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(137)How to Obtain a Bad Credit Home Loan or Refinance with Bad Credit

             
Many people believe that if they have a bad credit score, then they cannot get a home loan. However, this is not true, since bad credit home loans are readily available. If you have bad credit and you apply for a home loan, then more emphasis is placed on the down payment required on the bad credit home loan.
The down payments on the bad credit home loans usually range from 3% to 5%. If you do not have enough money to pay the down payment, then you can borrow it from a friend or a relative. However, before doing that, you must check with your bad credit home loan lending company, because some companies do not allow this. Once you finance your home, you should be able to get a second and a third mortgage, and then you can repay your friend or relative.
If you do not want to borrow money to pay the down payment of your bad credit home loan, then an alternative is to look for a down payment assistance program. These programs legalize down payments, which otherwise are usually illegal.
To easily convince the lenders to provide you with a bad credit home loan, you must try and improve your credit rating. To do this, you must make sure that you pay all your bills on time, and buy a major credit card, if you do not have one. Also, you must keep a check on your credit score and credit report.
In deciding whether or not to provide you a bad credit home loan, the lending companies focus on a number of factors such as loan-to-value ratio, monthly income, and debt-to-income ratio. However, there is always a scope of negotiation, and thus you should not hesitate in negotiating for more favorable terms on the bad credit home loan.
How to Do Bad Credit Refinance
You may have heard that people with bad credit can't get anything financed. Well that's a myth because there are many companies that will offer you refinancing and loans no matter what your credit rating looks like. Therefore how to do bad credit refinance is not a problem. But how can one tell if they have bad credit? The major indicators of whether or not you have bad credit are the following:
*If you have a FICO score of 620 or lower *In the past 12 months you have had two or more 30-day delinquencies *Or in the past 12 months, you have had a 60-day delinquency *If there has been a foreclosure or a charge off against you in the past 12 months *If you have filed for bankruptcy in the past 60 months or have been declared as bankrupt *If you're debt-to-income ratio is 50% higher (simply stated your income can't cover the debt expenses)
It's best to know your credit scores before you make a decision how to do bad credit refinance any other loan. The other areas to look for are the loan amount that you are seeking, credit reputation that you have (that is your credit score and your history), and the collateral that you willing to put up (roughly the amount that equal to your loan amount), and of course the ability that you can pay back the debt. Therefore lenders always prefer lower score borrowers than those with higher scores.
Look for lenders who process loans in-house rather than outsourcing for credit refinance. This saves time as well as money. Also, look for experienced loan counselors who can give you the best advice. Some companies will also offer you the facility to check for the status of your loan online 24/7. Shop around for rates and various terms and conditions. The longer you shop, the better chance you will have of finding your ideal refinance package.
With online Internet access you can easily shop and compare companies who are very competitive to earn your business. Today's consumer are now empowered because of the many websites that are availble to get a bad credit home loan or a bad credit refinance.

About the author:
Dean Shainin is a consultant specializing in home loans, strategies for loan financing, home equity loans, and consolidation loan information. To see a list of recommended loan companies, tools, resources, free quotes and information, visit this site: http://www.homemortgageloantips.com target=_blank>Bad Credit Refinance Home Loan
Written by: Dean Shainin


(138)How to Refinance Your Home

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Refinance Your Home - There are several reasons why you should consider
a refinance mortgage on your home loan. When you refinance your home, you can
cut your monthly mortgage payments. In addition, you can tap into your equity,
or your home value, in order to pay off other loans and credit cards. This in
turn helps you to deduct your mortgage interest from your taxes.


How to Refinance Your Home
Now that you know the benefits with home refinance, let us now go to the
steps. The first thing you need to consider when you refinance your home is the
current trend in interest rates. Most major Sunday newspapers feature this type
of information in their real estate section. Find out the current interest
rates from local dailies or online quotes. You can also contact a mortgage
broker and speak with a real person about your home refinance questions.

If this is not your first attempt at getting financing for your home,
then you probably known that there are actually several types of loans. The
second step therefore is to identify the type of mortgage you want - whether it
is fixed, adjustable, or a combination of the two. Remember that each type may
mean a different set of advantages and disadvantages for your home refinance
venture.

The third step is comparison shopping. Compare the new interest rates to
that of your current mortgage. To do this, find out what possible monthly
payments are being spoken of with your new loan.

You can use the amount you owe on the loan to calculate what the new
monthly payment would be by using a financial calculator or an online mortgage
calculator. You'll also need to know the new loan amount (current loan amount
plus closing costs, such as points, title and escrow fees - unless you plan to
pay for them out of your pocket - the new interest rate, and the number of
months of the new loan).

To find out how much you can save with your home refinance mortgage,
subtract your current monthly mortgage payment from the new monthly mortgage
payment. The remaining balance is your monthly savings.

