Bank Loans

Bank loans are something big, like a loan for business or home. Yes you may loan for car or other certain thing banks will offer to you. Bank loans can be great for your benefit or it can put you into bankruptcy. Like all bank, they have to gain money from interest. Interest rate depends on how much they earn over years and the total amount will be that at the end of your payment. Lets say you borrow a bank loan for $200,000 house. If you agree the bank will put on an interest rate yearly. Then the bank will divide the months and give you the amount you have to pay each month. Well by the time you finish paying off, depending on your interest rates, the full amount that you paid would be from $230,000 to $300,000. So it all depends on you how you want to spend or how smart you are to consolidate your payments. An option of refinancing could really help you. Not many people know this option and pay for what they have. Refinancing mean taking your payment into a lower interest rates, reducing the amount that you have to pay monthly. Now if you pay $250,000 on the full loan payment of your house, which originally cost $200,000, you would end up paying $220,000 on your full loan payment. There are two options you may choose from, now this is important information! One you may choose to lower your monthly payment, as to lower the interest rates. This meaning you can pay less on the full loan amount that you owe. So each month instead of paying $1,000, you pay $750 per month. Bank loan plan two. You can keep paying the $250,000 in lower interest rates and more years, however you keep the $30,000 in your pocket. (Remember above the full amount after refinancing was $220,000) Refinancing: Example Plan 1.) $1000 reduced to $750 in 10 years. (You pay less – total amount $220,000) Example Plan 2.) $1000 reduced to $750 in 12 years. (But you get $30,000) Hint* use the $30,000 to pay off other bills. Once you pay off your other loans, you are one step closer to being more successful. You will then have more money to buy other things, or save it to invest on something.

What About A Bank Loan?

Though online loans have increased tremendously the recent years, you can still apply for a loan through a bank like Bank of America, Washington Mutual, Chase or another. Most of the nationwide banks have branches in most cities so if you choose to apply for a bank loan from one of these banks in your area you are not likely to be exposed for fraud, neither ripped off or be scared that the bank will give your personal information to others. Be aware however, that interest rates and loan terms are not necessarily the best just because the lender is a bank. The way you handle this issue is to compare different loan offers from different banks – the more you compare the better – before you decide which bank lender you want to go with. So what exactly should I compare? If you have decided to take your loan from a bank perhaps the most important thing to compare is the service. How do you feel about the bank and the loan officers you are in contact with. Are they polite and friendly? Since you will have to deal with these people as your lender for quite a long time, it’s important to feel that you can communicate with them. The next thing you should compare is the interest rates. Should you choose a fixed rate or a non-fixed rate loan? A fixed-rate loan will normally have a higher interest rate than a non-fixed-rate loan, but if the non-fixed doesn’t have a ceiling, it might be cheaper with the fixed rate loan If it is a non-fixed rate loan, check if the loan terms say anything about change in the rates – like going up – during your loan repayment period. Compare how high the rate will go of the various offers. Also compare if the bank agreement has a certain number of days after the loan has gone through to cancel. You should also check and compare if you are allowed to pay off the loan a specific time. Check and compare other restrictions. If you are not pleased with the banks and their offers, why not go online to apply for a loan? It’s very convenient and even more simple than dealing with a bank. However, the choice is yours.

When The Bank Says “No”

Factoring has been practiced for centuries. The Romans sold promissory notes at a discount as did the Phoenicians. The word “factor” comes from Latin, the language of Rome. It means “to do” or “to make.” The Pilgrim’s journeys to America were financed by advances from a Factor who provided the funds to pay for the journey. The Pilgrims repaid the money with earnings from America. Factoring to this day is an extremely common business practice in Europe whereas many American business men have never heard of it. Factoring is the selling of your accounts receivable for cash versus waiting 30-60 or 90 days to be paid by your customer. When you provide a Factoring company with copies of your invoices, the Factoring Company uses your invoices to make a loan to your company. It is a simple process and can be automated after the first transaction. Credit is not an issue when providing Accounts Receivable Loans or Financing. The Financial Companies looks at the credit history of the vendor not yours! This is exceptional good for small to medium size business that have been in business for less then two years. My first experience with Factoring came when one of my Tax clients ending up with a sizable Tax liability one year. He ran a small Trucking company and had very few tax problems in the pass. However, because of a sudden burst in growth he was doing 2 to 3 times more business in the last half of the year. Because he did not have sufficient tax write offs, his tax liability really hit hard. He was actually having serious cash flow problems because of unplanned growth! We talked about the situation, his taxes were completed and because he had rented a couple of trucks to keep up with the work load, we were able to use the rental cost as a write off. But there was still the self-employment tax and there was no doubt he had an increase in business income. I didn’t say anything, but I was concerned about his payment for the Tax preparation. I knew he was having cash flow problems and the tax bill did not help. Then he told me about the $30,000 worth of Invoices. Because the invoices had not been paid they were not included in his income for that year so I had no idea that he had invoices in that amount. In fact the invoices where scattered over his desk. I went on the Internet and started to research “invoices”. I had never really understood Factoring before that time, but I had heard of it. We did not have to Factor my client’s Invoices because he called the company he worked with, explained the situation and they paid him 50% of the Invoice immediately and the balance shortly after. I had already researched “Factoring” or Accounts Receivable Financing and being a Tax person I was always looking for ways to help my clients pay their taxes as soon as possible, especially if they owed employee taxes. I put an ad online and within days a CPA called. He had a client who imported culinary products from overseas. They needed to factor a fairly large invoice. I called one of the Factoring Companies explained the situation. The Factoring Company arranged for his company to do a Purchase Order from his supplier overseas. Once the Purchase Order was in place, we factored the Invoice. The client received over 90% of the Invoice amount within days. He then went on to repeat the deal 3 or 4 more times! Purchase Order Funding is slightly harder to get then Accounts Receivable Financing, however, Purchase Order Funding is very helpful for Business who makes large purchases and resells to a third party. Published at:

Most Effective Site Intended for the Latest Bank Interest Rates, CD Rates, Money Market Rates, On the Net Personal Savings Bank Account Rates.

Having a savings account has all the time been a good idea. Whether you are saving for an emergency, an education for yourself or another, or only a wet day, having a place to stash that additional cash is at all times a wise strategy. Now, online savings accounts are even higher since the relative inaccessibility of your cash will power you to assume twice about withdrawing it for a frivolous purpose. Since the introduction of the Web, banks have capitalized on the web banking enterprise, whether it be a part of an present brick and mortar establishment, or being fully online. Thankfully, American capitalism and the ensuing competition forces these banks to compete on your business. This forces some on-line savings account comparison. Under is a quick evaluation of those institutions. First, you will need to keep in mind that banks offer a wide variety of accounts and services to their customers. Any full evaluation ought to include an in depth assessment of all these companies, equivalent to excessive yield financial savings accounts, certificates of deposit, and money market accounts. All of these are often accessible, and just like normal financial savings accounts, they all pay completely different percentages of interest. In consequence, it is best to compare not solely the very best charge of interest as well as the advantages and drawbacks of every type of account. Additionally it is important to keep in mind that the rates banks pay to your money not only differs, but they differ from time to time. Clearly, banks need your corporation and are prepared to pay differing interest rates to stay competitive, but modifications in the economic scenario causes interest rates to fluctuate, usually dramatically. Because of this, it pays to check these rates usually, making on-line savings account comparison continuous. On the present time, American Express pays the best rate of interest at 1.15 p.c, followed carefully by Ally Bank and ING Direct with 1.00 percent. Lastly, among the largest banks, FNBO Direct rewards their customers with .ninety nine percent return. The best recommendation for your money? Shop around. It pays to compare. Best saver accounts provide savers increased interest rates and lower fees. It is simple to dismiss the idea of financial savings accounts altogether. The idea of receiving 0.ninety nine to 1.15 percent interest does not seem to be very appealing. Nonetheless, it’s worth noting that many savings accounts are at present only paying 0.20 % interest, which makes accounts providing interest rates which might be greater than 1 percent higher extra appealing. An additional 1 p.c interest can make an enormous difference when an individual has thousands of dollars. Furthermore, when the interest is compounded each day, the yield will likely be much more attractive. saving banks, savings and CDs One of the best saver accounts are listed below. These accounts offer savers peace of mind, because of the fact that every account listed on this web page guarantees the depositor that deposited funds will probably be federally insured by the FDIC up to a most amount of $250,000. Notice that this guarantee applies to each depositor, relatively than each account. Which means that the deposited amounts in a joint savings account are actually assured for up to $500,000, because each of the depositor’s funds within the joint account is insured for amounts up to $250,000. Published at:

Standard Bank Overdraft Charges and Standard Bank Checking Accounts

The banks are going to get their deserved fate all the rest of this year, as the president’s consumer-friendly laws start to clamp down on all the financial service providers in our lives. It makes you wonder why did Bank of America give in and yield willingly in a profitable areas as a way of dipping into your account – overdraft fees. The bank recently announced that it was doing away with it. At one time, if you didn’t have enough money in your bank checking account and you used your debit card shopping, and you didn’t have enough cash in your bank checking account, they would let you purchase it anyway, and then penalize your with fees for the overdraft. The way it stands not is, if you try to purchase an item without enough money in your account, you’ll just be turned down, no questions asked. This is bad news for Bank of America since overdraft fees account from debit cards rake in 60% of the fees. And that bank is the nation’s largest debit card issuer. This is going to cost them millions of dollars off its bottom line, and it’s to do the same for other banks too that will have to match these terms to stay competitive. You can still have an overdraft facility on your bank checking account if you choose; but it will be opt-in. If you happen to be at an ATM or a store checkout, and you’re being billed for more than you have, the machine will tell you that you can proceed, but at penalty of $35 in overdraft fees. For a fee, one can have overdraft protection for your bills or checks. Banks charge $35 dollars and more for penalty fees, if you went over even two dollars more than you had. For the banks, it’s a windfall – if they put out money on a formal loan, they wouldn’t make $35 off $2, now would they? 25 billion in overdraft fees was billed by the banks last year for overdrafts. This new practice is certainly going to hit them hard when it comes into effect on July 1. You know it hurts them, because they’re advertising so hard to get you to opt in for their overdraft services. Are the banks the bad guys? Let’s look at both sides of the story. Some time ago I worked for a bank and felt bad because of the practices the bank foisted on its customers that I had to go along with. For instance, let’s say that a customer has $100 in her bank checking account. She first uses her debit card to spend $10 at Burger King, she then spends $50 to pay her cell phone bill, and then she spends $102 on gas for her car. That means that with the first two purchases, she was completely within her limits, and she should be charged a penalty only for the last purchase. What they’ll do at the bank though, is, they will charge her the $102 for gas first, so that it wipes out her account, they’ll charge her penalty for it, and then they’ll record the other two smaller expenses. That way, they get to charge for $35 penalties three times instead of just once, if they did it the right way. But in their defense, the banks argue that they’ve been pushed to such unfair extremes in their industry. Over the years they have been penalized by punishing consumer oriented laws. They say they’ve been regulated and taxed big time for decades, and they have no choice but to do what they can to claw their way back into making a profit. Another great source of fees for financial institutions is the extra markups on personal checks given when customers order designer checks. Banks do markup these checks by fifty percent or even more since they purchase them from a 3rd party source. By ordering direct and using designer checks online one can save even more plus one gets to choose from a larger selection of designs. As such, these practices are not good; but they say that most of their rules are only to apply to people who overdraw. They say to those over-draftees, don’t overspend. Published at:

Bank Ratings – Ratings Will Help You Find the Best Bank Around and Avoid Choosing the Wrong One

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Tips For Using Bank of America Real Estate Buying Bank Owned Foreclosure List

The Bank of America real estate buying bank owned foreclosure list can be a dream come true for buyer’s scouting out discounted properties. Many buyers are interested in buying foreclosure homes because they are sold below market value. The BOA foreclosure list provides access to thousands of nationwide properties to help buyers locate the perfect piece of real estate. Bank of America real estate buying bank owned foreclosure list offers a wide variety of discounted properties. Buyers can browse listings to locate residential properties, commercial real estate, and vacant land; many of which are price well below current market value. BOA foreclosure real estate consists of single and multi-family homes, condominiums and townhomes, and manufactured and mobile homes. Commercial properties include apartment and condominium buildings, bed and breakfast facilities, office buildings, retail outlets, hotels and motels, land tracks, and industrial real estate. Buyers are frequently concerned that foreclosure properties will require time-consuming repairs which can add thousands to the purchase price. With careful research and property inspections, buying bank owned foreclosure homes is a relatively risk-free venture that can provide home buyers and real estate investors with great properties at affordable prices. Individuals can begin exploring discounted bank owned homes for sale via the Bank of America Real Estate Center website at Visitors will find a variety of real estate buying information and resources and have the option of submitting online loan applications to obtain preapproved financing; all from the comfort of home. The BOA real estate center allows buyers to compare home mortgage loans including: combination home mortgages, jumbo loans, interest-only, and FHA and VA loans. BOA also provides information about first time house buyer programs, Fannie Mae Home Path mortgages, and Neighborhood Champions Protected Mortgage; a program which offers special financing options to individuals employed in public service fields. The Bank of America real estate center helps visitors locate various types of property quickly and easily. Individuals can enter different search parameters such as number of bedrooms and baths, property location, and price range. BOA bank owned foreclosure real estate prices range from below $10,000 to over $10 million. The majority of foreclosure properties sold through Bank of America are listed through independent real estate agents. However, some properties are sold directly through BOA’s loss mitigation division. Each property listing includes listing agent contact information. Bank owned foreclosure properties are priced below market value and there is little room for price negotiation. Oftentimes, the only way to obtain reduced pricing is to provide a cash offer. When investors or home buyers purchase real estate with cash they eliminate the possibility of being denied financing and can expedite the closing process. Bank owned real estate can be profitable for investors. In today’s real estate market it has become common practice for investors to utilize bank foreclosure lists to locate discounted properties and maximize their return on investment. When investors and home buyers purchase bank owned homes in areas hit hard by foreclosure they should consider applying for HUDs Neighborhood Stabilization Program grants. Individual buyers can apply for one grant, while investors can apply for up to five NSP grants. NSP grant money can be used to satisfy down payment requirements or to rehab the property. Program details are available at Buying real estate through the Bank of America bank owned foreclosure list gives borrowers the opportunity to purchase homes at discounted prices and can open the door to obtain grant money or special financing options. Those who take time to research available options for buying bank owned real estate can save money and earn a good return on investment. Published at: