Buying A Home: Some Financial Points

Taking the time to consider all the financial arranging that must be done in the process of buying a home is well worth the effort . This is a huge purchase and it will definitely affect your financial future like nothing else. Many home buyers rush into situations that end up being financially damaging and that can be a heartbreaking situation. The excitement of buying a home can be overwhelming to a point where commonsense things seem to pass right by and sometimes bad choices are made. So what can you do to ensure that you don’t make those choices and that everything is going how it should? Well let’s start by looking at the financial preparations that one should make when buying a home.

One of the biggest mistakes that people make is starting to shop for home before finding out how much they can get in a mortgage loan. This can lead to big disappointment when they discover that what they are actually eligible for does not meet the amount they need for the home they have already found. To this end, any buyer should get fully pre-approved for a mortgage before the home shopping starts in earnest. Once this is done then you will know exactly what you can afford in a home and there won’t be any disappointments.

Another thing that many people do not take into account when buying a home is the large number of additional costs that are involved with the purchase. There are many costs associated with closing on a home that will have to be provisioned for as well. One thing that you should always figure into the cost of the home is the closing costs. Make sure that you get a good faith estimate of these costs from your lender so that you can build them into the budget when the time comes. Also, don’t forget the inspections that will need to be done in order for the home to clear closing. This is a standard subject on real estate transactions that no buyer should pass over. Inspections will tell you if there are any structural concerns that could be detrimental to the sale or to you as the buyer. Also, try to factor any immediate improvements into your budget so that the money is there if you choose to do them right off the bat.

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Six Requirements For Financial Independence

All of us would like to be financially independent, but what can you actually do to become financially independent?

1. Be in business for yourself
2. Sell a product that is in demand
3. Absolutely guarantee the product
4. Give better service than your competitors
5. Reward those who do the work
6. Attain your success by building the success of others.

One way to gain financial independence is through Network Marketing.

Network marketing as predicted by experts, is showing definite signs of going mainstream. More and more people who previously rejected Network Marketing, are now getting involved, and large companies that used traditional methods of marketing in the past, are now adopting the concept.

What is it? Network Marketing, as it is called today, has been around since the 1950s. Network Marketing originally known as Multi Level Marketing (MLM), is probably one of the most misunderstood concepts in America today.

In Network Marketing, companies move products through a group of independent distributors who buy wholesale, sell retail, and sponsor other people to do the same. For your efforts, you can earn overrides on multi levels of people in your organization.

What is so attractive about this business is that there is no prejudice. Anybody over 18 can prosper and succeed. No color, race, gender, age, employment or educational background can stop you. All you have to do is be open minded and follow the simple steps laid out by your company. You have unlimited earning potential. There is no ceiling. Simple, Fun, Money are three words that can be associated with the most powerful marketing method to distribute products in the 1990s and beyond. Personal growth, along with financial freedom is two of the things you can expect from Network Marketing.

Why Am I So Confused About It?

First, ask yourself what the difference is between Network Marketing and Multi Level Marketing. Nothing! They are one in the same. MLM has been around for forty some odd years now and started as a part time business opportunity. By the middle of the eighties many people were earning substantial amounts of money and were beginning to do the business full time. By this time the phrase “Multi Level Marketing” had a pretty tarnished reputation. Well deserved, we might add. Any new industry is going to have its con artists but this had many. Perhaps that is why a lot of people refer to this as a pyramid scheme (which of course is false).

By this time, John Naisbitt had published his well received and highly successful bestseller “Megatrends” and devoted an entire chapter on networking. We had been doing it subconsciously all along and we still do. So the industry came of age: More and more people were using the phrase, “Network Marketing.” Companies selling growth patterns astronomical in both the quality and quantity of people and found this marketing concept to be a wonderful way to move products in the nineties and beyond. Network Marketing was born.

In Network Marketing you are not a door to door salesman, so lets dispel that myth up front. You are in business for yourself (as an independent agent), but not by yourself. You can have very little start up costs and you buy wholesale and distribute product at retail. But, unlike other marketing methods, you have the ability to build a group of people under you, all distributing a little bit of product everyday and then collecting an override on the organization you helped to create.

Remember, this is a group effort (in business for yourself, but not by yourself) and the big money is in organizational overrides. It is almost like owning a chain of stores, or owning a large marketing distribution company. In traditional business (lets use a corporate sales organization) the sales manager hires by adding new people and assigning territories. If a person gets terminated or resigns, you subtract. If the sales organization has 100 people you will probably have a manager for every 5 people. Traditional business is structured a lot like Network Marketing, but in traditional business you do not collect overrides. How many times have you ever recommended a friend for a job in your company and collected an override for it? But, someone on top did! So, the power lies in the ability for Network Marketers to multiply and duplicate.

