This will help assistyou later with your budget, payoffs, or long-term savings. It will alsohelp in guiding you with such things as your protection, investment, incometax, retirement, and estate planning. Your total net worth is your total assets (what you own or already havesaved) minus your total liabilities (what you owe out). I'm not going totell you this is as easy as figuring out your per minute worth because it'snot! It will take time and a commitment from you to determine your networth. TIP: I have found the best time to do this exercise is when you are payingyour bills.

At that time you usually have the information needed to help youcalculate your net worth. So, if it usually takes you an hour to pay yourbills, tack on at least an extra hour this month for this exercise. For yourconvenience, print out and use the net worth form below. You will bewriting in your totals for each line. For instance, if you have two savingsaccounts, total your balances first and then write in the total next toSavings Account.

ASSETSCash Reserve Totals- Certificates of Deposit:Checking Account:Credit Union Account:Money Market Account:Savings Account: Investment Totals- 401(k):Bonds:Mutual Funds:Stocks: Personal Totals- Art:Boat:Car(s):Furnishings:Jewelry:Other: Real Estate Totals- Home:Second Home/Vacation Home:Other Real Estate: TOTAL ASSETS: $ LIABILITIES Short-term Debt Totals- Credit Card Balances:Current Bills Owed:Loans w erms of six years or less:Taxes: Long-term Debt Totals- Loans w erms of seven years or more:Mortgage(s): TOTAL LIBILITIES: $ Congratulations! You did it! * Drum roll * Please! TOTAL ASSETS: $- (minus) TOTAL LIABILITIES: $YOUR TOTAL NET WORTH = $ Now see if your net worth falls under A., B., or C. below, and see how youcan begin to bring some balance back to this area of your life. A. If your total net worth is half or less of your annual income or you havea negative number you need to REALLY * OverHall * and Balance your financialarea! ~~ Pay off some/all debt~~ Cut back on spending~~ Stop charging~~ Start a savings plan B. If your total net worth is more than half your annual income but lessthan a few years' income you need to * OverHall * and Balance your financialarea.

~~ If you're 40 or under and own a home, you're okay for now ~~ If you're 40 or over and you don't own a home: '' Cut back on spending '' Stop charging '' Reduce debt '' Increase your savings '' Buy a home before retiring C. If your total net worth is more than a few years' of your annual income,CONGRATULATIONS! Keep doing what you've been doing! Listed below are some questions to ask yourself now that you know and cansee what your net worth equals. 1. Do you have enough cash reserves to meet your needs? 2. Do you have enough protection to provide money for unforeseen emergencies(we talked about this last issue)? 3.

Do you have enough fixed assets (usually long-term; bonds are an example)to provide or produce additional income? 4. Do you have enough equity assets (short or long-term; real estate andstocks are examples) for growth and income? To answer those questions, you need to know what your family and your needsand goals are and then plan how you are going to meet them. Quick Tips to INCREASE Your Assets: 1. Maximize your 401(k) contribution2. Start investing3.

Get automatic deduction/deposit from paycheck to savings each pay period. Quick Tips to DECREASE Your Liabilities: Credit Cards1. If you have to use a credit card, use only one major card2. Pay more than the minimum payment on the credit card with the highestinterest rate3. Stop charging to the highest interest rate credit card4.

Get rid of department store credit cards5. Don't apply for anymore credit cards Mortgage(s)1. Pay a little extra each month towards the PRINCIPAL of your mortgagepayment2. Drop your PMI (Private Mortgage Insurance) when your home equity exceeds20% of your home's value (talk to your mortgage lender)3. Refinance mortgage at a lower interest rate4.

Refinance mortgage at a lower interest rate AND finance for 15 or 20years instead of the usual 30 years.5. Pay half your monthly mortgage payment every two weeks (talk to yourlender)Smiles, not Piles,The Organizing Wizard, , is a ProfessionalOrganizer, Speaker, and Author. She is the owner ofOverHall Consulting, and Organizing By Phone. Subscribe toher FREE organizing newsletter athttp://www.overhall.com/newsletter.htm or visither web site at http://www.overhall.com Copyright 2000 by OverHall ConsultingP.O. Box 263, Port Republic, MD 20676All Rights Reserved.

