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Americans are Drowning in Debt: How Playing Lifeguard Could Make You a Success

January 4th, 2012

Its all over the news these days: America is swimmingor rather drowningin debt. The average adult holds several open credit accounts, many paying only the minimum payment due every month.

The problem of debt in America cannot be overstated. In fact, according to the Bureau of Economic Analysis, consumer debt last year equaled almost two trillion dollars. This debt translates to some $ 18,700 per US household. This number only includes things like credit cards and car loans not home mortgages.

As Americans realize the severity of this problem, credit counselors and debt consolidation providers are busier than ever. But those who feel they cannot stay afloat amid an ocean of debt too often declare bankruptcy: a move that can devastate a family for years to come.

So if bankruptcy is not the answer, what is What America needs is someone to provide comprehensive financial solutions and services. Someone to bring them a level of financial security they thought theyd never see again. And you can help.

Organizations in this field understand the importance of innovative financial solutions, but also education.

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Tags: Debt, Debt Playing

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Jun 15, Best Student Credit Cards – Useful Tips For Finding Them

December 16th, 2011

One discussion between parents and high school graduates may focus on how to find the best student credit cards. A discussion of how credit works is essential. Children are often raised today watching as a parent pulls out a piece of plastic to pay for every purchase.

It’s critical for young adults to understand what follows after a credit card is used. They may not fully accept that using credit obligates you to pay real money on a regular basis.

One way to approach teaching a young person how to use credit wisely is to give them useful tips for finding the best student credit cards when they are heading for college. Opening a discussion of how to choose a student credit provides an opportunity to discuss responsible use of credit.

Most student credit cards have low lines of credit. A parent as a co-signer might enable you to qualify for a card with a higher credit limit but it’s not a good idea for someone new to using credit accounts. Student credit cards are meant to cover necessities, books, emergencies, cost of supplies and low daily expenses.

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Tags: Cards, Credit Cards, Student Credit, Student Credit Cards

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How to Buy Investment Property Under an LLC

December 5th, 2011

This is a common question in Robert Kiyosaki’s RichDad forum. In Robert Kiyosaki’s book Rich Dad Poor Dad Kiyosaki recommends building wealth by investing in rental properties under a limited liability corporation. The confusing thing about this to newbie investors is that a bank typically will not grant a mortgage to a buyer under an LLC.

The way around this is to do what is called a Quit Claim deed after you by the property. By doing this, an investor deeds the property purchased into their corporation while the mortgage loan remains in their personal name. Beginner investors get confused because the bank usually has a clause in the mortgage where they can call the mortgage if title is transferred. A good real estate attorney will explain that although this clause exists, the mortgagor is unlikely to find out about the transfer if the payments are made, and real estate investors do this all the time with their investment property.

The important thing to remember is that when you buy investment property and deed it into an LLC, you are transfer your rights to the property over to the corporation to limit your liability to lawsuits, but you will remain responsible for the mortgage as a personal guarantor. It

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Controlling Home Loan Costs Can Save You Thousands

November 21st, 2011

Home loans are very expensive and in most cases, is the most expensive loan that a person will obtain in their lifetime.  Most people would like to pay only what they absolutely have to for their home loan, and not a penny more, so that they can use the money saved for other expenses.  There are several different ways to control some of the costs of a home loan and taking these steps can save you thousands of dollars over the life of the loan.

Don’t Be Afraid To Negotiate

Many people do not know that they can negotiate the rates, closing costs, and other terms of their home loan before closing and save themselves thousands of dollars on the cost of the loan.  It is important to get all of the cost information available before beginning the negotiation process so that you are armed with the correct information before you begin to speak.  The quote that you receive from the lender is not the same quote that is offered to everyone so negotiating to get the best deal available may convince the lender to give you a better price on the loan.

Stick To Fixed Rate Loans

Adjustable rate home loans may seem like an attractive option because the initial monthly cost may be lower, but these loans have a tendency to reset to a higher rate which can throw off your budget and cause a financial hardship that could last for years.  A fixed rate loan gives you the stability of knowing that your payments will not change during the life of the loan and allows you to budget effectively for the expense of paying off the loan in the time period chosen.  Shop around for fixed rate loans from different lenders and compare the quotes to see which lenders are offering the best deals on these loans.

Less Documentation Means Higher Costs

During the recent real estate boom, many lenders required little or no documentation of income or assets before they approved an application for a home loan.  With the implosion of the housing market, the documentation rules have become more stringent at many lenders, but there are still some that require little proof that you will be able to repay the loan that they are extending to you.  Be aware that most loans that require little documentation are charging higher interest rates and loan fees than what is available from lenders that require the documentation of income or assets before approving the loan application.

Tags: Home Loan, Loan

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Lender Market Share Surprises

November 18th, 2011

It’s tough being a small lender in a scale business like mortgages. Davis + Henderson’s latest market share report reflects that.

The top 10 lenders are increasingly dominating the mortgage broker channel. Their share of the pie has climbed for at least three consecutive quarters and now stands at a lofty 84% (up from just under 80% in Q4).

Broker volume has also grown. Mortgage brokers funded 10% more volume in Q3 compared to the same quarter last year.

The mortgage market is clearly alive and well despite all those dreary housing forecasts last fall. (Ultra low rates will do that for you…)

In the text that follows, we run-down the notable lender performances this past quarter. These figures are unconfirmed but come from sources we believe to be reliable.

The Big 3

1) Scotiabank 17.7% market share, +1.5 pps YOY Scotia’s got a winning model that includes respectable rates, a broad product line, and business relationship managers (BRMs) that are sales, support and underwriter all in one (brokers love a single point of accountability). Scotia’

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Tags: Market Share, Share

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Trucking Company Receives $5 Million In Receivable Finance Provided By 1st Commercial Credit

November 11th, 2011

1st Commercial Credit, LLC an asset based lending company that provides accounts receivable financing for the transportation and trucking industry, finished off the month by facilitating a whopping $ 5 million revolving line of credit to a trucking company. In addition, several large freight companies including freight brokers seem to be the latest trend of new clients to take advantage of 1st Commercial Credits financial services.

Receivable financing is offered to small, medium and large size freight companies with minimal requirements. Credit limits up to $ 250,000 can be established with no financials statements and initial funding may only require an aging, customer list, MC authority, copy of insurance policy, articles of Inc or DBA, and a two page application. Clients that need more than $ 250,000 may be required to furnish financial statements. Despite the high default rate of trucking companies in the later part of 2006 and early 2007, 1stCC continued to experience receivable finance growth within the trucking sector throughout the year.

According to Raul Esqueda (founder and president of 1st Commercial Credit) Trucking companies become vulnerable in this current economy, and it is very important to consider an alternative lender in bad times.

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Tags: 1st Commercial, 1st Commercial Credit, Commercial Credit, Credit

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