Factors to Consider when Buying Your First Home

house and keysFirst-home buyers have a checklist when looking at properties for sale. It should be in a nice, quiet neighborhood, especially if they are starting a family. Obviously, it should be within budget, and for millennials, that means looking at a city that’s not too expensive to live in.

If you’re considering a home purchase but don’t know if Utah is the right state for you, these factors will help you decide:

Attractive Mortgage Terms

You don’t just look at an Ogden mortgage loan uncontested and decide it’s the one, at least not if you’re a wise homebuyer. You’ll want to compare all the available options in Ogden and take some time to think about the different terms and rates you qualify for.

There are plenty of things to consider, such as your monthly expenses, other loans, and salary.

Manageable Cost of Living

It’s ambitious to live in Los Angeles or New York City if your bank portfolio is not plump enough. What you’re looking for is a city that allows you to live comfortably without worrying about your savings running dry.

In Ogden and other cities in Utah, you’ll have job options that pay well, so there will be no worries about you going bankrupt if you work and live smart. You can even start saving up for your children’s future and your retirement early on.

Peaceful Environment

No one wants to settle down in a place known for turmoil and crimes. That’s why the price of real estate near communities with high crime rate is lower in comparison with other neighborhoods known for safety and security.

You don’t even want to consider those cheap but compromised neighborhoods; the money you save makes a big difference in your peace of mind.

It’s time for you to settle down and you want a house to get started. Consider the important factors before you make up your mind.

4 Ways to Pay Cash Loans Faster

personal application loan form approvedDo you know that about 34 percent of Americans take out cash loans? If you think that’s small, remember that 34 percent equates to approximately 83.5 million people. Cash loans are great if you need cash fast, thus the name. But if you want to be debt-free faster, here are some tips on how to do it.

Keep these tips in mind if you regularly apply for cash loans in Salt Lake City.

1. Borrow only what you need

It’s tempting to borrow more than what you need. After all, you can easily think of items you can get for the cash you’re getting. But when it comes to loans, the smarter thing to do is only to borrow what you need. This way, you won’t be tempted to borrow more than what you can pay.

2. Pay extra when you can

Similar to your mortgage-free plan, you can make extra payments when you can. Do a bi-monthly payment schedule if you can. This way, you can pay off your debt faster and won’t spend paying more on the interest. Moreover, paying extra is a good tactic to ensure that the money goes to handling your loans first before you spend on other things.

3. Earn extra money

There are many ways to earn extra cash. For instance, you can sell your items online, or you can sell your trash for quick cash. You can also recycle and turn some old items into money. You can also look for jobs online that you can do just about anywhere. And when you do, use that money to pay off your debt faster.

4. Paying Smarter

Cash loans are great if you need cash fast, so don’t worry about getting one. Just make sure that you also come up with a debt-free plan, so you don’t end up wasting money. This can help ensure that your hard-earned money goes to the right things.

Invoice Factoring: Costly Mistakes You Ought to Avoid

a person calculating using a laptop and a calculatorInvoice factoring can help fill your company’s coffers by using your accounts receivables. It offers a frictionless means to turn your illiquid assets into real dollars you can spend on whatever way you deem useful to your organization.

However, its greatest strength is also its biggest weakness. The fact that the process involved in applying for invoice factoring online makes it prone to misuse and abuse. To make the most of it without putting your organization’s financial strength in jeopardy, avoid these costly mistakes:

Mistaking It for Invoice Financing

Invoice factoring and invoice financing are two completely different transactions. They’re all about converting your receivables into liquid assets, but the former involves selling your unpaid invoices to another party. Because the factoring company would own your receivables at the end of the deal, it would then have more skin in the game. To compensate for the risk of financial losses, it would charge a slightly higher cost than it would when doing invoice financing.

Moreover, the other party might enforce debt collection methods to retrieve payments. In turn, the transaction might be less private.

