Foreigners staying in Singapore for extended periods of time may discover that living in a hotel for the length of their stay can be very costly. The alternative answer to this problem is for the foreigners to buy residential properties in Singapore.

In Singapore, expats are not prevented by government agencies from acquiring their own residential properties.

Essentially, the Residential Property Act of Singapore empowers Singapore citizens to acquire residential properties in the country at reasonable prices. Furthermore, the act enables foreigners who are recognized by the government to be capable of of contributing to the economic success of the city-state to purchase residential properties in Singapore.

Non-restricted residential properties can be purchased by foreigners even with no prior sanction from the Singapore government. The following are specific samples of non-restricted residential properties:

- apartment units within a building that is not higher than 6 levels – condominium units in approved condominium development properties under the Planning Act – a lease contract on a restricted residential property; the contract should not exceed seven years

An approval from Singapore’s Minister of Law is needed by foreigners who desire to own all units in an apartment or condominium in an authorized development property.

Likewise, a foreign national who has no prior approval from Singapore’s Minister of Law cannot own residential properties that are classified as restricted.

Under the Residential Property Act of Singapore, the following are classified as restricted residential properties:

- a vacant residential land – town houses, separate or semi-linked homes, or terraced houses built on residential lands – lands not authorized for condominium development under the Planning Act

The expatriate who intends to purchase a restricted residential property must fill out a form and then send this, together with the requisite supporting papers, to the Singapore Land Authority. The agency is accountable for assessing the expatriate’s eligibility to buy a restricted residential property and for granting the approval if it finds the expat’s qualifications satisfactory.

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At some time in your life you will walk into a bank and apply for a loan or mortgage of some kind. If you live in the western world, the bank will invariably check a central credit agency in order to validate your ability to make payments on the loan that you are applying for. Your banker will tell you to relax, this is painless, as he/she reviews your credit score from the central agency. This will be the time when that critical purchase of a home or new car will cause you to silently say, Darn, I wish I knew how to increase my credit score. We have all been there and done that – some of us more times than we can count.

So, the question is, Can the credit card score be improved and most people would answer simply pay your bills on time and there should be nothing to worry about. Everyone it seems has an opinion on this. Some said that constantly asking the credit agency to respond to specified issues in your report within a period of time specified by law could or might result in the credit agency making a mistake and the issue in question being cleared – largely based on a technicality. Enough people mentioned this tactic, so it appears that as unorthodox as this method may seem, there may be some validity in some jurisdictions.

As mentioned above, most people simply answered “pay your bills on time and your credit rating will be excellent”. We counter that paying your bills on time is fact expected and that this can give you an average credit rating of 5-700. But is this “pay your bills” thought really true? We are going to name this as myth number 1 and look more closely at it here. Loan institutions absolutely adore customers whom pay off their bills on time every month? We calculate stupendous bank profits in that model, right? The truth is, loan institutions and other lenders including the mafia are in absolute love with people who maintain a nice healthy balance that they can get charged interest on.

Ok, myth-ism number 2. Banks and Loan Sharks love people who borrow as much as possible. Really? If this were the case, people who couldn’t repay loans would get huge amounts of credit and constantly end up in repayment problems. Do I hear echoes of a well known mortgage problem in here? So perhaps this isn’t 100% of the answer either.

Could the truth be somewhere in between? Loan institutions love clients who pay something on their bills each month ( preferably just the interest and a little more – kind of like a show good faith on the balance… ) and whom appear to have the ongoing ability to keep their total loans significantly within the total allowed credit range – debt ratio. For example 20,000 in total credit available, 6,000 already used.

The key phrase here being “ongoing ability ” and “debt ratio”. Ongoing ability is why some older retired persons with otherwise good credit may sometimes have difficulty refinancing longer term loans. They are viewed as being possible risks because of the “ongoing income” requirement.

