Archive for September, 2007
September 28, 2007 at 1:07 am · Filed under guides, property management, rentals
car rental
Buying to Let Guide - UK Rental Property Management
Tip! If you belong to any groups or associations like AAA, AARP, NAACP, and more, ask the car rental company about any discounts the provide to groups, companies and associations. That can often save you several dollars per day.
Buying to let top 10 guide
Buying to let
This is where most developers end up. Once executed, this can prove to be money for old rope. Ok thats a bit pushing the point, but here I can teach you some really useful tips on how to let with very little fuss. The essetial element is to first consider the previous chapters as just as important as the monthly cheque you receive from your tennants. In effect the two are very much releated. So re-read those chapters before you get to this exciting chapter on how to but to let.
My 10 Steps to success
Ok i’m going to make this very easy by revealing my 10 steps. Follow this and you will succeed, ignore a step and you may struggle. Here goes…
1. Find the right area to buy into and make some appointments with local letting agents normally estate agents will be able to offer help with letting too .
Tip! One of the biggest areas of confusion is the Collision Damage Waiver (CDW) offered by the car rental company at the time of rental. It covers damage to the rental car if you are involved in an accident.
2. Once you’ve picked their brains to assess the state of the lettings market (and discovered what type of properties are most in demand) you can begin the house hunting game. Get several viewings under your belt to get a feel of the market.
3. Talk to mortgage providers early on in the game to ensure that you find the best deal. If you have a personal financial advisor, they will do this service free of charge, use this free service, it may save you money and time along with our useful free development guide on this site.
4. Once you’ve found a suitable property put in an offer and be patient. What you might think is a silly offer may prove to be a bargain, remember you can always increase your offer.
5. When your offer on the property is accepted you’ll need to get a licensed conveyor or a solicitor to deal with the legal and financial paperwork.
6. This is the step that can seem to go on forever, the survey and searches.You will also need to get it valued. Then you’ll be in a position to finalise your mortgage arrangements with your finance lender.
Tip! In addition, many credit cards offer coverage for rental cars. If your credit card includes coverage for car rentals that have been damaged in an accident, you don’t need to buy any other additional insurance coverage the car rental company offers you.
7. Who will property manage ? Once you’ve been handed the keys you’ll need to decide whether you are happy to manage the property yourself or if you want to hand it over to a letting agent.
8. The chances are that the house will need some work doing on it, so it’s best to get the workmen in there as soon as possible. You will find our buying to let profit calculator useful at this point.
9. If you’re planning to let the property furnished it makes long-term sense to invest in solid/ robust furniture (ideally carboot sales house clearances or local auctions are an ideal way of sourcing good solid furniture without putting costs through the roof).
Tip! Check with a variety of rental companies, both directly and through travel consolidation sites on the internet. Car rental is one area where it pays to shop around.
10. Before your tenants take control of the property, do make sure that they are clear on the terms of your contract to avoid any later possible complications.
Rental Property Management
http://www.rentalpropertymanagement.co.uk
The Authority on Buying to let property in the UK
Your free property development guide
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September 26, 2007 at 4:20 am · Filed under consolidation, consumer loans, guides
personal loans
Cope Up With Your Debts With Personal Debt Consolidation Loans
Tip! The greatest strength of personal loans is their flexibility. You can use personal loans to buy a car, for debt consolidation, finance your child’s education, renovate the house, or take a vacation.
As the need of every person varies, in the same manner their financial requirements also vary. However, due to lack of income the person faces a financial crisis and he is not able to fulfill his requirements. This financial crisis may be caused due to personal or family illness, the loss of a job or any other personal reason. If the situation of financial crisis remains for long, it results in the number of pending bills and debts.
Tip! Personal loans are of two types – secured and unsecured. Secured personal loans are given against a security.
Today, the financial market has provided various alternatives to the debtor for managing his debts. The person makes choice between the various alternatives, depending upon his needs and the financial status. The person can go for debt consolidation mortgage, debt consolidations remortgage and the most popular way is personal debt consolidation loan.
