What the Bank Won?t Tell You About Mortgage Refinancing
January 31, 2008
So you have a mortgage, and you need to refinance to get your interest rates low. Most people simply walk into their bank, ask to refinance, and then end up paying more money long term than they would have otherwise. Some banks would like everyone who is refinancing to remain ignorant, but I am here to tell you what banks don’t want you to know. Refinancing can be very beneficial, but one has to understand the terms of the deal, and be very careful when choosing a bank.
One mistake many people make is going to the bank and deciding to refinance before actually looking at the home loan. Some think that their interest rates are too high, and they have too many debts, so refinancing is the only option. Be sure to look at the numbers, and then go over those exact same numbers with your financial advisor. After discussing it, you can then decide to refinance. It is always a good idea, even after you go over the numbers, to ask your bank, "Do I need to refinance?" They cannot lie to you, but they can withhold information. Banks do not want you to understand that fact. Asking questions is one of the best things you can do. Banks love to let customers make bad decisions. As a financial advisor, banks are obligated to tell you the best possible course of action, but not required. Unfortunately, some banks simply want profit, and so the customer’s financial situation is not of the utmost importance.
Bearish or Bullish?
January 31, 2008
If you are interested in stock investing and the stock market, you may have plenty of questions. Even if you have already started investing, you may still have many questions about the details of the stock market and your options. Even the stock investing pro needs tips now and again and is on a path of continuous daily learning. That is their lifestyle and sometimes their contribution in life.
So, how, as a part-time investor, do you know where to go for recommendations? How can you be sure the ideas you are getting is good advice? How can you use that advice to make right decisions about your portfolio so that your investing meets your ultimate plan?
Stock advice comes in many forms; financial reports, newsletters, performance charts, and trade papers, provided by financial institutions, stock analysts and investment companies are only a few of the valuable sources for market information. Stock tips, investment strategies and money management predictions can be obtained by a mere phone call or in a casual chat with your relatives or business colleague.
Basic Tips for First Time Home Buyers
January 31, 2008
The first time you purchase a home is an exciting experience. You are anxious to call the place yours and maybe a little worried about how the whole thing will play out. Knowing a few basic tips for home buying is important and will help eliminate your fears altogether.
Here are some to consider.
Find a reputable Realtor to help you. When you call a real estate company, make sure the person you talk to is a Realtor. Real estate agents all have to go through a licensing period, but not all agents are Realtors. Realtors are certified and trained. Ask and make sure you are speaking to an agent.
Know how much home you can afford. In this, you should take the time to figure expenses, down to the dollar, of what you typically spend a month. Estimate the utilities of the house by asking people you know who have a similar sized home and family. Get it down on paper and make sure you have enough money to pay for unexpected expenses.
Talk to several mortgage lenders to get the best deal available. Look for the lowest interest rates, the best terms, the length of loan you want to have. Do some research to get the best deal out there.
Poor Credit Car Loan - Get Approved Online
January 30, 2008
Poor credit doesn’t have to stop you from getting a car loan. In fact, car loans are one way of rebuilding your credit history. Online car loan lenders make the application process quick and easy, so you can buy your automobile the next day.
Poor Credit Car Loan Lenders
Car loan lenders make it their job to find you a loan. Whether you are just out of bankruptcy or simply have poor credit, they can find you a financing package through one of their lending partners.
Car loans for people with poor credit will have higher interest rates. However, after rebuilding your credit history, you can refinance your car loan in as little as a year’s time. Just make sure that your car loan does not charge a penalty fee for paying your loan off early.
Tips For Car Loan Approval
If you are worried about your chances of approval for a car loan, take the time to look at your credit report which is available for free to US residents. Make sure that all information is accurate. You may also want to include a note in your file explaining the reasons for your poor credit, such as a job loss or health issues.
Discover the Parts of a Credit Report and What They Mean
January 30, 2008
So you ordered a copy of your credit report to check for inaccuracies and get the most from your credit score. Now how do you read it? Your credit report is read and used by any number of people you deal with on a daily basis, from your landlord to your employer to a potential lender. Fortunately, it has gotten easier to order a copy of your report, but it’s not so easy to understand what all those abbreviations and numbers mean once you’ve got it.
If you haven’t ordered your credit report yet, you will soon be entitled to a free copy from each of the three major credit bureaus, Equifax, Experian, and TransUnion. Some states can already take advantage of this new policy, but people living in eastern states will have to wait until September of 2005. Order your free yearly copies from all three agencies and check for the availability of the annual reporting program in your area at the same website: www.annualcreditreport.com. Each report will contain different information because retailers and creditors only report to the agency in their area or with whom they have an agreement.
