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Author Archive: Donald Gordon

The Real Details Behind Land And Lot Loans

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The loan terms buyers are subjected to by banking institutions differ. They depend on the financial institution, your personal situation as the borrower and prevailing market conditions. Here are some insights to help you when looking for an option to finance land today.

Details behind the land and lot loans

Availability

gffdfdgdfgfdgfdgdfgFinancial institutions classify lot and land loans differently when approached to finance land today. Purchase for money loan is more viable from their point of view. This might have been due to bad loans, regulatory restrictions or other prevailing market conditions. Today, several banks have digressed from the lot and land loan programs.
Due to this, acquiring this type of financing is quite difficult. When the competition for lending is low, the borrowers have fewer options at their disposal. This gives the bank all the leverage when negotiating the terms.

The down payment

Lot and land loans require high down payments from their borrowers. Your loan amount and the balance to be paid by the borrower as down payment is arrived at by the Loan-to-Value ratio. The loan amount is divided by the property’s value to arrive at the LTV.

Borrowers receiving a lot and land loan will get a lower LTV

ratio. This ratio is used by the lender when comparing the purchase loan money for the home. The lower the LTV, the higher the percentage down payment required from the borrower. For example, a borrower of an existing home can experience a 100 percent LTV, which means no down payment is required. Borrowers for finished lots can get 90 percent LTVs. On the other hand, those opting for the undeveloped or vacant property may be limited to an LTV of 70 percent. In worst case scenarios some banks might even offer non-negotiable LTVs worth 50 percent.

Loans duration

Land and lot loans are mostly short term. Unlike the pre-existing home mortgage loans which can stretch on for three decades, this types of loans are more constricted time-wise. Lot loans are usually restricted to certain payoff dates. Reason being, the lender anticipates that the borrower is building a
home in the immediate future. The lender also expects that the borrower will be paying off this loan with a permanent or construction loan. Usually, the borrower is compelled to commit to a statement of intent that the property’s
construction will commence on a particular date.

Amortization

The lot or land loans are amortized over a shorter period. This translates into higher monthly payments. The purpose of amortization is to determine the principal and interest. This determines the loan repayment schedule given a certain period.

Interest rates

gfhfghgfhfghgfhfghThe rates of interest greatly vary when land and lot loans are compared. Unfortunately, they have higher interest rates when compared to the purchase money loans. Some lenders require their borrowers to make interest-only payments on their lot loans.

Collateral

Lenders use the value of the land as collateral when issuing home loans. When searching or a lot and land loan lenders require that you produce additional collateral or provide personal guarantees. Some banks prefer the borrower to have significant banking deposits or any other liquid financial assets.

Important wealth secrets

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Money is power. It can also be a paramount source of happiness and a vital entity for some individuals. Financial gurus can provide you with numerous secrets to become a wealthy person, but the catch to the “get rich soon “equation is just a law of attraction. On the contrary, some individuals jeopardize their lives by being so money hungry that it results in harming and destroying themselves and other people. Even though a healthy monetary asset is necessary in order to survive in this world, it also requires a comprehensive understanding of how the money game works. Below are some wealth secrets that will enhance your income:

Acceptance

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First, in order to understand the game, it is important that you acknowledge the universal truth, which is to make a lot of money. Once your mindset has changed, you can work towards making your first million. Coming up with smaller and achievable goals can assist you to get focused.

Do not be negative about it

Secondly, do not say words such as “I am poor.” Perceiving yourself as a rich man can attract lots of resources. It is important to possess an empowering mindset, which says; through hard work and my mental capacity I can achieve anything. The first individual you should be able to convince in this situation is yourself.

Take your wealth as a responsibility

For instance generating wealth and jobs for others will enable you to create wealth for yourself also. Additionally, you will also be responsible for your employees, stakeholders, and family. Bringing a positive contribution to the society is made possible only when you simultaneously have more than a single income stream.

