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Rent-to-Own at Three Times the Price

If you had the opportunity to buy a television or a sofa at a price that was three times the suggested retail price, would you do it?  That scenario may seem ridiculous, but thousands of people do just that every day when they sign an agreement at a rent-to-own store.  Rent-to-own, or RTO for short, is a system that allows consumers with little or no credit to acquire furniture, electronics or appliances by renting them by the week or by the month.  At the end of the rental agreement, the renter gets to keep the merchandise.  The renter may also agree simply to rent the merchandise for an agreed-upon period of time.

While furniture or appliance rental may be suitable for someone who needs them for only a month or so, it represents an expensive way to buy for someone who intends to keep them.  A television may seem inexpensive at only $10 per week, but if the agreement requires eighteen months of rental before the customer owns it, the total amount paid will be $780.   That would be fine if the television were valued at anywhere near that amount, but in most cases, that $780 will provide a television that sells for only $250 or so at electronics stores.  The additional $530 goes to the rental company in the form of profit.  Expressed as an annual interest rate, some rental fees can exceed 400% annually.

In addition to the rental charges, the customer will also likely have to pay sales tax, delivery charges and possibly return charges if he or she elects not to keep the merchandise.  Late payments may also incur a late fee, provided that the rental company doesn’t elect to terminate the agreement and take the merchandise back altogether.  In that case, the customer has nothing to show for the money invested.

Rental companies point out that for those who have no credit cards, the RTO concept provides an opportunity to “have it now.”  That is true, but consumers who have little money would be better off either saving that $10 per week and buying the television in six months’ time.  Alternatively, the consumer could put the television on layaway at a retailer and pay it off over time.  Either way, the consumer would save hundreds of dollars in rental fees.

A consumer who needs furniture or appliances for a short time, such as someone on a temporary assignment to another city, might find an RTO agreement useful in order to avoid living in an empty apartment.  But anyone who wants to buy furniture, electronics, or appliances might be better served by simply saving their money until they have enough to buy the merchandise outright.

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Bargain Hunters, Buyer Tips, For The Home, Helpful Tips, Rental News

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Ten Ways to Fight Identity Theft

Recent reports estimate that as many as one in ten of the population have been a victim of identity theft, one of the fastest growing crimes of the last few years. By using a variety of means to usurp your identity and pass themselves off as you, the criminals involved go on to commit fraud and theft in your name – leaving you to pick up the pieces afterwards.

The effects on your credit rating can be devastating and often take years to completely fix, so prevention is obviously better than cure. Here are ten simple ways to help you avoid becoming a victim.

1: Be careful with your old documents such as paid bills, bank statements, and receipts. Either keep them safely stored or destroy them if you don’t need them anymore. Don’t just throw them away, as fraudsters often start stealing an identity by searching for these very kinds of documents in household waste. Shredding or burning unneeded papers will prevent this first step.

2: Store your personal documents securely by keeping them somewhere out of the sight of visitors to your home.

3: If you change your address, make sure that you inform your bank, utility companies, and everyone else who sends you mail. Documents wrongly sent to a previous address are a favourite target of fraudsters.

4: Make sure that when you stop using a credit card or bank account, you actually formally close the account rather than letting it go dormant. Having an unused, forgotten about account resurrected by a fraudster might not even be noticed until serious damage has been done.

5: Watch your plastic – make sure you know where your credit, debit and ATM cards are, and tell the issuing banks immediately if you lose them or they’re stolen.

6: If possible change your PIN numbers and passwords to something easily memorable, and NEVER write them down, especially not on scraps of paper kept in your purse or wallet.

7: Don’t respond to phishing. Banks will never ask you for personal details via email, and won’t ask you for the password to your account. You don’t need to ‘reconfirmed’ your details following an email request either – just delete the email. If in any doubt at all, call your bank to make sure the request is genuine.

8: Use anti-virus software and firewall on your computer, especially if you use online banking of any kind. Keep the software up to date as well to guard against attempts by hackers to discover personal information on your computer.

