Quincy Harrington - Steps in the Mortgage Process

Quincy Harrington - Buying a home, especially for new home-buyers, can seem intimidating.We can help simplify the process, giving you peace of mind during the home buying process.




Step 1.  Apply

Applying to get pre-qualified is easy! Just fill out or pre-approval form and we will contact you quickly to get all the information we need from you.

Step 2.  Issue

We issue the pre-qualification letter so you have a price range in mind of what you are able to get a loan for. The pre-qualification letter is not a guarantee of the loan, but is typically enough to make an offer on a house.

Step 3. Gather

Gather your documents to complete your application. We will let you know what documents you need to finalize the application

Step 4. Find

Find a property. You can use one of our reputable Real Estate Agent partners to help find the best house for you. Not sure why you need a realtor? Learn more about what real estate agent can do for you Also, read our article about 5 things you should check about the neighborhood before you buy a home.

Step 5. Order

We will order 3rd party services such as the appraisal.

Step 6. Process

We will process your application and get it ready for underwriting.

Step 7. Underwrite

Here is the moment you are waiting for! We will now formally approve or deny the loan. The underwriter will deny or confirm that all the information you submitted is accurate and that your file will work with the conditions of the loan program you have selected.

The Underwriter will tell you your loan is one of the four options below:

    Denied
        In this case, the underwriter does not thing that you are a good fit for the loan program selected.
    Approved with no further conditions
        If everything looks perfect for the loan program selected, the underwriter will approve with no further questions.
    Suspended
        This means that the loan is not approved due to some outstanding questions
        it is assumed that once these questions are answered/cleared up, the loan will be approved.
    Approved Conditionally
        This means everything is good to go as long as certain conditions are met.

Step 8. Satisfy

If your loan is approved, we move on to satisfy any conditions assigned by the underwriter.

Step 9. Clear

We will clear the loan for closing.

Step 10. Close

You will now be able to close on your new home!

Source : http://questhomeloancenter.com

Quincy Harrington - Things to check before you buy a home

Quincy Harrington - If you’re ever in doubt, contact a qualified building inspector to put your mind at rest, but this list is a good place to start when looking for potential problems – and avoiding some hassles down the line.

1. Are there any water stains or corrosion to the walls backing onto the showers or baths?

Try to look at the walls backing onto these areas for any signs of moisture penetration or water leaks. This is not a structural defect but can be a costly maintenance item for repair.

2. Check the ceilings are not sagging

Look at the ceilings to see if they are fixed firmly flush into place and do not have a ‘parachute’ appearance. This can be easily done by shining a torch across the ceilings, as this will show up all deflections and defects in the ceiling sheets.

3. Check inside the cabinets in all the wet areas

All cabinets should be opened to detect if there is a smell of damp, mould and mildew. Any damp smells can be an indication of water leaks or even rising damp.

4. Check the walls for large cracks

The internal and external walls should be visually checked to note any large wall cracks. Cracks that are greater than 2.0mm in width or properties with excessive cracking can be cause for concern and should be further inspected by a qualified building inspector.

5. Is there any evidence of mould in the bathrooms or bedrooms?

Mould can just look like dirty clouds on the walls and ceilings, especially if they have been recently cleaned. Mould has to be cleaned by professional mould remediation companies and can be quite expensive to have removed. Plus there is the question of the initial cause of the mould, is it more than just bad upkeep?

6. Check the internal wall plastering for fine cracks

The internal wall plastering can be easily checked for fine hairline cracks (map cracking, as they take on the appearance of a map). These cracks are caused by the incorrect application of the wall plastering at the time of construction. Once these cracks are found in one area of the property you will usually find it in multiple areas. The cracking plaster can crack further and even come loose, especially when wall fixings for paintings are installed.

7. Check the external roof lines

Look up the lines of the roof externally if possible to check if they are straight and free from deflections.

Read More : realestate.com.au

Quincy Harrington - How the mortgage process just changed

Quincy Harrington - It just got a little easier to navigate the complicated mortgage process.

