Day: April 20, 2018

6 Credit Card Habits to Stop Today

It is so easy to fall into bad credit habits. Before you know it, a one-time exception quickly turns into a routine. In addition to damaging your credit score, bad habits can lead to a number of other devastating financial problems. To improve your credit score – or, better yet, avoid the situation – you should work to break this pattern of spending and debt now.

  1. Not keeping tabs on your credit card statements

With an overwhelming amount of bills via mail and email, it is easy to toss some aside to “get to later”. It really is important that you take some a time to review your credit card statements, however. In consistently keeping up with them, you can catch unauthorized credit card charges or billing errors and have them fixed quickly. So, the next time you glance at your balance and payment information, take an extra minute or two to go over your account activity also.

  1. Reaching for your credit card instead of your debit card

You should always avoid grabbing your credit card over your debit card. Why? Your debit card has direct access to the funds you need to make everyday purchases like groceries and gas. There might be situations where you do accumulate rewards using your credit card, but you should only take advantage of this if you plan to pay off your credit card balance every month.

  1. Paying only the minimum

It is very tempting to just pay the minimum each month, rather than sitting down and really figuring out how much extra you can afford to set aside for your credit card bill. Unfortunately, only paying the minimum will not help you make much progress, and (depending on the interest) you will probably pay more in financial charges than you need to.

  1. Habitually paying credit cards late

One late month, turns into another late month, which turns into six months of paying credit card bills late. If you have trouble remembering to pay early or on time, consider scheduling your payments a few days in advance.

  1. Applying for new credit cards you don’t need

Even though you already have credit cards, it is easy to fall for another low interest rate promotion or sign up bonus. They can be very inviting, but it is a slippery slope. New credit card applications hurt your credit score, and they provide opportunities to go into more debt.

  1. Buying what you can’t afford

One of the worst credit card mistakes of all is buying more than you can afford. The number one rule you should follow is, if you can’t afford to purchase it right then and there, then don’t buy it. Wait until you know you can afford it. You might enjoy the item at first, but the regret of having debt will not make the purchase worth it later.

Has bad credit affected more than your everyday personal life? Many entrepreneurs are surprised to find that their personal credit score limits their ability to secure … Read More

What Investors Should Know About Real Estate Note Buying

There are many options for investors to consider, when trying to diversify holdings. One trend that’s been gaining popularity is the buying of real estate notes. Before jumping in, however, it’s important to understand a little more about what this type of investment entails.

The 411 on Note Buying

There are many companies that make a business of buying notes, such as Amerinote Exchange, but that doesn’t mean individual investors can’t do it, as well. First, it’s important to understand that a note in these financial terms regards the promissory note that defines the terms of a loan and establishes the money to be repaid. The note, in real estate, transactions is just the promise to pay, but is also supported by the mortgage or the deed for the property.

When an investor buys the note, he also obtains the security instrument, meaning he holds the dead or other collateral. Essentially, the investor then becomes the lender, instead of the original financial institution. The investor often buys the note at a discount, making it a positive investment.

An Example of a Simple Note Buying Transaction

To understand this process a little better, it’s a good idea to broker a few of these transactions for other investors first. This helps you to observe first-hand how underwriting and closing processes are managed in the purchase of real estate notes. It may also help to look at a simple example of how buying a note benefits the investor.
On a transaction for a home selling at $120,000, the buyer would pay a down payment of $20,000, resulting in a $100,000 loan. In a note for this loan, there might be a 10% interest, creating terms for repayment that involve 360 payments at $877.57 each.

You can get the best deal on buying the note by waiting for the buyer to build up some equity, so suppose you buy the note after five years. At the time you buy the note, the balance left to be repaid is $96,574.32, but you will pay the lender $83,322.39. This allows for the possibility of earning 12% on your investment.

Conversely, if the borrower fails to make the payments, you can exercise the same rights as the original lender. You can opt to reclaim the property as your own, which means you have whatever had been previously been repaid, plus the property valued at $120,000.

Another option investors pursue is to buy just a portion of the note. They may pay anywhere from $10,000 to $50,000 for a limited portion of the note’s repayment terms. For instance, you may buy the note for five years, collecting the payments within that time frame. At the end of the five years, the note reverts back to the original lender.
Of course, there is much more to learn about buying a real estate note and it’s important to understand how your local laws affect this type of investment. Once you learn about the process and fully understand the … Read More

Dwelling —

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