Rikk Miller Financial Writer
About Rikk Miller
Rikk is a financial writer.He is associated with several financial communities.
His expertise is woven around various aspects of the real estate industry . He is a financial writer who excels in writing finance articles.
A homeowner or home buyer who lacks funds to repair a house may obtain a home improvement loan to reduce out-of-pocket expenses. A home improvement loan can pay for small cosmetic fix-ups to larger renovation or construction projects. Homeowners tend to prefer home improvement loans to other credit types, such as credit cards or personal loans, because these loans are secured by the home itself. The interest rate on a home improvement loan can be lower than a credit card annual percentage rate or personal loan. Short-Term Home Improvement Funds People with bad credit may need a loan to complete home repairs or small renovations. Bad credit may force the homeowner to live on a cash basis, but some repairs can be costly. Using a credit card to complete a home improvement project might be necessary. Although obtaining a home improvement loan with excellent credit is a simple task, people with lower credit scores have difficulty getting approval. Loan denial is the likely result for the homeowner with bad credit. Payday loans can help homeowners get the money required to complete repairs or projects. Bad Credit Loans Some lenders don’t make lending decisions entirely on the borrower’s credit score. If the borrower has equity in the home, the lender may be able to find a way to help. The homeowner with equity in the property can provide security for a loan, and this fact allows lenders to offer home repair loans to people with less than perfect credit.Self-employed homeowners, or those who are in arrears on their mortgage or home loan, may benefit from these loans. However, some homeowners have taken equity from their homes in the past and must now service these loans. Getting access to new loan funds can be a challenge. Payday loans can be a great help to homeowners in need of funds now. Family Loans Some borrowers in search of short-term loan funds ask family or friends for help. If the homeowner has never asked family members for a loan and feels comfortable doing so, this solution can provide the money needed to complete repairs or improvements. However, some homeowners prefer to independently manage their family affairs. They don’t want a parent, grandparent, sister, or brother to know about a financial struggle. Other borrowers have already exhausted family and friends’ ability to lend money. The borrower may already owe his or her relations money and will therefore choose to request necessary pounds from new funding resources. Short-Term Borrowing Making an application at a traditional lender requires the homeowner to put up a variety of credentials. A short-term pay day loan requires basic details about the borrower. The lender will ask about the borrower’s employment as a primary prerequisite. The payday service applicant’s employment history should be continuous for at least six months. The borrower should be at least 18 years of age. The borrower should also have a checking or savings account with a bank or financial institution. The online payday loan service borrower must earn a minimum net amount per month in order to repay the short-term loan. Many customers enjoy the ease of applying for an online short-term loan. Short-term payday lenders charge higher rates to lend these funds. Applicants for these loans typically appreciate the simplicity of the application and the...read more
Estate planning may be a painful process for many as it requires us to face our mortality, but it is absolutely crucial if you want to protect your assets. Bluntly put, protecting your estate is serious business. One wrong move can completely ruin the entire direction of your will. It is therefor highly advised that you hire an exceedingly qualified estate planning attorney at law in Los Angeles. Below are a couple of points that should help you understanding of the true importance of hiring an estate-planning attorney. First and foremost, you need to ask your self several important and very serious questions before meeting with your estate lawyer. As mentioned in an article from Forbes Magazine, some of these questions include: Who will raise your children is both parents pass? Are there any other descendants that you have not considered? What are all of the important relationships that you have in your life? Have you ever made a gift of over $13,000 a year? Did you sign a prenuptial or postnuptial agreement, or a community property agreement? These are just few of the basic questions you need to ask yourself. They may make you cringe, but it is necessary for your estate lawyer to know every one of these details to help you achieve the best of situations. Secondly, every state has very specific laws when it comes to what you can/cannot establish in a will, who can/cannot be a witness and what regulations must be examined before one signs the will. In some states, it is not possible to place one in your will if they are not related to you by blood or marriage. When you hire a qualified estate attorney, they will assure you that such a mistake will be avoided at all costs. Furthermore, many people are not yet aware that putting your own will together, when its regarding your estate, is not legitimate unless you consult with an estate lawyer. If you do it on your own, your family will seriously pay for it later on, requiring them to remunerate a heavy sum of money to fix your mistakes. Moreover, hiring an estate lawyer can help sort out complex financial and family situations. If you look at your assets and find that you can relate to one or more of the following points, then you need to hire an experienced estate planning attorney to help sort things out for you immediately. Such situations include, entering your second (+) marriage, you own a business and/or real estate, you have young children, problematic children or have no children, or If you’ve been recently divorced. Other cases include having substantial financial assets or if you’ve lost a family member. The Law Offices of Alice A. Salvo law, an estate-planning attorney in Los Angeles offers simple and less time-consuming services that help you distribute your property among your heirs, no matter where you’re located in California. I hope that the importance of hiring an estate lawyer to keep your assets safe has been engrained within your mind. The thought of what may happen after you have passed on may make you very uncomfortable, but it is an essential part of the process of staying...read more
