Tag Archives: financing

Friends and Family Lending Solutions Now Available Through Sunwest Trust, Inc.

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I’m sure by now you have heard about the national credit crisis.  During this time of national crisis have you ever considered becoming a bank?  That’s right; you can become a bank for a friend or family member.

You are probably asking yourself how this could possibly work and why you have not heard about this before.  You may have heard the term “Friends and Family Loans.”  That’s all it is, lending money to a friend or family member just like a bank would.

For example, let’s say that you have $200,000 in your local bank currently earning a whopping 2%.  Your son and his wife are trying to purchase a home for $175,000 but they only have $25,000 for the down payment.  They are currently trying to get a home loan to make the purchase, but with the credit crunch and the fact that they have little or no credit, that may be difficult to do.

You may have never thought of it, but you could become the bank for your kids and loan them $150,000 of the $200,000 you currently have in the bank.  The loan your kids are looking for might cost them 6.5%, but you may be willing to loan them the money for only 5% or 6%, thereby saving them money and earning you more than the bank was paying.  You can create a note and mortgage to secure the loan and protect your investment from any future creditors. By using a third party administrator to service the loan, your records will be accurate and the interest your kids will be paying can be tax deductible.

Sunwest Trust, Inc. can help you through the process and can administrate the loan once everything is in place.  Sunwest can collect monthly for taxes and insurance to spread those payment amounts over the entire year.  Your kids will make their monthly payments directly to Sunwest Trust; Sunwest will allocate the payment to principal and interest and can deposit the money directly into your checking, savings, or money market account. By making the loan for your kids, they can now build good credit for themselves and provide you with a monthly income at a rate higher than the bank.  In a few years when things get back to normal, your kids can refinance their home and pay you off or get a second mortgage for repairs or improvements.

As always, any investment has the risk of loss, and this is no different; so this may not be for everyone, but for those who consider the risk since it may be helpful to both you and your kids.  You are encouraged to consult your attorney or accountant before making such a loan.

For more information regarding this type of Friends and Family loan call Sunwest Trust, Inc. at 1-800-642-7167 or you could visit, www.SunwestTrust.com.

More Resources To Review If You Are Considering Making A Loan To A Family Member:
Great Advice Concerning Personal Loans From Credit.com...

What you need to know before you cut a check for a family loan? Please review Fool.com to read the entire story.

Credit Repair Services – You Can No Longer Get By With Bad Credit!

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Good credit is more essential these days than ever before amidst the current credit crisis we are now facing. Managing your credit and ensuring the accuracy of your credit report is not chore you should take lightly or wait until the last minute to improve on.  In fact, if it isn’t already, monitoring and managing your credit rating will be as important a task as managing your identity or balancing your checkbook.

It is important to note that your credit score is your financial report card and you are responsible for managing it. With the credit crackdown and the lack of liquidity in the financial markets, it is more important than ever that you have a good or in some cases a great credit score or you won’t get a loan either for a car, a home, or for any other needs you may have.

When you visit Viable Credit Repair, you can get help for improving your credit score.  Many people who have poor credit scores do not realize that the burden of proof is on the collection agency or the financial institution that reported the item to the credit bureau.  This is why you will often see differences in the reports from the three main reporting agencies - TransUnion, Experian and Equifax.  As a result, many people have undocumented or erroneous items on their credit report that need to be disputed.

Your credit repair specialist should be able to help you repair your damaged credit score, dispute items that are negatively affecting your credit score and get your credit score on the right track so you can negotiate a reasonable interest rate for either a car or home loan.

While many credit repair services offer quote or unquote similar services, the majority of their strategies are neither effective, nor consistent enough to help you improve your credit score.  However, Viable Credit Repair know show to legally remove negative items from off your credit report in ways that are proven and with the proper frequency so as to keep disputing items which may reappear even after they have been removed from your credit report.

The credit crisis is real and it is global. Bank and lending institutions are tightening their lending requirements.  Moving forward it is becoming increasingly evident that banks will not lend to you if you have a poor credit score, or if you happen to qualify for a loan with a low credit score either you will pay a higher interest rate for the loan or you will have to come to the table with a hefty down payment or both.

The time to act is now, while the errors and unsubstantiated items on your credit report can be removed.  A bad credit score can stop you from buying a home, a car and even obtaining a credit card.  Worse yet, as just previously mentioned, a bad credit score can increase your interest rates and your payments while potentially siphoning hundreds or even thousands of dollars a year from your household budget - money that can have been used toward a family vacation or your child's education.

Visit our site and speak with a credit repair specialist. Credit repair is possible if you go with a service that knows how to get your credit score where it needs to be. Visit www.ViableCreditRepair.com today or call 866.847.4657 for a Free credit repair consultation.

Austin Credit Repair Services

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Anyone with less than stellar credit can use credit repair. Services offered by credit repair companies vary from firm to firm. Following are a few of the most common requests handled by credit repair services agents.

2 Common Credit Repair Services Requested

1. Remove Negative Items from My Credit Report: Negative items can be anything from unpaid collection accounts, medical bills, bankruptcies, judgments, foreclosures, tax liens, student loans, excessive inquiries,, and perhaps the most common – credit card debt.  This all can be removed off your credit report legally.

It is important to note that child Support can not be removed from a credit report.

2. Remove Inaccurate Info from My Credit Report: Some industry stats estimate that up to 80% of credit reports contain inaccurate information. It can be as innocent as an address that you never lived at, or as harmful as the debt of someone else (eg, in cases of identity theft).

It can be practically impossible to get the credit bureaus to remove information. They have no incentive whatsoever to do so – unless they are forced. It usually takes a trained professional to know how to deal with the credit bureaus to get them to remove inaccurate information.

There are many more credit repair services that a trained professional can provide. The two listed here are only the tip of the iceberg.

For more information about Austin Credit Repair Services, then check out Viable Credit Repair.com