Types of Loans for Potential Homeowners

loan options
Though almost everyone thinks of buying a home, it’s not as easy as it sounds. This is where a mortgage comes in as the best option. Looking for the best choice of loan can also be challenging because, apart from interest rates, other factors also count. Seeking some advice from a financial expert keeps you from committing to the wrong option.

Below are some of the loans a mortgage company may suggest:

Conventional Loans

These are mortgages that have fixed rates and are not guaranteed or insured by any federal government. It’s a bit challenging to acquire these loans because of the many requirements involved. The conditions include a high down payment, income, and credit score assessment. While that’s a rigid requirement, conventional loans have some costs that are lower compared to guaranteed loans. This type of loan will depend on an individual’s financial position.

Federal Housing Administration (FHA) Loans

These are loans that are usually insured by the government and offer an affordable down payment, sometimes as low as 3.5%. These loans can be used to purchase or refinance one to four unit properties. It’s relatively easier to qualify for this than conventional loans because the requirements are minimal and relaxed. FHA loans from mortgage providers are the perfect option for the first-time homeowner.

Veterans Affairs (VA) Loans

Veterans Affairs loans are flexible because little to no down payment is required. There are no additional costs such as mortgage insurance, and you are also provided with total financing. The loan has fixed-rate terms of 10, 15, 20, 25, or 30 years. They are the most favorable type of mortgage loan because the requirements are quite flexible.

Since everyone wants to own a home rather than rent, it’s good to understand your financial position first. Without making any hasty decision, consider the available options depending on what you can afford. These are not simple decisions to make unless you are a financial expert.

Making Sure Your Business Grows the Right Way

workoutJump start your start up with the right community.

As more entrepreneurs gain ground and take on the challenge of venturing into business, opportunities arise for more people, and though it is unexpected, the business trend and ecosystem has changed in the past few years. What once was a battling ground is now an interactive space for growth learning and collaboration.

The world has become a global village, according to Marshall McLuhan, and as its citizens we strive to co-exist in a manner that is beneficial to all — this applies to all ecosystems, even business. The changing times have changed how businesses thrive and work in society. Gone are the days where you have to struggle on your own and make your business flourish with the help of no one but yourself.

2015 has seen the value in letting your business thrive, with the right people. What better way to grow your business than the right way?
Gsvlabs.com’s passion in global innovation has renovated how businesses work, individually and together. Their services seek to assist startups, corporations, and international businesses in their respective areas of growth with their flexible and creative workspaces.
They value the abilities of quality business starters and aim to nourish them with the right tools with their goals to:

Empower

Fueling businessmen and women with the right fuel will let off green byproducts that will positively affect their peers as opposed to harming them. Leaders who are empowered are more likely to influence and that is what business is all about.

Accelerate

Technology has created rapid growth in both social and economic contexts; it is valuable for businesses to keep up with that. Continuously looking for better and effective ways for businesses to better serve their clients creates a pro-active environment that is driven towards development.

Cultivate

Potential is a rarity for both businesses and business owners, making its discovery a major opportunity for further improvements. Cultivating is what takes them to the next level. Although this proves to be a task most enduring it will also turn out to be the one most fulfilling.
Working better is not only driven by money, but the people you work with as well.

Car Loan Advice: Reminders to Avoid Financial Disaster

car loanFirst time car buyers have a particular make or model in mind. It’s something you’ve set your sights on ever since you started dreaming about getting your own car. Whether you end up buying that particular model or something else depends on many factors, including the price.

When buying any vehicle, be sure that it is something you can afford. This will keep you from financial troubles. Once you have decided on your budget, it’s time to apply for a loan. Here are some things to help you get the best deal:

Check your credit score

Checking your credit score is important as interest rates depend on it. Look for sites that give you an idea of your credit score; it is not the same score that the lenders use, but at least you’ll have an idea about your credit standing. You may also ask your credit card company for your score.

Shop around

Never go to any dealership without doing your homework. It’s best to shop around for the best rate beforehand. You may start with your local banks and credit unions.

