(PRWEB) February 12, 2004

The secret of getting a home loan with bad credit is to try. Most people report that because they cannot qualify for a credit card or car loan because of bad credit, they presume they will be declined for a home loan because of bad credit. We find that this is untrue, in fact the opposite is true: it is easier to qualify for a home loan with bad credit than car loan or major credit card.

The top 3 reasons people with bad credit believe they will not qualify for a home loan:

1 The amount of the loan. If they cannot even be approved for a $ 5,000 credit card, how can they be approved for a $ 250,000 home mortgage?

2 The application process is complex. If the simple credit card application that requires no documentation results in disqualification, how can the complex home mortgage application possibly be approved?

3 The emotional nature of the purchase. The purchase of a home represents a huge emotional step for many people and the prospect of rejection keeps many people from even attempting to qualify.

Ironically these are the very three reasons people with bad credit qualify for home loans.

Home loans are secured by real estate: Real Estate is considered very secure collateral. Because of this, mortgage lenders are more comfortable making home loans to people with bad credit then unsecured credit lines, credit cards, or a vehicle that depreciates every day. Because of the size of the loan there are thousands of institutions that can make money servicing the loan and investors seek real estate based security resulting in a competitive marketplace that contains thousands of home loan programs attempting to meet the needs of every potential borrower.

The complex home loan application enables lenders to look beyond the individual’s credit rating and take into account factors such as your job security, debt to income ratio, value of the property and ability to make the monthly payment. The consumer credit report represents a lesser role in mortgage approval.

The emotional nature of the collateral adds security to the lender. The mortgage payment is proven to be the first priority when it comes to making monthly payments. Statistics show that people will beg and borrow to keep their home as opposed to unsecured credit cards that once delinquent have a relatively high likelihood of being charged off.

With the variety of home loan programs available to consumers, we find that if a consumer wants to purchase or refinance a home they should contact a lender or broker that specializes in bad credit home loans. The professionals we consulted were extremely knowledgeable and more than willing to explain the process. Those people who did not qualify for home loan left with a clear understanding of what they could do over the next few months to qualify for a home loan that meets their needs.

For more information: www.iGlobalFinancial.com


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Question by ccartertn2002: New bank account for business, how to answer the question “How will you process your receivables?”?
I am setting up a new bank account for my new business and the bank manager wants to know “how will you process your receivables?”.
How do I answer this question?

Best answer:

Answer by ultrasmooth101
By Receivables they mean “Accounts Receivable” or the money owed to you by customers. Not all businesses operate credit terms but those that do either manage the AR themselves, use a third party or using some factoring services.

Give your answer to this question below!

Technorati Tags: account, answer, bank, Business, Process, question, receivables

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Question by hokiedood: Can you deduct medical finance loans?
Say I had laser eye surgery done that cost $ 5,000 and got a loan to finance. Can I count a $ 5,000 amount into factoring a medical deduction ($ 5,000 – 7.5%*income) on my taxes? Or can I only count the amount that I’ve payed back on the loan? Or can I not even count anything towards a deduction since I took out the loan?

Best answer:

Answer by Tomk
You should list your total unreimbursed medical expenses for the year. The fact that you had to borrow the money is of no consequence. If the surgery cost you $ 6,100, then that is the amount you use for the deduction. Be sure you saved reciepts in case you are audited.

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Technorati Tags: deduct, finance, loans, medical

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Question by fundarryl: Looking into a job at NCO – an account receivables company.?
Hi, wondering if anyone has ever worked as a sale person for NCO? They do accounts receivables management. Wondering their opinion of the job. Thanks in advance.

Best answer:

Answer by Bruce T
I was in the “mortgage industry” for a number of years and in doing so saw an abundance of “credit reports”, some with “collections”. NCO was one of the “collection companies” I remember. “Collection” businesses offer services to those companies seeking to collect debt owed.
“Account Receivable” in business is established to receive or collect money owed to them.

“Collection Agencies” are hired by businesses and pay these agencies on a percentage of “funds” collected. You as a sales person may be working in different capacities. One, calling on businesses of all sizes offering the services of NCO, or, secondly, calling individuals or other businesses that owe money.