Are you someone who is a college student with moderate level of student loan debt and who is planning to buy a house of his own? If you don’t owe huge levels of student loan debt and if you have some savings and a reliable job, investing in your home is something that you can try in order to enhance your personal wealth. We usually see a lot of coverage that is given to the slow rate of Millennials buying homes but there is no news of a graduate who has shown interest in investing in a real estate property. Student loan debt doesn’t have as bad an impact on your credit score as credit card or auto loan debt. However you have to ensure that you have the ability to repay the home loan on time after managing all your other payments. Here are some tips for the recent graduates. Pay down high interest debt: The higher are the interest rates on your loans, the higher is the priority that you should give to repay that account. If you owe a certain amount on your credit cards, take immediate steps to pay them down before the interest rates multiply and take a huge shape. The sooner you repay high interest debt, the sooner you can improve the chances of grabbing a deal on your home. Watch out your debt to income ratio: One of the biggest factors for people who don’t get a loan is a high DTI ratio. When you have too many debt defaults in accordance with your income, you will have a high DTI ratio and this is when the mortgage lender won’t allow you a loan at an affordable rate. Being a student, this can become a big hurdle and hence you should decrease your debts in order to reduce your DTI ratio. Research for low down payment programs: Chances are high that if you’re paying down your student loan debt, a major portion of your income is set aside for those payments. Then how would you pay down for a mortgage loan? This is when you should research for the low down payment mortgage assistance programs like the FHA loans where you can get a loan with very little down payment. Look for distressed properties: If you’re young with very little assets, a distressed property that needs very little renovation can be a good choice for you. Although you should remember to consider the costs of renovation yet even after calculating them you can be sure of saving money rather than buying a new home. Make wise buying decisions: Above all, you should purchase a home that is going to make you money and not just get a home that you can afford. Know the buyer trends and then get a home that will help you earn money in the long run rather than become a burden. Manager of Marketing Department of Essay-on-time.com shares tips on how a student should buy a real estate property of his own despite owing money on student loans. Take into account the above mentioned advice if you’re a student planning to buy a...read more
Owning rental property can be a steady source of passive income. However, the joys of property ownership also comes with a great deal of responsibility and the potential for an even greater headache when tenants are involved. Working with a property management company can help those who own commercial, singe family residential, multi-family, or retail space reap the benefits of leasing their property to tenants with minimal headache. The following points are reasons virtually any property owner who wishes to become a landlord should consider using a property management company. Shorter Vacancy Periods People who purchase rental property often do not realize the amount of concentrated effort that is required for success. First, the landlord must prepare the property to make it attractive to prospective tenants and maximize the amount of rent they can realistically ask. The landlord must also determine the best rent rate. Ideally, the rent should not be so high that the property will sit on the market until a tenant who is willing to pay the requested amount comes along. The price should also not be so low that the landlord loses money on the investment. Property management companies are able to make cosmetic recommendations to improve the appeal and value of a property. They also typically handle pricing, marketing the property, and showing it to prospective tenants. Better Tenants A reputable property management company will offer property advertising service and an effective tenant screening process. By screening tenants thoroughly upfront, landlords are more likely to rent their property to people who will pay on time, are less likely to destroy or cause excessive wear and tear on the property, and who will generally rent longer and be less prone to conflict. Companies like TDI Properties even offer a website interface that allows prospective tenants to view property listings at http://www.tdipropertiesinc.com/vacancies/ and apply online. Current tenants may even pay their rent online, which makes receiving payment fast and hassle-free. First Line of Defense Against Legal Issues Many landlords live far away or work full-time; therefore, they are unable to personally attend to the many legal issues that may arise. A reliable property management company will monitor safety and property conditions, inspections, convictions, evictions, and collect rent and deposits. The reasons to hire a property management are numerous. However, when property owners must first evaluate a company’s track record and ensure the property manager will be able to provide all required...read more