Most car buyers, however, decide to finance at the dealership. While most dealers offer low rates only to buyers with excellent credit ratings, you can still find car dealerships with bad credit financing programs out there. You just have to know where to look.

Choose the shortest and the most affordable

The higher the cost of the car, the longer the loan terms. While a longer term offers reduced monthly payments, it will raise your total cost significantly. You pay more in the long run because extended terms often come with high interest rates. A 48-month loan could mean higher monthly payments, but at least you’ll be debt-free much sooner.

Go over your budget before applying for a loan. Save more money so you can offer a larger down payment, which will cut down the amount you need to borrow. With this settled, you can be one step closer to buying your preferred car.

Two is Cheaper than One

House PlansOther than personal taste and architectural style, the biggest factor to consider in building a house is the budget. At first glance, it may be easier to dismiss the idea that a two-storey house is cheaper than a single-storey home. Upon closer inspection, however, it becomes clear why and how it could be true.

Onesies Require Larger Blocks

Believe it or not, single story houses need larger lots, while 2 storey house plans can go up on a smaller block. Bungalows or ranches rely more on breadth and building out, which is why most require larger blocks. While this may be ideal for some, it isn’t for those who do not wish to completely drain their bank accounts.

One of the reasons why double floor homes stay in trend is because they allow for more houses on less land, without compromising the space and style of the structure.

Two Stories Cut Costs in Half

Two-storey homes generally cost less than a single-floor home of the same size since the first level will not require roofing materials and the second level will not require foundation materials. Costs are cut, and there is double the living space. It’s a win-win situation: it allows you to add considerable square footage to the house while saving half the costs. Maybe home builders can even improve the exterior style of the two-storey house.

Double the Rooms

While single-floor house plans boast wider living spaces, it’s usually limited as it only works with the allotted lot alone. For two-stories, rooms and living quarters are doubled and the lot is maximised.

You can allot the space on the second floor to just bedrooms and the first floor for the more functional spaces. Some big families with teenagers might want to set the second floor as the exclusive for the teenage life and the ground floor as the quiet abode for parents alone. All this is possible by building up the small block.

The ultimate decision for a major investment such as a house needs careful consideration. Review the benefits, worth and overall cost of the project and remain open-minded as you go for something that fits your needs.

Living in Melbourne: Why Buy a House in Wyndham Vale

Wyndham ValeMelbourne is one of the most remarkable cities to live in Victoria, Australia. Its population growth and demand for housing is continuously rising, so it is advisable for homebuyers to start looking for a property as soon as possible.

For people who prefer to live in the suburbs, why not try Wyndham Vale? Here are some factors to convince you:

Rising Communities

Houses for sale in Wyndham Vale are easy to find. Many development communities offering house and land packages are on the rise for all kinds of individuals, couples, and families. All you need is to find the ideal location and facilities, such as schools, shopping centres, and transportation. There is no need to worry about budget limitations because you can likely get a flexible mortgage plan from them.

Population Diversity

Say you are the type who is open to other cultures. You will be glad to know that 30.8% of Wyndham Vale’s population consists of people born outside Australia. These include England (3.6%), India (3.2%), New Zealand (3.1%), and the Philippines (2.1%). About 76.5% of its residents speak English as their first language, so you do not have to worry about communication barriers.

Recreation Spots

Wyndham Vale is home to different recreational spots. Child-friendly spots for your weekend getaway, such as the Werribee Open Range Zoo, RAAF Museum Point Cook, and Victoria State Rose Garden, are nearby. For adults, the Werribee Park Heritage Orchard, Shadowfax Winery,Point Cook Market, and Werribee Central Farmers’ Market are open.

Employment Opportunities

Profile.id noted that Wyndham Vale’s socioeconomic status is rising. The Census of Population and Housing by the Australian Bureau of Statistics revealed that 7,683 residents landed a full time (69%)or part time (28%) job in 2011. The remaining 3% (556 residents) look for both full-time and part-time work.

A need to live in an area with good surroundings and opportunities leads to buying a house in Wyndham Vale. Find a house with the help of a builder or property agent to begin.

