Financing Options for Auto Repairs



Important Things to Do When Out on Bail

Posted by on Sep 9, 2016 in Uncategorized | Comments Off on Important Things to Do When Out on Bail

When you’ve been arrested, it’s a happy moment when you’re informed that a family member or close friend has contacted a bail-bonds agency on your behalf to secure a bond for your release. Walking out of the jail might be a triumphant time for you, but it’s important for you to know that your legal worries aren’t completely in the rear-view mirror just yet. While you might be eager to restore some sense of normalcy in your life to reduce the stress that you encountered during and after your arrest, it’s vitally important that you make sure to behave in a certain manner. Here is a list of things to do when you’re out on bail. Obtain a Copy of Your Conditions of Release It’s imperative that you understand what you can and cannot legally do when you’re out on bail; you can clearly have these rules defined by making sure that you get a copy of your conditions of release from a legal official. These rules can differ among states and can be based on the nature of your arrest. In some instances, you won’t be allowed to leave the state or the country; for example, a seemingly innocent visit to family in another state could land you in legal trouble. Avoid the People or Situations That Led to Your Arrest While you’re solely responsible for your arrest, there may have been people or situations that led up to that unfortunate moment. It’s important to do your best to sever the ties with the people or situations that have already proven to be a negative influence in your life. For example, if you were hanging out with the wrong crowd at the time or your arrest, it’s best to avoid seeing such people. Similarly, if you were drinking prior to being arrested, and your intoxication was a factor in your breaking the law, make sure that you avoid alcohol. Get a List of Any Important Legal Dates If you fail to show up for a future court date, even by accident, you’ll be in further legal trouble, and the family member or friend who helped with your bond could be held financially responsible. You owe it to yourself and to this individual to make sure that you know when and where your court dates will take place. Think carefully about how you’ll get to court on time, too. For example, if you had your licensed revoked as a result of your arrest, you’ll need to secure transportation from a reliable person. For more information about how bail bonds work, contact a company such as All Night & Day...

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Increasing Your Chances Of Obtaining A Home Refinancing Loan With Standard Interest Rates If You Have Bad Credit

Posted by on Aug 18, 2016 in Uncategorized | Comments Off on Increasing Your Chances Of Obtaining A Home Refinancing Loan With Standard Interest Rates If You Have Bad Credit

If you have poor credit and you are in need of funds to pay for overdue bills at the moment, you may have considered refinancing your home in an attempt to reduce your current mortgage payments so you have the necessary funds to make other payments. Getting a home refinance loan at a decent interest rate can be a bit tricky, however, if your credit score is not in good standing. Here are some steps you can take to increase the likelihood in obtaining a loan without high interest rates when you are suffering from a bad credit reputation. Check Your Credit Score History Your credit score is based on your past payments and the amount of current debt you hold. If there are inaccuracies on your credit report, they can make an impact on the interest rate amount a banking service would offer on a refinancing loan. It is very important to check over your credit score online to see if there are mistakes in the reporting history. Equifax, TransUnion and Experian are the three credit bureaus with this information. Simply go to their webpage, create an account, and print out your report to be evaluated. You can then fight any discrepancies on the report in an attempt to boost your score.  Apply For A Secured Credit Card If you are unable to get a standard credit card due to your poor credit history, you can build your credit score by applying for a secured credit card instead. This is a card that requires you to deposit money into a banking institution and then you use the card to withdraw this money when needed. You will still need to make payments on the card to replenish the amount you have in the bank for your use. This is a great way to boost your score quickly, as the payments will be incorporated into your credit history reports. Obtain Cash Or Another Signer If you are able to sell some items in exchange for cash, place it in your banking institution for safekeeping. This money can be divulged to a banking lender. This will show a lender that you have money to make payments on the loan, making it more likely they will give you the lower interest rate you desire. if you do not have cash to place in a bank, you may want to consider having a loved one co-sign a refinancing loan with you. If they have good credit, their standing will be incorporated into the algorithms used to determine interest rate amounts by...

