Financing a car is a very important process and today with the availability of numerous car finance brokers it has become an easy option to get secure car loans. Today these car finance brokers are also playing a vital role in assisting car buyers. In fact, consulting and taking help of car broker can definitely be most appropriate option if you don't have any clue about what to look at according to your budget. A finance broker is the most experienced personnel and clued-up on how to approach the financiers in a way that can persuade them to approve the loan. They usually have good relations and reputation with the lenders as being reliable, and so they know which lenders are likely to be open to a client. In general, they act as the key source and offer services such as finding a used or brand new car model that the customer wants and within a budget range. At times, these car brokers even assist car buyers in negotiating with a used car seller. However, these days there are many car finance services and making a proper selection is turning out to be a very complicated process. You need to understand that not all car finance services are fair. Therefore, if you are looking to finance a car or choose a car financing service then here are a few important points that you should keep in mind while making a selection: Standards You must confirm whether your car finance consultant or broker is a member of FBAA or COSL or both of these industry associations. While Finance Brokers' Association of Australia Ltd. (FBAA) is one of Australia's leading membership bodies for finance broking professionals, the Credit Ombudsman Service Limited (COSL) is an independent organisation that is mainly indulged in handling complaints about finance brokers. You can easily confirm finance consultant's membership by searching through their member list. Adding to this, WA Finance Broker License is yet another additional requirement for finance brokers serving in Western Australia. Nevertheless, if you are looking for finance broker and residing in the state of WA or other states of Australia, it is essential that the broker must hold a WA Finance Broker License. A broker holding WA Finance Broker License entails passing a comprehensive range of checks, educational requirements and operational requirements. Accreditation While selecting a car finance broker also ensure you know about their range of lender accreditations. The range of accreditations held by a broker governs the range of options they can offer. You must note that a broker's accreditation can not just change the range of finance options available to you, but it may even affect the quality of those options. Experienced Staff You must choose car finance service that recruits and retains professional and knowledgeable staff. The broker must be an experienced professional who can demonstrate and explain about why a particular product is highly recommended or even suites your specific circumstance. If possible make sure you even ask for testimonials from previous clients that in turn may help you in the confirmation of their experience. Services Offered As mentioned earlier, today there are many finance services available in the market. Therefore, you must find out more about any extra service that a broker can provide. You should expect your finance consultant to supply detailed information about timeframes, and any fees or extra charges related with your finance. The key point is if a broker is being able to clarify the comparison rate of your recommended vehicle finance and the overall cost of your finance package then it is quality sign of a good finance broker. These are some important points that can help you in choosing your car finance services easily. Today a lot of responsibility goes along with buying a car and taking financial help through car broker. Just taking care of few essential steps can help you select your car broker and further purchase a nice new or used car. "What Obama Must Say Tonight," "10 Tax Moves to Make in 2010," and "Ailing Banks Favor Salaries Over Shareholders," are all examples of the dozens of articles that could be found today at Yahoo! Finance. Yahoo! Finance is a finance website that offers lots of free information and tools all related to finance. There are many websites today that offers resources and tools related to personal finance and investing, so what does Yahoo! Finance have to offer? *Free- Although there are some services available for a fee, accessing the Yahoo! Finance website is free and so is the use of many tools. *Personalized Updates- If you choose to set up an account, you can get personalized updates when you log on about stocks or companies that you're interested in. *Up to Date- This is one of the best things that sets Yahoo! Finance apart. Market indexes and updates are updated frequently and the "news" is fresh. *At a Glance- You can see Market index averages for the day including the DOW, NASDAQ, S&P 500 and more, as well as graphs showing the trend in these averages for the most recent working day. What's Up at Yahoo! Finance? In addition to the Yahoo! Finance home page, you can find helpful pages on: -Investing -News and Opinion -Personal Finance -My Portfolios (if you choose to organize your financial information here) - A Tech Ticker On the Investing Pages at Yahoo! Finance: Find out about "Today's Markets," including recent earnings statements, recent stock splits and more. Mutual Funds, Stocks, ETFs, Options, Industries and Currencies are all explored furher. Find research, converters, calculators, articles and more. You can also learn more about world stock index levels, world news and exchange rates are under "International." "Research and Education" offers a business term glossary, personal tutorials on finance and investing and more. Of course Yahoo! Finance also offer "Community," a section where you can chat, ask questions or join groups. On the Personal Finance Pages at Yahoo! Finance: Get your personal finances organized at "Banking and Budgeting." Free trials of online bill pay are available. Frequent offers include free for 6 months and $4.95 thereafter. More under Personal Finance... *Insurance *Taxes *Loans *Real estate * Family and Income *Retirement On the News and Opinion Pages at Yahoo! Finance: Look for articles on... *Industry news *New technology *Top picks by experts Creating a Yahoo! Finance Account: Creating an account at Yahoo! Finance is easy and free. Once you've created an account, you can personalize your logon so that the information that is important to you will be displayed including stock prices and relevant news pertaining to companies you are interested in. The Perks of Yahoo! Finance: Yahoo! Finance visitors and members enjoy that there's so much financial information in one place and that the articles and financial charts on Yahoo! Finance are kept up to date. They also like that so many of the services available are free. Visitors also applaud Yahoo! for having limited ads. Popular Tools at Yahoo! Finance: There are rate charts and calculators for Mortgage, Home Equity, Savings, Auto Loans and Credit Cards for fixed loans and ARMs. You can see rates across the country as well view rates in your area. What's not to love about Yahoo! Finance? While many users like the non-nonsense format at Yahoo! Finance, others find the finance web sites look to be drab, boring and unexciting with little more than two colors, black and blue, a limited photos. Still, Yahoo! Finance is recommended as a finance website that has a lot of helpful tools and resources that are well organized, up to date and more than not, free.
