When you plan to set up a business or expand the existing one, bank financing is the foremost concern. If the bank asks for collateral, your existing machinery or equipment seems to be the most viable solution. If you do not possess any asset to be presented as collateral, then you may be required to pay hefty interest rates. But, if you possess some machinery that you can use for this purpose, it is advisable to avail services of certified equipment appraisers. They are experienced and experts in this domain. As such, they can offer you better business valuation services that you can present to your bank. Here are some other reasons to opt for professional appraisers for your machinery before using it as collateral for a bank loan.
– It Helps To Ascertain True Value Of Equipment:
Certified equipment appraisers can offer you specialized services for valuation of your existing machineries. Banks accept this valuation agreeably because it is verified and true to the facts. Hence, you can negotiate in a better way to resettle the terms of your loan with respect to its repayment, interest rates, duration, or amount of loan.
– It Helps To Determine The Life Span Of Equipment:
Only an expert appraiser can tell you about the true life of any evaluated equipment. It largely helps to determine the duration of your loan. If your machine is estimated to have a life of 10 years, your repayment term can also be prolonged reasonably in relation to its expected operative life. This verified documentation from certified equipment appraisers can solve many of your problems.
– It Serves As The Most Trusted Collateral:
Your bank will always trust a verified appraisal report from certified business valuation service provider better than any other arbitrary document. It is legally binding and helps them to ascertain a better loan amount depending on this authentic value of your existing equipment. You can get a loan closest to the amount of valuation of equipment to be used as collateral. It also facilitates banks to fully reclaim loan amount in the event of non-payment. If you have copies of latest valuation reports at the time of such contingencies, it gives you better credibility at the lending institution.
– It Is Always Fair Priced And Timely:
When you need finance for your business, time is always at a premium for you. In this regard, professional business evaluation service companies can offer you timely reports with a fair pricing of the equipment based on its current market value.
These points prove the trustworthiness of equipment appraisals to secure a bank loan at better rates and term. But it is equally imperative to get this valuation done by a certified appraiser.
Advertisers attempt to make you think they are all that and then some while the media and some financial advisors make them sound like they are a horrible way to go. Let’s see if we can help you decide for yourself.
Reverse mortgages are for homeowners 62 years or older that either have their home paid for or have a mortgage balance 50% or less of the value of the house. Reverse mortgages work opposite of traditional loans. On traditional loans you make payments every month on reverse mortgages the bank pays you monthly, or in a lump sum, or a line of credit or a combination of those options. The bank does NOT own the house you maintain title just like any other loan.
As long as you keep your property taxes and home insurance paid, keep the house maintained, don’t change who is on title, rent out the house, or try to get another loan on the house the reverse mortgage requires no repayment until you either die or move out of your house for more than 12 months. The loan can be paid off by selling the house or liquidating other resources to pay it off and if the loan exceeds the value of the home you can just let the bank take the home. You or your heirs are never obligated to pay back more than the house sells for.
The costs to do a reverse mortgage include your typical mortgage costs including appraisal, title, lender fees, recording fees, closing fees. The lender is generally compensated through the paying of points which are capped at two. Lenders can also be compensated through a higher interest rate via a higher margin on the adjustable rate mortgage. So you can lower your upfront costs by accepting a higher rate just like in traditional mortgages. The last cost is a 2% mortgage insurance premium.
The mortgage insurance premium pays for all the features this loan has that a traditional mortgage does not have. When that is taken into consideration that fee insures the very things that make a reverse mortgage so attractive. The interest rate you pay includes a .5% annual mortgage insurance premium.
One of the biggest issues many have with reverse mortgages is that the interest accrues daily and does compound. Which makes perfect sense since one is not paying interest payments. If you stay in the house for a long period of time and house values don’t appreciate much or at all then there is a very good chance you will owe more than your house is worth, which would mean your heirs would likely let the house go back to the bank. If appreciation keeps up then when the house would be sold, the loan is paid off and the remainder would go to you or your heirs.
All in all reverse mortgages are NOT too good to be true. They do exactly what they say they do, but there are some downfalls to them, which we have begun pointing out. Reverse mortgages can help seniors in Kansas City and it is up to you to find out if one would be prudent for you in your situation.
If you think about it, the most grueling part of the car-buying process, after agreeing on a price, is acquiring the right kind of loan for your new or used car. Most consumers enter the car dealership completely unprepared for the loan application process, and that lack of knowledge and planning is costing them millions of dollars every year.
If you want to create a win-win situation for you and the car dealership you purchase your car from, there are five steps to take before you sit down at the negotiation table: get your credit report, surf before buying, go local, speak the language and be prepared to negotiate.
