The Value in a Mortgage Broker’s Services


When you make the decision to refinance your existing mortgage or purchase a new home, you have the decision to work with a mortgage broker or with a direct lender. It may initially make sense to cut out the middle man and work with a lender. However, brokers offer exceptional services that will benefit you throughout your transaction. While there is a fee associated with using a broker’s services, you will find that there is true value in these services.


Understanding the Market

When you head straight to a lender, you will typically receive little education or insight about the mortgage industry. With a traditional or standard loan request, you may find that the market can be complicated and confusing. After all, there are many terms and concepts that can be difficult to understand. You will be on your own to figure the terms and process out on your own when you work with a lender directly. When you have a special loan situation, such as with a bad credit mortgage refinance or purchase loan, your loan is much more complex. On the other hand, our mortgage broker has an incredible understanding of the market, and you can use this insight and guidance in your favor as you try to find the right loan program for your needs. In fact, your broker likely knows exactly which traditional or high risk mortgage lenders would be the best option for your specific loan request. This can save you time and hassle, and it can also ensure that you get the right loan set up for your needs.


Working on Your Behalf

Your mortgage broker is an independent consultant who has been hired by you and who is working on your behalf throughout the mortgage financing process. On the other hand, when you work directly with a lender, you will work with a representative who is a bank employee. This representative serves the bank’s interests rather than yours. Your home loan is one of the most significant debts that you may take on. Therefore, it is in your interest to hire an expert who is working on your behalf to set up the right loan and to guide you through the process.

You understandably want to keep your closing costs as low as possible when buying a new home or refinancing your existing loan. However, in some cases, you may lose money overall when you work with a direct lender and do not have a broker shopping on your behalf. After all, the lender who you work with will affect your closing costs, loan amount and interest rate. Street Capital can help you to find the most affordable loan and may save you far more than you pay for his or her services.

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What Advantages Are There To Accounts Receivable Funding?

Sometimes, as a small business owner, you may have gone through the experience of a cash flow shortage. It can be difficult to get your hands on working capital to help your business grow or even pay some of your bills and invoices. Accounts receivable financing can be the answer for your business. This method is gaining in popularity due to the fact that loans or lines of credit might not be available or is insufficient. Here are some advantages of using accounts receivable funding.

1. Fast Cash

You’re in business and sometimes, you’ll need access to fast cash for a number of reasons like buying inventory or emergency renovations. The money you make comes from your customers, but what if customers are slow to pay? Unfortunately, this happens all the time, but what do you do during a critical point where you really need the money, and fast? Accounts receivable financing can give you the money within one to two days. It can also take a little over a week, but this is still a good enough option.

2. Factoring Is Not A Loan

Because factoring receivables is not a loan, you do not incur a debt. Your balance sheet looks good and it will be easier to get other types of financing. Factoring is a source of financing that grows with your sales. As business increases and you make more sales, you also have access to more money.

3. Huge Time-Saver

Accounts receivable funding will be a big time-saver and relieve some stress at the same time. This is because the process involves getting money from your customers (not by you) and so you don’t have to worry about this annoyance. The factoring company will go after your customers who haven’t paid you yet. Time can now be spent focusing on more productive and lucrative endeavours.

4. Collateral Not Required

The good thing about accounts receivable is that you don’t have to put up some kind of security either from your personal or business assets. If you were to get a loan from just about any other source, there will always be some drawback or some form of security you need to put up. Visit FundThrough and learn more information from the available resources.

5. Ability To Free Up Working Capital

Most of your capital will no doubt be tied up in the inventory. Accounts receivable financing will be able to quickly free up working capital. This allows you to grow the business and invest in more inventory. You could also use this freed up capital for marketing purposes or various other reasons instead of sitting bone idle in your balance sheet due to unpaid invoices.

Do make sure to look at every angle to see if this is the right course of action for your business. A little bit of education on the subject and taking into account your own current situation will help you decide if this is for you.

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The Top 4 Ways You Will Make Credit Counselling a Success

Congratulations on determining that you need help managing your finances in general and your debt in particular. It’s easy to get into financial hardship before you know it. When it seems as if there is no way out, help from one of the credit counselling services in your area will make a difference. By being an active participant in your financial recovery, the effort will be a success. Here are four key ways you can work with the service to successfully get back on track.