9: Check your bank account and credit card statements carefully when you receive them, and query with your bank anything that you can’t identify. Spotting a fraud in progress early on will vastly help in minimising the damage it causes.

10: Finally, monitor your credit reports regularly to see if anything appears that seems odd, such as applications for credit cards that you didn’t make, or missed payments on finance that you haven’t taken out. Services are widely available online which can help you do this by automatically informing you when something on your file changes.

None of us can be 100% sure that we won’t fall victim to the crime of ID Theft, but by taking the measures listed above you’ll be making the job of any potential fraudster very difficult indeed, and they’re likely to move on to an easier target!

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Buyer Tips, For The Home, Helpful Tips, Real Estate Tips, Seller Tips

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Understanding Mortgage

A mortgage is defined as a way in which property or jewelry is used as a security against the debt. The loan that is taken against mortgage is termed as ‘mortgage loan’. This loan is taken in many countries mainly for the purpose of purchasing home or for wedding in the family.

Mortgage can be taken from banks or money lenders in many countries. People involved in mortgage include-creditor, debtor and at times a legal representative. The term creditor can also be used synonymously with lender. Money lenders, insurers, banks or financial institutions are creditors who provide the money to the person in exchange of property or jewelry.      

A borrower is also known as debtor, obligor or mortgagor. A debtor gets the amount equal to the value of the mortgaged article. A mortgagor is required to abide by all the obligations or conditions of creditors. Or, else there are chances that as a way of recovering debt, the property may be taken away by the creditors. There are various properties as a result of foreclosure. These properties are available for reasonable costs for the other buyers.  

It is always that the legalities of mortgage are done under the supervision of a lawyer. All the conditions and the amount of money involved should be stated in written and signed by the creditors, debtors and lawyer present. It adds authenticity and removes any confusion if any.

Currently many Certified Financial Planners work in combination with Certified Mortgage Planners so as to provide mortgage loans to financially sound people.

In addition to creditors, debtors, legal representatives and government agencies, there is involvement of pension funds and life insurers. Terms involved in the legal process of mortgage loan are Disbursements, Mortgage Deed, Conveyance, Land Registration, Sealing Fee, Freehold, Leasehold, Seasoned mortgage and Legal Charge.

Freehold is defined as the land and property ownership. Disbursements include all the money involved as search fees, stamp duty and land registry. Legal Charge is a document that has all the minute details of the land or property owner. Conveyance is the document that transmits the possession of unregistered property. Sealing Fee is paid when the creditor discharges the charge over the land. Land Registration is also referred as title. This document contains the details of the ownership of land and property. Seasoned mortgage is linked with secondary market. In seasoned mortgage payment is made on regular basis. Mortgage Deed is a document that gives detail of possession of ownership.

Legal mortgage are of two kinds Mortgage by legal charge and Mortgage by demise. There are essentially two types of legal mortgage. A lender becomes the legal owner of the mortgaged land till the money is paid in full. A lender is free to auction or sell the mortgaged property. While under Mortgage by legal charge, a lender can not sell the mortgaged land. He may possess the land legally but the right of selling and buying of the land lies with the debtor. Also, to provide safety to the lender, the details of mortgage are recorded in a register.

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Buyer Tips, Mortgages, Re - Financing, Real Estate News, Real Estate Tips, SW Real Estate News

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What’s In Your FICO Score?

Obtaining copies of your credit reports from the three major credit reporting bureaus is a must for all American consumers. If you order your copies directly from each bureau, you can get yours for free [once per year per bureau]. That is the law. There is, however, one piece of information not included with your credit reports and that is your FICO score. Your FICO score can determine several things, including what interest rate mortgage lenders will charge you and the rate you will pay for your credit cards. For just a small fee you can order your FICO score and get a hold of a piece of information that is critical to you fully understanding and improving your credit rating.

FICO, or Fair Isaac Corporation, is a score that helps determine what interest rate creditors will charge you. The higher your score, the lower your interest rate will be resulting in lower mortgage payments and more money for you. Indeed, when you apply for a new cell phone account, purchase a car, or make just about any type of credit application, your FICO score is obtained by creditors. Unfortunately, you typically do not know what that score is unless you get the information yourself. Don’t count on creditors sharing that information with you!

