloon payment. Are you prepared to let the car go? What will you do for transportation? Not making that balloon payment will damage your credit score.
    • Another concern is that since you are paying only interest on the loan through the end of the loan period, you will likely owe more on the vehicle that it is worth. This will cause you great difficulty in selling for the amount you owe or refinancing the loan.
    • Before taking on a balloon loan for a car purchase, carefully consider the value of the car, the expected value in two or three years when the balloon car payment will be due, and how much you are willing to sacrifice to own the vehicle. In many cases, a balloon loan is not the right financing option, and simply allows you to incur more debt that you can really afford.

    See what kind of interest rates you can get

    Benefits of a Balloon Car Loan

    Here are some of the benefits of getting a Balloon Car Loan:

    • A balloon payment car loan buys time: The lower payments during the loan term allow for the borrower to collect the cash due to pay off the entire debt. Some scenarios include other investments that may mature during the loan term, or changes in income that will allow the borrower to pay off the entire debt.
    • A balloon payment car loan allows for a “sale option”: If the borrower holds the title in the interim, he or she has the option of selling off the vehicle and using the resulting cash to pay off the loan. It’s important to talk about this situation when taking out a balloon payment car loan, as liens or other types of restrictions may prevent or delay resale.
    • A balloon payment car loan is essentially “lump credit”: The lender carries much more of the deficit throughout the term of the auto loan, leaving more cash in the hands of the borrower.
    • A balloon payment car loan generally offers a lower chance of repossession: Because of the fact that the loan payments are smaller than they would be with a different type of loan, there is a lower chance that repossession agents will show up at the door looking to take a vehicle.

    See what kind of interest rates you can get

    Requirements for a Balloon Car Loan

    There are two main requirements for getting a balloon car loan:

    1. In order to qualify for a balloon loan, you need to have a regular income — in other words, have proof that you are employed and can make payments on the car.
    2. You need to have a solid credit rating, although the exact number is flexible with some lenders.

    Getting a Balloon Payment Car Loan with Bad Credit

    How to Compare Balloon Car Loans

    It is important to take the time to compare a balloon car loan against different loans. You do this to make sure you are getting the best deal possible. Taking the time to compare these types of car loans is very important, but knowing how to compare the balloon payment car loans is also important.

    1. Understand the End Number

    Every balloon payment car loan has a final number — this is the amount you will be making on your final payment. You should understand what that number is going to be, so ask.

    2. Check out the Monthly Payment

    Knowing you can afford the payment is also something you should know. During the course of the loan, the amount you pay each month could rise, making later payments much larger than when they started. Check this out by calculating the interest rate, and the total cost of what you are paying off.

    Finding Balloon Loans with the Best Rates

    3. Compare the Interest Rates

    Knowing which interest rates you are going to be paying is crucial to your bottom line cost. Compare rates and compare the rates of how the loans will increase, or decrease over time. Check each lender and ask for a detailed amortization (or amount of projected time it would take to pay off the debt) of the loan. This will show you exactly where you will stand each month.

    • First, you can have a low interest rate which will make for a low initial payment that will rise over time for a higher ending payment.
    • Second, you can do the opposite. You can start with a higher interest rate which gives you a larger initial payment, but decreases over time.
    • See what kind of interest rates you can get

    Balloon loans can be extremely beneficial to the right customer, but you should be aware of the dangers. More so than any other loan, you need to have a plan to take care of the balloon payment ahead of time. With careful planning and proper research you may be able to avoid any drawbacks.



    Home Buyer s Guide: Mortgage Loan Application Process #loan #rate #calculator


    #loan application
    #

    Once you have decided to go with a certain lender and signed a purchase contract, it is time for an actual credit approval verifying income, liabilities and your ability to repay the loan.

    Most loan applicants go to their loan interview with a signed copy of purchase contract. A purchase contract for the house will specify the amount of your down payment, the price you will pay for your house, and your proposed closing date. When you go to apply for a mortgage, the lender will use all these data to calculate whether the house you want to buy can serve as collateral for the amount of money you wish to borrow.