Tip! Further, personal loans divide into secured personal loans and unsecured personal loans.
But to judge whether the Personal Debt Consolidation Loan is appropriate for your debt problems, professional advice is obligatory. While advising you, the credit counselor takes into account your amount of debts, your ability to pay and also your credit score. Thereafter, he would advice whether to go for a secured personal debt consolidation loan or unsecured personal debt consolidation loan.
Generally, if people need large amounts and they are homeowners, the counselor would advice for secured loan. And if the amount needed by the person is small then he might advice for an unsecured loan. In unsecured loan, it is not obligatory that only the non homeowners can apply. Instead, both tenants and the homeowners can apply for the unsecured loan. The difference only lies in the point whether the person is keeping the security against the loan or not.
Tip! Bad debt personal loans are specifically designed for people who are going through a financial disaster.
Another thing regarding secured debt consolidation loan is the risk underlying it. Here risk refers to risk on the collateral placed against the amount. That is, if the person is intending to miss any payment in secured loan then the lender will liquidate his asset in order to realize the payment. It doesn’t mean that lender can’t do anything in case of unsecured loan. Also in the unsecured loan the lender can take legal action against the borrower to realize his payment. So the person must surely consider his ability to pay back the loan.
Tip! Apply now for the cheap personal loans. Choose the lenders with one of the best deals.
With the help of these ways the person can consolidate his credit card debt, mortgage debt and also business debt etc.
Hence, personal debt consolidation loan helps tenants and homeowners to reduce their monthly payment through a single manageable loan. In the situation of financial crisis, just don’t panic because you are not alone. Personal debt consolidation loan is there with you to overcome your financial crisis.
Alex Jonnes is associated with Easy Debt Consolidations. He is Masters in Business Administration and writes on various finance related topics. To find Debt consolidation, bad credit loans, Personal Debt Consolidation Loan, lowest interest rates, online debt consolidation in UK visit http://www.easy-debt-consolidations.co.uk
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September 16, 2007 at 2:39 pm · Filed under general finance, guides
In a 12-foot by 20-foot room in the back of their home in rural Ontario, Sandra and Don Rennick run a truly earth-friendly print shop, as it has virtually no impact on the environment.
Every piece of waste paper is recycled - through many creative avenues. They use no solvents or cleaning solutions of any kind. The ink on their press is water-based and contains up to 95 per cent organic material. And their press produces no ozone emissions, minimal CO[Symbol Not Transcribed] emissions and consumes relatively little energy.
Clean Choice Printers has continually expanded since its inception in 1997. Its most recent growth came with the late September installation of a new press - a Riso V8000 digital duplicator press.
When the Rennicks’ children had all moved out of their family home in Ottawa, the couple decided it was time to move to the country - somewhere they had always wanted to live - and start their own home-based business. In a cozy house in MacDonald’s Corner (near Perth, Ontario) the Rennicks began to brainstorm ideas for their venture.
“We wanted a lifestyle change,” says Sandra Rennick. “When we thought about what kind of business to start, it made sense to think about printing because Don had experience in that field, plus I had admin and record-keeping experience. When we thought of printing we knew it used chemicals and solvents and blanket washes. But we didn’t want that in our home.”
The couple researched alternative presses and means of printing. They attended the Graphics Canada trade show in 1997 and discovered the Riso line of digital duplicator presses. A Riso 3750 was soon installed in their backroom shop. “It had limitations. It was one colour and we knew it wouldn’t do everything people would want. But we developed our focus as we went along. And at the time we knew it was something that was clean and it printed.”
Clean Choice Printers began servicing local companies, groups and people who were looking for a less ecologically damaging alternative. “We started marketing to people who were interested in having as little impact on the environment as possible. Groups such as an organic baker in our area.”
With a growing customer base, Clean Choice decided to upgrade its print capabilities. The 3750 was traded in for a 3770 - increasing the dpi from 400 to 600.
