Loans that you can refinance

We often take loans at their face value. Be it a student or car loan, credit card balance or mortgage; we tend to think that the amount we need to repay is the rate that we got when we took the loan. That isn’t always the case as the interest rates could have gone down or your credit score could have improved for the better. In this case, you can consider refinance mortgage loans to decrease what you are spending on interest.

The best options for people paying off their student loans depends whether your loan is a federal or a private lender. Contact your current mortgage lender and inquire about better choices. You can probably think about taking out equity on your home in order to pay off your student loans.

It’s always easy to swipe your credit card and charge your expenses, especially during the holidays. This eventually leads to the accumulation of your credit card bill. Knowing this fact well credit card companies offer great balance rates around the New Year. They often entice you with low introductory rates so that you transfer your balance from your current card and once you are caught in the web, their price hikes up to their standard amount. It is not a good idea to take out a refinance mortgage loan to pay off your credit card bills.

If you can manage to find some way to save on your mortgage, there is nothing like it as your mortgage is probably your biggest expense and any savings here will add up considerably. Even when you go for the best refinance home mortgage loans, make sure that you read the fine print and know what you are getting into before you go in too deep. Many mortgage lenders charge a transfer fee, which if you are unaware of will have you paying more on your home mortgage loan than you previously were.

Make sure that you do a thorough research before you choose even the best refinance home mortgage loan to get you out of debt.



Best credit card payment processing services

A payment processing service is a vendor-appointed service to handle transactions from various channels like credit cards and debit cards for merchant acquiring banks. When you swipe your card to buy merchandise at the store or online, it is the payment processor that is responsible for data transmission and security. Given below is a list of the best credit card payment processing services available in the market today:

Bank of America Payment services: They have the advantage of working with the second largest bank in the US. All kinds of payments like credit cards, debit cards, gift cards and electronic cheques are accepted here. They also promise mobile service and access to pay the next day.

Citibank: The Citibank processes transactions in more than a hundred currencies. Citibank also offers end to end processing services, reporting, customer service and billing.

Wells Fargo: This is one of the four major banks in the country, and they offer next day business funding, encryption and tokenization technology, support for both PIN and signature services.

Chase Paymentech: JP Morgan Chase is the largest bank in the US and its payment processing service authorizes and processes payments in more than 130 currencies. It also offers fraud detection, analytics, and security solutions.

Barclays: Barclaycard payment processing services facilitates phone, web, in-person and even mail order payments made on the desktop as well as portable card machines.

Vantiv: Thanks to its nearly error-free purchases, authorizations and captures Vantiv has held its head up high as one of the top credit card payment processing services in the country.

First Data: It facilitates small business payments. It is famous for its mini-reader that works without a Wi-Fi connection and a mobile reader that can be attached to other devices to process payments on the go.

Global Payments: Their primary focus is on ensuring that businesses accept all major forms of payment.



Difference between banks and payment processing services

It is very easy for us to misunderstand the difference between payment processing services like PayPal, Stripe, etc. and financial institutions like banks. This is because of people having various payment options available to them which were not the case previously. To understand the difference between these two systems, we need to take a look at what each one stands for.

Payment processing services: This is the service that connects the merchant’s bank to the cardholder’s bank, making sure that the money is transferred correctly and that it reaches the right place. Payment processors are categorized into two types: Front-end and Back-end. Money transactions are always taking place in the payment processing services, and there is a constant flow of money from one place to another. However, no investments are made here as there is no collection of money in the system. But there are cases when some payment processors also function as a digital wallet.

A bank, on the other hand, is an institution that generates money by lending to borrowers while charging interest. They also invest the money deposited by the customers, paying it out on request. Banks also help in exchanging currency. Banks store the money securely, allowing them to be invested in the right way, also allowing money to flow from one entity to the next, charging a fee for every transaction.

Now that we can comprehend the basic difference between payment processing services and banks, the next thing that we would wonder about is ‘why can’t payment processors also become banks?’ Banks are restrained by restrictions, whereas a payment processing service operates under a ‘frictionless’ structure, thereby allowing a merchant to create an account anonymously. The merchant requires only an Email ID to get started. The rules are fewer for free-flowing money than there are for money that is secured and invested.

It is necessary for us to understand the fundamental differences between banks and payment processing services. Keep these information handy!