1.) Get Your Credit Report
You can’t pick up a personal finance article, magazine or book that does not refer to the importance of knowing what is on your credit report. Despite the fact that modern media has been beating us over the head with this advice for the past couple of decades, most people do not know their credit score or check their credit report on a regular basis. You can get a copy of your report by directly contacting the three credit bureaus: Equifax, TransUnion and Experian (formerly TRW).
Not knowing your credit score and the details of your credit report before applying for a car loan is a monumental mistake. You want to have any blemishes on your report resolved before you apply for a car loan, because the results of your lender’s credit inquiry directly impact your interest rate.
Your credit report includes: basic information about you – name, address, social security number, etc.; your late payments, any outstanding debts you have, the amount of credit available to you; any public records on you such as judgments and bankruptcies; and inquiries into your credit from potential employers or lenders.
And just because you have caught up late payments, cleared outstanding debts or cleared up any judgments does not mean these blemishes are automatically removed from your credit report. Sometimes, you need to follow up with the creditors to make sure they report your reconciliation of debt to all three credit bureaus.
In addition, identity theft and/or fraud can result in false, unfavorable records on your credit report. In January 2006, the Federal Trade Commission reported that more than 686,000 people reported identity theft and fraud complaints in 2005. Stolen identity and fraud can result in major credit report issues.
2.) Surf Before Buying
You’ll be far less tempted to impulse buy, driving away from the car dealership with a car you can’t afford if you have established boundaries in your mind before you begin.
You can save big money on your car loan if you have a budget and type of car in mind before you go shopping. One easy way to accomplish this is to go online and check out different car dealership websites.
You can compare and contrast vehicle makes, models, styles, features and pricing.
3.) Go Local
There are many national auto websites, but did you know that many local car dealerships are now online as well? The advantage of working with a local car dealership can outweigh working with the manufacturer or a national website when you want the best in quality customer service, a relationship for the lifetime of your car and the best deal on your auto loan.
The advantages of getting a loan through a local dealership is similar to the reason every town in America has a locally-owned restaurant that has regulars: local businesses have a sincere investment in the community. That interest often leads to better customer service, a more customized approach to selling, and the ability to get you a better loan than you will receive from a lender who doesn’t know – or care – who you are.
Lastly, the local dealership may have more than one location, increasing your options for finding the car you need but offering the same uniform auto financing options. For example, Conklin Cars Salina, a car dealer in Kansas, is also a Hutchinson car dealer and a Newton car dealer. So, if a customer goes to one dealership and does not find what they need, they can visit another location and expect the same quality customer service.
Yes, there are many who like to read articles about ‘Free debt consolidation in Kansas’. Our ‘keeping up with Jones’ mentality ensures that one is under debt always. Moreover, sometimes the situation is so dire that professional help is needed. This debt malady does not only strike in under-developed or developing nations, but flashy lifestyles and extravagant spending had lead to serious debt situations in wealthy nations like the U.S. as well. Thus arises the need for ideas like debt consolidation help. Let us go on now to the point of free online debt consolidation quote.
Steps Of The Online Process:
You fill out an online application form.
Then you wait for offers from various money lenders.
Though some might ask for a fee, many firms offer a free online quote for consolidation of debt.
If you are satisfied with a specific quote, you can set up a meeting with the company representative.
Work out all details and then you can decide whether or not to strike a deal with them.
Once decided, do stick to paying the single monthly payment.
Free Christian Debt Consolidation
Christian debt help companies say that they help people pay back what they have borrowed, with methods as suggested in the Bible. Christian debt consolidation companies are beneficial for Christians who feel uncomfortable going to non-Christian organizations. The free Christian debt companies operate just like other consolidation ones and do not have any restrictions on the religious beliefs of the borrowers. Hence, there is no need to choose them over others if you are not religiously inclined.
Many debt counselors would advise you against free debt consolidation companies. They feel that in the end, such companies make use of multiple hidden charges and ultimately you end up paying more. However, it is not necessary that all companies offering free debt help and consolidation are unreliable. It is better to stick with a reputed company that has clearly listed fees or charges so that you can add all the costs up and arrive at your total.
One of the biggest criticisms of a Reverse Mortgage in Kansas City Missouri is the perception that the costs are high. While they are higher than traditional mortgages they also provide features that traditional mortgages don’t. We’ll leave that argument for another today.
The costs involved in a Reverse Mortgage in Kansas City Missouri include traditional mortgage costs like appraisal, title, closing fees, and recording fees. These fees are largely fixed and very difficult to achieve much in savings.