Running Out of Cash: RadioShack in Bankruptcy Warning

RadioShack

Image by Eduardo P | Wikimedia

RadioShack is in quest for more capital, as it may need to file for Chapter 11 bankruptcy if an investment to settle its debt is not secured soon.

Searching for a Lifeline

The struggling US electronics retailer said in a regulatory filing that it is in serious talks with its lenders, shareholders, and landlords to resolve problems.

If the company cannot fix its balance sheet, it will be forced to declare bankruptcy.

It recently reported another quarterly loss of $137 million, and it does not have enough left to fund its operations.

Chief Executive Joseph Magnacca said the company needs to close more stores, seek debt restructuring, and other cost-cutting methods.

Survival Plan

“We believe the company will default or restructure in some form that is tantamount to a default within the next six months,” S&P said in cutting its RadioShack rating to “CCC-” from “CCC.”

RadioShack struggles to find its place in the evolving retail and technology market.

Still, the company is trying to remain competitive and update its image.

Risky Business: Alternative Financing Options
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Risky Business: Alternative Financing Options

Many people talk themselves out of starting a small business due to the risks involved, especially in terms of finance. Even for small businesses, a lot of money is at stake. If you don’t have a capital upfront, it could mean loans that require collateral. There are far too many uncontrollable factors without a guarantee of profit, or even breaking even.

Here is a short rundown of what you need to know about alternative financing options:

Unburden Yourself

While you cannot eliminate risks in business completely, you can certainly protect yourself from financial ruin just in case your venture does not take off as planned. One way is to get credit insurance. It works to have a safeguard against bad debts. The insurance helps you pay off debts by shouldering the payment of a significant percentage instead of leaving the burden to you.

Make the People Pay

There are other ways to secure financing without having to incur debt by taking out a loan. One method currently growing in popularity is crowd funding. You present a prototype or business plan through a crowd funding website and people interested in your product can pledge a specific amount of money. You can pool these contributions and raise enough money for your start up.

Advance Payments

Find a financier that is willing to purchase unpaid invoices for a fee. This is invoice financing. You can go the factoring route where it becomes the responsibility of the invoice financier to collect and keep payments from clients with pending transactions. If you wish to keep your relationships with your clients while seeking the help of invoice financiers, you can choose invoice discounting instead.

Going into business doesn’t have to be frighteningly risky. With all these financing options and the possibility for credit insurance in the UK, entrepreneurs are given more flexibility and freedom to operate under their own terms. Through these alternative methods, business is truly an investment instead of a gamble.

Financing a Business: Start-up Funding Options
MoneyToring

Financing a Business: Start-up Funding Options

reliable accountantMoney is the most important factor in opening a new business. To support your start-up, you need sufficient funds to cover the early stages of your business until it provides a profit. Read on to know the right funding option suited for your business needs.

Venture Capital

This equity addresses the funding needs of entrepreneurial companies with predictions of high returns. Such investments are made as cash in exchange for shares or a position in the invested company. Most venture capitals come from investment banks, investors, and other financial institutions.

Angels

These are people looking for an investment opportunity that will offer them higher returns than typical investments. Angels provide a portion of capital to your business in return for partial ownership or debt repayment. Angel investors write more checks the venture capitalists and invest in over 60, 000 companies a year.

Personal Savings and Credit

Your first source of capital is your personal savings. The biggest advantage of this option is 100 percent control and ownership. This also involves a huge risk, however, as you are putting all your assets on the line. Ask a business consultant or a Salt Lake City accountant to know if this option suits your business.

Crowd funding

This is an ideal alternative to fund a venture, as you can do it without giving up equity. It is a way of raising a fund by asking a large number of people for a small amount of money. Many rewards-based crowd funding platforms help you raise funds in the community by exchanging products or other items.

Banks

These provide different types of financing and they fund all types of assets including working capital and real estate. Many banks require personal guarantees or secured interest on personal assets. They also offer payment flexibility, as you can pay the loan early or terminate the agreement.

Contact a business consultant or a reliable accountant to help you choose the right funding source for your business.

