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When You Need to Refinance Your Mortgage

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Mortgage loan button on white computer keyboard

Mortgage loan button on white computer keyboardThere are times when you experience problems with paying your mortgage. This may be because of some problems that suddenly cropped up such as losing your job or a sudden death or sickness in the family. Despite these problems, you cannot stop paying your mortgage. Doing so would mean losing your home and adding up more to the problems you already have.

To continue the payment on your mortgage, you may need to consider refinancing. City Creek Mortgage shares some reasons you should do so.

Reasons For Readjusting Your Mortgage Payment

Refinancing your mortgage means replacing your existing loan with a new one. One reason you refinance is to get a lower rate than your previous loan. A lower rate makes it easier for you to pay your mortgage. Refinancing also allows you to shorten the payment term. With this, you can finally heave a sigh of relief and enjoy your home without worrying about the payments you have to make.

Wanting to change from adjustable rate mortgage to a fixed rate mortgage or vice versa is another reason you may need to refinance. With a refinanced mortgage, you also get to consolidate your debts instead of paying them separately.

How to Refinance Your Mortgage

You need to compare the rates offered by each lender. This helps you choose the best rate you can afford. Once you do so, prepare the documents you need to apply for a new loan and lock your rate.

Through refinancing, you make it easier to pay off the loan on your house. With a lighter interest or shorter payment terms, you get to focus on other things you need to spend money on, such as your child’s school expenses or the needs of your business.

Signature Loans and How You Get Them

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Woman applying for a signature loan

Woman applying for a signature loanFinancial freedom is very difficult to attain these days, especially if you are working on minimum wage. Even if you do overtime or extra shifts to get a few more bucks, it does not seem to be enough for your monthly commitments.

Whatever your circumstances may be, a signature loan in Utah you can get from firms such as may be the solution for you. Signature loans require only your signature for your collateral, but would usually have higher interest rates.

They only give this loan to individuals who have a relationship with the lender, good credit, existing low debt, sufficient income, and a permanent address. There are cases that the lender requires a co-signer for the debt.

However, they only sign a promissory note and aren’t called unless a primary borrower stops his payments. Here are some tips to get approval for a signature loan.

Be prepared

Lenders will not lend to individuals with bad credits. If you do not have such, better think about your situation. If you do, prepare your documentation like proof of your employment history, tax returns, and W-2 forms. Make sure to bring documents that cover two years of employment history.

Educate yourself regarding the loan

Make sure to educate yourself about the loan. Make sure to know about the risks involved. Haggling for interest rates without collateral or having no relationship with your lender would put you on a bad side of your lender.

Have more than what is required

If there is a document that you feel is needed and can help your case, bring it. One example is your bonus history. It may not be certain that you will get it, but you can show your lender how earned it and how you are on the track of earning it again.

Your documentation is key. Make a repayment plan right away. Show your lender that you can repay the principal and the given interest over a given payment scheme. This fact-based plan will help build the lender’s trust in you.

Many Online Retailers Offer Consumer Financing and You Should Too — Here’s Why

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A woman holding a credit card

A woman holding a credit cardConsumer financing, also known in-store financing, flexible financing, installment plans, or “buy now, pay later” plans, enable consumers to purchase products over a specific period. Because of the flexibility, it’s no wonder that more and more retailers are implementing this payment scheme.

If you would like to avoid cart abandonment in your online shop, you have to take the necessary steps to boost your checkout conversions. One thing you could do is offer as many payment methods, including a point-of-sale lending platform through flexible, in-store financing.

It gives a competitive advantage over their competitors. If you are an online retailer looking to increase your sales and promote brand loyalty, learn more about how customer financing could help you.

The Benefits of Offering Customer Financing

Years ago, consumer financing was only available on brick-and-mortar, big-ticket products. Nowadays, however, it’s common to see this alternative payment scheme even when checking out in online retail stores. For one, it’s very easy to adopt this technology, and the entire process is extremely easy to follow for consumers as well.

A recent survey found that retailers that offer consumer financing experienced an average of 33% increase in sales. By enabling consumers to pay for their purchases in installments, you could easily reach more customers that you wouldn’t have otherwise reached because of budget constraints. Also, customers who usually buy smaller orders are now buying more items because of this flexible financing scheme.

