Tag: Mortgage

How To Refinance Your Mortgage

How To Refinance Your Mortgage

Posted onAuthorSilber DrachiLeave a comment

The average rate for a 30-year fixed-rate mortgage dropped to 3.64% last week, its lowest level since November 2016, according to mortgage provider Freddie Mac. That’s good news for homebuyers looking to take advantage of lower rates.

If you’re one of them, you may be wondering: How do I refinance my mortgage?

Here’s a step-by-step guide to help you navigate the process.

Check your credit score

Your credit score is one of the key factors that lenders will consider when you apply for a refinance. A higher score indicates to lenders that you’re a low-risk borrower, which could lead to a lower interest rate on your loan.

You can check your credit score for free on sites like Credit Karma and Credit Sesame.

The best way to find the right information for you is to do the research, talk to professionals and weigh your options. Armed with the right information, you can make a better-informed decision that puts your needs, and budget, first. OnlineLoansFlorida.com is a experienced personal finance blog. They writing blogs and articles on money, debt and loans since 2010.

Shop around for rates

Once you know your credit score, you can start shopping around for refinance rates. Banks, credit unions, and online lenders offer a variety of rates and terms, so it’s important to compare offers before you decide on a loan.

When you’re comparing rates, also take into account the fees associated with each loan. These can include origination fees, closing costs, and appraisal fees.

Choose the right type of loan

There are several types of loans you can choose from when you refinance your mortgage. The most common are:

– Fixed-rate loans: These loans have a fixed interest rate for the life of the loan.

– Adjustable-rate loans: These loans have an interest rate that can change over time.

– Cash-out refinance: With this type of loan, you refinance your mortgage for more than you currently owe and take the difference in cash.

Get preapproved

Once you’ve compared rates and terms from different lenders, you can get preapproved for a loan. This means the lender has checked your credit score and reviewed your financial information to determine how much they’re willing to lend you.

Getting preapproved is helpful because it gives you an idea of how much you can borrow and what interest rate you can expect to pay. It also shows sellers that you’re a serious buyer, which could give you an edge in a competitive housing market.

Apply for the loan

Once you’ve found the right loan and been preapproved, you can apply for the loan. The lender will then review your application and supporting documents to verify the information you provided.

If you’re approved, the lender will send you a loan estimate detailing the terms of the loan, including the interest rate, monthly payments, and closing costs.

Compare the loan estimate

Once you receive the loan estimate, you can compare it to the other offers you’ve received to make sure you’re getting the best deal.

You should also compare the fees associated with each loan. These can include origination fees, closing costs, and appraisal fees.

Choose a lender

Once you’ve compared the loan offers and chosen the one that’s right for you, you can select a lender and begin the process of getting your loan.

The lender will then order a home appraisal to determine the value of the property. Once the appraisal is complete, the lender will send you a loan commitment letter detailing the terms of the loan.

Close on the loan

Once you’ve received the loan commitment letter, you can schedule a closing date. This is when the loan will be finalized and the funds disbursed.

At closing, you’ll sign a number of documents, including the loan agreement, promissory note, and mortgage. You’ll also pay closing costs, which can include origination fees, appraisal fees, and title insurance.

Start making your payments

Once you’ve closed on the loan, you’ll start making your monthly payments. If you have a fixed-rate loan, your payments will remain the same for the life of the loan. If you have an adjustable-rate loan, your payments may change over time.

Refinancing your mortgage can be a great way to save money, but it’s important to do your homework and compare offers before you decide on a loan.

If you’re not sure where to start, our partners at Credible can help you compare rates and terms from multiple lenders in just a few minutes.

How Much Does It Cost To Run A Convenience Store?

How Much Does It Cost To Run A Convenience Store?

Posted onAuthorSilber DrachiLeave a comment

This is a question that we get asked a lot. And the answer, unfortunately, is not a simple one. The cost of running a convenience store can vary greatly depending on a number of factors, including the size and location of the store, the type of products it sells, and the operating costs associated with running the business.

Find Most Popular and Trending Topics, Articles and Stories. With Trendnow, you can find out what’s holding consumer interest and capitalize on the current conversation.

To get a better understanding of the costs associated with running a convenience store, let’s take a look at some of the key expense categories that are typically involved.

Rent or mortgage payments

One of the biggest expenses associated with running a convenience store is the cost of renting or owning the retail space. Store owners who rent their space will need to factor in the cost of their monthly rent payments, while those who own their store will need to account for mortgage payments, property taxes, and other ownership-related costs.

In either case, the amount that a store owner will need to budget for this expense will depend on the size and location of their store. For example, a small convenience store in a rural town is likely to have much lower rent or mortgage payments than a large store in a major city.

Inventory

Another major expense for convenience store owners is the cost of purchasing inventory. The type of products that a store sells will obviously have a big impact on the cost of inventory, but other factors, such as the store’s location and the time of year, can also affect the price of goods.