Good Luck. This is a business NOT for all.

Add your own answer in the comments!

Technorati Tags: account, company, Into, Looking, receivables

Question by Kimberly Meryl: How can a factor help a business increase the amount of cash it holds?
How can a factor help a business increase the amount of cash it holds?

Best answer:

Answer by botygy
by converting accounts receivable to cash more quickly.

Add your own answer in the comments!

Technorati Tags: amount, Business, cash, Factor, Help, holds, increase

Question by harmony_f_31: what impact does account receivables software have on customer service and cash flow?

Best answer:

Answer by ustoev
A/R software does help with giving you a clear idea of what cusotmers owe and with the invoicing and statement systems, the customer may get better reports and have a lower keyed collections process. Any internal reports allow the credit department information to help in collection which increases cash flow.

What do you think? Answer below!

Technorati Tags: account, cash, customer, Flow, impact, receivables, service, Software

Question by Candy: Does anyone know where I can go to school to learn about Invoice Factoring,?

Best answer:

Answer by eric_standlee
I don’t recommend any factoring schools as I have heard all sorts of bad things. I do however recommend the free training we have for those who become representatives for our company.

Know better? Leave your own answer in the comments!

Technorati Tags: about, anyone, factoring, invoice, know, learn, school

Question by wsbinter@ameritech.net: How to find businesses wanting to sell account receivables?

Best answer:

Answer by Lonnie C
The bulk of sold account receivables will be slow paying or defaulted accounts, this is why companies sell them. Do you really want that?

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Technorati Tags: account, businesses, find, receivables, sell, wanting

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Question by angel_rat_83: If you are the owner of a small business, what factors would you consider when deciding whether to shut down f
If you are the owner of a small business, what factors would you consider when deciding whether to shut down for the short term?

Best answer:

Answer by dustiiart
First and foremost I’d consider the reasons why I’m contemplating doing so to begin with. Once that is clear I’d then evaluate what if anything can be done to avoid this shut down, even temporarily. Weighing that along with what reopening costs I’d be looking at mixed with the current operating expenses, inventory requirements, salaries, utilities etc., etc., leveraged against the income that can be projected (I’d probably use the previous years numbers for this and reduce it by a few percentage points if the current months have been slower than normal), if the business has been in business for over a year tho, otherwise projections of this could be based on the last 3-6 months income.

If there are employees involved, the layoff will mean the issuance of employment papers in the event they are eligible for any government unemployment benefits. Outstanding debts, invoices, purchases must also be accounted for and paid before close down. Can inventory withstand a close-down, even short term or is the product sold subject to time restrictions (foods etc) or clothing for seasons, that type of thing.

Lots of factors and one cannot be used alone unless you are insolvent and must close down…then the decision to do so is already decided.

Personally, if you can somehow float the business staying active is the best choice…inactive Vendor Permits, Numbers, Tax accounts etc may end up subject to additional fees or accounting requirements even after the business closes.

If this is a decision being determined due to a long standing business that someone wants to simply retire from but doesn’t want to let go…an alternative manager of the business’ affairs by a trusted person, would be beneficial instead.

What do you think? Answer below!

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Question by Leah the Diva: Which business environmental factor might have the biggest impact on a restaurant?
Which business environmental factor might have the biggest impact on a restaurant? Why?
1)The economic and legal enviroment.
2) Technological enviroment
3) Competitive enviroment
4) The social enviroment
5) The global business enviroment

THANKS!!!

Best answer:

Answer by spraynwalls
3.
number 4 a strong second.

you can have the perfect setup, and everything in place, but if the prospective patrons do not feel warmth or like the services and food offered, they won’t be coming back in, instead going to the alternate competition.

When the customer comes in for the first time, they are exploring and testing, and if things are suitable, they may return again.

Some of the mistakes a restaurant makes is not to explore the regional cuisine and food tastes popular within a community or for the intended clientele. for example, in Las Vegas, people are really tuned in to spicy and condiment based food, and like a hefty choice of such on the table, or available. Bland diets popular elsewhere, don’t quite work there, and chains and all sorts of restaurants that don’t cater to local tastes and variety, simply go out of business for lack of patronage; whether mexican, chinese, american grill, or whatever.

