Types of Mortgage

There are many types of mortgage. And now, i will show you some of them

• A split or multi-rate mortgage:

It allows you to arrange part of your mortgage at one rate and term and another part at a different rate and term. The advantage is that you are getting at least one portion at a fixed rate, if you don’t qualify for the whole amount at that rate. It also means you can pay off the mortgage in chunks. In Canada, mortgage interest rates can be fixed, variable or protected (or capped) variable. A fixed rate does not change during the life of the mortgage.

• An open mortgage:

It is a mortgage you can repay in part or in full at any time without penalty. Generally, interest rates are higher with this type of mortgage, but it makes sense if you plan to sell your home soon. An open mortgage can also be good for a short period of time when interest rates are high, giving you the option to lock into a longer term when the rates fall, or if rates start rising even higher. To take advantage of an open mortgage you have to be able to make payments from time to time additional to your regular mortgage payments.

• A closed mortgage:

It usually offers the lowest interest rate available but is not flexible. A closed mortgage does not allow prepayments or lump sum payments, or allows them only upon payment of penalties. Some closed mortgages allow limited additional repayments of principal, for example, once a year. Make sure you understand exactly what is allowed and at what additional cost, and how much, if any, notice must be given for each such prepayment.

• The term of a mortgage:

It is the length of time for which certain factors, such as the interest rate you pay, are set when you negotiate a mortgage.

Terms usually last anywhere from six months to 25 years. At the end of the term, you either pay off your mortgage or renew it. If you renew, you can negotiate terms and conditions again.

Generally, the longer the term of the mortgage, the higher the interest rate. The term of a mortgage is not the amortization period

• A variable rate changes:

It is as the prevailing market rate changes. Usually, your monthly payment to the lender stays the same. But the amount that goes to the principal and the amount that goes to interest change as the interest rate changes.

The protected (or capped) variable rate sets a limit on how high your interest rate will rise. Lenders usually charge a premium for a capped variable rate.

You may read more at site to have more information:
www.ottawaliving.ca

Mortgage Workpaper

To apply for a loan, you will have to provide the lender with detailed documentation of your financial history. And the lender will request a credit report from a credit agency and will verify the information provided in your loan application. There are some types of document what you need to prepare :

• Signed Mortgage Application; Including Disclosures

• Mortgage Application Fee

• Most Recent 30 days of Pay Stubs for All Employers

• 2 Most Recent Years W2s and tax return may be requested.

• Most Recent 2 Months Bank Statements (DOCUMENTING PROOF OF 2-6 MONTHS RESERVES, OR FUNDS FOR DOWN PAYMENT WHICHEVER IS REQUIRED BY UNDERWRITING)

• Homeowners Insurance Declaration Page and Insurance Agent Name and number

• MONTHLY STATEMENTS FOR ANY and LOANS ALL LOANS BEING PAID OFF

• All Asset Information to Support Application ( Retirement Accounts, Saving Accounts, Stocks, Bonds, IRAs) Only If you are putting money down from these accounts, or if you are using any of these accounts to qualify.

• Property Tax Bill- For Refinances Only

And these are the necessary documents that you want to Purchase Mortgages

• Real Estate Agent Name and Telephone Number & Email Address- All Contact Information

• Signed (BY BOTH PARTIES!!!) Purchase and Sale Agreement ( NO RATE LOCK WITHOUT THIS DOCUMENT)

• Copy of ALL Checks Cleared for PROOF of DEPOSIT- Bank Statements May be Necessary

And another documents is for Self Employed Borrowers

• Last 2 Years Tax Returns ALL PAGES-Documenting Proof of Income

• Business License Showing 2 Years Employment or CPA Letter

Miscellaneous Items that may be Necessary

• Alimony/Child Support Documents

• Copy of Pension Award Letter/Statement- That States Terms and Duration of Payments

• Copy of Disability Award Letter/Statement- That States Terms & Duration of Payments

• Bankruptcy Discharge Documents

• Separation Agreement

• Divorce Decree

IF YOU HAVE STUDENT LOANS IN DEFERMENT OR COSIGNED- THEN WE WILL NEED A LETTER AND OR MONTHLY STATEMENT THAT STATES THAT, or original loan documents

• Letter of Explanation for any Derogatory Credit

• Letter of Explanation for any Credit Inquiries over the past 90 Days.