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Home Buying Assistance When You’re In The Iowa National Guard

Posted by on Jul 18, 2016 in Uncategorized | Comments Off on Home Buying Assistance When You’re In The Iowa National Guard

If you’re in the National Guard and hoping to buy a home in Iowa, you are in luck because there are some great programs available for homeownership. Here are some veterans home loan and financing options you should be aware of when you’re looking for a home. The VA Loan The Department of Veteran’s Affairs pairs with approved lenders to offer veterans home loans with low interest rates and 100% financing, which means you don’t need a down payment in order to get your house. Active duty military members qualify for this loan within months of getting their first duty station, but for National Guard members, the story is different. You’ll only qualify for a VA loan if you meet one of the following criteria: you’ve been serving in the National Guard for at least six years. Members who retired after six years need an honorable discharge in order to qualify. you’ve been on active duty orders (deployed overseas or within the state) for at least 90 days. If your Guard unit was called up for service, these days count. The only days that do not count are active duty for training, like orders for Annual Training or Basic Officer Leaders Course  (BOLC).  you were on active duty, but did not complete your time because you were discharged for injury or disability. If you qualify for a VA loan, you also automatically qualify for military down payment assistance in Iowa. The Iowa Finance Authority allows for a grant of up to $5000 that you can put toward the down payment, fees, and closing costs of your house. If you are a first-time home buyer, the IFA also provides a $2500 grant if you choose to apply for financing from a certified lender.  Other Options If you haven’t yet made it to your six years or collected your days of active service, don’t despair. There are other lending options that are available to you. Some banks may offer you a military discount, where they give you a conventional loan with a lower interest rate just because you are a service member. If you continue to serve in the National Guard, you can refinance your home later with the VA loan for a lower interest rate and no mortgage insurance (PMI). There are also government loans with low interest rates. Almost every county in Iowa qualifies for a USDA loan, because Iowa is in need of more rural development, even in small towns.  For more information on lending options for military members in Iowa, contact a mortgage broker in your...

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3 Things You Need To Do To Improve Your Chances Of Getting A Home Loan If You Are Self-Employed

Posted by on Jun 28, 2016 in Uncategorized | Comments Off on 3 Things You Need To Do To Improve Your Chances Of Getting A Home Loan If You Are Self-Employed

Being self-employed has many benefits. You can choose your own schedule, you are your own boss, and you have a lot of flexibility. But one of the hardest parts about being self-employed is that it can make it hard to qualify for a home loan. Here are some things that you can do to improve your chances of getting approved for a home loan if you are self-employed. 1. Ask For Less Than You Can Afford The mortgage companies generally see people who are self-employed as more of a risk. For this reason, they are less likely to loan you a great deal of money for your home since they know your income can be up and down. This is why asking for less that you can afford could improve your chances of getting improved. For example, most mortgage lenders will allow your debt to income to be around 43%. This means that all of your debt cannot exceed 43% of your income. However, if you are self-employed they might not let your debt to income ratio get that high. Instead, they may prefer that you keep a lower debt to income ratio. This is why going for a more affordable home could be the key to getting approved. 2. Have Good Savings Another important thing is to do what you can to build your savings. If the mortgage company sees that you have a good emergency fund they might see you as a better candidate. For example, if you have 3-month’s worth of expenses saved up, they know that even if you fall on hard times, or business is slow for a while, you will still be able to cover your mortgage payment. 3. Put Down A Larger Down-Payment Lastly, you should consider putting down a large down payment if possible. Ideally you should put down at least 20% for a down payment. This is the magic number that prevents you from having to get mortgage insurance. The reason for this is that if you default on the loan, the bank has your large down payment, plus the sale of the house to cover their investment. The larger down payment you have, the less a risk you are to the mortgage lender. This is why you should take time to save up as much as you can so that you can put a good deal down on the home. By doing these things you can improve your chances of getting a home loan. Contact a business such as The Toby Team for more information....

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When Moving Your Business Out Of A Building You Own, Check Commercial Bridge Loan Rates

Posted by on May 19, 2016 in Uncategorized | Comments Off on When Moving Your Business Out Of A Building You Own, Check Commercial Bridge Loan Rates

If you run a successful, growing company, your company may eventually outgrow the building it’s in. While you could sell the building, finding a buyer who is willing to pay a fair price for it can be difficult, and leasing it to another business can be lucrative. If you plan on moving your company out of a building it owns and leasing the building, however, you may need to refinance the building with a commercial bridge loan. Here’s why, along with how to factor in the higher costs of such a loan.    Switching to a Commercial Bridge Loan As long as your company occupies the building it’s in, your company may be able to take out a conventional commercial mortgage on the building (provided you and your company meet all financial requirements for such a loan). Once your company stops occupying the building, however, your company may no longer be able to have a conventional commercial mortgage on the building. It’s often hard to find a mortgage if a commercial building isn’t owner-occupied, and your company’s mortgage agreement might be broken if the company leaves the building. Thus, when you move out, you may need to find a new way to finance the remaining balance on your company’s building. You’ll want to look at bridge loans for commercial real estate because these loans usually don’t have the same owner-occupied requirements. Thankfully, you should be able to get a bridge loan for your company’s building even if you’ve sacrificed your credit to grow your company because these types of loans usually have lax credit requirements. Paying a Higher Interest Rate Because bridge loans for commercial real estate don’t require borrowers to occupy the building, and since these loans have more relaxed credit requirements, the lenders that underwrite these loans assume more risk than those that underwrite conventional commercial mortgages. To compensate for the increased risk, bridge loans usually have higher interest rates than standard mortgages. If you plan ahead for a higher interest rate, though, it won’t be a burden on your company. You can build the increased cost into any lease that you offer to tenants, thus passing the cost of the higher interest rate right onto them. If you’re planning on moving your company out of its current building and leasing the building, you should contact a company (such as Riverside Park Capital Real Estate & Business Finance) that underwrites bridge loans for commercial real estate before your company actually vacates the building. Rates may change between now and when you’re ready to show a potential tenant a lease, but knowing roughly how much companies are charging for interest rates will give you an idea of how much you need to charge for rent. Once you know what you need to charge for rent, you can compare that figure to the current rates for commercial real estate in your area and see whether your rental rates will be...

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New To Budgeting? What Banking Tools Can Help?

Posted by on Apr 12, 2016 in Uncategorized | Comments Off on New To Budgeting? What Banking Tools Can Help?

If you’re tired of living seemingly paycheck-to-paycheck while earning a good income, a budget can help you free up cash flow and reduce your expenses. However, starting a budget from scratch can be intimidating, especially if you haven’t made many past efforts to track your expenses. When creating a budget, where should you begin? Read on to learn more about some banking and technological tools that can help you create—and, most importantly, stick to—a workable budget.  Spending analysis Before you can determine into which spending and savings categories your money should go, it’s often necessary to figure out where it has been going. If you use a credit or debit card for most of your purchases, this process is often as simple as reviewing a few months of bank or credit card statements. Many credit card companies and credit unions will also issue a year-end spending summary setting out the categories in which you spent the most (and least) money. If you primarily operate with cash, you’ll want to spend a few weeks tracking each penny spent—either writing down transactions as they occur or entering them into a mobile or smartphone app. After a few weeks, you should have enough spending data to get a good idea of where the bulk of your money is going. Budgeting on last month’s income One problem shared by many first-time budgeters is the cash flow issue. Even if you make more than enough money to cover all your necessities and discretionary spending, the timing of your paychecks and the timing of your bills can often overlap to leave you cash-poor during certain times of the month. A solution to this problem involves budgeting your current month’s spending on your previous month’s income. By ensuring that you spend no more than you earned during the last month, you’ll help eliminate cash flow problems and won’t be cleaning out your refrigerator for leftovers during the last few days before payday. Once a new month begins, you should already have the previous month’s income banked and available to use for any expenses that may come up. Savings sub-categories  Many online banks now allow you to make multiple “sub-accounts” from a single checking or savings accounts. This is ideal when just beginning to budget, as it will allow you to put funds for each budgeted category into a designated account. At a glance, you’ll be able to determine how much money remains in your monthly budget for groceries, utilities, clothing, or other expenses. These accounts can also be ideal for short-term and long-term savings goals. Whether you’re saving up for a vacation or getting a head start on your holiday shopping, you’ll be able to put these funds in a separate account to minimize the temptation to raid them if you go over budget in another category. If you’re interested, check out the online banking in your area for more...