Find a mentor

Stay in the company of like-minded friends and family members who are passionate about wealth as you are. Finding an industry mentor is the best favor you can do for yourself. Some of the brilliant teachers of life lessons are these mentors. Having like-minded friends enables you to create an aura of success around yourself.

Make a good use of all the resources that you have

grdhgvghvhgjvThe best resource that you can have at your disposal is time. It is an incalculable resource. Time is everywhere, and you might have a lot of it, but you should know how to spend it wisely. Financial resources are closely associated with time, so we must not waste it. You can come up with smart time management principles. If you are productive in the morning, then you should allocate time-consuming tasks to this time of the day.

How to pay off your student loans sooner

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After getting done with graduation, a lot of people make clearing their student loans their greatest priority. Unfortunately, what some of them come to realize is that, as it often happens, life will throw them some setbacks like medical emergencies, job loss, and divorce which will push them to change their priorities. In such instances paying off college, loans can often end up at the last position of their priorities. However ignoring this loans is the worst action you can take. Depending on the loan’s interest rate, what was once an affordable loan can develop into an unaffordable one after a given period. Below are some tips that can help you to pay off your student loan sooner:

Ensure that you read the fine print

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You have to read your loan agreement because being aware of certain details before a problem crops up will give you adequate time to get in touch with your lender and sort out the issue without problems. For instance, if the interest rate on your loan rises, it can lead to your monthly payment becoming more expensive. If you know ahead of time that your payment is about to hike to an amount that you will not afford, you can contact your lender and renegotiate the terms of your loan so that your payment continues being affordable.

 

Avoid skipping payments

If you are not able to afford your payments, do not simply skip them. You should contact your lender and talk about your options, such as forbearance or lowering your monthly payment amount.

Look at student loan forgiveness like a myth

Aside from a case whereby a private lender scammed an individual, usually, people must fully pay their student loans in full. If anyone thinks that they do not have to clear their student loans, then they are just allowing their student loan debt to rise to unaffordable proportions. Some individuals can let this happen because they think that it does not matter since they believe that their loan will be forgiven in the long run. However, when they realize that are wrong, it can be too late.

Student loan debt is an issue that is not going away anytime soon

hvhjghjvghchgcghIn the United States, the former President Barack Obama considered the student loan debt crisis as a crucial matter that he continued to work on solving even when his time in office was coming to an end. Before exiting the Oval Office, he put in place protections that prevented debt collection firms from charging high fees on student loans that have been defaulted.

NBD

National Bank for Development (NBD) was incorporated in June 1980 as a Commercial Bank with a capital of L.E 50 million. NBD’s Authorized Capital has been raised to L.E. 500 million and the paid up capital to L.E 281.9 million. NBD participated in the economic development operations in Egypt on the private sector’s level through establishing and financing development projects in

 

 

different economic sectors. The Bank started its activities with 13 branches out of which two were Islamic. Towards the implementation of regional development goal on both the social and economic levels, the NBD established 16 regional banks distributed among the different governorates. In 1993 all regional banks merged with NBD which is currently providing its banking services through 68 Commercial Branches out of which 19 are Islamic branches

 

NBD & SAIB to launch a new Islamic fund.
One of the largest Emirate financial institutions offers the acquisition of NBD
NBD transferred Itsa Branch .
NBD transferred Demiatta Islamic Branch.
NBD Opened a new branch in Fakous City
NBD opens five new Microfinance units.
Strategic Alliance between NBD & CIL.
Loan Funding Agreement ( NBD & SFD).
Loan Funding Agreement ( NBD & CIB).
New Saving Certificate.

 

 

NBD was the first bank in Egypt to enter the field of Microfinance seventeen years ago.

NBD has maintained a successful track record in this vital, lucrative domain over the years.
Renowned international organizations

such as The World Bank and UNDP have recognized the Bank as a role model in the field.

 

 

A Strategic Alliance Agreement with the Commercial International Life Insurance Company (CIL) has been executed recently, allowing NBD to offer a full range of insurance products and services
through its various branches and thus tapping the Bank Assurance market.