getting-an-instant-online-mortgage-quote-4-hidden-benefit

Getting An Instant Online Mortgage Quote - 4 Hidden Benefit

Writen by Ben Ehinger

Have you ever plugged your information into one of those instant online mortgage quote sites wondering if there are any benefits? Sure there is the obvious benefit of comparing multiple lenders at one time, but what are the real benefits?

Benefit #1 - Only one credit report is pulled

This is a huge benefit because every time your credit is pulled you actually lose points on your precious credit score. If there are 5 or 6 companies pulling your credit this could really hurt your credit and cause your loan rate to be higher. When you have a third party compare different companies for you they only pull one report.

Benefit #2 - You get to instantly shop around before making a commitment

I have stressed this in so many articles I am sick of talking about it, but you must shop around, especially if you have great credit. When you use an online mortgage quote site they do all the shopping around for you. All you have to do is accept the best offer and commit to that company. Pretty simple don’t you think?

Benefit #3 - There is no hounding salesperson

If you don’t like dealing with sales people, and most of us don’t, then this is by far the best benefit for you because you never have to talk to anybody until they have shown you their product and you have compared it to their competitor.

Benefit #4 - It is generally free to get an online comparison quote

There are only a couple of companies that will charge you for this service, and they are not even the biggest and best companies. Yes, there will still be normal fees once you pick a company, but the comparison company usually won’t charge you any money because they make their money from the lender.

Those are the 4 hidden benefits of getting an instant online mortgage quote. Imagine having all the guess work eliminated and being able to read 4-6 different mortgage quotes. You could literally pick the winner yourself without a salesperson to try to convince you otherwise.

fraud-would-you-credit-it

Fraud - Would You Credit It?

Writen by Richard Brown

Findings from a recent study by APACS show that the amount of overseas fraud exploiting UK debit and credit cards has hit a five-year low. However with ID fraud as one of the UK’s fastest-growing crimes, this should not be a cause for credit card protection complacency.

The figures show credit card fraud overseas

using-asset-protection

Using Asset Protection

Writen by Leon Chaddock

Asset protection is a means for protecting your valuables from future lawsuits and creditor collection attempts. While many people are looking for a solid way to do this, there are many ways in which they can stumble down this wrong mistakenly. For many, the options that are presented to them are not, by any means, going to work. But, there are asset protection opportunities out there that really do work. The goal is to search out the right ones and make proper use of them. Asset protection is something that many should take advantage of no matter what.

Asset protection can be done in different ways. One such way is through Family Limited Partnerships and Trusts. These are effective ways of protecting assets. But, the problem arises when any assets are taken out. Then you can be back to where you started with judgment creditors reaching them nonetheless. In other words, your assets are still exposed and can be, therefore, attacked by the lawyers against you.

One of the largest mistakes that people make when it comes to asset protection is believing that putting assets in their spouse’s name or the name’s of their children can help them to protect them more so. This by all means does not work. This type of asset protection is worthless as sweeps will happen and this information can be easily found.

One type of asset protection that does work and works well is offshore asset protection trust or APT. In this case, the assets are protected from lawsuits because they are in oversea territories and therefore untouchable in most cases. Of course, it is important to take note of applicable fraudulent transfer rules as well.

Asset protection is offered by many companies. If you are looking for an option that fits your needs the best, make sure that you take the time to sort out the way in which it works and finding the right location for your assets. Asset protection is a fundamentally important aspect that deserves careful protection.

cash-out-refinancing-tips-guide

Cash Out Refinancing Tips Guide

Writen by Mansi Aggarwal

Cash out refinance can be defined as the process of taking out a new mortgage at an amount that exceeds the current balance on the existing mortgage in order to refinance the original mortgage and acquire additional cash for other purposes. In simple terms in cash out refinancing you refinance your old mortgage for a new one that makes you owe more but in between you pocket the difference between the two. For instance if the worth of a house is $80,000 and you owe $40,000, you can refinance the mortgage for $80,000 and keep the extra $40,000 in your pocket.

Cash out refinancing is an ideal way to gain some instant cash to serve different needs such as paying college tuition fees of your child, home renovation etc. Though beneficial, cash out refinancing can prove fatal at times. So there are several do’s and don’s that should be carefully studied prior to switching on to this option.

