Obama Offers Mortgage Relief on Western Trip

15 Easy Steps to Starting Your Small Business

 

15 Easy Steps to Starting Your Small Business

Word Count:
1280

Summary:
When I was first starting up my business, I searched for a good article on startup, and couldn't find any, so I decided to write this short guide.

Keywords:
starting a small business, small buisness startup guide

Article Body:
Yeah, sure it's easy, and of course, that title is a little tongue in cheek. It takes a lot of hard work to get a business off the ground. But, it's worth every hour I've spent getting to where I am now.
When I decided to start my communication and image consulting business, I tried hard to find a good startup guide. I couldn't find any that had all the steps. So, I decided to write one. So far, it's mostly just the bare-bones outline (which is long enough as it is) you see in this article.
 I'll be adding to it every week or two, and writing more detailed articles on all the steps, so try to stop by and check it out from time to time. Let me know how I'm doing. Shoot off an email to me if I've forgotten something or you have questions.

Before you spend so much as a dollar, talk to a few experts.  Go to the library or get on the internet and research, research, research.  Take a little time to make sure entrepreneurship is right for you. 

Make a pro and con list of business ownership, and evaluate yourself honestly.  How many characteristics do you have in common with successful entrepreneurs?  Is your financial position strong enough?  Do you have the necessary technical and management skills? 

You're not going to be the perfect entrepreneur.  Nobody is.  But in order to make yourself the best entrepreneur you can be, consider ways to compensate for any weaknesses you might have. 

I'm from Canada, so the government agencies I've mentioned in this guide are Canadian, but really, it can be used by anyone. All you have to do, if you're from somewhere other than Canada, is find out where you need to find some of the things I'll talk about. Some of the steps might be slightly different, and you may not have to worry about things like GST for example, but I'm sure you'll find this discussion helpful all the same.

These steps to starting a business are in reasonably good order, but you might find yourself varying from it under your particular circumstances. That really isn't a big deal, as long as you get most of it done. There are some steps you'll be able to skip as well, but please don't skip any of the "big ones", which I'm sure you'll pretty much figure out from taking a look at the list.

So, assuming you've done your evaluation and you still want to start a business, take a deep breath, and let's get started.

1. Conduct a feasibility study of your business.  Describe your typical customer, your product and your competitors.  Who will your suppliers be?  What will you charge for your product?  How will you market your product?  These are just a few of the questions you need to answer.

2. Write a complete business plan for your company, using the information you gathered from your feasibility study.  This vitally important, often overlooked step needs to include a description of your company, its goals, competitors, market, financial information, and of course, how you intend to meet your goals. 

3. Get your financing in place.  There are many ways to finance your business, from your own savings to personal credit cards to bank loans.  If you need credit, know your business plan from front to back and maybe even sideways. 

4. Decide what kind of structure your company will have.  From a legal standpoint, there are three basic choices, sole proprietorship, partnership and incorporation, each with advantages and disadvantages. 

5. Choose a name for your company and check on name availability. Naming your company is highly individual, but it's the first thing associated with your business, so choose your name carefully.  You'll need to do a NUANS (Newly Upgraded Automated Name Search) report, which checks your name choices for uniqueness against a database of other business names.  A reserved name is valid for 90 days.

6. Decide whether you want to register federally or provincially and register your company.  If you register federally, you'll also have to register provincially, which almost doubles the cost. You don't have to have a lawyer process them for you, but it might be a good idea to at least consult with one.  You can get the forms from your local government office, have them faxed to you or download them.  You can fax or email printed copies, or complete the forms online

7. Contact Canada Revenue Agency Business Window for your business number, and to register for GST/HST, payroll, corporate income tax and import/export (if applicable).  You can also contact the CRA if you need general information about business expenses.  Chances are you'll have to collect GST, but you may want to register for a GST number even if you don't have to collect it because of input tax credits.

8. Decide whether you need to collect PST.  If you do, you need to submit "Registration as a Vendor" documents with your province. 

9. Determine whether there are special permits or licenses in your municipality.  It's highly unlikely that your municipality does not have special permits or licenses.

10. Develop the marketing materials you decided on in your business plan.  They should include at least a company identity package, press kit and website.  Your identity package is your logo, business card and letterhead.  A press kit can include letters of introduction, biography sheets, press releases, articles and a brochure.  In today's electronic age, printed materials aren't enough.  You need a website that looks professional, matches your printed material and has great copy.  You'll also want to make sure it's optimized for search engines.

11. Set up your business bank account and record-keeping system.  Your banker will need to see your incorporation documents, and you should probably set up more than one account so you can keep track of your finances better.  Record-keeping is required, and can be done manually or with a computer program. 

