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Expand Your Business the Right Way

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Business MeetingEvery business has to change and hopefully expand to keep it viable. If you intend to skip the 9 to 5 and eventually start a business, then it makes sense to invest in growing your business. Here are some tips on how to do this.

Get a New Influx of Cash for Expansion

You can check an online lending platform and see if you can get peer to peer lending to help you expand your business. Companies such as Vyze make sure that the right platform gives lenders and their clients  a way to meet and transact business. Most businesses need a fresh inflow of cash to pursue expansion, and this could mean different things: spending on a new location, marketing, and improving products. Choose a specific one that suits your business so you know how much to borrow.

Partner Up with Other Companies

If you don’t have the money to make your expansion happen, try partnering with an existing company. For example, bakery shops can try partnering up with hotels, restaurants, and even catering businesses to help sell products. While you’re not dishing out additional cash, you are effectively expanding your client base.

Start a Franchise

If you don’t have the money to expand, why not franchise your business so that other people will produce the necessary funds? Franchising is the secret behind the success of many global companies today like McDonalds and Starbucks. This business strategy helps build your brand without necessarily flushing out cash.

Improve Your Market Research

If you intend to expand, the first step to take is to find out what the market is. While you might be profitable right now, chances are you’re merely tapping on just one aspect of the market. With research, however, you’ll be in a much better position to make money-making decisions.
Of course, those are just some techniques you can use to help expand your business. However, you should approach expansions carefully so that you won’t find yourself going too far too soon.

Reducing Housing Loan Interest Rate through Refinancing

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As a homeowner and a borrower, you want to get the lowest interest rate on your Approved House Loanmortgage. It would be wise to consider refinancing, particularly when you are paying about 3% or higher for your mortgage. Some housing loans are available at 1% and this is a fixed rate. You can enjoy this rate through refinancing.

Read on to learn how.

Why Choose to Refinance?

Refinance loan refers to a secured loan, which an individual obtains to pay off the existing loan against the current equity. City Creek Mortgage agrees that refinancing your mortgage in Sandy can save you hundreds, if not thousands of dollars for the next two to three years. In a way, refinancing can provide the borrower a debt solution other than filing for bankruptcy. Bankruptcy is always painful, especially when you can never regain what you have already paid for.

Things to Consider

Savings

Remember that the goal of refinancing is to save on interest payments. In maximizing the process, you have to consider if it will lower the monthly installment payments or if you will get a lower interest rate.

Tenure

Another thing to consider is whether the period of payment could be significantly shortened if you are going to refinance your loan. Nevertheless, this could be a staggering decision when your house has higher market value. The underpinning of this is that the higher the market value, the higher the price and the higher the interest rate.

What You Must Do

While interest rates are always fixed, they may also be floating and adjustable. As such, you have to switch to fixed rate mortgages, which are possible through refinancing. When your interest rate is adjustable, it means it moves along with the changes in the real estate market. Comparing the current housing loan interest rate with that of the existing rates in the market would be a necessary first step.

As you are aware now, interest rates are initially lower, which will eventually expand at a specified period (e.g. yearly, after every four years). Through refinancing, though, you can modify the interest rate structure of your loan in a way that it will be more convenient for you to pay.

The market value of your property will affect the interest rate package available for you. So, if your goal is to reduce the interest rate, then consider refinancing it. Do not transact for the first refinance institution that you will encounter. Consider at least three refinance offers and then study them. This way, you can compare the interest rates before making a decision.


The Most Popular Uses of Small Business Loans

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SBA Loan Application

SBA Loan ApplicationA small business loan is ideal for funding purchases that you need to make for your company. You can use the loan for anything that your business may require for smooth operations.

Some of the more common uses of a small business loan in Ogden include:

  • Inventory
  • Equipment
  • Employee Wages/Benefits
  • Expansion

Not all companies need additional capital for all these categories, but most businesses will need extra funds for one or two of them.

Inventory

If you sell products, it is important to have the goods in stock. A business loan can help you buy your inventory or the materials to create your products. You must have a detailed plan to sell your inventory. Otherwise, you may end up with a huge amount of unsold products and a big debt on your shoulders.

