Private Mortgage Insurance
If you purchased your home paying less than 20% down, chances are you had to purchase “mortgage insurance” in order to qualify for your loan. A mortgage insurance policy protects the bank in the event they are forced to repossess your house and sell it at a loss. As with most other types of insurance, you pay a monthly premium on top of your monthly mortgage payment for this policy. A mortgage insurance policy provides the means for purchasing a house you may otherwise be unable to afford, due to a limited down payment.
Understanding The Mortgage Underwriting Process
Whether you're looking for a first mortgage on a new home or a refinance on an existing loan, the interest rate you are offered will be based on the same factors; your income compared to your mortgage payment, the value of your property compared to the liabilities placed on it, and your credit report. The “Processing” of your loan is the preparation of all relative documents to verify, prove and package all information pertinent to these factors.
Implementing A Cafeteria Plan
Internal Revenue Code 125 allows an employer to implement an employee benefit plan which allows employees to select the benefit programs they prefer.
Your Personal Financial Statements
Personal financial statements are the roadmap that guides us from where we are today, to where we want to be tomorrow. They also provide fixed points of reference from which we can measure our progress over time.
Personal Financial Statements
There are two basic personal financial statements that everyone should prepare, or have a financial advisor prepare, at least once each year; the cash flow statement and the balance sheet.
Charitable Remainder Trusts
A Charitable Remainder Trust normally is used as a strategy for converting highly appreciated assets into income producing assets, without income tax liability. The Charitable Remainder Trust is an irrevocable trust with both charitable and non-charitable beneficiaries.
Loss Of A Key Employee
Business owners accept without question the wisdom of insuring the firm against the loss of its property values. We take care to insure the physical assets against fire, tornados and other disasters. Yet, protection from the loss a key executive may be far more important.
Selling Your Home
Once you have decided to try to sell your home, the next big decision you will face is whether you want to sell it yourself of go through a real estate broker. The broker usually charges 5% to 7% of the selling price for her services. However, realtors know the local market, can help you determine a reasonable selling price, and save you a lot of the hassle involved if you sell it yourself.
The Time Value Of Money
One well-known fact of economic life is that a dollar received today is worth more than a dollar received a year from now.
Time and Money
The relationship between time and money provides the foundation for virtually every financial decision you will make. Whether you are saving money for a future event or considering a loan to pay for a current financial need, you will be greatly impacted by the time value of money.