MBA Outline

The internationally recognized MBA qualification is designed for practicing managers aspiring to higher positions. The emphasis is on strategic analysis, interdisciplinary skills, intellectual stimulation and independent judgment. Within the broad framework of organizations, their external context and management, you will learn to use the knowledge to analyze, synthesis and evaluate a wide range of situations. Among these will be economic, environmental, social and technological change issues, corporate governance, markets and customers, managing resources and operations, financing organizations, management and development of people, developing information technologies for application in business and management within a global knowledge-based economy, and development of appropriate business policies and strategies within a changing context to meet stakeholder interests. The courses comprising the MBA are challenging. They assume that you already have some experiential knowledge acquired from managerial work.

There are many universities which have full time and part time MBA for you to chose and these tables are restricted to full-time study programmes, many students on which seek employment after they complete.

If you are particularly interested in public services and governmental organizations, you may wish to consider our Master of Public Administration (F44). Having said that, the MBA has been completed by many people with such interests. Other alternatives to this general MBA are our MBA (Technology Management) (F03) and MBA (Life Sciences) (F38).

The MBA qualification is in two stages. You must expect to successfully complete Stage 1 before you enrol on Stage 2.

Stage 1

There are three routes through Stage 1.

• Route 1 – if you already have a bachelors level qualification

To follow this route, you must have at least a bachelors level qualification from a recognized university or the equivalent. Further details are set out under Approved Minimum Entry Requirements below. If you are eligible for this route, you can complete Stage 1 either by taking the Postgraduate Certificate in Business Administration course, Fundamentals of senior management (B713) or, if your qualification is in the business studies area, you can study the Professional Diploma in Management course Managing performance and change (B700) (see under Approved Minimum Entry Requirements below for more about which course you are eligible for given your qualifications). Both B713 and B700 involve, on average, 600 hours of study over 12 months.

• Route 2 – if you already hold the Professional Diploma in Management

If you have our Professional Diploma in Management (D64) you can count this as Stage 1 of the MBA. There is a 10 year maximum period within which all study towards the MBA must be completed; if you graduated from the Diploma some years ago, contact the Student Registration and Enquirer Service.

• Route 3 – if you are experienced in managerial work

If you are experienced in managerial work but not eligible for Route 1 or 2, you can take our Professional Certificate in Management (C31), prior to entering Stage 1. When you complete that certificate, you are then eligible to study our Professional Diploma in Management (D64) as Stage 1 of the MBA. The Certificate followed by the Diploma will take two years.

Your first Stage 2 course must normally be Strategy (B820) . Once you have completed B820 you are then able to continue with the rest of Stage 2.

You can read more at website: www3.open.ac.uk/study/postgraduate/qualification/f02.htm

Benefits of Entirement Plan

Each people who are going to retire in the near time in the future. They often think for themselves a plan to make everything is suitable and assets in qualified retirement plans may represent a large portion of their total assets and be an important factor in planning testamentary gifts.

Social protection is known to be a major problem of retirement plan which implemented a comprehensive social program, under which it contracted out retirement benefits for its employees. To this end, it created a retirement fund and professional retirement benefits are standard for all of the enterprise’s employees. Corporate retirement benefits are comprised of the employer’s allocations and its employees’ voluntary contributions.

The government regulates the investment policy of such retirement funds. While those funds can only be invested in bank instruments, companies choose their management companies. Reserves accumulated in a retirement benefit fund are then typically transferred to the management company at a guaranteed rate of return (unlike the state-owned retirement benefit plan).

The retirement benefit plan is based on the main provisions of the National Retirement Benefit Reform that envisages, in particular, the promotion of long-term pension savings. This retirement benefit system will be adopted as a corporate standard.