A study conducted by Forrester also found that providing in-store financing for consumers could lead to an average 15% boost in order values as well as an average 17% growth in incremental sales. This increases to as much as 15% when the holiday season comes around. Aside from that, other surveys indicate that the knowledge of customer financing options influences the decision of web users to purchase from certain online stores.

By taking advantage of this easy-to-implement and consumer-friendly financing option, you’ll see more conversions at checkout as well as increased sales and improved brand value in no time.

How Your Business Benefits from Finance and Accounting Outsourcing

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Man Computing On Calculator And Writing On His NotebookTo streamline their finance and accounting (F&A) processes without having to hire a full staff of accounting personnel, many companies are turning to business process outsourcing companies.

For a better appreciation of finance and accounting outsourcing (FAO), here are some benefits associated with it.

Better results

All outsourcing companies are customer-centric. This means they put the satisfaction of their clients above all else so that you can enjoy better results at a faster turnaround time.

Get access to a team of experts, top-of-the-line system and tools

Because of the fierce competition in the outsourcing industry, a company that offers financial outsourcing service will have the latest and best software and tools, as well as a team of highly trained experts.

Reduced costs

Your F&A processes are a vital part of your business, yet staffing an entire department will involve costly recruitment and training processes, which you may not have the budget for. You can avoid such expensive operating costs by simply outsourcing your accounting functions, whether in part or as a whole.

Avoid costly mistakes

Failure to understand fully all the processes involved with finance and accounting leads to expensive mistakes. By outsourcing your accounting processes to a team of experts in the early stages of your business, you can avoid such unnecessary problems.

Focus on your business’s core competencies

Outsourcing your accounting processes can actually free you and your staff from additional work, which gives you more time to focus on the core competencies of your company.

Flexible and scalable

Another key benefit of FAO is its scalability. You can easily get a bigger team when you expand your business or cut down on people when you want to cut back on expenses. Outsourcing companies are flexible enough to meet all your needs.

FAO is a viable option for startups and even established businesses that do not want to spend a lot on operating costs and want to focus on their core competencies. There are many FAO companies to choose from.

However, you need to get to know these companies so you know which one will be able to meet all your needs.

Mortgage Rates Fall Even More

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a concept of a man thinking about buying a houseHave you been planning to apply for a home loan here in Lake Oswego, but you have not taken out a home loan because of the high rates? Now may be the perfect opportunity for you to review your mortgage options as mortgage rates decreased for the week.

The 30-year fixed, 15-year fixed, and 5/1 adjustable-rate mortgages all decreased in interest rates.

Mortgage Decreases

The 30-year fixed mortgage fell 8 basis points from 3.77 percent to 3.68 percent. The 15-year fixed mortgage, on the other hand, slid down 5 basis points to 2.91 percent. Finally, the 5/1 adjustable-rate mortgage fell 5 basis points to 3.06 percent.

Grab the Opportunity

Rates have only been this low now ever since the beginning of the year. You can immediately approach Lake Oswego lenders to lock in a home loan with the low-interest rate available. Take your time, nonetheless, and shop around to find the best deal around.

Consider which mortgage you will take as well.

Driving Forces of Decreases

Rates have been sliding down for six weeks already. Experts tie the decreases to the current events racking the country. As Hurricane Irma hits land and tensions continue to climb between the U.S. and North Korea.

These events affected investors and drove long-term bond yields down significantly. Mortgage rates fell, as they tend to follow the path of long-term bonds.

Experts Say: No More Decreases

Again, you can grab the opportunity to lock in a low mortgage rate now, especially while the rates last. Experts suggest mortgage rate decreases will come to a halt, in spite expectations of more bad news to come. Mortgage rates fall because of bad news that shakes up investors.

Mortgage rates will likely flat line in the next week, however, even if more bad news comes.

With this piece of information, you can alternately take your time to find a good mortgage. It will be good to stay alert, however, as things may make a turn and the rates can go up if you take too long in deciding on a mortgage. You can consider all options to make the best decision.