So from what we have seen here, the best Candidate is not just someone who has no defaults on their credit rating, such a person may get to 650 on the credit score but may not be able to get a credit score of 800 or more. It is expected that most people who have been working on improving their credit scores will have few defaults though not many. So the key issue for those looking to increase their credit scores from 600 to 800 leans more towards something else.

That something else is the debt ratio. The key issue for getting credit card ratings above 6-700 is the debt/credit ratio.

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Like most individuals, I got trapped with what seemed like a great deal on my auto loan. It was hard for me to even get a loan in the first place so when a bank offered to let me take out everything I am required for my dream car I didn’t even think about the amount I was going to be paying for interest.

As a result the bank wasn’t totally helping me since the interest rate was excessively high. Since I initially got my car; I’ve improved my credit rating and am prepared to refinance my auto loan.

I found out that the best method to refinance my auto loan is to look around. Equipped with my improved credit score I asked the bank that gave me the original loan what other choices they could give me. At first they didn’t have a much better deal. That is when I began checking around with other banks.

The explanation why I looked around for more options to refinance my auto loan is for the reason that some banks are aggressive to have more business. If I discover a better proposal from one place, another bank might go lower if I guarantee them my transaction.

What I was actually looking for was cheaper monthly payments and a better interest fee. There was also the choice to reset the amount of time I had to finish paying off my loan, but I declined since I am prepared to be done with making payments on my car and paying the bigger insurance prices.

One more alternative is to do an auto loan refinance. You will have to be able to prove that you have paid on time on your auto for at least 6 months, but there are lenders that will get your auto loan and refinance it for you with a cheaper interest rate and better terms for you. They might oblige you to settle $500 to $1,000 up front, like a down payment to make the loan easier to obtain.

Jason Myers is a professional writer and he writes mostly about loan refinance news. He’s also interested in loan refinancing.

categories: loan,mortgage,credit,bad credit,best loan,loan refinance,loan refinancing,money management,finance,business,financial

Many investors and vacation homeowners purchase homes with the intention of leasing them either full-time or seasonally. But what if you were told that you were prohibited from using the property as a rental? It happens more often than you’d think.

Many areas throughout the United States, especially in more populated areas have Homeowners Associations. These HOA’s have rules called CC…R’s (Covenants, Conditions … Restrictions). You have an obligation as a homeowner to abide by these rules and regulations. These rules and restrictions mandate how you as the homeowner can use the property.

These CC…R’s are provided to you prior to purchasing the home and should be read carefully. Usually anything that can be seen from outside can be controlled by the HOA. A bench in the front entry or even window coverings is two good examples. The HOA rules can regulate what plants and trees are allowed in your yard, the paint color of your home and even if you are allowed to lease your home. Some buyers request specifically from their real estate agent, to see only homes in non-HOA communities but these types of developments are far and few between.

During the real estate boom, many builders and HOA’s began improvising and changing their rules to include if your home could be used as a rental. Or the rules stated how long you had to occupy the residence before renting to someone else. At first, renting the property might have been the furthest thing from our minds, but in today’s current market many of us have had no other choice but to consider renting our homes out. When we first closed escrow on our homes we agreed to follow the CC…R’s.

Rental properties have often been associated with higher crime rates, declining values and homes that are not maintained. Although this is a perception by most, it is usually not common in every community with rental homes. But a couple of bad apples ruin the bushel.

With the declining Real Estate market and more homeowners considering renting their homes, we are starting to see Homeowners Associations attempting to amend their CC…R’s to include rental home restrictions. Many people believe that CC…R’s cannot be amended. Amendments happen regarding all sorts of rules and regulations. Can this be true for rental properties too?

Most states have laws clearly stating that if you reside in a Homeowners Association that has CC…R’s, there is a contract between the property owner and the Homeowners Association. When you execute your purchase, the imposed restrictions are binding. Hence, you must follow the rules.

Although somewhat difficult these amendments to the CC…R’s are realistic and can be done. Take these factors and considerations to heart when purchasing a home. Your investment strategy decisions could weigh differently in the short and long term.