New disclosure rules went into effect in the mortgage world Saturday that require lenders to provide home buyers two new forms that clearly detail their loan terms. 

"For consumers, it's going to be viewed as an improvement in what can be a somewhat scary and intimidating process in the biggest investment of their life," said David Stevens, CEO of the Mortgage Bankers Association.

The rule, formally known as the TILA-RESPA Integrated Disclosure rule, reduces what used to be four forms from two different government agencies to two forms: the Loan Estimate and Closing Disclosure.

Here's what buyers can expect: 

Lenders have to provide potential home buyers a Loan Estimate form within three days of a submitted application.

The three-page form details the terms of a potential loan including: amount, interest rate and whether the figures can change after closing.

Source : money.cnn.com

Quincy Harrington - 10 Ways to Finance Your Business

Quincy Harrington - Financing a business is always a challenge. Here we've compiled 10 techniques, from the tried-and-true to the experimental.

1. Get a Bank Loan

Lending standards have gotten much stricter, but banks such as J.P. Morgan Chase and Bank of America have earmarked additional funds for small business lending. So why not apply?

2. Use a Credit Card

Using a credit card to fund your business is some serious risky business. Fall behind on your payment and your credit score gets whacked. Pay just the minimum each month and you could create a hole you'll never get out of. However, used responsibly, a credit card can get you out of the occasional jam and even extend your accounts payable period to shore up your cash flow.

3. Tap into Your 401(k)

If you're unemployed and thinking about starting your own business, those funds you've accumulated in your 401(k) over the years can look pretty tempting. And thanks to provisions in the tax code, you actually can tap into them without penalty if you follow the right steps. The steps are simple enough, but legally complex, so you'll need someone with experience setting up a C corporation and the appropriate retirement plan to roll your retirement assets into. Remember that you're investing your retirement funds, which means if things don't pan out, not only do you lose your business, but your nest egg, too.

4. Try Crowdfunding

A crowdfunding site like Kickstarter.com can be a fun and effective way to raise money for a relatively low cost, creative project. You'll set a goal for how money you'd like to raise over a period of time, say, $1,500 over 40 days. Your friends, family, and strangers then use the site to pledge money. Kickstarter has funded roughly 1,000 projects, from rock albums to documentary films since its launch last year. But keep in mind, this isn't about long-term funding. Rather, it's supposed to facilitate the asking for and giving of support for single, one-off ideas. Usually, project-creators offer incentives for pledging, such as if you give a writer $15, you'll get a book in return. There's no long-term return on investment for supporters and not even the ability to write off donations for tax purposes. Still, that hasn't stopped close to 100,000 people from pledging to Kickstarter projects.

5. Pledge Some of Your Future Earnings

Young, ambitious and willing to make a bet on your future earnings? Consider how Kjerstin Erickson, Saul Garlick and Jon Gosier are trying to raise money. Through an online marketplace called the Thrust Fund, the three have offered up a percentage of their future lifetime earnings in exchange for upfront, undesignated venture funding. Erickson is willing to swap 6 percent of her future lifetime earnings for $600,000. The other two entrepreneurs are each offering 3 percent of future earnings for $300,000. Beware: the legality and enforceability of these "personal investment contracts" have yet to be established.

6. Attract an Angel Investor

When pitching an angel investor, all the old rules still apply: be succinct, avoid jargon, have an exit strategy. But the economic turmoil of the last few years has made a complicated game even trickier.

7. Secure an SBA Loan

With banks reluctant to take any chances with their own money in the wake of the credit crisis, loans guaranteed by the U.S. Small Business Administration have become a hot commodity. Indeed, funds to support special breaks on fees and guarantees on SBA-backed loans have run out a number of times.