1. You Hold Nothing Back

One of the mistakes that clients make when working with debt counselling services is to hold back information. Perhaps you feel that it’s not relevant to mention any accounts you currently have with zero balances. Maybe there’s one with an open balance that you don’t want to include in the planning. Whatever the situation, your best bet is to provide complete disclosure to the financial counsellor.

Choosing to reveal all ensures that the counsellor has everything needed to help you formulate a plan of action that ultimately allows you to become debt-free. As a result, you’ll begin to see results sooner rather than later.


2. You Learn How to Budget

Most people know what a budget is but don’t fully grasp what it takes to come up with a fair and reasonable approach to spending. Your counsellor is not just about creating a way for you to pay off debt. It’s also about helping you create a workable budget that will serve you well now and in the future. The tips and suggestions you receive during this learning process will help you from letting debt get out of control in the future.


3. You’ll Develop Patience

Your finances did not get into the current state overnight and things will not get better without some time and effort. One of the things credit counselling services do is help clients understand that it does take time to pay off debt. At the same time, they help clients learn to measure progress and not get discouraged. As you learn to appreciate the strides made each month, it will be easier to exercise patience and know the day is coming when all of your debts are paid in full.


4. You’ll Regain Your Sense of Control

The professionals at debt counselling services help you develop habits and strategies that put you back in control of your finances. Instead of feeling helpless, confidence in the ability to handle your debt and settle it in a timely manner will return. Once those debts are settled, you will have the confidence to keep your spending in check and know how to live within your means.

There is no downside to talking with a professional at a credit counselling service. If you are feeling as if your debt is out of control, make the call today. It will be your first step toward being financially free again.

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4 Ways to Pay Off Your Mortgage Early

Most people who buy a home take out a mortgage loan for an average of 25 to 30 years. Longer or shorter terms may be available, depending on the applicant’s financial factors. This average loan period represents approximately one-third of a person’s lifetime, which is a long time to make monthly payments on personal property. However, many loans are available without a prepayment penalty clause, which means that home mortgages can usually be paid off early if the buyer is able to do so. While the typical monthly house payment is often large enough to preclude additional payments for a regular household, there are ways to pay additional amounts on the mortgage to pay off the loan faster, potentially saving thousands of dollars in interest overall and freeing up the monthly budget from a sizable house payment that can then be spent on other things.

Make extra payments.

Paying just one or two extra house payments annually can take years off the total loan period and reduce interest paid by thousands of dollars. Check with the lender to ensure the additional payments are credited to the loan principal as extra payments, not late fees or other loan costs.

Apply windfalls.

Job bonuses, rebates, cash gifts, and tax refunds provide extra income to pay off mortgages sooner. There is no loan commitment to pay extra on a regular basis, so just apply whatever additional income becomes available to the loan’s principal balance to reduce the total remaining amount owed. This in turn will lower the amount of interest paid over the life of the loan.

Add small amounts.

You can make even small payments each month on the principal balance of the mortgage loan. Paying just $10 or $20 can make a dent in the mortgage balance over time. Larger amounts can make an even bigger impact. For example, when you pay off the car loan, apply that monthly amount to the mortgage balance each month for additional long-term savings.

Refinance the mortgage loan.

Mortgage rates are still low enough to make it worthwhile to consider refinancing your home loan. Replacing a 5 percent interest loan with one that is 3.5 percent for 15 years may keep the monthly payment at a similar level, but the interest rate will drop substantially, meaning that the house will be paid off more quickly.

You don’t need huge sums of money to pay down your mortgage ahead of schedule. Making occasional extra payments, adding windfalls, applying small monthly amounts, and refinancing your loan can save considerable interest and pay the home off sooner. Imagine your monthly budget without a house payment and the home’s value for emergency equity as incentives to get started. The Windsor Family Credit Union website is a useful reference for more information.

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Top Benefits of Debt Consolidation

If you are in a lot of debt, such as from credit cards or loans, you might be wondering if there is any way that you can get some debt relief. Luckily, you do have an option: debt consolidation. These are a few reasons why debt consolidation can be worth it.

