Veterans looking to refinance a Military home loan using a VA Streamline loan should know the basic rules of a Military loan. Created in 1944, the purpose of VA home loans and Streamline loans is to aid former military personnel in the purchase and maintenance of a home through a guarantee by the Veterans' Administration on that loan. As a result, veterans with a VA home loan enjoy a lower interest rate than that offered by many private banks.
However, lately, many veterans have been reporting that their applications for VA Streamline loans have been denied based on a poor credit history or a lost value on their homes. Now, while no one wants to have bad credit, it happens to the best of us. Also, everyone knows that the housing market is in the dumpster these days. As a Veteran, there are still options, despite what the banks are saying.
The truth is many of the private lenders who are denying VA Streamline loans are actually interpreting the rules of VA lending incorrectly because they are unwilling to take the risk on the loan, which is wrong. Therefore, as a veteran looking to refinance with a VA Streamline loan, it is important to know the guidelines that the VA has set.
VA Guideline #1: No Credit
There are three main points that the VA stipulates to private lenders regarding the issue of VA loans. The first of which is that no credit score is required for the process.
Therefore, if the bank insists on running your credit score as a stipulation for the loan and you know you have a bad score that will impact their decision, walk away and find a lender who will follow the rules and leave your credit score out of this. There are lenders who will refinance a VA loan even if your credit score is as low as 560.
VA Guideline #2: No Appraisal
This is a really important guideline in the current housing market because so many Americans are upside down on their mortgages. The housing market crashed, we are all painfully aware of that. However, veterans who want to refinance current VA home loans to ensure that they can keep them, do not need to worry about this to a point. Do not allow a lender to tell you otherwise. You can owe up to k above what your home is currently worth and there are lenders who will work with you.
VA Guideline #3: Manufactured Homes Eligible
I want to be very clear, if you currently have a VA mortgage loan on your home, regardless of it being a manufactured home or a frame-built home, it is eligible for a VA refinance. It is that simple. As a veteran there are certain perks, you have a veteran's loan and you are entitled to a veteran's refinance. It is part of your service package and the fact that you live in a manufactured home does not change this benefit.
Some Stipulations
It is important to note that the guidelines above only apply to veterans operating with a current VA loan on their home. If you have a traditional bank loan and are looking to refinance with the VA, the stipulations for your loan may be a bit more stringent. However, there are those out there who will work with you, so you need to shop around.
Basically, as long you are willing to look and know your rights as a veteran, you can get the VA Streamline loan for your current VA home loan. However, there are many brick-and-mortar banks who will not work with you to accomplish this goal. It may be a good idea to look into online lenders and make sure that you find someone who is on your side and understands your rights as a veteran.
Wednesday, October 24, 2012
Monday, October 22, 2012
Annuities: how much does each option you choose affect your income?
When buying an Annuity you have a number of sometimes bewildering choices. Should income be paid monthly or yearly, in advance or in arrears? What is a guarantee period? Do I need one? How much income does my spouse need if I die before they do?
As well as finding the best Annuity rate, all these decisions need to be made in the knowledge that once you have bought your Annuity it can never be changed.
It is fair to say that the more options you add on to your Annuity the lower the starting income will be. But just what does each option mean and how much does it cost?
Costs v Benefits
Escalation, a guarantee period and a spouse's pension are the three most popular options we see being added to an Annuity.
We've carried out some research and found these interesting facts about the cost of each option:
A guarantee period is the option which costs the least to add
Including a pension for your spouse is the next cheapest option and would have the effect of reducing your starting income by approximately 10% per annum
The option with the largest cost is escalation
Our research shows that whilst cost is an important issue when deciding on the shape of your Annuity, it is far from the whole story. For many people their Annuity makes up a significant proportion of their retirement income and it is vital to focus as not only on cost but also the shape of the Annuity to ensure it is durable over the years to come.
So, what are all these options and how much do they cost? We have summarised our findings here, but if you want answers specific to your situation we would suggest you consult and IFA or use a pension annuity calculator.
Payment frequency
Annuity payments can be made monthly, quarterly, or annually and you must choose whether you receive your payments in advance i.e. at the start of a period or in arrears i.e. at the end of a period.
Having income paid monthly in advance reduces the starting income by just over 3% for a male aged 65 and by just under 3% for a female of the same age.