    Your ability to obtain a mortgage to a great extent depends on the information contained in your Credit Report. So, it’s a good idea to get your credit report, before you apply for a mortgage, and correct errors.

    To ensure that your mortgage application will be processed as quickly as possible, it’s important to bring all the proper information to your loan application interview. Click on the Loan Application Checklist for a list of documents most lenders will require in order to process your mortgage application.

    Typically, you will complete the Uniform Residential Loan Application, that is widely used in the mortgage industry, during the initial interview. Keep in mind that probably you will be required to pay an application fee. credit report fee and the appraisal fee when you submit the mortgage application.

    After you apply the lender will begin the work of verifying all the information you’ve provided. This loan approval process, described in the next step. can take anywhere from one to eight weeks, depending on the type of mortgage your choose and other factors.

    Related Articles:

    Loan Application Checklist A list of documents most lenders will require in order to process your mortgage application.

    It is important to understand what and how lenders verify when considering to extend loan. Discover steps a lender follows to process and approve your application.



    Student Loan Guide: Learn About School Loan Options in Canada #parent #student #loans


    #loans canada
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    A Guide to Student Loans

    The average cost of post-secondary education in Canada can top $80,000, making financing a reality for most students. If you re unsure of where to start, use this guide to student loans and learn how to apply for federal, provincial and private loans.

    Government school loan programs

    The federal government has two programs which can help you fund your education. You can apply for school loans from the Canada Student Loan Program (CSLP) or grants from the Canada Student Grants Program (CSGP). Visit www.canlearn.ca to learn more and see how you can apply.

    Canada Student Loan Program. Whether you re a full- or part-time student, you can apply for a loan through this program. If your application meets the established requirements for financial need, you could be eligible to receive up to 60 percent of the cost of your tuition in federal loans. There is also a maximum amount you can receive, and that is subject to change, so consult the latest literature to review this cap. When you graduate, you will owe the loan amount plus interest back to the government.

    Canada Student Grants Program. This program combines all of the previously available federal grants into one plan. Again, you have to apply for a grant and demonstrate financial need. If your application is accepted, you could be eligible for grant money, which you do not have to repay upon graduation. There are also grants for individuals who fall into certain categories, such as those who are disabled or are supporting children while attending school.

    Provincial and territorial school loans

    When you max out your federal benefits or if you are denied federal financial assistance, you may be able to find support from the province or territory that you reside.

    Alberta. The Alberta Learning Information Service offers scholarships, bursaries and school loans plus financial planning resources.

    British Columbia. StudentAidBC provides loans, scholarships, grants and more. They also have special information for applicants who have dependents, disabilities, use income assistance or have other unique situations.

    Manitoba. You can apply for tuition loans and grants through Manitoba Student Aid. If you re a medical student, review the special section on medical grants.

    New Brunswick. Apply for full-time or part-time student assistance through New Brunswick s Student Financial Services. You ll find all the information and forms you need for provincial aid.

    Newfoundland and Labrador. Learn about your financial assistance options with Newfoundland and Labrador Student Aid. Start your full-time or part-time loan application, or read more about grants and other aid options.

    Northwest Territories. Find student handbooks, policies, procedures and applications for aid from NWT Student Financial Assistance .

    Nova Scotia. Visit the Nova Scotia Student Assistance department to view your student aid options. You can apply for student loans and find approved institutions.

    Ontario. The Ontario Student Assistance Program seeks to provide financial support to its residents through student loans, grants, scholarships and bursaries. You may be eligible for aid whether you are a full-time or part-time student.

    Prince Edward Island. Apply for provincial loans through PEI Student Financial Services. They offer both full- and part-time funding.

    Quebec. Take advantage of loans and bursaries for both full- and part-time students from the Aide financiere aux etudes .