Using It for Solving Chronic Cash Flow Problems

Invoice factoring can be a mirage sometimes. It’s an elegant solution to short-term cash flow woes. But if you constantly deal with the same financial issues, it might effectively remedy your underlying problems. You ought to know the exact causes of your cash flow dilemmas, like overstaffing, to address them accordingly. By and large, invoice factoring only treats the symptom and not the disease.

Turning to It for Every Financial Need

When used more often than advised, the costs of this financial arrangement might eat into your company’s expenses. There’s an appropriate funding option for every financial problem. If you need to satisfy long-term capital needs, this might not be the right solution. After all, the amount of money you can get from invoice factoring is only limited to the value of your receivables.

Deep understanding of different fund sources and credit options as well as sound business acumen is important to use invoice factoring wisely. If you take advantage of it responsibly, factoring your outstanding invoices can bail your company out.

Get Your Mortgage Loan Approved in 3 Easy Ways

approved mortgage loan applicationAs a potential homeowner, getting approval for your mortgage is a significant step towards owning your dream house. However, most home loan applicants end up sabotaging their applications by not doing certain things essential for a successful process.

Below are some ways through which you can boost the chances of getting your mortgage loan approved.

Keep your job

Your loan officer here in Clarksville will tell you that most lenders are so much interested in the work history of the loan applicant. In fact, it’s best if you have worked for your current employer for a minimum of two years. Remember, your lender will need assurance that you’re secure in your employment. Therefore, during the entire process, avoid shifting jobs as this could have detrimental effects on your loan process.

Honesty is the best policy

This isn’t the time to take chances when it comes to past credit mishaps. Sitting and hoping that your lender won’t discover some of the credit skeletons in your closet is a big blunder. Instead, come clean as early as possible and have the matters addressed.

Remember, your lender has myriad of ways of uncovering information about your past dealings. If they discover that you weren’t honest from the start, you could end up having your application rejected.

Know your credit report

With the current technology in place, it will literally take minutes to pull your credit report. Being well-versed with your credit report will not only give you a chance to spot any error that might appear on it, but you will have an opportunity to put your statement in order before your lender gets their hands on it.

Getting your mortgage approved is a significant step towards owning that dream house. The above tips and tricks can enlighten you as well as set you up for a successful loan application process.

4 Things to Consider Before Refinancing Your Mortgage

Refinancing document with approved stampRefinancing might help you repay your mortgage loan before you retire. But if you are not careful, you may end up paying more.

Your income and debts circumstance will play a significant role in determining how good or bad refinancing is for you. As you set out to refinance your mortgage, ensure that you get a better deal. Citycreekmortgage.com outlines some of the most important questions you should ask before making a decision.

How is your credit score?

Your credit score determines the interest rate you get on your loan. If you had taken your first mortgage with a bad credit score, you could refinance to get a better rate if you have improved your score. Work with a mortgage planner to advise you on the best ways to improve your credit score.

Will you get better loan terms?

Getting a better interest rate is not all; you need to read the terms carefully and see if other conditions are favorable. Find out if there are any penalties for delayed payments. Some companies will ask for a fixed penalty while others will adjust your interest rate. You must also find out how long it will take before your property is put into foreclosure when you default.

Can you pay the loan within a shorter period?

Refinancing your mortgage to a shorter term loan allows you to build equity. When you go for a short-term loan, you will need to pay more every month. If you have a higher income, then get a shorter period loan. A shorter period loan also means less interest paid.

How long are you planning to stay in the house?

Don’t refinance if you have only stayed in your house for a few years. The same applies for people who move frequently. Refinancing for these two groups of people is not a practical move, as the homeowners will not enjoy the benefits or amortization.

It is worth noting that not all refinancing programs aim to shorten the payment period. A family can also take a refinance loan to lengthen their repayment period, especially after their income becomes strained or unstable.

Buying a Business Made Easy

Businessman planning

Businessman planningStarting a business is one of the best ways to achieve your financial goals or to become wealthy. But this is something that scares people, as this usually compels them to start their enterprise from the ground up. However, you don’t always have to go that route.

You may want to buy an existing business or a franchise. This is an exciting prospect, as the risks are fewer compared to what you will get when starting a business. There is already a business model to follow, and you can just tweak it if the situation calls for it.

Below are some of the other things you may wish to follow when buying a business in Utah.

What’s your interest?

Of course, you will want to get a business that is in line with your interests. Doing so will make the labor quite easy for you. If you love handicrafts, you may want to have a business that offers handmade bracelets and novelty items. Similarly, you may want to have a restaurant if you love food.

Do a background check

Before you buy a business, you need to do your due diligence to minimize risks. There are a lot of considerations to keep in mind. If you are after a product-based business, you should check the inventory, manufacturing, and resources. You should also check the cash flow, sales record, assets, and the liabilities of the business.

The nitty-gritty

Finally, if you are decided to purchase the business, you may want to go into the paperwork. This may be complicated, but with the help of a reliable assistant or third party provider, you will get things done. Finalize the contract of purchase and make sure that everything is in line with your schedule.

These are just some of the things to consider when buying a business. Still find this quite taxing? Why not find a partner?

3 Advantages of Mobile Banking

a man checking his bank accountA survey found that 4 out of 10 Americans use the internet to manage their accounts. And among them, about 26 percent often use their smartphones and other mobile devices to do so. Among age groups, people aged between 18 and 29 years old use mobile banking most often.

Based on the findings, it seems that when it comes to mobile banking, it’s the millennials who are using it the most. Regardless of age, here are the benefits you might be missing out on if you don’t open an account for mobile banking.

You have the easiest, instant and 24/7 access to your account

Most people these days never leave without their smartphones or other mobile devices. If you do mobile banking, it’s safe to say that you also have instant, 24/7 access to your bank account all the time.

With mobile banking, it’s not just about checking your deposits, you can also transfer and receive payments. It’s like having a virtual wallet 24/7.

You don’t have to pay extra fees

Most of the banks with mobile banking services do not charge fees when you use this service. Of course, you still have to pay for your data plan.

But this is minimal charge compared to what you would normally pay if you need to use your car or take public transport just to go to the bank and make some transactions. Mobile banking is also the most convenient for people on the go.

You are always in control of your accounts

Say you need to make a deposit in the middle of the night and the banks are now closed. No problem, you can use mobile banking to do the transaction. Let’s say you need to check your deposits when the weather is bad, and the banks are closed, you can use mobile banking for that.

With this type of bank service, you are always in control.

Do not resist technology. It is here to help make your life easier. If you still don’t have a mobile banking account, open one soon and enjoy the convenience of banking using your mobile devices soon.

The Top Five Best Ways To Invest Your Money

a woman posing with a piggy bankWith a stash of cash on hand, you now want to invest. The problem is, you don’t have a clue on what kind of venture you want to get into. However, you want to make that money grow if you don’t have immediate needs you want to spend it on. Fortunately, there are ways to invest your money and make it grow.

1. Get a Financial Management Help

If the amount is substantial, you can enlist the services of fiduciary investment advisors such as Shoreline Financial Advisors. They could provide you with options on where to invest your money. Many take this route, especially if they don’t deal with stocks and bonds on their own. They get a percentage of your earnings, so make sure you’re dealing with a reputable group.

2. Invest and Trade in Stocks

If you have an appetite for risk, try your luck in the stock market. Trading is relatively easy since you can buy and sell online. You need to find a trading platform and online brokers suited to your trading style.

3. Peer-to-Peer Lending

Only those with a high tolerance for risk put their money in this kind of venture. This system allows lenders to provide loans to borrowers through an online service. Lenders can set up requirements to pre-qualify the prospective borrowers. You get to choose which loan has the best terms. Both the lender and borrower are the ones carrying out the transaction, which makes it more personal.