Mortgage lenders The pros and cons of mortgage brokers

Buying a home is a quite a challenging process. Although the interest rates are low, the whole process of getting a mortgage is not easy, and it comes with a lot of regulations and stipulations which can hardly be termed natural. The whole process is scary unless you get someone reliable to walk you through the entire process. In come the mortgage lenders, who will provide you with the money to buy that house that you so want to. There are quite a few mortgage lenders on the scene that choosing the best one is not as easy as you thought that it was going to be.

Some banks use someone termed the ‘mortgage broker’ who acts as the middleman between the bank and the borrower. But some banks don’t make use of a mortgage broker as well. These banks instead provide retail-level financing to potential buyers. Whether you opt to choose a bank that uses an agent or one that doesn’t use a broker is up to you, and both of them have their pros and cons.

Banks that use mortgage brokers make good mortgage lenders as the brokers help applicants who do not qualify at a bank to obtain financing. The interest rates in this type of approach might also be lower than when a person directly approaches a bank for a mortgage.

When the borrower contacts the bank directly as a mortgage lender without the need to go through an intermediary, then he has direct contact with the bank, and it is even better if the applicant has an existing account with the bank as he would already have a relationship with the bank. The whole process of getting a mortgage then becomes easier and hassle free. These banks as top mortgage lenders have a solid reputation to uphold as they are often the most top traditional banks around. Hence there is a sense of security and safety in this process.



Get organised before finding the best mortgage lender

For every person thinking about applying for a loan, getting connected to the right mortgage lender is very important. Before you start out on the vital process of finding a mortgage lender that would suit your needs, there are a couple of things that you can get ready and organize from your side.

  1. Set your credit score right: First of all, not every person can walk into a bank and apply for a loan. The bank has a set of criteria and rules that you need to meet before you can be approved of even applying for a loan. Mortgage lenders will not help you if you do not meet their standards and criteria. Having a low credit score is one thing that will not be in your favor while applying for a loan. You will face a higher interest rate with a low credit score; whereas a high credit score and on-time payments will help the process and give you more power to negotiate for better rates with mortgage lenders. Make sure that your credit score is accurate and pay off or lower your high-interest debts.
  2. Know your mortgage lender: Make sure that you do enough research about the mortgage lender that you are going to go with. Make sure that they are licensed in the state that you are shopping in by going on to the Nationwide Multistate Licensing System Registry.
  3. Get yourself pre-approved: Before you start looking for houses, it is important to get yourself preapproved from your mortgage lender. Preapproval is a requirement and if you show up at an open house without one it would put you at a serious disadvantage.
  4. Compare the rates of several mortgage lenders: A lot of patience and ground work is required before you narrow down the mortgage lender that you would like to approach.
  5. Always read the fine print: Make sure to ask the right questions and read the fine print on your loan document.



All about mortgage calculators

The automated tools that enable users to determine the financial implications that they would face while getting a mortgage is known as mortgage calculators. They are used by the customers to gauge monthly repayments and are utilized by the mortgage providers to determine the financial stability of the client. The variables that the mortgage calculators help us with our loan principal, periodic compound interest rate, a number of payments per year, a total number of payments and the regular payment amount.

Many mortgage calculators can be found online, and by asking you to fill out the answers to various questions, they help you to determine how much you can borrow from the mortgage provider. The mortgage calculators provide us with a hassle free way of getting our questions answered before we apply for a loan. Here are some of the issues that you are required to answer by mortgage calculators:

  1. Home price: You need to enter the asking price of the house that you are looking to buy, and you can also enter the amount that you think you will offer for the house.
  2. Down payment: In this column, you need to get into the percentage that you will be putting down as the down payment for the house. Most homes require at least 3% down payment. The higher down payment you pay, the lesser your monthly payment will be.
  3. Loan program: You have the option of choosing from different loan programs like the 30-year fixed; 15-year fixed and the 5/1 ARM in the mortgage calculator.
  4. Interest rate: this column is a pre determined one, and it varies according to the down payment that you pay and your credit score.
  5. Property tax: The mortgage calculator also calculates the estimated property tax that you will have to pay based on the home’s value.
  6. Home insurance: The mortgage lenders typically require you to take out a home insurance. The mortgage calculator also calculates this for you, so that you are prepared for everything.



