Refinance Benefits- Refinance Could Save You Money

The most common reason most people refinance is to save money, but many people refinance for various other reasons.

1. Refinancing to Lower Your Monthly Payment for an Existing Loan.
You can refinance your existing loan at a lower interest rate thus reducing your monthly loan payments. With interest rates at their lowest for years, you can find some excellent rates - sometimes far much lower than what you're paying for your current loan or mortgage. Refinancing your mortgage or loan when rates are down could save you hundreds of pounds every month and thousands over the life of your loan.

2. Refinancing to Consolidate Debts.
You may choose to refinance in order to consolidate debts and replace high-interest loans with a low-rate loan. The loans being consolidated may include higher purchase loans, student loans and credit cards. You can clear all your existing credit cards, loans and other debts and replace them all with one low cost cheaper monthly payment. On a £12,000 loan some homeowners can save in excess of £250 a month which is a considerable saving. A debt consolidation loan is a smart solution for anyone who has many outgoing monthly payments. A Refinance loan allows you to repay existing loans from the proceeds of a new loan - the loan is usually secured on property or your home.

3. Refinancing to Reduce the Term of the Loan.
Reducing the term of your loan can help you save money over the life of the loan. For example, refinancing from a 7-year loan to a 3-year loan might result in higher monthly payments, but the total of the payments (or total cost of the loan) made during the life of the loan can be reduced significantly. You’ll also be able to build up your equity faster. Use this free loan calculator (
http://www.commercial-mortgage-guide.org.uk/calculator/ ) to see how the total cost of the loan reduces when the repayment period is shortened. A refinance loan can save you thousands in interest charges over the life of your loan.

4. Refinancing to Switch From Variable to Fixed Rates.
You can also refinance in order to switch from a variable rate loan to a fixed rate loan. The main reason behind this type of refinance is to obtain the stability and the security of a fixed loan. Fixed loans are very popular when interest rates are low, whereas variable rate loans tend to be more popular when rates are higher. When rates are low, you can refinance to lock in low rates. When rates are high, you may prefer the short term discounted variable rate loans to obtain lower payments. A major benefit to refinance is the ability to lock in a low interest rate for the duration of your loan.

5. Refinancing to Switch from One Lender to Another.
Some lenders offer better mortgage or loan deals than others. They may offer better customer support services, more flexible loan repayment terms or just a service that is more suitable for your needs. Refinancing your loan can allow you to drop your current lender and switch to a new one with a better loan or mortgage package.

You should carefully consider the savings you can make by refinancing against the costs and penalties. Any homeowner can refinance, but the point is to find a deal that will improve on your existing mortgage or loan. You can read more articles about refinancing at: http://www.commercial-mortgage-guide.org.uk/refinancing/


© Copyright 2005, Bwalya Mwaba writes for the The Commercial Mortgage Guide. Visit our website for mortgage related news, articles, tools and more: http://www.commercial-mortgage-guide.org.uk/. This article may be reprinted as long as all the above links are active and clickable and this author box (byline) is not edited.,

Written by: Bwalya Mwaba

Money Doesn't Finance Dreams

Are you putting off your dreams until you have money? Well, each day that you put off your dreams, you lose a little bit of time for that dream.

Have you made choices that although made everyone else happy, left you feeling empty and incomplete? Maybe you used your lack of money as an excuse, so that you wouldn't feel bad about not pursuing your dreams. But the truth is money is never a hindrance. It is used as a crutch because it is much easier to say money is the problem, than to admit that you are the only obstacle standing in the way of your dreams.

The beauty of dreams is that they are free. When you hold off on your dreams, it costs so much more. You live wondering what if you had made those choices, how would your life be if you had achieved those goals? Right now, think of the one dream that you are holding on to for dear life; what is your #1 excuse for not doing it?

If you want to go back to school, you can look for scholarships and financial aid. You can even take distant learning courses, so you don't even have to leave home. If you want to start a business, there are many free resources online that show you how you can start with no money involved. If you want to pursue a hobby full-time, you can research to find others that are doing the same thing and ask them for help.

Money is not the real obstacle or the driving force to your dreams. The excuses you make just covers up what lies deep within, which is fear and doubt. You anticipate failure or challenges, so you don't bother pursuing your dreams. You let go of your dreams and give up.

You can not feel fulfilled in life unless you are living a self- actualized life. Living your dreams makes your life authentic. Stop using money as a reason for you not to be where you were meant to be in your life. Why settle for small accomplishments, when you can live a life of greatness? You can do a lot of things with money, but you can't buy your dreams. Take one step today towards your dreams; don't worry it won't cost you a thing.


About the Author

Marie Magdala Roker is a Personal Development Coach an Author of Successful Thinking for a Successful Life: How to Banish the Unhealthy Thoughts and Habits That Limit Your Success.
You can find out her ebook and coaching program at http://www.thinkandbesuccessful.com>http://www.thinkandbesuccessful.com

Written by: Marie Magdala Roker

Handling Your Personal Finance Easily

All too often people make the mistake of thinking that they are capable of handling their own finances without any worries at all. However, in most cases people learn rather quickly they cannot handle their own finances without help or assistance from anyone else. However, with some simple tips and advice people can now be assured that they can handle their personal finances quite easily.

College students are usually the worst people at managing their money and they need the most assistance. Some college students are away from home for the first time and they are eager to start spending their money on the various things that they want. Here are some tips that can help these people handle their money better and make it last longer. When you are in college it is very important to make your money stretch as far as it can.

There are some simple rules to personal finance that are intended to help and if used correctly they will lead you on your way to financial comfort and freedom.

1. You should always put money away for an emergency. The recommended amount of time that you should save money is anywhere between six months to a year. This should be put into an account in which you cannot withdraw money for a specified amount of time or for a specific reason. By having the money in such an account you know it will be there any time you need it.

2. You should always pay off credit cards that have the highest interest rates first. While doing this you can continue to make the minimum payment on the card that has lower interest rate while paying a little more each month on the higher card.

3. If you are not sure where you are spending all of your money then it might be a good idea to start keeping a diary of some sort where you record your spending each day. You should record everything that you spend than at the end of the week or month you can sit and determine where you spend the most money and if there are any areas that you can cut out.

4. While you are trying to save money people sometimes make the mistake of thinking that charging things to a credit card will help them save. This is completely wrong. If you want to save money then you need to stop charging and pay cash whenever you can. The cash may be gone but you don't have to worry about making continuous monthly payments.

5. Avoid pressure to spend money. IF you do not want to spend the money then don't. That is the simplest of all rules. Do not let others pressure you into spending money unnecessarily.

About the author:

James Hunt has spent 15 years as a professional writer and researcher covering stories that cover a whole spectrum of interest. Read more at www.1st-for-perso nal-finance.info

Written by: James Hunt

Get Control Of Your Finance!

When it comes to money we tend to fall into three main categories: spend less than we earn, spend what we earn, spend more than we earn. If you’d like to have more money each month or want to get control of your finances read on.

Create some good financial habits by taking a look at where you are now. Where do you want to be? Follow these tips to help you get there.

- Keep a money diary for a week. If you don’t know where you spend your money, you can’t start making changes. Carry a notebook with you and write down every single penny you spend as soon as you spend it, every day for a week – every bill, standing order, newspaper, snack, bus fare, coffee … At the end of the week look at where it all went. Can you see any areas where you could make changes?

- What is your minimum survival income? How much do you need to pay for the basics like mortgage, rent, insurance, bills, food and car each month? Aim to save at least three times your monthly survival income with easy access in case of emergency.

- Your monthly expenditure. Work out what you spend monthly on everything else: meals out, entertaining, clothes, holidays, presents, credit card repayments etc. etc. Including the basics, compare your total outgoings with your income. Where’s the fit? Are you overspending?

- What are any debts costing you each month? How much do you pay in interest? What would you rather be spending that money on? If you can create some spare income each month can you put it towards ‘busting’ some of your debt. Contact me for a specific debt-busting exercise.

- Save 10% of your income. As a minimum put aside at least 10% of your monthly salary. You never know when you might need it. Place it somewhere with easy access, preferably earning interest – not under the mattress!

- Search around for the best deals. How often do you check out the best deals available for insurance, mortgage, fuel, credit cards? I’ve just saved myself almost £200 on my car insurance renewal. Check out all the brokers and online insurance companies for the best quote. Use cost comparison sites such as www.kelkoo.com and www.dealtime.com. You can also save money by switching to a different energy supplier via sites such as www.uswitch.com.

- Talk to a Financial Advisor. While you can learn a certain amount from newspapers, magazines and the Internet, it’s always worth discussing your financial requirements with a good IFA. Your bank may be a place to start – they may not be independent but will be able to advise you on your financial needs for your situation depending on age, family, income and future plans. The sooner you start the better off you’ll be.

If you’d like some more information on getting your finances under control then contact me directly.


About the Author

I work with individuals and small businesses wanting to grow. I provide the tools, techniques and strategies to help them improve their time management and planning skills to increase their productivity and effectiveness.

www.clareevans.co.uk

Written by: Clare Evans

Finance Your Small Business: So Much Money - So Little Time

$47.4 million venture capital funded projects today. $86.4 million yesterday. $51.4 million the day before.

These amounts are not made up. They are actual numbers from actual reported venture capital funding. I get these notices emailed to me day after day, rain or shine.

These numbers are a constant reminder to me that companies – lots of companies – are getting funded every day.

And these numbers just reflect the reported venture capital funding. There is probably double that amount from angel investment and unreported fundings, and millions more from the $16 billion pool that SBA has this year.

All in all, it’s a lot of money. That’s a lot of companies and banks and groups and individuals actively investing in small business.

So how come you’re still looking for financing?

Perhaps you aren’t presenting your company effectively.

Or perhaps you haven’t located the right lender.

It’s also possible that your concept just isn’t very good, but I doubt that. The fact that you are reading this article means you are a serious entrepreneur, with a serious business.

So where do you go to find all these investors? Here are some starting points:

For standard business financing, talk with the local office of the Small Business Administration. It’s a different agency, with different programs and services, and lots of money to lend. Although much of the focus of the SBA is on minority business enterprises, the SBA still has a lot to offer all companies.

Also talk with your local banks. (That was plural “banks”, not singular “bank”.) Talking with a number of local bankers will rapidly bring into focus the wide ranging priorities of the various banks, and where your company fit in.

As for venture capital and angel investors, there are several options.

One option is to go to online sources. There are a number of online services, such as VFinance, that sell the names and addresses of possible investors. It’s not expensive, perhaps $2-5 per name. The idea is that once the entrepreneur gets the list of 200 or 2,000 names in hand that he/she will contact each with a written executive summary or business plan, and then wait to hear from one of them. This is a very passive approach, roughly akin to throwing paint on the wall and hoping that something will stick. For most entrepreneurs, patience is not a strong suit, so sitting and waiting for a response is not quite their cup of tea.

Another option is to go to one of the many directories of venture capital firms. These directories typically include addresses, phone numbers and emails, along with the geographical areas of interest and the types of investment that each is seeking. Most businesses can narrow down their list of prospective investors to several hundred venture capital firms this way. And again the entrepreneur is faced with the prospect of sending out written material for each one, and waiting for a response.

A third option is to take a more proactive approach. Savvy entrepreneurs identify the best prospects themselves from a number of reliable sources. They get introductions where possible. They learn everything they can about their target investors, and then go after it. Typically a phone call is the first contact, not an anonymous executive summary.

Knowing that you are calling your best prospects, you know too that they are open to hearing from you. You have names, you have investment histories, you have everything in hand to make a real connection with the target investors.

Getting your company financed is one of the hardest things you will ever do as an entrepreneur. It can be hugely frustrating, disappointing and genuinely discouraging. But lots of entrepreneurs do it. And so can you. Get the “No’s” out of the way and go for “Yes!” The exhilaration of the handshake sealing the deal is unlike any other transaction in business. Go for it.

http://www.businessplanmaster.com
http://businessplanmaster.blogspot.com



About the Author

Ms. Shank is founder/president of www.BusinessPlanMaster.com. She has worked in business finance in good times and bad, and will rapidly tell you that good times are a whole lot better.

