100% Financing Tips – How to Get Approved

What does it mean when one says that he will avail of a 100% financing? Well, in simple terms, it means that you are interested in getting a mortgage that does not involve a down payment. This kind of mortgage involves your home equity – or the value of your home less the debts and financial obligations attached to it. Since you are basically spending your own money, then it makes sense that any 100% financing mortgage does not involve any down payment.

By the looks of it, you would think that a 100% financing is an easier option compared to other forms of refinancing – Toronto or elsewhere. Indeed, at the outset, this financial option looks very tempting.

But just like anything tempting and alluring, an option such as this would not come in handy. There are requisites that you need to meet before a lender would even consider your application. There are requirements that you need to submit before you will be presented with the best mortgage rate – Richmond Hill or elsewhere.

But these requirements are nothing fancy. You probably even know what these are – as more often than not, any mortgage requirement has something to do with your credit report, your debts, and cash reserves, among others.

Knowing all these requirements, how do you ensure that your application for 100% financing will be approved? Here are a few suggestions:

1. Check your credit record. Your credit is somehow the end-all and be-all of any mortgage application. It is like your resume -something very useful before you will be considered for a particular job. As such, you need to ensure that the entries in your credit record are all correct. You can request for a copy from the various reporting agencies. Many of them will give you one free copy per year. Take advantage of this benefit.

The “quality” of your credit report makes or breaks your chances of getting your 100% financing approved. So allow no room for mistakes. One small glitch could have a tremendous effect on your application and your future in general.

2. Have sufficient cash reserves. To be approved for a 100% financing mortgage, it is important for you to establish that you have enough cash reserves. It would be an added point for you if your potential lender can see that you are not consuming all the money that get into your hands – that you are saving for the rainy days. This will not only make your lender confident that you can pay them on time, but this shall also show them that you are able to handle your finances responsibly.

3. Keep debts at a minimum. Related to the point above, you also need to keep your debts at bay. Do not open a lot of accounts. Instead, make use of your current credit limits. Also, make sure that you pay your dues on time. Once again, this is an important element in gauging if you can be trusted to handle your amortizations well.

These are but some of the many things that you can do so you will have a shot at your dream house. By following these points, you are on the right track at making your dream come true.

Allegro Mortgages Corp. – Best Broker for All Your Financing Requirements
(416) 987-0008

Personal Training-Finance Tips in Exactly Three Words

Last fall, after years as a “do-it-yourselfer” in the area of fitness, I surprised myself and decided to hire a personal trainer, Laura Creagan of New England Endurance Training. No, I’m not a Hollywood starlet trying to get her pre-baby, red carpet-ready body back or an elite athlete trying to win Olympic gold. I’m not even trying to compete in, much less win, any races at the local, “age group” level.

I’m just someone who loves the same activities Laura loves – cycling, cross-country skiing, running, etc. Someone who gets a kick out of reaching new milestones in old favorite activities. Someone who loves getting out in the great outdoors for a couple/few hours of aerobic activity. Someone who values the resulting health benefits…

So why on earth would I need a personal trainer? The thing is: I like these activities so much so that I sometimes overdo it and end up injured. (So much for those health benefits!) Plus I’ve got a few new milestones in mind for next bike season.

So when I read an article about Laura describing how she’d excelled in a grueling winter triathlon in Austria, I couldn’t help but think: “If she can perform at that level, she obviously knows something I don’t. And I’d sure love to know whatever that is (sooner rather than later) without Googling and poring over books and distilling boatloads of information and using trial and error.”

It took a few months before I could convince myself to take action – what with not being a starlet or star athlete – but I kept hearing the echo in my head of words I’d said to potential financial planning clients thinking about making the switch from do-it-yourselfers. “Yes, you might achieve your goals on your own, but getting one-on-one advice from someone who’s been trained and is around this stuff all the time is likely to get you there sooner with fewer missteps.”

So I finally decided to give it a try. And – no surprise – it turns out Laura does know plenty that I don’t about training, but our work together has also taught me a lot of lessons about advisor/advisee relationships of all sorts, especially those I have with my clients. Not all of these lessons are new, nor are they rocket science. But my experience working with Laura has helped me to better understand them from the advisee’s perspective, which I’m convinced will reflect benefits back in my practice.

In keeping with the fact that this is the third in a trilogy of articles of physical/fiscal fitness analogies ( see footnote for other two ), and to reuse a fun gimmick I recently ran across, those lessons… each in exactly 3 words.

1. It’s not magic. There are no guarantees in personal training or personal finance, but if you stick to a plan based on time-tested principles, you’ll get better results.

2. Goals dictate actions. Only do enough to reach your goal, no more, no less. Less isn’t enough, and more could cause burnout or injury. (Remember, you can always up the ante with a new goal once the current one proves achievable.)

3. Trained eyes see. If there’s a hole in your plan, the advisor can’t help but notice cause/effect relationships that the advisee may not recognize. For example, just as having no emergency fund can lead to costly credit card debt in the personal finance realm, no strength training can lead to physical strain and injury.

4. Reach new heights. With the help of an advisor who has more insight into what’s possible AND what needs to be done to achieve it, you can reach new heights, e.g. “You really think I can retire (complete the Assault on Mt. Mitchell ) this year?”

5. Reconsider discarded ideas. Just because you tried spinning (monitoring expenses) before and hated it doesn’t necessarily mean it won’t work this time. Getting creative with a new tool or technique, or finally seeing the power of the idea, may be just the thing that makes it click.

6. Apply technology judiciously. You can benefit greatly from using the technology that exists to measure heart rate (investment performance), but if you try to watch it 24/7, you’ll probably get distracted from your goal, perhaps even crash.

7. Measure progress periodically. Monitoring your heart rate, power, and strength (net worth and cash flow) over time will tell where you are vs. your goal, allowing you and your advisor to adjust as necessary.

8. Accountability is good. We’re all adults here. Still, having to ‘fess up to having skipped an important workout (IRA contribution) sure is a great motivator.

9. Avoid boom/bust. Overtraining (living like a pauper) when you first start a plan is more likely to result in injury (binge spending) than in improved performance (a bigger nest egg).

10. Persist through setbacks. Reaching your fitness (financial) goals takes time, and you won’t always make progress in a nice straight line. Instead of getting discouraged and abandoning your plan for the new hot shortcut you saw in “Get Fit (Rich) Kwik” magazine, check with your advisor. While you may need a course correction, it’s possible a few words of encouragement will do the trick. (Thanks, Laura!)

5 Business Tips to Overcome Deadbeat Customers

You’ve sold the product or provided the service to a customer. Now it’s time to receive payment. The deadline for paying the invoice has past. You’ve not heard from the customer, so you decide to contact the person by phone. The customer agrees to pay you within a week. However, a month has past since that conversation, and you haven’t received payment. To avoid such scenarios in the future, use these five business tips.

Choose your customers wisely. Before a customer orders goods or services, you can identify the type of person with whom you’ll be doing business. Signs of a potential deadbeat customer include a demanding, vague, and uncompromisable demeanor. If you do not have an inclination to do business with this person, it’s best to decline. If you’re just starting a business, declining a customer may seem like a challenge. You may be wondering where you’ll get more clients, since this person is the first to arrive in your business. While it may appear rewarding to accept this customer in the short term, this mistake may end up costing you more in the long run.

Receive your payments upfront. This is one of the business tips that may seem obvious. However, there are many business owners who are omitting this rule from their business. Whether it’s out of fear of not getting more clients or simply their preference, getting paid before the product is sent or service is rendered will save you the time and hassle of having to collect what is rightfully yours. If you’re selling products or providing services on the internet, do so on a cash on delivery basis.

Add interest to overdue invoices. Include a statement on your customer’s invoice indicating that interest will be charged if he/she fails to pay the invoice by the deadline mentioned. Make sure that this is included on the invoice before sending the invoice to your customer. Many states forbid interest charges especially in cases where business owners haven’t warned their customers beforehand.

Take the upper hand in the matter. As the business owner, you can withhold certain privileges from the customer. These include services, files, or other property. This is legal in most states. For example, a client has hired you under a work for hire agreement where all the work would become the property of that client. It is recommended that you add a stipulation to the agreement, indicating that all work would become the property of the client once all payments are received.

Contact the billing department. This is applicable to large companies. Ask to speak with a representative in the billing department. Once you’ve reached that person, provide him/her with information about the situation. Then, ask for payment to be made by a specified date. If you do not receive payment by that date, contact top management. Your decision to contact the managers of the company will demonstrate the gravity of the situation and the importance of paying the invoice right away.

Once you follow these five business tips, you’ll eventually overcome the deadbeat customer scenario.

Quick Auto Insurance – How Long Before I’m Insured

Motorists are generally responsible to have insurance on their car, but the true cost of car insurance is far higher than what you will find from an instant auto insurance quote. Obtaining an insurance quote can be as easy as a phone call to various companies, an Internet inquiry, or talking directly with your current insurance agent.

Personal Information Needed

Getting your instant auto insurance quote requires answering questions regarding your driving history. The agent will need to know the coverage you want. He or she will also need some personal information for any drivers who live in your household.

  • All driver’s names, driver’s license number, birth date, sex, and marital status
  • Driving history, for each person, including moving violations and accidents with date’s
  • Mileage each person drives
  • Year of vehicle
  • Cost of vehicle
  • Vehicle identification number
  • Special safety features

There are several important decisions you need to make regarding auto insurance before obtaining a quote. This includes the types of coverage you want, the amount of coverage you need, and researching the requirements in your state. The following gives you some basic information about obtaining an instant auto insurance quote from any company.

  • Liability
  • Collision
  • GAP
  • Comprehensive
  • Uninsured and Underinsured Motorist

Liability Auto Insurance Coverage

Each state has their own laws and regulations as to the types and amounts of coverage, which they require drivers to obtain. For most states, the minimum coverage is liability. Liability only covers property damages or personal injuries that are the drivers fault. Liability insurance does not cover damages to your own vehicle if you are at fault and in most cases to passengers in your auto.

Before you drive your auto off the lot, it is important and usually mandatory, to have acceptable liability insurance. In some states, it is illegal for anyone to drive an auto without coverage, even if they have coverage on their own vehicle. You can receive an instant auto insurance quote, pay the first premium, and drive only from the time the liability coverage begins.

Collision Auto Insurance Coverage

Collision is generally a requirement of your lender when you purchase auto insurance, and this coverage names them as a lienholder. This means if you have an accident that totals your vehicle, then they receive payment first. This does not always cover the full price of your auto, even if you just drove it off the lot. It is necessary for you to pay your deductible before the insurance company releases their portion.

GAP Coverage

The GAP coverage protects you from the difference between what you owe on your vehicle and what the collision coverage will pay. This is significant to stress when you obtain your auto insurance quote. GAP coverage is definitely consequential when you purchase a new vehicle. Otherwise, you can be responsible for thousands of dollars and have no vehicle.

Comprehensive Auto Insurance Coverage

Many lenders require you have comprehensive insurance. Comprehensive will pay for theft or damage to your car from vandalism, flooding, fires, and even striking a deer. For most people, this is a standard part of their insurance coverage.

Auto Insurance Coverage for Uninsured and Underinsured Motorist

Unfortunately, it is all too often that a driver does not have enough damage to cover you, your family, or your passengers. In order to be fully covered it is safest to obtain both types of insurance coverage. Sometimes the cost of a lengthy hospital stay can easily extend beyond the coverage the other person’s insurance will pay.

There are many other options for insurance coverage. Your agent can give their recommendations for what coverage is optimal for you. An agent will need to ask questions to help determine what company can give you the foremost coverage for the least money. As you are discussing coverage, they will not discriminate in on things like race, religion, occupation, or place of residence.

