Category: Investment

rednano 1st June 2020
Getting Your Payday Loans Without Stating Your Income
Getting Your Payday Loans Without Stating Your Income

Payday loans are advertised everywhere it seems. Payday loans are also poor for your pocketbook. For quick cash, many will resort to payday loans to “tide me over ’til payday.” But, payday loans come with a steep interest rate. Some payday loans will come with interest rates as high as 400 to 500 percent, depending upon whether you roll them over from one payday to the next.

Most payday loans are arranged so that a borrower writes a post-dated check to the lender, for say 2 weeks. When the 2 weeks are up, the payday loan is cashed, which includes the predetermined interest. Because of the Federal Truth in Lending Act, the lenders must disclose the interest charged to the borrowers and finance charge. Let’s say for example that you take out a payday loan for $500 for two weeks and pay the lender $75. You’ll write the post-dated check out for $575, receive immediate cash of $500 and at the end of two weeks the lender will cash the check. The interest rate on this loan comes in at a whopping 391-percent annual percentage rate. There may be an additional finance charge as well.

Before you decide on the quick fix that payday loans offer or get yourself in a situation that your alternatives are few, consider a loan from a credit union or small lender, employer, family member or even a cash advance from your credit card vendor. Most people who resort to payday loans do so time and again, so a little planning for a cash crisis may help avoid the steep interest rates.

If you continue to get a payday loan fix, then start making additional plans to get off the wagon. Talk to your creditors for more time to pay bills. Get overdraft protection for your bank account. Make a budget and stick to it, factoring in a little extra personal cash for impulse buys. If you believe you have been defrauded by your lender for unscrupulous practices, then file a complaint with the Federal Trade Commission. The FTC helps prevent fraudulent, deceptive and unfair business practices and help the consumer avoid such places of business.

On the other hand, you may be in a bind and need the instant cash that payday loans provide and are confident that paying them back will not be a problem. There are many sources for payday loans online that can help you get out of your cash bind. Remember, though to take the time to choose carefully and comparison shop since as a consumer you do have many choices in lenders.

Stated income loans require little verification to receive money. Stated income loans generally require no pay stubs, W2’s or tax returns. For those who have difficulty verifying their earnings, stated income loans may just be the answer. Usually this group includes borrowers that make tips, bonuses and commission as their sole form of income or are simply self-employed or are retired and live off of their investments.

It may sound too good to be true, but it isn’t. There is a proven, yet renegade method to build your home for free.

When considering a stated income loan as an alternative to traditional borrowing methods, one does have to have verifiable employment and some cash reserves or assets. Stated income loans are also known as No Income Verification Loans (NIV).

Several different types of stated income loans exist, depending upon the lender. Some stated income loans are available for those with FICO scores as low as 580 – 640. Usually the borrower’s statement or assertion of their income is enough to get the loan along with some assets. There are, however, some leaders that offer stated income and stated asset loans, which means that neither the income nor the assets are verified by the lender. These loans generally carry a slightly higher interest rate for the borrower since the lender accepts more risk with this method.

There may be some other caveats when applying for a stated income loan such as being with the same employer for 2 years, several credit accounts and no bankruptcies within the last 3 years. Also, the borrowers title must match closely to the stated income. As an example, a high-school janitor reporting $10,000 per month in earnings would be suspect.

Stated income loans can be used for new purchases, refinancing your current home and home equity lines of credit. Some lenders even offer stated income loans for commercial and non-residential real estate as well.

Stated income loans may also be desirable for privacy-advocates who are willing to pay a little more in interest rates in order to keep their money matters private. No matter which kind of borrower you may be, stated income loans are at least worth considering if an alternative is what you need.

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rednano 8th May 2020
Best Mortgage Advice For Real Estate Buyers
Best Mortgage Advice For Real Estate Buyers

It is good to know that most buyers don’t think about choosing the best candidate for the loan. Understanding how to pick the best financial institution has emerged as a critical aspect of purchasing home.

You can agree with me that to most people getting a mortgage is a necessity. Over the years, we have witnessed a sudden increase in the price of homes. This means that purchasing the right home with cash is impossible. That’s where mortgage lenders come in. They will provide you with money to purchase your desired home. Keep in mind that mortgage lenders are in business. They are in the market to attract buyers like you. With that in mind, you can find better terms if you consider doing a little shopping around.

It is worth considering and comparing different mortgage lenders before making your final decision. You are likely to save a considerable amount of money if you put more effort into the process. Most naïve homebuyers prefer big national lenders such as the Bank of America. Before making your final decision, keep in mind that most of these national lenders don’t have the best mortgage programs.

Where can you find the best deals? The most excellent deals can be found when you have a mortgage broker. Mortgage brokers are beneficial more so in finding the most appropriate lenders who have the best rates for your preferred loan program. You might end up saving tens of thousands if you get the best mortgage lender. What if you don’t do your homework? In such cases, you will land undesirable mortgage terms. Follow these helpful tips so that you don’t regret putting in the time and effort.

Work on your credit score

People with better credit scores will end up finding a fantastic mortgage. Do you know that you must have a perfect credit score to get an outstanding loan? You will be more attractive to a good number of lenders if you have a good score. Most of these mortgage lenders will be willing to give you better deals. Are you sure that even a single percentage point of your loan rate can save you tens of thousands? You can attest that our needs are different. However, it is advisable to wait a while and improve your credit score. This is the right time to learn how you can improve your credit score.