One area that gets a lot of negative press is the origination fees. These are common in many areas on traditional loans not so much in the Kansas City Missouri market. Many times they are referred to as points (a point is 1% of the loan amount) and they are capped on FHA Reverse Mortgages at 2%. Basically, you can pre-pay a chunk of your interest (points) and get a lower rate or don’t pay them upfront and get a higher rate.
This fee can be negotiated but will likely be set off by having a higher margin. For instance, a loan with a 1.25% margin may not pay any yield spread premium where a loan with a 1.75% margin may pay 1.5% in yield spread premium.
You could possibly get your origination fees lowered by 1.5% if you agreed to take a .5% higher margin, but you would be paying .5% more every year on your loan. On a $100,000 that is $500 per year. So pre-paying 2% on a $200,000 appraised value ($4,000) is only 8 years at $500 per year.
There is also a 2% Mortgage Insurance Premium that is not negotiable either. It is a fee paid to FHA to guarantee that you won’t be kicked out of your house and that you will never owe more than the house is worth. (A pretty reasonable amount considering what it gives you.)
Another way to cut your costs is to negotiate the lower monthly service fee. They can be $35, $30 or $25. The $25 dollar one saves you $120 per year and the higher monthly service fee allows the lender to make more money in yield spread.
Kansas possibly offers the most affordable real estate in the U.S. – homes that are built strong and located in communities built for the sturdy. In fact, residents have long been of good stock, able to defend themselves, their homes, and their jobs. Early in the history of Lincoln County, an armed man was shot dead by the cashier of the Sylvan State Bank after attempting a robbery. His two accomplices escaped by horseback, never to be seen again.
Kansas is filled with tales like this and dozens of sites of interest. President Lincoln’s assassin John Wilkes Booth hid out in a hole in Concordia, there’s a space-themed indoor swimming pool in Hutchinson, and you can see a concrete tepee in Lawrence.
Like the tepee, homes in Kansas are built to last. Many feature wood trim, hardwood floors, and are incredibly affordable. For example, one house with almost 2000 square feet, three bedrooms, two baths and a bonus room sits on a large lot with shade trees. It’s priced at an incredible $68,000
In Dodge City, you can find a $200,000 piece of real estate with almost 4,000 square feet, three bedrooms, 3 1/2 baths, and a plush yard that features a wooden bridge over a gorgeous water feature.
If your taste runs toward land big enough to house a horse ranch with six concreted stalls, along with a tac room, pond, greenhouse, and safe room is available in Benton, Kansas. This gorgeous piece of real estate sits on 40 acres of manicured lawn and some wooded acreage, and is available for just over a half million dollars.
If you’d prefer to participate in a sport less tame than horsemanship, the sunflower state is wide open for outdoorsmen. Sylvan Grove is an area that’s renowned for great hunting and fishing because a 9,000 acre lake is located on the Wilson River. With 100 miles of shoreline, the lake is just 10-minutes from town. The area is also famous for its magnificent sandstone, used by early settlers to build fences and even a nearby well-known double-arched bridge that evokes a sense of longing for bygone days.
The best part of Kansas is you don’t have to long for the simple life anymore. If you come for a visit, you may fall in love with this affordable, natural state and choose to live here.
After a bankruptcy, getting a good rate on your Kansas mortgage refinance is very important. Unfortunately, it can also be very difficult, especially if you haven’t been able to rebuild your credit. Here are three tips that will help you get a good rate on your mortgage refinance after bankruptcy:
Search the Web
The Internet can be a very valuable resource when searching for a Kansas mortgage refinance after bankruptcy. You can check average interest rates for refinance loans–currently 5.66 percent, get information on different refinance packages, and even get free no obligation quotes. If you are even thinking about refinancing after bankruptcy, the first place you want to go is the web.
Having a bankruptcy on your record almost guarantees that you will pay a rate that is a percentage point or two higher than the average rate on Kansas mortgage refinances. If you have extra pocket money, you can pay points to buy down the interest rate on your loan. One discount point is equal to one percent of the loan amount and must be paid upfront at closing.
Talk to a Broker
Some borrowers find that they have a hard time getting lenders to offer them fair rates on Kansas mortgage refinances after bankruptcy. If you find yourself in this position, consider talking to a mortgage broker. Mortgage brokers work with a variety of different lenders and may be able to get you a rate that is better than anything you could ever get on your own. However, you will want to be very careful when choosing your broker. The state of Kansas does not currently have any regulations in regards to the broker industry.