Get Your Creditors Off Your Back

If you find yourself dealing with collections calls all the time, you probably know just how terribly stressful they can be. One great thing about debt consolidation is that you will be paying off all of your debts with a loan. Then, you won’t have to worry about all of your creditors calling and harassing you.

Pay Off Debts More Quickly

In many cases, people are able to negotiate their debts and actually pay less than what they owe. This can be a good way for you to focus on paying off your debts more quickly and without having to spend as much money.

Reduce Interest Rates and Fees

Depending on the credit cards and loans that you have, there is a good chance that you are paying out a lot of money in interest and fees. The good thing about debt consolidation is that the loans often have much lower interest rates than credit cards. This means that you can save a ton of money in interest and fees while you are paying off your debts.

Salvage Your Credit

If you are paying some or all of your debts late each month, there is a chance that your credit score is taking a big hit because of it. This can be a bad thing, since a low credit score can make it a lot harder for you to qualify for things like home and car loans. By paying off these debts now with a consolidation loan, you can actually salvage your credit score.

Pay Lower Monthly Payments

Right now, you might find that what you are paying in credit card bills is putting a huge damper on your budget and making things a lot more difficult for you to afford. If you take out a consolidation loan to consolidate your debts, however, you will often find that your monthly payment amount is a lot lower than what you were paying before. This can help with monthly budgeting and can give you a little bit of breathing room.

As you can see, if you are in a lot of debt, consolidating that debt can be a very smart option for debt relief. If you contact a company that specializes in helping people to consolidate their debts, you can find out more about debt management and how you can consolidate your debts. More information can be found on the Credit Counselling Services of Atlantic Canada website.

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Take a Forward-Thinking Approach When Applying for a Mortgage

Whether you are applying for a first or a second mortgage for refinancing or buying plans, you understandably want to make an informed decision that helps you to achieve your goals and that is right for your financial future. Unfortunately, when many people apply for a new mortgage, they only think about their immediate financial state. For example, you may ensure that you can afford the new mortgage payment based on your current budget. While this is an important step to take, you also need to think farther ahead to ensure that the mortgage terms are right for you.

How Long You Plan to Own the House
Many applicants work with mortgage brokers when applying for a Canadian mortgage, and this is a great way to find the best rate possible on your loan. However, while much emphasis is focused on the interest rate and the resulting monthly payment, less emphasis is placed on the term of the loan. The term of your loan will impact how quickly you can pay off the loan, how much interest is charged over the life of the loan and even how affordable it may be for you to sell the house in the future. For example, if you plan to retire in the house within 15 years, a 15-year mortgage may be ideal. If you plan to sell the house within five years, you may need to consider how much equity you will have in the home by then. Your term length will greatly affect equity appreciation.

How Quickly the Debt Will Be Repaid
When you choose a shorter term length, your payments will be higher. However, in exchange for the higher payments, the loan balance will be paid off more quickly. Equity will accrue faster, and less interest will be paid over the life of the loan. This can affect your ability to sell the home for a profit in the near future, the date you are able to retire without a mortgage payment and more. Your mortgage broker can assist you in exploring this in greater detail.

How Your Budget May Change in the Future
Another factor to consider is fluctuations in your budget. Most people have minor budget adjustments throughout the year, but there may be major life events that can dramatically affect your budget. For example, you may plan to start a new business soon, to have a baby or to send a child to college. Remember that your budget will be affected by your mortgage payment for the life of the loan, and this may span across decades.

The best mortgage is one that is affordable for your budget now and that helps you to achieve goals you have for the future. Explore each of these points carefully before you apply for mortgage financing to ensure that you are making the right financial decision. The Canadian Mortgage Services website is a good reference if you want to find more information online.

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How to Improve Your Financial Future Without Filing Bankruptcy

Filing bankruptcy can be messy, expensive and embarrassing. No one enjoys having to explain in court why they feel unable to pay back creditors. A great alternative solution allowed by bankruptcy law is a consumer proposal.

What Is a Consumer Proposal?

A consumer proposal is an offer of agreement to pay creditors a portion of what is owed, with the benefit of having them forgive the remaining balance. It is a legal agreement when both parties sign to the terms of the repayment obligation. It is a preferred way to resolve long-standing debt issues for both sides. The creditor will not have to take a complete loss and the individual in debt can improve the future financial outlook.

