Useful Calculators for Credit

Financial Calculators – How Are They Helpful?

By John P. Stevenson

When it comes to calculation of loans and mortgages, there is a special calculator, known as the “Financial Calculator“. This is a simple device that is built purely for the calculation of financial matters, such as interest rate, loan rates, mortgage rates and so on. The calculator has built in formulas and thus makes it easy to calculate financial rates.

Apart from being a physical device, a financial calculator is also a small programmed tool, posted on financial websites, for people to calculate their rates instantly. A typical financial calculator could cost somewhere around $35, and if you happen to be in a finance industry, this is a much needed device.

There are three basic types of financial calculators; Loan calculators, mortgage calculators and credit card calculators. Let’s describe each one of them respectively.

Loan Calculators

A loan calculator enables users to understand the payable amount of a loan, along with the specified interest rate. The loan calculator works on particular variables and helps you decide what the monthly principal and interest payment would be. There are three types of information used in a loan calculator:

(a) The actual loan amount

(b) Estimated repayment time

(c) Estimated interest rate.

You could either use a physical calculator or simply go online and use an online based loan calculator.

Mortgage Calculator

sasvings and mortgage (Photo credit: 401(K) 2012)

A mortgage branches out to two major types; fixed rate and adjustable rate mortgages. Fixed rate mortgage calculator requires information about:

(a) Amount to be borrowed.

(b) Interest rate

(c) Loan term

Punch in the values for the above information and you will get all the required calculations. The adjustable rate mortgage calculator is complex. You will need the following information:

(a) Amount to be borrowed.

(b) Interest rate

(c) Loan term

(d) Initial length of time before loan adjusts

(e) Interval value, after loan adjusts initially

(f) Estimated rate after each adjustment

The fact remains that a mortgage calculator can just give you an estimate and not an exact figure, as mortgage rates, constantly varies. Be sure to be upgraded about current interest rates on mortgages, and consult industry experts if you want to be sure of the exact amount.

Credit Calculator

credit (Photo credit: 401(K) 2012)

When dealing with credit cards, you need to be aware of the rates that go along with it. Without a firsthand knowledge of where your credit is being spent, and what are the charges along with it, you would be caught in a whirl of debts. A credit calculator could be a vital tool in helping you attain this firsthand knowledge. Not only it will keep you aware of the expense, but also avoid possible debt issues. Information required for credit calculator is:

(a) Current balance

(b) Annual interest rate

Online credit calculators help you further with months left to payoff goal and monthly payment to payoff goal.

Mere calculations done on normal calculators cannot give you a satisfying answer to your loan calculations. Therefore, if you want to understand where your debts are headed, how much money you have to pay/spend, then a financial calculator is the best guide.

About the author

John P. Stevenson writes for Financial Calculators – an informational site about the Canadian banking industry and Canadian loan directory.

Article Source: http://ift.tt/1fCjWjY

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How Trust Can Backfire in Business

Doing Business Based on Trust and How it Can Backfire

by: Peter Cheater

This article is intended as a general warning to anyone embarking on a business venture with someone who you believe you can trust, or who you have worked with for a long period of time.

The article is written following an arrangement with a man called Peter White who is the sole proprietor of a mortgage business named either Aston Mortgages and Ownbuild. What happened should warn others about some of the dangers of partnerships based on trust.

Peter was a longstanding former client of a business I worked in as a web marketing director for several years. I had no reason at the time to think that Peter was anything other than honest and straightforward, albeit he was always shall we say looking to squeeze down prices and obtain services at a reduced rate.

After the company I worked for, and that Aston Mortgage was a client of, went into administration we kept in touch. During the following year Peter came to me with a number of business propositions relating to websites. I rejected all but one, which seemed to have some potential. Because of my long term business relationship with Aston Mortgages I went ahead with this without a proper agreement – only an email from Peter stipulating the terms of the agreement. At the time I had no reason not to trust him but realize now this was foolish and despite the 50:50 split on all commissions promised in his email, Aston Mortgage did not honour the agreement.

As Mr White had very cleverly set Aston Mortgages up as the sole recipient of the commissions and had control of both the website password and the Google marketing campaign, after paying out on a few of these, I believe greed got the better of him.

He changed the password to the website and the Google campaign and then has refused to pay over 6000 GBP owed under our arrangement.

In addition to warning others, having spent a lot of time and money on legal proceedings in the past I decided the best way to get repayment is to name and shame using the web as the most effective way.

The lesson for others is make sure you have a binding legal agreement with anyone you go into business with, even if you have known them for years. I would also caution anyone to avoid penny pinchers- I didn’t do this with the owner of Ownbuild and paid the price.

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The Rental Property Business

Important Factors In Terms of Rental Property

by: Oliver Darraugh

Property Rental Business is the kind of business which can be very rewarding if managed correctly but could be financially devastating if not handled properly. Basically, the concept is loaning a huge sum of money to purchase a property that you would have people rent for a higher price which allows you to earn as you pay for the mortgage rate. However, this is no easy task and should not be taken lightly. There are several factors which need to be considered before conducting such a business. For one, you should conduct a thorough research of which property you would like to rent to prospective tenants. More likely, rental properties are usually paid through loan and unless you are aware of the financial factors involved, then you should hold back from purchasing any house and plan first. Starting off with an inexpensive but decent property is always a good start. This will give you ample time to gain the momentum you need in paying off the mortgage while at the same time, attracting a number of potential tenants who are in search of a decent and convenient place to live in for the meantime. The profile of these tenants varies depending on the location of the property. Of course, having a rental property close to industrial areas or school areas will definitely get the attention of potential customers of the lower class. The good thing about this is that it is likely to stay occupied for a long time. But if you decided to have your place somewhere close to tourists spots and or away from the populated part of the city, then it is likely to be more vacant since occupancy depends on seasons.

And this could be a problem since regardless if there are tenants or not, you are still obliged to pay off the mortgage on a regular basis so it is always advisable to have back up resources in case payments do not go the way you planned them to. Another thing to consider when opting for this kind of business is that if the property would end up unoccupied for a given time, you will still continue to pay for it, and be responsible for any maintenance required to keep the house in good condition.

One thing which could help you manage your finances when it comes to managing a rental property business knows your payment options. Speaking with lending institutions to help you with it is the first thing to do since they are the ones who can give you options based on your income, financial status and credit scores. Some options to consider would be the FRM or what is referred to as Fixed Rate Mortgage option or the ARM or Adjustable Rate Mortgage. Fixed Rate Mortgage is an option in which you agree on a constant interest rate regardless of the global economy’s condition or other external factors. This is good when the interest rates in a given period are significantly low and or if you are very particular about your expenses or budget. On the other hand, an Adjustable Rate Mortgage is a kind of loan option wherein the interests fluctuate on a periodical basis. Overall, there are a lot of things which needs to be taken into account when planning to start a property rental business and this will require a huge amount of capital but if done properly, the results could be very rewarding.

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