Another mistake is that people remember a place by the food flavor, and the details relating to customer preference in cooking and prepapring the meal. They develop a taste memory for the way the food was, tasted, and the way they perceive it will be when they return for more. In fact, it is the taste memory that compels any restaurant customer to return for more, as that memory outpowers everything else when dealing with food and likely places to eat.

Such is the primary force for In and Out Burger, MacDonalds, Sonic, Sizzler, and myriad other chains and hit restaurants. The major kill is when a restaurant changes its menu or food tastes, spices, or style, as that places them in the postion of a repeat customer coming back for a certain dish and its flavor, and not finding it. When they don’t get what they want, that’s one less customer coming back.

Add your own answer in the comments!

Technorati Tags: biggest, Business, environmental, Factor, impact, might, restaurant

Question by Greg: What is invoice factoring? Can someone help me figure out what the heck invoice factoring is?
Can I find out more about invoice factoring on the internet? I’m trying to find out if something a co-worker is telling me is BS when he’s talking about invoice factoring. I don’t know invoice factoring from Eve as of now, and I want to find out more so that I can decide if he’s full of it. Can anyone tell me where to find out more about invoice factoring? I know it has to do with company financing, but that’s all I know about invoice factoring at the moment.

Greg

Best answer:

Answer by HAVOCS
A company when it sells a product produces an invoice. the invoice is actually a proof of purchase of another company and serves as a document that the product was delivered and accepted by the buyer. There are purchases that are purchased by a customer on terms. Meaning the buyer will pay the merchandise after 30 days or so based upon the agreement of the buyer and the seller. The terms of the purchased as well as the amount is recorded in the invoice. Some companies when they are low in cash can factor these invoices. Meaning they sell the invoice to a third party who in turn will collect from the buyer the amount in the invoice when it falls due. The purchase price of the third party that is buying the invoice is definitely lower than the amount in the invoice. In short the company can convert the invoice to cash and wont wait for the terms stipulated in the invoice it is like having your money now lower than the invoice price rather than wait for 30 days. ln short invoice factoring is selling the companies receivables/invoices to have cash

Give your answer to this question below!

Technorati Tags: factoring, figure, heck, Help, invoice, someone

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Question by angel: how risky is business factoring?

Best answer:

Answer by ♥ Victoria ♥
I’m not too sure on what your question means but I have a great link that is all about small buisiness info. I just read through it and it was very helpful to me.

Know better? Leave your own answer in the comments!

Technorati Tags: Business, factoring, risky

Question by Summertime: Buying a house. Other then the loan payments, what other costs and monthly payments should I be factoring?
Buying a house. Other then the loan payments, what other costs and monthly payments should I be factoring?
*Monthly Loan Payment
*Cable/Internet
*
*
*
*

Best answer:

Answer by brooke w
Insurance,pest control,lawn maintenance,electricity,water,security if used,HOA fees,Garbage collection,Phone,Cable,Internet,Loan insurance if applicable,and then you should still consider car payments and insurance and other regualr expenses non home related.

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Technorati Tags: Buying, costs, factoring, House, loan, monthly, payments, should

Question by Chooch: whats the difference between invoice factoring and cash advances?

Best answer:

Answer by kemperk
cash advances can be against
any asset,
invoice factoring only deals with
inventory a company wants to sell to
a buyer.

Know better? Leave your own answer in the comments!

Technorati Tags: advances, between, cash, difference, factoring, invoice, whats

Question by jennaferway: I need to know how to close a receivables account?
In my accounting I class, I am studying the chapter on receivables where you account for uncollectible account expenses and things of that nature. In the assignment I am completing it is asking me to make a closing entry for a recorded expense. Anyone know how to do that?

Best answer:

Answer by botygy
The closing entry for a recorded expense is a Dr to Retained earnings and a Cr to the expense, but this has nothing to do with receivables.

Give your answer to this question below!

Technorati Tags: account, close, know, need, receivables