Think Twice Before Going For Home Equity Loan

Before going for home equity loan, it is quite important that you know well in advance which kind of loan package suits your financial condition. A home equity loan is identical to other loans in the sense that you get the loan amount as soon as you get an approval from the lender. You need to be extra careful when applying for these loans because if you are not able to repay the loan amount on time, you can lose your home which you have put up as collateral. Your interest rates and monthly installments will remain fixed throughout the duration of the loan.

Current interest rate

It's the best time to apply for a home equity loan as interest rates at this moment of time are not that high. Instead of opting for adjustable rate, it is advisable that you go for a fixed rate. The main advantage of fixed rate is that market condition is not going to have an impact on your monthly installment. Adjustable rate can turn out to be quite useful if your monthly source of income is going to increase in the near future. For people with limited monthly source of income, fixed interest rate is the best option.

Debt and home equity loan rate

Your home equity loan rate depends quite a bit on your previous credit history. If you have no previous debt to pay off, there is a strong possibility that you will get the loan at low interest rates. Further, you are not going to face a rejection from the lender. To pay your previous debt, you can go for a debt consolidation loan. The best part about debt consolidation loan is that it reduces your monthly installment and gives you flexibility in terms of repayment schedule. To get home equity loan at low interest rates, shop around in the market and take quotes from five or six lenders. When you do this, you will get an idea of current market condition and also what kind of loan package you are going to get with your financial condition and credit rating. To improve your credit rating, pay all your monthly installments on time.

Pros and cons of home equity loans

Pros

• Easy approval for a loan application. Funds will be in your bank account straightaway.
• Not much paperwork is involved. You just need to submit your passport, driving license and employment details.
• People with bad credit can also avail this loan. With home equity loans, you can easily improve your credit score.
• With home equity loan, you can opt for both fixed interest rates and adjustable interest rates.

Cons

• Interest rates are normally quite high.
• You are not going to get any grace period from the lender.
• You need to put something as collateral. This can be a risky affair especially if you are not able to repay the loan amount on time.
• Finding lenders for home equity loan is not easy as not many lenders deals with these loans.

Mark C Brown Article Source: http://EzineArticles.com/?expert=Mark_C_Brown

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How to Choose the Best Car Rental Company

Renting a car is no big deal. It is the company one chooses that makes all the difference between a fruitful enjoyable journey and a frustrating one. The reputation of the company matters a great deal. What the market says about the company is very important and to be looked into.

A company of repute will naturally try to maintain its status in the market by providing cars of high class to its clients. In spite of the company being a reputed one, one should gather detailed information about the car that is being rented. Before renting the car one should decide on the number of people likely to travel and the corresponding seating-capacity of the rented car. Both should match. The make of the car is also important. One should not hire a sleek car if one is likely to travel in harsh terrain, the car will not be able to put up with such situation and liable to break down. The sleek car is meant for smooth road. Therefore choosing the right type of car is also a part of renting a car.

In case one would like to rent a chauffeur driven car, the chauffeur should be examined for his attitude and manners. One should see whether the chauffeur has a valid license, with a clean record, and enough experience to be depended upon.

Before renting a car one should chalk out a budget since cost of rent is different for different companies. One needs to approach a company that can provide car at the intended budget limit. Therefore it becomes necessary that you take quotations from different companies. Similarly when one chooses a car one should make it a point to go over a variety of cars to enable one to choose the one that is appropriate for the purpose the is being rented.

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Article Source: http://EzineArticles.com/?expert=Benjamin_Stratton

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Travel Agency Worth

I agree with the experts that a shakeout is taking place due to the current economic downturn. If you have not positioned your agency at this time either to be a part of the larger travel organizations or to become a "boutique," then you might want to start thinking about your strategies for the future. Your key starting point is determining your agency's net worth.

There are four critical areas that comprise an adequate and accurate agency valuation plan -

- operations/resource management,
- market position/agency image,
- financial management, and
- business history

Future articles will include financial management, market position/agency image, and business history. Today let's consider -

Operations and Resource Management

Automation - Computers and Telephones

As a general rule, the more automated you are, the higher your productivity per employee and consequently the higher your profitability. Additionally, more time for agents to have face-to-face or voice-to-voice contact with customers means better service. Bear in mind that if you've been computerized for at least three full years, you are over the start up pains and the equipment is part of your routine.

What computerization was to a travel agency five years ago, telephone systems will be for the next five years. Your phone system will make or break you. Chances are if you have an old-fashioned key button system, your productivity is low and your ultimate valuation will reflect that. You should at least have PBX and ACD systems.

Personnel

Regardless of whether a buyer will be managing your business himself or hiring you to stay on as a contract manager, your personnel are the absolute key to success under new ownership. I have seen agencies sold and then watched half the staff leave the next day with their "following" because they were offered a better deal by another agency. The result is usually a bonanza for lawyers and the disintegration of your former business. You can generally avoid such a crisis if your turnover is low, staff experience levels are high, and you have a strong incentive program supplemented by a solid portfolio.

Other Resources

The travel agency business requires an incredible amount of detailed data and consistent, logical operating systems. The question is: Have you been able to maintain an organization that cuts smoothly through all these ancillary materials and procedures? For example:

- the latest work flow changes in your agency;
- staff telephone manners and the way you present your agency to the public;
- your quality control processes before documents go out to the public;
- updating the mailing list; and
- your system to follow up on hotel commissions

And what about your space? Naturally, a buyer will want to see his new business grow. If your space restricts that, or if your lease is about to be renewed at double the cost, any future projections will be impacted and your agency is worth less. Therefore, prior to sale you might want to check with your landlord as to a potential new arrangement with the new owner.

Good management

The common thread in the criteria above is organization. If historically and financially you have done well, but if the key to your success has been your absolute and autocratic management - i.e., all of the company's records are in your head - obviously, a new owner will not succeed. Therefore, good management not only shows in the results but in the ability to turn the reins over to new management.

Obviously a potential buyer is far more impressed by an organized, well-planned operation in which you can show your original business objectives, the current variances or changes in plan and your rationale behind it.
In all of the criteria above let me stress the most important common element - consistency - as crucial.

Do you really present a credible picture to the buyer? Do you have a dashboard that measures your activities and allows you to make mid-course corrections in the event one of your "instruments" indicates a problem?

Your answers to these questions will help determine your agency's net worth - and its value in the marketplace.

Travel business consultants such as Travel Business CPR will review and prepare your operation for sale on your behalf. Tharwat Abouraya, CTIE President Travel Business CPR - Bring Strategy to Life! http://www.travelbusinesscpr.com Article Source: http://EzineArticles.com/?expert=Tharwat_Abouraya

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