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(193)Poor Credit Mortgage Refinance - Getting Approved

 

Because of low interest rates, many homeowners are opting to refinance their homes and cash-out at closing. The refinance process is similar to the procedure of obtaining the original mortgage. Homeowners must be approved by a lender and pay fees associated with acquiring a new loan - closing cost, title search, settlement fee, etc. Yet, there are benefits to refinancing a home. Homeowners may obtain a lower interest rate, which equals lower monthly payments. Moreover, refinancing a home for a shorter term allows the property to build equity quicker.

Benefits of Refinancing with Poor Credit
Refinancing a home with good or fair credit is less complicated. Persons with a good credit rating are qualified candidates, thus some lenders are more willing to compete for their business. Some homeowners with bad credit may hesitate to refinance. However, it is possible to refinance a home with poor credit. In fact, refinancing and receiving a lump sum of money at closing may help improve credit. Once funds are received, the homeowners could use money to pay off high interest credit cards and other consumer debt, which will boost credit ratings.

How to Get Approved?
Getting approved for a refinance with poor credit requires work and patience. There are "high risk" lenders willing to loan money. Nonetheless, before applying for a mortgage, homeowners should try and correct any blemishes on their credit report. This may include paying down the balance on credit cards or maintaining a current account standing with creditors.

Mortgage Brokers: Negotiating the Deal
Submitting a loan application to several different lenders is the key. These include local lenders and online lenders. It is recommended that homeowners receive at least three quotes. Mortgage brokers are highly effective because they have access to various lenders that specialize in granting loans to individuals with a poor credit rating. Brokers negotiate with these lenders to help an applicant obtain a loan that meets their needs. After a loan application is submitted to a mortgage broker, within 24 hours homeowners will receive multiple quotes from several different lenders who offer mortgages for poor credit. Multiple offers afford the opportunity to compare rates, and select the best offer.

About the author:

View our recommended Bad Credit Mortgage Refinance lenders.

Written by: Carrie Reeder


(194)Poor Credit Mortgage Refinance - Refinancing Your Home After Your Credit Score Has Dropped

 

You can still refinance with bad credit, but you will need to shop around. Each refinance application is looked at on an individual basis. So even if you have bad credit, other factors could qualify you for a low interest rate. However, if you don't apply, you will never know.

Reasons To Refinance
If you bought your home with good credit, you probably found reasonable rates. But you still may be able to lower your rates by refinancing. You can also lock in rates by converting to a fixed rate mortgage.

You can also lower your payments by extending the terms of your loan. You may also choose to tap into your equity through a cash-out mortgage. You can use your equity to pay off bills while writing off the interest on your taxes.

Qualifying For Refinancing
Just because you have poor credit, doesn't mean you can't qualify for refinancing. You can still use a conventional lender even if you have missed a couple of payments. And if you have sufficient equity, most lenders will look at your application.

The government also offers programs if you have made on time payments on your mortgage. With the FHA's streamlined mortgage and the VA's IRRL, as long as you are reducing your interest rates, you can refinance. Most mortgage lenders handle these types of loans.

Strategies For Refinancing
Once you have decided to refinance, begin researching mortgage lenders. Do your homework by comparing rates and terms of several different lenders. When you have found a good quote, apply. If the lender does deny your application, you can look at subprime lenders.

Good subprime lenders can offer fairly competitive rates. And more and more conventional lenders are also working with subprime financing. You will want to look at their offers and see if it will work with your situation.

You may also decide to wait and work on your credit record. By focusing on creating a reliable payment history, reducing debt load, and increasing cash reserves, you can qualify for good credit in two years. But before you jump to this step, make sure you have explored all your options.


About the author:

View our recommended Bad Credit Mortgage Refinance lenders. Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.

Written by: Carrie Reeder


(195)Protecting Your Finances While Dealing With Your Divorce

 

