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Monthly Archives: October 2017

Hit a Good Credit Rating

Pay the minimum monthly due on your credit cards.

Credit cards are designed for emergency uses, but most of us may have been practicing improper use of such financial tools for luxury and other unnecessary things. Whatever the reason of credit card usage, you should strive to pay the monthly minimum dues to avoid negative impacts on your credit score. If in some instances, you can afford to pay in excess of the monthly dues, it will also help establish your reputation as a good creditor.

Do not open up credit cards too frequent.

Credit rating companies do not only give ratings without analyzing your credit history. Thus, how often you obtain credit cards will also affect your credit rating. It does speak of how you manage your finances. If possible, maintain at least one or two credit cards only.

Lessen your debts.

Proper financial management on your part can help you lessen your debts. In turn, this will help you obtain a better credit rating. Start by paying off debts that have higher interest rates while not forgetting to pay at least the minimum dues on your other debts. In no time, you will see how much you’ve financially breathed and how much of your credit rating is repaired.

Hard Money Loans

There are several sorts of property that you can bring into play when the hard money financing is concerned. Those properties include commercial property, multifamily residential property, or single family residences. Generally, the lenders of this particular category consider this kind of lending as the form of investments for their future specialization in that particular property. You need to keep in mind that the lenders do not have any interest in the property you are going to purchase with the money. Instead, they will be eager to see what you are keeping as

Suppose you own multiple properties and some of them are on the verge of a sale but suddenly you get an amazing offer of purchasing a new property. You cannot help leaving the property because already all your money is stuck somewhere else. Then the importance of hard money funding arises. You can avail a loan and acquire the property and after the pending sales are done you can quickly pay the loan back.
Without the above, you can take the loan to renovate your existing property to make it more attractive. If you are quite certain that after the property gets sold, you will get a handsome amount or the renovation can play the role of the catalyst in the process, availing the loan is not a bad thing to do.

There ample of advantages which can make you feel like the king. Though there are some disadvantages as well, but overall, you can find the loan program as a reliable source of funding when you want the money badly.

1. Urgency:

This is the most significant benefit what the loan can provide. If you want the money in a week or an instance like that, you certainly will not get it from anywhere else. The hard money funding can make you avail with the money without taking the countless time.

2. Lack of Criteria:

The most relaxing part of this loan is the lack of criteria it has. If you want another loan service, it will give you a list of things which is needed for the success of the loan but hard money will need just the real estate property to give you the money.
These are the entire story behind the hard money financing. You just need to check what the real requirements that you have. If you find the requirement urgent and own a real estate property, don’t hesitate to get the loan.

Must Pick Credit Unions

Easier to borrow

There is no need to await your loan status on tenterhooks since lending decisions are normally made locally, which means quicker turn-around time and more flexibility than loans with large corporations. Some can also offer signature loans to members who have good credit and standing.

Lower loan rates

More often than not; these lending institutions can offer their customers lower loan rates. Last year, the National Credit Union Administration released information that confirmed that the average rate on a 36-month loan was about 2.85 percent. Compare that rate to an average 5.59 percent at banks, which is nearly twice the amount.

Run by customers

You can have confidence doing business with your credit union. Why, you ask? Because each member is also a partial owner, meaning they also have a stake in the success of the union. It is also managed and staffed by its customers on a volunteer basis. As a member, you even have the option to run for a seat on your union’s board of directors, which is not feasible at a bank.

Destroy Your Credit

Ignore your debt – Not sure how much you owe on all your credit cards? How many cash advance online loans have you used in the last year? Did you push your student loans into forbearance for another year? You can live to ignore your debt, but eventually it is going to show its face to you. It won’t be pretty. Credit limits will be gone. Interest rates will soar. Student loans will grow bigger each day with added interest. How long can you not pay off your cash advance before it eats up every paycheck? Pretty soon, even a direct lender would not service your need for cash. Then what?

Home Equity Spent – You took a loan out against your home. Your child had a marvelous wedding or to pay for college. The added bill payment each month has become a struggle with everything else under your income umbrella. You know that your house is at risk if you don’t pay this bill, right?

Borrow from Retirement – The money came in handy. Hopefully it was used for something necessary like property taxes or to pay bills between jobs. Early withdrawals could hit you with increased tax liabilities. How are you going to pay for that?

Student Loans – Can you afford to take out a PLUS loan for your child’s education? Will you still be able to put funds into your retirement account? You are responsible for this payment now. No one wants to see their child drowning in debt, but you don’t have to kill your finances either. Let them take out the loans and then help them with the payments without hurting your own finances… unless of course you do want your money problems to compound.

Delay Delay Delay – This plan of action works best as a soccer defenseman; with your finances, not so much. Haven’t started a savings account yet? Never even thought about retirement? The more time it takes to begin, the less time your money will have to work for you in your favor.