Equipment

Your business may need equipment to facilitate your production process. If you don’t have enough funds yet to buy the equipment, a small business loan will come in handy.

Employee Wages and Benefits

If you are in the business of providing services instead of products, you need well-trained manpower. This will facilitate the delivery of your services to clients. While you can get a small business loan to pay your employees, you need to have a clear plan on turning your employees’ productivity into revenues.

Expansion

If you need to expand your business even if you have already reached a certain level of success, you may need extra funding to get your expansion plans rolling. Armed with a good business plan, you can apply for a small business loan and get the cash you need for your expansion project. Once you start reaping the benefits of your growing business, you will not have much difficulty in repaying your loan.

If your start-up or small business needs additional operating funds to keep afloat in today’s highly competitive business environment, you can always apply for a loan. Look for a lender who offers great deals and competitive rates.


Home Buying: Easy Ways to Get Money for Your Down Payment

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Couple Looking at Their New House

Couple Looking at Their New HousePurchasing a home is among the most significant investments in a person’s life, and lenders need to know that you could afford it before giving you a loan. Although there are home loans that require little to no down payment, you most probably need to bring 20% down payment for most home loans or find a lender who could offer a 1% down payment home loan in Salt Lake City. If this isn’t possible, below are some options you could explore.

See If Your Employer Could Help You

Employers sometimes offer help through a benefits package that includes assistance for home buying. You might be able to obtain cash for a down payment via a grant, which you’ll need to repay or an interest-free loan. Some even offer employees a matched-savings program in which you and your employer contribute money that you could use for your closing costs or down payment.

Maybe Your Family Could Help

Most lenders allow borrowers to use gift money, provided that they meet some basic requirements. One, only someone related to you could gift you money, except if you are engaged, and the money will come from your future spouse so that you could buy a family home. Two, the money can’t be a loan from your family, and you need to present documentation to support this.

Check if there are Down Payment Assistance Programs in Your Area

Nonprofit organizations and state agencies typically offer these types of programs, and these work similarly to employer programs. However, take note that you might have to satisfy a certain income requirement or could only purchase property in a particular area to be eligible for these programs.

Consider Dipping Into Your Retirement Account

You could withdraw as much as $100,000 from your IRA account to fund your down payment without being penalized for early withdrawal if you are under 59 ½ years old. But you still have to pay income tax on that money. This would also reduce your retirement savings so think twice before tapping into you IRA.

You don’t have to spend years on end just to save money for your down payment. Although the above mentioned options might not apply to every borrower, it doesn’t hurt to try either. Otherwise, keep your eye out for a no or only one percent down payment home loan, advises a lender in Salt Lake City.


Two Ways to Invest in Gold without Buying the Bars

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GoldTo become wealthy, it is important you do know not only how to save, but also how to invest. The latter allows you to grow money passively – earning while you are sleeping. Fortunately, there are different kinds of passive portfolios to choose from, and these include gold.

The shiny, shimmering metal from earth is one of the most valuable in history. Although its value in the market fluctuates, overall, it increases. The demand for gold is high. From electronics to medicine and finance, a piece of gold is useful.

Investing in gold does not have to break the bank or collecting gold bars. You can consider these two ways.

Gold sovereigns

Gold does not come in big packages only. They can also be as small as coins. Sovereigns are gold coins produced as early as the 1800s. It has a nominal value of only pound sterling, but a coin can have a 22-carat weight of gold.

These are some of the most popular coins, once referred to as gold standard currency, and there are many of them in the market. But if you are buying gold sovereigns in the UK produced during the 19th century or before 1932, you can also get yourself a collector's item.

In the process, you have a good source of gold and a potential moneymaker if you decide to sell it.

Exchange Traded Funds (ETFs)

ETFs work similarly as mutual funds. Investors pool their money to invest in certain commodities. A manager handles the account. A large difference is the fact ETFs invest like a stock exchange. A gold ETF means the price of the asset is hedged on the value of gold at any given moment.

