How to buy a Car without a Cosigner from your Family?

Just as mixing business with pleasure is not wise, having a family member cosign your loan agreement can have immense ramifications, financially as well as personally. If you search the web for “cosigning with family member”, you will realize that several people have borne the brunt of asking a family member for help. It can lead to unresolved money issues between families. So, what should you do when the lenders compel you to search for a cosigner?

A Car Buyer’s Guide: Tips on dealing with a Cosigner

Buying a car is no joke. You have to find a car that you love and then seek a lender that you like. Usually, lenders ask car buyers with zero credit scores, insufficient income, or new jobs to bring a cosigner. With a cosigner in picture, they are assured of timely payments. But, finding one is not easy. Learn how to deal with a cosigner and make a perfect purchase.

1. Explore options!

Family is not the only option for cosigning. You can consider your friends, spouse, colleague, etc. for the job. It is not compulsory for the cosigner to be related to you. It can be anyone who is ready to help you out.

Sometimes, it is better to take financial help from someone who will not judge you continuously or discuss your financial situation with everybody. You certainly do not want your aunt to tell everyone about your late payments during the Christmas dinner. So, find someone who wants to help you without passing any judgment.

2. What about the Future?

Your brother may agree to be your cosigner. But, you must explain him the consequences of becoming one. They will not be responsible for the loan, but it will also affect their prospects of getting a new loan. If your brother is considering opting for a student loan, helping you can make things difficult for him in the future.

When you are thinking about future, do not forget to ask the lender about the process of removing the cosigner from your loan agreement. A few lenders allow borrowers to change the contract rules once they have received a certain number of payments.

3. What’s your Plan?

Anyone thinking of becoming your cosigner will be interested in knowing your loan repayment strategy. It is always a good idea to save for the rainy day. If you lose your job, or suffer from an illness, make sure that your payment schedule is not affected by it.

And, do not forget to prepare for the scenario of buying the car on your own. If you are buying a car for the first-time and you do not have any credit history, apply for small loans, pay them off and improve your chances of getting a car loan. Another way to get approval is by reducing the loan amount. Either bring a down payment or choose a less expensive used car for eliminating the loan burden.

What to do when there is no Cosigner?

No one wants to avoid making payments and damage their credit scores. But, a few unforeseeable events can make things difficult for you. In such a situation, you do not want your family members to suffer because of you. So, how can you buy a car without having the financial and emotional burden of damaging your loved one’s credit score? Seek a no cosigner car loan.

No cosigner car loans help young car buyers in making a car purchase on their own. With the loan, you do not need someone with a stellar credit report to help you out. It is useful when you need a car and cannot wait to manage a down payment or improve your credit score. If you are starting your new job or moving to a different town and need a car immediately, avoid spending time in convincing your family members. Simply search a lender who helps people with special needs and make buying a car easy.

The Church Is Equal For The Sinner and Saint

Today, humans are progressing at a rate faster than any other time in history. Science and technology are advancing by leaps and bounds. We have more knowledgeable and intelligent people, we have bigger jets and cruise liners, smarter mobile phones, and helpful drugs that are being discovered everyday for certain diseases. Amidst all the progress and giant leaps that mankind has made, one things that has not changed in all these years is our unshakeable faith in the one and almighty- Lord Jesus. This is evident when our lives are turned upside down due to some reason and we seek refuge in the place called church.

No matter how wealthy and healthy you are, you may forget about almighty when enjoying all the pleasures and luxuries of life, but all these materialistic things can only make your life comfortable, not peaceful. And peace is something which is not bought but experienced. People have changed the way they assessed churches after personal or national tragedy, like 9/11. These are times when people visit churches in huge numbers to seek solace and peace in time of distress. Even though churches intend to serve the society in multiple ways, still they are on the receiving end in the form of theft, vandalism, robbery, and lawsuits. This has made many churches opt for Bozeman Church Insurance, so that they have a reliable financial backing for not-so-kind circumstances.

There is something about churches that draw people to them when the going gets rough in their lives. This is fascinating because the media and general public flock to churches in times of hardship, but when the going is smooth and everything is going just fine, the places of worship seem to lose their relevancy once again. Regardless of this double standard, the church is kind to all; it doesn’t discriminate between people and that is why is the holiest place. The church has all the right answers to peoples’ concerns and restores their faith in God. The role of modern church in contemporary lives of people is crucial because only church can fill the void of spiritual healing. Just like a sick person visits a doctor, a damaged car is taken to auto body shop for repair, the church is a place to ”spiritually” fix demotivated and anguished people. The church offers equal protection to both sinners and saints and no one can claim church to be an exclusive club for all the holy people in the society.

And this is what makes church so holy, so pious, so kind, and so affectionate. Even though churches around the states have to suffer minor or major losses due to criminal activities, it still welcomes sinners with arms wide open. More and more churches are now taking Bozeman Church Insurance because they have realized that no matter how much they try to change the lives of sinners and put them on the track which leads to an honest life, they always face a risk from men who don’t differentiate between God’s place and other commercial entities. They will strike whenever they get a chance, and churches can’t afford to leave everything to chance.