A Workable Alternative to Filing Bankruptcy

The Bankruptcy and Insolvency Act allows for an option that is an alternative to bankruptcy case filings in court. The overseer of the entire process is a bankruptcy trustee. They are knowledgeable about all of the laws and how to get you the most affordable agreements possible. The creditors are in no way obligated to agree to your proposal, but many will to avoid having to write the debt off completely.

Improving Your Credit Rating

Loans and lines of credit have to handled with care to avoid negative marks on your credit rating. Slow payment and a history of non-payment put hard hits on your credit score. Offering a proposal and sticking with it is one way to start improving your credit score fairly quickly. One of the most important things to remember is to pay the agreed upon amount as it is due, or early. Keep up with all of your other debt obligations and the score will begin to move up.

Developing Responsible Credit Habits

Changing the bad debt management habits that landed you in a tough position are an essential part of the overall debt relief process. Limiting the number of credit applications, reducing the amount owed on each card and paying at least the minimum amounts each month will keep high interest from skyrocketing your debt totals.

Lifting the Burdens of Overwhelming Debt

The feeling of freedom from overwhelming amounts of debt can be uplifting and encouraging. Nearly everyone has made a share of bad credit and debt management decisions. There are ways to avoid the hassles and scourge of bankruptcy and get debt-free. There is a little paperwork involved,negotiating for the best terms on both sides, but ultimately both end up walking away a winner.

Contact bankruptcy specialists to find out about this effective alternative to bankruptcy today!

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How to Identify Sensitive Documents for Shredding

Every organization strives to keep confidential information from reaching the hands of information thieves and scammers. It’s critical to understand the specific documents that carry sensitive business details and put up mechanisms to protect them from creation to disposal.

At the organization, a comprehensive data management process should be set up to guard confidential information in all formats throughout the document’s lifespan. This may include record retention policies and limiting access to certain information. Generally, business shredding is governed by privacy laws and other state regulations. Your business has the legal obligation to safeguard the privacy of employees, customers, and clients through secure document destruction. This may include hard drive destruction and paper shredding services. Consider hiring a reliable document shredding company to avoid data breaches, lawsuits, and penalties. You can find more information online. The Shred-it website may be a good place to begin your research.

Why Hard drive Destruction is Important for your Business

Many business owners assume that simple erasing, wiping, formatting, or degaussing hard drives is adequate. However, as much as these steps are necessary, they still leave your information vulnerable. Some information thieves are experts in document recovery and can still generate sensitive data from these drives.

Hire professional hard drive shredding companies to dispose your drives from redundant or obsolete computers, photocopiers, unused flash drives, and retired servers.

Benefits of Hiring Professional Shredding Companies

• Offer secured chain of document custody
• Regularly schedule pick-ups
• Issue certificate of media destruction for every service
• Shearing services
• Secure material recycling

How to know which Documents should be Shredded Securely

Any organization deals with a pile of information in the day to day operations. But how do you know which documents are sensitive and require professional shredding? Here are the factors to consider:

1) Personal records

Ensure that any document that carries signatures, email addresses, phone numbers, address or names are properly destroyed. Other sensitive data include driver’s license details, social security information, account numbers, tax, legal, and medical information. Even miscellaneous information like travel itineraries, boarding passes, expired visas and passports, PIN numbers and passwords should be securely shredded to protect your employees and staff from identity theft.

2) Corporate Information

Customer and supplier information from various departments like sales and marketing, procurement, research and development, HR, IT, accounting, and corporate and executive information should be secured with the utmost integrity. It’s also advisable to destroy any printed presentations to stop sensitive insider information from leaking into the wrong hands.

3) Banking Data

Keep all financial documentations securely and destroy any archive files that contain ATM receipts, returned checks, stocks and property inventories, investments, statements, and pre-approved credit applications.

4) Retail Documents

Loyalty program information, credit cards, financial statements and receipts, bills, and expired warranties should all be shredded professionally.

Even in a home set up, you should be careful to shred employment information like job applications, performance appraisals, work records, and pay stubs. Educational data like report cards, admission details, and loan information should also be destroyed securely. Be safe by seeking the services of professional document shredding companies in Canada.

