Money lender – Condenetint Fri, 24 Sep 2021 14:19:08 +0000 en-US hourly 1 Money lender – Condenetint 32 32 The solution is there for experienced fins – NMP Fri, 24 Sep 2021 14:19:08 +0000

The past few years have been particularly difficult for fix-and-flip investors, with rapid price appreciation and slow recovery in stocks. Although the rate of home flips in the United States has been increasing steadily since March, ATTOM data reveals that profit margins have shrunk.

The return on investment for fix-and-flips fell to 33.5% from 37.2% three months earlier and 40.6% a year earlier. Looking only at the average, it would seem like a dismal year for fix-and-flippers. But profits are not the same for everyone, and experienced investors have a secret sauce for higher returns.

Experienced investors can be loosely defined as those who have been in the real estate game long enough to know how to handle dramatic fluctuations in the market, including rapid appreciation in prices and weakness in stocks. Before the pandemic, America was already in the midst of a housing affordability crisis, with low inventories and steadily rising housing costs. In 2019, 48.8% of households in the United States were overburdened with costs, meaning that 30% or more of household income went to housing costs, according to the US Census Bureau. But this problem increased tenfold during the pandemic, and not everyone was ready.

Last June, the S&P CoreLogic Case-Shiller National Home Price Index recorded the largest annual increase in home prices, at 18.6%, from 16.4% a month earlier. The reason neither mortgage advisers nor investors should panic is that this rapid price appreciation is fueled by consumer demand. Historically low mortgage interest rates have driven consumers to flood the market, and seasoned real estate investors are getting some of the best deals of their lives.

“This is the best time for experienced investors,” said William Tessar, President of CIVIC Financial. “The reason we haven’t slipped into another housing crisis or bubble is that we have historically low interest rates and an overwhelming amount of consumer demand. So price appreciation is actually a good thing, especially when thinking about resale value. This is a natural competition in the market, and experienced investors have taken advantage of these opportunities.

Experienced investors also have the privilege of partnering with service teams, such as property management teams or ancillary teams, to handle more minute details. They have also established partnerships with contractors, real estate agents and appraisers over the years. For example, seasoned investors know that a good real estate agent should act like a second set of eyes when buying flips, analyzing the appropriate purchase price, and estimating the value of the home after renovations. It takes time to develop these relationships, but you don’t necessarily need it to get better returns on your investment.

Remote work migration

To understand the economy, experts say “follow the money” and to understand real estate investing, experts say “follow consumer demand”.

“Investors can’t do enough research,” Tessar said emphatically. “The big reshuffle has had the biggest impact for both investors and lenders, and if you don’t pay attention to these trends you’ll be completely lost. “

The most important factor investors need to consider in today’s market are migration patterns, Tessar noted. Due to the proliferation of remote working during the pandemic, the upper and middle classes have sought more suitable places to live. Overall, preferences have changed because so many lives have changed. Suddenly parents needed a home office; mothers needed a classroom to teach their young children, and parents needed an extra bedroom to move in. In late August, Redfin reported that the sale of large homes (3,000 to 5,000 square feet) increased 21% year over year, growing 10 times faster than smaller homes.

“Investors who know what they’re doing pay attention to people’s preferences. Houses get bigger, they’re used differently and people buy bigger, ”Tessar said. “The great thing is that all of this information is available online. Where people migrate to the southern and western regions, you don’t need a team to figure it out. All information is easily accessible.

Indeed, many organizations have followed national migration patterns since the start of the housing boom a few months after the start of the pandemic. Zillow reported that southern states and metropolitan areas saw the largest inbound movements in the first 11 months of the pandemic, including Phoenix; Charlotte, North Carolina and Austin, Texas.

Zillow Senior Economist Jeff Tucker noted that “the mid-sized and more affordable metropolitan areas of the Sun Belt have seen a lot more people coming than leaving, especially the more expensive and larger towns further north and on the coast. The pandemic has catalyzed the purchases of millennial first-time buyers, many of whom can now work from anywhere. ”

On that note, Tessar also pointed out that the most important trend that investors need to pay attention to is the permanent shift to remote working. According to a investigation by the PulteGroup, 53% of consumers would rather buy a home with a dedicated home office, rather than buy one with an extra bedroom. Additionally, a Ledger study of 10,000 American workers found that 21% of the workforce was still telecommuting as of March 2021.

Even more recent research from Zillow suggests that more of the U.S. workforce will become remote as the year progresses, with 84% of workers wanting partial remote work after telecommuting during the pandemic. Zillow’s survey even suggests a generational shift will occur, as half of all millennials and gen z workers said they are likely to look for a new job if their employer demands that they be. they are in person more than they would like.

Tips for new investors

As part of Tessar’s paramount point, investors should first look at affordable subways and counties that offer the largest inventory to meet the preferences of today’s consumers. At the start of the pandemic, states like Texas, Florida and Georgia experienced significant net in-migration, mostly from California subways and other expensive coastal cities. A recent report from Redfin noted that a buyer could buy three homes in Austin, Texas for the same price as a home in San Francisco or Los Angeles.

Only 7% of investors working with CIVIC Financial are newbie investors, “mainly because they’re all unique,” ​​Tessar said. “A lot of them come and see this investment as a hobby. They don’t realize how much effort it takes, and after experiencing multiple delays and cost overruns, they never want to do it again.

On the other hand, he said, “Experienced investors have reliable partnerships and a trustworthy team. They strategize by researching their domain, looking at a comparable inventory; they buy in bulk to allocate their assets and seek to invest in low cost rural areas where people move.

Essentially, today’s market is just as hostile to new investors as it is to first-time home buyers. Most investors are battered by rising prices, more on buying than on resale. The median resale price of reverse homes nationwide was $ 267,000 in the second quarter of 2021, generating gross profit $ 67,000 above the median investor purchase price of $ 200,000. This marks a 10-year low on fixed and inverted profit margins, according to ATTOM.