For example, a store that is located in an area with a lot of foot traffic is likely to sell through its inventory much more quickly than a store in a less populated area. As a result, the former store will need to purchase new inventory more often, which can add up to significant costs over time.

Similarly, a store that sells seasonal items, such as swimsuits or Christmas decorations, will typically see a spike in inventory costs during the months when those items are in high demand.

Employee wages

If a convenience store has any employees, then the store owner will need to factor in the cost of their wages. The number of employees a store has and the hourly wage they earn will obviously have the biggest impact on the total amount of this expense, but other factors, such as the cost of benefits and state and federal labor laws, can also affect the bottom line.

Utilities

Another common expense for convenience stores is the cost of utilities, such as electricity, gas, and water. The amount that a store owner will need to budget for this will depend on the size of the store and the type of products it sells. For example, a store that sells a lot of perishable goods is likely to have higher utility bills than a store that sells mostly non-perishable items.

Marketing and advertising

Convenience store owners will also need to factor in the cost of marketing and advertising their business. The amount that needs to be budgeted for this will depend on the store’s location, the type of products it sells, and the competition in the area.

For example, a store that is located in a busy area with a lot of foot traffic is likely to need to spend less on marketing and advertising than a store that is located in a less populated area.

The bottom line

As you can see, there are a lot of factors that can affect the cost of running a convenience store. The best way to get an accurate estimate of the costs associated with your store is to speak with a professional accountant or business consultant.

How Travis Credit Union's Mortgage Rates Can Save You Money

How Travis Credit Union’s Mortgage Rates Can Save You Money

Posted onAuthorSilber DrachiLeave a comment

When it comes to mortgages, Travis Credit Union offers some of the best rates in the business. In fact, our rates are so competitive that we often save our members thousands of dollars over the life of their loan. Find most popular financial education, credit union, debt guide and many more with C1styourvoiceblog. You will get on with making a better life for yourself.

Here’s how it works:

Travis Credit Union offers a variety of mortgage products, including fixed-rate and adjustable-rate loans. Our fixed-rate loans offer terms of 15, 20, or 30 years, so you can choose the repayment timeline that best suits your needs. And our adjustable-rate loans offer initial fixed-rate periods of 5, 7, or 10 years, after which the rate will adjust based on market conditions.

But no matter which type of loan you choose, you can rest assured that you’re getting a great rate. That’s because we offer some of the lowest rates in the industry, which means you’ll save money every month on your mortgage payment. And over the life of your loan, those savings can really add up.

For example, let’s say you purchase a $250,000 home with a 30-year fixed-rate loan at 4.5% interest. Your monthly payment would be about $1,265, and you would pay a total of $445,000 in interest over the life of the loan.

Now let’s say you purchase the same home with a 30-year fixed-rate loan from Travis Credit Union at 3.875% interest. Your monthly payment would be about $1,195, and you would pay a total of $399,000 in interest over the life of the loan. That’s a savings of $46,000 in interest charges!

And because we offer some of the lowest rates in the industry, you can be confident that you’re getting a great value when you finance your home with Travis Credit Union.

If you’re in the market for a new home, or if you’re looking to refinance your existing home loan, we invite you to check out our current mortgage rates. You may be surprised at how much money you can save.

What to include in your budget for financial planning

Posted onAuthorSilber DrachiLeave a comment

One of the most important aspects of financial planning is creating and adhering to a budget. A budget allows you to track your income and expenses so that you can make informed decisions about your money.

When creating a budget, there are a few key things to keep in mind:

1. Make sure your income and expenses are realistic.

2. Make sure your budget is flexible.

3. Make sure your budget includes all of your necessary expenses.

4. Make sure your budget leaves room for savings and emergency funds.

Here are a few things to include in your budget:

1. Income: Your budget should include all sources of income, such as your salary, investment income, and any other sources of income.

2. Expenses: Your budget should include all of your necessary expenses, such as your mortgage or rent, car payments, insurance, food, and utilities.

3. Savings: Your budget should include a savings goal, such as saving for retirement, a rainy day fund, or a major purchase.

4. Debt: Your budget should include a plan for paying off any debt you may have, such as credit card debt, student loans, or a car loan.

By following these tips, you can create a budget that works for you and helps you reach your financial goals.

When it comes to financial planning, creating a budget is an essential first step. But what exactly should you include in your budget? Here are a few key items to consider:

1. Your income: This is the foundation of your budget, so be sure to include all sources of income, from your salary to investment earnings to any side hustle income.

2. Your fixed expenses: These are the costs that stay the same each month, like your rent or mortgage, car payment, and insurance premiums.

3. Your variable expenses: These are the costs that can fluctuate from month to month, like your groceries, utility bills, and gas for your car.

4. Your debt payments: If you have any outstanding debt, be sure to include those payments in your budget. This could include credit card debt, student loans, or a car loan.

5. Your savings goals: It’s important to include savings in your budget, whether you’re saving for a specific goal like a down payment on a house or for retirement.

By including all of these items in your budget, you’ll get a clear picture of your financial situation and be better prepared to make smart financial decisions.