8. Raise Money from Your Family and Friends

Hitting up family and friends is the most common way to finance a start-up. But when you turn loved ones into creditors, you're risking their financial future and jeopardizing important personal relationships. A classic mistake is approaching friends and family before a formal business plan is even in place. To avoid it, you should supply formal financial projections, as well as an evidence-based assessment of when your loved ones will see their money again. This should reduce the likelihood of unpleasant surprises. It also lets your investors know you take their money seriously. You also need to seriously consider how the arrangement will be structured. Are you offering equity? Or will this be a loan? Perhaps most importantly, you need to emphasize the risk involved. Offer up a strong business plan, but remind them there is a good chance their money will be lost. It's better to mention that upfront to Aunt Gladys rather than over Thanksgiving dinner.

9. Get a Microloan

The lack of a credit history, collateral or the inability to secure a loan through a bank doesn't mean no one will lend to you. One option would be to apply for a microloan, a small business loan ranging from $500 to $35,000. Microloans are often so small that commercial banks can't be bothered lending the funds. Instead of a bank, you need to turn to a microlender. a non-profit organization that works differently than banks. Microlenders offer smaller loan sizes, usually require less documentation than banks, and often apply more flexible underwriting criteria. There are a few hundred microlenders throughout the U.S. and they often charge slightly higher interest rates for loans than banks. "Microloans are really for that startup entrepreneur or an entrepreneur in an existing business facing a capital gap who needs to secure capital for new equipment or to service a contract," says Connie Evans, president and CEO of AEO, which represents 400 mostly non-profit microlenders and microenterprise organizations.

10. Consider Factoring

Factoring is a finance method where a company sells its receivables at a discount to get cash up-front. It's often used by companies with poor credit or by businesses such as apparel manufacturers, which have to fill orders long before they get paid. However, it's an expensive way to raise funds. Companies selling receivables generally pay a fee that's a percentage of the total amount. If you pay a 2 percent fee to get funds 30 days in advance, it's equivalent to an annual interest rate of about 24 percent. For that reason, the business has gotten a bad reputation over the years. That said, the economic downturn has forced companies to look to alternative financing methods and companies like The Receivables Exchange are trying to make factoring more competitive. The exchange allows companies to offer their receivables to dozens of factoring companies at once, along with hedge funds, banks, and other finance companies. These lenders will bid on the invoices, which can be sold in a bundle or one at a time.

Source: inc.com

Quincy Harrington - 10 Tips to Sell Your Home Fast

1 Set yourself up for a quick sale

The peak homebuying season may be over, but there are still steps you can take to ensure a speedy sale. Setting the right price and making an excellent first impression are both essential to attracting buyers, but what else can you do to get the offers rolling in? Here are 10 tips to help you sell your home as quickly as possible – even in the offseason.

 2 Price it right from the start

Sellers often think they should start the asking price high and then lower it later if the house fails to sell. But that can result in a slower sale – sometimes even at a lower price. “The first 30 days’ activity of your house being on the market is always the best activity you’re going to see,” says Michael Mahon, general manager of HER Realtors in Columbus, Ohio. If the price is too high, many buyers and their agents will stay away, assuming you’re not serious about selling or you’re unwilling to negotiate.

3 Enhance your home’s curb appeal

This could mean adding new sod, planting flowers, painting the front door or replacing the mailbox. Prospective buyers form an opinion the moment they spot the home. "Curb appeal is everything,” Mahon says. “Driving into the driveway and walking into that front door sets the expectations.

4 Update the interior and exterior

New fixtures, fresh paint and updated landscaping are all fairly easy and affordable ways to give your home a makeover. “It’s got to look up to the current market conditions and what’s in style,” Mahon says.

5 Clean, declutter and depersonalize

The fewer things there are in the home, the larger it will look, so remove knickknacks and excess furniture. Also take down family photos, religious items and political posters so prospective buyers can envision their family in the house, not yours. Finally, you may want to hire a cleaning service to do a deep cleaning.

6 Stage the house to show how the rooms are supposed to be used

If you have odd rooms with no obvious role, give them one. An odd alcove off the kitchen could be staged as an office or a pantry, for example.

