Archive for the Money Category

How Much Does a Closing Attorney Cost?

By on January 18, 2020

Purchasing a new home can be a dream come true for many people. When you have found that dream house you have been searching for your whole life, and you want to lock it down, then you may want to consider hiring a casing attorney.

They will make it os that one you have signed all the necessary papers and be given that key that everything is to your liking.

In this article, we will be going over a few things that you should know about the closing prices, such as how much you will need to pay for their services and what exactly you will have to pay.

Of you would like to learn more about the legal arena that is the law, then feel free to reach out to Douglas Healy.

The law can be complicated, but once you have a bit of a grasp on it, you will discover that it is not as challenging as you initially had thought.

With this said, let us dive into the article, shall we?

How Much Does a Closing Attorney Cost?

The average price for closing a house is around 2 to 5%. This can sit anywhere between $5k to $12k for houses that are ranged in the $250k mark.

Now, of course, this is all subject to change, as the number of houses is not FIXED. However, this is to give you a better understanding of what you will be expected to pay.

This is why researching for a closing attorney that is both effective and affordable is quite beneficial for you.

How Much Are The Average Closing Cost Cases?

As we have just shown, the average price for these services is usually around $5k to $12.5K. However, these prices are always subject to change.

What Are The Closing Cost For Buyer Fees?

One-Time Fees

  • Reinspection fee
  • Credit application
  • Homeowners association transfer fees
  • Mortgage origination fee
  • Home inspection fee (optional)
  • Courier fee
  • Escrow fee
  • Bank processing fee
  • Loan discount points
  • Appraisal fee
  • Notary fee
  • The credit report
  • Recording fee
  • The credit supplement fees
  • Lender’s title insurance policy (this is an optional owner’s title insurance)
  • Closing attorney fee

Recurring Fees

  • Property taxes and tax servicing fees
  • Mortgage insurance premiums
  • Homeowners insurance
  • Flood certification fee

Can These Prices Be Negotiated?

YES! Yes, they can. If you are looking at all the payments that you will have to pay love and are getting a bit concerned, stop.

As we have listed above, many of these prices are one time fees, and the other recurring payments are not as numerous as the one-time fees.

And the best thing out of this is that you will be able to negotiate how much you will be paying for the fees.

This makes the whole process with a closing attorney that much more amicable, and this makes the whole process easier to handle.

However, when you are focusing on getting your dream house, the prices and this whole process are not that bad as they are getting you closer to your house.

What You Can Do To Reduce The Cost?

Here are a few things you can do to reduce the costs of the fees you have to pay.

You can:

  • Search for various closing agents
  • Utilize any military benefits you may have had
  • Ask the seller to pay your closing cost

Learn More Here

If you would like to learn more feel free to reach out to Douglas Healy to learn more. The more you learn, the easier it will be to find and defend yourself if you ever get caught up in a legal dispute

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4 Ways To Borrow Money And Properly Invest It

By on January 10, 2020

Jason Vanclef

It’s natural when you think about investing in trying and coming up with ways to finance your deals. For most people, the concept of borrowing money to invest is enticing. After all, as long as the investment profits exceed the borrowing costs, it’s the same as earning free cash.

Understand the Risks

In the financial world, professionals aren’t afraid to “invest the loan” as long as the numbers work in their favor. Determining that requires a deep dive into all the particulars. It’s easy to become overly excited about the prospects of investments. That’s why many people will check with consultants or accountants for valuations. A third party professional will take an impassionate approach to analyze the numbers. If they add up, using a loan may be an option.

Buying on Margin Is a Standard Play

Buying stocks on margin is a form of borrowing that empowers investors to control more shares than their current cash value allows. The benefit is that if it’s a winning trade, the person receives a much higher payout. The drawback is that losses also get more prominent when using margin.

Buying shares using margin was once a technique used only by professionals. Now, it’s exceptionally commonplace, and many people routinely do it for trading. However, the process still requires a thorough understanding of the particulars of the deal to determine if it’s viable.

Borrowing Against Home Equity Is an Option

Some investors may decide to tap into their home’s equity. Some banks make the process easy and offer realistic rates that might make the deal worthwhile. Naturally, it’s crucial to way this move against the potential risks of loss. According to Jason Vanclef, it’s reasonable to borrow against home equity when the opportunity for profits is high.

These types of loans have several strong points, but be wary of having too much debt relative to your income. If there’s room to spare and the investment passes muster, borrowing against your home is an option.

Consider the Merits of Any Loan for Investment Deal

It’s easy to get excited about the prospect of making money on an investment. Nothing beats passive income, so it’s understandable to show enthusiasm. However, tap in your left brain, too, and do the analytical math required to parse your potential.

  • How high are the interest rates? A bad deal won’t work because potential profits will be eaten up by interest.
  • What’s your current level of debt? If you’re drowning in debt, it may not be wise to use more of the same to finance investments.
  • Can you pay back the loan without issues? It’s worth considering how the loan will impact you if the investment stalls. Can you still repay the loan? If not, you may want to pass.

If you’re thinking about putting a significant amount of money into an investment, you may want to vet the idea with an impartial professional like Jason Vanclef. An accountant or investment consultant will take a clinical look at the financials and give you an opinion that they don’t base on emotion, but instead on cold, hard financial calculations. Doing so makes a difference because it changes the equation to only doing the deal because it makes sense. That way, you’re much more likely to gain a decent return so that you can pay off whichever loan you took.

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A Simple Guide to Sales Tax Nexus

By on December 31, 2019

It is easy to get confused by sales tax as they are explained with complex terms in the government website and often in various websites the guides are also as elaborate. It is important to keep things simple in order to understand sales tax nexus. It is very important for a business owner to know about sales tax nexus and the sales tax law. Nexus has been made applicable to any business now that has either a physical store or a digital store or both. The laws are important to understand if you want to properly conduct business in a state.

How nexus started

The law of nexus was introduced on 21st June 2018. The law of nexus was passed after the Wayfair sales tax case. In the Wayfair sales tax case, the decision was passed in favor of the state after which nexus became applicable in digital sales as well and many states implemented this law in their territory as well. The new sales tax law was implemented in 40 different states in the USA and more states are thinking about implementing the law of nexus as well. Nexus is very important to know about for a business owner.

Multiple types of sales tax

There are many different types of nexus on which sales tax is applicable. Nexus is applicable if you own a physical store and you do sales using the physical store. Another common type of nexus is called click-through nexus where it is necessary to pay tax when there is a sale using any website or link. If you hire any individual or organization to divert sales through your website then it falls under click-through sales. Affiliate nexus is also a popular kind of nexus where you hire an individual or a company to make sales and earn commissions. The state applies a tax on the commission as well which is called affiliate nexus. You would need to pay tax on any sales that are generated through your website or using any other online media as well.

How to calculate sales tax

It is important to do sales tax calculation and add the tax to the selling price of the product. You can either hire someone else for this task. Sales tax outsourcing is a very common solution where you can hire an individual to calculate the taxes for you. Many big companies do sales tax outsourcing so they can find out how much tax they would owe to the state. You can also do the task yourself. A sales tax calculator can help you do your taxes easily. You can also get a sales tax calculator on the website easily. It is necessary to do a sales tax deduction for calculating the original profit that you make from the product. When you want to calculate your profit you should do a sales tax deduction. You can add the tax that you owe to the government to the price of the product.

It is very important for a businessman to stay updated on the laws of sales tax. They can change and the laws might vary from one state to another. If you are selling online to another state then you need to know about the laws of sales tax of that state

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Should You Take Out a Loan to Cover Your Dock Construction Project?

By on December 17, 2019

A dock or waterfront deck is a handy area for boats of many sizes. Pull up to the deck, moor your vessel in place and you’re ready for a break on land. If you’re considering a new construction project for your waterfront deck, researching financing options is commonplace. Take a look at whether or not you should take out a loan for your project. Everyone will have unique needs in this department.

Adding Value to the Property

Taking out any type of loan requires careful consideration of the project at hand. Dock construction will add value to your property. As long as it’s maintained over the years, it ends up being a major highlight to your property when selling time arrives.

The key to any project is balancing reasonable costs with a quality finished product. Hiring professionals and picking the best materials, such as products from Decks & Docks Lumber Company, will make any waterfront landing a gorgeous addition to your property. Opting for a loan means that you have enough money for the right installers and proper materials. Anything less can reduce the project’s value.

Exploring Your Financing Options

According to Home Advisor, a dock might cost more than $20,000, depending on a variety of factors. Exploring financing options is the most important step before even hiring installers.

Visit your bank as a first step. They can point you toward a financing option that works for this project. Adding a waterfront landing to your property isn’t exactly defined as a home-improvement project. Financing might fall under construction, lifestyle or even personal loans.

Some homeowners might opt for a home-equity loan to pay for the project. Every person will have a unique situation so talking to banking representatives will help to narrow down the options.

Looking at Your Credit

A loan is a clever resource that adds to your property’s value over time, but think about your credit history first. If you have poor credit, applying for a loan and being declined is possible. The application itself may be a negative item that’s added to your credit history.

Examine your credit report before officially applying for a loan. Clean up any items that don’t apply or aren’t correct, such as a credit card that’s no longer in your name. With a clean history, applying for a loan and being accepted is possible.

Working With the Contractor

Some dock construction contractors may have financing options of their own. Speaking to your material supplier, such as Decks & Docks Lumber Company, can be a smart place to start. These professionals know contractors in the business that might have financing options attached to their services.

Remember that the contractor will ultimately install the dock, but there are other financial obligations that you must consider afterward. Insuring the structure is an absolute must to protect your investment, reports American Family Insurance. Take every financial aspect of this project into consideration before applying for a loan.

Be patient with the project’s progress. There may be challenges ahead, but an experienced contractor can overcome them. A waterfront deck will slowly arise along the shore to serve your property for years to come.

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Can You Take Out a Loan to Remodel Your Bathroom?

By on December 14, 2019

Remodeling the bathroom is one of the best ways to improve your home’s value. Finding the funds to pay for the remodel might be a challenge. Luckily, there are plenty of financial options available today to make that dream bathroom a possibility. You can take out a number of different loans for this project, depending on your budget, goals and credit history.

Loans and Your Credit History

You’ve decided to install a Kohler LuxStone shower, but paying for this upgrade has you turning to loans. It makes sense to borrow money to ultimately make more money from your investment in the home. Before you apply for any type of loan, look at your credit history.

Clear up any mistakes or old data from the history. When you apply for a loan, banks will pull this information. You want a clear history so that you gain a low interest rate.

Home Equity

Obtaining a home-equity loan on your New Orleans property is a common choice for bathroom remodeling. You can take out several thousand dollars based on the home’s value. The bank will determine this amount. It’s funded in a bulk amount so that you can pay for everything upfront.

HELOC

A HELOC stands for home equity line of credit. It’s distinctly different than an outright loan. HELOCs work more like a credit card to finance that Kohler LuxStone shower. Your bank gives you a line of credit based on the loan-to-value ratio of the Baton Rouge property, reports This Old House. Borrow up to the maximum credit line for about 10 years. You pay back the loan at that point over several decades.

Personal Loans

Your Baton Rouge bathroom remodel may be a major endeavor, but your equity is lacking right now. Contacting your bank about personal loans is an option. Ask about any loans that are specific to home improvement. These loans will still fall under the “personal” category, but the bank may have some attractive options with low interest rates.

Avoid personal loans that have questionable rates, such as adjustable types. The interest might surprise you with expensive bills later on.

Government Options

Bank Rate mentions government loans that may apply to your situation. HUD and veteran departments, for example, might have loans for a remodel at your New Orleans home. These loans are specific to certain situations, so you’ll need to perform some research.

Many of these loans are offered as low or no interest types. Call a few departments to see if you qualify for any funds. The pay off is low-cost funds to improve your home’s value.