Your retirement plan depends on the type of appointment you hold. If you hold a staff appointment, you need to know whether your position is professional staff, or classified staff. If you are unsure of your appointment type, ask your supervisor, or your department's administrator or payroll coordinator.

Student Loans Company

The firm responsible for managing the student finance system is tightening its procedures for recovering debt as it writes off nearly £29m.

The Student Loans Company (SLC) has adopted new ways of tracking debtors' work and income status and chasing European students returning home.

The move comes as the public debt from student loans reached nearly £26bn. This is nearly double the debt it had at the end of 2005, six months before variable tuition fees were brought in. The introduction of the student finance package in 2006, under which students borrow indirectly from the government through the SLC to cover their tuition fees and maintenance costs, meant public debt increased significantly.

Students are now expected to graduate with total debts of about £23,000, a recent survey suggests. Write offs. A spokeswoman for the SLC said it regularly reviewed its processes and strengthened them where necessary. "There has been a tightening of processes in terms of recovery. As a business we are constantly reviewing and improving what we do."

She added: "The SLC has established new robust processes. Those staying in the UK are expected to obtain a National Insurance Number and make repayments through the UK tax system.
"But those borrowers who move will have repayments automatically scheduled if they fail to respond to SLC by next April. "This will enable default schedules to be set up, borrowers traced and, where appropriate, legal action will be taken."

Tax records

The steps are being taken as the SLC writes off or cancels £29m worth of public debt. This represents 2,500 student loans, 1,700 of which were written off or canceled as a result of death. However, the SLC is keen to point out that not all of these deaths occurred within the past year and that a backlog from previous years was cleared. Loans are written off when recovery is deemed unlikely by the loan administrator or not possible by legal judgment. They are canceled when the debtor is no longer duty-bound to repay. Students do not have to repay their loans until they earn at least £15,000 a year. The firm's own figures showed that 227,000 debtors still had their employment status to be determined.

The SLC says this group includes people who have changed jobs and are paying back their loans but waiting for their HMRC records to be updated, people who are unemployed but not on benefits and people who have gone back to study full time or part time.

Source: news.bbc.co.uk/2/hi/uk_news/education/8323160.stm

LOAN SHARKS

Nowadays, there are thousands of people in Wales are caught in a trap. They need money fast, but can't get a loan from a bank. And that's why one kind of lender is flourishing.

Loan sharks live in the heart of communities, lending money to anyone who needs it. But if you can't pay it back, that friendly face can suddenly become a lot more sinister.

Around a thousand loan sharks are operating in Wales, lending money illegally without a credit license. And they're not afraid to use violence or blackmail to get their cash back. Steven Hay who manages the Illegal Money Lending Unit which was set up to help the victims of loan sharks and bring the lenders to justice.

He said that Loan sharks are a very big problem in Welsh communities and there are many people who are getting a lot of calls from people in miserable situations, they are working on cases in more than half of the local authority areas in Wales. And they think from the calls that they are getting that the problem is increasing as a result of the current economic downturn. Loan sharks prey on the vulnerable, and they really do bleed them until there's nothing left

And if you borrow from a loan shark, they often won't tell you how much you'll have to pay back. and the interest rates can be crippling. For one recent victim of a North Wales loan shark it was 149,000 %. and the customers of loan sharks are often scared to speak out, in case of reprisals. B

'Carol' first went to a money lender several years ago. Her was on a low income she borrowed money for clothes for the children, food, electricity, gas and water bills. She met them through friends, who said they knew someone who'd lend me money. They didn't tell you how much interest she would pay. and I think they're a friend, I don't know any different. Carol borrowed a few hundred pounds but struggled to pay it back, so the loan shark lent her more money - and she was soon deep in debt.

She was paying £1,000 pounds a month. She didn't have any money left for herself. Then she borrowed more money off them again. She was paying them with her benefits and disability money. It was just hell because she had to make sure she paid them all the time.