Written by: MaryAnn Shank

Childcare Finance-Some Money Basics

Sole proprietor, Inc, LLC, - What does it all Mean? Your childcare is a business. While you may not need to formally create a legal business, there are options to consider if you have an especially large operation, or employ more than one person. From a legal standpoint, different types of entities provide limited liability. This is something you would want to discuss with a lawyer. Different entities also provide different tax advantages and disadvantages. The type of entity really depends on the business and how many people own the business. An accountant should be able to advise you on the best entity for your situation. What can you deduct on your taxes? Any why would you want to? Each time you claim something as a deduction on your taxes, you reduce the amount of money the government can tax. By reducing that amount, you can reduce how much tax you pay, letting you keep more of your money.

A simple rule of thumb to remember is any ordinary and necessary business expense is deductible. Keep in close contact with your accountant, and find one if you don't have one. Regular meetings or discussions with the accountant will help in working through what is considered ordinary and necessary for your business. Be sure to keep in mind all the expenses you incur when doing business - ie., don't forget things such as mileage on your vehicle. Trips to the bank to deposit your weekly daycare income, for instance, is an ordinary and necessary business expense that is deductible.

Who has time to file receipts after a day with the kids? Even though resting from your busy day sounds better than filing you receipts for groceries that week, stay on top of your paperwork and make sure you keep records of all the money you spend on your business. From the IRS point of view, the more records and documents to substantiate your position, the better. Invoices, receipts, credit card statements, bank statements and cancelled checks are all good evidence of the expenditures incurred. There are also several accounting programs - available at any store that sells computer software - that are inexpensive and work great for tracking expenses and providing useful financial reports. Several online companies sell software specifically for childcare providers. Be sure to set up a filing system for your records. It doesn't need to be fancy, as long as it makes sense to you and you can find your records once tax time comes around. Keep work and personal expenses separate Having a separate checking and savings account for your business will make keeping track of your finances a lot easier. Sure, you have to balance another checkbook, but you'll know that all money in and out of those accounts has to do with your business. Also, consider getting separate credit cards for the business. When you use all of these accounts exclusively for business, it is much easier to put all your records together, rather than trying to separate out what is business and what is personal. Ahh, taxes. Where do we start? Tax laws are so specific to your state and city, that it's hard to give even general guidelines. You may want to check with a local accountant or state and local tax authority to find out if there are any special rules, permits or taxes that you may need to run your business. Paying your taxes quarterly might be an option, so you can spread the payment out over the year instead of paying it all at one time.
About the Author

Melissa Newby is the cofounder of www.daycarematch.com

Bob Sawicki is a CPA practicing Tax and Financial Planning in Madison WI. He can be reached at sawicki@tds.net.

Written by: Melissa Newby, MS, Bob Sawicki, CPA

Benefits of Personal Finance Software

In this age of information, keeping track of your finances does not mean an archaic jumble of ledgers, calculators, and papers filled with calculations in chicken scratch. Now everything can be taken care of on your computer through personal finance software.

Personal Finance Software: Organize Your Finances

Your finances are complicated. You have money coming in and money going out. You have bills and investments as well as multiple bank accounts. Personal finance software will keep everything organized for you. Depending on the software you use, it may be able to separate portions of your finances into various categories for you. For example, Quicken 2005 separates your checking accounts from your savings accounts and allows you to track your investments all at the same time.

Organization saves time. Taking a few minutes to input your purchases and paychecks eliminates those hassles associated with staying on top of your finances. Rather than rifling though bank statements and bills for hours, everything is right here in the program. As long as you put each purchase and paycheck into the software, your checkbook will automatically be balanced. Some programs also feature functions that will create a budget for you; yet another time saver.

Personal Finance Software Knows Where Your Money Is

In order to keep more of the money you make, you must know where it is. Personal finance software gives you the power to know where each penny is at a glance. Some will even create reports for you that detail where your money goes each month. This feature will help you locate the leaks in your budget and reduce your expenses every month.

The overview personal finance software gives you is one of its main benefits. It allows you to take off the blinders and truly assess your financial situation. With this new-found view of your finances, you will be able to effect changes like never before. The old adage applies; you have to know where you are before you can get to where you want to be.


About The Author


Jon Martin is the webmaster of Your Personal Money Management, a site established to help you keep more of the money you make.

http://www.manage-your-debts.com

This article comes from the Home Financial Software section of the site. http://www.manage-your-debts.com/home-financial-software.shtml

Written by: Jon Martin