Rising material costs and labor shortages have already made home renovations difficult enough. The U.S. Bureau of Labor Statistics Purchase Price Index shows that, overall, building materials have increased 19.4% in the past 12 months and 13% since the start of the year. So without a reliable team to work flexibly and allow for discount rates, newbie investors are left behind.

Most of the time, investors try to save money on purchases by finding a good deal or reducing closing costs. Closing costs incur additional expenses, such as set-up costs, call points, appraisal costs, title searches, title insurance, surveys, taxes, registration fees. deeds and credit file fees. Investors can often find good luck negotiating fees from lenders to keep costs down.

“As they say in golf, ‘work from the green to the back,’” said Tessar. “Consider what your end product would be. So if you want X amount of profit, what will your resale value be? What would your closing costs and renovation budget look like? Thinking this way can help set goals and define a better business model.

Going forward, many assume that the end of forbearance and the federal moratorium will provide investors with an opportunity to take hold of stocks. In recent months, the supply of used homes has been near its all-time low, but by early October, everyone will be taken out of federal aid. It is too early to say how much vacant homes this will leave, as many are in various stages of delinquency and may be able to pay off their mortgages.

Of greater concern is that repair investors will renovate affordable homes, increasing their value so that they are no longer affordable for low-middle-class families. Tessar responds to this by saying, “A lot of houses and buildings have fallen into disrepair during the pandemic. There are health and safety risks that need to be addressed, so it is important that our repair investors make the necessary renovations. This increases the cost of housing and we don’t want to move anyone, but it is important to build houses that are truly habitable.

About CIVIC Financial

CIVIC Financial Services is a private money lender, specializing in the financing of residential investment properties not occupied by their owners. CIVIC provides mortgage brokers and real estate investors with a fast and profitable source of financing for their real estate investing needs.

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Ex-COO of LoanDepot: Tony Hsieh cropped to increase volume Thu, 23 Sep 2021 21:14:43 +0000

A former frame of loan deposit bombed the mortgage industry on Wednesday night, alleging in a trial that the California-based non-bank lender, in a ploy to raise money during the refi boom and in preparation for its initial public offering, closed thousands of loans without proper documentation.

The lawsuit, filed by Tammy Richards, former COO, accuses LoanDepot CEO Anthony Hsieh of ordering the sales team to “trust [their] borrowers’ and close loans, disregarding the proper underwriting etiquette.

Richards claims that this request was announced at a production meeting in August 2020, where Hsieh reportedly shouted, “I’m Mello Clear, and we need to close the loans immediately regardless of the documentation.” Senior LoanDepot executives would not have looked at Hsieh’s tactics.

After two months, the same remark was made to Ms. Richards, with Hsieh allegedly announcing that the sales team was to “close all loans… close without credit report… close without documentation… close all loans”.

Closing loans without documentation violates federal laws, including the Dodd-Frank Law, which requires mortgage originators to meet minimum standards for all mortgage products. Historical legislation also prohibits lenders from making loans unless they reasonably determine that the borrower can repay based on documentation proving current and expected credit history and income.

Officials of the Consumer Financial Protection Bureau, the Federal Housing Finance Agency and Fannie Mae and Freddie mac did not immediately respond to HousingWire’s requests for comment.

Richards’ lawsuit, filed in California Superior Court in Orange County, claims his refusal to comply with Hsieh’s demands, particularly regarding the closing of non-credit report loans, resulted in his demotion in November.

Richards claims that after his demotion, LoanDepot executives devised a strategy dubbed “Project Alpha” in which Hsieh personally identified more than 8,000 loans that were closed without proper documentation. Two hundred processors were tasked with closing these loans in exchange for additional bonuses at the end of the year, according to the lawsuit.

Richards accuses the CEO, who founded LoanDepot in 2009, of ordering the company’s chief credit officer, Brian Rugg, to refrain from auditing the 8,000 loans.

Richards, who at one point supervised 4,000 employees, said she was ultimately forced to quit her job for refusing to break the rules. After going on sick leave, she resigned in March 2021.

Richards’ lawsuit also includes multiple allegations that male business executives created and enforced a “misogynistic fellowship house culture” that has consistently led to harassment and demeaning of women.

The non-bank mortgage lender took issue with the claims of Richards, who held senior positions at Wells fargo, Bank of America, Caliber home loans and Nationwide financial (one of the bad actors of the subprime crisis) before joining LoanDepot.

“LoanDepot is committed to operating at all times in accordance with ethical, responsible and compliant business practices,” a company statement read.

“The claims in the lawsuit, which we take very seriously, have already been thoroughly investigated by independent third parties and have been found to be without merit,” LoanDepot said, without providing further information on who has conducted these investigations and when they took place. “We intend to vigorously defend ourselves against these far-fetched allegations …”

LoanDepot, the country’s second-largest non-bank retail mortgage lender, went public in February, selling 3.85 million shares at $ 14 and raising $ 54 million. The company has filed reports showing that its revenues have grown from $ 1.3 billion in 2019 to $ 4.3 billion in 2020, according to Security and Trade Commission deposits. The company made approximately $ 100.7 billion in loans in 2020.

Hsieh was the biggest beneficiary of the IPO – as the largest shareholder he enjoyed a one-time discretionary performance bonus of $ 42.5 million last year.

In recent months, the non-bank lender has decided to appoint new faces to its board, including Pamela Hughes Patenaude, former deputy secretary of the US Department of Housing and Urban Development and Mike Linton, a marketing expert who currently serves as chief revenue officer for a genomics company Ancestry,

The company was trading at $ 6.98 late Thursday afternoon, with a valuation of $ 2.1 billion. He recently named the former Department of Housing and Urban Development Assistant Secretary Pamela Patenaude on the Board of Directors.

