Mortgage

Looking to clean up credit card debt? There are actually several ways to get it done – some you might not have thought of. Here are the top five suggestions from Visions Federal Credit Union’s Debt Experts.

Personal Loan

The personal loan is your likeliest solution for debt consolidation. The goal is to combine all your balances (and their associated APRs) into one loan at a better rate. It not only saves you tons of interest, but simplifies your payments as well.

“I had a member who was paying over $1,000 a month on credit card debt,” says Kham Phonechanthasone, Visions Debt Expert and Assistant Manager of the Binghamton University and University Center Branches in New York. “I helped her consolidate them into a personal loan and was able to save her over $500 a month.”

• Step 1: Define your goal
• Step 2: Determine which Refinance program you want to use
• Step 3: Find a lender
• Step 4: Filing paperwork
• Step 5: Close
• The Bottom Line

Most people refinance a VA loan to get a lower interest rate and monthly payment, but those things alone are not enough to justify it. There is the timing. There's no point in refinancing if you're not going to stay in long enough to cover the associated costs. It also doesn't make sense if you can't get a lower interest rate. Assuming timing and prevailing interest rates are not an issue, your first step should be to determine why you want to refinance your VA loan.

Step 1: Define your goal

• Lower your interest rate and monthly payment?
• Convert an adjustable-rate mortgage (ARM) to one with a fixed rate?
• Shorten the term of your existing VA loan?
• Take out cash (equity) for home improvement, debt consolidation, or another purpose?
• Refinancing a conventional or FHA loan to a VA loan?
• Consolidate a first and second mortgage into one VA loan?

You may be able to achieve more than one goal with your refinance – lower interest rate plus payoff, but you should still identify a single "most important" reason for refinancing.

Step 2: Determine which refinance program you want to use

If you have a refinancing goal, the next step is to figure out which of the two VA refinancing options available will best help you achieve that goal. Choose between an interest rate reduction refinance loan (IRRRL) or a cash-out refinance loan.

Here's a suggestion. I want to give you a $20 bill, and in return you will give me back a $100 bill. Appear fair? If you have a credit card, you've been doing this all along and I'm going to show you how to stop.

Credit cards can be a powerful money management tool. It can allow you to use your finances to accomplish things you otherwise couldn't without waiting for the money in your savings account to come in. On the other hand, credit cards can also become a great evil that destroys lives. It's convenient access to money you don't have, and it allows for purchasing decisions you may have to live with for many years after the purchased item is thrown away.

So what do you do if you find yourself in a deep debt position and no obvious way to pay it all off? What if you find that you're even sinking into debt trying to pay off multiple high-interest credit cards and getting nowhere??

Underfloor heating is no longer considered a luxury, but rather the epitome of modern heating comfort. Every second new building is equipped with underfloor heating or also panel heating. In addition to underfloor heating systems that are flown through with hot water, there are also electric underfloor heating systems that are powered by electricity. If done correctly, you enjoy great benefits and face few significant disadvantages in return. Learn everything you need to know about underfloor heating at Effizienzhaus-online!

Underfloor heating with hot water or electric underfloor heating systems

Basically, you can distinguish between hot water floor heating systems or electric floor heating systems.

floor heating with hot water

With employees and civil servants one can read incomes off mostly completely simply in the pay slips. But how does it work for the self-employed?? How do banks determine the income of self-employed persons or freelancers when granting loans??

Banks take very different approaches to determining self-employment income. What they all have in common, however, is that they calculate the income on the basis of the actual income of the last 2-3 years. This distinguishes self-employed people from employees or civil servants, for whom the income of the last few years is quite uninteresting. Self-employed persons must therefore go far into the past and provide corresponding proof of income. This proof of income consists of the last tax assessment (and the corresponding tax returns) as well as the profit calculations (income surplus account) or corresponding balance sheets.

So self-employed people need the provable figures of the last 3 years (a few banks are also satisfied with the figures of the last 2 years). If these figures are available, each bank, savings bank or other lender proceeds differently. Some banks use the profit of the last year for the income. The others take the average of the last 3 years. Still others set the lowest value of the last 3 years. As already mentioned: each bank cooks its own soup.

