Wednesday, September 1, 2010
Tuesday, August 31, 2010
Loans for commercial property
A mortgage can be identified by the fact it has what is known as a ‘charge’ against that property. A charge is a legal document held at the land registry and identifies who has a legal claim against your property. Most of us who are still paying the mortgage for our own homes have a ‘first’ charge against the property, and this charge is held by the company who lent you the money to buy the house. It is possible to have 2nd and 3rd charges against a property, and in respect of your own home this may be the case where you have taken out a secured loan. (for example to raise capital to buy a business, or build an extension on your house).
A commercial mortgage differs in another way to a personal mortgage in the fact that the cost or interest charged is at a commercial rate. In laymans terms this means it is higher. This is to reflect the fact of a greater underlying risk in a building being used for the purpose of making a profit, and may be adjusted higher or lower depending upon the kind of business operating from it.
Also to reflect the greater lending risk associated with commercial buildings, the amount of deposit your business will have to put down will be considerably higher than those allowed for a private dwelling. It is not uncommon that 25 to 50% be advanced as deposit. This can of course add up to a considerable sum when you consider that commercial mortgages tend to be higher in value than home mortgages (but not always).
The term of a commercial mortgage will generally be between 20 and 25 years.
Before your business can obtain a commercial mortgage, you will have to give details of the location and structural condition backed up by a report from a Chartered surveyor. The surveyor will also determine the sales value as is, and this will form the basis of any offer for finance. Surveyors reports are quite expensive, but well worth the money, as their report will highlight issues in respect of condition that may need addressing. Often, you will be able to use the findings of a surveyors report to negotiate on price.
You will be required to submit accounts for the last 3 years, and demonstrate the ability of your business to repay the loan before you are granted a mortgage.
A commercial mortgage differs in another way to a personal mortgage in the fact that the cost or interest charged is at a commercial rate. In laymans terms this means it is higher. This is to reflect the fact of a greater underlying risk in a building being used for the purpose of making a profit, and may be adjusted higher or lower depending upon the kind of business operating from it.
Also to reflect the greater lending risk associated with commercial buildings, the amount of deposit your business will have to put down will be considerably higher than those allowed for a private dwelling. It is not uncommon that 25 to 50% be advanced as deposit. This can of course add up to a considerable sum when you consider that commercial mortgages tend to be higher in value than home mortgages (but not always).
The term of a commercial mortgage will generally be between 20 and 25 years.
Before your business can obtain a commercial mortgage, you will have to give details of the location and structural condition backed up by a report from a Chartered surveyor. The surveyor will also determine the sales value as is, and this will form the basis of any offer for finance. Surveyors reports are quite expensive, but well worth the money, as their report will highlight issues in respect of condition that may need addressing. Often, you will be able to use the findings of a surveyors report to negotiate on price.
You will be required to submit accounts for the last 3 years, and demonstrate the ability of your business to repay the loan before you are granted a mortgage.
Thursday, August 26, 2010
General Procedure of Availing a Car Loan
People generally wear a very worried look at the time of financing their first car. The basic reason behind their apprehension is the lack of knowledge about auto loans. The process of getting an auto loan is normally quite simple and if you partner with the right dealership and lending agency, you can drive home your dream car the very same day you go test driving in it. The basic purpose of providing an auto loan is that they must be the easiest option available for the people without ready cash.
Prior to meeting up with the lending agency, you must determine the type of car you wish to buy. The auto loan providers usually ask for details about the make and model of the car you have in mind. They use this data to determine if the car you are planning to purchase is worth their financial assistance. In other words, will it be a financially viable option for them to give you that loan amount.
Along with the car details, you may also be asked for your personal information like name, phone number, mailing address, e-mail id, date of birth, financial statements, your SSN number/tax payer id number etc. Once you have provided all these details to the lending agency, they do a comprehensive credit check with your details. You stand great chance of availing attractive interest rates if your credit history is impeccable.
In case your credit history is not worth bragging about and it is marred by quite a few defaults, don't worry since it's not the end of the auto loan world. There are several auto loan providers in the market who can readily provide you with bad credit (yeah, we know the term doesn't sound good, but that's what it is) loans, although at little high interest rates.
Regardless of the issues with your credit rating, you'll definitely hear back from the auto loan provider and they'll let you know the exact approved loan amount, the rate of interest, the down payment required, the loan duration and the other terms and conditions.
Prior to meeting up with the lending agency, you must determine the type of car you wish to buy. The auto loan providers usually ask for details about the make and model of the car you have in mind. They use this data to determine if the car you are planning to purchase is worth their financial assistance. In other words, will it be a financially viable option for them to give you that loan amount.
Along with the car details, you may also be asked for your personal information like name, phone number, mailing address, e-mail id, date of birth, financial statements, your SSN number/tax payer id number etc. Once you have provided all these details to the lending agency, they do a comprehensive credit check with your details. You stand great chance of availing attractive interest rates if your credit history is impeccable.
In case your credit history is not worth bragging about and it is marred by quite a few defaults, don't worry since it's not the end of the auto loan world. There are several auto loan providers in the market who can readily provide you with bad credit (yeah, we know the term doesn't sound good, but that's what it is) loans, although at little high interest rates.
Regardless of the issues with your credit rating, you'll definitely hear back from the auto loan provider and they'll let you know the exact approved loan amount, the rate of interest, the down payment required, the loan duration and the other terms and conditions.
Tuesday, August 24, 2010
Health Insurance and Diabetes
Between March 2003 and June 2004, the American Diabetes Association (ADA) and researchers at Georgetown University's Health Policy Institute completed a project that examined through individual case studies the availability, affordability, and adequacy of health insurance for people with diabetes.Over the course of the project, caseworkers and researchers took calls from 851 people who contacted the ADA national call center (1-800-DIABETES) because they had health insurance problems.
The majority of cases studied involved problems with private health insurance because this is how most nonelderly Americans obtain health coverage. Some problems related to public coverage were also studied, however. Calls were accepted from people who were younger than age 65 and who were either uninsured, transitionally insured with coverage that was about to end, or insured with other problems. Information about people and their insurance circumstances was recorded in a database. Callers were also asked whether they would be willing to share their stories, and two-thirds said yes.
The focus of this project was on diabetes because the condition is so prevalent, and health insurance is essential to managing diabetes effectively. The U.S. faces an epidemic of diabetes, a disease in which elevated blood glucose levels damage nerve endings and blood vessels, leading to serious health complications including blindness, kidney failure, heart attack, and stroke. Today, an estimated 18 million Americans have diabetes, and 1 million more are diagnosed each year.
Diabetes can be effectively managed, but medical care and supplies needed to monitor and control blood glucose levels are expensive. Numerous scientific studies have found that health insurance problems make it harder for people to manage their diabetes, often with devastating consequences. Just the routine costs of managing diabetes (to test and control blood glucose levels) can reach hundreds of dollars per month Uninsured adults with diabetes are far less likely to receive needed care and effectively manage their disease, and those with health insurance have difficulty obtaining needed care when coverage is inadequate.
The stories featured here are consistent with these findings and demonstrate what can happen to people who are sick when their health coverage breaks down. Case studies of health insurance problems do not present a complete picture of the health coverage system. However, just as automobile safety experts study data from car crashes for clues about how to make the roads safer, examining the health insurance problems of people with diabetes yields important clues about how to make coverage work better when it is needed most.
Project staff worked with callers to try to resolve their health insurance problems using available resources under federal and state law. Options under employer-based coverage, individually purchased insurance, and public programs were explored. The vast majority of problems could not be resolved because there are not enough safeguards to guarantee available, affordable, adequate health coverage for all people in the United States, regardless of their circumstances. In some cases, people had tried so long without success to find health coverage that they finally gave up on the system altogether. Convinced they would never be able to find affordable, adequate health insurance, these discouraged uninsured individuals no longer sought insurance coverage, but instead only charity care.
Sunday, August 22, 2010
Low Interest on Home Loans
Owning a home is perhaps the biggest and most important dream of an average Indian family.
A home loan is taken by an individual, usually for constructing a home. Home Loans can be applied for either individually or jointly. Proposed owners of the property, will have to be co-applicants. However, the co-applicants need not be coowners. This may or may not include the land. Usually, the home will be kept a security or collateral by the lender till the loan amount is fully paid by the person who takes the loan. As it is a secured loan on the home, usually the interest rate will be low and can be over a longer loan repayment period.
A "home loan" is a credit to a consumer for the purchase or transformation of the private immovable property he owns or aims to acquire, secured either by a mortgage on immovable property or by a surety commonly used in a Member State for that purpose.
A home loan requires you to pledge your home as the lender's security for repayment of your loan. The lender agrees to hold the title or deed to your property until you have paid back your loan plus interest.
In a home loan, you can opt for a flat interest rate or a floating one.
A home loan is taken by an individual, usually for constructing a home. Home Loans can be applied for either individually or jointly. Proposed owners of the property, will have to be co-applicants. However, the co-applicants need not be coowners. This may or may not include the land. Usually, the home will be kept a security or collateral by the lender till the loan amount is fully paid by the person who takes the loan. As it is a secured loan on the home, usually the interest rate will be low and can be over a longer loan repayment period.
A "home loan" is a credit to a consumer for the purchase or transformation of the private immovable property he owns or aims to acquire, secured either by a mortgage on immovable property or by a surety commonly used in a Member State for that purpose.
A home loan requires you to pledge your home as the lender's security for repayment of your loan. The lender agrees to hold the title or deed to your property until you have paid back your loan plus interest.
In a home loan, you can opt for a flat interest rate or a floating one.
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