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5 things military spouses should know before buying their first home Wed, 22 Sep 2021 16:30:10 +0000

Being a military spouse can be rewarding and empowering. Military spouses understand that frequent moves are part of their future. Buying a home involves many factors to consider, such as understanding the benefits you receive from the Department of Veterans Affairs as a military spouse, the mortgage lender you are using, and what you are looking for in a home. To help you with this process, here are five things you should know before buying your first home:

1. As a military spouse, you are eligible for unique benefits.

Because you are a military spouse, you receive benefits when it comes to buying a house. The VA loan is designed specifically for military households. You can buy a new home or refinance your existing property when you use your VA loan.

Your VA loan benefit provides a zero down payment, a loan guaranteed by the VA, as well as lower rates and fees. Start using the benefits of your VA loan now.

There are specific eligibility conditions for obtaining a VA loan regarding seniority, eligibility certificate (COE) and your credit score.

2. Military spouses can buy a house on their own.

Buying a home can be stressful, especially if your partner isn’t nearby. The good news is that you can buy a home on your own, even if your military spouse is abroad.

You can eliminate delays by organizing your financial documents and information before you begin the home search and mortgage process. In most cases, you will need the following documents to get pre-approved for your home loan.

  • Credit score information
  • Bank statements
  • W-2
  • Declaration of service
  • DD-214 statements or reserve / custody point
  • Driver’s license and / or government ID

3. Always compare mortgage lenders.

When you’ve decided to buy a home, it’s time to compare mortgage lenders. Find out which lender is right for you. When you compare lenders, be sure to carefully consider the following:

  • Rates
  • Costs
  • Monthly payments
  • Closing costs

4. Be prepared for the home search process.

When considering various properties, prioritize the issues that are most important to you.

  • How does your budget and the size of the house you need correlate?
  • Are you looking for a property ready to move in or something that you can renovate?
  • Do you want to live in an urban city, suburb or rural area?
  • Is there a particular style of house that you prefer?
  • Does the house meet your specific needs?

5. Choose a real estate agent who understands military life.

Choose one Real estate agent who has worked with military families in the past and who will show you homes that meet your budget and specifications. A great real estate agent can simplify the process of exploring for properties available in the market, in your price range, and in an area you love.

Don’t be fooled by the prospect of buying a home. There are many advantages and options available to you. Take advantage and find a home you love. Check Your VA Loan Eligibility With Veterans United Today.

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Personal loan rates collapse – 3-year rates drop to lowest since July Tue, 21 Sep 2021 23:07:02 +0000

Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders, all opinions are ours.

The latest interest rate trends for personal loans from the Credible Marketplace, updated weekly. (iStock)

Borrowers with a good credit search personal loans during the week of September 13, 2021, prequalified for rates that have fallen for both 3-year and 5-year terms compared to fixed rate loans from the previous week.

For borrowers with a credit score of 720 or higher who have used the Credible Marketplace to select a lender during the week of September 13:

  • 3-year fixed-rate loan rates averaged 11.14%, down from 11.97% the week before and 12.10% a year ago. This is the lowest the average has been since the week of July 12, when the average rate was just 10.97%. Last year, 3-year personal loan rates were lowest during the week of August 3, 2020, when they averaged 10.45%.
  • 5-year fixed-rate loan rates averaged 14.88%, down from 15.30% the week before and 14.10% a year ago. 5-year personal loan rates hit a 12.62% low in the past 12 months in the week of May 3, 2021.

Personal loans have become a popular way to consolidate and pay off credit card debt and other loans. They can also be used to cover unforeseen expenses like medical bills, deal with a major purchase, or finance home renovation projects.

After hitting 12% the week of September 6, interest rates on 3-year fixed personal loans fell last week to one of their lowest levels of the year. Fixed five-year rates also fell, to 14.88%, which is significantly lower than the previous two weeks. Borrowers looking to refinance other high interest debt may want to opt for a 3 year personal loan to take advantage of this great rate before it goes up.

Whether a personal loan is right for you often depends on several factors, including what rate you may qualify for. Comparing several lenders and their rates could help you get the best possible personal loan for your needs.

It is always a good idea to comparison store on sites like Credible to understand the amount you are eligible for and choose the best option for you.

Here are the latest trends in personal loan interest rates from the Credible Market.

Trends in weekly personal loan rates


The chart above shows the average prequalified rates for borrowers with a credit score of 720 or higher who have used the Credible Marketplace to select a lender.

For the month of August 2021:

  • 3-year personal loan rates averaged 11.47%, up from 11.35% in July.
  • 5-year personal loan rates averaged 14.34%, up from 13.67% in July.

Personal loan rates vary widely depending on the credit rating and the length of the loan. If you are curious about what type of personal loan rate you may be entitled to, you can use an online tool like Credible to compare the options of different private lenders. Checking your rates will not affect your credit score.

All the lenders in the Credible market offer fixed rate loans at competitive rates. Since lenders use different methods to assess borrowers, it is a good idea to apply for personal loan rates from multiple lenders so that you can compare your options.

Current rates for personal loans by credit score


Depending on factors such as your credit rating, the type of personal loan you are looking for, and the loan repayment term, the interest rate may differ.

As the table above shows, a good credit rating can mean a lower interest rate, and the rates tend to be higher on loans with fixed interest rates and longer repayment terms.

How to get a lower interest rate

There are many factors that influence the interest rate a lender might offer you on a personal loan. But there are steps you can take to increase your chances of getting a lower interest rate. Here are some tactics to try.