Home loans applications have remained steady as the Kansas real estate market continues to grow. While the rest of the country saw a boom in housing prices, home values remained flat since 2001 as the state economy dealt with layoffs in the aerospace industry. But since 2005 companies like Boeing, Onex, and Spirit Aviation have been hiring and heating up the local real estate market. While Kansas may not be looking at a burst in the housing market, it’s still important to be choosy with your mortgage loan. Watch out for these signs of a less than honest mortgage lender.
1. Boastful Claims About Mortgage Rates
Mortgage companies may boast that they have the lowest rates on mortgage
loans, but quoted numbers may tell a different story. When comparing offers
from different lenders, ask about the APR, which also includes loan fees. Also, take the time to look at a number of different mortgage lenders. It is only by comparing the numbers of a multitude of loan offers can you truly determine who has the best offer for you.
2. Pressure To Sign Your Mortgage Contract Now
Mortgage rates can change on an hourly basis, but you shouldn’t let a lender pressure you to sign a loan contract that you aren’t sure of. Take the time to look at different mortgage companies and their offers. And remember even after you have signed a home loan contract, under Federal law you still have three days to back out of the deal.
3. Realtors And Lenders Working Together
Beware of real estate agents pressuring you to work with a particular lender. Often lenders give realtors incentives for each referral they receive. Instead of relying on these suggested mortgage lenders, research a number of mortgage lenders and compare their quoted rates and fees.
If you think that your economic situation is beyond repair then you have not yet sought free debt consolidation in Kansas. Even those on the verge of bankruptcy can again get hope and assurance of discharging their dues with ease.
Loan Consolidation The Online Way
Getting a free debt consolidation in Kansas is made easier by the web. Anytime, anywhere all you need to do is click online and the services will be at your disposal. You can ask for a free online debt consolidation quote to know the interest rates of various lenders. Everyone out there offers these quotes for free and if someone is asking for a fee for even a quote then you know that you have to keep away. Due to increased competition many companies reduce their rates to get customers. So you will surely find a favorable deal.
Online approval of debt consolidation is a fast and easy method. A lot of time, money and paper work are saved in the whole process. Some companies even profess to sanction loans more quickly than the rest. But the web is also a place of deceit. So you must take every step with caution. You should know everything about the debt consolidation company, you are dealing with. If they have offices in your area then that it is good. You can get personal attention and you can discuss your financial problems without any inhibitions with them in person.
Loan Consolidation: The Options
There is a loan for everyone. The most urgent need for a free debt consolidation in Kansas is to those who are reeling under the debt of multiple credit cards. With every late payment they face extra fee, then higher interest, charges and taxes make the outstanding amount grow out of proportions and if they skip making even a single payment then penalties are even higher. If they somehow manage to satisfy the minimum amount due then too that does not solve the problem because their payment covers the interest and not the principal amount. Under credit card debt consolidation, your lower interest loan payment is sufficient for all your cards and if you do not use your cards further then you can actually repay all the amount soon enough.
For house owners, there are options of home equity loans and second mortgage. They can use the worth of their homes to get loans. Because they will be forwarding their house as collateral so they can even hope to get lower rates of interest.
Then there is even one that is solely for Christians – free Christian debt consolidation. The reason for this particular one is that Christians are not comfortable with the idea of debt and it is not proper for them to put burden on their family finances. To meet their special needs they are advised a loan program that is consistent with Christian beliefs. And spiritual counseling is also arranged so that they do not fall in debt trap again.
A national housing bubble has caused home values to drop in many areas of the country. Fortunately, this hasn’t been much of a problem for Kansas homeowners. Home values in this state have held steady for the most part. Cities like Topeka, Wichita, and Kansas City have even seen increases. If you are thinking about taking out a Kansas home equity loan, now may be the best time to do it. However, there are a few things you will want to watch out for.
Gambling with Your Home
Kansas home equity loans can be an excellent source of financing when you need money for home improvements, education costs, or other expenditures. At the same time, borrowing from your equity can also be a little dangerous. Home equity loans are secured debt. If you find yourself in trouble financially and miss a few payments, you could lose your home.
Borrowing Too Much
When getting a Kansas home equity loan, it can be very difficult to determine how much you should borrow. If you borrow too much, you run the risk of burning through all of your equity. You may also find that making the monthly loan payment can be difficult. On the other hand, if you borrow too little, you’re stuck, because you won’t be able to get more money out of the loan without refinancing.
Nowadays, it is very common for lenders to require that a borrower carry private mortgage insurance (PMI). This is especially true if you have less than 20 percent equity built up in your home. PMI premiums can add anywhere from $20 to $150 to your mortgage payment each month. The only way that you can avoid paying PMI is too make sure that your loans- both your current mortgage and your home equity loan- don’t add up to more than 80 percent of the value of your home.