Refinancing

If you’ve held a home loan for many years, it might be time to refinance. In essence, you roll the mortgage balance into a new loan with a lower interest rate. At the same time, you pull a certain amount of money from the equity so that you can pay for the bathroom remodel.

Any costs are minimal because they’re built into the refinanced loan. You can start with the remodel as soon as the loan is funded.

Be realistic about the remodel when it comes to the surrounding neighborhood. Don’t overimprove a bathroom in a low-price neighborhood, for example. Match the upgrades to the area so that you recoup the costs and pay back the loan in little time .

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Is It Worth Getting a Financial Advisor?

By on December 7, 2019

Utilizing financial advice can dramatically increase return on investment, although many people make the decision to handle their investments on their own. Most people believe they are educated enough to make wise financial decisions, which is completely understandable. If you have created wealth and have a sum of money to invest in the first place, it is a fairly good indicator that you have a decent head on your shoulders. Most people are versed enough to make decent investments with their money, but this doesn’t mean they are an expert. Nearly everyone can benefit from getting financial advice from an expert, as this will more than likely increase return on investment.

Fundamental Problems with Self-Investing


Lack of diligence is an issue that many investors face. There is a large time investment that is required with wise investing, which means you are going to consistently have to study the market. In a practical sense, it would be illogical to work a full-time job and also attempt to become an expert at investing. When people avoid financial advice and simply try to do it on their own, they are essentially trying to become an expert in the field. It would be akin to learning how a vehicle works and diagnosing every problem that your vehicle develops, rather than simply taking your car to a mechanic. It takes years and years of hard work to really understand how to diagnose a problem with a car. Furthermore, there is a lot of skill involved when it comes to performing repairs. An average person who is working a full-time job would not have the time necessary to become an expert. It would not be practical to approach car maintenance in this manner, as you will probably be losing your time and money. You should apply this same logic to investing your money.

Hiring a Financial Advisor


Working with an expert is an intelligent financial decision. Not only are you likely to increase your income, but you are going to be saving a lot of time in the process. The opportunity cost of self-investing is great, but many people don’t take this into account when they are considering investment options. If you decide to consult with an expert such as Rex Burgdorfer, you are going to be making a financial decision that will most likely put more money back in your pocket. You can evaluate the Rex Burgdorfer LinkedIn page for more information. If you have questions about the Rex Burgdorfer LinkedIn page, or you have questions about investment opportunities, you can reach out to Rex Burgdorfer.

Increase Return on Investment


What people perceive as an expense, in terms of working with a financial adviser, is really an investment that should pay great dividends. If you make the decision to obtain financial advice, you are inevitably going to have to pay some money upfront. However, that money should come back to you in a short period of time. Additionally, you have a much higher chance of increasing your income by at least several percentage points in the next calendar year

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How to Handle Debt Collectors Harassing You

By on November 8, 2019

Personal debt is at an all-time high in the United States. One in three Americans has a debt that has been turned over to a collection agency. It’s important to understand how to proceed rather than caving to pressure and threats when they call.

Don’t Pay on the First Contact


When you first receive a debt collection phone call, ask for as much information about the specific amount of the debt, the name associated with the debt, the company that turned over the debt for collections and the name of the debt collection agency.


There are often errors or mistakes in the information turned over to collections agencies. You will want to verify that the debt is associated with your name and that you had an outstanding debt with the company who turned it over to the collection agency.

Don’t make any payments, even small ones, until you have verified the legitimacy of the debt and received official documentation from the collections agency. Debt can “expire” in some states and no payments need to be made on it. However, making a payment on the debt can make it legally valid again.

Gather Supporting Documentation


Request a validation letter from the debt collector, if you did not receive one within five days of their first contact with you. This is official documentation of the debt being claimed by the collection agency. If you do not receive one but still receive threatening phone calls, tell them that you have not received a validation letter and will not speak with them until you have it. If they refuse to verify the debt in writing, then it is likely a scam.

Call the company who reported you had outstanding debt and ask them to send you copies of your account bills. Cross-check any payments made to the company with your bank statements. Pull together hard copies of payments made to the company and withdrawn from the bank.