Increase credit score

Generally, people with a higher credit score are eligible for lower interest rates. Steps that can help you improve your credit score over time include:

  • Pay your bills on time. Payment history is the most important factor in your credit score. Pay all of your bills on time for the amount owed.
  • Check your credit report. Examine your credit report to make sure there are no errors. If you find any errors, dispute them with the credit bureau.
  • Reduce your credit utilization rate. Paying off credit card debt can improve this important credit scoring factor.
  • Avoid opening new credit accounts. Only ask for and open the credit accounts that you really need. Too many inquiries about your credit report in a short period of time could lower your credit score.

Choose a shorter loan term

Personal loan repayment terms can vary from one to several years. In general, shorter terms come with lower interest rates because the lender’s money is at risk for a shorter period.

If your financial situation allows it, applying for a shorter term could help you get a lower interest rate. Keep in mind that the shorter term doesn’t just benefit the lender: choosing a shorter repayment term will pay less interest over the life of the loan.

Get a co-signer

You may be familiar with the concept of co-signer if you have student loans. If your credit is not enough to benefit from the best interest rates on personal loans, find a co-signer with good credit could help you get a lower interest rate.

Remember that if you do not repay the loan, your co-signer will be responsible for repaying it. And co-signing for a loan could also affect their credit score.

Compare rates from different lenders

Before applying for a personal loan, it is a good idea to shop around and compare the offers of several different lenders to get the lowest rates. Online lenders generally offer the most competitive rates and can disburse your loan faster than a physical establishment.

But don’t worry, comparing rates and terms doesn’t have to be a tedious process.

Credible makes it easy. Just enter the amount you want to borrow and you can compare several lenders to choose the one that suits you best.

About Credible

Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their unique circumstances. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options – without putting their personal information at risk or affecting their credit score. The Credible Marketplace offers an unparalleled customer experience as evidenced by more than 4,500 positive reviews on Trustpilot and a 4.7 / 5 Octoberscore.

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How to consolidate your home and auto insurance Tue, 21 Sep 2021 14:00:17 +0000

Bundling insurance is a way for people to save money on home and auto insurance by purchasing more than one insurance policy from the same company. Depending on the carrier, you may get additional discounts on other policies, like life insurance and boat insurance. To bundle your auto and home insurance, gather all the information you need and get multiple quotes to compare to determine if bundling will save you money on insurance.

How does an auto and home insurance package work?

A home and auto plan works the same as buying the two policies separately, except that both policies are underwritten by the same insurer. Insurance companies offer the bundled discount as an incentive to insure both policies with them rather than shopping around for individual carriers. Even if you bundle the two policies together, they remain separate policies and work independently to provide the coverage described in the policy.

For example, let’s say you ran off the road and entered someone’s house, damaging the exterior. Fortunately, no one is hurt, but you have to pay for the damage to the house. Even if you have personal liability coverage as part of your bundled home insurance policy, this coverage does not apply to damage you caused with your car. Instead, your property damage liability coverage under your auto policy would pay for the damage you caused.

Understanding home insurance

While there is no legal requirement for home insurance, your loan company will usually require it to be approved for a mortgage. Even if your home is reimbursed, there is a wide range of coverages available in a home insurance policy that may be worth the cost. For a home with $ 250,000 residential coverage, the nationwide average annual premium is $ 1,312, or about $ 109 per month.

What home insurance covers

Four basic coverages are offered on most home insurance policies:

  • House structure
  • Personal belongings
  • Liability protection
  • Loss of use (additional living expenses)

There are additional protections that you can add as needed to supplement your home insurance policy or if you are looking for additional protection. The types of additional coverages and the limits offered vary depending on the operator.

Factors Affecting Your Home Insurance Rates

When shopping for new insurance, several factors are used to determine your rates, including:

  • Your age
  • Site
  • Marital status
  • Age of house, roof, appliances and systems
  • Claims history
  • Credit history (in most states)
  • Selected covers
  • Franchises

When your home policy is due for renewal, your claim history and coverage limits are the most important factors used in determining renewal rates.

Information you need to purchase home insurance

Be prepared to prove the following information when shopping for home insurance:

  • Last name and first name
  • Date of Birth
  • Marital status
  • Social Security number
  • Prior policy information
  • Mortgage / Lender Information
  • Home information (age, style, age of roof and systems, square footage, upgrades, security features, etc.)

Understanding auto insurance

In most states, you are required to carry a minimum amount of liability coverage on your auto insurance. If you choose only the minimum liability coverage, there is no physical damage coverage for your car, only coverage for the other driver if you cause an accident. Full coverage insurance will help provide physical damage coverage for your car no matter who is at fault.

Factors that impact the auto insurance rate

The average cost of full coverage auto insurance per year in the United States is $ 1,674, or about $ 140 per month. When you get a car insurance quote, you should be prepared to provide the following information to get your personalized rate:

  • Last name and first name
  • Date of Birth
  • Marital status
  • Claims history
  • Vehicle information
  • Coverage requirements

You will need to provide personal information for all drivers in the household. All of these factors are included in determining the rate of your auto insurance premium and whether the insurance company will provide you with coverage or not.

How to consolidate your home and auto insurance

  1. Gather all the information you need to get auto and home quotes. Having all the information ready will make the quotation process easier and faster. Obtaining quotes before your current policy renewal dates may entitle you to a discount on advance quotes.
  2. Get quotes online or work with an independent agent to get quotes from multiple carriers to compare. Independent agents work with multiple carriers, so they can do the shopping for you. If you prefer to get quotes yourself, be prepared to fill in your information each time to get quotes from each carrier.
  3. Compare quotes. The best way to compare home and auto bundles is to get the same coverage in every deal. This way you can make a better price comparison. Watch out for additional perks, coverages, and discounts offered by some carriers that others may not offer.
  4. Make a decision and finalize. After comparing quotes and asking questions, you should be able to make an informed decision about your home and car package. Notify the agent or carrier so you can finalize requests, set up your payment, and change carriers.