Along with an environmentally friendly machine and a stock of environmentally friendly paper, the Rennicks also found ways to recycle all their waste products. The plastic from their ink cartridges is recycled, and they seek out people who can reuse their misfed and wasted paper. From daycare centres looking for craft paper, to a local paper mache artist, the Rennicks creatively keep their paper out of landfills.
This truly proactive approach to clean printing has attracted many earth conscious businesses and organizations. Their client list includes the Sierra Club (Eastern Canada chapter), Mines Action Canada, Association of American Academy of Environmental Medicine, Canadian Environmental Network, Homestead Organics and Rainbow Foods.
As word spread through these environmental circles, the Rennicks found they had to turn down some jobs because of the limitations of their press. “If customers want a photograph included, it doesn’t print very high quality. It does spot colours, needing to run it through twice for two colours. But that doesn’t allow for a very fine or intricate design. Also two passes makes registration a problem,” says Rennick.
Clean Choice decided its booming business would support the investment in a new machine. Through the Business Development Bank - a loan agency run by the federal government that supports Canadian entrepreneurs - the Rennicks purchased the newest Riso machine, the V8000.
The V8000 prints two colours, provides better registration with a gripper bar, has better ink coverage and allows for digital files to be RIPped directly to the machine, eliminating the second generation from the 3770. “We can now print photographs and every page has a crisper look to it. But the key to the new quality is the ability to send files to the Riso instead of printing them out and putting them on the glass. It gives better quality and uses even less paper.”
Rennick is excited about the possibility of recalling those clients she once had to turn away. “We have had to say no to jobs because they don’t turn out well and we don’t want to give someone product that isn’t up to their expectations. That’s not good for them or good for our reputation. But now we can say yes to these jobs with a lot more confidence.”
Clean Choice is also excited about its recent contact with Environment Canada. In June of this year, the couple attended the agency’s trade show, which gathered various businesses that provide environmentally friendly products and services. After making many new contacts, the Rennicks were put at the top of the list of environmentally responsible printers in Environment Canada’s new directory.
“Environment Canada knows about us and they have formulated a new policy where they want to make all of Environment Canada and the government aware of all the people who offer environmentally friendly services,” says Rennick. “Printing for the government has become decentralized and every department is able to find their own printer. We are sure they will give us work.”
>With new capabilities and an increasing awareness of their abilities and unique offerings, the Rennicks are pleased with the choice they made for their home business. “We thought that having this type of service would create a great market for us with environmentally conscious people. And it has. Our customer base is very loyal and they all tell us they are glad to have this type of choice.”
Copyright Youngblood Communications Co., Ltd. Oct 2003
Provided by ProQuest Information and Learning Company. All rights Reserved
September 11, 2007 at 8:34 pm · Filed under insurance, mortgage
The private mortgage insurance (PMI) industry can trace its origin to the early years of this century and the activities of title insurance companies in New York State.(1) The state legislature authorized the issuance of mortgage guarantee insurance in 1904, but the law permitted insurers to guarantee the payments only on mortgages owned by the institution that originated the loan. In 1911, New York amended the law to permit mortgage insurers to purchase and resell mortgages. To enhance their ability to sell mortgages to investors, insurers guaranteed the property title as well as the loan.(2)
Until the Depression, rising real estate values made it possible for most mortgaged properties that were in default to be sold without a loss. This experience reinforced a widely held perception that insuring mortgages was a low-risk business. But the sharp decline in real estate values in the early years of the Depression–together with the low capitalization, questionable business practices, and weak regulation of the PMI industry–resulted in the collapse of the industry.
Government efforts to revive the housing industry during the Depression led to the establishment by the Federal Housing Administration (FHA) of the Mutual Mortgage Insurance Fund to provide mortgage insurance on FHA loans.(3) After World War II, the federal government’s role in providing insurance on mortgages expanded with the creation in the Veterans Administration (VA) of a mortgage insurance program for veterans.(4)
FHA and VA home loan insurance programs apply to a wide range of prospective homebuyers, but both programs have significant limitations. The FHA, for example, limits the size of the mortgages it will insure. The VA programs guarantee only a portion of the loan amount up to a congressionally established ceiling and are available only to veterans. In addition, the property and credit underwriting standards of both the FHA and VA exclude some prospective borrowers.