It has been a very odd year for the US housing market! The year started off with the Polar Vortex that was blamed for slowing down home sales during the initial part of the year. As we’re gradually nearing 2016, the National Association of Realtors expect sales of previously owned home to fall short of 2015, while according to the latest data, sales of new home show an improvement of just 2.8%. We all know that the housing market and the ups and downs have a direct impact in the mortgage market as well. Whenever there’s a positive improvement in the housing market, there has to be a noteworthy development in the mortgage market too as people usually tends to take out more mortgages when they get favorable conditions to purchase their dream home. The recession might be over years ago but the scars are still remaining in the housing market. Take for instance the homeownership rate. In the year 2005, the homeownership rate in America was around 70% and today it stands at 64%, the lowest level that this nation has seen since 1994. However, the good news for sellers is that the demand for homes is again back and the prices of homes are continuing to rise. But for the homebuyers, especially the first time homebuyers, inflating price tags are not a positive change. Apart from rising prices, the issues of rapidly rising rent, sluggish growth in wages and huge amounts of student loans are coming in the way of American Dream. Housing predictions for 2015 now that we’re halfway through the year At the beginning of the year 2015, there have been so many predictions but now that we’re halfway through, here are some points that you need to know about how the rest of the year will unfold. Demand is still rising: In the largest 100 markets within the nation, it is still cheaper to own a home than rent a home, by a staggering 40% on a national basis. Real estate is definitely local and conditions usually vary, still there are many renters who see the portion of their paychecks that go to housing and they know that it makes sense to purchase rather than take a home on rent. The recovering job market is yet another reason behind the rising demand of houses. In fact, reports suggest that the nation gained around three million jobs. There are not enough homes for sale: The biggest and perhaps the saddest story of 2015 is that there is lack of inventory. In spite of the fact that the investors are no more in the market as the greatest deals during Recession are now a thing of past, normal laymen are still competing for owning too few homes. In the month of May, 2015, groundbreakings stood at an annual rate of 1.046 million. Too many homes are listed with higher prices: To add to the problem, the builders are focusing mostly on higher-end homes. New homes are currently selling for $25,000 more than those that were previously-owned. Nowadays, the new homes are selling for around $75,000 and this clearly means that the builders are mostly catering to the more affluent people. Among the major homebuilders, there are few who are targeting some of the low-tier homebuyers. People...read more
Reports say that there are certain homeowners who are still reeling from the after-effects of the Great Recession and it may take around a decade for them to recover. According to a real estate company Zillow, the percentage of underwater mortgages, where the worth of the home is lower than the mortgage, has been seen to drop with the recovery of the housing market but more than 5 million US homeowners owe to their banks at least 20% more than the worth of their homes, which totals to $579 billion in the form of negative equity. Homeowners have reportedly said that remaining underwater would likely be the toughest to set themselves free from negative equity. On the other hand, the rate of underwater homeowners is way much higher among the homes that carry the least value and this has been noticed by using data from credit bureau, TransUnion. In Atlanta, 46% of the low-end homeowners were all underwater as compared to 10% of the high-end borrowing homeowners. In Baltimore, 42% of the low-end homeowners had negative equity as compared to a small 9% of those who owned houses of higher value. Then what’s the good news? You must be wondering about the good news among all this negative news of the US housing industry. It has been seen that there were 15 million homes with underwater mortgages during the peak moment of the housing crisis. However, this negative equity rate dropped down to 15.4% of all homes with mortgage loans in the first quarter, that was down from the rate of 18.8% during the same period last year. Hence, it is being seen that the rate of negative equity improved in some of the largest housing markets in the initial quarter of 2015, which is a clear sign of the fact that the nation is continuing to recover from the tough lending rules and the housing market bust. Are there any ways of paying off your mortgage debt sooner? The stories of people who pay off a 20 year term mortgage loan throughout a term of 20 years are rare indeed. Nowadays, mortgage debt is something that is pricking people like their credit card debt. They’re desperately looking for ways in which they can repay their mortgage debt sooner and move towards owning their homes. Here are some ways that you can take into account. Add some extra amount to every monthly payment: When you make the decision of adding some extra amount to every monthly payment, the biggest benefit is that most of the money is devoted towards the principal of the mortgage. Early in a mortgage loan, most of your payment goes towards the interest rate. If you could add an extra $100 to your payment of a new $100,000 30 year mortgage at 4.5%, you would rather pay it off 8 and a half years early and save around $26,400 in the form of interest rates. Pay every 2 weeks: While there are companies that may volunteer to set this up for you, there are some others who won’t allow you pay more than just the scheduled amount. You can even do it yourself for nothing. When you pay every 2 weeks, you are actually making a full extra payment every year. This could cut off...read more