After you get the figure for your savings, divide it into the total cost
of the loan, which includes points, title, and escrow fees. The resulting
figure is the number of months it will take for you to recoup your investment.
Then finally, determine how long you plan to stay in your home. If you
plan to live in your home longer than it will take to recoup your investment,
then to refinance your home is probably a good idea.
Tony Forster has a keen interest in living debt free having been "up to his ears" before realizing the need to take control. He has compiled an online financial article resource at http://www.loan4payday.info



Written by: Tony


(139) How to Select the Best Factoring Finance Company for your Business


What is factoring?

Factoring is an innovative method of business financing that allows clients to get an accelerated payment on their slow paying invoices. Traditionally, when a company offers its services to another business, they need to wait between thirty to sixty days to get paid. Although companies that have a large cash cushion in the bank can absorb the cost of waiting to be paid, small and medium sized businesses cannot. This can jeopardize a company’s ability to meet existing payment obligations, or worse, prevent it from capitalizing on new opportunities.

This is where factoring can be a very helpful tool. A factor can provide a company with an advance payment on its accounts receivable. The factor then waits to be paid by the clients’ customers, while the client gets use of the funds immediately. The transaction is structured as the sale of a financial right, rather than as a loan. Because of this, the factor focuses more on the strength of the customer paying the receivable rather than on the financial strength of the client. This makes factoring the ideal financial tool for new, small and emerging businesses.

Keys features when looking for a factor
Selecting the right factor for your company can be a very complex task. Given the importance of the factoring relationship to your company’s ability to succeed and grow, it is critical that you do the proper due diligence when selecting a factoring partner. Here is a list of some of the criteria that are important when selecting a factoring financing company:

· Factors’ Comfort Zone:
Almost every factor will advertise that they can work with an account that requires as little as $10,000 per month and as high as a few million dollars per month. Although that may be true in principle, the reality is that managing a small volume account is very different from managing a multi-million dollar account. Most factors tend to develop a comfort zone or “preferred specialty” when it comes to client size. When selecting a factor, always ask about the size of their typical client. Ideally, the size of your business should not be significantly below or above that figure.

· Monthly Minimums:
Most factors will only take clients that commit to transact a minimum financing volume every month. The advantage of committing to monthly minimums is that the factor will offer your company better terms. The main disadvantage is that if your factored volume drops, your company could be liable for making up the difference in fees. When selecting a factor, be sure to select one whose minimums are well below your expected minimums, or better yet, try and find a factor with no minimums.

· Recourse vs. Non Recourse:
Recourse is a term that defines the ability of a factor to re-sell the invoices back to a client if an invoice does not get paid within a given period of time. Most factors prefer to operate in recourse mode. However, there are a number of factors who offer non-recourse agreements. Under a non-recourse agreement, the factor will absorb the losses on an invoice if the account debtor becomes financially insolvent. In effect, non-recourse factors offer some protection against bad debt. Although you are generally better with a non-recourse factor, most recourse agreements work well enough.

· Contract Duration:
Typically, factoring contracts require a minimum term of one year or more. Whereas longer-term contracts enable a factor to offer you better pricing, they can also lock your company into a factoring arrangement that outlives its usefulness. Your best bet is to try and find a factor that will allow you to easily terminate a contract (giving reasonable notice) once the service has outlived its usefulness.

· Fee Structure:
Factoring fees vary significantly across the industry and are usually dependent on a) the financial strength of your customers b) your monthly volumes c) the duration of your contract and d) the payment cycle of your receivables. The fee (also known as “discount”) can be as high as 7% per month for small ticket deals (less than $30K per month) to as low as a couple of points for companies that wish to factor several hundred thousand of dollars.

· Level of Service:
A very important criterion when selecting a factoring company is choosing a company that will give you the appropriate level of service. The industry is very diverse, and there are many factors that charge very low fees and provide a very impersonal “mass approach” to service. Conversely, there are factors that provide a “high touch” level of service, for slightly higher rates. Most companies tend to choose the factor with the lowest rates (and usually lowest level of service) thinking that they will save money. In the long run, they end up regretting the decision. You are usually better off looking for a factor that offers a better service, even if it comes at a slight premium.

Should you work with a factoring broker?
One way to simplify the process of selecting a factor is to work with a factoring broker. A good broker will help you determine if factoring is the best solution for your company and will help you find the factor that is best suited to serve you. The broker will also help you position your company to a factor in the best possible way, maximizing the chances of getting the funding your company needs with the best possible terms. One of the most significant advantages of working with a factoring broker is that they will help you save time. As seen in the previous section, the process of evaluating a factoring company can be both tedious and time consuming. A broker can help you sidestep the issue since they will do all the work of finding the best factor for you. Lastly, most factoring brokers are compensated through a finders fee by the factoring company, so you will not have to pay them any fees for their service.

About Marco Terry and “Factoring Broker”
Factoring Broker is the a division of Commercial Capital LLC, a leading factor that specializes in providing working capital for small businesses. We are one of the few factoring brokerages who also owns a factoring company. This provides us with an edge when helping our clients as we have years of industry experience and know how to position clients so that a factor will view them in the best possible light. For more information, please visit our web site at www.qlfs.com or call us at (786) 206 4722.