Can I bundle other policies?

Yes, you can bundle other policies, although the types of policies that can be bundled vary by insurer. Some fonts that you can bundle together for more savings are:

  • Vacation home
  • VR
  • Boat
  • Mountain biking
  • Life insurance
  • Motorbike

Advantages and disadvantages of regrouping

Advantages of bundling Disadvantages of bulking
Potential for big savings Could cost more
Convenience Cannot be grouped with the same carrier
Less likely to be abandoned after multiple complaints Some vehicles or houses may not be the best option for regrouping
Some carriers offer a single deductible


  • Potential for big savings: Some operators offer savings of up to 25% or more when bundling home and car. This could represent big savings on both policies.
  • Convenience: It’s easier to have both policies with the same carrier and the same agent. All you need to do is make a phone call to make any changes or file a complaint.
  • Less likely to be abandoned after multiple complaints: Whether you have a streak of bad luck or live in a high risk area, if you file too many claims, you could be abandoned. However, the more policies you have with a single carrier, the less likely the company is to abandon you for excessive claims.
  • Some carriers offer unique franchises: With some carriers, you can get one deductible for the home and the car. If you have a claim that includes both policies, you only have to pay one deductible instead of two separate deductibles per policy.

The inconvenients

  • Could cost more: Even though the bundle comes with a discount, it’s not always the best deal. You should compare the bundled and individual quotes to see what would cost the most.
  • Cannot be grouped with the same carrier: Not all insurers offer both home and auto. Instead, they work with affiliates to offer the bundle discount, but each policy is insured with a different company.
  • Some vehicles or houses may not be the best option for grouping: Special cars or high value homes may require special carrier coverage. In this case, it may be preferable to obtain separate policies from separate companies.

Frequently Asked Questions

What is the best home insurance company?

Finding the best home insurance company is based on needs and wants. Getting multiple quotes from different carriers can help you determine which one best meets your criteria.

What is the best auto insurance company?

The best auto insurance company has the coverage you need and the extras you want in a policy. Compare multiple quotes with different companies to find the right combination at the best price for your needs.

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Union min Scindia meets the pilot brothers of Morena | Bhopal News Mon, 20 Sep 2021 22:34:00 +0000

Bhopal: Union Minister of Civil Aviation Jyotiraditya M Scindia on Monday met the three “pilot brothers” from Morena district in Madhya Pradesh as well as their father Amritlal in his Delhi office and assured them of everything possible support.
“We are overwhelmed after meeting Scindia ji. It was like a dream come true. He gave us a new lease of life, ”Amritlal said, speaking to TOI after meeting with the Union Minister.
Scindia also tweeted a photo with three pilots saying that the struggle and success of this Morena family is a matter of pride and inspiration for us. “A daily wagering dad played an important role in educating his children and training them as pilots,” Scindia tweeted.
“His eldest son Ajay is making a flight simulator for the country. My greetings to the confidence and courage of his father, ”he added while sharing TOI’s story on Amritlal’s struggle.
Amritlal and his three sons – Capt Ajay, Deepak and Vijay were invited by Scindia to his office. “We are grateful to the Minister for giving us the opportunity to meet with him in person. It is a great pleasure for us. He asked me to be in contact with him and assured me of all possible assistance in my research, ”said Capt Ajay.
Madhya Pradesh BJP President VD Sharma has also taken it to social media. “Inspiring. It is the result of the hard work of a workforce based in Morena that today her three sons are pilots, ”Sharma tweeted.
TOI had reported how the Daily Bet Amritlal, 54, who worked with all his heart to get his sons to flight school, and how one of them developed a homemade flight simulator. Today, Amritlal is heavily in debt with student loans and money borrowed for his studies. A small piece of land they owned is mortgaged with a usurer. But Amritlal is at peace because his sons have taken on the responsibility of paying back the dues. All three are professional pilots.
For decades, Amritlal, from Morena District in Madhya Pradesh, has done odd jobs in an attempt to give wings to his sons’ dreams. He recently moved into a rented house in Bhopal with his eldest son, Captain Ajay Singh, 28, who has been working on a DIY simulator for five years.
Unable to pilot an aircraft during containment, Ajay devoted his energy to building the simulator cockpit to fuel his passion for flight. Flying clubs nationwide import such simulators for over Rs 1 crore per unit, but it has built one at a third of the cost, he says. It is his contribution to the dream of an Atmanirbhar Bharat, Ajay said.


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Senior Vice President of Exchange Bank, Mary Leonard-Wilson, Senior Credit Manager | Your money Mon, 20 Sep 2021 15:02:22 +0000

SANTA ROSA, Calif .– (BUSINESS WIRE) – Sep 20, 2021–

Exchange Bank (OTC: EXSR) today announced that Mary Leonard-Wilson, SVP, Senior Credit Officer has been promoted to the Exchange Bank Executive Committee as SVP, Credit Officer, reporting directly to Troy Sanderson, Chairman and chief Executive Officer. Mary has over 20 years of community and executive banking experience, and has been filling this acting role since May of this year.

This press release features multimedia. See the full version here:

Mary Leonard-Wilson, Senior Vice President and Chief Credit Officer of Exchange Bank (Photo: Business Wire)

“Mary and I have been peers in community banking in Northern California for many, many years,” said Troy Sanderson, President and CEO. “Her reputation was impeccable at the time, and that reputation was only surpassed by my actual experience working with her here at Exchange Bank. We are very fortunate to have him in this role and in our team.

Prior to joining Exchange Bank, Ms. Leonard-Wilson served in lending and credit roles with several independent community banks in the San Francisco Bay Area. Prior to that, she held a wide range of lender team management roles in New York, Chicago and New Jersey, with a focus on commercial loan origination and loan portfolio management. She has also participated in due diligence and integration teams for a number of bank mergers.