12. Purchase insurance.  There are many different types of insurance, but most probably your company will need at least one.  For example, if you're going to have employees, you need to contact the Worker's Compensation Board.  Depending on your type of business, you might want to contact them even if you don't have employees to insure yourself.

13. Contact potential creditors and set up credit terms.  You should have researched suppliers when you were doing your feasibility study.  Now is the time to contact them.

14.  Decide where your business will be located.   Lease your business' space.  Alternatively, you could choose to start your business from home if it's feasible.  There are advantages and disadvantages to starting your business from home.  You have tax write-offs for example, but sometimes your image suffers.

15. Purchase supplies and office equipment.  You'll need too many things to list here, and of course, each business has different needs.  You might need a fax machine and printer.  You'll probably need a computer.  You'll definitely need paper, pens, pencils and a calculator.

Congratulations! Go out, buy yourself a bottle of champagne and celebrate. You're about to embark on a most exciting journey. And may I be the first to wish you good luck and prosperous times in your business venture.
As promised, here's my email address so you can ask questions, make comments or add steps to my list. Or, if you want, you could just drop me a line to let me know how your small business is doing. I'd really like to know.

 

100% Mortgage Financing – A Way To Avoid Private Mortgage Insurance

100% Mortgage Financing – A Way To Avoid Private Mortgage Insurance

Word Count:
293

Summary:
Ideally, traditional mortgage lenders want new homebuyers to have a 20% down payment when purchasing a new home. Thus, if purchasing a $200,000 home, you should be prepared to have $40,000 as a down payment.

Unfortunately, many people do not have this kind of money lying around. For this matter, private mortgage insurance (PMI) was created as a way for mortgage companies to recoup their money if a homeowner defaults on the loan. There are various loans available to assist ...

Keywords:
100% mortgage loan

Article Body:
Ideally, traditional mortgage lenders want new homebuyers to have a 20% down payment when purchasing a new home. Thus, if purchasing a $200,000 home, you should be prepared to have $40,000 as a down payment.

Unfortunately, many people do not have this kind of money lying around. For this matter, private mortgage insurance (PMI) was created as a way for mortgage companies to recoup their money if a homeowner defaults on the loan. There are various loans available to assist people with down payments. In some instances, homeowners can obtain 100% financing, and avoid PMI

What is Private Mortgage Insurance?

Because Americans are earning less money, and home prices are steadily increasing, the majority of the population is unable to save the recommended down payment of 20%. In order to make owning a home possible, mortgage companies created a particular mortgage insurance, (PMI), for people with less than 20% to put down on a home. This insurance protects the lender if you default on the mortgage.

How to Avoid Paying Private Mortgage Insurance

On average, PMI may increase your mortgage payment by $100 – sometimes less, sometimes more. However, there are ways to avoid paying this additional insurance. The obvious involves having at least 20% as a down payment. If this is not an option, homeowner may agree to a higher interest rate. Another tactic entails getting approved for 100% financing.

How Does 100% Mortgage Financing Work?

100% mortgage financing makes it possible to buy a home with no money down. Also referred to as a piggyback loan or 80/20 mortgage loan, 100% mortgage financing involves obtaining a first mortgage for 80% of the home cost, and a second mortgage, or home equity loan, for 20% of the home cost. Together, the first and second mortgage allows a home purchase with no money down, and no private mortgage insurance.

 

100% Home Mortgage Refinance – Choose A Lender Online

100% Home Mortgage Refinance – Choose A Lender Online

Word Count:
349

Summary:
100% home mortgage refinance frees up your money for other purchases, like a second home, renovations, or debt consolidation. To get the best deal on your cash out refi, look online for your next lender. By evaluating loan quotes that you can get in minutes, you can save thousands with just a couple hours of research.

Better Mortgage Lenders Online

If you like low rates and fees, then you will find your best lenders online. Technology and competition has pushed down ref...

Keywords:
100% mortgage refinance

Article Body:
100% home mortgage refinance frees up your money for other purchases, like a second home, renovations, or debt consolidation. To get the best deal on your cash out refi, look online for your next lender. By evaluating loan quotes that you can get in minutes, you can save thousands with just a couple hours of research.

Better Mortgage Lenders Online

If you like low rates and fees, then you will find your best lenders online. Technology and competition has pushed down refinancing costs, saving you money.

Online financing companies also give free personalized loan estimates, so you have real numbers to make your refi decision. Requesting quotes is also a good way to "test-run" a company to make sure they deliver on prompt customer service.