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Why Mortgage Rates Should Not Dictate Your Home Search

Posted by on Feb 29, 2016 in Uncategorized | Comments Off on Why Mortgage Rates Should Not Dictate Your Home Search

When mortgage rates drop, this is typically all that you will hear about in the financial news arena. Mortgage rates being down often means more affordable borrowing and many people who are interested in purchasing homes will hop on the train for a mortgage approval. While lower rates mean that you can save more money on a home loan, you should not study these trends incessantly if you are really interested in home ownership. Here are some reasons why you should not worry about mortgage rates in your area before buying.  You may purchase too quickly Sometimes, by following mortgage loan trends, you may pull the trigger too quickly for a home purchase. For instance, if you have a low down payment when mortgage rates drop for home loans in your area, you may find yourself more restricted when it comes to home purchases. Since others may be purchasing a home due to lower rates, you can find yourself in bidding wars you never expected. Instead of worrying about the rates, worry about your overall financial picture. Save a high down payment and plan out your lifestyle first before buying.  Mortgage brokers can find you good rates If you see a broker to find you a mortgage, you may be able to get negotiated lower mortgage rates in your area without having to hop on buying before you are perfectly ready. Ask a mortgage broker to run your financials and see what they can do for you. The broker may be able to get you a rate as low as the one you were going to use earlier, but provide you with the loan after you are more at ease with home buying.  There is always refinancing Refinancing can be a major benefit to homeowners. As long as you keep your credit and savings healthy, you will be able to refinance on your home when rates drop to a point that you like. If you stretch your budget in order to own a home, when the chance to refinance for an even lower rate comes around, you may not have the money nor the credit rating that will allow you to refinance. Having the choice to refinance your loan will allow you to purchase when your dream home comes on the market, then take on a lower loan interest rate at a later date.  Instead of waiting around for rates to drop or jumping on buying a home as soon as rates decrease, make it your business to get a home on your own terms, rather than on the market’s terms. The one thing that is guaranteed is that the market will rise and fall. Being happy and prepared for your new home means more than a numerical rate that can come around...

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Is Refinancing The Best Option?

Posted by on Jan 14, 2016 in Uncategorized | Comments Off on Is Refinancing The Best Option?

Refinancing a mortgage makes sense in some situations. Whether or not it is the right decision is based on several factors, including your current mortgage’s terms and if you plan to move in the near future. If you are thinking of refinancing, here are some situations in which it makes sense and when it does not. When Should You Refinance? One of the most important factors to consider when assessing whether or not you should refinance is the term of your current mortgage. For instance, if you have a 30-year mortgage and you can refinance for a shorter period, it might be worth it. However, you need to also consider the interest rate. A shorter term combined with a lower interest rate can be beneficial to you. Even though your mortgage will increase to accommodate for the shorter term, the lower interest rate could mean that the increase will be small enough to fit into your budget. You should also consider refinancing your mortgage if you currently have an adjustable-rate mortgage. When you refinance, you can opt for a fixed-rate mortgage, get a better interest rate, and save money. You do not have to worry about fluctuating payments and you’ll know what to expect from month-to-month. If you want to take advantage of equity in your home, refinancing is a good option to do so. You can use the cash received to make financial moves, such as buying an investment property. Before exercising this option though, it is important to carefully assess what you plan to do with the cash received. When Should You Not Refinance? Although refinancing is a good option in some situations, it is not in all. For instance, if you are planning to move to a new home in the next few years, refinancing is not a good move. The savings from refinancing most likely will not be more than the costs associated with the process. You are responsible for paying closing costs when you refinance. If you are unable to afford those costs, it is possible that your lender will allow you to factor it into your new mortgage, but there is a downside to doing so. The costs could make your mortgage higher and take away from the savings you were hoping to gain. If you have bad credit, attempting to refinance might prove challenging. Lenders might shy away from refinancing the mortgage. Even if you find a lender, the interest rates offered might result in a smaller saving than you hoped. Talk with a financial expert to determine whether or not refinancing is best in your particular...