Aid of mortgage calculators to reap financial benefits

We are currently living in a highly digitalised world. Humans are used to the convenience of several things with the advent of digital technology. The financial goal set by each individual varies; some want to own a house and this becomes a distant possibility unless you are financially secure. There are a number of mortgage lenders who will make the dream of owning a house a reality. In order to do this, you will have to visit different lenders and get their quotes. But with the mortgage calculator, this can be easily done, sitting in the comfort of your home.

People tend to question the need of mortgage calculators as they are not aware of the benefits this tool brings to our lives. Here is a list of the advantages that you gain by using the mortgage calculator:

  • Accuracy: Mortgage calculators are known for providing the customer with 99% accuracy. As it is an automated tool, there are hardly any chances for errors. But make sure that you do not make any mistakes while entering the data into the system.
  • Independence: You are highly independent when you use the mortgage calculator as you don’t have to rely on any external source to do the calculations for you. You have the freedom to pick whichever lender you want to go with and the loan plan that will best suit your needs.
  • Rate comparison: The mortgage calculator compares all the rates of the lenders in the market, thereby enabling you to do a quick study and pick the right lender.
  • Variables: Without the aid of the mortgage calculator you will have no idea as to which variables you have the opportunity of changing. You can easily determine what you will be able to afford with the help of the mortgage calculator.
  • Time and Money: Using mortgage calculators will not only save you money but it saves you time as well.

Financial decisions will as simple as taking a walk in the park with the help of the mortgage calculation.



Product liability insurance – How does it work?

A product liability insurance is a policy that protects the insured in the remote event that a product that they deal with causes physical harm to a person or damages property. Businesses that deal with the manufacturing, distribution, retailing, or repairing of products would benefit from a product liability insurance.

In fact, a product liability insurance would be a prerequisite to do business mainly because of two reasons. The first one is that research data has shown that a significant number of lawsuits have been won by people who have filed complaints against companies for their products. These lawsuits could result in a lot of unnecessary expenditure for the business in the form of payouts. Secondly, most collaborators in a particular business network might hesitate to do business unless there is authentic proof of a product liability insurance.

Whatever the kind of product your against deals with, there are risks involved, and claims are inevitable. There will always be one dissatisfied customer who would want to take action and that will be an expensive cost for any business to handle, particularly for small ones. Moreover, defending against any lawsuit will involve money, but a product liability suit especially will prove to be a costly one.

Depending on the level of danger your products possess, the cost of insurance premiums you pay would vary. It is directly proportional, that is, the riskier the product, the higher the premium charged. However, other factors determine the premium amount too, such as the volume of distribution and marketing associated with the products, and the safety measures undertaken to prevent any mishaps in its handling and use. For example, electrical or surgical instruments are riskier and will have a higher premium for the companies that handle them rather than those dealing with cotton towels or paper plates.

A product liability insurance helps companies pass on the charges and the monetary penalty to a third party, i.e., the insurance company. It is not only an important insurance policy that all business enterprises should have but also one of the easiest to pay for to guard your company from harm.



General liability insurance and its advantages

Conventional terms used by insurance companies to explain their products and services might be baffling and ambiguous, despite the fact that their policy stipulations are almost certainly exhaustive and painstakingly thorough. Given below is a brief essence and the many advantages of a general liability insurance.

General liability insurance is also known as business liability insurance or commercial general liability insurance. This policy supports organizations, be it big or small, in the case of a physical injury or damage to property or harm caused due to improper advertising, in the office premises or because of the business activities.

Vulnerable to a plethora of liabilities, it is pivotal that companies are protected with a general liability insurance to safeguard their interests and assets. For example, when an accident causes harm or even results in the death of an employee, because of a faulty machine the general liability insurance policy owned by the company then helps to pay compensation to the third party.

When there is a need to defend yourself against allegations and claims of harm to a person or property; malicious defamation in oral or written forms; false propaganda or promotion; violation of patents, trademarks, or copyrights; and other such lawsuits, a general liability insurance plays its part in assisting you with the redressals. However, the degree of risk or hazard associated with the kind of business, the volume of business done, and the extent of the reach of the company, all determine the total coverage of the liability insurance policy.

Under general liability insurance, companies are covered for all legal costs including attorney fees and expenses incurred at police stations and courts, protection against a lawsuit, or making payments for settling litigation and medical expenses where necessary. In short, this policy is most beneficial for small companies to keep it functioning steadily by providing financial help, even when faced with unexpected lawsuits.