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Discovering most Common forms of Credit for Home-based Business

Banks, credit unions, savings and loans, and other financial institutions are always coming up with new-and -improved loan products. Keep in mind, though, that you may have trouble obtaining a loan in the name of your business until it has established a track record of success over some extended period of time.

Here are some of the most common forms of credit for home-based businesses, along with their pluses and minuses:

Credit Card: Many a home-based business has been financed with credit cards. In fact, a survey showed that more than one-third of all small business owners use credit cards to at least partly finance their business operations. Not only are credit cards incredibly easy for most people to get (perhaps too easy, many people receive at least one or two credit card offers a month), but they are also convenient and easy manage.

Personal Loan: Personal loans are made to individuals based on their own personal income and creditworthiness. Assuming you have sufficient income and a good credit rating, there’s a good chance that you qualify for the loan you need. After you have your loan, you’re free to spend the money as you please, making personal loans quite flexible. If you decide to apply for a personal loan, be sure to do so while you’re working at your regular job-before you leave to start your own business.

Business Loan: Banks and other financial institutions make business loans to finance business startups, cover ongoing, operation needs, or finance business expansion. New business are inherently risky they often have little or no equity built up, usually lack a sufficiently long track record of sources, and have a statistically high rate of failure within the first few years after founding.

Line of Credit: A line of credit is a business loan with a unique twist: Instead of a lump sum for the full amount of the loan, you’re given approval to borrow funds up to a certain limit in whatever amounts or as often as you like.

Home Equity Loan: A home equity loan is similar to a personal loan, with one major difference: You’re required to pledge your home or other real property as collateral in the event that you default on your loan obligations.

SBA Loan: SBA loans are business loans that are backed by the U.S. Small Business Administration. Because the lending bank has less of a risk in the event of default, home-based business owners can obtain them more easily than a standard business loan.

So what kind of loan should you get? The answer depends on your particular situation, financial goals, how much money you plan to borrow, and your own personal credit history. Remember, however, that you should always minimize how much you borrow and be diligent about paying back your loans as soon as you can.

8 Types of Lenders who Specialize in Making Loans on Homes

A first lien loan is the mortgage placed on the home before any other loans are taken out. It is usually the loan you use to buy the home and may be the largest loan on the home. The lender of a first lien loan has first claim on the home in the case of default.
There are several types of lenders who specialize in making loans on homes.
S&Ls and MSBs. These are savings and loan associations and mutual savings banks- depository institutions that offer checking and savings accounts and use the money to make loans. Most of these institutions also operate mortgage banking operations, which makes available to them a wider variety of loans they can keep sell.
Mortgage Bankers. “The mortgage bankers are the banks that specialize in real estate financing,” as clarified by Robert Irwin, author of the book Tips & Traps when Buying a Condo, Co-op, or Townhouse. These companies make loans and sell them to investors.
Mortgage Brokers. In her book, The Complete Guide to Becoming a Successful Mortgage Broker, Patricia Hughes defined mortgage brokers as “financial professionals who act as agent between borrowers looking for mortgages and the institutions that offer them,” These firms or financial professionals operate much like mortgage bankers. However, they do not use their own money to originate loans. Instead, they find the type of loan you want and originate the loan for the lender chosen.
Commercial Banks. Although banks specialize in short-term and business loans, they are becoming more active in home mortgages, particularly adjustable-rate loans.
Credit Unions. If you are a member of a credit union, you may be to get a mortgage loan from this source. Credit unions specialize in smaller, short-term loans but may offer some types of home loans.
Stockbrokers. If you have an account with a stock brokerage firm, you may be able to secure a mortgage there. Most stockbrokers, even discount brokers, offer mortgage loans.
Sellers. When buying a home, it is also possible to obtain financing from the seller, especially one who is anxious to move. The mortgage rate buyer and seller agree upon may represent a happy compromise between what the seller could earn on money in the bank and what the buyer would have to pay for borrowed funds.
Refinancing Options. If you are refinancing a first mortgage, you may want to check with the original lender first. As you consider your refinancing options, think carefully about your goals. What are you trying to do? Lower your monthly payment? Shorten the term of the loan? That’s important advice by Jason Rich, author of the book Mortgage and Refinancing.