    Saskatchewan. View your student loan options through the Saskatchewan Student Financial Assistance program. Learn more about student assistance with the Student Loan Handbook, and then apply for loans.

    Yukon Territory. See if you re eligible for aid from Yukon Student Financial Assistance. Learn about grants, loans, scholarships, awards and other funds you can take advantage of to help pay for your education.

    Private student loans

    If you’ve maxed-out government aid options, look into school loans and lines of credit from CIBC. For example, with an Education Line of Credit. you can get the money you need to pay for books, housing, tuition, transportation and more.

    If you re a student working toward a professional degree in medicine, accounting, dentistry, law, business, pharmacy or other programs, you can take out larger tuition loans and lines of credit to accommodate the increased costs of these schools. CIBC offers the Professional Edge Student Program. which is a line of credit that comes with repayment options to fit your budget.

    You can also use the equity in your home or your parents home to get a lower interest rate on a Home Power Plan that can be used to fund your education.

    You can apply online or get your questions answered by talking to a CIBC advisor at 1-866-525-8622 .



    Student Loan Payment Options – Guide to Monthly Student Loan Payment Options #best #auto #loans


    #student loans payment
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    Student Loan Payment Options – Guide to Monthly Student Loan Payment Options

    By Ken Clark. Paying for College Expert

    As graduation gets closer and closer, many college students begin to experience a mounting anxiety about their student loans. Considering that the average senior’s student loan balance is just under $20,000, most graduates have a legitimate reason to feel stressed!

    There are also a number of programs in place to help graduates who are experiencing temporary financial hardships.

    Here’s an overview of the different factors you need to understand when it comes to student loan payment options:

    Grace Period:

    You can generally begin repaying student loans at anytime, even while you are still in school. Many loans however, such as Stafford and Perkins Loans. don’t require repayment until a certain amount of time passes from the date you cease to be a “full-time” student.

    This window of time is called the “grace period.”

    Stafford Loans, the most widely held of all student loans, require repayment to begin within six months of graduation or dropping below half-time status. The highly desirable Perkins Loan allow a grace period of nine months.

    The PLUS Loan program. as well as many private student loans, require repayment to begin immediately after the loan is originally granted.

    Since your school automatically reports your student status to the government, it’s important to use this grace period to make decisions about your student loans as well as finding a job to help pay them off!

    Continue Reading Below

    Student Loan Payment Options:

    While Perkins Loans must be repaid in equal payments over ten years, Federal Stafford Loans and PLUS Loans have four different repayment options. If you do not choose your student loan repayment option in a timely manner, you will be placed under the standard payment plan, which requires an equal monthly payment for ten years.

    Under the Stafford and PLUS Loan programs, you can also choose an increasing or “graduated” repayment option, an income-contingent repayment option, or an extended payment plan lasting up to 25 years.

    When it comes to private student loans, there are as many repayment options as there are lenders. The unique facets and fine print of each private student loan repayment option need to be examined closely.

    Loan Forgiveness:

    There are numerous programs available to graduates under which the government, a state agency, a non-profit organization, or even a private employer repays some or all of your loan in return for a certain amount of service. These “loan forgiveness” programs are an employment benefit above and beyond your paycheck, and can easily save a graduate tens of thousands of dollars.

    Contact your loan program or lender directly to find out if they partner with any employers that offer loan forgiveness or loan cancellations to their employees.

    Deferment and Forbearance:

    For students who find themselves struggling to repay their student loans, many loan providers offer (but do not guarantee) temporary deferment and forbearance. Deferment and forbearance mean that your repayments are temporarily postponed, and also possibly even reduced in the case of forbearance.

    Special paperwork is generally required from your lender in order to receive temporary deferment or forbearance. Make sure you complete the required paperwork before you starting skipping loan payments!

    Consolidation:

    Most types of Federal student loan programs are eligible for the Federal consolidation program. Private and government loans can also be consolidated at private lenders, but the rates and fine print often leave graduates frustrated.



    FHA Loans – Complete Guide to FHA Loans #parent #student #loans


    #what is fha loan
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    FHA Loans: The Complete Consumer Guide

    In this article:

    What Is an FHA Loan?

    An FHA loan is a mortgage loan that is insured by the Federal Housing Administration (FHA). Essentially, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.

    The FHA program was created in response to the rash of foreclosures and defaults that happened in 1930s; to provide mortgage lenders with adequate insurance; and to help stimulate the housing market by making loans accessible and affordable. Nowadays, FHA loans are very popular, especially with first-time home buyers.

    What Are the Advantages of FHA Loans?

    Typically an FHA loan is one of the easiest types of mortgage loans to qualify for because it requires a low down payment and you can have less-than-perfect credit. An FHA down payment of 3.5 percent is required. Borrowers who cannot afford a traditional down payment of 20 percent or can’t get approved for private mortgage insurance should look into whether an FHA loan is the best option for their personal scenario.

    Another advantage of an FHA loan is that it can be assumable, which means if you want to sell your home, the buyer can “assume” the loan you have. People who have low or bad credit, have undergone a bankruptcy or have been foreclosed upon may be able to still qualify for an FHA loan.

    What Are the Disadvantages of an FHA Mortgage?

    You knew there had to be a catch, and here it is: Because an FHA loan does not have the strict standards of a conventional loan. it requires two kinds of mortgage insurance premiums: one is paid in full upfront -– or, it can be financed into the mortgage –- and the other is a monthly payment. Also, FHA loans require that the house meet certain conditions and must be appraised by an FHA-approved appraiser.

    Upfront mortgage insurance premium (MIP) — Appropriately named, this is an upfront monthly premium payment, which means borrowers will pay a premium of 1.75% of the home loan, regardless of their credit score. Example: $300,000 loan x 1.75% = $5,250. This sum can be paid upfront at closing as part of the settlement charges or can be rolled into the mortgage.

    Annual MIP (charged monthly) —  Called an annual premium, this is actually a monthly charge that will be figured into your mortgage payment. It is based on a borrower s loan-to-value (LTV) ratio, loan size, and length of loan. There are different Annual MIP values for loans with a term greater than 15 years and loans with a term of less than or equal to 15 years. Loans with a term of greater than 15 Years and Loan amount or =$625,000.

    • Loans with a term of greater than 15 Years and Loan amount or =$625,000
      1. LTV less than or equal to 95 percent, annual premiums are 0.80%
      2. LTV above 95 percent, annual premiums are 0.85%.
    • Loans with a term of greater than 15 Years and Loan Amount $625,000
      1. LTV less than or equal to 95 percent, annual premiums are 1.00%
      2. LTV above 95 percent, annual premiums are 1.05%
    • Loans with a term of 15 years or less and Loan amount or =$625,000
      1. LTV less than or equal to 90 percent, annual premiums are 0.45%
      2. LTV above 90 percent, annual premiums are 0.70%
    • Loans with a term of 15 Years or less and Loan Amount $625,000
      1. LTV less than or equal to 90 percent, annual premiums are 0.70%
      2. LTV above 90 percent, annual premiums are 0.95%

    Example (for LTV less than 95 percent on a 30 year loan): $300,000 loan x 1.30% = $3,900. Then, divide $3,900 by 12 months = $325. Your monthly premium is $325 per month. The mortgage insurance will be in your payments for the entire loan term if your LTV is 90%. If your LTV is = or 90%, the Mortgage Premium will be for the mortgage term or 11 years, whichever occurs first.

    Single family home mortgages with amortization terms of 15 years or less, and a loan-to-value (LTV) ratio of 78 percent or less, remain exempt from the annual MIP.

