Archive for the ‘Realtor agencies’ category

How To Find A San Diego Commercial Loan

July 18th, 2009

A commercial loan is often considered a short-term loan, and yet, because of renewal, they can go on for a long time. In other words, if you continually renew your business loan it’s similar to a continual or rotating loan.

Often, San Diego commercial loans are those that have balloon payments, interest-only payments, or other types of payments until the loan matures.

This means careful attention to loan fees, interest rates, and other types of charges is going to be needed in order to make sure that you get the best commercial loan available.

It’s fortunate today, as you used to have to make financial appointments, wait until the financier was ready for you, go in and discuss the loan and your business, then get a loan package and fill it out completely, and then wait anxiously to see if your commercial loan was approved.

In today’s world of technology everything is on the Internet and so are the banks. This means that you can get a quick commercial loan estimate by using your Internet connection. San Diego offers a variety of different financiers that are now online. 

You’ll simply fill out a few Internet forms, state the amount of loan that you would like, and then business information, and you can see what their rates are. Of course, in order to finalize the loan you will have to fill out other paperwork, but it’s a great way to shop for a commercial loan.

Many businesses fail within the first five years due to not having enough capital to run the business appropriately. This is why business loans, small business loans, and commercial loans are available to those who live in San Diego.

This means that start up small business loans are also available with commercial rates. Make sure before you start looking for a small business commercial loan that your business plan is as complete as possible. 

If you need help with this, seek out the small business administration and they can help you put together an attractive business plan. Without a business plan, the bank will not know whether they should finance your commercial loan or not, so take the time to research thoroughly, and put together a good plan.

When it comes to shopping for San Diego commercial loans you’re going to want to do your research. The loan fees as well as the interest rates are going to vary, and you want the best loan you can find. You’ll also need to read all of the fine print concerning your commercial loan and make sure that you understand it thoroughly. If you do not understand the terms of your loan make sure that you seek out professional help.

Running a business needs capital, and this is where commercial loans come in, they’re usually very affordable, offer interest-only payment plans or possibly a balloon payment, and often, if you’re successful, are renewable.

Tags: san diego commercial loan | san diego commercial loan

Buying Your First Home – Assessing Your Options and Your Self

May 26th, 2009

Buying your first home can be one of the most fulfilling experiences you will ever have in your life. However, it is not a simple process. Buying a home and getting a mortgage loan and home insurance can be very confusing especially if you are a first-time mortgage buyer.  When you are buying a home, you need to get your priorities straight and know the right steps, especially since it is a costly investment. 

Buying a home as an investment

The biggest advantage of buying your own house instead of renting is that the property you buy becomes your investment. This means that it is included in your assets and it increases your equity and your ability to borrow credit. You can also convert your property to cash later on should there be a need to do so.  The first step in buying a home is to understand the mortgage plans available for your particular needs and financial situation. 

The common types of home loans

 The most common types of loan programs include the fifteen-year fixed rate mortgage, thirty-year fixed rate mortgage, and the adjustable rate loan program. In a fifteen-year fixed rate home loan program, you have to pay a fixed amount for the entire life of the term which is set to fifteen years.  This means that the mortgage payments including the taxes and buildings and contents insurance are equally divided to fifteen years and further divided equally to twelve months.   You have to pay a total of 180 equal payments spread over a period of 15 years.   The thirty-year fixed rate home loan program is similar to the fifteen-year fixed rate but instead of a period of 15 years, the mortgage payments are divided equally to 30 years. This means that you have to make 360 equal payments spread over a period of 30 years. Because of its longevity, monthly mortgage payments are cheaper than the 15-year mortgage.  This is mostly the reason why a lot of people opt for the 30-year fixed rate mortgage.   However, because the debt is paid off in a longer stretch of time, the total interest paid over the life of the term is higher.   As opposed to paying a fixed amount every month of every year, you pay a variable interest rate in the adjustable rate loan program.  In this type of program, the rate of interest at the beginning of the loan is usually low but the interest rate will change periodically depending on the prevailing market rates or on a preselected index.

Assessing the home value

To get an idea of the real estate value in the neighborhood, you can go through the classified ads and check out the price range. Checking out the classifieds for real estate will also save you a lot of time in going around the locality and searching for the house that fits your budget and lifestyle. You could check in the newspapers and the internet for the prevailing rates as well as mortgage payment protection quotes

Three kinds of initial payment  

Bear in mind that when you take out a mortgage, you will have to make three different kinds of payments. The first type of payment is the earnest money, which you pay to submit your offer. This is sort of a reservation fee to ensure that you are serious about buying the property. The next payment is the down payment, which is a percentage of the total cost of the house. Commonly, the minimum down payment is 20% of the value of the home.  So if you are planning to purchase a $100,000 home, you will have to make a $20,000 down payment.  Finally, you have to pay for the closing costs, which covers the paperwork and processing involved in the purchase of the home and the mortgage loan.