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Considering Applying For A Mortgage? The Most Important Questions To Ask

Posted by on Dec 3, 2015 in Uncategorized | Comments Off on Considering Applying For A Mortgage? The Most Important Questions To Ask

If you are interested in purchasing a home but you worry about getting approved for a mortgage, there are some things to consider. You need to make sure that your financial records are favorable and that you are financially ready to make that type of commitment. You can start talking with different mortgage lenders before you commit to letting someone get your credit report. Every time someone pulls your credit to look at it for a loan it can bring your score down, so you should get a free report from the government to see what your score is, and not let any lender pull your credit until you have decided they are the lender you want to choose. Ask each lender about the following. Do You Have FHA Loans? An FHA loan is for first time home buyers, and this loan is structured to have the lowest credit and down payment requirements, and often it also has a low-interest rate. This is ideal if you are a first-time homebuyer and you can’t afford to pay private mortgage insurance on the loan up front, and you don’t have the best credit score.  What is the Fixed Interest Rate? With your knowledge of your credit score the lender should be able to give you an estimate of what your interest rate will be when they get you preapproved. Make sure that it is a fixed interest rate and not a variable rate. The fixed rate will stay the same throughout your time making payments so you know what you’ll owe. The variable rate will be very low at first, but after a year or 2 years it could increase significantly, and it could become unaffordable. With the fixed rate, you can always refinance later on if you want a lower interest rate. Cost of the Application Fee Many lenders require an application fee to be paid if the lender is going to go through with the loan. The average cost in your area may vary, but compare the rates of different lenders because this will most likely come out of pocket. You should start saving as soon as you’re ready to start looking at houses so that you can put as much down on the loan to make the payments smaller. This will also put more equity in the home which is important if you need to refinance or take out a home equity loan later on. Ask these important questions before you sign any papers. Contact local professionals, such as those from Mortgage Master Service Corporation, for further...

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Tales Of A High Roller: How To Qualify For A Jumbo Mortgage And Expensive Apartment

Posted by on Oct 28, 2015 in Uncategorized | Comments Off on Tales Of A High Roller: How To Qualify For A Jumbo Mortgage And Expensive Apartment

If you have always dreamed of having a condominium overlooking the water or in that high rise in the center of one of the most populated cities on earth, chances are you have lofty ambitions. Along with your lofty ambitions, you also need to have a sum in order to purchase one of these amazingly sought after properties. If you don’t yet have the purchase price saved, chances are that you will need a jumbo loan in order to purchase your dream property. Here is some advice for qualifying for that jumbo mortgage and that condo board. Pay off all other debts Jumbo mortgage amounts are mortgages that are in excess of $417,000 in most places across the country. In order to qualify for a jumbo mortgage, your debt-to-income ratio will need all of the slack that it can get. Lenders are often most interested in offering mortgages to those who have a debt-to-income ratio of lower than 40%. In order to get a high six figure mortgage without having to drastically increase your income suddenly, you should pay off all debts, so that your debt-to-income ratio for monthly payments is as low as it can get on the scale. All credit card debt, student loans, and other debts should be paid off or settled before qualifying. Save a ten-percent down payment While a 20% down payment is the mortgage standard, for jumbo mortgage loans 10% is often the rule. For the lowest jumbo loan amount of $417,000, you will need $41,700 as a down payment amount, for the loan. When it comes to a jumbo loan, remember that your payments are likely to be hefty. In this case, it may be a good idea to put down the minimum amount and save the rest of your money on hand for moving costs. If possible, decrease your living expenses by going exceptionally frugal for a few years to save half of your income. Develop liquid assets In the event that you do get approved for a jumbo loan mortgage, in some cities the co-op housing board or the condominium board will require you to be approved by them before you are allowed to purchase. Along with making sure you will not disturb the peace, the boards will also want to look at your financials. Since they know you are approved for the mortgage, the financial overview will generally look at your debt and liquid assets. In order to jump the last hurdle of being approved by the board, you will need an impressive amount of liquid assets. The closer that you can get to six figures in stocks, bonds, mutual funds, and other liquid assets, the better. If you are having trouble developing more liquid assets, consider asking for stocks and bonds, or even stock advice as your holiday and birthday gifts from family and...

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