Financial problems are sudden and definitely unfortunate. This is the main reason why people feel the need to take necessary precautions before it is too late. This precaution is to have the necessary amount of savings so that you have the required back up in case of any emergency. Thanks to the various financial institutions, they come handy in helping us come out of our financial crisis because sometimes savings is not good enough to salvage the situation. These are the times when you need to take the help of financial institutions in order to avail for a loan. The other major problem that people face is the fear of getting their loan request rejected. The reason for that being their bad credit score. Bad credit scores have a major negative impact on your credit history leading to the inability to avail loans in the future. Bad credit score already implies that lenders are viewing you as a high risk customer. However, this does not mean that there is no silver lining behind the dark clouds. There is still scope for you to avail loan, in case you are unaware of what they are, then allow us to inform you about the same. Use the Home Equity Line of Credit – It is because of the housing bubble that many homeowners actually owe more than what their home was actually worth. The only way you can do something good in this situation is when you have a home equity against your property. The best form of equity that you can have for your home would be a low interest and tax deductible line of credit that will allow you to spend the money the way you like. Merging your home equity lets you put your property in trouble only if you are not able to repay the loan amount. So the only time when you can avail home equity is when you have a steady income to fall back on. Reliable income is not the only important thing, you also need to have the discipline or the self control to pay an equity line because it is an extremely inexpensive option which is completely irrespective of your credit score. Apply in the Credit Unions – Credit unions are lot like the banks with a slight difference. This difference is the former is owned and headed by members who work in the same industry or live within the same geographical area. Credit unions are extremely non profit in nature and the earnings that the unions receive are passed on to members in the form of income. Applying to credit unions should be done only after you have checked up with all the other financial institutions so that you can verify where you are getting it all at the lowest interest rate. Avail the Peer to Peer Loan – Peer to peer lending has been in practice for quite some time now, to be precise it started in 2005 and still continues to rule the roost. This is basically an online platform which allow individuals to borrow the money directly from the person who is willing to lend you that much. The slight difference here is you don’t have to fall back on an institution to give you the money. Ever...read more
Before you can decide which mortgages for first time home buyers are right for you, you must first learn what your different mortgage down payment options are. With so many different sources of funding available, purchasing a home has never been easier. A down payment is defined as the percentage of a home’s purchase price that you must provide yourself. The balance is supplemented by a financial institution or private lender in the form of a mortgage. The monetary amount of your down payment, which represents the amount of initial equity you have in your home, should be determined before you begin shopping for homes. The Conventional Mortgage A conventional mortgage requires you to provide a minimum down payment of 20% and is available in either variable interest rate or fixed interest rate options. Because conventional mortgages do not have to be insured against default, they have the lowest carrying costs. The Low Down Payment Insured Mortgage Most Canadian lenders now offer insured mortgages for first time home buyers, which have lower down payment requirements. The requirement may be as low as 5%; however, this type of mortgage must be insured to cover the possibility of defaulting on payments. Their carrying cost are considerably higher when compared to conventional mortgages because their cost includes insurance premiums. How an RRSP Can Be Used as a Down Payment The federal government offers a Home Buyer’s Plan for first time home buyers in which they are eligible to utilize up to $25,000.00 per person in RRSP savings as a down payment on a home. Withdrawing these funds is not taxable so long as it is repaid within a 15 year time period. In order to qualify for the plan, the RRSP funds you choose to use must have been in your RRSP for a minimum of 90 days. Even if you have already saved enough funds for a down payment on a home, it could make financial sense for you to access your RRSP savings through this plan. For example, if you have managed to save $20,000.00 for a down payment, and assuming that your RRSP contains enough “contribution room” for a deposit of that amount, your savings could be transferred into your RRSP a minimum of 90 days before your closing date. You can then simply withdraw the monetary funds via the Home Buyer’s Plan. What is the advantage of doing this? Your $20,000.00 RRSP deposit can be counted as a tax deduction for this year. Your tax refund can then be used to pay other expenses related to purchasing your home or to repay your RRSP. However, be aware that any funds you “borrow” from your RRSP will not ear the tax sheltered returns it would be entitled to if it was left in your account. Before making a decision, you should consult with a financial planner to determine if this tactic is right for you. Regardless of which mortgage option you choose, or the size of your down payment, make sure to set aside enough funds to cover the cost of a home inspection, moving, closing costs, and other expenses that might...read more