Permission is granted to reproduce, copy, or distribute so long as this copyright notice and full information about contacting the author is attached..

"Californians should know about the low interest rates still available to them, even if their credit is damaged," said Dain.New Day Trust is family owned and operated, which leads Court to emphasize family in everything the company does. "We know the challenges families face, so we have positioned ourselves to help other families grow and succeed.""Our name says it all," declares Court, who likens a new loan to a "New Day, a fresh start for each of our borrowers.".

For instance, some dealer programs don't offer loans on marginal credit where Mortgage Brokers do.The Mortgage Broker has programs for financing manufactured homes that are not brand new. The Broker can offer you FHA and Conventional loans just like the dealer, but only for properties that are already standing and permanently affixed to real estate that you own or will own. If FHA proposed changes pass there may even be 100% financing available for manufactured homes. The Mortgage Broker can offer you the third type of lending as well. This is called Equity Lending.

(Hard Money Loans). The loan guidelines are only concerned with the lender equity position created through the loan. They don't consider borrower credit. See information about at Types of Credit Allowed. Equity loans are made by individuals and offered through mortgage companies.

This is one step away from borrowing from an individual. They make short term loans of three to five years. The rates are high, and the loan to value percentage is low. For instance, if you wanted to buy a manufactured home or just move one on to property you want to buy or already own, you might need an equity loan to get the home set-up and ready to refinance. Then you could obtain a traditional type of long term loan.

Please see more information at California 433 Occupancy Certificate InformationWith the equity move-on-loan you would have to put at least 10% down, based on the future value of the property when the home is completed. The future value can be used because your new home will be compared with similar homes in the immediate area that are already completed and have a known value. In that sense, the value of your home is established before it is constructed. If you have equity in the land the home will be put on, the equity is counted for you, as a credit, in the lending formula.For additional information contact: Judy Sellens at http://www.SellensLending.comSellens Real Estate Lending is a Southern California Based Real Estate Mortgage Broker offering Loan Programs for all types of Credit and all types of Properties. The Company was started by Judith A.

Sellens in Orange County in 1991. She has 40 years experience in real estate related fields. The Company Home Office is in Riverside California and is licensed by the California Department of Real Estate. Judy SellensMortgage Broker951-943-8877.

Comparing rates and fees between lenders takes only the click of a mouse. Loan programs and mortgage calculators quickly figure the best strategy for everything from which loan represents the lowest cost over time to how much money a borrower could save by prepaying their mortgage on a monthly or bi-weekly basis. Financial tools available online truly empower any borrower with Internet access.Though the Internet represents a faster and more hassle-free way to refinance your first or second mortgage, remember these important facts:Loan Programs ? Just because the Internet makes the loan process easier doesn't mean you should abandon common sense. Take the time to analyze which loan program best meets your needs based on the big picture of how long you'll live in the house, the payment you can handle comfortably, and how much cash or equity the lender requires.Fees ? All lenders don't charge equally. Many offer a lower interest rate, but make up the discount in fees and charges.

Analyze costs between lenders by obtaining a list of all associated loan fees known as a "Good Faith Estimate".Service ? Obtaining a loan online won't do you a bit of good if you run into a problem and need to speak with a live human. Make sure your online lender maintains offline customer service.Rate Lock-in ? The lender's website should clearly explain their interest rate lock-in period and policy. Don't get lured in by a lender offering a lower rate and points only to find out the hard way that your interest rate lock expires before you can get the loan closed.Loan Commitment ? Find out from the lender's site what legally binding documentation they provide to document the loan commitment once you get loan approval.Though many borrowers use the Internet purely for research, record numbers now go online to apply and complete the entire mortgage process on the Web, while saving significant money and time in the process.Copyright 2005 Jim Edwards.