Your FICO score is based on five determining factors. According to the Fair Isaac Corporation, these five factors are weighted differently and each one is assigned a percentage figure based on their importance. Specifically, they are:

1. Payment History – 35%

2. Outstanding Balances – 30%

3. Length of Credit History – 15%

4. New Credit – 10%

5. Types of Credit Used – 10%

Obviously, if you have made several late payments and owe a large amount of money to your creditors, your FICO score will be much lower than the person who pays what they owe on time, has a manageable level of debt, and possesses a solid credit history.

Coupled with your credit report, your FICO score can help you determine the plan of attack you need to take to improve your credit standing. This is very important step to take especially if you anticipate making any sort of credit application within the next year. If there are errors in your credit report than these will lower your FICO score. Make certain that the three credit reporting bureaus correct each error now and, once amended, run your FICO score again to determine if it has been adjusted upwards.

Remember, the higher your FICO score, the lower your monthly payments will be on virtually everything you finance through a creditor. Order your free credit report today and pay a little extra to obtain your FICO score.

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Buyer Tips, Helpful Tips, Interesting, Mortgages, Real Estate News, Real Estate Tips

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What You Should Know About Interest Rates

For all people shop around for the best rate, there are few who have taken the time to sit down and add it all up. After all, why would you bother? The answer is that understanding just how interest rates work can help you see how important small differences in rates and payment amounts can be.

Interest Rates are Compound.

It is important to remember that what you owe is compounded – that means you pay interest on the interest you owe from the month before. That means that if you’re paying 2% per month in interest, you’re not paying 24% per year – you’re actually paying 26.82%. Charging interest monthly instead of yearly is a trick to make it feel like you are paying a very low price for your borrowing.

A Thought Experiment.

Here’s a question: would you rather have $1 million, or $10,000 in a savings account earning 20% per year in compound interest?

Well, let’s see how that $10,000 would grow. After 10 years: $61,917. 20 years: $383,375. 30 years: $2,373,763. 40 years: $91,004,381. 50 years: $563,475,143.

So after fifty years, you’d have over $500 million?! Well, not so fast. Of course, you have to take inflation into account – if we say inflation is 5%, then that money would have the buying power that $10,732,859 does today. Still, that’s not a bad return on your investment of $10,000, is it?

That’s the power of compound interest, and the way the credit card companies make their money (it’s also the way pensions work, and the reason the prices of things seem to rise massively as you get older). Be very, very afraid of compound interest. Or, of course, you could start saving, and be very glad of it…

Compound Interest Adds Up.

Let’s work through an example on a more real kind of scale. Let’s say you have an average unpaid balance of $1,000 on a card at 15% APR.

You will owe $150 in interest for the first year you borrow. However, this amount is then added onto the balance, and interest is charged on that. The second year, you’d owe another $172.50, for a total of $1322.50. It goes on, with totals like this: $1,520.88, $1,749, $2,011.35.

After just five years at 15%, you’d owe double what you borrowed. And after 10 years, you’d owe four times what you borrowed! Bet you weren’t expecting that. If you let something like that carry on for long enough, you’ll end up paying back that credit card for years afterwards, paying back what you borrowed many times over and still not clearing the debt. Most people don’t work this out, and feel that the payments must simply be their fault for spending too much money to begin with.

One Percent of Difference.

One more thing. You might think there’s not that much difference between a card that charges 15% APR and one that charges 12% APR. Let’s see the difference the lower rate would make to that $1,000 borrowed for five years. Remember, after five years at 15%, you owed $2,011.35.

At 12%: $1120, $1254.40, $1404.93, $1573.52… $1762.34 after five years. So you’ve saved $249.01 from that 3% difference in APR – in other words, you’ve paid almost 25% less interest.