In order to reap handsome gains, make sure that the interest rates on the refinanced mortgage are less. If this is not the case then refinancing is the apt option only when you are badly in need of money.

The good amount that you incur in the cash out refinancing option should be used judiciously because you will have to make payments for it till next thirty years. Therefore you should avoid spending the money on buying unnecessary luxury items such as cars, home theatres, vacationing out etc.

Unlike the home equity loans the cash out refinancing option comes with closing costs too. These closing costs can be as much as several hundred thousand dollars. So if you cannot afford to pay the closing costs, it is better that you do not go for this option.

Moreover the interest rates charged on a mortgage keep on fluctuating in accordance with the market trend. Adjustable rates of interest are not useful if the interest rates fall. If in response to it you end up taking a bigger loan and extracting cash, in the years that follow you will run into huge debts for sure.

An individual should be very careful regarding the manner in which he plans to spend the money gained from cash-out refinancing. If the payments are to be stretched to 15 to 30 years, money should be invested in valuable things or things of immediate requirement.

As currently the housing market is retreating, taking a second loan to do up ones house thinking to take cash out of your increased home equity is not at all a wise idea and therefore should be dropped completely.

If your current mortgage is at a lower interest rate than what you might get after refinancing, a home equity loan will be the right choice instead of the cash out refinance option that will also burden you with the closing costs.

The cash out refinancing is an ideal option if your household actually stands in need of additional cash at present.

before-going-after-that-45-interest-rate-do-some-homework-on-internet-banks

Before Going After that 4.5 Interest Rate, do some Homework on Internet Banks

Writen by Pete Glocker

One day you might be at work or at home surfing the Internet and run into an advertisement stating that a particular bank offers a 4.8 annual percentage rate for their savings accounts. You may be thinking to yourself, wow that percentage rate is much higher than my 0.35 percentage rate at my local bank. Better yet, this bank does not require a minimum deposit or length of time like many conventional bank CD’s. Is this too good to be true? There has to be a catch! With a little bit of research you are able to confirm the information in the ad, but the offer is from an Internet Bank. Should I put my money into a bank that I cannot touch, and see every day as I go past driving to work? Welcome to the wave of new ways to bank; Internet Banking.

Why do online banks offer higher than regular bank establishments?

According to an article published in the March 17, 2006 online edition of The Baltimore Sun, online bank rates can offer higher rates because they do not have the overhead of brick-and-mortar branches. They do not have the expense of purchasing property and constructing a building. For the computer savvy consumer, these great banking services are a mouse click or two away and available 24 hours a day. Comparisons of these banking services are at your fingertips.

With all the different Internet schemes going on in this day in age, there are very legitimate reasons why people are scared or even paranoid to deal with their finances online. Phishing is one scheme that has made people very wary. In a typical phishing case, you will receive an e-mail that appears to come from a reputable company that you recognize and do business with, such as your financial institution. In the e-mail, phrases such as (immediate attention required) or (please contact immediately about your account) among many others will appear. The e-mail will then have a link directing you to a phony website where they can take all your private information. Then we all know what happens from there. This is why people hesitate to handle their finances on the Internet. So how can I make sure any bank (including an Internet Bank) is legitimate?

Make sure the bank is FDIC insured.

According to the official site, www.fdic.gov, there are four major tips to find out if the bank is legit or not.

Confirm that an online bank is legitimate and that your deposits are insured.

Read key information about the bank posted on the website.

o Most online banks have an “about us” section that will describe their institution.

o You may find the official name, the address of the bank headquarters and if they FDIC insured.

Protect yourself from fraudulent websites.

o Watch out for sites trying to copycat online bank sites in intent of gathering your information.

o Always make sure you type the web address correctly.

Verify the bank’s insurance status.

o Look for the familiar FDIC logo or the words “Member FDIC” or “FDIC Insured” on the web site, but beware that some bogus bank sites that phish for your account information will put a fake FDIC logo on their site.

o Go to the FDIC search engine and check to see if the bank is insured by the FDIC at http://www2.fdic.gov/idasp/main.asp?formname=inst

As of this month, according Bankrate.com, HSBC was offering a 4.7 introductory rate. ING DIRECT was offering a 3.93 introductory rate. Almost all of the online banks were in the threes and fours. So as you can see - there is a great opportunity to save quite a bit of cash. So, why not put your money to work for you? But make sure when you are considering Internet banking, do your homework first.