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categories: real estate,homes,finance,mortgage,self help,marketing,entrepreneur,money,education,foreclosure,loans,blog,leasing

Venturing into running your own business is not only very exciting, but it is also a very stressful time. There are many steps in the process that must be completed. One of these steps is acquiring the financing from a bank. In order to secure funding from a bank, you must have a sound business plan. You will be required to submit a thorough and professional business plan with the appropriate details that will show a bank that your business is a wise investment.

The following are a number of tips to fine tuning your business plan:

1. Your business plan should have a cover page and introductory letter. The cover page should identify that you are submitting the business plan and include your company name, logo, and contact information. The introductory letter will briefly state why you are submitting a business plan.

2. A table of contents is essential to a business plan. This will allow the reviewer to get a clear understanding about what they will read. It will also permit the reader to skip to different parts of the business plan.

3. The executive summary is a crucial part of the business plan. It explains why you will be successful. It will provide a summary of the most important parts of the business plan. It should engage the reader and make him or her want to read the entire plan.

4. You must provide the bank with the necessary financial details. This includes a detailed marketing and financial plan. The bank needs to know about your competition, your market, and the potential for growth in the market. You will have to show how you will bring in sources of revenue and operate your business in a fiscally responsible manner. You should also detail your expenses that include your start up costs and costs of maintaining the business.

5. It is important to detail your strengths in your business plan. You must show what gives you a competitive edge over other companies. You need to show that you understand your customer’s needs and wants, and how you will fulfill them. The bank will want to know how you will reach your targeted customers and convey your message and product to them successfully. You must also explain your competitor’s weaknesses and how you will take advantage of these weaknesses to compete for business.

6. The bank will want to know the viability of your product or service. Make sure you have tested your product or service with a sample of your targeted customers. This can include a focus group, survey, etc. A report should be provided outlining how you will grow and make adjustments to meet your customer’s needs. You also need to show how the product or service will be made and what suppliers you will be using. You have to explain your basic requirements and how you will meet them.

7. Include a section about your management and staff. You should detail their skills, education, and experience. It should illustrate how they will make your business a success.

Regardless of your type of business, within your business plan you must provide the necessary details that will take the reviewer through the process of setting up and implementing a competitive and long term business. The business plan is a key tool to securing funding for your business venture.

Whether you are dealing with Trinidad and Tobago money, Bahamas money, or Republica Dominicana bancos, merchant banking operations offers a variety of finance services for Trinidad and Tobago money and business plan.

Most of the people don’t know that take can change their loan to other investor; others are simply uninterested. They simply become firm with their first lender but they don’t know that it could nring higher interest rates. Because of increasing number of housing loans and amortization period, the interest can range from thousands to hundreds of thousands of money. Below are some considerations when reinvesting your home.

Latest Interest Rate

When your current interest rate is higher than available housing loan packages on the market, it is time for you to consider reinvesting. Go back to your current bank or financial institution and ask them to reprice your loan package. Your lender might give you an offer. Try to compare this offer to the other packages and then decide if you should switch or not.

Lock-in and Clawback Periods

When you get a housing loan, there may be a lock-in period wherein your mortgage lender will charge you a penalty fee, maybe a percentage of your outstanding loan amount, if you were to fully repay your loan. Most of housing loans have a clawback period wherein the lender will claim back “giveaways”, such as legal subsidies, that they “gave” you when you take up your housing loan. Lock-in period is different from clawback period. Because of this, reinvesting is not recommended.

Loan Quantum

If the amount of your loan is larger, the savings for the same decrease in interest rates will also be also larger. However, fixed cost to reinvesting, which comprises mainly of legal fees, does not vary much with loan quantum. The difference between your latest and reinvesting interest rates has to be larger for a relatively lower loan as fixed cost takes into a more considerable part of your interest rate savings.