The overwhelming predominance of mortgage loans originated has first-lien status, implying that a creditor would have first call on the proceeds of liquidation of the property if it were to be repossessed.

Shopping for the Right Loan

“Your choice of lender and type of loan will influence not only your settlement costs, but also the monthly cost of your mortgage loan,” says Ralph Roberts, author of the book Mortgage Myths. The variety of mortgage options mean you can borrow the same amount of money, but with different terms, and end up paying very different amounts back. Interest rates and points may look like tiny numbers and percentages in the beginning, but they add up to real dollars later. It’s worth it to shop around. But how do you actually find the right lender and the best deal?
There are two very important reasons for putting your time and effort into shopping for the loan that is right for you. First, you avoid wasting your time and money applying for a loan that does not suit your financial situation. Second, you avoid loans with inflated interest rates and other overpriced costs.

Advertisements for mortgages are everywhere, in newspapers, on billboards, and online. Some offer very tempting rates, too. But the interest rates you see advertised often bear no relation to what you’ll actually be offered. That depends on unique factors, including:
*The type of mortgage (fixed-rate, or other).
* How risky you are as a borrower.
* The amount of your down payment. A large down payment tells the lender that you’re not like to walk away from your investment.
How many points you pay. The more points, the lower the interest rate.

On the other hand, if you buy and afterward interest rates drop even further you may have an opportunity to refinance. Refinancing is replacing your old mortgage with a new one.
Whether it is original mortgage or a refinancing, shop carefully for the best mortgage you can. A real estate broker can be helpful, but plan to spend several hours on the phone asking for rates.

Researching Mortgages Online
You can check out prevailing interest rates they change all the time in your local paper and on sites such as www.bankrate.com, www.hsh.com, and www.freeratesearch.com. If you’ve got the cash to pay points in order to lower your interest rate, use calculators such as those at www.nolo.com/calculators or www.mtgprofessor.com/calculators to see how long you’d have to stay in the house to make this upfront investment worthwhile. Finally, you can research current mortgage options yourself on sites such www.bankrate.com, www.hsh.com, and www.fanniemae.gov.
Whether to buy online is another matter. You’ll need to do a fair amount of research to understand the offerings and how they compare.

Getting Help from a Mortgage Broker
You may want to hire a mortgage broker to help you find a suitable loan. The broker can help you determine how much you can borrow, the best interest rates, and closing costs and can answers any questions along the way. According to Eric Kevin Tyson and Raymond Brown, in their book “Home Buying for Dummies,” Mortgage brokers typically tell you that they can get you the best loan deal by shopping among many lenders. They can help polish and package your application, and steer you to the few lenders that may make you a loan.

You will always be better of starting your loan shopping at a major bank, major savings and loan, or other large lender.

Home Financing in the Twenty-First Century

Innovations emerged in the last decade of the twentieth century that are transforming the way home mortgages are made and are promising to bring even more changes in the years ahead. These changes have benefited mortgage borrowers and homebuyers to a great extent, although there are some important tradeoffs. Most importantly, the borrower is in a position today to shop more effectively and make critical decisions based on better information. However, that borrower needs to be aware of the financing choices and sources of information available in order to get the best value. The big trends affecting the market include:

* The use of computers and electronic communications to speed loan applications.
* The development of a national market for mortgage loans and the growth of major institutions to further that development.
* The demise off inflation has reduced volatility in interest rates and encouraged lenders to extend financing to barrowers once considered too risky.