The American Dream; what does it mean to you? People have different jobs or hobbies or passions in life, but one constant remains the same among all of us, and this common thread that unites our dreams is that of Home Ownership! Unfortunately, in this current economy, achieving the dream of home ownership is becoming more difficult than any time in recent history. Too many Americans are following the unwritten rule of home ownership that tells us to 'Find a Realtor and Get a Bank Loan'. In past economies, with thriving job markets, lower inflation, and less credit restraint, that 'rule' may have made sense to follow. But our current economic system is making it difficult for the average person to achieve the American Dream of Home Ownership. In times of unstable job markets, with double digit unemployment forcing people to become self-employed to make a living, the banks are requiring a W-2 stable job history in order to issue loans. In times of a great credit crisis, the banks are requiring stricter credit scores than most people are able to achieve. Fewer and fewer honest, hard working Americans who are used to following the 'traditional rules' for owning a home are having the opportunity to own their own homes. What if you could achieve the American Dream of Home Ownership without the assistance of a bank? The purpose of this document is to allow motivated home seekers an opportunity to write a New Rule of Home Ownership that allows you to declare your freedom from the services of a Bank in order to partake in your piece of the American Dream of Home Ownership! In order to understand the New Rule of Home Ownership, let's take a closer look at the existing rules of purchasing a house with Traditional Bank Financing. The first part of the Traditional Bank Financing focuses on Qualifying for a Loan. While many different loan packages exist, the most common loan written in today's market is an FHA Loan, and therefore, we shall use their guidelines as an example. The following are guidelines for an FHA Loan: o FHA Loans require a minimum credit score of 620 to be eligible for a loan o FHA will require 3.5% down on the home. This down payment MUST come from your account. You are not allowed to borrow from friends, family or anyone else. You must document where the funds for the down payment came from. Specifically, the source of the down payment must be from your personal checking, savings or retirement account and CAN NOT be borrowed! In order to work with most Realtors, you must first get pre-approved for a bank. Many Realtors won't even show you a house unless you can prove that you are able to afford and receive financing for the property. This painful process of pre-approval from a bank can take 2-3 days and involve the following steps: o Proof of Creditworthiness o You must provide 2-4 years worth of tax returns! o You must provide your last 4 pay check stubs if you are an employee or an updated Profit and Loss statement if you are self-employed, a business owner, an independent contractor or entrepreneur. However, if you cannot show a consistent pay stub as proof of income, then you may want to skip ahead to the part of this document where 'Owner Financing' is discussed, as you will find it increasingly difficult to qualify for a mortgage. o Your bank may require you pay off other debit to help improve your credit score to qualify for the loan o And the worst part... this proof of creditworthiness is done throughout the entire home buying process! Even once you qualify and pick out the home of your dreams; underwriters at the bank will have you go through the same process to make sure you still qualify. Now that you are pre-qualified for the home of your dreams, you may finally begin the process of working with a Realtor to find your new home. Once you've found your home, the Traditional Banks will want an inspection performed on the home and may require the seller to fix EVERYTHING for the bank to finance your loan. Some people just want a small discount on the house and they will do their own repairs however, many times a traditional bank will not allow you to do this! These small fixes may add to the total price of the house. Also, expect to pay Realtor fees, bank fees, filling fees, "point buy down" fees, loan origination fees, closing costs, title fees, surveys, appraisal fees, and anything else imaginable for which to be charged. Though many of these fees can be rolled into your loan, over the long term, you may be paying an extra 10% in unnecessary Financing Fees that are loaded into your loan! What if there was a quicker, easier, and less intrusive way to take your share of the American Dream? What if you could look at homes without having to pay a Realtor fee, pre-qualify for a loan, and go through a 3 month home buying process? After all, we ARE in a BUYER'S market in Real Estate, so why shouldn't we be able to buy? Consider the possibility of declaring a New Rule. Instead of working with (and paying for) a Realtor, why not work with the Seller directly? Especially if that seller is a Professional Real Estate Investor who is not only willing to sell the house in a quick and simple matter, but is also will to FINANCE the sale of the house on a short-term basis! Earlier in this eBook, we went over the process of the Tradition Bank Financing. Now, we shall detail the 7 Easy Steps of Purchasing Your Home with Owner Financing: * Contact the Seller of the Home without having to pre-qualify for a loan and look at the home to decide if you want to purchase. * Settle on a price * Agree to a down-payment and interest rate * Once you've agreed to a price, down payment, and interest rate, complete a Deposit to Hold form and pay this 1% fee applicable to the sales price of the property. This fee will take the property off the market while you are closing on the home. * Fill out credit