The Truth about Luca Pacioli, The ‘Father’ of Accounting
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The Truth about Luca Pacioli, The ‘Father’ of Accounting

trustworthy accountantsEvery industry has its pioneers, and the lucky ones who are recognised for their work become the ‘father’ of the industry. Aristotle is the father of biology, Pierre Fauchard is the father of modern dentistry, Euclid is the father of geometry, so on and so forth. For the profession of accounting, their father figure is a Franciscan friar and Italian mathematician Luca Pacioli.

The Father of Accounting

Also known as Luca di Borgo (after his birthplace Borgo Sansepolcro, Tuscany), tax agents have credited him for centuries with the auspicious title he now holds after writing Summa de arithmetica, geometria, proportioni et proportionalità in 1494. The book covered a synthesis of mathematics during his time, and described the double entry system, a method of bookkeeping used by the merchants of Venice during the Renaissance.

The published system described the use of journals and ledgers, much like the system tax accountants use today. The treatise also touches on topics related to accounting, such as accounting ethics and cost accounting.

Not the Father of Accounting

But, there are certain aspects of the story that are, unfortunately, woefully inaccurate; though Pacioli’s contributions to the Italian vernacular of accounting, as well as his mentorship of Leonardo da Vinci in mathematics, is astounding; the man is simply not who most people think he is.

Many accountants today consider Pacioli as the Father of Accounting, because the Summa de arithmetica was the first publication to describe double bookkeeping. This is incorrect. Summa de arithmetica is the first best-selling publication to describe double bookkeeping. Benedetto Contrugli wrote an earlier publication that did not become a best-seller, but covered the same subject, in 1458.

The method Pacioli describes in his book was in use for the last 200 years in Italy, and some authors claim that the methodology dates back even farther. Evidence for earlier bookkeeping has been found throughout West, South, and North-Eastern Asia.

No one can minimise the impact Luca Pacioli had on the accounting world with Summa de arithmetica. But it’s hardly appropriate to call him the father of accountants, when all he did was copy existing systems into the vernacular of the time.

Sources:

https://www.princeton.edu/~achaney/tmve/wiki100k/docs/Luca_Pacioli.html
http://www.femia-accountants.com.au/Business-Accountants-Perth/Tax-Accountants-Perth
http://bookishgirl.com.au/2011/12/14/double-entry-and-the-real-da-vinci-code-luca-pacioli-and-leonardo-da-vinci-in-milan/

Give Car Auctions A Chance
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Give Car Auctions A Chance

Looking for the right car is hard enough, but finding it and then negotiating costs is another hurdle. If you’re having trouble making a purchase this way, there are alternate options for buying cars in Melbourne.

Car AuctionOne of the best alternatives is to participate in an auction. Contrary to what most people believe, these events aren’t just for rare art pieces or items salvaged from prominent homes. Almost anything can be sold at an auction. The question, though, is why even buy at an auction? There are some very interesting pros that may convince you to give auctions a try.

Services

Auctions provide certain services that aren’t normally offered at your local dealership. Shipping options for cars can be made available if requested. The arrow can also go the other way if you’re trying to sell your car. Auctions often accept items to put up and will even advise on an estimate on how much you can probably earn.

Detailed Information

Unlike when buying at a dealership where you ask personnel questions to learn more about the product you’re interested in, auctions usually provide a thorough info package before any item is put up for bid. The best part about these packages is that they’re a compilation of hard copy documents. If anything goes wrong with your purchase, there’s no way they can claim misinterpretation.

What You Bid for is What You Get

Online auctions are a great way to look for the item you need and get all the information you can about them. Comparing them to other vehicles available on the market is also easier when done online. You can also participate without ever leaving your house.

No One-on-Ones

If you’re someone who doesn’t feel comfortable with personnel following you through the store, badgering you about every single thing you look at, then auctions may be a good break. The only contact you really make is with the one seller on stage. There’s no need to be conscious because there is an entire room of people he pays attention to.

The atmosphere at an auction feels more like a contest than a purchase. A clearly exciting experience, bids will fly from every direction vying for the prize. Try your luck and you may get something for a really great deal.

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