Archive for the ‘Uncategorized’ category

Advice on Loan Approval Letters

June 2nd, 2020

For every purchase offer that is made, a real estate agent is going to make sure that a loan approval letter is attached as well. This is a common practice across the United States, and one that isn’t going away anytime soon.

Why do Agents Require Loan Approval Letters?

The fact of the matter is that loan approval letters don’t have much value at all. The purpose of having one proves that the borrower has applied for a loan and is intent and serious on buying a new home.

For sellers, a buyer with a loan approval letter can reaffirm a positive impression that has been made, and can expedite the home buying process.

Loan Approval Mistakes

By making any of the mistakes listed below, you’re more or less giving the seller more ammo to turn down your offer or demand a higher one:

Submitting a Loan Approval from a Lender That Is out of Area

A listing agent will tend to feel more comfortable if they know of the lender that is approving a borrower for a loan. Things can get a bit tricky if the lender is not local, as agents won’t be sure how that lender will be performing.

There are quite a lot of shady mortgage lenders out there, who make promises to unlucky borrowers that go unfulfilled. What’s worse, when you’re dealing with one that is out of the area, it’s not like you can drive down to their office and give them a piece of your mind. The best thing to do is to get approval from a lender within the area you are looking to buy a home in.

Submitting Pre-Qualification Rather than a Preapproval Letter

Most preapproval letters state that the loan officer or mortgage broker has received an application for a loan from a borrower, period. A preapproval letter states that the borrower’s file has been submitted and approved. This also means that the borrower’s credit has been reviewed and approved, as well as the borrower’s employment and assets.

You’re going to want to submit the preapproval letter, not the pre-qualification letter to the person selling a home.

Submitting a Loan Approval Letter for More Money Than Your Offering Price

Submitting a loan approval letter for more than the offer of the purchase is basically saying that you have more than enough money to overpay. Under no circumstances do you want this to happen, as you will end up spending a lot more money than you planned.

A good rule of thumb to follow is to always hire a seasoned real estate agent in your area that can help walk you through the home buying process. They will be able to handle a lot of the heavy lifting for you that you probably won’t want to do yourself, and do it better than you can as well.

You Can Get Fast Personal Loan Approval

March 17th, 2020

It seems that financial emergencies are the norm these days. We have been bouncing from one financial crisis to another for the last dozen years. When you have bad credit and you need a loan fast, a two day wait is usually acceptable but loan denial is not.

Luckily, the internet has brought us all the ability to get the money into our bank accounts within a few hours of applying. You just have to meet the conditions and requirements the lenders set forward. It is also a truism that the cost of instant approval is higher than if you can wait a day or two for an approval.

The reason that an online lender can grant you instant money is that they are not performing any credit checks on you. This means that they have to use other means to ascertain the risk of you defaulting on the loan and your ability to make monthly payments.

What Does Instant Approval Mean?

Instant approval does not mean that there is no approval process. To believe that anyone who does not know you personally will just give you money without doing some form of checking is insane. Yet instant approval seems to indicate that sanity is overrated.

The approval process used by online lenders is very streamlined since there is no credit checking. Credit checking takes several hours and that is one of the things that slow down traditional lenders in the approval process.

Online loan applications use computer software to examine the loan approval criteria. The software can quickly calculate your debt-to-income ratio and determine if the loan is affordable for you. The software can then send out the email and start the transfer of the money into your account.

Instant Loans are Not Perfect

With all the good news surrounding instant loan approval, there is some bad news. Mainly, having bad credit makes the loan more expensive over time.

Expect to pay an extra 1 percent interest on your loan by going through an online lender with instant approval. They will also have lower maximum loan amounts, some of which may be only $10,000.

What About Payday Loans?

It is impossible to turn on the radio or television today without seeing an ad for payday loans. Payday loans have become a common loan option for many people. It is almost impossible to be turned down for a payday loan as long as you have sufficient income.

The premise behind payday loans is that you are borrowing money in advance of your next paycheck. The original payday loans would take the entire repayment out of your bank account on the day of your next paycheck. This made the loans risk-free for the lender.

Originally, payday loans were limited to amounts ranging from $100 to $1,500. They would charge 30 percent interest. Today payday lenders will lend much larger sums at higher interest rates. If you cannot pay the loan back quickly, payday loans are very poor financial choices.

Payday loans can be useful if you can pay them off within a month and use the money to eliminate other debt. This will increase your credit rating and will allow you to obtain better personal loans to consolidate your existing debt.

Always perform your due diligence when looking for an instant loan. There are scams on the internet and they want to get your personal information. Call their customer service number and make sure it is a business that answers. Make sure they do not list just a post office box for their corporate address. Protect yourself so that when you are in a financial crisis that you do not get into an identity theft crisis also.

Marketing, Promoting and Advertising Your Business

February 28th, 2020

One thing that goes without saying in today’s business world, is that regardless of the nature of your home based business, a website is an absolute MUST. Whether you have a product or service to sell, whether local or global, your business will go nowhere fast if you don’t have an online presence. If you need internet marketing help, you’ve landed on the right article. I’ll give you some home based business marketing ideas that will help you promote your business successfully.

The first step is choosing a domain name and getting it registered. You can build your own website (if you have the time) and host it yourself or you can have everything done by another company (if you have the money). Either way, you have many options and tools at your disposal that can align with your business plan and budget. Also note that you can still start your own home based business even if you don’t have a product or service to sell. There are thousands of individuals and companies that have products you can sell for them while earning a commission, called affiliate marketing.

Of the many business marketing strategies known to man, internet marketing is, hands down, the best strategy to use for promoting a home based business as it is the cheapest method and has the potential for reaching millions of people all over the globe. Driving traffic to your site through online resources is like killing two birds with one stone. You can tackle print advertising by writing articles and publishing them to directories and ezines and by submitting ads to the many available (and most of them free) classified ad sites. Online media advertising encompasses writing press releases and distributing them to press release sites. One of the biggest and most popular online advertising trends today is via social media advertising through sites such as Twitter, Facebook, and LinkedIn where you build relationships with your customers. Forums and communities are also great ways to build relationships which helps promote your home based business in the long run. Simply Google your market or industry with the word ‘forum’ or ‘community’ behind it and search for one or two that seem to be the best fit for you.

All of these methods of online advertising contribute to search engine optimization (SEO), which is to say improving your online visibility and escalating in the search engines like Google, Yahoo and Bing. Your goal is to claim the #1 spot in the organic search results (the results on the left, not the right side which are paid ads). This is where your traffic will come from. If you are 800 in the list of search results, no one is ever going to see your site because very few people have the time or patience to scroll through 800 search results. Research shows that people typically won’t even scroll past 4 or 5 search results, let alone 800.

Can you grasp the importance of internet marketing for any business? If you are new to the internet marketing phenomenon and don’t know exactly where to start, there are many great programs or systems online that walk you through every aspect of marketing your online business. A lot of these systems were created by online entrepreneurs who have spent thousands of their own dollars trying to figure it all out over the years and finally DID. Their sacrifices have made it easier for newbies to become successful at their own online home based business. If you are new to running your own home based business, I recommend you find a great system (do your research, read reviews, ask questions in forums) and start marketing your home business from there. Don’t waste the time and money that so many of us have in going it alone, without a proven system, as it will just set you back further and hinder your progress.