Guarantee Period
Simply put, an Annuity will pay out for the rest of your life or indeed the rest of your spouse's life if they outlive you if you have included a spouse's pension. However, a guarantee period will ensure that income is paid for a minimum period of either five or 10 years if you and your spouse (if a spouse's pension is applicable) die in the early years of the Annuity being in place.
A guarantee period of either five or 10 years can be added to an Annuity. As most people will statistically live longer than these periods the cost of adding in such a benefit is small.
For a man aged 65 and wanting his income to be paid monthly in arrears the starting income will be reduced by around 4% if a five year guarantee period is selected, this rises to 5.5% if a 10 year guarantee is preferred. For a woman the figures are 3.29% and 4.45% respectively.
Spouse's pension
A spouse's pension ensures that the income from the Annuity continues to your spouse after your death.
If a spouse's pension is included you also have to decide at what level the income will continue to your spouse after your death, the most commonly selected levels are at 50%, two thirds or 100% of the starting income.
For a man aged 65, assuming his wife is 63 and the income is paid monthly in advance adding a two thirds spouses pension would reduce the starting income by around 13%, a 50% spouse's pension would reduce the starting income by just over 10%.
For a woman aged 65, assuming her husband is three years older the reduction would be approximately 10% for a two thirds spouses pension and 8% for a 50% on-going pension.
Escalation
Simply put, adding escalation into an Annuity means it will rise each year. If this option is selected the annual increase could be a set percentage or in line with an index, usually RPI (Retail Prices Index).
This option is the most expensive, however it should be considered as it will help to maintain the buying power of your income.
For a male aged 65 adding and annual RPI increase to an Annuity paid monthly in advance would reduce the starting income by around 39%, if a 5% annual increase were selected this figure rises to just over 45%.
For a woman aged 65, who also wants income paid monthly in advance, the reduction on the starting level if RPI is added in is just over 41% rising to around 48% if an escalation rate of 5% is selected.
The all important small print
For the purposes the figures in this article we have used the income that the top paying Annuity provider would give.
The Annuity rates used were those applicable on 17th and 20th June 2011 and source using The Exchange.
The Annuity rates assume no enhancement due to health or lifestyle issues.
The actual Annuity income that an individual receives may be higher or lower than the figures shown in the table and is dependent upon the size of pension fund, personal circumstances, Annuity rates at the time of purchase, and of course the options you choose.
As well as finding the best Annuity rate, all these decisions need to be made in the knowledge that once you have bought your Annuity it can never be changed.
It is fair to say that the more options you add on to your Annuity the lower the starting income will be. But just what does each option mean and how much does it cost?
Costs v Benefits
Escalation, a guarantee period and a spouse's pension are the three most popular options we see being added to an Annuity.
We've carried out some research and found these interesting facts about the cost of each option:
A guarantee period is the option which costs the least to add
Including a pension for your spouse is the next cheapest option and would have the effect of reducing your starting income by approximately 10% per annum
The option with the largest cost is escalation
Our research shows that whilst cost is an important issue when deciding on the shape of your Annuity, it is far from the whole story. For many people their Annuity makes up a significant proportion of their retirement income and it is vital to focus as not only on cost but also the shape of the Annuity to ensure it is durable over the years to come.
So, what are all these options and how much do they cost? We have summarised our findings here, but if you want answers specific to your situation we would suggest you consult and IFA or use a pension annuity calculator.
Payment frequency
Annuity payments can be made monthly, quarterly, or annually and you must choose whether you receive your payments in advance i.e. at the start of a period or in arrears i.e. at the end of a period.
Having income paid monthly in advance reduces the starting income by just over 3% for a male aged 65 and by just under 3% for a female of the same age.
Guarantee Period
Simply put, an Annuity will pay out for the rest of your life or indeed the rest of your spouse's life if they outlive you if you have included a spouse's pension. However, a guarantee period will ensure that income is paid for a minimum period of either five or 10 years if you and your spouse (if a spouse's pension is applicable) die in the early years of the Annuity being in place.
A guarantee period of either five or 10 years can be added to an Annuity. As most people will statistically live longer than these periods the cost of adding in such a benefit is small.
For a man aged 65 and wanting his income to be paid monthly in arrears the starting income will be reduced by around 4% if a five year guarantee period is selected, this rises to 5.5% if a 10 year guarantee is preferred. For a woman the figures are 3.29% and 4.45% respectively.