How to Invest in Real Estate with a Solo 401k

For more than the past century, real estate has had consistent growth.

This has made it a go-to investment for investors everywhere and an important part of any thriving economy.

However, while real estate investing is well-known, the benefits of using a retirement account for investing in real estate– especially a Solo 401k– are not.

Why should I use my Solo 401k to invest in real estate?

If you purchase real estate your own personal funds, you’re going to have to pay federal and state income tax on the gains.

However, if you purchase real estate with a retirement account like an IRA or 401k, the gains are not subject to taxation until they’re removed from the account, meaning you can immediately reinvest those gains into your Solo 401k without taking that initial tax hit.

That’s a great reason to invest in real estate with a retirement account, but what’s so special about a Solo 401k?

With a Solo 401k, you get access to several significant features that make investing in real estate easier, more profitable, more hassle-free:

No custodian: An IRA must go through a custodian for all real estate transactions– a Solo 401k doesn’t because you serve as trustee of your own account. This results in less hassle but also saves you money on custodian fees.
Exempt from UDFI: When financing a real estate purchase with an IRA, the gains on that property will be hit with the UDFI (Unrelated Debt Financed Income) tax. This is a hefty tax with rates as high as 40%. However, with a Solo 401k you’re not subject to UDFI tax.
Non-recourse business loans: With NRB loans, you’re able to protect your Solo 401k assets from being touched while investing in real estate.

This, combined with the previous points, makes the Solo 401k ideal for investing in real estate.

But how do you go about investing in real estate with a Solo 401k?

How to invest in real estate with a Solo 401k

You can invest in real estate with your Solo 401k by following these steps:

1. Open and fund your Solo 401k account

First, set up your Solo 401k account and make the initial deposit that you’ll use as a down payment later.

This can be done through several different methods, including:

A contribution
IRA or other qualified plan rollover (such as a 401k or 403b)

2. Decide purchase method

There are several options for purchasing real estate with a Solo 401k. These options include:

Cash purchase: All cash purchase with no loan.

Tenants-in-common purchase: Tenants-in-common (or TIC) is a cash purchase where a portion of the funds are personal so that both you personally and your Solo 401k own a percentage in the property.

Non-recourse business loan: As discussed earlier, this is a loan option that protects your Solo 401k assets in the case of a default.

3. Make an offer

Once you’ve set up and funded your account and you know how you’re going to make the purchase, the rest of the process is essentially the same as any real estate transaction.

Once your offer has been accepted, you’ll complete the closing process by signing and submitting all purchase-related documents to the escrow agent along with a check for the deposit or purchase amount.

Once you’ve done this, you’ve completed your first Solo 401k real estate investment!

Real estate investing made easy with a Solo 401k

Without a doubt, the Solo 401k is an ideal vehicle for investing in real estate simply and easily.

Whether you’re looking to invest in rentals or flip properties, use the power of a Solo 401k to your advantage to reduce the hassle of investing in real estate while maximize your return.

How to Get Affordable Home Insurance in Calgary

Calgary has experienced rapid economic growth, the influx of more people and development of new residential and commercial areas. Unfortunately, the city had to bear the brunt of extreme weather conditions. The June 2013 floods resulted in massive losses to homeowners. Wind, rain, heavy snowfall, snow melting, rising river levels and floods are some of the common weather-induced catastrophes the city has witnessed.

Here are the main factors that can make your home insurance in Calgary:

1. Flood coverage: A traditional home insurance policy typically covers roof leakage from wind and hail and also plumbing-related issues occurring due to floods. But it doesn’t cover you in case the sewage water is getting pushed back into your house or if melted snow or rain enters your home. Living in a high-risk locality would increase the costs. But if you live in a locality where there is no risk of such problems, you could save on the premium costs.

2. Tenant insurance: The tenant or renters insurance is applicable for people who live at the home owner’s residence in exchange for a certain fee. The tenant insurance only covers your contents if they are damaged due to fire or theft. It also covers additional living expenses if your accommodation becomes unavailable to live due to fire or flood. Tenant insurance coverage and premium can be further lowered if you do not possess many valuables.

3. Homeowners’ insurance: The homeowners’ insurance covers the entire home including its exterior, home infrastructure. It also covers theft, fire, earthquake etc. Homeowners’ insurance is more expensive compared to that of a tenant. If you need a homeowners’ insurance, look for optimum coverage to cover real risks and not perceived risks.

4. Educational institutional discounts: Home insurance companies usually offer students a good discount. There are cases where students who live in their own accommodation can be covered under their parent’s home insurance at no extra cost. Some universities also provide discounts to their alumni. Even unions and professional organizations may offer discounts provided to members.

5. Security system: A mechanized security system along with a security guard can make your house more secure. The system can be designed to protect from the problems associated with fire, flood, wind, theft etc. A home security system could bring down your premium.

6. Avail of the best deal: Home insurance companies offer attractive deals to their customers to entice them. Get quotes from various home insurance companies online, compare the reviews, terms, and rates. Choose the best deal that covers the different risks that could affect you and also has good premium rates. Getting home insurance from a direct insurer representing the insurance company can reduce premium costs.