Your Financing Strategy
Ask questions from your bankers which of one these will benefits you most and which one could be costly to you. You can also get free checks when you open your account, you do not need to pay for checks. All checks are processed the same way that is up to you and how you manage your money.
-Savings Accounts: Custom Savings, Money Market Account Checking Accounts: Economy Checking, Express Checking, -Regular Checking, Senior Checking, Student checking
-Your Debit/Visa Card to use for shopping could be free when you open your account, make sure you ask for it, at times they will ask you if you want one or not. Where you use your Debit/Visa Card to withdraw money matters to your bank, it could cost you for using it at the wrong places, ask your banker for information where you could use your card without paying extra charges...
Some banks charges between $1.00 up to $3.00 if you use their card to withdraw money from another bank that they do not do business with. It is your money...
Each one of the above has advantages and dis-advantages, be careful when you are opening your accounts; you could loose money to the bank right away. You also need to know if your monthly statements are going to be free or not, when you make inquiries, the bank could be charging you for too many inquiries. Some things are free from the big banks and something's are cheaper from the community banks.
Basic Requirements for lending you money:
· Savings and Checking Account
· (2) Good Credit or No Credit it depends where you are getting the money.
· (3) Collateral such as your House, Car, Boat, Gold/diamond or any valuable assets they can hold on
· Driver's License,
· Social Security numbers
· Good Employment, at least for six months.
Lenders Information:
Big Bank requirements-
Can be very tough to meet because they have to abide by the 'Federal Reserve Bank or Federal Deposit Insurance Corporation (FDIC)' regulations. They got their money from the Federal Reserve Bank at a lower rate, however, they could turn around and loan it to the smaller banks at a higher rate, and the smaller banks loan it at higher quote rate to the public.
Community Bank requirements/Credit Union:
Well, the community bank is no different either, they turn to the big banks to borrow money at a lower rate so that they can loan it to their customers/clients at a higher rate to make some profit to stay in business.
Private Capital market requirement:
This is where the business gets tougher. The Capital Market enterprise is a big boy on the Wall Street, where they can finance just about anything they like, because they are not being regulated by the government, it is an individual rich businessmen that have money to loan out at a higher rate. They are not required to follow financing rule rigidly as the bank does, but they still have follow the consumer law that protect all of us from being taken advantage of.
Family friends requirement:
This one is your best source of financing, if you could find a rich friend or family friends that can loan you money without any attachment or collateral. They may ask you to pay them some small interest, or none it all depends what you are using the money for, at they would like to get a piece of the apple when they know you are going to make a lot profit.
Collateralization:
There some companies out there that would loan you money to meet your emergency needs, but becareful, they may ask you to give them your house, car, motor cycle or any of your valuables for collateral just in case you were unable to pay them back, but, they are very quick to take your valuables and you may not have any re-course to take them to court for doing so. I would stay away from such financing unless you have to...
There is going to be a time when we are going to need finance or re-finance our mortgages, car, motorcycle, big boat, air-planes etc., that we cannot come up with up-front lump sum money to pay for it This force us to turn to our bank, family friends, private capital market, small loan companies to loan us that money. This is where we are being taken advantage of by offering us some sort of un-affordable rates. At first you would think this a great opportunity that it will not be problem, you could afford that payment being offered to you by your lender, you better think again before you sign that dotted line. They could be collecting interest from you money for long time without any of it going to your principle.
Pay attention to dotted Line and Small print in the loan documents:
The loan documents can be very tricky to read when you are not an attorney, the small fine prints areas are very important areas to pay attention to, because this is where they hid rates, timeline, and warrante, but if you don't pay attention to the rates they quote or offer to you in the loan document that you are going to sign you could be losing a lot of money. You probably better off to take to your attorney before you sign the dotted line.
In the fine print of the loan documents is where they hid most important information that your lender did not want you to know about, especially mortgage and credit card documents. It sounds strange, but it is true, If you don't believe what I said here in this document, go to your loan documents and read the small prints in there you may find out something that you would not like to see or hear about, or if don't believe what I said here, ask yourself a question of why didn't they just print the whole loan documents in a readable format with nice fonts that an average third grader can read and understand it without having to scratch their head or look up words in the webster dictionary for interpretation of words, after all you are the consumer paying them for this services and they will be collecting interest from your financing for such a long time. 95% of mortgage homeowner never gets to the point of paying principle or their mortgage finance off before being taken away from them, but the bank or private investor already started to benefit. Yes, I understand they took the risk to finance us.
I think what is fair is fair, they should make the loan documents more readable for us, and there should be no small prints that is had to read on any loan documents. They should be in a readable format that average Joe can understand; my question all the years was why are they making it so complicated to read if they do not have anything to hide? I also think the loan documents should not have so many pages when we are talking about saving the threes... Not too many consumers read all these pages, it has no value to have so many pages when no one really reads it, of course the attorney will not be making money if they these document could be reduced to minimum.