    FHA Mortgage Insurance Duration

    • The duration of your annual MIP will depend on the amortization term and LTV ratio on your loan origination date. Please refer to this chart for more information:

    FHA Loan Requirements

    • Must have a steady employment history or worked for the same employer for the past two years.
    • Must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
    • Must make a minimum down payment of 3.5 percent. The money can be gifted by a family member.
    • New FHA loans are only available for primary residence occupancy.
    • Must have a property appraisal from a FHA-approved appraiser.
    • Your front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance ) needs to be less than 31 percent of your gross income, typically. You may be able to get approved with as high a percentage as 46.99 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
    • Your back-end ratio (mortgage plus all your monthly debt, i.e. credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of your gross income, typically. You may be able to get approved with as high a percentage as 56.99 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
    • Minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
    • Minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent. FHA-qualified lenders will use a case-by-case basis to determine an applicants credit worthiness.
    • Typically you must be two years out of bankruptcy and have re-established good credit. Exceptions can be made if you are out of bankruptcy for more than one year if there were extenuating circumstances beyond your control that caused the bankruptcy and you ve managed your money in a responsible manner. See this page  for more details.
    • Typically you must be three year out of foreclosure and have re-established good credit. Exceptions can be made if there were extenuating circumstances and you ve improved your credit. If you were unable to sell your home because you had to move to a new area, this does not qualify as an exception to the three-year foreclosure guideline.

    Property needs to meet certain standards: Also, an FHA loan requires that a property meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).

    FHA Loan Limits

    There are maximum mortgage limits for FHA loans that vary by state and county. In certain counties, you may be able to get financing for a loan size up to $729,750 with a 3.5 percent down payment. Conventional financing for loans that can be bought by Fannie Mae or Freddie Mac are currently at $625,000.

    How Do I Get an FHA Loan?



    Complete Guide to Auto Refinancing #best #car #loan #rates


    #refinancing auto loan
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    Auto Refinancing Tips and Scams

    Last Modified: September 09, 2015 by Jeff Ostroff | Originally Published October 9, 2002

    • Auto refinancing explained and how it saves you money.
    • Why you should consider refinancing even if you have a low APR.
    • Reviews of sites with low rates.
    • How to check your credit and score before refinancing a loan.
    • Steps to increase the chances on getting loan approval.
    • How to get out of paying 21% APR to 25% APR even if you have bad credit.

    What is Auto Refinancing?

    It is one of the best kept secrets around for saving you money, but most people never think about it. You pay off your current car loan with a refinance loan from a different lender that has a lower APR.

    How You Benefit

    You lower your monthly payments and your interest rate drops. This can save you thousands and can allow you to pay off your car even quicker. It’s just like finding money in your pockets after doing the laundry. Use the cash that you saved to pay off other debt.

    Note: Most lenders will not refinance their own auto loans so you will need to apply with a different one.

    Who Should Refinance a Car Loan?

    I like to use the 1% rule. After you buy your car, start watching the interest rates at refinance sites we recommend like CARCHEX or LightStream and see if you can find a rate at least 1% less than your current rate. Use the calculators on their sites to see how much you will save. You’ll be astounded at how much money you just found.

    Steps to ensure a speedy auto refinance loan approval

    These are important points, so pay close attention. You would hate to get rejected for making a silly clerical error.

    • Applications need to be in the same names with exact same spelling as the names on your current auto loan
    • Have your car loan account number handy
    • You must refinance more than $7,500 – any less and it’s not worth the lender’s time
    • Have vehicle’s proper information – including the car’s year, make, model and VIN found on your dashboard or registration.
    • You will not be able to borrow more than the value of the car

    You should know your credit score before you begin the refinancing process. The better your credit score, the lower the refinance rate. You can easily get your credit score online at TransUnion or Experian.com (you get your 3 credit reports and 3 scores by Experian instantly online, with enrollment in Experian.com ). Once you have your credit report in hand, you should correct any mistakes you may find in your credit history. This will increase your credit score and help save more money.