Identify Interest Rate Movements

Analyze how interest rates flow. Try a floating rate package as an alternative to fixed rate package if the interest rates are decreasing. However, if you are on floating rates, try to switch in fixed rates if the interest rates are increasing.

Own Financial Evaluation

Think of reinvesting when your financial states change. Try to get a fixed rate package. Think of increasing your loan quantum. On the other hand, if your monthly income has increased and you want to lower interest payments, think of reducing your loan tenure.

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Once you resolve to take up a mortgage, the immediate matter that storms your head is selecting between fixed and floating rate of interest. It is easy to get dumbfounded at this stage if you are not financially educated.

If the media and banks are exclaiming about increased interest rates you make feel pressed to go and rush into fixing your home loan rates. Your bank or financial advisor may even advise this.

Now ideally as it should be, we assume that once you choose fixed rate plan for yourself the rate of interest will continue unchanged for the entire period you have fixed the interest rate for irrespective of any subsequent increase in the same. But actually this is not always the situation.

Here we demystify the nature of fixed interest rate housing loan transaction for you so that you can make an knowledgeable decision over the matter.

* Read the small print of your home loan document. You will find that the bank has the right to serve you thirty or sixty-days notice period that it intends to increase its interest rates.

* The bank’s first-year rates are binding on the bank only for that short period of 1 or 2 months. The 2nd-year home loan rates are not binding at all. Neither are the bank’s 3rd-year loan rates.

* Force Majeure Clause

So, while you read your mortgage contract, you can spot statement like this:

“Provided further that from time to time, the bank may in its sole discretion alter the rate of interest suitably and prospectively on account of change in the internal policies or if unforeseen or extraordinary changes in the money market conditions take place during the period of the agreement.”

This is called Force Majeure Clause that enables the lender to undertake appropriate modifications in the interest rates on home loans they sanction to their borrowers.

So remember to look at refinancing every couple of years so that you do not pay too much. If you select a good housing loan company you can save a lot of money over the life of your home loan and in almost all cases the consultation cost is free.

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The current economic problems have visited Connecticut as well, but there is no condition of oversupply in the state; inventory levels have been consistent, probably due to Connecticut housing not being subjected to the amount of land speculation that other places have gone through, such as Florida and Nevada. While Connecticut maintains generally pro-business policies, there should be no danger of an exodus of commercial tenants, either. It has also definitely helped that media attention has been zeroed in on other states, given the panic-selling that’s ensued elsewhere (which, again, has not gripped the Connecticut real estate market).

Connecticut has the most upscale estates in the country after California, and over three percent are priced over a million dollars at the turn of this century. Most of these residences are situated in the northeastern part of the state, with median values being assessed in the multiple millions, Isaac Toussie comments. Connecticut’s southwestern part lies within the greater metropolitan area of New York City. In fact, three out of the eight Connecticut counties form the Tri-State Region with New York and New Jersey. In spite of the economic downturn in the rest of the nation, Connecticut real estate has not gone through too much upheaval. Though credit has tightened, inventory remains stable.

Statewide inventory of condominiums in Connecticut have been at consistent levels despite the economic downturn of late, and this is a good sign which bodes well for the real estate market there as a whole. Thanks to government action that’s maintained access to credit, there is actually some good news for those savvy enough to “connect the dots.”

Mortgage interest rates have plunged dramatically and there is a tax credit stimulus package for first-time home-buyers, making $7,500.00 available. Finally, people have got to live somewhere, so any decline in the condominium market can only be temporary. This is a market with a lot of upside, notes Isaac Toussie.

The content of this article has been posted strictly for informational and human interest purposes only, not for advisory purposes, and should not be relied upon in any way by any person or institution. The reader should not rely on the validity of any of the information contained herein. The reader is urged to consult a variety of professionals when making business or any other significant decision, including accountants, lawyers, investment advisors, insurance companies and the like. Again, this article has been posted merely for human interest and informational purposes, not for advisory purposes.

This article was submitted by Isaac Toussie to provide some helpful information on real estate. Keep an eye out for more Isaac Toussie articles to come!