 7 Make the property easy to show

The more flexible you are about visits, the more people will be able to see your home. Be ready for prospective visitors early in the morning, at night and on weekends, with little notice. Also, leave when the house is shown so would-be buyers can feel free to move about without feeling like intruders and discuss the home's pros and cons honestly.

8 Remove your pets

Also remove their paraphernalia, such as dog dishes and cat litter boxes (or at least hide them). A prospective buyer shouldn’t even know that a pet lives in the home if you can help it, Mahon says.

9 Make sure your listing is on all the major online portals

This is usually part of an agent’s service, but it doesn’t hurt to double-check that your listing is on Zillow, Trulia and Realtor.com. It also helps if your agent showcases the home on social media. “We sell as many homes off Facebook as we do off the [multiple listing service],” Mahon says. Both the agency and the individual agents have Facebook business pages where they share listings.

10 Ensure the listing has good photos, and lots of them

Most homebuyers start their search online and decide which homes they want to see based on the photos. You probably want something better than snapshots taken quickly with your agent’s phone.

Read More: usnews.com

Quincy Harrington - 10 Easy Steps to Save Money

Quincy Harrington - No matter how much money I have, it is never enough for all the expenses I seemingly incur.

Once you have implemented these tips into your lifestyle, you will begin to see change in your finances and that will allow you to start putting away a R100 or more into the money market, think about the power of compound interest in long term investments.

A small consolation is that I am not alone, but instead of doing nothing about it, I have in the past few years practised the art of discipline when it comes to spending money.

In an article on How SA women spend their money, a lot of women have pointed to spending unnecessary amounts of money on wants rather than needs.

Here are the 10 tips:

1. If you are obsessed about styling, cutting your hair every fortnight, perhaps you can switch to between six and eight weeks. This goes for manicures and pedicures, better still, you can do this yourself, buying your own kit is cheaper in the longer run.The reality is that on top of the costs of having these treatments, you are likely to buy coffee, a sandwich and when you count the cost, it adds up.

2. Look at your laundry costs. A lot of people spend a lot of money on dry cleaning when some of the clothes can actually be washed at home.Her advice, wash more, dry less.

3. We live in a world where toxic friends are in – they drag us to fancy bars where you are likely to spend R25 on water, never mind what the drinks costs. Orman says instead of ordering a martini to look cool, downgrade to a wine or beer. It’s the company that makes the evening not the decor, and where you pay more for your drink, there is a tip to be added to your bill.

4. Instead of buying lunch, make your own at home. The reality for many people is that buying lunch, whether it’s a sandwich or salad, is usually complemented by a soft drink, another cost. Get a roommate if rent is your biggest fixed cost and cut on that spend.

5. Use public transport and lift clubs whenever you can. With the petrol price expected to increase to about R15 per litre this year, car owners will feel the pinch. According to Orman, taking a cab should be treated as a special occasion or reserved for when it’s really the only safe alternative to public transport.

6. Be a good sport. Sports such as golf and skiing are costly, as such, one has to think strategically, she says. Buy your gear off season or buy used stuff and you will save loads of money on the swank and still get to play the sport. It is also a good idea to practise on public golf course rather than on a private club course.

7. I know I love movies and I am often horrified by the amount of money I spend on tickets and popcorn. If you have to do this make it a treat, look for good deals, for example, Nu Metro has its special Woza Wednesday, and Ster Kinekor is half price on Tuesdays. Better still, Orman says its cost effective to hire movies to watch at home, and you can also make your own popcorn at home (the joys of microwave).

8. Get a roommate if rent is your biggest fixed cost and cut on that spend. Unfortunately this one is not to everyone’s taste, if sharing is not ideal for you, find a cheaper place to rent.

