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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Remember the book called “Catch 22”? It is now commonplace to
call a “Damned if you do, and damned if you don’t” situation a
“Catch 22”. This is a predicament that many small business
owners have found themselves in. Running short of cash, the
owner goes to the bank to borrow money, only to find that they
don’t qualify for a loan because they don’t have enough money.
This is quite maddening to the business owner who laments, “If I
had enough money, I wouldn’t be asking for the blankety-blank
loan!”
Seems kind of stupid, but you have to understand what bankers
are up against. Number one, they have to have some assurance
that they are going to be repaid. They have to sell this loan to
the “loan committee” of the bank, and they are not about to
present a package that will make them look foolish. Furthermore,
they have auditors who look very closely to make sure the loans
were issued according to bank policies and procedures. If a loan
officer has too many loans that “go south”, then his/her track
record starts to affect his/her career.
This is why you find many loan officers who go strictly “by the
book”. These people refuse to look at any extenuating
circumstances that might indicate that you would be a “good
risk” regardless. Unless you fit into their narrow criteria of
“risk” you might as well forget it.
It is best to find a bank manager or loan officer who has plenty
of self-confidence, is familiar with how small businesses
operate, and is willing to look at the big picture. They can
sense whether a loan applicant is solid or shaky. This is the
point at which you, the applicant, will want to put your best
foot forward.
You may find that as long as you have substantial equity in a
home, good credit, and adequate cash flow that you are a tasty
morsel in the mouth of a loan officer. However, if you are short
in any of these areas, you are going to have to overcome the
banker’s natural skepticism.
First impressions are paramount. If you are not organized, you
are dead meat. If you are asking to borrow money, then you must
possess the skills necessary to pay the money back. These are
skills, such as, the ability to think and plan ahead, and the
discipline required to operate your business in a professional
manner. This means having the know-how to gather information and
organize it in such a way that you can make meaningful and
timely decisions.
Ask any banker and they will tell you of countless business
customers that come in seeking a loan who don’t even know what a
financial statement is. There are many other business customers
who seek loans that do have a financial statement but haven’t a
clue as to what it means. This does not bode well for first
impressions.
Compare the individual who comes to the bank, nicely dressed,
well groomed and possesses not only a financial statement that
he/she understands, but has a plan as to how he/she will pay the
loan back. This phenomenon is so rare that a banker will usually
sit up and take notice.
If the reason you are short on cash and need a loan is because
you are a poor manager who is in denial about your failing
business, it will be obvious to the banker. Bankers are
objective. They are not going to throw good money after bad.
However, if you have a healthy business and you want to finance
a new piece of equipment that will enhance your revenue earning
capacity then your request will seem reasonable. Perhaps you
need a line-of-credit to shore up your cash flow during less
productive seasons, and you plan to pay back the line during
productive seasons. These are the kind of stories that make good
business sense to a banker.
To back up your story, you will need a Balance Sheet and Profit
& Loss Statement that reflects the history of your business
activity. Included should be an analysis of your business trends
using some key business ratios. If the numbers look good, then
go for the loan. Remember though, you can’t rely on the banker
to recognize all the positive aspects of your business,
therefore, you should provide a narrative of how your business
works and why the requested funds for the business will help you
make more money.
About the author:
John W. Day, MBA is the author of two courses in accounting
basics for non-accountants. Visit his website at http://www.reallifeaccount
ing.com to download for FREE his 3 e-books pertaining to
small business accounting and his monthly newsletter on
accounting issues. Ask John questions directly on his Accounting
for Non-Accountants blog.