Those who come to Germany as foreigners want to realize their dreams and build a regular life in financial independence. This is certainly not easy in the start-up phase. Often there is a lack of money to realize one's dreams.

A loan as start-up financing helps, no question about it. The problem is only that many foreigners receive their residence permit in Germany for a limited period of time. Is it possible to get a loan from German banks and savings banks as a foreigner with a temporary residence permit?? We have investigated the question.

In principle, a loan is possible

We have queried several German credit institutions for our research. The answers to the question – can you take out a loan with a temporary stay – have been different. Some banks reject such applications from foreigners in principle. The effort of the examination and the final credit default risk are too high.

• 1. Can you afford a home?
• 2. How much can you afford?
• 3. Have you calculated the other DTI type?
• 4. Can an FHA loan help you?
• 5. What if your student loans are postponed?
• 6. Not qualifying? Try these remedies
• 7. But can you really afford it?
• The Bottom Line

If you're paying off student loans, you may think it's impossible to buy a home. Not so. If your student loan is reasonable, you may qualify for a home. But there are some things you should know (and think about) before taking on more debt. Here are seven questions to consider.

1. Can you afford to buy a home?

Before you accept the idea of a mortgage, ask yourself if you can afford it. The answer is hidden in a so-called debt-to-income ratio (DTI). You can calculate your DTI by adding up all your monthly debt payments and dividing the total by your gross monthly income.

According to the Consumer Financial Protection Bureau, the maximum DTI you can have (including your expected mortgage expenses) is 43% in most cases. But for your own financial security, you should aim for a much lower ratio. Most lenders want your DTI below 36%.

Are you entitled to the state subsidy for the Riester pension? We clarify which people are eligible for the allowance and who has to do without the Riester subsidy.

Who is eligible for the state subsidy

Everyone who pays compulsory contributions to the statutory pension scheme is directly eligible and entitled to the state subsidy. These include:

Small and medium-sized businesses that want to grow and/or expand rely on outside capital. But banks are often reluctant to grant credit, especially when it comes to large amounts and little equity is available. Thus, one has the choice between investment and development stop or one takes a partner in the company, which increases the equity share, but in return is granted co-determination rights. Or you can opt for a mixed form of equity and debt capital: mezzanine financing.

The most important facts in brief

• Mezzanine capital is a mixture of equity and debt capital.
• Mezzanine financing is best suited for expansion projects of SMEs with a volume of at least 500.000 Euro.
• Mezzanine capital includes the "silent partnership", profit participation rights, subordinated loans, shareholder loans and convertible bonds or bonds with warrants.
• The right financing mix of equity and debt, subsidies and mezzanine capital is the key to success.

What does mezzanine capital mean?

"Mezzanine" comes from the Italian word "mezzo" and means something like "middle". "Means" because mezzanine financing is a mixed form of equity and debt capital.

There are several different types of mezzanine capital and each can be attributed more to equity or more to debt capital of the company based on its characteristics. On the balance sheet, these financings usually appear as debt capital.

As rents have soared in recent years, it should be good news that prices in some of the country's most expensive metropolitan areas may finally be moderating. Nationwide, rents for the single-family market are forecast to increase by 1 next year. 7% will rise – the same appreciation rate as in the last twelve months – according to the latest Zillow rent forecast report.

Overall, Zillow expects rents in 34 of the 35 largest U.S. metros (all except St. Louis) are expected to rise, although a third of these markets are expected to grow at a slower rate than the national average ( 1. 7%), and 11 will see a slowdown in rents compared to last year. "There's good news on the horizon for renters," says Dr. Svenja Gudell, Zillow Chief Economist. "Current renters in these markets can expect rents to slow somewhat over the next year. Instead of the 10% rent increase observed in some places, we expect growth of 4% to 7%. " (For more information, see 6 Tips for Renting an Apartment .)

10 Cities where rents are rising fastest

Two West Coast tech centers – Seattle and Portland – are expected to see the largest increases in rents, where prices are likely to rise by 7. 2% and 6 will increase. %, respectively. Other tech job centers will also see increases. Below are the 10 cities where rents will increase the most over the next year, according to Zillow, along with each city's projected rent increase and monthly rent for a one-bedroom unit (from the Zillow Rent Index):