Gold is a volatile asset, which means its price can change significantly very quickly. But if you pay attention to the changes inside and outside the financial market, as well as choose a good ETF company, you can earn huge returns in a day.

Investing gold in this manner gives you better flexibility on how to use your money. You also do not have to worry about excessive safekeeping measures. 


What You Need to Know About SBA Loans

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SBA Loan Application Form

SBA Loan Application FormManaging a small business can be tough. You need to have enough funds to keep it afloat. Other than that, you need to deal with many expenses associated with small business management, such as buying equipment, funding your marketing campaign, and payroll for your employees.

When you need emergency funds, taking out small business loans can be an option. These types of loans, however, are different from the traditional ones. Wasatch Peaks Credit Union provides some helpful information about US Small Business Administration or SBA loans.

Where to Get the Money

There are many potential sources for small business loans. From banks, credit unions, to online lenders, the important thing is to know the interest rates they are offering and the payment terms available. Take note, however, that the Small Business Administration only offers resources and does not offer loans.

What are the Requirements?

Depending on the lender, you may need to provide certain information, such as the number of years you have been doing business or the purpose of the loan. For this, you will need a well-written and detailed business plan. It will include your personal information, goals and mission, projected cash flow and profits, and others.

How Will You Pay the Loan?

The payment terms will depend on the amount borrowed and the interest rate. Adding collateral may result to a better rate. Payment could either be monthly or in one lump sum. It is important to understand the terms of the loan before applying.

Are there Other Considerations?

When applying for a small business loan, you may need to submit a personal guarantee. For example, if you are not able to pay the loan, the lender may take your assets to cover the amount you owed. This will depend on how long you have been in the business, the collateral, or your credit history. Any default in payment could lead to a civil case, which could only be resolved by paying the debt or filing for bankruptcy.

Taking out an SBA loan can help keep your business operational. But it will entail a lot of responsibility and diligence on your part. Make sure you understand the terms and your obligations before applying for a loan.


Beyond Aesthetics: Things to Consider When Purchasing a House

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Couple Outside Home with Sold Sign

Couple Outside Home with Sold SignMany prospective homeowners in South Jordan are taken by the look of the house. Some claim to have fallen in love with the property at first sight — as soon as they saw the exteriors, they knew it was the one. However, your mortgage company and real estate broker in South Jordan, Utah might recommend that you look into other factors so that you won’t regret your decision later.

Ease of Transport

You should check how far is the property from your place of work. Check the surroundings and see how long it will take you to go to supermarkets, hospitals, schools, your office, and other important places. Factor these in when deciding if you are willing to pay for the price the mortgage company has set for you.

Presence of Asbestos and Other Harmful Chemicals

Checking a house for this is especially important if the house was built before the ’80s. When disturbed, asbestos may cause illnesses. Testing companies can help you check for the presence of asbestos. Do this before you have the house evaluated. If the house has dangerous levels of asbestos, it’s not a good option for your family.

Your Family’s Plans for the Future

It’s not just the state of the house that you need to evaluate. You also need to think about your plans. Are you staying on the property for decades or planning to resell it? Do you have plans to add to the family or is someone moving out? Will there be a baby or an elderly joining the household? All these determine how friendly and how adequate the house is for you.

The price of the house or its style are not the only things to consider when purchasing a property. Think about your family’s needs and long-term plans, as well.


3 Hobbies that Can Earn You Money

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A Coin Collection Whether you’re looking for a source of side income or you’re tired of working nine to five, there are a lot of ways to make money the unorthodox way. You don’t always have to take on part-time hours working for another employer. Atkinsons Bullion says aside from selling your precious silver and gold coins, you can definitely add an income stream or two to your current sources with the hobbies you already enjoy–with a bit of creativity and inspiration.

Trade and grow your collection

Are you an avid collector? Whether you collect old currency, precious metals, or vintage memorabilia, there’s a niche where you can trade your goods. Look into social media groups and ask where collectors of a certain item can be found. You can sell gold coins to hobbyists, e-commerce sites, and buyers. You can also trade valuable cards, and even grow your toy or popular culture collection while making money.