My solution to this big fat loan documents should be to reduce them to minimum, all it should it be contain is, who own the house, the rate, how long is going to be paid, warranty, borrower's and co-borrower, and all other very valuable information it should not be more than 10 pages long.
Hitam Di Dahi Tanda Riak & Solat Tak Khusyuk? Ini Penjelasan Daripada UAI.
Innovative PACE Finance Programs Could Save the US Economy
In order to chime in on why this may be the answer to many of our woes, we need to understand where our economy is today and how Property Assessed Clean Energy Bonds (PACE) bond concepts would play a huge role in stimulating our economy. Let's look at the average person, our own family and friends. Most who have never been on unemployment are now on unemployment or close to filing for unemployment. Actually in good times, these same relatives and groups of friends have not had the need to be on employment. They were securely employed.
We can all agree we can no longer consider the experts such as Wall Street or the economist predictions who have been wrong more than they have been right. The real estate industry is not recovering. Whether they are offering advice for investing or judging the immediate performance of markets, they have just been wrong. The mortgage industry is not on an upswing. Jobs are still being lost and real estate values are still going down. These are stone cold facts from the trenches. We need solutions and we need them now. The entrepreneur mindset is alive and well but it is our friends and family and those workers that will make their dreams come true.
If we continue to be bailed out, and we sit and worry and we are using the future of the next generation's money to create too much dependence on the government. Don't you see this as a bad idea unless we have changed from a democracy and want a socialist society? Every generation of Americans have carved their niche. They have done this through opportunity that they created for ourselves. Not the involvement of government. Instituting programs for unemployment have been helpful, but we all agree it is getting out of hand. If my friends and family who are out of work had to pay for health care right now, they could not.. We need job creation and without it, our systems will fall and we will have no choice but to rely on government. Bad idea for freedom. This is not democracy.
How do the PACE concepts also referred to as on bill financing, come into play? These programs are designed to allow property owners to install energy efficiency, renewable energy, and water efficiency projects and repay those costs as a line item on their property tax bill or utility bill (depending on state law and local options). According to Renewable Funding, who played a key role in originating of PACE: "Property Assessed Clean Energy (PACE) programs enable local governments to finance renewable energy and energy efficiency projects on private property, including residential, commercial and industrial properties. The programs eliminate the chief barrier to clean energy installations: the large upfront cost." Property owners can repay the debt service incurred in fixed payments as part of their property tax bill. Think on that.
What makes these programs work is owner participation is voluntary. Property owners who choose to participate in the PACE program may pay additional costs. The desires of the homeowner go through a screening process to possibly include an energy audit. The approved dollars are used to pay for energy improvements on participating properties. Property owner may choose to install renewable energy technology like solar panels, energy efficiency projects such as high efficiency furnaces, and in some states water conservation measures can be included.
The PACE model ties in with the green economy and most have interest in knowing how they can participate. Most believe we need drastic change and innovation to bring back jobs. Those in trades out of work need to be working again. The construction industry, their supply chains and their own family and friends are deeply embedded in our society. When they are back to work, this can seriously stimulate the economy. Once we see this, for the real estate and affiliated industries, this will create housing stock that will attract buyers. All need to learn about energy efficient building, renewable energy technologies, etc. All need guidance to utilize the offerings of the energy sectors and renewable energy and green planning that hold promise for growth of the job markets. Exposure for green building products and green building systems to create jobs for the construction trades is of paramount importance in supporting this type of financing model.
Most know the current inventory of stagnant housing stock is one of the biggest challenges for economic recovery. Facilitating growth in real estate is crucial for economic growth it must be addressed and on bill financing for promoting energy retrofits addresses this challenge head on. This is about inventing a new industrial revolution. Think of how this includes creating jobs through the renovation of current inventory, growth in the clean economy sectors, such as solar, wind, water savings measures and promoting green building industry representatives. As this scales across the nation, we could see administrative and marketing job growth and the construction trades with new opportunities. A new interest in cost effective energy renovations not having to come directly our of packet, we may see the need again for the jobs for great business minds currently on unemployment and our business majors graduating from college. Then we begin to create housing inventory that has more value from a buyers' eye. When all is said and done, the buyer is really who will dictate price and value. For future buyers and sellers of real estate, we should support this type of legislation and begin to upgrade our current existing inventory of US homes. It could result in job security, and a built structure that is healthier, more energy efficient and offers less operating and management and utility costs. Real estate value needs to be redefined and in demand again but the supply needs help. On bill financing may be an answer.
Let's keep innovating.
Never doubt that a small group of thoughtful committed citizens can change the world. Indeed, it's the only thing that ever has." - Margaret Mead
Green Real Estate Education was established in early 2006. Kerry Mitchell, founder of Green Real Estate Education, has over 14 years in real estate, in the past as a Maryland Real Estate Professional Broker, and a Licensed Real Estate Broker in the state of Florida.