4. Set Up a College Fund

It’s never too early to set up a college fund for your young children. Studies show that college tuition fees will continue to rise in the foreseeable future. You could set aside some money on your own or avail of a college savings plan. These state-sponsored plans even provide tax breaks as an added incentive.

5. Consider Settling Your Debts

Many people wouldn’t call debt payment as an investment. In their view, they give up any chance of earning interest or income once they pay debts. This is true, but debts incur an interest that is double or triple any rate you may earn from the stock market. Remember, early payment of debt also spares you from paying higher interests.

If you have extra money that would like to put to good use, you can use these tips to make your money grow. Hiring a professional you trust who can grow your money is also a wise choice. With these tips, you are on your way to gaining more money and securing your future.

Five Preparation Tips for Buying a Home

A couple buying a houseBuying your first house is an exciting experience. However, along with it comes risks. You have to carefully plan your approach to ensure things will run smoothly until the time you acquire your property. If you are one of the first-time homebuyers looking for the best mortgage rates in Utah, read this guide first before making any decisions.

Here is a guide on how and what to prepare when buying a house.

1. Be financially prepared

You can tell that you are ready to buy a new house when you have the means to pay for all the expenses associated with homeownership. Make a list of these costs, including but not limited to taxes, insurance, homeowners’ association fees, utility bills, maintenance, and repair. After that, figure out whether you can afford these expenses. Find ways to get extra income if you have to and save money.

2. Apply for a loan

Unless you have enough cash to pay for a new home, applying for a loan should be your next step. Before you look for the best mortgage rates, remember to work on your credit standing first. Having good credit score increases your chances of getting loan approval.

3. Find the right house

Once your loan is approved, you can start looking for a house. Remember that there are several things to consider when buying a house, like location and size. A real estate agent can help you find the right home in an ideal location.

4. Prepare money for initial costs

Before you can move in, you first have to settle the downpayment and closing fees. Some businesses offer financial assistance which you can use to settle initial costs. You can also check out government options or apply to an Employer Assisted Housing program.

5. Attend home inspection

Never close the deal until you have seen and checked the property yourself. The least you’d want is a home requiring expensive repairs here and there. According to Investopedia, a home inspection helps you identify slight defects, major repairs, and safety issues.

The preparation before you buy a home may be a little daunting, but it is the best way to avoid problems in the future.

How Do the Federal Tax Reforms Affect Utah’s Housing Market?

reverse mortgage The US government’s approval of certain tax reforms will have mixed implications on homebuyers in Utah.

An application for a reverse mortgage program to buy a house may be a good idea in 2018, as consumer spending will strengthen due to lower taxes. However, prices may increase since people have more money to spend on certain transactions such as housing.

Tax Deductions

The new tax regulations took effect on January 1. It reduced the deduction for single taxpayers to $12,000 from $6,350, while couples will have a $24,000 deduction from the previous amount of $12,700. However, the new laws have imposed a cap on state and local property tax (SALT) deductions worth $10,000.

Interest paid on mortgage debt will be limited up to $750,000. If you acquired a house before December 15, 2017, you may deduct interest worth up to $1million. The new tax reforms will mostly leave you unaffected unless you intend to purchase luxury homes or those amounting to more than $750,000. Tax deductions have been capped at a certain figure.

FHA Loans

Rising home prices in the state bode well for home sellers, particularly in Northern Utah. On the other hand, this requires buyers to know the different mortgage options available for them. Federal Housing Administration loans might be the most popular for people with poor credit scores lower than 500. It also requires a low down payment of 3.5%.

Limited funds serve as the downside for this type of loan. The government has set the 2018 limits in Davis, Morgan and Weber counties at almost $390,000. Elsewhere in the state, the cap ranges between $294,000 and $679,650.

The federal tax reforms have their own disadvantages and benefits to Utah’s housing market, depending on your perspective as a home buyer. How do you intend to finance your home purchase this year?