In 1994, Ms Leonard-Wilson moved to Napa Valley where she joined the National Bank of the Redwoods (NBR) as Commercial Lending Officer, taking on additional responsibilities as Senior Loan Officer and Credit Officer until ‘upon the bank’s merger with Westamerica Bank in 2005. In 2006, Ms Leonard-Wilson co-founded Presidio Bank with the former CEO of NBR and served as Chief Credit Officer, bringing the bank to over 900 million dollars in assets and over $ 700 million in loans before merging with Heritage Bank of Commerce in October. 2019.

Ms. Leonard-Wilson holds a BA in English from Colgate University. She has lived in Calistoga since 1994 and has been active in the community, holding leadership and board positions for several community and non-profit organizations including the Santa Rosa Metro Chamber of Commerce and the Task Force of Western Bankers Association Conference of Lenders.

About the exchange bank

Based in Sonoma County and founded in 1890, Exchange Bank is a leading community bank with $ 3.5 billion in assets. Exchange Bank offers a wide range of personal, business, trust and investment services with 18 retail branches in Sonoma County, a commercial branch in Roseville, and trust and investment offices in Santa Rosa, Roseville and Silicon Valley. . The Bank’s legacy of financial leadership and community support is built on its core values ​​of commitment, respect, integrity and teamwork.

Exchange Bank has won the North Bay Business Journal’s (NBBJ) Best Places to Work 16 times, received the 2020 North Bay Community Philanthropy Award and the 2020 North Bay Healthiest Businesses Award. The Press Democrat Best of Sonoma County Reader’s Choice 2021 named Exchange Bank Best Bank and NorthBay biz magazine named Exchange Bank Best Consumer Bank and Best Commercial Bank in 2020. Sonoma Valley People’s Choice Awards named Exchange Bank Best Local Bank 2021 and North Bay Bohemian’s Best of 2020 Reader Survey named Exchange Bank the Best Merchant Bank and Best Consumer Bank. Exchange Bank is also on the NBBJ’s Book of Lists as a leading lender and wealth management advisor, maintaining the # 1 position in SBA 7 (a) loans in Sonoma County for 2020.

FDIC Member – Equal Housing Lender – Equal Opportunity Employer

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PUB: 09/20/2021 11:00 a.m. / DISC: 09/20/2021 11:02 a.m.

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Lower mortgage rates, opening the door to a slightly larger refinancing of savings Sun, 19 Sep 2021 21:30:00 +0000

Lower mortgage rates, opening the door to a slightly larger refinancing of savings

With mortgage rates expected to rise before the end of the year, the opportunity for homeowners to save money by refinancing their home loans may soon fade away.

But borrowers have had more time to act. After remaining virtually frozen for weeks due to the economic uncertainty triggered by the pandemic, the rates of some of America’s most popular mortgage products have fallen again, according to a closely watched survey.

This means another period of historically low mortgage rates. But how long it will last – a few days, a few weeks – is impossible to know.

30-year fixed mortgage rates

Place the house and coins on the wooden table

Puttachat Kumkrong / Shutterstock

The average interest rate on a 30-year fixed mortgage fell from 2.88% to 2.86% last week, according to mortgage giant Freddie Mac reported Thursday.

Even though the change has been minimal, it’s still more activity than rates have seen in some time.

“It’s groundhog day for mortgage rates because they’ve been basically flat for over two months,” said Sam Khater, chief economist at Freddie Mac. “The rate maintenance model reflects market sentiment that the outlook for the economy has darkened somewhat due to the rebound in new cases of COVID.”

But today’s challenges are just not in the same league as the general panic that shut down much of the US economy last year. And the good economic news has more of an impact on mortgage rates than the bad ones.

Consider this: The government’s latest jobs report was particularly disappointing, as it showed 235,000 jobs had been created in August, far fewer than expected.

But since the report was released on September 3, the 30-year fixed rate has barely budged. In contrast, July’s much brighter jobs report drove mortgage rates up almost immediately.

It doesn’t take a lot of positivity to drive rates up.

15-year fixed mortgage rates

The average rate on 15-year fixed-rate mortgages fell more last week, from 2.19% to 2.12%. At the same time a year ago, the 15-year fixed rate averaged 2.35%.

15-year drop is good news for homeowners consider refinancing. The shorter term means you’ll pay less interest over the course of your loan and own your home sooner than if you opted for a 30-year term.

A shorter loan term means higher monthly payments, so 15-year mortgages aren’t for everyone. But the potential savings make the loans worth considering.

It’s important to remember that Freddie Mac’s numbers are just an average, which means there are lenders. offering even lower rates than what Freddie reported.

5/1 adjustable mortgage rates

Advantages and disadvantages of a fixed rate mortgage compared to a variable rate mortgage.

Vitalii Vodolazskyi / Shutterstock

Contrary to the trend of tiny declines, five-year variable rate mortgages, or 5/1 ARMs, saw their rates rise last week.

The average rate on a 5/1 ARM dropped from 2.42% to 2.51%. Even though ARM rates are on the rise, they are still much lower than they were around this time last year, when they averaged 2.96%.

ARMs are interesting products. Your interest rate is fixed for the first phase of the loan, but it adjusts, up or down, periodically thereafter.

A 5/1 ARM, for example, begins with a fixed period of five years. Your rate will be adjusted by your lender each year thereafter.

Rates are expected to increase

A positive housing market concept and graph

Tyler Olson / Shutterstock

No one knows exactly when this will happen, but the end of low mortgage rates and the refi windfall for millions of homeowners is approaching.