Dispute any errors within 30 days of receiving the validation letter. Keep originals of all documentation and send copies to the debt collector using certified mail.

Negotiate Your Debt


When a debt collection agency buys debt from a company, they do not buy it for the full amount. The original company recoups some cost from the buyout and the collection agency makes their money off of whatever you agree to pay.

There are two goals when negotiating with a collections agency. The first is to settle your debt for as little as possible and secondly to have it removed from your credit report. You can ask for as little as 10% or 20% of the stated debt. If they decline your offer, ask them to make an offer and haggle from there.

Once you’ve agreed upon an amount, ask for a “pay for delete”. This means that you will pay the agreed-upon amount and they will delete the debt from your credit report. This helps your credit immensely and it settles the debt with the agency.

Pacific Collection Group is a collections agency located in California. We want you to know that you can come to us to discuss any debts. We are willing to work with you honestly and legitimately. Call Pacific Collection Group or stop by our office in person

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White Mountain Partners Shares What Age You Should Get Your First Credit Card

By on October 22, 2019

Using credit cards responsibly is an important part of building a healthy credit score. However, many people ruin their credit scores by using credit cards before they understand the process of building and maintaining good credit. Consider the following suggestions when deciding on the best age to get your first credit card:

Minors Under the Age of 18

Though some minors may have their parents’ credit cards, minors aren’t allowed to apply for credit cards under their own name. Some credit card companies allow primary credit card users to list authorized users on the account. These authorized minors can have their own cards that are printed with their names.

White Mountain Partners recommend that parents use this time to educate their children on appropriate credit card use. However, any minor hoping to open a line of credit on their own must understand that the law dictates that anyone under the age of 21 cannot apply for their own credit card without proof of stable income or a cosigner that is able to cover their bills.

Young Adults Between 18 – 20

Though most experts recommend that young adults avoid credit card use altogether, this is an excellent time for responsible credit card users to start building their credit cards. According to 2009’s Credit CARD Act, anyone between 18 – 21 must show proof of stable employment or assets, indicating they can pay the loan back. At this time, young adults should seriously consider if they are ready for a credit card.

If a hopeful applicant plans to use their credit card to live above their means, this is a fast track into debt. However, young, financially stable adults that are only using their credit card to build their credit and make purchases that they can pay off in full are in the best position to make healthy financial decisions with their credit card use.

Adults at 21

After 21, most adults have a better understanding of how credit card companies work. At the age of 21, anyone can apply for credit cards without being met with the CARD Act restrictions. However, at this age, White Mountain Partners share that it’s still imperative to manage this credit card use responsibly at this time. If you’re applying for your first credit card around this age, make sure you are able to pay your bills in full on time and avoid taking on large balances.

Make sure you are able to make timely payments by setting up alerts for your email or phone prior to your credit card’s due date. Additionally, you can set up automatic payments to make sure you’re never late in paying your credit card bills.

Building Credit as an Adult

Throughout your 20’s, 30’s, and onwards, you’ll have years to continue building your credit. The sooner you’re able to start making healthier financial decisions, the stronger your credit will be. Wherever you are currently with your credit score, using your credit cards responsibly will allow you to make bigger, more substantial purchases as you get older.

Getting a credit card before the right age can seriously affect your credit score. Be sure to keep this information in mind to better understand best practices when applying for and using a credit card

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Golden State Partners Discusses The Best Ways to Consolidate Credit Card Debt

By on October 17, 2019

Credit card debt can be something that is difficult to deal with, as it can have drastic implications on one’s credit score. Consolidating credit card debt is a method used by many in order to reduce monthly payments, which can help save you money. There are multiple ways that credit card debt can be consolidated.

There are many factors that go into which method you can use, and they are primarily based on the strength of your credit history and your current financial situation. Here are the best ways to go about consolidation.

Apply for a Personal Loan

A personal loan is a common method used to consolidate debt, and funds from a debt consolidation loan could actually be used to pay off the remaining balance on a credit card. Instead of making monthly payments, you’d simply make one payment for the personal loan itself.