The 24 hour loan shark hotline is run by a special team based in Cardiff. The Illegal Money Lending Unit was set up to track down and prosecute loan sharks - using information from the public. They also offer support to more than a hundred victims. "People are hesitant to come forward for a number of reasons," team manager Steven Hay explains. "They're ashamed, embarrassed, scared. There can be threats, there can be offers of sexual favours - it can get quite horrible.

The Illegal Money Lending Unit helps victims like 'Claire'- "I borrowed four or five hundred pounds", . "I was still paying them two years later, it never seemed to end. I'd ask them when it would finish and they'd just give me excuses." When Claire lost her job she found it difficult to meet the repayments.

"I didn't have enough", she explained. "I couldn't eat properly, couldn't clothe my children properly. If I couldn't pay, they threatened to beat me up in front of my children. If the door knocked I'd be petrified, I constantly had my phone by my side and I''d lock the windows and doors. I had no confidence, I was so scared."

Claire only borrowed a few hundred pounds - but she actually paid the loan shark almost £4,000. Each loan shark may have hundreds of customers, so their profits can be huge.

Steven Hay's team carries out surveillance, to catch illegal lenders in the act. Ten Welsh loan sharks are currently awaiting prosecution and there are twenty five other cases in the pipeline. The unit also tries to educate people who are potential targets for loan sharks.

We followed Steve when he met a basic skills group in Trowbridge, Cardiff to discuss the dangers. The women in the group were aware of loan sharks operating in the city. "I've been approached by a local store, myself and a friend, by a local shark. They approach you and in a matter of two hours you can have what you want off them," explained one woman. Another commented: "It spreads so quickly, with people saying I've got this money and suddenly you have a big group of people who are into the same problem."

So what are the alternatives to loan sharks? Credit unions can be a cheap way to borrow money. They are community based schemes aimed at helping those who can't access loans otherwise. But because members of the scheme usually have to save before they borrow, the desperate may turn to a loan shark instead.

Loan shark victims like Carol have lived in fear for years - and there have been times where it's all seemed too much. "They are bullies, they threaten you with their heavies, they said they'd burn my house down and they said if you don't pay I'll come looking for you and kill you. It's made me feel really low, I even cut my wrists over it. I thought if I'm dead they can't have any more money. The people who have helped me have been marvellous, if I didn't have them I would have killed myself."

Carol was given help and support from the Illegal Money Lending Unit, who advised her to stop paying as her loan was illegal and unenforceable. "We look to protect the victim all the way through to the court case and beyond, so we can arrest the loan shark which takes the problem away for a certain period of time, we can then look to have strict bail conditions so they don't live in the area where they are causing the fear, in extreme circumstances and when we feel it necessary we can rehouse people.

Claire's money worries are far from over, but in future she won't be turning to a loan shark. "I wish I'd never got involved in the beginning but you can't turn the clock back. It's not worth it. Even if they come across as nice, if you miss payments they'll threaten you and your family. But there is help out there."

If you need help, or you have any information about illegal money lending in your area, call the 24 hour loan shark hotline on 0300 123 3311.

Source: www.bbc.co.uk/wales/x-ray/sites/allarticles/updates/090624_loan_sharks.shtml

Loans for poor people

This article is from the website www.dangcongsan.vn. This site is for the Vietnamese, the country has many people who are living in the poor situation. And this article is about the loans that can help them to have the opportunities to over the poverty to have a better life.

Detailed regulations about interest rate assistance for loans for poor people and beneficiaries in the Vietnam Bank for Social Policy (VBSP) have been released by the State Bank of Vietnam on July 16th.

All customers borrowing capital from VBSP will be assisted with interest rates for short, middle and long-term loans disbursed from May 1st to December 31st, 2009. In particular, the maximum duration for the loans an with an assisted interest rate is 24 months, from the day they are disbursed with the deadline for assisted interest rate being December 31st, 2009.

With this action, those with interest rates of more than 4 % per annum will be assisted with 4 percent per annum, based on the outstanding loan balance and the original loan duration.

For those with interest rates of under 4 % or 4 %, the assisted interest rate is the total interest rate of the loan capital which is based on the outstanding loan balance and the original loan duration (the loan interest rate of 0 percent.)