Among the steps lenders can take to mitigate credit risk is the requirement that borrowers whose mortgages have high loan-to-value ratios obtain private mortgage insurance.(8) PMI reduces credit risk by insuring against losses associated with default up to a contractually established percentage of the claim amount (see box, “Claims under Private Mortgage Insurance”). Defaults on these loans may result in a loss to the insurer; therefore PMI companies address credit risk in many ways in pursuing their business strategies:
* First, a PMI company may simply not insure a particular type of mortgage contract or a mortgage secured by a specific type of property, ceding that business to competitors.
* Second, in determining whether to insure a particular loan in a chosen line of business, PMI companies act as a review underwriter, evaluating both the creditworthiness of the prospective borrower and the adequacy of the collateral offered as security on the loan. They will deny insurance to prospective borrowers judged to impose undue credit risk on the insurer and lender; lenders, of course, are free to extend credit to such borrowers, but they must do so without the protection of PMI.
* Third, insurers may underwrite some mortgages more strictly than others and thus limit their exposure to losses.
* Fourth, they may charge a higher premium to insure riskier mortgages, although state regulation can limit or set the premiums charged for different types of mortgage insurance.
* Fifth, the PMI companies can limit the extent of their coverage of losses, either directly (by limiting the proportion of the mortgage insured) or by using reinsurance or pooling arrangements.
* Sixth, PMI companies can mitigate credit risk through credit counseling and early intervention once a borrower falls behind on payments.
In assessing the risk of the borrower, PMI companies evaluate both the ability and the willingness of the borrower to repay the mortgage loan. In determining the borrower’s ability to repay, insurers examine sources of income, debt-to-income ratios, asset holdings, employment history, and prospects for income growth. Insurers gauge willingness to repay primarily by reviewing the borrower’s credit history, including rent and utility payment records in some cases.
PMI companies also evaluate the characteristics of the property securing the mortgage. For example, because insurers generally perceive condominiums, manufactured homes, and properties with two, three, or four units as riskier sources of collateral than single-family detached dwellings, they usually treat them more stringently.
In addition, insurers consider the use of the property securing the mortgage. Dwellings to be used as vacation homes, second homes, or investment properties are generally underwritten to standards that are more strict than those for owner-occupied, primary residences. For example, the maximum loan-to-value ratio allowed for second homes is often lower than that for primary residences. In the extreme, some PMI companies have chosen not to offer insurance for particular uses of property, such as investment.
Furthermore, insurers examine the characteristics of the mortgage itself and adjust the price of insurance coverage accordingly. The loan-to-value ratio on the mortgage is a primary indicator of default risk; hence, the higher the ratio, the higher the premium.(9) Insurers also generally assess higher premiums on adjustable rate mortgages because these mortgages can potentially impose larger payment burdens on borrowers and because they have historically exhibited an inferior payment record.(10) Finally, insurers assess lower premiums on shorter-term mortgages because such mortgages result in a more rapid accumulation of equity by the borrower and therefore impose less risk of loss.
The PMI companies often use the credit underwriting guidelines of the two large government-sponsored mortgage agencies, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), when deciding whether to approve an application. Many lenders desire to sell their mortgages to these agencies, and both Fannie Mae and Freddie Mac require PMI before they will consider purchasing a low-down-payment mortgage. Thus, PMI companies have a strong motivation to assure lenders that mortgages insured by PMI companies conform to the standards set by these organizations.
When examining the risks described above, many PMI companies rely heavily on automated underwriting systems to identify and quickly approve applications that are acceptable for insurance. PMI employees further evaluate applications that fail the automated review. Computer automation of underwriting thus allows PMI companies to focus their efforts on applicants with marginal or unusual credit histories and other special circumstances and is generally perceived to have widened the availability of PMI.