    Tip: If your APR is low but you got tricked into a longer term loan to lower the monthly payments you may not need to refinance to save money. You can pay extra on your monthly payments which will get the car paid off faster and lower the amount of interest you pay over the life of the loan. Keep in mind that typically the longer the term, the higher the APR will be so make sure to analyze your situation and apply my 1% rule.

    Fact: You Will Not Need to Have Your Car Appraised

    Many people erroneously believe a car appraisal is required. Unlike a home loan where the value and equity is important, lenders only care about the balance left on your current car loan.

    Many people have asked me why there is a need to refinance when interest rates have been so low for so many years. There are two answers to this question. First of all, the majority of people may not have qualified for the ultra low rates that are advertised. In this case you will likely be able to get a better rate now, especially if your credit score has improved.

    The second reason is that too many people got ripped of by the dealership and tricked into a much higher APR loan than they should have qualified for. If this happened to you, you stand to save a ton of money by refinancing.

    CarBuyingTips.com Auto Refinancing Example

    Let’s say you borrowed $16,500 for 60 months. Now, let’s assume your credit was bad, you had no previous credit history or the dealer put you in a higher APR loan than you should have gotten. Believe me, this finance situation happens quite a bit. Suppose the dealer got you approved when no one else would at 21% APR for a 60 months. Sound familiar? Here is an example of refinancing with another lender at 7% APR.



    A Guide to Business Startup Loans for Women. #low #interest #student #loans


    #business loans for women
    #

    A Guide to Business Startup Loans for Women

    A number of government agencies, non-profits and professional organizations offer business startup loans to women in an attempt to foster good relationships, create jobs and stimulate the economy. To truly understand the requirements of outside organizations, individuals have to acquaint themselves with the types of financing available to new entrepreneurs .

    Offering advice and counseling for free, places like the Small Business Association, or SBA, and the Association of Women’s Business Centers provide training as well as put women into contact with sources of funding for their startups. Despite needing to meet specific criteria, women worldwide can qualify for business grants and unsecured business loans.

    Qualified women can borrow money for their businesses in the following ways:

    Secured Business Loans

    Collateral is put up by the receiver of the loan in an effort to protect the lender’s investment. If the recipient defaults on the loan, the bank can seize the item, commonly real estate, as a form of repayment.

    Unsecured Business Loans

    No prevention measures are taken to protect the lender but the interest rate is higher than a secured loan. This type of funding is given to women with a solid financial background and exemplary credit history.

    Small loans are given to start-up businesses and have a very specific timeframe for repayment. The average loan size is $13,000, but startups can request up to $35,000 from intermediaries that are approved by the SBA.

    Available through local and state programs as well as non-profits, grants must be matched by the entrepreneur or combined with other means of funding like a loan.

    Requirements That Must be Met to Attain a Loan

      Good Personal Credit. Business owners need to know a thing or two about managing money before starting out on a venture of their own. A Solid Business Plan. A roadmap highlighting possible successes and failures, not to mention a clearly stated plan of action, gives investors a way to measure a start-up’s staying power. Work Experience. Past opportunities can help entrepreneurs cultivate the skills needed to be a successful business owner. An Educational Background. Related coursework will strengthen a small business. Proof That the Business Has Longevity. Researching competitors and giving direct examples regarding risks and profits is one way that women can help their chances of being approved for business startup loans.

    Where to Find Additional Information

      The Small Business Association (SBA) has local chapters throughout the United States. Workshops, pamphlets and podcasts make it easy for women to get the information that they need regarding funding for their start-ups. WomenBiz.Gov caters to women who use their businesses to sell to the Federal Government. Easy-to-navigate and full of useful information, start-up businesses stand a better chance of succeeding with federal contracts after visiting the agency’s website.

    Securing finances for their start-ups is one way that women can keep afloat amongst their competition. From unsecured business loans to private grants, funding is available to those entrepreneurs who are willing to ask for it.