"Simply," he explains, "the buyer has the power and flexibility to decide when and which one of the four to choose from on any given month depending on their financial situation at that time." For example, a client might choose a lower initial monthly payment in order to improve their cash flow with the option - minimum payment plan. The beauty of this loan is the interest start rate can be below 2%, is guaranteed up to 5 years and the increases are no more than 7.5% of the original payment. Take a $300,000 loan with a start rate of 1.95%. The first year monthly payment is $1101 ? P.I. The second year the monthly payment increases $83 making the payment $1184, third year by $89 making it $1273 and so on to the fifth year.

But should financial concerns ease during the months and the buyer wishes to increase payments to the loan, they can choose from the other three options listed above. The same is true in the reverse. If the borrower needs more cash and they have the Pick-A-Payment Loan, they can choose the minimum payment. Why stress each month to make that payment or be forced to refinance three times in a year? Pick your payment!About Great Financial Mortgage:Great Financial Mortgage is based in Fullerton, California. A top originator of mortgage loans, Great Financial Mortgage offers a wide range of home lending services to homeowners and prospective buyers throughout the state of California via person-to-person attention and its website, www.greatfinancialmortgage.com.

This coupled with their unique ability to keep ahead of the fast-moving real estate marketplace enables Great Financial Mortgage to exceed client expectations by making their dream a quick realty.For more information contact Great Financial Mortgage at (866) 553-1113 or log onto www.greatfinancialmortgage.com.For media informationcontact: Prime L.A. Public Relationswww.primela.com(818) 995-1290.

This is where you set up a contract or agreement with the seller that you will pay them monthly payments, including interest of, let's say, $150/mo on $10,000 dollars of the price of the property, as a second mortgage. Then, to make it nice for the seller, perhaps put in the agreement that the entire amount is due in full within 2 years or something. That should give you plenty of time to refinance and then the seller doesn't feel permanently locked into the contract.Save For A Down Payment ? There are lenders who may be able to qualify you for 100% financing, even with low credit scores, but your interest rate will be much lower if you can put even 3-5% down. If possible, try to save as much as possible for a down payment. Sometimes it may be better to wait about 3-6 months to get into a new home loan if it means the difference of having a down payment.

The interest rate could be quite a bit better because of that factor. However, if you don't want to have a down payment, you can always refinance later for a lower interest rate.Shop Around ? There are some mortgage brokers out there that you will talk to who will say, "I can't help you, and if I can't help you, no one can help you." But, if you persist in talking with other brokers, 10 minutes later you could be talking to someone who knows a way to help you, no problem. Most brokers feel that if they can't help you, no one can. However, the ironic thing is that each broker is varied in the types of loans they can do. Some brokers have relationships with flexible mortgage lenders and others do not.

I recommend applying online to mortgage services that will submit your application to multiple lenders. That way, your credit is only pulled once, and you can analyze offers from multiple lenders. To see our list of recommended bad credit mortgage lenders, visit here: www.abcloanguide.com/lessthanperfectcredit.shtmlImprove Your Credit Score ? There are some really simple ways to improve your credit score without spending too much time at it. All 3 major credit bureaus now have areas on their websites where you can dispute incorrect items on your credit. The process is very quick and easy.

Make your current payments on time to help your score. Keep your number of credit inquiries down. Too many inquiries can hurt your credit score. If you want to buy a house, don't apply for any credit cards, auto loans or any other type of loan if you can avoid it. For your reference, here are the links to all 3 major credit bureau's websites: www.abcloanguide.com/credithelp.shtmlIf you really do want to get into a home, don't let bad credit stop you.

There are lenders out there who can help you, it just takes some persistence. Apply with multiple lenders. Like I said, apply with mortgage services that specialize in bad credit mortgage loans and will submit your application to multiple lenders with only having one credit inquiry..

Most come with checks and credit cards that you can use to draw on as you need the money. Most lenders only require an interest only payment for either 10 or 15 years. After that the loan must be paid in full. The reality is most people will sell their home and pay the loan off before it actually comes due. You could always refinance if you decide you want to stay in your home.