Copyright 2006 Debt Management Credit Counseling Corp.

what-is-online-banking-and-how-you-can-benefit-from-it

What is Online Banking and How You Can Benefit From It

Writen by Joseph Kenny

The internet has become an important part of our lives. There are many of us who rely on the internet to communicate with our friends and family. Online shopping is also making buying new and used merchandise easier. If you enjoy using the internet to communicate with those that you know or to shop, you may also enjoy banking online. Online banking is rapidly increasing in popularity. If you do not already participate in some form of online banking, it is likely that you will in the future.

When it comes to online banking, there is often some confusion. Many individuals, maybe even yourself included, feel that online banking involves a bank that does not have a physical branch location. There is such a thing as an online bank, also sometimes referred to as a virtual bank, but that is not all that online banking is about. You can also participate in online banking with your local bank. In fact, this is the most popular type of online banking.

If you are interested in participating in online banking, you will first have to determine whether or not your bank offers the service. A large number of banks do, but not all of them. You will find that many national or statewide banks offer online banking. Smaller banks, often only consisting of five or so branches, do not always offer the service. Even if you have never heard of online banking being offered at your local financial institution, you are still encouraged to ask about it. You never know, but if enough customers are interested in it, your local bank may decide to start an online banking program.

Online banking means different things to different financial institutions. You may find that different banks offer different online services. Despite the difference in services, you will find a number of common services. These services are likely to include the online paying of bills, the online ordering of a debit card or checks, or the altering of your bank account information. Perhaps, the feature that most enjoy is the ability to pay bills online.

Most banks offer online banking free of charge, but you may find a financial institution that charges you to use this online service. If you have yet to choose a bank to do business with, you may want to keep this potential fee in mind. If your bank will charge you a fee, you may want to consider whether or not online banking is right for you. As with all other services, online banking does have its advantages and disadvantages.

As previously mentioned, the greatest advantage of online banking is being able to do a number of things right from your home. If you are looking for an easier way to pay your bills, you will enjoy online banking. Instead of having to pay for postage or write a check, you can simply use the click of a mouse to pay your bills. There are also banks that offer online calendars. Combined with quickly being able to pay your bills, you may find that an online calendar will help to eliminate any late payments.

The biggest disadvantage of online banking is having your information online. There are many individuals, maybe even yourself included, who are concerned with the security of the internet. As long as your bank’s website is hosted on a secure website, which most are, you should experience no trouble at all. Aside from getting over the issue of trust, there are very few, if any, disadvantages to banking online.

Before making a decision as to whether or not you want to participate in online banking, you are encouraged to speak with a bank representative. You may be surprised just how convenient and easy it to use the internet to do your banking.

following-conventional-wisdom-could-cause-this-fatal-million-dollar-mistake

Following Conventional Wisdom Could Cause This Fatal Million Dollar Mistake

Writen by Mike Makler

Conventional Wisdom States Buy a House Get a Fixed Rate Mortgage and Make Extra Payments to Pay Your Mortgage off as Fast as Possible. If you follow Conventional Wisdom you will be making a Million Dollar Mistake. Keep Reading to find out why.

(This Example is Similar to one Used By Ric Edelman in his New York Times Best Seller the Rules of Money)

You have a good job and you decide it is time to buy your first home. You find the Perfect Home in the Perfect Neighborhood. It is a $200,000 Home. If You follow Conventional Wisdom you will purchase that $200,000 Home with 20% Down. You will get a 15 Year Fixed Rate Mortgage at 5.25%. Your Monthly payment would be $1286 a Month and you pay an Extra $100 so you can pay off your Mortgage Early.

The Unconventional way Get a 30 Year Interest only mortgage (Interest Only for first 15 Years then Fully Amortized over last 15 Years) with a 5% Down Payment. Your Monthly Payments are $970 all of which is Tax Deductible and you have $30,000 leftover to invest. (The rest of this Example assumes you will invest your After Tax Savings and the $30,000 at 8%)

At the end of 15 Years Using the Conventional Method your House would be paid off and you would have almost $28,000 in Savings and Investments. (Remember you paid an Extra $100 a Month to pay off your mortgage Faster. You are now Investing your Total Monthly Mortgage Payment plus that $100 at 8%)

At the end of 15 Years with the Unconventional Method you would still owe $190,000 on your house but you would have over $300,000 in savings and Investments. (Enough to Pay off your Mortgage if you want too and still have over $110,000 in your Pocket)

At the End of 30 Years using the conventional method you would owe your home free and Clear and you would have slightly over $570,000 in savings and investment. You would have saved almost 21,000 in Taxes

At the End of 30 Years using the Using the Unconventional method you would own your home free and clear and have slightly over $1,220,000 in savings an Investment. You would have saved over $88,000 in Taxes.