Additional considerations

Choosing the best type of loan will depend a lot on the amount of down payment you can put down as well as your financial income and life insurance and mortgages. When buying a house, aside from financial considerations, you should inspect other relevant details such as the traffic volume, the condition of the roads, safety, and the presence of schools in the neighborhood.

Looking at first-time home buyer loans    

There are also mortgage loan programs designed for the first time buyers. Most states offer a home buying grant for first-time buyers.  However, with the recent mortgage crisis, lenders are more careful in giving out loans. There are more restrictions than in the recent past and you need a good credit score in order to qualify for a mortgage loan, whether you are a first time buyer or not.   If you are a first time buyer, the best route to take when taking out a mortgage is to concentrate on cleaning up your credit report and boosting your credit score.  This means that you have to straighten out your debts and credit cards.  Start saving money for the down payment of the house you wish to buy. Lenders are more willing to loan you money if you have sufficient cash reserves.   Also, this decreases the total interest you have to pay in the life of the loan as well as your mortgage payments insurance.    

Assessing your finances as well as yourself

Before buying a home, you have to be sure that you’re ready not only in financial terms, but also in psychological and emotional terms. You can’t let your emotions override your decisions. If you find your dream house and you feel you must absolutely buy it, you have to think reasonably if you can afford to buy the house or if you’re going to be stuck in debt and be miserable about it for the rest of your life.  It is important to take the time to think about one of the most important and life-changing purchases you will ever make in your life.

Tags: Mortgage payment protection quotes | Mortgage payment protection quotes | Buildings and contents insurance | Buildings and contents insurance | Life Insurance and mortgages | Life Insurance and mortgages | Mortgage payments insurance | Mortgage payments insurance | Home insurance | Home insurance

Insuring your Mortgage Payments

April 14th, 2009

You have the choice of insuring your mortgage payments so that in case you become unemployed, ill, or disabled and are unable to pay for your monthly mortgage payments, the insurance company will take care of the payments.  This way, you won’t default on your loan and risk losing your home.  Not all homebuyers opt for mortgage payments insurance to protect their mortgage payments because it is not required by the lender and it is an additional expense.  Lenders only require insurance of payments in cases when you are unable to pay a minimum 20% down payment.  This type of insurance is called Private Mortgage Insurance (PMI)—it only protects the lender from losses but will not protect you, the borrower, from foreclosures.  In this case, mortgage payment protection insurance (MMPI) policy may be more beneficial because it protects both the lender and the borrower.   

What to look for when getting MPPI

When choosing an MPPI policy, you have to look at two main factors: when the payments start from the time of the claim and how long the payments last.  Most payments from MPPI policies will start 30 to 60 days after the claim.  Depending on your savings and your ability to cover the payments in case that you become unemployed or sick, you can opt for a shorter or longer period before the insurance company starts paying. A policy with a longer deferral may be more affordable than one that pays immediately. However, if you find a company that offers the same mortgage payment protection quotes but a longer deferral, then you should go with the one who pays soonest but offers the same rate.  The other important factor you should consider is how long the payments last for.  Typically, MPPIs cover 6 to 2 months of mortgage payments but some policies can also cover up to 24 months.  What you have to think about is how much time you’ll be able to recover and find another job to continue your mortgage payments on your own.    

Cost of MPPI

The cost of MPPI will depend on the amount of your monthly mortgage payments. The higher your monthly mortgage payments, the more MPPI you have to pay for.  On average, the monthly cost of an MPPI with 12-month coverage is 2.5% of monthly mortgage payments.  At this rate, the payments will start 30 days after the claim (which is the minimum deferral period). This means that to protect a £600 monthly mortgage payment, you have to shell out around £15 a month.  Cumulatively, MPPI could be rather expensive.  Using the previous example, a £15 a month MPPI payment will add up to £180 a year. Over the life of a 20-year mortgage, the MPPI payments add up to £3,600.  Thus, before thinking of getting a mortgage payment protection insurance policy, make sure that it will cover what you need so that the extra expense is worth it.  

What MPPI covers

There are various insurance brokers that offer different types of MPPI policies. A good policy should have the shortest deferral period as possible, which is one month from the time of the claim. 12 months is already adequate coverage. One year should be enough for you to look for a new and stable job should you get unemployed from your previous job. It is also enough time to recover from an illness or a temporary disability.   MPPI will cover mortgage payments in case of involuntary unemployment (when you get fired from your job through no fault of your own), sickness and accident, and in case you get hospitalised.