You build your organization by going wide and deep. Start by lining five people across. Teach them to line five people across, and have them teach their five people. So everyone is working with five people, just like traditional business. Only now, anybody who has desire and the ability to learn simple concepts has the ability to earn vast sums of money by exposing great products everyday and teaching others to do the same! And in time you will have a bigger sales force, all well managed and trained without the headaches of inventory, paperwork, computers, payroll, and staffing. You are an independent agent, all that is handled by the parent company. Once you have successfully trained five people, you go out and repeat the process again, you will have attrition, but are now multiplying, going wide and deep and just subtracting, not dividing when attrition occurs.

People ask me all the time what I do for a living and my reply is always, “I talk to people, and the more I talk, the more my business grows.” It took IBM 40 years to reach One Billion Dollars per year. Some quality MLM organizations will have surpassed that mark in less than 7 years!

Getting Educated, Trained, Going Back To School

Signing an application and sitting back just will not cut it. You must be trained first. We train with our jobs. Or better yet, how about the airline pilot you are going to entrust with the job of flying you to your destination. We guess it would not matter to you if he were trained. Or the doctor, the lawyer, well you get the point. Like any business, you need to be trained. Actors and actresses rehearse, professional sports teams practice, and so should you.

Like a passion, be prepared at all times. Be ready. Like that hobby you are so well informed about. It took a lot of effort for you to learn what you did, right? It probably took quite a while to pick all that information up. Other than pure personal enjoyment, it probably cost you money. But yet some people are not willing to commit time to learn something new or have the patience to see it through, and we are talking your life here! Five, ten fifteen hours a week, that is all it takes. Consistency, every day, week, month. Commitment, just like you have with a job. People helping people. Your sponsor is helping you develop five people. You are doing the same with your five people and have those people do the same.

Simple Business Plan, show, try, tell, do. You need to, 1. Commit to your Network Marketing Business.
2. Use the companies great products.
3. Expose the products and opportunity to others.
4. Duplicate the above three things by teaching others to do the same.

“Help Other People Get What They Want And You Too Will Get What You Want.”

Zig Ziglar

Word Of Mouth Advertising

You do it all the time. Now let us get paid for it. Do you ever go to a restaurant, enjoy it, and tell your friends about it? Or how about that movie you saw this past weekend, or the sale at you local store? Yes, you probably mentioned that too. Did you ever wonder how some hit movies make forty million dollars in a single weekend? Pretty amazing numbers when it takes a lot of seven dollars to equal forty million. Did you ever get a commission for doing that? How about a “thank you?” Not even something free? We are still waiting too.

The idea of Network Marketing is to pay you for your work. Any great company has great products that people use and enjoy so much that they tell their friends about it. These are products that are generally superior to that of anything available in the marketplace.

The power of Network Marketing is the multiplication and duplication of you. You earn money recommending people to try a product you are already using. In traditional business, companies spend huge amounts of money to get the work out. In Network Marketing, you are the advertising. The huge amount of money that went to advertising is no longer needed, so it goes to you.

It has been my experience that regardless of the quality of the program you are promoting, regardless of its commission plan, regardless of its free web page offer, regardless if its a “Ground Floor Opportunity” and regardless of anything else that is being promised, if you figure out the best way to duplicate your efforts, chances are you are going to succeed.

Are You Getting The Lowest Interest Rate On Your Home Equity Loan?

Here’s a little secret about home equity loan lenders they don’t charge the same interest rates for loans. Even though analysts talk as if there is one mortgage rate, in reality each financial company sets rates based on their own criteria. Hence, interest rates for home equity loans can differ a point or more between lenders.

So if you want to be sure you are getting the lowest interest rate on your home equity loan, shop lenders. With online sites you can easily check rate charts, investigate fees, and even request personalized loan quotes before you commit to any financial company.

How To Shop For A Home Equity Loan

You have two ways to compare lending companies; either call up each company to talk to a representative or search online for loan information. While speaking with a bank representative will get you a hard sell speech, researching online will get you straight facts.

Nearly all financial companies now have websites that post information about loan terms, current interest rates, and general financial information. Most also have the option to receive a free loan estimates based on your general credit status and financial information. You can also use a mortgage broker site to collect loan information from several different lenders.

Getting The Most Out Of Your Research

Before you start piling up information about home equity loans, make a plan. Begin by checking rate charts on lender sites. Usually these list out a generic rate for mortgages and home equity loans, along with other types of credit. This will give you an idea of who has the most promising rates.

Once you have narrowed your search, the next step is to request loan quotes based on your credit status. At this point, you don’t want to give access to your credit report, which would down-grade in status with multiple credit inquires. Just provide general statements about your credit standing, income level, and assets.

After you have sifted through loan estimates, you will have arrived at the lowest home equity rates for your credit score. With this systematic approach, you take the risk out of committing to a financial company. The hours you have invested in your loan will pay dividends for years to come with lower interest payments.

Financial Ratios In Sports

Financial statements both report on a firm’s position at a point in time and on its operations over some past period. However, their real usefulness lies in the fact that they can be used to help predict the firm’s future earnings and dividends as well as the risk factor of these cash flows. From equity investor’s viewpoint, predicting the future is what financial statement analysis is all about. From management’s viewpoint, financial statement analysis is useful both as a way to anticipate future conditions and, more important, as a starting point for planning actions that will influence the future course of events for the firm.