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Buyer Tips, Mortgages, Re - Financing, Real Estate Tips

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Who Is Responsible For Closing Costs

Buying or selling a home is a euphoric experience for both of the parties involved. This euphoria can cool when you learn which party is responsible for the closing costs.

Who Is Responsible For Closing Costs

When looking to buy or sell a home, every person eventually arrives at the question of funding closing costs on the transaction. To put it simply, both buyers and sellers typically are responsible for some of the closing costs. However, the exact amounts paid can vary significantly from area to area and depending on what agreements the buyers and sellers come to in the offer-counteroffer process.

It is important to research the area you are looking to buy or sell in and be knowledgeable regarding any laws and standards of practice for the area. Yes, the requirements are different in each state and often each city. Know what you will have to pay ahead of time so you can be prepared to cover these costs. Here are some examples of what buyers and sellers generally have to cover.

Buyers typically pay the following: fees charged for obtaining a mortgage; inspection fees; homeowner’s insurance (must be prepaid for one year at closing); transfer taxes if there are any (although the seller may pay these or they may be shared 50-50 between buyer and seller); title insurance and escrow fees (varies depending on the location); and attorney’s fees (if and where attorneys are involved in the transaction). If you are confused, a mortgage broker can tell you which fees are customarily paid for by the buyer in your area and how much they will cost. When buying a home, the use of mortgage brokers is highly recommended to both get a great deal on a mortgage and help with the transaction itself. The broker only gets paid if the deal goes through, so you know they will make every effort.

Sellers’ closing expense responsibilities typically include: loan payoff fees; the real estate commission (in some cases, a portion of this may be paid by the buyer); title insurance (depending on the location); termite repairs (this is negotiable in some areas); cash payments in lieu of repairs to the property; all or part of transfer taxes and escrow fees, if there are any; attorney’s fees where applicable; and other fees set by local custom or negotiated during the transaction.

Knowing and researching the area you are buying or selling in is critical to understanding who is responsible for closing costs. Educate yourself and you will avoid overpaying.

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Your Options in Car Financing

There are so many car financing options available how do you know which one is right for you? Read on to obtain information about all of the different options available and how to determine which one will provide you with the best benefits.

Many people take advantage of an option known as dealer financing. This is when you handle the financing of your new vehicle directly through the lender. Now, that doesn’t necessarily mean you’ll be making your payments directly to the dealer. Usually, they work with a finance company to provide the financing to you. There are definitely some benefits to this option. First, depending on your situation you may be able to obtain extremely low-interest rates; in some case you may be able to obtain a zero percent interest rate. In order to obtain this special rate; however, you will need to have excellent credit with no problems. If you have any problems at all on your credit history you will not qualify for the special interest rate although you will probably be able to still obtain a loan; just at a higher rate. When your credit report is not perfect ask yourself whether you could get a better deal at a bank.

Bank financing is an option that is typically available as long as your credit history is good. This means it doesn’t have to be perfect but you shouldn’t have any major flaws either. If you have already worked with the bank in the past this will increase your chances of obtaining a loan. While a bank interest rate may not be as low as what a car dealer can offer for individuals with excellent credit, it may be better than what you could obtain at the dealership if your credit is only ‘good.’

Another option you may wish to consider is credit union financing. Of course, this option is only available if you belong to a credit union. If you do happen to have a credit union membership; however, the rate available to you may be much better than what you can obtain through a bank or dealership.

These days it is also quite easy to simply go online and surf around for a quote from an online lender. This option has become so popular many lenders are now willing to compete with one another and offer very attractive rates. In the event you do not have perfect credit, this can be a good option for you; just make sure you fully understand all of the terms of the loan before accepting it.

Another option would be to simply borrow the funds from a family member of friend. Of course, this is extremely risky because it could cause problems in your relationship in the event that you run into a problem with the payments. But, if you can’t obtain a loan elsewhere because of credit problems this may be a good option.