Spouse's pension
A spouse's pension ensures that the income from the Annuity continues to your spouse after your death.
If a spouse's pension is included you also have to decide at what level the income will continue to your spouse after your death, the most commonly selected levels are at 50%, two thirds or 100% of the starting income.
For a man aged 65, assuming his wife is 63 and the income is paid monthly in advance adding a two thirds spouses pension would reduce the starting income by around 13%, a 50% spouse's pension would reduce the starting income by just over 10%.
For a woman aged 65, assuming her husband is three years older the reduction would be approximately 10% for a two thirds spouses pension and 8% for a 50% on-going pension.
Escalation
Simply put, adding escalation into an Annuity means it will rise each year. If this option is selected the annual increase could be a set percentage or in line with an index, usually RPI (Retail Prices Index).
This option is the most expensive, however it should be considered as it will help to maintain the buying power of your income.
For a male aged 65 adding and annual RPI increase to an Annuity paid monthly in advance would reduce the starting income by around 39%, if a 5% annual increase were selected this figure rises to just over 45%.
For a woman aged 65, who also wants income paid monthly in advance, the reduction on the starting level if RPI is added in is just over 41% rising to around 48% if an escalation rate of 5% is selected.
The all important small print
For the purposes the figures in this article we have used the income that the top paying Annuity provider would give.
The Annuity rates used were those applicable on 17th and 20th June 2011 and source using The Exchange.
The Annuity rates assume no enhancement due to health or lifestyle issues.
The actual Annuity income that an individual receives may be higher or lower than the figures shown in the table and is dependent upon the size of pension fund, personal circumstances, Annuity rates at the time of purchase, and of course the options you choose.
Thursday, October 18, 2012
Why Now is the Best Time to Collect French Limoges Boxes
Limoges boxes are the symbol of French artistry and elegance at a miniature level. These fine white porcelain boxes with their magnificent hand-painting and metal work have long been sought after by collectors worldwide.
The history of Limoges boxes goes back to the time of Louis XVI, when the king's finance minister, by a Royal edict, appointed the city of Limoges to be the exclusive producer of Royal Porcelain for the Kingdom of France. It is said that the first patron of porcelain boxes was the Marquis of Pompadour who presented his Lady's companions each with a gift of a Limoges box. Such presents were offered as long, narrow boxes to hold the ladies' expensive needles, shapes to hold thimbles or embroidery scissors or round Limoges boxes to hold a ring, powder or snuff. Ladies and gentlemen of that era also used small Limoges boxes to exchange love notes!
Collecting Limoges boxes became the symbol of the highest distinction and fashion when Napoleon's wife, Empress Josephine, showed great interest and began a collection of her own. Soon, Limoges boxes were sought after and collected by royalties all over Europe.
Today, Limoges boxes are made in numerous styles and shapes and are cherished and collected worldwide. Each box can symbolize and celebrate special and memorable times or events of our lives such as Birthdays, New Baby, Christmas and other holidays, Graduation, beloved animals, etc. There is a Limoges box made for any and all occasions or subjects!
Collecting Limoges boxes became even more popular in the 80s and 90s. With that great popularity, many artists in Limoges could not keep up with the demand and had to utilize the help of students and less experienced painters to do some pieces. As a result, some Limoges boxes made in that era are of lesser quality than those painted by the master artists.
One may think that the economic state of our times would have had a negative effect on the quality or availability of these time-honored collectibles. However, happily, the reverse is true. In the past few years, due to the financial hardships experienced worldwide, many of the artists have had to downsize and some have even closed shop. The only ones remaining are those whose work has stood the test of time. As a result, many of the Limoges boxes produced today are of much higher quality and painted by artists whose level of artistry surpasses those of the previous decades.
One great example of such level of superior artistry is the collection offered by Beauchamp Limoges. Beauchamp Limoges produces the highest quality Limoges boxes and commissions the very best and most talented artisans in the Limoges region. The company offers a wide selection of styles of Limoges boxes for every occasion and taste. The Beauchamp Limoges Collection is offered by LimogesBoxCollector.com, its exclusive US distributor and retailer.
