VA Purchase Loans – Why a Condo Might Be Better

Often, when prospective home buyers are searching for a house, they do not consider looking into a condominium. A condominium can have many beneficial aspects that a homeowner may have never considered. If the prospective home buyer is a veteran or active duty service man or woman, he or she can also make use of their VA loan benefit to buy a home and maximize their savings!

Benefits of Buying a Condo

Condominiums can sometimes be purchased at lower prices than a single-family house and still be more spacious than the typical home at the same price. When you purchase a condominium, you usually join a homeowner’ association, which means you would not have as much responsibility as you would have with a regular type of house. The maintenance of the condominium’s exterior is usually the responsibility of the homeowner’s association. This would be especially beneficial for older veterans who want a nice, spacious dwelling, but cannot physically be responsible for all of its upkeep.

Using a VA Loan to Purchase

VA loans offer several benefits to homeowners who are veterans of or currently serving in the military that many other types of home loans do not. This type of financing can offer up to 100% financing, and it does not require any mortgage insurance or down payment. These loans are guaranteed by the Department of Veteran Affairs and can save homeowners thousands of dollars! VA mortgage rates are currently quite low, so now would be a great time for qualified homeowners to use these benefits to buy the home they always wanted, but never thought they could afford.

One veteran in New Jersey knows firsthand how beneficial this type of financing can be. Prior to receiving VA loan financing, the veteran rented a very small space. Once he had the resources to upgrade, he picked out a spacious, luxury condominium in a well-known community. He first considered an FHA loan to finance his purchase, but he found the private mortgage insurance to be too high for what he could afford. He then began researching VA loans and their benefits and decided that this loan would be the best type of financing for him. He was quickly approved for financing and was able to close and move into his new home in just one month!

Take Advantage of VA Loan Benefits to Get the Most From Your Purchase

If you have decided to utilize this type of financing to purchase a home, look for VA loan-approved buildings when conducting your house search. Properties must meet certain eligibility requirements to be approved for this type of financing, but recently more condominiums are receiving approval from the VA than ever before. There are also certain eligibility requirements applicants must meet, but these guidelines are not as strict as other types of home loans, so it is easier for applicants to qualify for VA loans.

VA loans are a benefit available exclusively to veterans and current service men and women as a thank you for their service and dedication to their country. This type of loan can help a borrower purchase a great home with affordable financing. Those interested in obtaining this type of financing should speak with a loan specialist to learn more about their eligibility and the numerous benefits they could receive by purchasing with a VA loan.

Working Capital Financing Canada – For Sales and Growth

Working Capital Financing in Canada is provided in a number of different ways to Canadian business owners and financial managers. Like anyone, you would prefer to deal with an ‘expert ‘in business financing, so we encourage you to seek and speak to a trusted and credible business financing advisor in your area of working capital need.

Working Capital solutions are provided by our banks of course and also by what we will call non-bank independent finance firms. Smaller and medium sized firms are often better served by non- bank firms who have a better understanding in many cases of their business needs as it relates to receivables financing, inventory financing, purchase order financing, equipment leasing, etc.

Clients always bring up the issue of ‘government grants and loans ‘. There are some grant type programs out there but in general they do not serve the needs of the average Canadian business owner as they relate to working capital.

There are two very viable grant and loan programmes in our opinion. They are the government guaranteed Small Business Loan, aka CSBFL, aka SBL loan, as well as the federal SR &ED program. The Small business loan provides equipment and leasehold loans to Canadian business owners, and is not capped at a new high of $ 350,000.00. This in or opinion is a great term loan, and has excellent, we repeat, excellent rates, terms and structures. But the reality is that this is a term loan and is not a working capital loan per se. When clients come to us for ‘working capital loans ‘more often than not they are referring to cash flow needs for inventory, receivables, and equipment.

The other ‘ grant ‘ which in some ways could be construed as a working capital injection is the federal SR & ED program for your work on new products, services, and innovation in your business sector. This is a non – refundable grant that covers approximately 40% of all the cash you have spent in this area. We encourage all business owners in Canada, if it is applicable, to speak to an advisor in this area.

Most Canadian business owners are not aware of what is known as a cash flow loan. A more sophisticated finance term for this loan is a mezzanine or ‘sub debt’ loan. For smaller and medium sized businesses these loans tend to go up to the 250k range and are offered by a specialty lender which is funded by the Government of Canada. Larger cash flow and working capital loans tends to be in the 1 Million + range and are offered by non banks. These loans typically are unsecured, are used for cash flow purposes, and have rates in the low to mid teens due to their unsecured nature.

In summary, working capital means different things to different business owners. Our focus has been on real cash flow and cash flow for your business. Certain government programs might meet your needs in the areas of term loans, leasehold improvements, etc. But true working capital is the financing of current assets such as receivables, inventory, and purchase orders. Speak to a trusted credible financing advisor to determine which type of facility meets your needs.

Personal Loans You Can Find

Personal loans can be unsecured or secured. They are often for smaller amounts of money then other types of finance. Personal loans can be for any use. Personal finance are not as profitable as others because they are short term and interest earned by the lender is small. However, more and more lenders are seeing personal loans as being a great way to connect with customers.

The first step in getting a personal loan is figuring how much is needed and if a personal finance is the best option. A personal loan is typically for a small amount. A personal loan should be used when there is no other alternative. It can be easy to default on a personal loan or to get oneself into financial trouble with a personal loan. Once a borrower has decided on the amount of the loan and that getting a loan is their best option it is time to shop around for the best loan.

Personal finance can have a variety of terms and conditions. Like any loan the interest rates and fess is going to be largely based on the borrowers credit history and if the loan is secured or unsecured. It is very important to get the terms and conditions of the loan before ever applying. It is also important to compare loans and narrow down to one or two choices of lenders before applying. Comparing should involve getting quotes based upon a credit score estimate, not actually having the credit record checked with each lender.

One of the best places to look first is a credit union. Credit unions typically are more willing than a bank to extend a personal finance. They are also more willing to offer loans on amounts as small as $500. Using a credit union will help a person to not borrow too much, just what they need. They will also likely get the best interest rates and have a better chance of getting approved for the loan. Additional sources include payday advance companies or a bank. Borrowers should be careful with payday advances, though, since these are incredibly expensive loans that are very short term. However, for a short term money need they are a great option to getting in debt for a loan to a bank.

Personal finance is not always the best choice when in financial problems. They should be used sparingly. A personal loan is perfect for an unexpected expense or for someone just needing a little extra money, but who doesn’t want to get a home equity loan. They are not good to be used to pay regular bills or make payments against a debt.

A personal finance is a financial obligation and should be treated as such. It is required of a borrower to pay back the loan according to the loan agreement. A borrower should be smart about getting a personal finance. They should shop around and find the best deal, only borrow what they need and repay it according to the agreement.