An important thing to remember on a home-equity line of credit is it is based on varible interest rates. These varible rates will cause your payment to change as the interest rates move up or down.Home Equity LoanA home-equity loan has a fixed interest rate and fixed payment. These loans are more like a standard second loan on your home. Like a home-equity line of credit, these loans are also secured by your home. You borrow a certain amount of money for a specific period and get the whole sum at the close of the loan.

The payments a on home-equity loan are typically based on 10 to 15 years and are level. People who aren't comfortable with an adjustable or varible rate payment tend to favor a home-equity loan instead of a home-equity line of credit. As interest rates rise, these loans become more popular than home-equity lines of credit. A home-equity loan will have a higher interest rate because it is fixed. Varible rate loans usually have lower starting interest rates.

But if interest rates are rising, a varible rate could catch up or even get higher than what the fixed rate is..

He was already 90 days late on his mortgage and desperately needed to refinance and pull out money to pay off enormous debts. He had just started a new job where he actually was making less money than before, and was in a real financial bind. His poor credit made it difficult for him to even qualify for a loan, let alone a low interest rate. To make matters worse, the next day he received a notice of default on his property. This man was worried that his family would have no place to live.

He was reassured that we would save his home and help him through this difficult ordeal. We began immediately researching ways to help this client and found a lender willing to work with him and save his home just in the nick of time. His mortgage payment stayed about the same and he was able to pay off more than $25,000 in other debts, which alleviated several hundred dollars in credit card payments every month. More importantly, this man's house was saved and his family was in a much stronger financial position. "A bank is a place that will lend you money, if you can prove that you don't need it," Bob Hope once quipped.

But when you are going through a bad financial spell, you need an institution that will stand by you.Banks tend to make loans that are risk-free to them. It is hard to imagine that any bank would have helped him in this situation. But as a nationwide mortgage company we have ongoing relationships with lenders that specialise in different types of loans. This knowledge allowed us to help a client save a family home from certain foreclosure. Although we have the ability to help in extreme situations such as this, we highly recommend that homeowners take action long before desperation sets in.

For immediate assistance to stop foreclosure please call toll free 1 888 300 2040http://www.californiahomeloans2.netfirms.com/13/California-Refinance-Loan.htmlhttp://www.californialoans2.netfirms.com/13/California-Refinance-Loan.html.

So I know you can repair your credit history and develop positive credit status but it takes patience, diligence, and a willingness to reprioritize your financial outlook.== personal note ==Now, here is the not-so-secret formula for developing good credit and repairing poor credit.1. Time-- You will need to plan ahead if you want to acquire business financing. It takes time for bad spots in your credit file to be removed. It also takes time to engage in the process of having them removed. You must also spend some time engaging in positive credit behavior.2.

Diligence-- You will need to pay very careful attention to your financial details. If you want to start a business in two years, you'll need to begin keeping very careful and detail files concerning all of your credit practices. You'll need to be on top of payments and purchases you make and always be alert to avoid behavior that could be detrimental to your credit status.3. Patience-- Developing and repairing credit is a process that does not happen over night. Every time you challenge an item on your credit report it involves a process that requires patience.

Every time you apply for credit, the application process will require patience. This goes hand in hand with time; developing good credit that you can invest in a business idea takes time and won't happen overnight so be patient. That's why you need to be passionate about your business idea. It must be able to stand the test of the financing and credit process.4. Financial Wisdom-- You must begin to start making sound financial decisions.

Consider every financial decision you make as if it were contributing to you becoming a millionaire. Be wary of high interest commercial credit and instead attempt to acquire lower interest banking credit such as vehicle loans, mortgages, or home improvement loans. Consider each purchase you make in light of it's impact on your credit. If you make a give purchase will it inhibit you from making a loan payment and reducing debt. Begin to think in terms of debt reduction and expense reduction as ways to increase your wealth and credit status.

Having less debt is just as important and financially beneficial as having extra spendable cash.In the end, you need to take a long term view concerning funding and credit as you begin preparing to make your business dreams come true. It won't happen overnight but if you do it right and pay attention to the details, such as building sound credit, it will happen and you'll increase your wealth and power..

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