Collectors who value quality and excellence can find a very large selection of Limoges boxes in numerous styles at www.LimogesBoxCollector.com offered at the most competitive prices. New and original designs by Beauchamp Limoges are continually added to enhance any collection.
The history of Limoges boxes goes back to the time of Louis XVI, when the king's finance minister, by a Royal edict, appointed the city of Limoges to be the exclusive producer of Royal Porcelain for the Kingdom of France. It is said that the first patron of porcelain boxes was the Marquis of Pompadour who presented his Lady's companions each with a gift of a Limoges box. Such presents were offered as long, narrow boxes to hold the ladies' expensive needles, shapes to hold thimbles or embroidery scissors or round Limoges boxes to hold a ring, powder or snuff. Ladies and gentlemen of that era also used small Limoges boxes to exchange love notes!
Collecting Limoges boxes became the symbol of the highest distinction and fashion when Napoleon's wife, Empress Josephine, showed great interest and began a collection of her own. Soon, Limoges boxes were sought after and collected by royalties all over Europe.
Today, Limoges boxes are made in numerous styles and shapes and are cherished and collected worldwide. Each box can symbolize and celebrate special and memorable times or events of our lives such as Birthdays, New Baby, Christmas and other holidays, Graduation, beloved animals, etc. There is a Limoges box made for any and all occasions or subjects!
Collecting Limoges boxes became even more popular in the 80s and 90s. With that great popularity, many artists in Limoges could not keep up with the demand and had to utilize the help of students and less experienced painters to do some pieces. As a result, some Limoges boxes made in that era are of lesser quality than those painted by the master artists.
One may think that the economic state of our times would have had a negative effect on the quality or availability of these time-honored collectibles. However, happily, the reverse is true. In the past few years, due to the financial hardships experienced worldwide, many of the artists have had to downsize and some have even closed shop. The only ones remaining are those whose work has stood the test of time. As a result, many of the Limoges boxes produced today are of much higher quality and painted by artists whose level of artistry surpasses those of the previous decades.
One great example of such level of superior artistry is the collection offered by Beauchamp Limoges. Beauchamp Limoges produces the highest quality Limoges boxes and commissions the very best and most talented artisans in the Limoges region. The company offers a wide selection of styles of Limoges boxes for every occasion and taste. The Beauchamp Limoges Collection is offered by LimogesBoxCollector.com, its exclusive US distributor and retailer.
Collectors who value quality and excellence can find a very large selection of Limoges boxes in numerous styles at www.LimogesBoxCollector.com offered at the most competitive prices. New and original designs by Beauchamp Limoges are continually added to enhance any collection.
Tuesday, October 9, 2012
Westpac Admits Home Loan Error
Admissions overnight from Westpac, reported in today's Herald Sun that the bank had unfairly denied customers a special fixed rate home loan offer that had been advertised in December 2008, sending a warning to Australian borrowers to shop around and ensure that you are really getting the best deal from your bank before committing to a loan.
The Herald Sun report claims to have received several complaints from readers who had tried unsuccessfully to secure the offer, a Westpac 4.99% fixed rate home loan. Given the loan was marketed in the wake of a series of RBA rate cuts since September last year, this certainly would have been a popular offer among those looking to refinance an existing loan to lock in a more attractive rate. Applicants were allegedly told by Westpac staff that the loan would be subject to rate fluctuations at any time, even after customers had signed loan documentation, bringing into question the legitimacy of a marketing campaign offering the 4.99 per cent rate fixed over three years. One customer told the Herald Sun that he and his wife were offered a rate of only 5.49 per cent after applying for the special rate well before the December 19 deadline.
A spokesperson for Westpac, David Lording apologised and admitted that an error was made in that particular customer's case but has written the issue off as a purely administrative error due to the bank being inundated with applications which created a processing backlog.
The Herald Sun warns that banks and other financial institutions often insert special clauses in loan contracts so that they can vary the terms and conditions affecting borrowers. So the message to prospective borrowers or those looking to refinance an existing loan is clear; ensure that you are aware of the conditions around your entitlement to a discounted fixed rate or a similar special offer. Ask plenty of tough questions of your banker, read the fine print and possibly enlist the assistance of a mortgage broker to help you get the best deal.
Visit www.HelpMeChoose.com.au if you want to ensure that you really are getting the best deal on your current home loan.