These trends are driving changes in the way people finance their homes, such as:
Where you go to get a mortgage loan: During much of the last century, most people went to specialized mortgage lending institutions such as savings and loan associations when they needed to buy a home. Today, being able to gather information on a number of lenders and loan products and choose from among them is well established in the market place. The Internet allows individuals to compare the terms of a broad array of loans. For those who need more guidance, there are real and virtual mortgage brokers and bankers to help explain the options.
What kind of loans you can get: In the 1980s, many different types of mortgage loans appeared, largely to cope with a high-inflation interest rate market. Today, almost anyone can buy s home thanks to a proliferation of loans designed for different kinds of borrowers. With very good credit, you may be able to borrow 100% of the purchase price.
How your loan is processed: In the past, waiting for loan approval was a long and nerve-racking experience for most homebuyers. In recent years, much of the loan underwriting process the procedure used to decide whether the loan should be made has been streamlined, thanks to the greater ease with which information can be accessed and transferred.
The modern mortgage market appears to develop new products whenever there is sufficient demand. When many homeowners refinanced their mortgages as interest rates were falling, lenders began offering loans with no discount points. These loans were very popular because they reduced the cost of refinancing. Now, no point mortgages dominate the market for purchases as well as refinancing.

Not every lender will offer every type of loan or even the latest technology. So, today’s mortgage barrower needs to research available options and do some comparison shopping to find the best deal. The information in this blog provides a good start toward discovering the possibilities in the marketplace.

Home Equity Loan Sources

A key to finding the right loan is to consider all available sources. The emergence of home equity programs has enlarged the field of lenders. Likely lenders are among the following:

Banks. Commercial banks are attracted to home equity lines as a way to sell other bank services, such as savings accounts and credit cards. Banks have been some of the most aggressive marketers of home equity loans, offering low closing costs, special initial interest rates, and no annual fees.
Consumer Finance Companies. In their book “Barron’s Finance & Investment Handbook,” John Downes and Jordan Goodman stated that these finance companies also known as small loan or direct loan companies lend money to individuals under the small loan laws of the individual U.S. states”. These firms have long experience in making second mortgages on homes. They have also been aggressive home equity loan makers in an effort to keep borrowers who want to retain tax-deductible interest.

 

Savings and Loan Associations. The S&Ls have moved into home equity more cautiously. However, these loans are natural extension of their first mortgage business.
Mortgage Bankers. W. Frazier Bell in his book “How to Get Best Home loan,” explained that mortgage bankers work closely with the secondary market, using its guidelines and selling the resulting loans or securities backed by the loans. As home equity loans become more acceptable to investors and other purchasers of mortgage loans, mortgage bankers can be expected to offer more programs.
Credit Unions. These organizations should provide equity loans for the same reasons as consumer finance companies.
Securities Brokerage Firms. Stockbrokers are more than just securities salespeople. Many of the major companies offer their own line or sell programs offered by the large investment houses.
Nontraditional Lenders. A major university provides student loans backed by home equity. Some home improvements dealers also offer equity financing for these products and services.
Online Lenders. “These are usually mortgage brokers who operate over the internet,” says Robert Erwin, author of the book “Tips and Traps When Mortgage Hunting”. Many mortgage banking companies have an Internet presence, as well as their bricks-and –mortar offices, while others operate through Web sites only. Though the latter are not chartered banks, they do have to comply with all federal lending laws.

With home equity loans, you often do not have to search out sources. If you own a home and have a good credit rating, the lenders will seek you out.

Obtain a Home Equity Loan or Credit Line

You’ve probably seen the ads for home-equity loans. They normally show a tanned and fit couple frolicking on the beach during their dream vacation or an all-American-looking family smiling in front of their gorgeous new van. Sometimes they show a blushing bride to be wearing an engagement ring with a diamond the size of a Volkswagen or a kid grinning ear to ear as he opens the best Christmas present of his life.
Home-equity loans and home-equity lines of credit can be very convenient. In fact, they can be lifesavers if you have unexpected expenses or expenses you just can’t cover. This type of loans is taken, as the name implies, against the equity you’ve built up in your home. Your equity is used as collateral on the loan. Always remember, though, that there’s a big risk associated with home-equity loans. If you default on the loan, you lose your home.