Know the difference between a broker and lender

Do you know that mortgage brokers and lenders are not the same thing? How does a mortgage broker work? Typically, mortgage brokers find lenders who are willing to lend money to buyers. Mortgage brokers can find the best mortgage deals. They will help you find a good lender with a better mortgage than you would be able to get on your own. That’s the main reason mortgage brokers charge fees for their services.

Ask for a reliable recommendation from someone you trust

Do you know anyone who has purchased a home recently? Such friends will give you some reliable advice on how you can find the best mortgage deals. They will also recommend different lenders who might be willing to provide better mortgage deals. A family member or co-worker will be ready to tell you bad things about the lender they used. Their advice is very valuable simply because it will help you get an idea of the different mortgage options.

In addition, your realtor will be an excellent resource when it comes to lender recommendations. In case you have an agent, you can rely on their insight. Over the years, agents have been helping numerous clients in purchasing homes. Hence, they are always up-to-date on the lender’s clients.

The most friendly mortgage brokers will educate you on the entire mortgage process. Furthermore, they will assist their customers in avoiding the most terrible mortgage mistakes. You are more likely to make mistakes that will cause your loan approval to be canceled by the lender.

Check online reviews

You might be aware that understanding how to pick a lender involves due diligence. You should consider backing up the advice given by your friends with your research. You can check reviews from different buyers who have worked with the specific lender. They will not only give you useful knowledge, but they will also tell you about their experiences.

Although online reviews are easy to post, most unhappy clients are motivated to write a review to warn potential customers against working with the specific mortgage lender. In addition, you can read multiple reports from the same lender. In most cases, people write reviews assuming that they should go a certain way to their liking. While at times they are correct, most of the time they are wrong.

Get the details of what the lender is going to charge you

Besides the interest rate, other numerous potential costs can be tacked on by lenders. Some of the fees are reasonable while others are not. The most common types of fees include an origination fee, rate lock fee and processing fee.

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rednano 7th May 2020
Getting Good Returns for Your Real Estate Investment
Getting Good Returns for Your Real Estate Investment

Real estate has become one of the most lucrative businesses today in the world. The demand for more contemporary designs has been on the rise as clients are not willing to buy into what will not exceed their expectations. As you invest in real estate, it’s wise of you to be on par with the current market trends so that you can make a good ROI. While doing so, you should know the way around the business and appreciate the fact that this is not something you can succeed by being alone. Different players in real estate total up to its success, and thus working with them would be unavoidable.

The players and what you need to know about real estate include:
1. Construction team
Quality will always sell itself, and thus those who you engage in construction should be professional in what they do. Before you hire any construction company, always look at their portfolio and choose one that is reputable and competent in delivery. Most people go wrong by selecting a construction company that is a cheap option for them, not realizing that it can lead to some severe problems. Saving money during construction in real estate is a big win, but you need it done right. Always go for a company that has a blend of delivery in terms of quality works, materials used, and certified stuff plus engages in cost-saving construction. By doing so, you will have a property listed in the market that fits customers’ expectations, and your ROI realized.

2. Real estate agents
How do you sell to the market? Although it may seem expensive or useless to hire a real estate agent, they come in handy. They are well informed about the current clients’ needs, what they are looking for, prevailing market rates as well as how to get clients quickly. A real estate agent will handle all the paperwork for you and get his share only by the commission and thus not expensive as it may seem. As soon as you have your real estate property listed, real estate agents should be the ones to deal with clients as they are professional in bargains and negotiations in selling and leasing. They know how to stage a sale and the exact wording that client needs to hear to be persuaded to buy.

3. Property manager
The running of the day to day hustle should no be your stress as a property manager is certified at it. It can get ugly sometimes dealing with tenants, and thus as an owner who has invested your cash in a property, you want to avoid this as much as possible. Hiring a property manager ensures that you have someone professional in dealing with any such issues to the property. They are also the ones to look for maintenance companies for services such as cleaning, repairs as well as remodels. A property manager will also handle all payments as well as rents and leases to tenants.

4. Real estate lawyers
As either a buyer or seller, having a lawyer to handle the proceeding is unavoidable. Lawyers ensure that the transaction is lawfully handled, and thus you do not have any losses to do with fraud. One such lawyer is a conveyancing lawyer. They are certified in the field and hence will handle all the paperwork for you. They will represent you under their jurisdiction for and handle all the signings of transfer of leases or sales for you in the right manner. When you need any alterations on the contract, they will be there to handle it, too, as its one of their specialty.

Contracts in real estate transactions are a must. There need to be smooth transfers of leases or ownership, and thus contracts are the perfect tool. Both parties have to be bond into legal agreements through the signing of contracts with the help of their lawyers. Before any of you sign the contract, read it carefully to understand the terms and conditions set, and you can use the help of your lawyer to contemplate. The contract should be mutually beneficial to both parties so that each can gain from it.

As a person who is engaging in real estate, you should also know that the prevailing rates are affected by several conditions. The prices may escalate or drop from time to time, and thus you have to be able to forecast such times. As soon as you have your property listed and it’s not selling, ask yourself what price others are selling at and compare it with the market. The demand and supply conditions will always determine the best price, and thus you should be well informed. For this reason, real estate agents come in handy as they are well informed.

Lastly, you can always add value to your property through remodeling and renovations. Buyers in the market need value for what they spend on, and thus you can tailor it to them. Changes are unavoidable since trends in real estate keep changing, and therefore you have to be at par. Remodeling your spaces will ensure that you incorporate various interior and outdoor designs that fit the current market clients’ preferences and thus selling. Always go for expert companies in remodeling so that you have quality results.

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