Items To Check Before You Sign

Interest rates should be at the top of your list when researching lenders. But also take a look at closing and miscellaneous fees. On average, your refinancing closing costs equal no more than 3% of your principal. But for 100% refinancing, you may have to pay more, especially if you have poor credit. Early payment fees should also be dropped, in case you decide to move or refinance again.

The APR will give you a picture of the total cost of the loan. There are cases when a higher rate loan might actually save you money though. For example, if you plan to move in a couple of years, you may get a bigger savings by not forking out thousands at closing, even with the higher rate. For these types of situations, you need to use your calculator to determine which is the best option for you.

Commit When You Are Ready

When you have found the right loan package, commit to it as soon as possible to lock in rates. Your application can be completed online in about ten minutes with final paperwork arriving in the mail in a couple of days. Once your contract is complete and received by your lenders, your money can be wired to the appropriate accounts. From start to end it takes about 10 business days.

 

100% Financing Or No Down Payment & Bad Credit Mortgage Loans

100% Financing Or No Down Payment & Bad Credit Mortgage Loans

Word Count:
350

Summary:
Sub-prime lenders now offer financing packages with zero down. Interest rates are higher on these types of loans, but they make purchasing a house easier. And unlike a conventional loan, there is no private mortgage insurance required. There are two types of zero-down mortgage packages, each with their own requirements.

Types Of Zero-Down Loans

100% financing, as it names implies, offers complete financing of your property. The other option, 80/20, finances your mortgag...

Keywords:
mortgage loans, bad credit

Article Body:
Sub-prime lenders now offer financing packages with zero down. Interest rates are higher on these types of loans, but they make purchasing a house easier. And unlike a conventional loan, there is no private mortgage insurance required. There are two types of zero-down mortgage packages, each with their own requirements.

Types Of Zero-Down Loans

100% financing, as it names implies, offers complete financing of your property. The other option, 80/20, finances your mortgage with two loans. Both loans may be carried by your lender, but sometimes the seller or a second lender is required to carry the 20% mortgage.

100% financing is easier to deal with, but not all lenders will offer this type of home loan. 80/20 financing is more common, but takes some negotiation if the seller is involved.

Qualifications For Zero-Down

Each lender has their own criteria for determining who will qualify for a zero-down loan. Most sub-prime lenders require any bankruptcies or foreclosures to have been at least twelve months ago. A conventional loan requires these to be discharged two to four years ago.

While a credit score of 600 or higher is best, large cash reserves can also qualify you. Six to twelve month's worth of cash reserves in the form of savings, money market, or other liquid assets are considered ideal.

If you choose 80/20 financing with the seller carrying the second mortgage, you can qualify with sub-prime lenders with a score of 560.

Zero-Down Sub-prime Lenders

You can find zero-down sub-prime mortgages with both conventional and niche sub-prime lenders. Make sure that you request quotes from as many mortgage lenders has possible to be sure you find the lowest rate and best terms.

You will also want to decide what type of mortgage you want. An ARM is easier to qualify for and has lower rates. A fixed rate mortgage offers the security of a constant interest rate over the life of your loan.

Typically an ARM will be a better deal if you plan to refinance within a couple of years. After you have improved your credit history, you can refinance for a conventional mortgage with low interest rates.

 

Year vs. 15 Year Mortgages

Year vs. 15 Year Mortgages

Word Count:
375

Summary:
Discussions of mortgages often focus on interest rates, but there is a much more basic decision to make. Should you go with a 30 year mortgage term or a 15 year mortgage term?

Keywords:
mortgage, term, mortgages, loan, loans, interest, payments, interest rates

Article Body:
Discussions of mortgages often focus on interest rates, but there is a much more basic decision to make. Should you go with a 30 year mortgage term or a 15 year mortgage term?

30 Year vs. 15 Year Mortgages

Any discussion of mortgages tends to turn on two points. How can you qualify for the most money with the lowest payment? How can you get the lowest interest rate for the mortgage? While these are two important issues, there is an addition one that people fail to consider, resulting in significant wasted money.

The term of a mortgage is extremely critical for a couple of reason. First, it sets the length of the obligation you are undertaking. Second, it defines the amount of interest you are going to pay over the life of the loan. These are huge issues when it comes to building equity.

The longer the loan, the more total interest you are going to pay. The trade off, of course, is you are going to have smaller monthly payments the farther you stretch out the obligation. While this may sound like a good goal when you first get the mortgage, it can backfire on you in the long run.

Most people focus on interest rates as a way to save money on mortgages. This is a valid approach, but playing with the length of the loan is a better way to save money. If you can cut the payments in half by going with a shorter loan, you can save huge amounts on the total interest repaid to a lender.