Thingsto Know about Auto Insurance

As you can see auto insurance coverage is very intricate, so you obtain what you need, while staying within your budget. Being a safe driver does help reduce the cost of your insurance. It can take many years of receiving a ticket or being in an accident before your costs begin reducing. Safe drivers who have no tickets have the ability to obtain the most coverage for the least amount of money.

If you have never had insurance before or have been on someone else’s insurance as long as you have no tickets, accidents, or outstanding insurance claims getting an instant auto insurance quote can be quite simple. However, for those who fall into a higher risk, your insurance agent will be able to recommend ways for you to save costs while having the best coverage.

If you have left out a speeding ticket, your quote can be lower initially, than if you remember to tell them that you received a ticket. The problem can be that if you pay a lesser amount, you will be responsible to pay the difference, but they can cancel the coverage.

Additionally, the insurance company can cancel your insurance if they normally do not insure other drivers who had the same problem. Furthermore, the cancellation will make it difficult to get insurance from another insurance company. The information you give does determine your premium, and if the company will consider underwriting the coverage. Some discounts can apply depending on where you park the vehicle, average miles you drive, and any safety features.

Soliciting competitive quotes is essential to receiving the best price possible. Each insurance company has their own underwriting rules and rates. Spending time doing the necessary research can save you hundreds of dollars. However, some websites are set up to distribute your information to various insurance companies so you might not receive the instant auto insurance quote you are looking for at the time.

Read over some review of various companies, especially those who give you very low quotes. Some seem like a good choice initially, but have drastic increases when it comes time for renewal. Some companies sell insurance directly to consumers, and others sell through local agents. The more you know the better your decision can be when you receive an instant auto insurance quote if you have any questions, a qualified agent can help you right away.

Understanding Personal Finance – Tips For Everyone!

Do you have a good bit of debt? Are you struggling to control your spending? No matter what your financial woes, you must take steps to improve your financial future. In this article, you will learn ways to save and spend wisely, so you can keep control of your personal finances.

It is definitely possible to see a drop in your credit score while working to fix your credit. You may not have done anything to hurt it. Stay dedicated to accumulating positive information on your credit report, and your goals will eventually be within reach.

Keep a record of your expenses during a certain time period to determine exactly what your money is spent on. When you watch each penny, it is easier to save money later on.

Staying out of debt is your surest bet. A loan is okay if you need it to buy a car or a house. But, in your everyday life, you should avoid paying with credit at all costs.

Believe it or not, some debt is not bad. Good debts are investments like real estate. For example, owning a home or commercial real estate is generally tax-deductible in terms of interest on the loans, even without taking future appreciation into consideration. Another king of good debt is college loans. There are a number of different loan programs out there designed to put the burden of repayment on the students and not the parents. These generally offer low interest rates and postponed repayment periods that do not occur until graduation has passed.

You should always get rid of your financial documents in a safe manner. A high quality shredder is a noteworthy investment for this purpose. Fraud or identity theft are real dangers if you leave your sensitive documents to the mercy of recycling or waste disposal. Remember to always protect your financial documents.

Set up an automatic debit from your bank account to your credit card account to avoid missed payments. This will help keep you from forgetting.

With the recent downturns in the economy, diversifying your savings across different areas is a smart move. Keep some of your money in your savings account and some in your checking account. Invest some in gold, stocks and even in high-interest accounts. Utilize a variety of these vehicles for keeping your money safe and diversified.

Keep your credit score high. Having a high credit score can improve your chances of getting credit cards and qualifying for low interest loans. A certain minimum credit score is also a necessity if you want to rent a home, get utilities hooked up, or even just buy a cell phone plan. Treat your credit with the respect it deserves so that it does remain as high as possible.

Taking control of your personal finances will give you a sense of accomplishment, increase your credit scores and improve your life. Getting back on track is just a matter of wisely investing a little time and effort, though. Use the advice from this article to help guide you when making financial decisions. If you do, your financial problems will become but a distant memory.