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Home > > How to lower credit apr

How to lower credit apr

Most of us wouldn’t dare pick up the phone and invest our life savings in the stock market without the assistance of a broker who knows how the stock market works or at least learning a little about the stock market, ourselves.

Buying a home is usually the biggest investment a person will ever make. That’s why you should do the research that’s necessary to make a proper decision about the home you purchase and the home loan you’ll get, or you should at least ask the advice of a few friends and family who have been through the experience, themselves. A house usually costs anywhere from 20% to 40% of a person’s gross income, so, isn’t it worth a little of your time to educate yourself before investing that much in a home?When looking for a home to purchase, the first thing you want to do, especially when looking at several different homes, is to get pre-approved for your home loan. Now, pre-approval is not the same as being pre-qualified. Getting pre-qualified tells you how much you are qualified to borrow, but pre-approval can make the difference how to lower credit apr between buying a house and not buying a house, because something can happen in the process of being approved to keep you from getting the loan you want. A loan officer will pre-qualify your income and credit,how to lower credit apr and they’ll give you a pre-qualification letter. However, when you’re pre-approved, you are actually approved for a loan up to a certain amount. This allows you to negotiate with the seller just like you had cash money. Consequently, you can often negotiate your way into a much better price and often save thousands of dollars.You might even find that some realtors won’t even show you homes without a pre-approval, because they don’t want to waste their time and yours in case you can’t get approved for a home loan. Being pre-approved says, “I’m ready to buy!” I think you’ll find that a realtor will work much harder for you if they know you’re ready, willing, and able to purchase a home.Another area in which it’s very important to do your homework is in choosing a lender. Having the lowest rate doesn’t necessarily mean that a lender has the lowest total cost for a mortgage loan or the right program for you. You should look at the overall cost of your loan, including loan fees, and discount and origination points in addition to the Annual Percentage Rate. These all add to the overall costs of your loan. And It’s always best to shop for the right loan just like you’d shop for the right house to buy. Interview at least 3 to 4 lenders. This will give you enough experience to know what you’re looking for by the time you’ve talked to 4 lending institutions, and then you can choose the best loan program for you. And, when a mortgage company tells you that they’ve locked your rate, ask them for a written statement detailing the interest rate, length of the rate lock, and details about their program.Ask your family and friends for pointers from their experience, and ask if they would refer their mortgage company. Don’t just be shuffled to the mortgage company that services your realtor, because your realtor is anxious for the sale and will give you to the company that meets his needs, not necessarily yours. And remember, when you’ve done your homework, you’ll find that you’ll have fewer problems after you move into your new dream home.2

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The problem with some business ideas is their cost. To manufacture and market a product you have invented could cost you millions of dollars. The investment in machinery, buildings, inventory and other expenditures could bankrupt you before your first sale ever occurred.

For this reason, many prefer to run a paper business. Paper businesses do not require large investments of capital for expensive equipment, inventory, and buildings. Many paper businesses can be run from your own home.

A paper business is a business that can be operated mainly using pieces of paper, such as contracts, invoices, shipping documents, et cetera.

Here are some excellent paper businesses that you can operate.

1. Consulting

Consultants charge large fees for their knowledge, expertise, skills, connections, experience, and other assets. This business can be operated from home with little more than standard office equipment and supplies.

Consulting is a paper business because your product is an intangible service. Your results are often summarized in a written, paper report and you use written contracts to protect your interests.

2. Finding

A professional finder finds something needed by a business or individual for a finder`s fee. The finder doesn`t invest in product inventory because he`s not selling it. He simply collects a fee for arranging to introduce a buyer to a seller. The finder conducts his business using contracts and other
written documentation.

3. Drop Shipping

Another business (or method of business) where you don`t invest in product inventory or retail space is drop shipping. When your customer buys from you, perhaps through the mail, by phone, or on the internet, you simply contact your supplier, who then ships it to your customer. Your paper business involves taking the order, billing and collecting from your customer as well as ordering, giving shipping instructions, and paying your supplier.

4. Affiliate Programs

With affiliate and associate programs, you collect commissions from the sale of other peoples` products. Again, you have no investment in product inventory or expensive facilities.

5. Webmastering

Another knowledge-based paper business is webmastering. Whether you design websites, perform internet marketing, or render other needed services, your business is again mainly intangible services backed up by paper records and contracts.