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How to Save Money on Document Destruction Services

Taking proper steps to destroy documents is a challenging task for many businesses, but professional document destruction service provides you with a great solution to this dilemma. Through secure document shredding, you can outsource this task to a trusted third party. The third party typically uses the most effective methods for document destruction to reduce your liability risk. However, document destruction service fees can vary drastically, and you may be wondering what steps you can take to save money on this valuable service. Follow these helpful steps to avoid paying more than necessary for secure document shredding Victoria.

Compare Rates With Different Service Providers
Many secure document shredding companies offer different packages to more easily meet their customers’ shredding needs in the most cost-effective way. However, rates for these services can also vary drastically from one provider to the next. One important step to take is to compare rates offered by different shredding companies, but this often requires you to identify your specific shredding needs as a first step. Therefore, think about the number of pages you need to shred over the course of a week or a month. Also, consider your ability to store these documents until your scheduled pickup. If you do not have ample space available in your office, you may need to schedule more frequent pickups.

Consider Using On-Site Services
Another helpful step to take is to use on-site shredding services. With this type of service, a truck that is outfitted with a paper shredder will arrive at your location to shred documents on the spot. This is often more cost-effective because the shredding company has reduced overhead. However, this is not always the case, so carefully review the charges for different types of services.

Look for a Volume Discount
Some shredding companies offer a volume discount, and they may even provide you with a secure storage container to store documents in until they arrive to complete your shredding service. This volume discount is not available with all providers, and others charge it based on different levels of service. If you can take advantage of a volume discount, you may save a small fortune.

Use On Demand Services
In some cases, scheduled services are more cost-effective and more convenient to use. For example, if your office only has a moderate need for shredding service, a weekly or even a monthly pickup may not be cost-effective. Likewise, if your need for shredding service fluctuates, scheduled service may not be ideal. Scheduling on-demand services may be a better option for some businesses.

Many business owners will initially shop for a shredder based on cost alone, but you can see that there are many factors that impact which pricing structure is most strategic and advantageous for you. With your attention on these factors, you can make a better decision for your business’s shredding needs.

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Excemplary Document Shredding Services

An office worker uses over 10000 sheets of copies of sensitive and confidential paper work each year that ends up in trash cans. In the wrong hands, the information may lead to theft and fraud. Hence, a proper disposal process is not an option.

We provide safe and confidential document destruction services that are fully compliant to the data disposal laws to help keep your work place secure.

Few things that you should consider shredding include ; account numbers, passwords ,pins, signatures, names , addresses, phone numbers, email addresses ATM receipts, bank statements, credit reports and histories, utility bills, employee pay stubs ,marketing data ID cards, invoices ,audits, accident reports, cancelled checks, financial statements health records and more

We are experienced, licensed, bonded and insured.
Our Service areas consist of; local markets, national account management, residential markets, community shredded events.

The Services are cost effective, reliable, professional and convenient. Services are also suitable for a wide variety of industries including; hospitals, schools, credit unions and banks.
Paper shredding services consist of;

1. Regularly scheduled services
 For daily protection
 Locked sealed and slotted containers to keep documents safe between pickups and opened to be emptied directly into a shredder. They are available in different sizes.
 A certificate after each service –signed and dated to show that all material has been handed over to our custody and destroyed
 Pick up by a certified security personnel
 Destruction of documents within 24 hours of collection.

We determine how many paper collection bins you need, discus how often waste should be destroyed and educate your employees on how to reduce waste.

2. One time need
 For one time customers
 Available any time of the day
 A certificate after each service
 Pick up by a certified security personnel.

3. On-site paper shredding at your place of business.
Of-site document shredding- we transfer documents to our secure locations using enclosed secure trucks. Customers are allowed to witness the process.

4. Walk in service
The customer brings the documents to our locations.

5. Hard drive destruction and more
Services are completed with the same level of expertise for your safety.

All paper is turned into custom-tailored confetti-sized papers giving you a peace of mind knowing that the documents cannot be produced or recreated.

We also do bulk purge services for companies and industrial warehouses.
There is 24 hour surveillance within our facility CCTV camera usage ensuring maximum security. All shredded paper is recycled.

If you are interested in using our services contact us. If you want to learn more, you may be interested in checking out the resources at Shred-it.

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