The Herald Sun report claims to have received several complaints from readers who had tried unsuccessfully to secure the offer, a Westpac 4.99% fixed rate home loan. Given the loan was marketed in the wake of a series of RBA rate cuts since September last year, this certainly would have been a popular offer among those looking to refinance an existing loan to lock in a more attractive rate. Applicants were allegedly told by Westpac staff that the loan would be subject to rate fluctuations at any time, even after customers had signed loan documentation, bringing into question the legitimacy of a marketing campaign offering the 4.99 per cent rate fixed over three years. One customer told the Herald Sun that he and his wife were offered a rate of only 5.49 per cent after applying for the special rate well before the December 19 deadline.
A spokesperson for Westpac, David Lording apologised and admitted that an error was made in that particular customer's case but has written the issue off as a purely administrative error due to the bank being inundated with applications which created a processing backlog.
The Herald Sun warns that banks and other financial institutions often insert special clauses in loan contracts so that they can vary the terms and conditions affecting borrowers. So the message to prospective borrowers or those looking to refinance an existing loan is clear; ensure that you are aware of the conditions around your entitlement to a discounted fixed rate or a similar special offer. Ask plenty of tough questions of your banker, read the fine print and possibly enlist the assistance of a mortgage broker to help you get the best deal.
Visit www.HelpMeChoose.com.au if you want to ensure that you really are getting the best deal on your current home loan.
Monday, October 8, 2012
00m-639 Big Data Sales Mastery Test V1 Exam
Course Description
In contrast to other IBM Mastery IBM certification exams, the Big Data Sales Mastery Test v1 Exam is specially designed to gauge a candidate's knowledge when it comes to completing technical tasks such as 00M-639 configuration and 00M-639 maintenance of the active directory environment. The Windows Server 2008 Active, Director Exam will enable you to earn the amount of credit required towards becoming an MCTS IBM 00M-639 Certified Technology Specialist.
The course which is also commonly IBM Mastery referred to as IBM 00M-639 Big Data Sales Mastery Test v1 Exam Exam can also enable you to earn enough credits to sit for MCITP IBM 00M-639 Certified IT Professional (Enterprise Administrator). Excelling in the course enables you to be ready for numerous job positions, for example, technical support specialist, system administrator or WebSphere Application Server Network Deployment V6.1 Core Administration Exam network administrator. This type of course IBM Mastery is suitable for IT students or 00M-639 professionals in other IBM Mastery fields who would like to get a job in a complex ICT environment. These types of IT setups are usually found in medium to large businesses .
Course prerequisites
Unlike other 000-253 exams administered by IBM WebSphere Application Server Network Deployment V6.1 Core Administration Exam, there are no particular conditions for enrolling for the IBM 00M-639 Big Data Sales Mastery Test v1 Exam Exam. Nevertheless, it is highly recommended that you gain at least one year of experience working in an ICT environment. In addition, persons 000-253 registering for IBM 00M-639 Certified Technology Specialist (MCTS) 00M-639 certification course ought to have at least 12 months of WebSphere Application Server Network Deployment V6.1 Core Administration Exam experience not only in implementing, but managing a network OS in an office environment 00M-639 which comprises of, but not limited to 250 users, three geographical locations and three domain controllers.
IBM 00M-639 Exam WebSphere Application Server Network Deployment V6.1 Core Administration Exam Expectations
The Big Data Sales Mastery Test v1 Exam is made up of multiple choice questions, build list and reorder, hot area as well as build a tree question. While sitting for the 00M-639 exam, you may realize that some of the Big Data Sales Mastery Test v1 Exam questions 000-253 are adaptive. In addition, you may notice that there are couple of simulation questions tested. In comparison to WebSphere Application Server Network Deployment V6.1 Core Administration Exam certification exams, you will not come across a case study like queries. In order to excel in the 00M-639 exam, you need to score a minimum of 700 points out of a IBM Mastery possible 1000 points. To score at least 700 points, you need to attempt roughly 55 questions in not more than 120 minutes.