Three Things that Help You Make Informed Decisions in Home Loans

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Buying a Home

Buying a HomeBuying a home is perhaps the most costly investment for most Americans. With such a decision, you do need to gamble. You not only need ample time to think about it but also seek expert advice on your home investment plan. Any financial institution you approach will evaluate you thoroughly before deciding on giving you home loan options in Ogden. You have to have a credible credit report, shop for the best interest rates, and get reliable loan products.


Financial institutions try to reduce their risks to a minimum. Any lender will want an official statement of your financial status. You do not want to present a document that betrays their trust in you. Credit unions want to know whether you have borrowed funds in the past and if you managed to repay within the stipulated time.

Similarly, a credit report will show your official address, police records, or any legal claims such as bankruptcy. You are, therefore, advised to request a copy of your credit report at least once a year. The Fair Credit Reporting Act entitles every citizen to free copy of their credit report.

Interest Rates

Credit companies are always looking to make a profit from the loan they award you. It is your responsibility to ensure that the rates are low and manageable. Interests on home loans change occasionally. Therefore, you need to make regular checks to be certain that your interest rate is locked. You need to confirm that the rates will not change before closing within 30 or 60 days. Moreover, you could ask your credit provider the cost of extending a rate lock, and if you can be allowed to switch to a longer rate lock.

Loan Estimates

Always shop and make a comparison between loans. You need to choose the best loan that will not hurt your budget and income. You want to request a loan estimate from various credit providers so that you can choose with whom you want to work. Inquire the reason for them suggesting such rates. In the end, make a choice based on comfort, cost of the loan, and confidence in the credit company.

When applying for a home loan, you need extensive research. You must have a reliable credit report, shop for comfortable interest rates, and compare various loan estimates.

Ways to Diversify Your Investments

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Girl posing with a piggy bankDiversifying your investment allows you to increase the security of your future. It’s one of the best ways to minimise loss of income because your assets are essentially “spread out” so that they’re not all exposed to the same risk. Here are some tips to diversify your investments.

Buy Gold Investments

Gold coins in the UK make for an excellent investment as they have a relatively stable resale value. When you consider the intrinsic value of this investment, the experts at Atkinsons Bullion explain you’ll find that it will sell better if it is kept for a long time.

Invest in Stocks

Buying shares or investing in stocks can be common, but make a point of diversifying your purchases. Get shares from financial companies, real estate companies, trade companies, retail companies, and varying industries. This allows you to diversify your stocks further so that one industry problem won’t affect the rest.

Buy Real Estate

Land is perhaps one of the best ways to diversify as their value only increases in time. You can hold onto land and sell it, or you can lease it out to others. Buildings can also be rented out, providing you with a steady income over the years.

Fixed Income Funds

With a volatile market, you’ll want an income source that’s dependable. This is where fixed income funds can help you. This is a perfect long-term method for diversification with the securities being tracked by experts to your benefit.

Government and Insurance

Don’t forget the government pension or even insurance companies, specifically when it comes to health. You can also try investing in prepaid funeral plans. While this is technically not an income-producing investment, it does help you save in the long run.
Don’t forget the classic investment of putting money in the bank. Make a point of computing how much money you’ll need to live on by the time you retire so that you have a solid goal.

Why Utah Residents Need to Buy Houses Right Now

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Home exteriorPrices for homes in Wasatch Front and Salt Lake City are higher than ever. While this may be scary for a would-be homeowner, this is also a good opportunity if you want to lock in a house and keep your options open for the future.

Here’s why you should consider buying a house now:

The Return on Investment Is High

After using a home loan calculator, you may feel overwhelmed with the monthly payments you will need to make. But if you can sell the property for a higher price in the future, you can get a good ROI for a shorter period. In a year, prices of homes in Salt Lake City, Utah went up by 10%. If the trend continues, you can sell a house for a good profit and being able to afford a new home for your family in the future.

Opportunities Are High in Utah

Not everyone who buys a house in Utah is looking to make a profit out of it. Some simply want a roof over their head and a place they can call home. If you’re one of them, buying a property right now is a good way to get started. With Utah’s booming market and economy, you’ll be looking at business opportunities left and right.