The decision on the term of the loan is relatively simple, but entirely dependent upon your personal situation. There is no absolutely correct choice. First, you need to determine if you can comfortably afford the higher payments that come with a shorter term loan. In general, a 15 year mortgage will have payments 20 to 25 percent higher than a 30 year loan. Of course, you will pay the loan off faster, to wit, be building equity in the home quicker.

The modern mortgage industry has a variety of different term length products. When applying for a loan, take the time to evaluate the different terms to see if you can find a loan that is perfect for your situation.

 

Important Things to Remember to Get the Best Mortgage

Important Things to Remember to Get the Best Mortgage

Word Count:
289

Summary:
The market of new houses is now experiencing a great increase in sales and profit. Old houses are now being traded for newer ones. A great way to finance your new home purchase is to mortgage.

Keywords:
make money

Article Body:
The market of new houses is now experiencing a great increase in sales and profit. Old houses are now being traded for newer ones. A great way to finance your new home purchase is to mortgage.
 
If there are instances that you are not eligible because of some credit concerns, you should not worry. You can still plan for it in the future. It is probable that in just a few months, you can buy a home if you consider the following tips:

1. Do not make too much purchases for the next couple of months. Instead, prepare money for your down payment. The reason for this is that even a debt of only 15,000 dollars will still appear unpleasant to the mortgage lenders credit score system.

2. Do not choose a very costly home especially if it is just going to jack up your expenses. You have to ensure that you are able to pay for your debt load consistently, so before choosing the type of house you want, consider your income first.

3. Do not get disqualified for a mortgage. Make sure that you will get approved. In order to qualify, you are required to submit your credit information to a mortgage lender. And you must allow your lender to get your credit report and debt/income data.

4. Do not forget the form of money personality you have before taking a mortgage.

5. Keep in mind that home possession may provide many problems. The charge of non-payment on a loan is a lot larger than the fine of missing a rent fee.

Therefore, if you are planning to apply for a mortgage, be sure to remember these five important things in order to end up successfully with the best mortgage there is.

 

3 Terms Every Mortgage Holder Should Know

3 Terms Every Mortgage Holder Should Know

Word Count:
505

Summary:
Getting a mortgage can be a very confusing process.  There is a lot of paperwork to sign, documents to read and procedures to be followed.  You'd think you were applying to go to Harvard or Yale, except they don't require that much paperwork for you to be admitted!

Keywords:
mortgage

Article Body:
Getting a mortgage can be a very confusing process.  There is a lot of paperwork to sign, documents to read and procedures to be followed.  You'd think you were applying to go to Harvard or Yale, except they don't require that much paperwork for you to be admitted!  Although getting a mortgage can be a confusing process, there are three terms that every mortgage holder should know to better understand what he is she is getting into. 

Going into a mortgage knowing just a few facts will help you immensely in understanding what type of commitment you are getting into.

The first term you should understand is, amazingly, the word "term".  Term refers to the length of the mortgage you are taking out - or the amount of time you are making payments. 

Many mortgages run the gauntlet of between ten and thirty years.  The longer the mortgage, typically the lower your monthly payment will be (and the more interest the mortgage company makes).  Generally speaking, you should go for the shortest term you can comfortable afford - you'll save potentially tens of thousands (and in some cases potentially over a hundred thousand) dollars in interest by keeping the length of the mortgage as short as you can.

Next, understand the interest rate on your mortgage and how it is calculated.  The interest rate refers to the amount of interest charges you will pay for the money you are borrowing, expressed as a decimal - such as 5.2 for 5.2%.  Is it fixed or adjustable?  In other words, is it the same through the life of the loan or does it change at specified periods in time?  Most home buyers should try and steer clear of adjustable rate mortgages even though they can look better up front.  They can often reset to higher interest rates and come back to bite you if you aren't ready for a jump in your monthly payments!

Finally, understand what closing costs are and how they are going to affect your purchase price.  Often times, you are going to be responsible for coming up with these closing costs out of your own pocket.  Closing costs consists of things such as appraisals done on the house, attorney fees, notary fee, deed fee - if there is a fee they can think of it usually falls under the term closing costs!  Be a smart and savvy consumer, if you see a fee that you don't understand or doesn't seem right - speak up!  Some mortgage lenders try to sneak in any fee they can think of to make a few extra dollars profit.

Understanding these three terms can help make you a more informed home buyer and help you find the mortgage that is right for you.  As with any product, it is important to shop around for a mortgage when you are considering buying a house.  Even a small change in the interest rate between two lenders can often to amount to thousands of dollars in savings.  Don't be afraid to comparison shop - it's your money after all!