Freddie Mac’s most recent rate forecast calls for an average of 3.1% of the 30-year fixed rate this year, implying a steady increase over the next three months. Industry group Mortgage Bankers Association predicts the 30-year fixed rate will hit 3.3% in the fourth quarter of this year – and 4% in the summer of 2022.

Much of what happens to rates depends on the future actions of the Federal Reserve.

The Fed has helped keep mortgage rates low in two ways: by keeping its benchmark interest rate, called the federal funds rate, close to zero; and buying billions of dollars in bonds and mortgage-backed securities.

The federal funds rate is unlikely to budge until the economy is COVID-free, but the Fed could start cutting its buying program before the end of the year.

Corey Burr, senior vice president of TTR Sotheby’s International Realty in Washington, DC, expects the Fed’s cut to increase interest on 10-year Treasuries, which directly affects fixed mortgage rates, about half a percentage point.

“The result will be a corresponding increase of half a point or five-eighths of a point in mortgage rates,” Burr predicts.

How to get an ultra-low rate from a lender

Young concentrated family couple listening to African American mortgage lender.

fizkes / Shutterstock

To make sure you refinance your mortgage at the lowest possible rate, you need to shop around. Lenders can offer very different rates, so take a few moments to compare the rates of at least five lenders and find out who offers the best rate for your budget.

Convincing a lender to offer you a low rate requires a solid credit history. Take a quick, free look at your credit score and see if you would benefit from a little credit rehabilitation before asking for your refi

Once you’ve refinanced your mortgage, you can use the savings to boost your overall finances, either by pay off the debt or by investing through an app that helps you build your portfolio just using “spare currency”.

If refinancing isn’t your thing or isn’t right for you, you can still lower the cost of homeownership. When the time comes to renew your home insurance, obtain quotes from several insurers, to make sure you’re not overpaying.

This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

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It is a misconception that women entrepreneurs do not get SBA loans. So why aren’t more women applying? Sun, 19 Sep 2021 12:09:55 +0000 Studies by the US Small Business Administration show that women entrepreneurs are much less likely to apply for a small business loan through the SBA than men, although statistically speaking they are just as likely to be approved. According to a study by the Kauffman Foundation, female entrepreneurs rely more on personal and internal resources rather than external funding compared to male entrepreneurs.

Abigail Gonzalez, economic development specialist for the Houston division of the SBA, set the record straight to debunk the myth that women are not likely to be approved for loans. Gonzalez also discussed the many free programs the SBA offers to help all entrepreneurs, especially women, start their businesses.

Can you start by explaining SBA loans and why they are so useful for small businesses?

The SBA, as a federal agency, has a variety of resources for anyone looking to start a business. The SBA has SBA guaranteed loans that are available to anyone looking to start a business, expand a business, or perhaps export a service or product. These are used by participating SBA lenders. So, the SBA does not provide the money directly to the applicant, but the small business owner can apply through a lender to access an SBA loan.

SBA loans can be used for almost anything, including working capital, constructing a new building, or purchasing a new business. What we are doing is reducing the risk to the lender to make it easier for small businesses to access capital. This makes it easier for small business owners to obtain loans.

The SBA recently concluded a study to determine whether or not women were less likely to be approved for SBA loans. What can you tell us about this study and its findings?

We looked at the past 10 years of lending in Houston to see if the common view that women did not get financing for their businesses was correct. So what we wanted to do was look at our data to see if women are receiving SBA funding. Does SBA funding equitably represent the proportion of businesses owned by women? And is there room for growth or for change?

Research indicates that women aren’t less likely to be approved when they apply, but they don’t apply as much. Because another data point they looked at in another research study indicated that women are less likely to apply for loans and are more likely to depend on personal savings and other resources rather than to apply for loans.

Our aim here is to empower women who are looking to access a loan so that they do not read certain headlines that may imply that women are not receiving any funding. Women do not receive enough funding to reflect the number of businesses owned by women. But it is not because they are denied. It is because they are not applying.

Why do you think women are statistically hesitant to apply?

I think it can be a variety of things. On the one hand, it can seem a little intimidating looking for a loan because there are so many anecdotal stories that say women don’t get the funding. Or because a lot of small businesses owned by women are businesses created out of necessity, or because it’s a sole proprietorship and it’s a one-woman show.

We spoke to a small business owner here in Houston, Ana Rojas, Founder and CEO of Orolait, a Houston-based breastfeeding clothing line. She was able to share her own story of reluctance to apply for loans.

She said that initially, when starting her business, she also relied on savings and favors from her social network to do things like build her website. What I thought was really important was that she said loans for her was a very scary idea. Because if you are afraid that you will not be successful, or if you are afraid of owing someone money, it sends a much bigger message to your worth as a person and your ability to manage a business. business.

It wasn’t until she took the time to talk to a lender to see what her options were that she learned she could do it. It wasn’t something that would be terribly intimidating – this great, frightening occasion. She got the information she needed and ultimately was able to secure funding through the SBA Express program.

Going back to your original question, I think part of it was just reluctance and not being fully aware of the resources available. I think with any big step in life or entrepreneurship, you have to get the right information and make a plan on how you’re going to access it.

If someone is denied a loan for whatever reason, what does the SBA do? What other resources does the SBA offer?

The SBA will help you determine what you need to do to get the loan. They will say, “OK, you have to work on your credit score or save a little more so that you can get a bigger injection of equity in this loan.”

It’s about having a plan, establishing it, and then getting the loan you need to start or grow your business. We have SBA approved and SBA funded SBA resource partners to provide free advice to small business owners including Small Business Development Centers, SCORE Houston, and Women’s Business Centers.

So an entrepreneur can turn to one of these resource partners for totally free advice on a business plan or marketing strategy, or just to talk about a business idea. They can also approach these resource partners to discuss their financing options, find out what options are available, and find out where they stand in terms of what they need to do to prepare for a loan. We always recommend speaking to a resource partner before speaking to a lender, so that they are better prepared to speak to a lender and answer questions about their business and even present a business plan.