The Upward Trend May Continue for a While

With the soaring price of raw materials and the lack of manpower, fewer houses are being built to answer the demand. There’s no knowing when Utah’s real estate market will reach a plateau. You don’t want to end up with no housing options at all, so it’s best to look at what are up for sale before they are snatched by everyone else.

A house is something a family needs to survive and live a comfortable life. Look at what’s out there and talk to your mortgage company before you run out of options. But be sure to compare those options and get professional help, so you can make an informed decision. Applying for a mortgage is also a good way to own a house.

Top Home Buying Secrets That You Should Be Aware of

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Hands shaking on real estate deal

Hands shaking on real estate dealBuying a home is a huge investment on your part. Thus, it is important that you get the most out of your hard-earned money. You have to make sure that the home you will pay for is the right home for you.

There are things that you need to know before availing of a home mortgage here in West Jordan. Here are a few tips on how you can avoid making buying mistakes before it is too late.

Avoid Potential Border Disputes

It is important to have a survey done on the property you are eyeing. This way, you will know the exact location of your property lines. This can spare you of possible disputes with your neighbors in the future.

Having an accurate map of your property can also help you determine the amount of property tax you have to pay.

Check Out the Neighborhood

Before deciding that you have found your ideal community, make sure to check out the area during the day and night. Try to drive by at various times of the day to get a feel of what is happening at certain times of the day. Find out if you can handle the daily commute to and from your new home.

It is also important that the community has everything your family needs. These include supermarkets, schools, and hospitals.

Inspect the Home

When buying a car, you check under the hood first, right? The same is true when purchasing a home. Get the services of a professional home inspector who will make sure to check every area of the home. The job of the inspector is to give you the information you need to come up with a buying decision.

A third-party inspection may reveal some hidden flaws in the house that the seller may not be willing to disclose. You can use these findings as a tool to bargain for a lower price. Hiring an inspector will set you back by about $200, but you stand to save a lot of money from future repairs.

When considering buying a new home, keep these tips in mind. These will help you avoid common mistakes that many home buyers commit.

The FHA 203k Loan Program At A Glance

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Plenty of homes available on the market come at highly affordable rates. It comes Mortgage loan agreementwith a catch, however: most of these bargain houses need substantial repairs before it can be considered livable once more. In most cases, having the funds for a remodel could mean the difference between a dilapidated house with good foundations and a perfect house designed to suit your specific wants and needs. This is where the FHA 203k Loan Program comes in.  It can help fund your remodeling project, as well as act as a mortgage.

Below are some basic things you need to know about the program:

  • You could choose between two types, the streamline 203k loan and the standard or regular 203k loan.
  • You could use the loan for buying a home or refinancing your home.
  • You could qualify with only 3.5% down payment.
  • You could roll the repair costs into your overall loan amount.
  • The house should be appraised for its value upon completion of the repairs.
  • The entire loan process requires 60 days minimum to close.
  • The property should be owner-occupied, meaning that you must live in it after the repairs are done.
  • You could close the loan before any repairs have been completed, but you must finish all repairs within six months after closing.
  • You’re allowed to make various repairs, such as reconstruction or structural modifications, aesthetic upgrades like painting and flooring, bathroom and kitchen remodeling, roofing, internal systems like your air conditioning, electrical, plumbing, water, and heating systems, buying energy efficient appliances and features, and disabled access among others.
  • The loaned funds can be used for a range of remodeling and repair work. You’re not allowed, however, to use the funds to add luxury features, such as a hot tub, a swimming pool, an outdoor fireplace, or a barbecue pit among others.

Although the FHA 203k loan program isn’t right for all borrowers, it might be the right option for you if:

  • You don’t have the money to make necessary repairs and updates.
  • You require a strong support team to aid you in managing the entire home renovation project.
  • You plan to live in the renovated home for the long haul.
  • You fully understand the rewards and potential risks of going through the home remodeling process.

One caveat, however, is to make sure to select a lender that has extensive experience in providing FHA 203k loans because you would need to stay in contact with them until you close on your home. That said, if your existing lender doesn’t offer it, look for one that does.