3 Tips for Finding the Best Mortgage Lending

Buying a home is one of the biggest financial investments the average American will make in their lifetime. Therefore, it’s important to find a lender that you trust and feel good about working with now and in the future. Mortgage lending in Catlin, Illinois, is not a one-size-fits-all process. Buyers who go into the lending process with their eyes wide open will score the best deals.

Here are 3 tips to help you find the best lender for your situation.

Avoid Short-Term Lending
Short-term lending isn’t the same as a 30-year mortgage versus a 15-year mortgage. Short-term lending refers to loans that start out with a great rate, but have a clause that states within so many months your rate could go up. These loans are typically called adjustable rate mortgages (ARM). Only consider a short-term, adjustable rate mortgage if you know you are going to be in a position to refinance before your rate goes up.

Say No to Interest-Only Loans
An interest-only loan may seem like a way to save money because you’re not paying principal, but it’s really a money trap. Remember that at the beginning of the loan, you always pay more in interest than principal. Also, if you’re only paying interest, you’re really not paying down the mortgage and still further away from actually owning your home. Interest-only loans are best for short-term new construction projects that will convert to regular payments once the construction process is complete.

Bad Credit? Shop Around for the Best Loan
Don’t think that a bad credit score means you have to settle for the first lender who will give your application a second glance. Sub-prime lenders were in short supply shortly after the Great Recession, but that was several years ago and the market has turned around. This means that there are more bad credit loan products available for less-than-perfect buyers.

Of course, that doesn’t mean that all these products have your best financial interests at heart. While bad credit buyers will pay more in interest and likely be required to pay points, be wary of lenders who want to exploit your situation. Take your time to weigh all your options. Also, consider taking a couple of years to build your credit and saving money for a generous down payment. These two actions, alone, will put you in a better position to find a loan.

3 Benefits of a Parcel Insurance Plan for Your Business

With the massive closures of retail stores throughout the U.S. at an all-time high, it’s safe to say that if your business doesn’t ship its product, you may be out of business soon. People buy everything online these days, including their food and medications. You need to ship to appeal to today’s target demographic, and you need a parcel insurance plan for protection. Here are three reasons why.
1. Damage

One disadvantage of e-business is product is still your responsibility when it leaves your door. A brick and mortar store hands a good over to its customer and the transaction is complete. If the customer breaks the good on the way out to his or car, that’s his or her problem. When you ship your product, if it arrives to a customer damaged, it’s your problem, and that can be costly unless you have insurance.

2. Loss

Another disadvantage is loss. Again, when a customer leaves a store with product in hand, it is out of your hands should he or she lose it. If a customer’s package gets lost in the mail, it is your problem. Depending on your business policy, you will be responsible for replacing the lost item and possibly even paying to ship the replacement good yourself. A parcel insurance plan will help cover those costs.

3. Shortage

Finally, it’s easy to catch a shoplifter in a brick and mortar store; it isn’t easy to catch a shoplifter when you transport your product. Anyone could have opened the package and taken some of the goods out, or the warehouse personnel did not pack the correct number of goods. Either way, your insurance coverage will help cover the replacement costs of shorted parcel.

These are three reasons why you need a parcel insurance plan for your business. Gone are the days of the product becoming the customer’s responsibility right after purchase. Now, you must ensure the good makes it to your customer unscathed.