Navigating the emotional and financial minefield of divorce is one of the toughest things you’ll ever do.
Here’s a somewhat disheartening and sobering fact: the divorce rate in Canada has doubled from that of the early 70s. While the legalities of getting a divorce may have become somewhat easier in the past 30 years, the financial ramifications remain the most intimidating and potentially devastating aspect of ending a significant life partnership.
But with proper planning and expert help from professionals specializing in financially equitable divorce settlements, you can increase your chances of arriving at a settlement that fully addresses your long-term financial needs.
Developing comprehensive insight of the short-and long-term financial effects of divorce can save valuable time, money and distress, especially if the process is conducted early in the legal proceedings. Many separating couples seek individual legal assistance before assessing their financial situation. While lawyers serve a crucial role as individual legal advocates, they are not necessarily there to explain financial consequences in detail.
Misinformation and misconceptions about the divorce process can be detrimental. Many have false expectations that they will be able to secure a divorce settlement allowing them to continue with their accustomed style of living. Financial divorce analysis helps to ensure a good, stable economic future and prevent long-term regret with financial decisions made during the divorce process.
It’s important to realize that divorce is the breakup of an economic unit, as well as a family unit. The process should be approached as a dissolution of a financial partnership, with each party attempting to remove the emotions from the process in order to develop a workable plan. There are three common emotions that are prevalent in the beginning stages of a divorce: fear, anger and guilt. It can be a role of the CDFA™ to recognize these emotions, determine where they are coming from, and help defuse them.
Here are a few key financial elements to be aware of when going through a divorce:
Gather all financial and property records. Obtain records of all bank, and brokerage accounts, insurance policies, retirement plans, tax returns, and other financial data. Develop a comprehensive list of all your property and assets, including furnishings, art objects, jewelry, and investments. Compiling these records is a good first step in any agreement regarding division of assets.
Think through what the divorce will really cost you in the long run and develop a realistic monthly budget during the financial analysis process. Expenses such as life insurance, health insurance and cost of living increases must be taken into consideration when agreeing on a final financial settlement.
No matter how cash-poor you are you must begin savings. If you don't start, you'll never regain your financial footing. Prepare a budget or cash flow analysis even if you've never done one before. Your new financial circumstances should be analyzed. Prepare or at least review your budget with a financial planner may be a better approach. Independent review is vital to avoid "fooling yourself" with overly optimistic assumptions.
Be aware of all tax liabilities and benefits. The monthly distribution of the financial settlement will change individual tax burdens based on the amount of Spousal Support (taxable income to the recipient and tax deductible to the payor) vs. child support (tax neutral for both payor and recipient).
Act quickly to protect your assets. Alert your, bank, brokerage firm, or mutual fund broker of the situation. They may agree not to make transactions on joint accounts without your approval. Immediately establish credit in your own name if you don’t already have it. Revise your estate plan, power of attorney, and beneficiary designations.
Keep the lid on legal fees. Don’t use your lawyer to get back at your ex. A divorce these days is really an economic issue. Most people cannot afford to pay for vengeance. Understand that the meter is running every time you call your Lawyer. Don’t waste your time venting emotional issues or sharing the latest outrage.
Set a realistic housing budget. Don’t let emotion cloud your judgment about keeping the family home. Set a realistic budget that takes into account your mortgage, property taxes, and maintenance. Divorcing women often pass up their ex’s pension in favor of the house—even though the pension may be worth far more in the future.

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About The Author

Eva Sachs is a Certified Divorce Financial Analyst (CDFA™), has her CFP™ designation and is a member of the Institute for Divorce Financial Analysts. She can be reached at esachs@womenindivorce.ca Please visit her informative website at www.womenindivorce.ca.

Written by: Eva Sachs


(196)Quick Books and Finances

 

When starting a business one is bound to face a variety of difficulties. Sometimes it seems the problems of creating a new entity are endless. You must find a source for financing. Somebody will have to cut through the red tape and deal with legal issues to get the company off the ground. You can't start a business without a strategic plan, therefore some time must be spent planning out the vision and objective of the company. A plan is useless without the right people in place to implement it, so it is also essential you hire the right people. As you can tell, the issues and concerns can be quite overwhelming. There is really no way around these issues. Each must be dealt with individually.

In the confusion created by all these issues and concerns, frequently one will forget about fundamentals of good business. That is to say, balancing the books and staying on top of your financial situation. Fortunately for the small businesses out there, great software such as

quick -book.asp >Quick Books
Quick Books is a software package that assists you in managing your accounting and financial data. Quick Books streamlines the accounting and financial reporting process, allowing a small business to operate void of any financial specialist. In the past, a small business might be forced to recruit and hire an experienced finance professional to handle the books and keep the company in a good financial position. It was no easy task for a small business owner with a minimal financial background to keep the sources and uses of cash organized, up to date, and accurate. Indeed this proved to be a pressing concern for many small businesses that could not afford to hire financial experts nor had the expertise themselves to keep the books. Ultimately, these small business owners had to make do with the knowledge they had and the results were not always pretty.

Thanks to the Intuit team that developed Quick Books, small businesses can compete on a more level playing field with larger businesses that can afford to employ financial professionals by making use of the powerful software program. Like TurboTax has simplified the tax filing process for individuals, the Quick Books software has created a simple yet extremely useful interface to input and track your company's finances. It doesn't take any expertise to enter the data the software needs to crunch the numbers, balance the books, and spit out the financial reports.


If you have recently started your own business and are lacking expertise in the accounting/finance arena, check out the Quick Books software today. Chances are it will fulfill all your needs and eliminate many headaches. There are many other competitors to the Quick Books software package that may meet your needs as well, such as the PeachTree accounting software. Most likely any of these software packages will offer the features and capabilities you will need as your business expands.

Adam Smith is an informational author for 10X Marketing. To learn http://www.oneminutemillionaire.com>the one great way to make money from http://www.oneminutemillionaire.com>Robert Allen with your small business, please visit OneMinuteMillionaire.com.

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Written by: Adam Smith


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