Investment & Financial Articles
Title: Need Additional Business Funds? Stop Right There!
Author: Mark Askew
Article:
Looking for additional capital to fund your next marketing
campaign or to expand your business. Hold It! Stop right there.
Small business owners seeking additional marketing funds may
only need to look no further than there own back yards. And in
this particular case their own homes and driveways as well.
How so? The next best thing to looking for funds is saving
money. Before venturing off to the lending institution why not
brain storm ideas that will help you save money. For instance,
can you cut back on the amount of print and copy paper you're
using? Can you reduce travel expenses?
Before making any additional major purchases consider the fact
that the less equipment you buy the less servicing you'll have
to pay for. Do you really need that updated laptop, monitor,
telephone system, etc? Can you cut down on shipping costs, Long
distance calls and employee perks? If your equipment leasing
contract is up for renewal can you find a better deal?
The time is ripe for refinancing. If you have a number of
business loans and credit card debt considering refinancing to a
lower rate. Can you refinance the company car as well as your
personal and family vehicles?
While you're at it have you thought about refinancing your home?
True, the home loan refinancing wave has definitely passed us
by. Refinancing applications recently fell over 70 percent lower
than in the last week of May 2003. Still home refinancing demand
is strong as 29% of homeowners have not yet refinanced.
Mark Askew, founder of the Mortgage Loan Rate Network does not
believe this means the days of bargain home loan refinancing has
ended. "With mortgage rates fluctuating in the upward direction
many are asking whether now is a bad time to refinance a home
loan?" Mark explains. "Although mortgage rates have increased,
rates are still at attractive lows. With the refinance wave
passing fewer loan applications to process can mean improved
loan processing and disbursement time. This can be a significant
motivator for those seeking the cash out refinancing option."
The online loan shopping resource at www.RefinanceLoanRates.com
defines cash-out refinancing as a home refinancing program that
allows you to you to refinance your mortgage, possibly lowering
the current rate, reduce monthly payment amount and pocket cash
to fund college education, add that extra room or pool to your
home, buy a car, invest in a business venture and just about
anything else. "You use it as needed." says Mark.
How does it work? Here's an example: You currently owe $90,000
on a home that's valued at $160,000. You are seeking to lower
the interest rate. You also want $20,000 in pocketable cash. You
refinance the mortgage for $110,000. This leaves you with a
lower rate on the balance you owe on the house, and you pocket
$20,000 cash to use as you wish.
Your mortgage company is required to provide you with a written
good faith estimate of closing costs within 3 working days of
receiving the application. When a mortgage company tells you
they have locked your rate get a written statement which details
the interest rate, the length of the rate lock and details about
the program.
When seeking capital to expand business ventures one would do
well to make it a priority to first cut costs at home base and
proceed from there.
About the author:
Mark Askew is founder and editor of the Mortgage Loan Search
Network located on the web at http://www.mortgageloansearch.cc,
a division of Financial Marketing Network Inc.
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