9. Get ahead of the housing trend. Her advice is that if you are Young, Fabulous and Broke that you cannot make ends meet, fight the urge to live in the hippiest, trendiest neighbourhood or block if you are dipping into your credit card to pay for your accommodation. By understanding what different areas offer and for what price, you will be in a better position to cut drastically on your rental or get good value for money when you buy into a location.

It’s the company that makes the evening not the decor, and where you pay more for your drink, there is a tip to be added to you bill.

No point in buying a ‘box’ home for a premium in a trendy area where you cannot even fit all your furniture never mind own a dog when a block down the road offers all that. Before buying property, research and speak to various estate agents operating in that area and find out how much on average homes sell for in the area. Property reports are useful to have - click here to view a sample or here for more information about obtaining reports.

10. Drive your car longer, she says. Rather than trading in your car after three or four years and taking out another loan for a new car, hold onto it for between six and eight years. The reality about cars is that they are liabilities rather than assets and they depreciate in value as soon as you drive them off the showroom floor, unlike property that gains value. For many people, a car is not just a mode of transport - it is a symbol of power, except this kind of power leaves holes in one’s pockets.

Once you have implemented these tips into your lifestyle, you will begin to see change in your finances and that will allow you to start putting away a R100 or more into the money market -think about the power of compound interest in long term investments.

Read More : property24.com

Quincy Harrington - Dovish Fed scares financial markets | Blogger

Quincy Harrington - Stocks fell sharply and bond prices rose as traders reacted to a new level of worry about China chilling global growth, after the Fed revealed its own concerns.

Stocks were down sharply out of the gate, with the S&P 500 down about 1.2 percent in afternoon trading. The Dow was down as much as 300 points. The Fed Thursday held off on hiking interest rates and pointed to international developments that could slow the economy.

"The biggest signal from the Fed is that the international conditions are weak enough that we should be concerned about a bleed through to domestic conditions and that's what's worrying the market more than anything else," said Gina Martin Adams, institutional equity strategist at Wells Fargo Securities.

Stocks sold off globally after U.S. stocks turned in a mixed reaction Thursday after two hours of volatile trading. Asian markets were mixed overnight, with the Shanghai up 0.4 percent, but selling gripped European stocks, and the German DAX was down about 3 percent.

Read More : cnbc.com

10 Ways to Finance Your Business

Financing a business is always a challenge. Here we've compiled 10 techniques, from the tried-and-true to the experimental.

1. Get a Bank Loan

Lending standards have gotten much stricter, but banks such as J.P. Morgan Chase and Bank of America have earmarked additional funds for small business lending. So why not apply?

2. Use a Credit Card

Using a credit card to fund your business is some serious risky business. Fall behind on your payment and your credit score gets whacked. Pay just the minimum each month and you could create a hole you'll never get out of. However, used responsibly, a credit card can get you out of the occasional jam and even extend your accounts payable period to shore up your cash flow.

3. Tap into Your 401(k)

If you're unemployed and thinking about starting your own business, those funds you've accumulated in your 401(k) over the years can look pretty tempting. And thanks to provisions in the tax code, you actually can tap into them without penalty if you follow the right steps.

4. Try Crowdfunding

A crowdfunding site like Kickstarter.com can be a fun and effective way to raise money for a relatively low cost, creative project. You'll set a goal for how money you'd like to raise over a period of time, say, $1,500 over 40 days. Your friends, family, and strangers then use the site to pledge money.

5. Pledge Some of Your Future Earnings

Young, ambitious and willing to make a bet on your future earnings? Consider how Kjerstin Erickson, Saul Garlick and Jon Gosier are trying to raise money. Through an online marketplace called the Thrust Fund, the three have offered up a percentage of their future lifetime earnings in exchange for upfront, undesignated venture funding. Erickson is willing to swap 6 percent of her future lifetime earnings for $600,000. The other two entrepreneurs are each offering 3 percent of future earnings for $300,000. Beware: the legality and enforceability of these "personal investment contracts" have yet to be established.