Who shouldn’t get MPPI

Not all claims will be honored by the MPPI policy. There are certain restrictions that govern payments.  For example, if you already knew that you were going to be made redundant and you still got an MPPI, this will nullify your claim.  If the company already informed the public that there will be redundancies in the near future and you filed a claim thereafter, then your claim will be invalidated.  Also, before any claim can be made, six months of payments should have passed.   If you work part-time, work under a short-term contract, or are self-employed, you are not eligible to get an MPPI. You need to have a secure source of income for you to be eligible.  You are also excluded in making a claim if you have a pre-existing medical condition, are over the age of 64, or have reached the retirement age since there is a higher risk involved in insuring your payments.  There is no need for you to get an MPPI policy if you have enough savings to cover at least one year of your mortgage payments in the possibility that you become unemployed, ill, or temporarily disabled.  In cases of permanent disability or death, you might want to look at other types of insurance such as life insurance and mortgages.    

Where to buy MPPI

There are mortgage lenders that sell MPPI bundled with the monthly mortgage payments. If your mortgage lenders offer this to you, take note that this is optional and you do not have to pay for it if you do not want to insure your mortgage payments. However, you will still be required to pay some other type of insurance such as home insurance or buildings and contents insurance.  If you make a down payment that is below the standard 20%, the lender will also require for you to pay Private Mortgage Insurance as explained in the first paragraph of this article.  When getting MPPI, it is best to go with an independent source.  Mortgage lenders usually charge as much as five times in premiums compared to the independent providers.  Check the terms and conditions of the MPPI policy to see if it provides the coverage that you need. Make sure that you are eligible because it will be a useless expense if in the end you won’t be able to make a claim due to some technicality.           

Tags: Mortgage payment protection quotes | Mortgage payment protection quotes | Buildings and contents insurance | Buildings and contents insurance | Life Insurance and mortgages | Life Insurance and mortgages | payment protection insurance | Mortgage payments insurance | Mortgage payments insurance

Viewing The Property And Making Your Offer

February 16th, 2009

Looking for ‘properties for sale Hull‘? Perhaps it is specifically ‘flats for sale Hull’ that you are looking for? It may even be ‘houses search Belfast’ that is the object of your search. Whichever it is, you are looking for a home, but if home buying is a little challenging for you as a first timer, you may seek alternative means to get your home still.

For example, you can purchase with your friends or family, or participate in a shared ownership scheme. The latter means that you can purchase a percentage of your house and pay the remainder as rent. As well, you can increase your share as your affordability increases. Most of such schemes begin with a share of 25% and owning the entire property is an eventual option. But you will need to find out your eligibility to participate. One way is to click on the communities and local government advice website.

When you have found the property that interests you, you will want to arrange for a viewing. You should know what to look out for during this important exercise. View as soon as you can. There is no point in delaying and potentially missing out altogether as an unfortunate result later on.

If timing is tight, consider making good use of lunch hours or when you are on the way to something else, meaning that, you can still manage it if you can fit it in somewhere in your busy schedule, even if this may be a little hectic for you. Otherwise, allocate a comfortable time for viewing. If you are not the owner, you all may go together for the viewing. This way, more doubts can be cleared and the viewing may be an eye-opener as you all share experiences. However, if timing is an issue, then the person who knows best in handling a viewing should go.

If need be, make more than one visit. Perhaps you need to bring along some specialists to get a clear idea. You should not be in for surprises only after you have made your purchase. Common sense dictates that you be careful of offers that are too low. Do not neglect to find out the history of the property. Has this house changed property quite a number of times, if so, why? It may be a good idea to talk with the neighbors too. If you can be friendly enough, they may have information that they can share with you.

During the viewing, don’t be too superficial. New carpets may be superficial work when more serious renovation is actually required. You would not want to find out substantial repair work only after you have shifted in. If you found out earlier, you could have changed your mind about buying the property.

If the property is to your liking and the price is suitable, you can save everyone time by making an offer (after asking for the full price) in order for the property to be taken off the market. When you have made your decision, there is no need for another party to step in. A ‘sold’ board may be placed outside the property and all other advertisements pertaining to this property may be removed. This includes advertisements on the internet.

Say that in your search for ‘houses search Belfast‘, you found a property that you like and at a price that you can afford. You are afraid that another party may step in at the last minute. Even the real estate (that you may have found in your search for ‘estate agents search Belfast‘) may not be able to help you as they are required by law to pass on all offers to the seller. There is no stopping you from going straight to the seller though, and establish a good relationship. Another thing you can do is to offer the full asking price and not waste time over little matters. You may want to assure the seller that you will follow his time-scale too. Of course, request that the property be taken off the market.

Speaking of Belfast, if you would rather rent instead of buy, ‘flats to let Belfast‘ may be a good option. The search for ‘flats to let Belfast’ is quite a popular one so you may want to consider this. If you are buying, then don’t neglect to search for ‘estate agents search Belfast’.

‘Properties for sale Hull’ is another probable choice. Again, if you are looking to rent instead of buy, consider ‘flats for sale Hull‘.

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