Financial ratios are designed to show relationships among financial statement accounts. Ratios put numbers into perspective. They provide the necessary comparisons in order to comprehend the firm’s current situation along with it’s past performance and its future potentials and threats. Such comparisons are made by ratio analysis. It must be pointed out that according to financial analysts, a single ratio is relatively useless in making relevant evaluations of a firm’s health. Thus, if it is to be effectively interpreted a ratio must be systematically compared with other ratios of the examined company, or even the industry competitors during a specific period of time.

Analysts who use financial ratios extensively may be characterized as belonging to three main groups. Managers, who use ratios to help analyze, control, and improve the firm’s operations, credit analysts, who analyze ratios to help ascertain a company’s ability to pay its debts, and securities analysts, who are concerned with a company’s efficiency and growth prospects. As it is expected, each group of analysts has specific areas of interest, which it wishes to investigate. Therefore, ratios may be characterized into specific task groupings. The five group categories are liquidity ratios, asset management ratios, debt management ratios, profitability ratios and market value ratios.

One of the first concerns of most financial analysts is liquidity. It is actually the ability of the firm to measure its maturing obligations. By relating the amount of cash and other current assets to the current obligations, ratio analysis provides a quick and easy-to-use measure of liquidity. The second groups of ratios, the working capital ratios, measure how effectively the firm is managing its assets. If it has too many assets, its interest expenses will be too high, and hence their profits will be depressed. On the other hand, if assets are too low, profitable sales may be lost. Thus, having the proper level of each type of asset is considered important. The stock turnover ratio is defined as cost of sales divided by inventories. These ratios suggest that the company hold extensive stocks of inventory; excess stocks are, of course, unproductive and represent an investment with a low or zero rate of return.

Profitability is the net result of a large number of policies and decisions. Although the ratios examined thus far provide some information about the way the firm is operating, the profitability ratios show the combined effects of liquidity, asset management, and debt management on operating income and net income. Return on capital employed is calculated by dividing the net profit before tax with the share capital and reserves.

Home Loan Financing – Is The Party Over?

Home mortgage financing at reasonably low rates is critical to the well being of the American economy and to the American consumer.

Home ownership activities involve not only home and building industries but so many additional industries, like home furnishings , household appliances, linens, kichenware,and more.

The low interest rate party of the past five years or so has been highly beneficial to the well being of many Americans, especially to those who have been able to finance a home purchase with low interest rate mortgages.

Home ownership is a major part of the American dream. For most folks the purchase of a home will be the single largest financial transaction of their lives and will require a home loan and at some point probably a home loan refinancing.

How you finance your home is an important financial decision. Very likely the most important financial that most folks will make in a lifetime.

For those home owners who have financed their homes in recent years using adjustable rate mortgages the importance of the financing decision is becoming painfully apparent as interest rates continue to increase.

One must be aware that with so much uncertainly in this highly interesting dynamic world, and with prices for oil and other commodities in full fledged long term bull markets, interest rates can move up substantially, even from current levels.

One needs to fully understand the risk of ARM mortgages and over time the possibility of much higher monthly home payments prior to accepting an ARM.

Thankfully, in the Internet information age there are many resources of mortgage financing information websites online that can help you to find the best home mortgage financing and to make better informed financial decisions. If you are in the market for a home loan or the refinancing of an existing loan online loan information resources will put you on the right track.

Just run a search for “home financing” or “new home financing” or “home mortgage financing” and you will find plenty of websites to review. Of course, there are sites where you can apply for your home loan financing online.

In addition to home mortgage financing you will find online firms that are tops in their field for debt consolidation, home equity loans, credit repair, payday loans, and in providing helpful tools to assist you with financial decisions, like mortgage calculators.

Mortgage lending is a very specialzed field and you should strive to match yourself up with a lender that will be the best for you with your personal loan situation. Take your time and compare the deals offered by the various financial institutions. Make sure that these firms are well established and worthy of your consideration.

A “home affordability calculator” will help you determine your price range before you look for a home. Just run a search to find this nifty tool. You will find a lot of other assistance in obtaining the home loan that’s right for you by spending an hour or two
online.

Every party has to come to an end someday. Perhaps the gala low interest rate party of recent years has already had the lights turned on and the music turned off. Worst of all over the past two years the high grade fuel that kept the party going (low interest rates) has already become quite a bit more expensive.

Credit cycles tend to be long term affairs extending over several years so the trend in higher interest rates will likely presist for at least another number of years.

As of this writing (July 22, 2006) it is my opinion that the period of excessive worldwide liquidity created by the “free money” policies of the US Federal Reserve Bank over the past few years are at an end and the period of “easy money” is over.

It is important to remember that at some point in a credit cycle market forces of supply and demand will set rates and the Federal Reserve may find that it doesn’t have as much control over interest rates as it likes to believe.

If you need to arrange or rearrange your home loan financing this is likely a good time to be doing it as liquidity can dry up mighty fast once the credit cycle reverses in earnest.