6. Attract an Angel Investor

When pitching an angel investor, all the old rules still apply: be succinct, avoid jargon, have an exit strategy. But the economic turmoil of the last few years has made a complicated game even trickier.

 7. Secure an SBA Loan

With banks reluctant to take any chances with their own money in the wake of the credit crisis, loans guaranteed by the U.S. Small Business Administration have become a hot commodity. Indeed, funds to support special breaks on fees and guarantees on SBA-backed loans have run out a number of times. And while SBA-backed loans are open to any small business.

8. Raise Money from Your Family and Friends

Hitting up family and friends is the most common way to finance a start-up. But when you turn loved ones into creditors, you're risking their financial future and jeopardizing important personal relationships. A classic mistake is approaching friends and family before a formal business plan is even in place.

9. Get a Microloan

Microlenders offer smaller loan sizes, usually require less documentation than banks, and often apply more flexible underwriting criteria. There are a few hundred microlenders throughout the U.S. and they often charge slightly higher interest rates for loans than banks.

10. Consider Factoring

Factoring is a finance method where a company sells its receivables at a discount to get cash up-front. It's often used by companies with poor credit or by businesses such as apparel manufacturers, which have to fill orders long before they get paid. However, it's an expensive way to raise funds.

Quincy Harrington - 5 Finance Management Tips for Small Businesses

While starting a business, revenue fluctuations are common and owners struggle to have a steady income. Rising manpower costs and spends on technology add to the burden of managing finance better. To ease up their life, small business owners can follow the below finance management tips that will help them to sail through initial finance-related challenges and even help them foresee them. Tapping into the latest technological solutions at the earliest will prove helpful and business owners should not ignore them.

1. Use Cloud Computing Solutions

Latest reports suggest that more and more small businesses are adopting for finance management solutions available on cloud due to the many free or low-cost options available and lower barriers to entry. The trend is fast catching on as spending on technology is proving to be far more affordable instead of hiring more people.

Managing bills and finances is a complicated task and can get stressful as well. Lots of companies are seeing the opportunity to help small business in this area. There are several accounting software available on cloud which help in not only sorting out the finances better but also help in taking effective business decisions.

2. Have Better Supply Chain Management

To efficiently manage supply chain, small business owners should ensure that there is tight supervision in the process and check that they rule out the possibilities of middle men who may add up to the extra costs. Efficient supply chain management would be more prevalent to B2C. Such businesses should reassess the supply chain process from time to time.

  

3. Be Ready for Risky Times

The global financial crisis in 2008 has taught businesses to be prepared for all possible type of risks. Hence, risk assessments should be an integral part of business and finance planning. Small businesses should be extremely careful while managing cash flow and ensure they have a risk strategy in place in case there is any turbulence in the business environment.

  4. Go Paperless

One can be surprised with the amount of saving one can do by deciding to go paperless. Not only will it ensure cost reduction in the business but will also help you do your bit for the environment. Clients will love to partner with businesses which are more aware of the societal and environmental needs.

  5. Latch on to BYOD Trend

It is unlikely that new businesses haven’t got bitten by the Bring Your Own Device (BYOD) bug. Smart entrepreneurs are using and also promoting the use of gadgets like smartphones, tablets during work hours which helps them close on things faster. An AMI report states that spending on smartphones in India among SMBs increased steadily. According to AMI’s 2013 India SMB ICT & Cloud Services Tracker Overview, 55 per cent of small businesses and 43 per cent of medium-sized businesses currently have BYOD policies implemented. The report also states that SMBs enjoy several cost benefits with the implementation of such policies. These include cost savings on hardware, increased employee productivity as they are able to access their devices anytime anywhere.

Source : http://www.franchiseindia.com/entrepreneur/article/features/ecosystem/5-Finance-Management-Tips-for-Small-Businesses-489/

Quincy Harrington - Taxsutra Analysis of Finance Act, 2015 amendments effective from 1st June, 2015

Taxsutra Analysis of Finance Act, 2015 amendments effective from 1st June, 2015