What is a Home Equity Loan?
A home equity loan is simply a loan keyed to the equity in your home. The equity in your home is the value of your home less the balance of the mortgage you used to purchase the home and any other debt secured by the home, such as a tax lien, judgment lien, or second mortgage.
Using the equity buildup in a home to finance purchase is an alternative to refinancing. Home equity loans are of funds for homeowners to use for a variety of financial needs, including the following:
*To finance the purchase of expensive items.
*To consolidate existing installment loans or credit card debt
*To pay medical, education, home improvement, or other expenses

 

Obtaining a home equity loan has advantages and disadvantages. If all of your debts are unsecured and your house is exempt from collection. It’s almost never a good idea to put your home into jeopardy by getting a second mortgage or home equity line of credit. If you’re behind on your house payment, you’ll be better off negotiating a mortgage workout with your lender.
If you decide that you do want a home equity loan a mortgage workout or for some other reason, be sure you understand all the terms before you sign on the dotted line. It is extremely important that you find out how much the loan will cost you each month and determine whether you can afford it.
Consider the following pros and cons of home equity loans and credit lines.

Advantages of Home equity Loans and Credit Lines

You can borrow a fixed amount of money and repay it in equal monthly installments for a set period of time. Or, you can borrow as you need the money, drawing against the amount granted when you opened the account: you’ll pay off this type of loan as you would a credit Card bill.
The interest you pay may be fully deductible on your income tax return.

Disadvantages of Home Equity Loans

Some home equity loans are sold by predator lenders at very high rates. Predatory lenders target people in financial trouble or with past credit problems. Often, predator lenders count on the borrower not being able to make the loan payments and expect to foreclose on the house when the borrower fails to make payments.
Teaser rates might make a home equity loan look more attractive than it is. Equity loans often have a variable interest rate that rises or falls with a particular interest rate index. But often, the rate for the first six months to three years is much lower. Once the initial period ends, the rate automatically jumps up to the regular variable rate, which can make your loan payments much higher.

Before you take out s home equity loan, be sure you can afford the monthly payment.

The Life of a Solar System

A family can be compared to a solar system which is like a galactic cell. At the center of a solar system, there is a source of energy that nurtures and stabilizes it- its sun. A number of planets in various stages of maturity revolve around this central core of energy.

A family also needs a powerful, stabilizing, and nurturing source of energy at the center. The only people who are qualified to sit in that position of power and responsibility are parents. Their job is to define, organize, lead, nurture, and sustain the family.

Children are the planets in this system. When they are very young, they orbit close to the parent sun because they need lots of nurturing and guidance. As they grow, their orbits steadily widen. By their late teens or early twenties, they should be capable of escaping the pull of their parent’s gravity and embarking on lives of their own. Our children’s ultimate task is to move away from us, and our task is to help them. Allowing a child to bask in the spotlight of attention, however, encumbers his ability to establish greater and greater degrees of independence. A child cannot be the center of attention in a family and move away from that center at the same time. It’s either one or the other.

If you put a child in the family spotlight, you create the illusion that he is the most important person in the family. That center stage position is cozy, warm, and comfortable, and the child who sits there will naturally want to stay, basking in the warm glow as long as possible.

That this has become a national problem is attested to by the fact that since the late 1960s, the average age of full economic emancipation has increased by nearly seven years, from twenty to nearly twenty-seven. Over the past thirty years, the percentage of twenty-two-year-olds still living with their parents has more than doubled, while the U.S. economy has been growing rather steadily. Furthermore, we have something called “boomerang kids”-kids who leave home, fail to manage their lives responsibly (lose jobs, ring up massive debt, become evicted, and so on), and wind up coming back home to live with their parents. All of this tells us that today’s children are having serious problems when it comes to something previous generations of children had no great difficulty with at all-emancipating themselves. It also tells us that the problem is not out there, in the world. The problem is at home, in the way these kids are being brought up. Either we are clinging to them or they are clinging to us- or both.