6. International Trade

Many times import and export transactions can be conducted on a commission basis. It is also possible to buy, sell and ship merchandise without ever having even seen it. Letters of credit, bills of lading, and other agreements are needed in this paper business.

7. Licensing

Instead of trying to finance the manufacturing and marketing of your invention, why not license it to a company with the expertise and capability required? You will then receive royalties in return for your idea.

As well, you could become a licensing agent, arranging licensing deals on behalf of other companies and individuals, taking a percentage of sales as compensation.

There are many other paper businesses that you could consider including mortgage brokering, commission sales, equipment leasing, real estate, and franchising. This is by no means an exhaustive list. With some thoughtful consideration, you, too, could make your fortune from a paper business.

Under a spreading buttonwood tree,
The village brokers stood;
The brokers, a mighty group you see,
Would trade whatever they could;
They soon developed commission fees
Which for brokers was so good.

This might not be what Henry Wadsworth Longfellow would have had in mind as a take off on his poem, “The Village Blacksmith”; but the story of how the New York Stock Exchange began reminded me of his well known verse. The formation of the New York Stock Exchange (NYSE) supposedly happened when 24 of the most prominent brokers and speculators in the United States met and came to an agreement.

It was said they met under a “Buttonwood” tree to conceptualize the vision that marked the beginnings of the Wall Street investment community. Some cynics would say this account sounds far fetched; but by all accounts this is the way that it happened.

Where exactly was this buttonwood tree? It was near a 12 foot-high wooden stockade wall along the Hudson and East Rivers built in 1653, under the direction of Governor Peter Stuyvesant, to protect the Dutch settlers from the Lenape Indians, the New England colonists, and the British. At the same time a street was also beginning developed along the wall on the town side. This street was named Wall Street.

Over the years the attacks that were feared never materialized, and the thick plank wall began to deteriorate. Eventually, the citizens and farmers began to rip down the wall to use the planks for building materials or firewood. The wall disappeared altogether in 1699, but the street retained the name of “Wall Street.” However, it would still be more than a hundred years before the financial markets could call Wall Street its birthplace.

So what prompted these 24 prominent brokers, speculators and merchants to meet under that “buttonwood” tree in 1792? The catalyst appeared to have come at the end of the Revolutionary War when the first stock certificates were traded in the United States. It was in 1790 that soldiers and merchants who were involved in the war began redeeming the script that the Federal Government had issued to them during the war.

The birth of the investment market was marked by the these first issues of publicly traded securities. Those visionary businessmen wanted to get involved in this new and, possibly, lucrative enterprise. It was then, at that famous meeting in1792 under the “buttonwood” tree, that they agreed to sell securities as private transactions in their private organization and charge commissions for the transactions. This came to be known as the “Buttonwood Agreement.”

In the beginning the brokers conducted their business from the Tontine Coffee House on Wall Street because they had no headquarters; and they didn’t even have a name for their organization. Yet, this group would come to be known as the New York Stock Exchange (NYSE).

It was at this same time that the first bank, the Bank of New York, was created by the Government. In fact, the first corporate stock traded by the “Brokers of the Buttonwood Tree” was the Bank of New York. It was also the first company to be listed on the New York Stock Exchange. The formal organization was established in 1817 and named the New York Stock & Exchange Board. At 68 Wall Street they soon developed a set of rules and a constitution, drafted on March 8, 1817, for conducting business. It wasn’t until 1863 that the name was eventually shortened to the New York Stock Exchange. Since 1868 having a membership in the NYSE has been considered valuable property. Currently, prospective members must purchase exiting seats which number 1,366.

Today, Wall street has become a “pedestrian only” street. It is down that street at Federal Hall that the inauguration of President George Washington, took place on April 30, 1789. There is a statue of Washington on the exact spot of the inauguration, and the present building there, erected in 1842, was the first U.S. Customs House. From the Washington statue there is a good view of the NYSE, that is actually on Broad Street, not Wall Street. However, what stands out on the NYSE building are the sculpted figures and Corinthian columns, that have become universal symbols for U.S. commerce and finance.

The NYSE has come a long way since the “prominent 24” signed that “Buttonwood Agreement” in 1792. Here billions of dollars change hands everyday. The New York Stock Exchange, from its humble beginnings, has become the world center for financial transactions and the largest securities marketplace. Yes, indeed, under the spreading buttonwood tree…

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