A fundamental strategy of insurance underwriting is to diversify risk.(11) In the case of PMI companies, risk diversification means limiting geographic concentrations of insurance, dealing with numerous lenders, and restricting the insurance written for any one particular project. The importance of these tactics is illustrated by the large losses in the 1980s of PMI companies that had significant concentrations of insurance in “oil patch” states.
An integral part of the PMI business is the management of problem mortgages. Foreclosing on properties is both time-consuming and costly, and insurers attempt to avoid it. Insurers try to work with delinquent borrowers, mostly through lenders, but sometimes directly with borrowers. Insurers often stress counseling as a way of helping borrowers overcome payment difficulties. Insurers will try to determine the prospects for bringing the mortgage back to scheduled payments and may work out a plan with the borrower to do so. In some cases, however, encouraging borrowers to sell their properties may be the least costly method, for both insurer and borrower, of resolving problems.
September 7, 2007 at 2:55 pm · Filed under mortgage
With low interest rates beckoning and household income rising faster than inflation, the rate of homeownership in the U.S. is shattering records. But Fannie Mae, the nation’s largest mortgage investor, aims to put a set of house keys in the pockets of even more people.
For borrowers with good credit, Fannie Mae has lowered mortgage-insurance costs to levels not seen since 1994. As a result, borrowers can put down as little as 5% on a home and purchase only enough mortgage insurance to cover 25% of the loan (down from 30%). That’s a savings of$110 a year on a $100,000 mortgage. If you make a larger down payment, accept a slightly higher interest rate or pay several hundred dollars more in closing costs, you can save even more money on mortgage insurance over the life of the loan.
Paying a slightly higher interest rate to lower the cost of insurance has an extra advantage. Although your monthly payment is usually the same, “you’re paying more in interest, which is tax deductible, whereas mortgage insurance is not,” says Michael Licamele, editor of Mortgage Almanac, an online publication.
But it’s probably not worth refinancing to take advantage of the lower premiums, says Gene Eisman of Fannie Mae, because refinancing costs would be higher than premium savings. “You would refinance for the usual reasons and get this as an added benefit,” says Eisman. Fannie Mae’s program is limited to home buyers whose mortgages are approved by the company’s automated loan-underwriting system. You can find a participating lender by calling 800-732-6643. So far, at least one mortgage-insurance provider has lowered its charges, and others are likely to follow.
COPYRIGHT 1999 The Kiplinger Washington Editors, Inc.
COPYRIGHT 2000 Gale Group
September 3, 2007 at 6:49 am · Filed under insurance
AIRLINE INDUSTRY INFORMATION-(C)1997-2002 M2 COMMUNICATIONS LTD
The inquest into the death of a disabled woman who died after she fell from a platform designed to lower wheelchair-bound passengers from aircraft, has found the death to be accidental.
Elizbeth Moffatt Anderson, aged 62, died from a brain haemorrhage after she fell on a runway at Alicante Airport in Spain. Peter Anderson, the woman’s husband, said the accident occurred when he tried to help his wife off the hydraulic platform.
The platform, carrying four wheelchair-bound passengers, was lowered to within 1.4m from the ground and the three others were taken, one at a time, on to a second platform that lowered them to the ground. Mr Anderson said a safety chain at the door of the first platform was not in place when he heard airport staff - employed by the Spanish national carrier Iberia - talking to him in Spanish which he did not understand. Assuming it was his turn to move his wife on to the second platform, which unknown to him was on the ground, he pulled her wheelchair towards it and fell backwards, dragging Mrs Anderson with him.
Mrs Anderson hit her head on the runway and suffered a brain haemorrhage. She was flown back to England where she died from her injuries on 6 April last year. Mr Anderson was also severely injured by the accident, reported PA News.
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COPYRIGHT 2002 M2 Communications Ltd.
COPYRIGHT 2002 Gale Group