Copyright Marco Terry - http://www.qlfs.com

Written by: Marco Terry


.(140)How to Select the Best Invoice Factoring Finance Company for your Business


What is factoring?
Factoring is an innovative method of business financing that allows clients to get an accelerated payment on their slow paying invoices. Traditionally, when a company offers its services to another business, they need to wait between thirty to sixty days to get paid. Although companies that have a large cash cushion in the bank can absorb the cost of waiting to be paid, small and medium sized businesses cannot. This can jeopardize a company's ability to meet existing payment obligations, or worse, prevent it from capitalizing on new opportunities.
This is where factoring can be a very helpful tool. A factor can provide a company with an advance payment on its accounts receivable. The factor then waits to be paid by the clients' customers, while the client gets use of the funds immediately. The transaction is structured as the sale of a financial right, rather than as a loan. Because of this, the factor focuses more on the strength of the customer paying the receivable rather than on the financial strength of the client. This makes factoring the ideal financial tool for new, small and emerging businesses.
Keys features when looking for a factor
Selecting the right factor for your company can be a very complex task. Given the importance of the factoring relationship to your company's ability to succeed and grow, it is critical that you do the proper due diligence when selecting a factoring partner. Here is a list of some of the criteria that are important when selecting a factoring financing company:
· Factors' Comfort Zone: Almost every factor will advertise that they can work with an account that requires as little as $10,000 per month and as high as a few million dollars per month. Although that may be true in principle, the reality is that managing a small volume account is very different from managing a multi-million dollar account. Most factors tend to develop a comfort zone or "preferred specialty" when it comes to client size. When selecting a factor, always ask about the size of their typical client. Ideally, the size of your business should not be significantly below or above that figure.
·Monthly Minimums: Most factors will only take clients that commit to transact a minimum financing volume every month. The advantage of committing to monthly minimums is that the factor will offer your company better terms. The main disadvantage is that if your factored volume drops, your company could be liable for making up the difference in fees. When selecting a factor, be sure to select one whose minimums are well below your expected minimums, or better yet, try and find a factor with no minimums.
·Recourse vs. Non Recourse: Recourse is a term that defines the ability of a factor to re-sell the invoices back to a client if an invoice does not get paid within a given period of time. Most factors prefer to operate in recourse mode. However, there are a number of factors who offer non-recourse agreements. Under a non-recourse agreement, the factor will absorb the losses on an invoice if the account debtor becomes financially insolvent. In effect, non-recourse factors offer some protection against bad debt. Although you are generally better with a non-recourse factor, most recourse agreements work well enough.
·Contract Duration: Typically, factoring contracts require a minimum term of one year or more. Whereas longer-term contracts enable a factor to offer you better pricing, they can also lock your company into a factoring arrangement that outlives its usefulness. Your best bet is to try and find a factor that will allow you to easily terminate a contract (giving reasonable notice) once the service has outlived its usefulness.
·Fee Structure: Factoring fees vary significantly across the industry and are usually dependent on a) the financial strength of your customers b) your monthly volumes c) the duration of your contract and d) the payment cycle of your receivables. The fee (also known as "discount") can be as high as 7% per month for small ticket deals (less than $30K per month) to as low as a couple of points for companies that wish to factor several hundred thousand of dollars.
·Level of Service: A very important criterion when selecting a factoring company is choosing a company that will give you the appropriate level of service. The industry is very diverse, and there are many factors that charge very low fees and provide a very impersonal "mass approach" to service. Conversely, there are factors that provide a "high touch" level of service, for slightly higher rates. Most companies tend to choose the factor with the lowest rates (and usually lowest level of service) thinking that they will save money. In the long run, they end up regretting the decision. You are usually better off looking for a factor that offers a better service, even if it comes at a slight premium.
Should you work with a factoring broker?
One way to simplify the process of selecting a factor is to work with a factoring broker. A good broker will help you determine if factoring is the best solution for your company and will help you find the factor that is best suited to serve you. The broker will also help you position your company to a factor in the best possible way, maximizing the chances of getting the funding your company needs with the best possible terms. One of the most significant advantages of working with a factoring broker is that they will help you save time. As seen in the previous section, the process of evaluating a factoring company can be both tedious and time consuming. A broker can help you sidestep the issue since they will do all the work of finding the best factor for you. Lastly, most factoring brokers are compensated through a finders fee by the factoring company, so you will not have to pay them any fees for their service.

About the Author
Factoring Broker is the a division of Commercial Capital LLC, a leading factor that specializes in providing working capital for small businesses. We are one of the few factoring brokerages who also owns a factoring company. Please visit our web sites at http://factoring.qlfs.com or http://www.ccapital.net or call us at (786) 206 4722.

Written by: Marco Terry


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