When it comes to housing loans, many people do not refinance. A substantial number are oblivious they have the choice of changing their loan to different financier; others are simply indifferent. They stick with their very first lender and the “reward” for such loyalty tends to be higher interest rates. Due to the magnitude of housing loans and the tenure that the home loan is amortised over, the interest we are talking about here can easily extend from 1000′s to hundreds of thousands of dollars. Take a look at the following components to see whether it’s time for you to consider refinancing.

Current Interest Rate

It is decidedly a good indication for you to explore refinancing when your current interest rate is higher than available housing loan packages on the market. A first step to take is to go back to your current banking company or financial institution and ask them to revise your package, otherwise known as repricing. If your lender comes back with an offer, it will commonly be better than your current one. You can then compare this offer with offers from other lenders to see whether you should switch or stay put.

Lock-in and Clawback Periods

When you take up a mortgage, there may be a lock-in period where your housing lender will charge you a penalisation fee, commonly a percentage of your outstanding loan amount, if you were to fully repay your housing loan. Almost all home loans also come with a clawback period where the lender will claim back “freebies”, such as legal expenses, that they “gave” you when you take up your home loan (Note: lock-in period is separate from clawback period). It may not be commendable for you to refinance due to such costs.

Loan Quantum

The larger your home loan amount, the larger your savings for the same reduction in interest rates. For instance, 1% on a loan of S$100,000 is much less than 1% on a loan of S$500,000. However, fixed cost to refinancing, which comprises mainly of legal fees, do not vary much with loan quantum. The difference between your current and refinancing interest rates, therefore, has to be bigger for a comparatively smaller home loan as fixed cost eats into a more significant part of your interest rate savings.

Perceived Interest Rate Movements

Your view on how interest rates is moving can be a factor when considering whether you should refinance. If you are currently on a fixed rate package and think interest rates are dropping, you may want to refinance to a floating rate package. Conversely, if you are on floating rates and believe interest rates are rocketing, changing to fixed rates may be a effective choice.

Personal Financial Appraisal

If there is a change in your financial state, you may want to alter your package particulars via refinancing. For example, you are beginning your own business organization and do not want unpredictability in other areas. Give some thought to taking up a fixed rate package. Maybe you want cash to invest in different place. Consider raising your loan quantum. Or your monthly income has increased and you want to reduce interest loan payments. Contemplate reducing your loan tenure.

Consider calling us today if you are looking for refinancing in Singapore. We can save you a lot of money plus give you the latest advice all for free.

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Regular assessment of your household finances is important to the family’s financial well-being. Here are some guidelines to control your household finances.

Use of Credit Cards

Use your credit if you have one. However, remember to pay your outstanding balance, not the minimum amount, before its due. Use your credit card wisely.

Rule of Thumb

If the total household expenses is higher than 33% of your household income, it’s time to cut down on expenses. Here are some tips to lower your expenses.

1. Always clean your air-conditioners.

2. When you do the laundry, do it full load.

3. Place thimbles on your taps

Assign Book Keeping Duties to Your Kids

If you have kids, share them a simple task in book keeping, like data-entry. This will make them understand basic financial principles. Moreover, it will also give them a sense of responsibility and promotes good financial practice.

Organize Your Financial Statements

List down your finances. Compile them in a notebook or ledger. If you have a computer, put everything into a spreadsheet. You don’t even have to pay cash for a spreadsheet.

Here are some tips in organizing your financial statements.

1. Keep soft copies of bills and statements, if available. This will save time from entering data.

2. Back-up all your files, save them into CD-R or thumb drive. Then keep them in a secure place.

Financial Planning

If there is only one in the household is working, and there is not much sources of income, consider an insurance plan for the breadwinner. Financial worries are not something your family should cope with in the event the sole breadwinner is incapacitated.

Do It Regularly

When you are not doing your task, it piles up. Give at least half an hour each week to analyze your finances.

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