Friday, October 9, 2015

How To Protect Your Money When Expanding Your Business

So you're contemplating getting a business loan or refinancing your current loan in order to expand your home office and business? Stop right there! There are several moves and methods you should consider first in order to protect your money and save. 

Your first step is to consult your business plan. Many lending institutions require examination of a working business plan before considering a loan request. What? Don't have one? Consider this. The purpose of the business plan is to determine the course of business marketing, process and expansion and execute in the most productive way possible while sparing revenue, increasing profits and achieving said growth. That said, a business plan will help you determine what marketing venture is needed to expand and grow your business as well as the financing needed to achieve that end.

Consult this list of business plans and download your business plan from the business plan archive listed here... top-20-online-business-plans

Your next step is to protect, save and grow your money. The key is to know your rights and options when getting a loan whether it be for business expansion or personal use. When contemplating getting a loan follow the steps outlined below.

  1.   You have right of rescission.
  2.   Rates change daily and can drastically alter the cost of a loan.
  3.   You have an option to lock-in rates up to 60 days.
  4.   Fees vary from lender to lender so shop around
  5.   You can Interview your lender before they interview you
  6.   Lenders should have a list of references or current satisfied customers at your   request
  7.   You are not obligated to a loan just because you filled out an application
  8.   You should screen all initial contacts by lenders and brokers using the Better Business Bureau and Mortgage Broker Associations
  9.   You protect your credit score by accepting a loan shortly after application
  10. Don't accept the first offer you get
  11. You can negotiate fees
  12. No money down loans are not necessarily money saving deal.
  13. No cost applications are not what they may appear to be. Expect fees at closing.    14. Regardless of fees waived keep your eyes on the interest rate and points. 
  15. When doing a “cash out refi,” don’t raise the level or debt you have unless you’re doing home improvements. If you do, you are at a higher financial risk and credit card companies may increase your rates.

Get more information from here.