Sell your creations

Whether you’re a baker, an artist, or a handy craftsman, there’s always a way to earn money from your hobbies. The Internet is full of enterprising creators who sell their works on different platforms, such as social media sites, Etsy, eBay, and even Craigslist. Make sure to learn some tips and tricks on how to market your creations and you’ll surely get a good head start on making money on the side.

Play video games

Believe it or not, there’s money to be had in playing video games. E-sports has been rapidly growing the past decade, opening up several opportunities for making money for hobbyists and hardcore gamers alike. Some gamers are so skilled that they get recruited to teams and basically get paid to play games. You can also explore the idea of streaming yourself while playing, which is also a popular way of generating a side income for gamers.

These are just some ideas that you can explore. List down your hobbies and start researching! You’ll establish a side income stream in no time.


Mortgage To Do’s after Rates Have Hit Historic Lows

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Mortgage RateRecent mortgage news reveals how the average rates for the 30-year fixed, 15-year fixed, and 5/1 adjustable rate have fallen. In general, mortgage rates have hit historic lows although rates even though have been in constant flux since the start of the year. The news bodes well for borrowers searching for the right mortgage company, since they can take advantage of better rates.

National Averages

According to the recent report, the average rate for the 30-year fixed is at 3.97 percent, down by 7 basis points in the last week. On the other hand, the 15-year fixed went down 2 basis points to 3.16 percent in only a few days. The 5/1 adjustable rate mortgage fell one basis point to 3.15 percent.

Utah Averages

In Utah, the 30-year fixed fell 14 basis points from 4.12 to 3.98 percent. The 15-year fixed went down one basis point to 3.17 percent. Finally, the 5/1 ARM decreased two basis points from 3.15 to 3.13 percent.

Credit Check

With these rates, you can definitely find a mortgage rate that suits your needs. While you search for your preferred rate, make it a point to check your credit report and ensure that it’s up-to-date with fresh information. With your credit report, you can more easily keep track of debts already paid, information that does not belong to you, and wrong notations for closed accounts.

Score Improvement

If you have a low credit score, there are measures you can take to fix it. The best way you can rebuild your credit score is to manage it responsibly instead of resorting to quick-fix efforts. In fact, you can raise your score easily by paying debts, paying your bills on time, keeping credit balances low, and decreasing the amount of debt you owe.

Mortgage rates have fallen, and it gives borrowers the opportunity to lock in on the best rates or to refinance their homes. Cheap mortgage payments serve to increase the appeal of buying a house which, in turn, boosts the demand for houses.


Why Get Mortgage Insurance for Your Mortgage Loan?

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Mortgage Loan in Ogden

Mortgage Loan in OgdenBuying a house has a giant obstacle; that is coming up with a sufficient down payment. You can put less than the traditional 20% down payment, but the lender will likely require you to buy mortgage insurance.

Mortgage Insurance

Mortgage insurance works like any other insurance plan, but it all depends on the type of loan you acquire. Mortgage insurance gives people — who otherwise thought that they have poor financial standing — the opportunity to become homeowners. With minimal monthly payments, almost anyone can acquire a roof over their heads.

Private Mortgage Insurance

There are two types of mortgage insurance: private and government. Private mortgage insurance (PMI) benefits the mortgage lender. As the lender accepts a little down payment, they still consider it a big risk and require you to purchase mortgage insurance. Wasatch Peaks Credit Union noted that the size and type of mortgage loan you acquire could determine the cost you’re likely to pay.

When Can You Cancel Your PMI?

Upon reaching the principal balance (less than 80%), you can cancel the PMI. However, there are restrictions that govern the cancellation. If you successfully pay your mortgage halfway, there is a possibility of cancellation for your PMI. Before taking your mortgage loan in Ogden, your lender should tell how long it would take to reach the loan-to-value mark and inform you of mortgage cancellation options.

You might as well want to pay a little down payment, but consider the costs down the road. The large the down payment, the better the financing deal you land in terms of lesser fees and lower interest rate. Nevertheless, the process of getting yourself a mortgage is a result of your current and future financial capabilities.