application; provide 2 most recent paycheck stubs and bank statements as proof that you can afford the monthly payment. * (Optional) If you chose, you can order your own home inspection to review the condition of the home * Close in 2-5 business days Buying a home from a Professional Real Estate Investor is quick and easy. Once you have settled on the price and monthly payments, you have minimal paperwork to complete and can close on the transaction within one week! The following is a summary of some of the benefits of Owner Financing compared with Traditional Bank Financing: * In many cases, there is no minimum credit score required * Instead of 10% Traditional Bank Finance Fees / Closing Costs, your Owner Finance Fee averages to 5% of the transaction. * Unlike Traditional Bank Financing, your down payment for Owner Financing may come from almost anywhere (as long as it is a legal way to raise the funds). You can borrow the money from family, friends, others. There are also some tax incentives for you to use part of your retirement savings. Either way, with Owner Financing, you are allowed to raise your own down payment as you see fit! * You and the Owner Finance Seller will agree on a time to "close" on the home and may close within 5 business days! * Your Owner Finance loan is dependent on your down payment and ability to pay the monthly payment and NOT on your credit or having a W-2 Job. Therefore, Business Owners, Entrepreneurs, Independent Contractors, and the Self-Employed may qualify for Owner Financed Homes! * You are not required to provide extensive documentation to obtain your loan Due to the efficiency, simplicity, and cost effectiveness, you can see why buying directly from an investor with Owner Financing is the New Rule for Buying Homes. Owner Financing interest rates may be a little higher than market price when you initially purchase your home, however, this higher rate, along with a sizeable down payment, will actually help you obtain conventional financing at a lower rate down the road when you decide to refinance! A good way to look at Owner Financing is that is a solution to buying a home with short-term financing. Once you have paid your Owner Financed note on time for say 12-24 months, it's easier to refinance your existing note with a traditional bank loan at a lower interest. It's much quicker, easier, and less intrusive to refinance a home into traditional financing then it is to purchase a home with traditional financing! The following example will detail the process and the costs of owner financing: o John chooses to purchase a beautiful home for $150,000 with a traditional bank loan. John's credit score is 590 and the bank will not loan him any money until his credit score is at least 620. John understands the importance of owning a home and wants to buy something now. o John finds a home that is being offered for $150,000 with Owner Financing. John has $15,000 to put down and wants to close in 5 business days. John's new loan is at an 8.5% rate for 30 years and the sellers would like John to refinance his loan in 24-36 months. John's monthly payment is $1,350 and it includes Principle, Interest, Insurance, and HOA fees. John is happy because he can afford $1,350 per month and is able to take his part of the American Dream! o As John pays on time for, say, 24 months, John has an excellent payment history with his current lender. John will also need to be working on his credit in those 24 months to raise his score to the current minimum of 620. o When John approaches a traditional bank John will be able to demonstrate the following: o John's $15,000 down payment shows that he has 'skin in the game' and is not just going to bail on his house payments o John CAN afford and has been paying $1,350 a month at a 8.5% rate for his loan o John's credit score is now above the minimum required 620 o If John can afford $1,350 a month at 8.5% interest, John can easily afford a $1,100 a month payment at 6.5%! It is much easier to refinance a loan rather than trying to get a loan for the original financing! Since you are already in the house, there is no inspection required, no lengthily closing procedures and there is no longer all that extra red tape that is associated with buying a home with traditional financing! As you can see, purchasing with Owner Financing can be easily done and quickly closed for those who cannot use a traditional bank loan but deserve to own a home now. Summary In today's market, due to tough economic times, there are many people selling their properties. Yet, despite the fact that this is a 'buyer's market', it is tougher to buy a home with Traditional Bank Financing than ever before. Following the old, unwritten rules will lead you to a long and unhappy life in an apartment complex. Motivated home seekers looking for their piece of the American Dream are unable to achieve this great promise by traditional and conventional means due to stringent lending requirements initiated by the very same financial institutions that gladly took over 1 billion of our tax dollars to bail them out! Banks tightening up on their lending practices is causing a shortage of homebuyers in the market. This is one of the biggest reasons that real estate values continue to free fall because there are not enough people who can qualify for available homes while following the unwritten rules. Inspired home seekers, looking to break away from the old rules and ready to write his or her own New Rules to Home Ownership will be able to take advantage of this buyer's market, and with Owner Financing, you will see more and more people purchasing homes. If you are in the market to buy a home however, you cannot qualify for a traditional loan, I strongly recommend you contact a company that specializes in Owner Finance Homes.
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