So the SBA provides a lot of free resources that a lot of people don’t know about and actually pay for through consultants?

A lot of people don’t think about the fact that we have resource partners who offer free advice. These resources are completely free, they are already paid for by taxpayers’ money. So there’s no need to go out and pay hundreds of dollars for those same services that are already available to small businesses here in Houston and across the country, completely free of charge.

What would you say to a female entrepreneur who is apprehensive about taking her first steps?

I would say, first step, to work with our research partners with our Women’s Business Center if you are more comfortable working with a woman who is a consultant. Or we have our other small business development center, and you can work with them to learn more about your options for preparing your business plan and financial projections.

My number one tip is that you don’t have to do it alone. The SBA and resource partners are here to help you access these loans and to prepare you. So if anything, that would be the first point of my first recommendation for any small business, but especially women who are considering lending but may not be sure exactly where to start or

My second tip is to make sure you don’t ask for less than you need. Research and even anecdotal data have shown that sometimes women ask for less money than they need. We want to share this post that you are no less likely to be approved than a man, so ask for the money you need and go for it and be as prepared as possible.

Are there other useful programs that we haven’t covered?

The SBA has an Ascent tool. It is a free platform for women entrepreneurs only, and it offers many educational tools for women who want to develop or improve their business. I would recommend women and all the companies out there so they can do some online learning on their own.

I think a lot of people still ignore some of the resources that we have because they will automatically think of disaster loans when they think of us. But the SBA offers disaster free loans that can help you start or grow your business. We want to make sure everyone is aware of this.

Resources for the programs mentioned in this story can be found at the following websites:

Small Business Management:

SBA Climbing Tool:

SBA Women’s Business Center:

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Hard Money Loans – When a Real Estate Investment Needs Quick Financing »RealtyBizNews: Real Estate News Sat, 18 Sep 2021 15:10:00 +0000

There are many ways to successfully invest in real estate. We don’t hear so much about hard money lending these days, but it still has a valuable place in the investment world. Hard money lenders typically don’t assess real estate the same way most investors and other real estate professionals do. Hard money loans can be easier to obtain, but they can be expensive. Despite their cost, they are an essential tool for investors. Knowing when to use hard money and how to get it is essential.

As an investor, you need to know your local market inside and out. You should instinctively get a good idea of ​​the property’s value after a brief inspection. What is different for hard money lenders is that they often lend money outside of their local market. It can be in a remote city or across the country. Hard money lenders cannot physically inspect the property themselves and do not have a solid understanding of local property values.

Every private contract is written for the mutual benefit of the investor and the lender, but there are general rules that govern the hard money market. Hard money lenders do not use the standard underwriting process used by banks. Banks focus on the borrower’s credit history and income. A bank loan is generally 90% or more of the value of the home.

Hard money lenders focus on the value of the property rather than the creditworthiness of the borrower. Sure, they’ll look at a professional appraisal, but it’s not the only appraisal tool they rely on. Often times, they want at least two and maybe three assessment models to make an informed decision. Hard money lenders will review tax appraisal records, but again, this is not a reliable way to appraise real estate. Tax assessment districts calculate the values ​​on an annual basis at best and only a lot every two years. In addition, the tax authorities only assess properties at the edge of the street. They do not have access to the interior of the house.

Another tool that hard money lenders use to value property is the Broker’s Price Opinion (BPO). A BPO is an appraisal by a broker of the value of the property. However, hard money lenders are also skeptical of these valuations, as brokers tend to overvalue properties in the hopes of a higher listing fee and an optimistic view of the local real estate market.

The value a lender places on a property has nothing to do with the purchase price you negotiated. It will be based on what the market values ​​the property at.

Ultimately, hard money lenders take all the information available to make an informed decision. They ask themselves questions like, “If the market hits a bottom, will I be able to get back the money loaned for the property?” Will I take advantage of this property even if I have to regain control of it in the event of a default?

To fully protect themselves, hard money lenders typically only lend 50-70% of the property’s value. As an investor, you will either need to negotiate a purchase price within this range or have additional financing available. Also, keep in mind that a hard money lender knows the repair and rollover business as well as any investor. They will want to know your exact plan for the property and will need to approve it along with the value of the property.

Most hard money lenders make short term loans on average between six months and two years. Generally, the biggest benefit of hard money is a quick close. Since there is no credit check, closing can take place a few days after an application is approved. If you have established a relationship with a hard money lender, the loans can be funded within hours. An investor interested in hard money should know what documents will be needed to approve the application.

If your ducks aren’t all lined up, funding may take a few weeks, but as little as three to five days are possible. If you have a trusting relationship with a hard money lender, you may be able to have funds within 24-72 hours.

Hard money is not for everyone (or even most people). The only reason to take out this type of loan is a great investment that requires a quick response. It can cost you 10% of the loan amount for interest and loan fees. But when you can earn 30% on a deal in a matter of weeks or months, paying more for quick finance is probably worth it. When a good investment won’t wait, a hard money loan can always be the best answer.

What else do you think investors need to know about hard money loans? Share your ideas and experiences by leaving a comment.

Additionally, our weekly Ask Brian column welcomes questions from readers of all levels of experience with residential real estate. Please send your questions, inquiries, or story ideas to

photo by Frédéric warren to Unsplash

Author Biography: Brian Kline has been investing in real estate for over 35 years and has been writing about real estate investing for 12 years. He also draws on more than 30 years of business experience, including 12 years as a director at Boeing Aircraft Company. Brian currently lives in Lake Cushman, Washington. A vacation destination, close to a national and the Pacific Ocean.

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