Finally, you may wish to consider refinancing your home or taking out a home equity loan in order to finance the cost of your new home. This basically allows you to pay cash for your vehicle with the proceeds of the loan and then paying back the money through the refi loan. In some cases you may be able to get a better interest rate with this route than you would with a traditional bank auto loan. In addition, the interest you pay on the loan is tax-deductible. Like other options; however, there are some disadvantages. With this option, be aware that you could be putting your house at risk, not just your car, if you run into a problem and can’t make the payments in the future.

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Growing Trees for Shade

If you are currently trying to plant trees in order to shade your garden, you will probably want something that grows very fast and provides plenty of shade. With the many types of trees available, you will have no problem finding a variety that will grow extremely fast and provide all the shade that your garden needs to survive. There are also many things you can do to speed up the growth of trees.

Generally trees are separated into two categories: long-lived and short-lived. If you are just looking for some temporary shade for your garden, you should stick to a short-lived tree. But if you plan on keeping it for years, go for a long-lived tree.

If you decide on a short-lived plant, you are probably looking for something with speedy growth. This means the root system will be particularly aggressive, so be sure not to place it near any septic tanks or other deep-rooted plants. If the roots have plenty of area to grow, then they will shoot out extremely fast and your tree will take off in growth. Your placement should also be based on the tree’s relative position to the area you are wanting to shade. You should keep it to the western or southern sides for maximum shading.

Preparing your soil well for the shade trees can be the best way to enhance the plant growth speed. The bigger hole you dig for the root ball, the better. Also when you dig out the soil from the hole, you should work it over well before you replace it. This will allow the roots to penetrate through the soil better. If you mix in all your fertilizer and nutrients to the soil before you replace it, you will end up with a superior tree. Also try to use organic materials as mulch. Bark and any branches or twigs work well for this, and will encourage the quick growth.

When you buy your shade tree, it will usually come with the root ball belled up and in a burlap bag. It might also be grown in a container or simply with bare roots. If you get a tree in a burlap bag, you should plant it anywhere between fall and early spring. Trees grown in containers are ok to plant at almost any time of the year. If the tree just has bare roots, then the ideal planting time is anytime in winter and early spring. If you buy a tree that has been grown in a container, make sure that the roots are not constricted by the container. This will usually cause the roots to go in circles underground after you plant it. After you buy the tree and before you plant it, be sure to constantly add moisture to it.

The ideal planting process would include putting it in the ground at the proper depth, and replacing the soil without compressing it too much. Immediately after planting, you should give the tree its first watering before putting the layer of mulch on. You should always use organic mulch, and have a 2 or 3 inch layer of it at the base of your tree.

You should always use nitrogen fertilizer during the first segment of the tree’s life. Simply follow the instructions on the label in order to find out exactly how much to apply and when to apply it. Never apply too much fertilizer while the tree is young. You should usually wait until it has been established for about a year. The fertilizer that you do ad should be sufficiently watered down.

If you are trying to grow a tree speedily, there are many more things that you need to consider. However, with proper planning you can create the perfect environment for the tree to spring right up and provide you with plenty of shade within months.

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Backyard Activities, For The Home

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Family Resorts in Mexico

Vacationing with your family in Mexico offers many benefits.  Though many cities are associated with constant partying, there are also many activities that are designed for young children and teenagers.  Many children receive discounts at many popular tourist attractions.  Selecting an all-inclusive vacation package for the whole family is one of the best ways for everyone to enjoy their vacation in Mexico, without having to worry about the cost.

If you are interested in visiting Mexico with your family, you will want to examine some of the many attractions that are specifically geared towards children. These attractions and activities are ideal for making the most out of your family vacation.  Below is a summary of just a few of the many attractions and resorts that you may find exciting in Mexico.  For additional information, you are encouraged to contact your local travel agent or use the internet to guide you in your search.

Located on the Mayan Riviera is the Xcaret Theme Park.  The Xcaret Theme Park is a wonderful attraction for those who are looking for a family resort.  Located in Cancun, Mexico, the Xcaret Theme Park is a theme park that is often compared to Disney World or Disneyland.  Similar to Disneyland and Disney World, you can expect to enjoy a fun-filled day at Xcaret, thanks to amazing rides and attractions.