How to Predict a Happy Marriage

Over the last two decades, marriage specialists have researched the ingredients of a happy marriage. As a result, we know more about building a successful marriage today than ever before. For example, happily married couples will have:

• Healthy expectations of marriage
• A realistic concept of love
• A positive attitude and outlook toward life
• The ability to communicate their feelings
• An understanding and acceptance of their gender differences
• The ability to make decisions and settle arguments
• A common spiritual foundation and goal

Every couple should be aware of these issues before they marry. Taking the time to understand these issues is like investing in an insurance policy against divorce.

I have learned that living happily ever after is less a mystery than the mastery of certain skills. Although married life will always have its difficulties, you will steadily and dramatically improve your relationship by mastering certain life skills.

Many couples wrongly blame in-laws, money, and sex for breakups and marital dissatisfaction. However, the hot points in marriage usually result from poor communication, gender issues, and lack of spiritual health.

More relationships begin with an emotional honeymoon, a time of deep and passionate romance. But this romance is invariably temporary. In The Road Less Traveled, Dr. Scott Peck says that “no matter whom we fall in love with, we sooner or later fall out of love if the relationship continues long enough.” He does not mean that we cease loving our partner. He means that the feeling of ecstatic love that characterizes the experience of falling in love always passes. “The honeymoon always ends,” he states. “The bloom of romance always fades,”

It is an illusion that the romance in the beginning of a relationship will last forever. This may be hard to swallow, but debunking the myth of eternal romance will do more than just about anything to help you build a lifelong happy marriage.

8 Suggestions to Help Strengthen Your Marriage

Understanding that your marriage will probably be under a great deal of stress as you adjust to new children and your changing roles, it is important that you invest the time to nurture your relationship with your spouse during this challenging period. Following are a few suggestions to help strengthen your marriage.

Avoid Comparisons– Resist the temptation to compare your spouse to others. There is no shortage of stories about how great other husbands are. The ensuing comparisons will only make you feel resentful or bitter. You’d do better to focus on your husband’s strengths rather than concentrate on his weaknesses.

Touch– This is an important form of communication in a marriage. Have you ever noticed how cold a relationship appears when couples seem unable to touch and hold each other? It’s as if there is an invisible wall between them. Make it point to hold each other. Take your husband’s hand while walking at the mall; touch him on the shoulder as you walk by; greet him with a kiss and a hug –daily.

Flirt– Always looks for opportunities to flirt with your spouse. Provocative greeting cards, occasional slaps on the rear, suggestive whispers,  a wink from across the room-these all add dimension to a marriage and keep the passion alive.

Play-Find an activity that you both enjoy and do it regularly. Our children need to understand that a healthy marriage is a vital element of a healthy family. Kids naturally think that the world revolves around them. Spending time alone with our spouse helps send the message to our children that they aren’t the only ones in the family. Dating makes it clear that Mom and Dad have their own special relationship and that they need time with each other occasionally to keep it healthy.

Follow the Rules of Engagement– All marriages have conflict; it’s a fact of life. But how we handle these conflicts can have a lasting impact on our marriage and on our physical well-being. Research at Ohio State University showed that when couples used sarcasm, insults, criticism, and put- downs during conflict, their bodies produced higher levels of stress hormones.

Give Each Other Space– Space can become a treasured commodity when you have children. Both husbands and wives need occasional time alone, particularly when the children are young. In a healthy marriage, giving your husband the space he needs will likely be a favor that he returns to you.

Avoid Jealousy– When we accept our redefined role in the marriage, we need to understand that the perks associated with our new job also change, and that they will not be similar to those of our spouse.

Forgive, Forgive, and Forgive– The secret to a strong marriage isn’t the perfect relationship or the perfect spouse, it’s forgiveness. We all screw up, sometimes royalty. Forgiveness means that we move forward, ignoring the inclination to revisit the past over and over again. If your marriage is suffering from some old grievance, and divorce is not an option, then you have nothing left but to forgive.

In a world in which marriage is so often an object of derision, may yours silence the critics.