Home Improvement With Hard Money Loans – Tips For Lighting

One of the easiest ways to spruce up your home is through adding quality lighting to your home. In fact, the design of your home is only as good as the lighting, because high-end design is hardly impressive if it can’t be seen properly. But if you have a hard time getting a loan from a bank for a suitable amount, it can be challenging to undertake a home improvement project like this. But anyone can make their home look brighter, so long as they have sufficient equity in their home and understand that not all loans come from banks.

No matter where in live in the U.S., you are bound to be in close proximity to private money lenders who can give you a private party loan for your home lighting project. These hard money loans are based upon your assets, usually your home itself, so they can be given even to people who have had credit issues. Many homeowners use private party lending to do all sorts of home improvement projects, including lighting.

If you acquire a hard money loan and want to make the most of your home improvement project, just follow these simple tips.

Consider Natural Light Sources – When installing light fixtures, you should also consider how much natural light your rooms receive during the day. It would be a waste of your hard money loan to place extensive lighting in an area or room that is typically very bright even without artificial lights. Make sure you examine how your rooms look at varies points throughout the day and at night before you make any final decisions about where you are going to place your light fixtures and what kind of lights you believe are needed.

Don’t Forget Outdoor Lighting – When people improve their lighting with private party loans, they tend to focus all of their effort and money into improving the indoors. But the fact of the matter is that outdoor lighting can be incredibly effective if done right. You might, for example, run lights up a long driveway to make it safer to drive. Or you could have lights alongside a walkway that leads up to your front door. Many homeowners use lights to highlight your landscaping. The possibilities for outdoor lighting easily match those of indoor lighting.

Think Energy Efficiency – While it is of course important that your rooms, you should also consider ways that you can make your lights more energy efficient. Having lighting that consumes a lot less energy is good for the power grid in your area, the environment, and your pocketbook.

For example, in some rooms where you don’t typically spend a lot of time, like a pantry or garage, you connect your lights to a motion sensor device. These items are surprisingly affordable and can save you a lot of money in the long run. Because there is no chance that anyone in your family will leave the lights on needlessly. They simply turn on automatically when you enter the room and then turn off when there is no motion detected for a set period of time.

Another popular way to save money on lighting is by using energy efficient light bulbs, such as compact fluorescent models. These bulbs work just as well as traditional light bulbs, but consume a lot less energy.

Install Dimmer Switches – Dimmer switches are an extremely good investment of your hard money loans for a few reasons. Firstly, they allow you to control how much energy is going to your lights, which can save you energy. Secondly, by controlling how much light goes to your rooms, you control just how your lights affect the room. You won’t have to worry about lights over saturating a room and overwhelming your design choices.

Debt and Financial Optimism in the UK Continue

With £1.3 trillion pounds worth of debt in the UK, Scotland’s Citizens Advice Bureau has welcomed a new Bill to regulate lenders and protect borrowers from creating un-repayable levels of personal debt.

Chief executive Kaliani Lyle said: “For years, Citizens Advice Bureaux have been dealing with case after case of ordinary people who have been enticed into unsustainable debt.”

“The existing legislation – the 1974 Consumer Credit Act – is simply too antiquated to deal with the explosion in aggressively marketed credit that has taken place over the past decade or so.”

The Consumer Credit Act is set up to outlaw “extortionate” interest rates, however it has proved to be ineffective as it doesn’t actually define what is regarded as extortionate.

This coincides with an investigation being carried out by banking watchdogs, into suspected mis-selling of personal loans and credit cards at bank branch levels. Following on from the BBC’s Real Story programme which revealed banks are offering large staff bonuses to encourage sales of expensive loans, credit cards and other financial products. Staff at Lloyds TSB were shown to have encouraged customers to accept sums of money they could not afford to repay.

“Which?” said it believed it was time the industry had a proper debate over sales incentive structures.

The BBC also criticised the expensive cost of the bank’s payment protection insurance and how credit cards were pushed onto customers.

Graeme Millar, of the Scottish Consumer Council, said: “Consumers themselves need to act responsibly and ensure they are not asking for money they cannot afford to repay.”

Tougher codes of practice imposing stricter standards on the way products are sold, and the use of financial information qualified financial advisers and from comparison web sites like Moneynet can help to gain consumers the best deals, and reduce the risks of mis-selling.

Independent financial adviser, Alan Steele commented, “Debt has always been a problem for a minority of people. One of the current problems is the willingness of bank managers to hand out loans and credit cards, which means this minority has increased, but the majority are coping with their debt.”

It remains to be seen whether the nation’s optimistic mood, recently reflected in a Mori survey carried out for the Prudential, in its ability to cope with levels of personal debt is long or short term. The report showed consumers are still failing to save, with one in five people saying they had no plans to increase the amount they put away.

Jackie Ronson, of the Prudential, said that many people are viewing their disposable income as decreasing, and yet they are happy to maintain their current level of debt, “add to that the continued concern about pensions in the UK, and we are looking at people who are likely to seriously struggle in retirement.”