A deep underground river is a popular feature of the Xcaret Theme Park.  You and your family can see plenty of beautiful tropical plants as you enjoy the river.  Xcaret is also host to many wild and exotic animals.  There is a butterfly pavilion, a coral reef aquarium, and you are given the chance to swim dolphins.  Many children, as well as adults, will be thrilled with this theme park.  In addition to the Xcaret Theme Park, Cancun offers many family friendly resorts.  To find a luxury resort that offers family oriented activities you may want to check on the internet or speak with your local travel agent. 

Cozumel also offers many great attractions and activities that are designed for individuals of all ages, including children. Cozumel is ideal for family vacation, especially because it has one of the lowest crime rates in Mexico, as well as the world.  Cozumel is home to some of the most beautiful coral reefs.  This often creates an incredible adventure and learning experience for children.  If your children will enjoy scuba diving or snorkeling, then you will want to plan a trip to Cozumel. 

With so many options for families, choosing a Mexican all-inclusive vacation is a great idea. The vacation package will also include items such as snacks, drinks, meals, as well as hotel accommodations and airfare.  Teaching children about various cultures and customs and letting them view the Mayan ruins first hand is an amazing lesson in geography and history. While education is nice, the above mentioned locations do not completely just focus on it. There are so many fun-filled activities such as snorkeling, diving, swimming, hiking, fishing, sailing, and parasailing. These activities are great for families with active children.

In addition to the above mentioned popular Mexican destinations are that are designed for the whole family, you may want to consider additional sights and attractions.  Mexico has so much to offer you and your family. In fact, you and your family may wish that you could stay in longer.

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How to Homeschool Your Child

Now that you have decided that homeschooling is the way to educate your child, get ready for the ecstasy and the anxiety – the road ahead is a bit bumpy, but the rewards more than make up for it. Producing a well-adjusted and well-rounded personality is no mean achievement.

First of all, it is important to check out your state laws on home schooling. Some states need an affidavit filed with the State’s education department. There are basically 3 categories for homeschooling laws. These are: private school laws, home education laws and equivalency laws. Find your state laws. You may also need to maintain a portfolio that records the child’s educational progress. It is important to look into the legal requirements BEFORE you start homeschooling. Some States also stipulate a minimum educational qualification for the parent or teacher.

Next, look for a support group. If you live in a friendly or curious neighborhood, well-meaning friends will try to dissuade you. At the very least, they may put a lot of uneasy questions in your mind. A support group that consists of like-minded people will insulate you from the criticism, pressures and questions of regular school-goers. Many groups organize fun events like visits to the zoo, museum, tours to the ice cream shops etc. And if your children hit it off with other homeschooled, they will be able to build lasting relationships that do not fade when their friends change schools. These groups provide an important avenue for socialization.

The next important thing to do is to select a curriculum. Depending upon the method of homeschooling, you may choose various tools that aid you in this process. The internet is also a rich resource for homeschooling. Do some research and look into the material that is available.

Set certain ground rules. Homeschooling requires a lot of self-discipline and hard work. Here is a comprehensive list of the things you will need: 1) Eagerness to learn 2) Hard work and effort 3) Discipline 4) Time and patience 5) Flexibility 6) Enthusiasm

Consider why you want to opt for homeschooling. Your motives and your reasons are important pillars on which the whole edifice of your child’s lessons depends. Also, consult with your children. Ask them what they feel about homeschooling.

Select a curriculum or custom-make a curriculum that best suits your child. Record keeping is an important part of homeschooling. Look into the various methods of record keeping. Set up a schedule. Your child does not have to learn 6-7 hours a day. Allow him or her to dictate the time. Flexibility and fun are the cornerstones of homeschooling. Do not stuff too many skills into a single term or year. Prepare a skill list. Make the child learn the skills that he is ready for.

Gentle parenting is the secret to successful homeschooling. Children make great advances in learning and show more enthusiasm. They also turn out to be surprisingly well-balanced and well-informed when they are taught at home.

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Buyer Tips, For The Home, Helpful Tips, SW Florida Areas

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