If you happen to have good credit and have proven to be responsible with your finances, you may actually qualify for lower interest rates. Interest rates can be devastating if you have credit card debt, and Golden State Partners are experts in the industry that can assist you if you are having trouble.

In addition, certain lenders will send payments to the creditors directly. This can help you avoid the temptation of spending the loan money on something else.

Balance Transfer Credit Cards

A balance transfer allows you to move balances from multiple credit card accounts to a different card. Balance transfer credit cards come with a big advantage in the introductory 0% APR for a certain amount of time.

If you are able to pay off the balances you transfer prior to the start of the introductory period, you could potentially avoid paying interest on charges of the transferred balance altogether. However, you should be advised that the promotional period is only for a limited time and if you do not pay it off in time, the remaining balance will negatively impact the interest rate.

Ask Help from Friends and Family

This may all depend on what you owe and how bleak your financial situation looks like. If you are strapped for money, you may ask a loved one to lend you the money. If they are willing, they can give you what you require for the time being.

You should be advised that personal relationships are often fractured because of financial mishaps. Therefore, if you go this route, the terms of the loan and a clear plan of repayment should be clearly outlined. Treat this no different than if you were applying for a loan from a bank or other financial institution.

Of course, the biggest advantage of doing so is that there are no eligibility requirements. Odds are that if you reach a point where you have to ask loved ones for necessary financing, you would be denied a formal loan from a financial institution. In addition, you may also get lower interest rates.

As you can see, consolidating credit card debt is something that is useful for many people to handle credit card debt. Credit card debt can have a drastic effect on your credit score and other areas in your life. Golden State Partners contains valuable information and resources for you to use to help in your journey

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Derby Advisors Shares What to Do When You’re Struggling to Pay Off Your Credit Card Debt

By on October 2, 2019

While having a healthy amount of debt is essential to earning a good credit score, there’s a difference between good debt and bad debts. Debt becomes harmful when payments aren’t paid in full each month, missed completely, and when it eventually takes its toll on your credit score. Consider the following information to discover effective strategies to pay off your debts:

1. Know What You Owe

Start fast-tracking your debt reduction process by compiling all of your debts into one list. This way, you’ll have a clear idea of how much you owe, the due dates for each bill, and other details like the name of the creditor and the interest rate. With all your debts in one place, you’ll have a better idea of what you need to focus on and where to concentrate your efforts. Make it a point to refer to this list on a regular basis to keep these debts at the forefront of your mind.

2. Pay All Monthly Bills on Time

Another step in reducing debt is to avoid late payments as much as possible. Experts like Derby Advisors share that with every late payment comes a late fee, which further complicates the repayment process. If you consistently miss payments or make late payments, you’ll face an increase in finance charges and interest rates. Avoid this situation by setting alerts ahead of time to remind yourself to pay your bills.

3. Create A Bill Payment Calendar

For many, paying off debt can be overwhelming. Instead of paying all bills at once and taking a huge chunk out of your earnings, set up a bill payment calendar to determine when you will pay each of your bills. When creating this calendar, make sure your paydays coincide with the days you pay your bills as this will encourage you to make payments as soon as you have the money to do so.

4. Make the Minimum Payment

When paying off your debt, it’s also important to make the minimum payment for each bill. While this amount won’t help you progress as quickly as you would if you paid more each month, paying the minimum will keep your accounts in good standing, effectively preventing your debt from growing or your accounts from defaulting.

5. Prioritize High-Interest Debts

While it may seem as though your debt is all-consuming, this doesn’t have to be the case. By prioritizing your debt and choosing to pay off high-interest debts first, you’ll be able to make a greater impact on your debt. According to Derby Advisors, prioritizing credit card debt is a good strategy as credit cards often have the highest interest rates out of other debts. When choosing which credit card debt to pay first, pick the ones with higher interest rates, then rank the rest of your debts in the order that you’ll pay them off.

Debt can have a serious impact on your finances. If you’re in the process of paying off your debt and rebuilding your credit, be sure to apply these five strategies to your life

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