Let’s Assume that the $570,000 and $1,220,000 Continue to Remain Invested at 8%. In 5 Years the $570,000 Would Grow to just under 838,000 the $1,220,000 Would Grow to Just Under $1,793,000. A Difference of Almost $1,000,000. In 5 More Years the Difference would grow to over $1,400,00. By Listening to conventional wisdom you have now lost well over $1,000,000 Dollars

financial-freedom-for-doctors

Financial Freedom for Doctors

Writen by Stefanus Wahyudi

The term financial freedom should not be reserved for those who own their own businesses. Even if you work for someone else, financial freedom is a worthy goal, and one you should work toward every day.

Of course, the phrase “financial freedom” may mean different things to different people. For some, financial freedom may mean the freedom to spend a month backpacking through Tibet, exploring the sights and sounds of a forgotten world. For others, financial freedom may mean traveling first class through Europe, enjoying the best hotels and restaurants from Paris to Milan.

Whatever your goals, there are several ways to achieve the holy grail of financial freedom. The traditional way, especially if you work for someone else, is to save as much as you can and accumulate wealth over time. The other time tested road to financial freedom is owning your own business.

Of course, a doctor in private practice is for all intents and purposes a business owner. Running a medical practice is certainly as difficult and time consuming as running any other type of business, and doctors are probably more familiar than they want to be with such non-medical subjects as billing and insurance.

It can be difficult to see the goal of financial freedom, especially when you are struggling to get your new practice off the ground. However, it is important to not lose sight of the ultimate goal. Financial freedom can be achieved through the judicious use of investments and even real estate. Such investments are excellent sources of passive income. Passive income simply means the income is generated with little or no effort on your part. This is extremely important, because no doubt you already have plenty to do.

five-keys-to-overcoming-bad-debt-management

Five Keys to Overcoming Bad Debt Management

Writen by Larry Andrew

Bad debt management is at an all time high. More people are having more financial problems than ever before. Bankruptcy is at an all time high. Financial stress is tearing families apart.

Many people think debt consolidation is the answer to all their financial problems. Just think you get one loan to pay off all your debts. Then, you only have to deal with one company and one payment. You have to admit, it sounds very good.

However, getting a debt consolidation loan will not likely resolve existing financial problems until or unless one learns how to manage their debts. Financial abuse can get out of control. It can become additive just like drugs or alcohol. Often, financial mismanagement occurs because of lack of understanding.

Some blame easy credit as the source of their problems. Although it is easy to obtain easy credit, that does not determine how people choose to spend their money. Financial responsibility and accountability is the path to a debt free life.

Bankruptcy causes more stress, wipes out your credit and haunts you for years to come. With determination, education and application of correct money principles, you can regain control of your financial life and quickly get on the road to a debt free life.

Five Debt Management Keys to Success
Managing ones debt is critical. Debt management teaches you how to handle your personal finances. Here are five important principles to use in learning how to best manage your finances.

1. Meet with a Reputable Debt Management Counselor
Sometimes we can’t see the forest for the trees. This idea is particularly true with respect to our personal finances. Getting an outside, objective view of your current financial status is very important.

A good debt management counselor will review your current financial circumstances and help you develop a plan to pay off your debts. You can expect honest and frank feedback. Anything less would not help you.

Your relationship with a debt counselor is important. If you feel at ease in talking, you’re more likely to openly discuss your needs and personal problems. However, keep in mind that you probably won’t like everything you hear. Nevertheless, when you know he/she has your best interest at heart, you’re more likely to follow the advice you get.

You should talk with several different counselors. Learn as much as you can. Find someone that really listens. If possible, talk with someone that has worked with the counselor. Get information on what the counselor has done to help other people. Don’t be afraid to ask specific questions: What will the counselor will do? What will you be expected to do? How much it will cost? How long will it take?