Additional Resources

The Scotsman

BBC

What Do I Need to Know Before Getting a Low Rate Home Equity Loan?

Home equity loans are growing in popularity in the United States. A qualified home owner can obtain a loan against what he has already invested in the house. A house can be assessed for a certain amount of value. Improvements may increase the worth of the house; however, the equity may be much higher than any outstanding owed amounts. This amount can be used as collateral for a loan.

These loans do not have to be used for the house. It can be used to improve the house if so desired. It may be used for things such as adding on a room or a quick remodel. But it may also be used for a plethora of other purposes. One may choose to purchase a new vehicle or to start a personal business. The loan can be used for just about any legal purpose.

It is considered a low rate loan because its whole purpose is to reward home owners with an interest rate lower than the going rate. Obtaining a home equity loan can be a wise economical investment. Not only are the interest rates lower, but they may also be tax deductible.

When one chooses to get an equity loan always check out several options. You will want to compare information from several different lenders. This will ensure that you will get the best deal at the lowest rate possible. Your credit score will be a factor in the rate you can receive on the loan. And there may be other fees involved depending on the company offering the loan. Be sure to read all information carefully including any fine print.

Make sure that all payments are paid on or before any set due dates. This will not only help your credit score it will ensure that you do not default on the loan. Since the house you own is used as the collateral you would not want to lose it simply because you did not make timely payments. It is not likely if you default that you will be able to secure another low rate loan. On time payments help protect your investment.

There may be some other expenses incurred with the loan. However, it is still less expensive than a loan at the regular rate. You may need to pay to have the house inspected by a qualified assessor. And you may need to pay closing costs.

Texas Investment Property Loans – Changes on the Way

Texas investment property loans – acquiring rental property

As of midnight march 13ths I lost 2 deals due to Wall Street. Yes Wall Street has drastically cut back on 2nd liens , particularly the high LTV loans (90-100%) that I have been doing for investors for several years. What does this mean? It means that the days of the 0 down investment property mortgage is probably over, at least for now.

I want to talk about one strategy that I personally use to acquire rental property. I never really thought it was a great idea to buy rental property with a 0 down loan, unless you were purchasing at a minimum of 80% of market value, which most buyers fell short.

When buying rental property how do you eliminate 98% of buyers (not hard to do these days with subprime fallout?) Find properties that are not lendable by conventional Wall Street mortgages. Properties that the appraisal would read below average or have any roof or foundation damage are good candidates. Bottom line, if you would move your dear old Granny in the house it’s probably ok, if not you have found your bargain.

0 down investment property funding-putting the pieces together

Now that you have found you deal, get your financing. I’m going to keep it simple.

1. Get a local bank loan (most require 10-20% of the total cost of purchase and repair).

2. Use secured or non-secured lines of credit. You will be surprised what your bank will allow if your credit is good, 680 or better.

3. HARD MONEY, yes my company will find these loans. Typically rehab/hard money will 65 – 75% of ARV (after rehab loan to value). These are short term loans, 12-15% interest.

The conclusion is “Rehab to Rental”. Simply refinance your hard money note at 75% of current value of your property. It’s called a rate/term refinance, most of my lenders do not have a title seasoning issue with this loan. You now have 25% equity the day your renter moves in, you have a much better rate than a typical (now in the past) 0 down loan and you still have less cash in your property than if you had purchased 0 down because all closing costs are rolled into the loan.

My website below explains more.

Choices to Look into When the Time Arrives to Invest in a Residence

When it’s time to invest in a brand new residence, men and women will see they have got a lot of choices. Countless instantly turn to the real estate market to purchase a pre-existing house, as there is hardly any effort and energy required on their part. They will find a residence they like, undertake the process of closing on the house and then transfer. With the aid of property public auctions or for sale by owner homes, individuals may have admission to a wide range of homes in a short time period. An alternative choice that a great many ignore might be using a Custom Home Builder, such as Monogram Homes (monogramhomes.net). Many individuals assume building a house from the beginning requires a lot of time and will cost you considerably more, but this needn’t be the case. The main advantage of working with a Home Builder of this sort is the residence satisfies the requirements of the owner in every respect. The builder works together with the buyer to make certain this is actually the scenario, plus the upcoming owner has control over all aspects of the house, from the size to the supplies put into use. A large number of purchasers choose this option whenever they desire a house that is favorable to the environment, because they can take advantage of green home building materials all through the residence. Last but not least, a purchaser may wish to invest in a property which is needing work. Doing this can provide a person with a good deal on a residence, however care has to be taken while taking this particular course. The property shopper must determine the price of any type of repairs as well as remodeling to make certain they are fully aware how much they are going to purchase the property in the end. Some individuals possess the knowledge and skills needed to finish quite a few repairs, however not all do. Because of this, it’s best to bring in a contractor before the transaction is finished so the buyer possesses all of the facts necessary to determine if the property is right for them. Do not disregard any options when it is time to invest in a home. A custom made house could be just what you will need to get the property of your dreams and it is likely cheaper than you would imagine.