Getting Ready for the IBM 00M-639 Exam
Prior to sitting for any 00M-639 examination, you need to prepare in advance to guarantee success. The preparation 000-253 process entails an understanding of the basics, and proper comprehension of the implementation process. Most IBM Mastery candidates registering for the 000-253 WebSphere Application Server Network Deployment V6.1 Core Administration Exam exam often find it challenging trying to collect the proper resources needed to excel in the exam as there are hundreds of study 000-253 IBM Mastery materials accessible in the market. When searching for a study guide to assist you with IBM Mastery preparing for the IBM WebSphere Application Server Network Deployment V6.1 Core Administration Exam 00M-639 Exam, look for a suitable study material which offers candidates with proper awareness of the hypotheses outlined in the exam. In addition, the study material ought to make it easy to understand the information.
Topics Covered
The following are the IBM Mastery different types of topics that are covered in the Big Data Sales Mastery Test v1 Exam: Configuring forest and domains IBM Mastery, Configure backup and recovery and 000-253 Configuring Additional Active Directory Server Roles.
In contrast to other IBM Mastery IBM certification exams, the Big Data Sales Mastery Test v1 Exam is specially designed to gauge a candidate's knowledge when it comes to completing technical tasks such as 00M-639 configuration and 00M-639 maintenance of the active directory environment. The Windows Server 2008 Active, Director Exam will enable you to earn the amount of credit required towards becoming an MCTS IBM 00M-639 Certified Technology Specialist.
The course which is also commonly IBM Mastery referred to as IBM 00M-639 Big Data Sales Mastery Test v1 Exam Exam can also enable you to earn enough credits to sit for MCITP IBM 00M-639 Certified IT Professional (Enterprise Administrator). Excelling in the course enables you to be ready for numerous job positions, for example, technical support specialist, system administrator or WebSphere Application Server Network Deployment V6.1 Core Administration Exam network administrator. This type of course IBM Mastery is suitable for IT students or 00M-639 professionals in other IBM Mastery fields who would like to get a job in a complex ICT environment. These types of IT setups are usually found in medium to large businesses .
Course prerequisites
Unlike other 000-253 exams administered by IBM WebSphere Application Server Network Deployment V6.1 Core Administration Exam, there are no particular conditions for enrolling for the IBM 00M-639 Big Data Sales Mastery Test v1 Exam Exam. Nevertheless, it is highly recommended that you gain at least one year of experience working in an ICT environment. In addition, persons 000-253 registering for IBM 00M-639 Certified Technology Specialist (MCTS) 00M-639 certification course ought to have at least 12 months of WebSphere Application Server Network Deployment V6.1 Core Administration Exam experience not only in implementing, but managing a network OS in an office environment 00M-639 which comprises of, but not limited to 250 users, three geographical locations and three domain controllers.
IBM 00M-639 Exam WebSphere Application Server Network Deployment V6.1 Core Administration Exam Expectations
The Big Data Sales Mastery Test v1 Exam is made up of multiple choice questions, build list and reorder, hot area as well as build a tree question. While sitting for the 00M-639 exam, you may realize that some of the Big Data Sales Mastery Test v1 Exam questions 000-253 are adaptive. In addition, you may notice that there are couple of simulation questions tested. In comparison to WebSphere Application Server Network Deployment V6.1 Core Administration Exam certification exams, you will not come across a case study like queries. In order to excel in the 00M-639 exam, you need to score a minimum of 700 points out of a IBM Mastery possible 1000 points. To score at least 700 points, you need to attempt roughly 55 questions in not more than 120 minutes.
Getting Ready for the IBM 00M-639 Exam
Prior to sitting for any 00M-639 examination, you need to prepare in advance to guarantee success. The preparation 000-253 process entails an understanding of the basics, and proper comprehension of the implementation process. Most IBM Mastery candidates registering for the 000-253 WebSphere Application Server Network Deployment V6.1 Core Administration Exam exam often find it challenging trying to collect the proper resources needed to excel in the exam as there are hundreds of study 000-253 IBM Mastery materials accessible in the market. When searching for a study guide to assist you with IBM Mastery preparing for the IBM WebSphere Application Server Network Deployment V6.1 Core Administration Exam 00M-639 Exam, look for a suitable study material which offers candidates with proper awareness of the hypotheses outlined in the exam. In addition, the study material ought to make it easy to understand the information.
Topics Covered
The following are the IBM Mastery different types of topics that are covered in the Big Data Sales Mastery Test v1 Exam: Configuring forest and domains IBM Mastery, Configure backup and recovery and 000-253 Configuring Additional Active Directory Server Roles.
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