Once you’ve found a good debt management counselor with a proven track record, commit yourself to listening to and applying the advice you receive.

2. Make Debt Reduction as a Priority
Every debt is different. You have different amounts to pay. The interest rates vary. It may not make any difference on how you decide to tackle your debt. The most important point is that you focus on paying off your debt.

Once you’ve gotten some good advice from a debt management counselor, together you can determine the best way to pay off your debts. You should feel good about your financial plan. Each time you pay off a debt, you will feel better. Each time you pay a debt, you are one step closer to financial freedom.

Make paying off your debts the biggest priority and you will soon be on the road to a debt free life.

3. Follow Your Budget Plan
One major key to success in debt management is establishing and following a budget. Your budget should allow you enough money to pay your debts and still have your necessary living expenses. The closer you follow your budget, the more likely you will succeed in becoming debt free.

Success comes by consistently paying your debts. If you pay your debts first, then you know exactly how much money you have to live on.

Be sure to record and document each transaction. It doesn’t matter what method you use to keep track of your payments. You can write them in a checkbook ledger, put money in envelopes for each budget category or enter each transaction into a computer program. The real key is to know exactly how much you spend in each of your allocated budget categories. When you’ve spent all the money for a given category, you’re done for the month.

4. Tear Up All Your Credit Cards
One of the biggest reasons people accumulate so much debt is the use of credit cards. It’s easy to charge something. You don’t have to pay cash. It’s like the old saying “Out of sight, Out of mind”. If you don’t see the money going out, you’re not as aware of you spending.

Your debt management counselor has many more resources than you do. They can make financial arrangements with your creditors to lower your payments and interest rate. In most cases, you will have to agree not to accumulate any more debt.

Tearing up your credit cards takes away the temptation to increase your debt. It’s easy to say something doesn’t cost that much, so a little charge here and there won’t hurt. Don’t deceive yourself. That’s how people get into financial problems in the first place Get rid of the credit cards. Pay cash or pay nothing.

5. Become More Conscious of Your Expenditures
When you become acutely aware of where your money goes, you can begin to reduce or eliminate unnecessary expenditures. You’ll begin to develop new and improved spending habits. Ask yourself. What is my most expensive bill? Is it heating? Is it air conditioning? Is it water?

Next, become aware of what you do each day. Do you leave the lights on when you leave a room? What do you do when you leave the house for several hours? You may think that turning down the heat or turning up the air doesn’t save much. That is true. Nevertheless, if you do it everyday, those little savings begin to add up. Just think of it as your personal savings plan. The less you pay, the more you have to spend in other places.

Small expenditure reductions over time add up to big savings. Become more conscious of where your money is going.

Learning and applying good debt management skills will make all the difference in your life. Once you have paid off your debts, you’ll be in total control again. You’ll never want to repeat the experience again. Say goodbye to bad debt management forever.

sarbanes-oxley-act

Sarbanes Oxley Act

Writen by Rameshrajan Thiagarajan

Sarbanes Oxley act changed the way how public companies do business in this world after the debacle at Enron and WorldCom. All the Public Companies should understand what Sarbanes Oxley means to them and how they should be compliant in each one of their financially critical business process.

Objective of Sarbanes Oxley

To protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes.

Sarbanes Oxley Act

was enacted on January 23,2002
was sponsored by Banking committee chairman Paul Sarbanes and
Congressman Michael G. Oxley
Sarbanes Oxley Act Key Facts

Introduced new standards of corporate accountability as well a new penalties including jail term for fraud
Stresses importance on accuracy and reliability of financial results
Executive Management of the company is responsible for the accuracy and reliability of the financial reports
Stresses that there are sufficient internal controls available to prove the accuracy of financial data
Sarbanes Oxley Non-Compliance Penalties

Non compliance penalties range from the loss of exchange listing, loss of D&O insurance to multimillion dollar fines and imprisonment
A CEO/CFO who submits a fraud certificate for financial results can receive a fine of up to 1 million dollar or up to 10 years jail term
A willful submission of wrong financial certification can result in fines of up to 5 million dollars
Possible delisting of the company from Stock Exchanges
Loss of D&O insurance which can cause the company to pay millions of dollars in risk insurance
Sarbanes Oxley Act applies to

Public US companies
International Companies with equity or debt securities in SEC
Accounting firms providing auditing services to Public US companies and
International companies

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