Tax Tips to Save Money on Taxes - Get the Corporate Kick and Save Loads of Money
January 30, 2008
Why a Corporation Helps Save You Taxes
The Tax Rates (Notice anything unusual?):
The following tables provide a list of the tax rates for individuals and corporations:
Personal:
$0-$24,650 15%
$24,651-$59,750 28%
$59, 750-$124,650 31%
$124,651-$271,050 36%
$271,050+ 39.6%
Corporate:
0-$50,000 15%
$50,001-$75,000 25%
$75,001-100,000 34%
$100,001-$335,000 39%
$335-000-$10M 34%
If you examine them closely, you will see at least one glaring contrast. The individual making $49,000 per year is in the 28% percent bracket, while a corporation that earns $49,000 is only in the 15% bracket. That¡¦s a potential 13% difference in your tax rate if you organize your finances to take advantage of this one little item.
But, that¡¦s just part of the story. An individual who makes $49,000 in salary pays taxes on almost the entire $49,000. However, a business can first deduct its operating expenses, and only pay taxes on what¡¦s left. As Robert Kiyosaki says ?± the corporation acts as a filter that is used to reduce the corporation¡¦s taxable income by utilizing the tax deductions afforded by the tax code.
For Entrepreneurs A SIMPLE Plan May Be Best
January 29, 2008
Q: I own a small decorating business and I’ll be the first to admit that I don’t know anything about taxes or retirement plans. I’d like to set up a 401(k) or an IRA or some other kind of retirement plan for me and my three employees. What are the various retirement plan options available for a small business owner and in your opinion, which would work best for me? — Wanda S.
A: Wanda, I appreciate your confidence in my humble opinion, but asking me for financial advice is like asking Donald Trump for a recommendation on hair care products. I can tell you what works best for me and my business, but you’ll need to do your homework and seek professional advice to figure out what would work best for you. As a side note, I hear that Donald Trump is coming out with his own line of hair care product soon to be called "Big Head." The formula is 1% mousse, 1% liquid nails, and 98% hot air. It should be a big seller among the high brow, comb-over crowd.
How To Choose Your Mortgage Loan
January 29, 2008
Are you excited about purchasing your first home? Or maybe this isn’t the first, but you should be excited anyway! It’s a big step and a big decision. Finding the right mortgage loan is key. The key to saving yourself money and probably a few headaches down the line.
Here are some helpful hints on finding a good mortgage loan.
First, consider the home you are planning to purchase. Know what you are looking for and want, but also realize what your limits are. How much home can you afford? Any mortgage company can tell you what they think you can afford, but know what that all breaks down for you per month.
Finding quality mortgage lenders is easy. Most companies are well known. There are several different places to look as well. Start with your own bank. Will they loan you the money? At what interest rate?
Another place to look for a mortgage lender is real estate offices. They often have their own lending companies set up to help their customers. Mortgage lending is big business. Fear not, there are places out there that will loan to you.
Home Equity ? Foreclosure Often Not Necessary in Current Market
January 29, 2008
While driving around your community, you may have seen signs posted on telephone poles that offer "foreclosure help." These seemingly generous offers to help financially troubled homeowners who are in danger of losing their homes to foreclosure are actually scams. Typically, the "help" comes in the form of an offer to buy the home for a reduced price from the homeowner. The scammer offers to pay off the homeowner’s existing debt and to rent the home back to the homeowner until they can afford to buy the home back. The scam comes after the owner signs the paperwork and the offer to rent the home to them abruptly disappears, leaving the scammer with an inexpensive house and the homeowner without a house or a place to live. Fortunately, the current booming real estate market has made it possible for financially troubled homeowners to avoid foreclosure on their home and the scammers.
Check Your Credit Before Shopping For That Home Loan
January 28, 2008
Review Your Credit Score.
Nearly every bank, credit union, and mortgage lender relies on a three digit score provided by one of the three major credit bureaus to help them make lending decisions. A credit score can range from the perfect 850 all the way down to the abysmal 300. Scores under 720 may not qualify for the best interest rates, so you should check your credit scores with all three bureaus before shopping for a loan. You may discover you have some cleaning up to do before you can take advantage of a great loan deal.
Scan Your Report for Mistakes.
Though some consumers struggle with debt, many more would-be borrowers suffer needlessly because of mistakes they made in the past or mistakes that credit bureau systems made when compiling their reports. To avoid embarrassment and wasted time during the loan origination process, you should review your report carefully before you start shopping for loans. Dispute any inaccuracies both with the credit bureau and with the creditor using certified mail. If you find any long-lost bills you left unpaid, pay them. A bill as insignificant as $100 can actually stall or derail the closing process, costing you the chance to buy your dream home.