There are any number of reasons why you might need to sell your home as quickly as possible, and you don’t want to waste precious time doing the wrong things if you are trying to find a buyer who can help you meet your goal. One of the quickest options available is to consider using a site like NeedToSellMyHouseFast.com where you can get a cash offer for a rapid move, or you could follow some simple steps to try and secure a quick sale through a targeted approach that focuses on all of the positive things you can do to find a buy in double-quick time. First impressions count Not the first time you have heard that advice for sure, but it is well worth repeating because virtually nothing is important than achieving a positive first impression when a potential buyer walks up to your property. Curb appeal works on the same level as when we meet a potential partner for the first time. If you manage to look attractive, clean and well-kept, you stand a better chance of scoring a hit than if you look like you need a bit of maintenance. Take that same analytical approach to selling your property and cast your eye over the front of your home in order to try and see what others witness for the first time. Be honest with yourself, make a list of things that could be done to smarten up your home’s appearance and get them done before you start getting potential buyers coming around. You only get one chance to make the right impression so concentrate on improving your odds of a quick sale by maximizing your property’s curb appeal. Selective upgrades Spending a large amount of money on a fancy new kitchen in order to attract buyers is not a tactic that is recommended. Your ROI on home improvements can vary greatly, so if you do want to try and do some upgrades in order to achieve the best possible sale price and secure a willing buyer as quickly as possible, you are probably better off making small upgrades rather than splashing large amounts of cash. You probably don’t want to spend more than you have to if you are moving anyway, so target necessary repairs that could be flagged up by a home inspector or a mortgage company. Things like updating the kitchen sink faucet or replacing outdated bathroom fittings won’t cost a fortune, but could make all the difference to getting a quick sale at the right price. We are all different It is your home and you have decorated it and laid it out in the way that suits you. The problem that many buyers face is they are unable to visualize living in your home if the present color scheme is so overwhelming or the shelves are stacked with personal mementos. Clear the clutter and do what you can to depersonalize your home, so that buyers can imagine themselves living in your home more easily. A quick coat of neutral paint and packing personal trinkets away in the closet, will definitely make a difference and if you are set on moving anyway, you might as well start packing some items away and transform the look and feel of your home in an...read more
For most people, working hard to achieve home ownership is a big part of their life and something they take very seriously. There are a number of different things you have to do in order to choose and buy the right one. For many first time home buyers, the process of finding and purchasing the right home can be very overwhelming. When trying to find the right house for sale Edmonton, you will need to take your time and weigh all options before deciding. Here are a few of the things you have to do before trying to buy a home. Make A Checklist The first thing to do when trying to get the right home is to make a checklist of things you are looking for and need in a residence. By having a clear idea of what you want, you will be able to get the right results from your home purchase. If you are working with a realtor, you will need to let them know about the list so they can help you narrow down the available choices you have. The time you spend making this list is more than worth it. Know What Your Financials are Looking Like? The next thing you have to consider when trying to find the right home is how much money you have to spend. The only way to find this out is by getting approved for a loan before your search begins. By tracking down a reputable lender, you will be able to see what you qualify for. This will allow you to remove some of the home options from the table and will allow you to find the home you need much faster. Make sure you research each of the lenders in your area to find out which one can meet your needs the best. Get to Know the Areas When trying to get the right home chosen, you will need to get to know the areas in your town and which ones are more in line with your needs. This will allow you to narrow the field based on the location of the home. In most cases, the realtor you are working with will have most of the information you need regarding the neighborhoods in the area and what they have to offer you and the needs you have in a home. By choosing Deogahiza Real Estate, you will be able to get the right results from your home buying purchase. They have been in the business for many years and know how to find you the right home. Call them or go to their website for more information....read more