Does a HELOC makes sense for you?

first_img 42SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,John Pettit John Pettit is the Managing Editor for CUInsight.com. John manages the content on the site, including current news, editorial, press releases, jobs and events. He keeps the credit union … Web: www.cuinsight.com Details A home equity line of credit can be a valuable tool, but is it right for you?According to a February white paper from CoreLogic, “During the first three quarters of 2015, lenders originated nearly 976,000 new home equity lines of credit (HELOCs) with combined limits in excess of $115.8 billion. Both of these figures were the highest for the January-through-September period since 2008 and represented year-over-year gains of 21 percent and 31 percent, respectively.”While they are extremely popular right now, there are some things you need to look at before opening up a HELOC.If you’re looking to remodel or improve your home, especially to increase resale value, most experts would tell you that a HELOC makes a lot of sense.If you want to use a HELOC to pay off debt, that may be the wrong choice. While it could help get credit card collectors off your back, you’d be putting your home at risk, as your home is the collateral on this “second mortgage.”Be sure of exactly what you want use your HELOC for before you open it, that way you won’t be tempted to use it to fund a vacation, a boat, or some other unneeded luxury.Home equity lines of credit usually have variable interest rates, so keep this in mind. There’s no guarantee that your rate won’t climb and leave you with more debt than you ever wanted.A HELOC can be an asset but check with your bank and make sure the interest rates and fees are going to be something you are okay with dealing with for the foreseeable future.last_img read more

Joint ventures buoy Moorfield

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Iowa kicker Keith Duncan blows farewell kisses to Nebraska’s bowl hopes, gets scholarship

first_imgKEITH DUNCAN WAGGING HIS FINGER AND BLOWING A KISS TO SCOTT FROSTMY HERO 🐐🐐🐐 pic.twitter.com/ruz0CPZTDx— Matt (@letsgohawks12) November 29, 2019“Just having some fun,” Duncan told reporters after the game. “Nebraska fans came for some entertainment and that’s what football is. It’s entertainment. Just having some fun with it.”MORE: Virginia finally beats in-state rival VT No. 17 Iowa capped its nine-win regular season with a dramatic 27-24 victory over Nebraska on Friday, claiming bragging rights when kicker Keith Duncan converted a 48-yard field goal with one second remaining.Duncan celebrated his kick by blowing a kiss and gesturing with his finger in the direction of Cornhuskers sideline. Nebraska coach Scott Frost tried to ice Duncan by calling consecutive timeouts. After the game, Duncan was awarded a scholarship by the coaching staff. He is considered one of the best kickers in college football having now gone 29 for 34 on field-goal attempts this season.Making the win even sweeter for Iowa was what it meant to Nebraska. The Cornhuskers would have been in position to reach a bowl game if they had won, but instead dropped to 5-7.Nebraska had the ball with less than two minutes left in regulation, but it failed to net a single first down, thus allowing Iowa to stage a game-winning drive.last_img read more

State being shortchanged of revenue – PPP

first_imgStockfeeds Limited saga…questions ‘lost’ profits from entity despite growthThe Parliamentary Opposition – People’s Progressive Party – has called out Guyana Stockfeeds (GSL) Limited in what it says is a scheme to con the State of its rightful share of revenue.According to the party here have been instances where GSL, whose principal shareholder is businessman Robert Badal, bought over assets for companies owned by Badal himself. Here the Party pointed to National Edible Oil and FatsOpposition Leader Bharrat JagdeoIncorporated (NEOFI).“When NEOFI, an edible oil company, solely owned by Badal ran into financial trouble, it had Guyana Stockfeeds (Guyana) buy over the assets of NEOFI thus bailing out this company owned 100 per cent by Badal,” the Party related.The PPP contends that the Popeyes franchise, once owned by Badal, was sold to Stockfeeds Limited’s local branch. But according to the PPP, the deal was later flipped and GSL was left with little to show for it. The Party stated that while there has been significant growth of GSL, the profits of the company tell another story.“When Popeye’s was later sold at a handsome profit, instead of the profit going to GSL, Badal reversed the sale from GSL, and concluded the sale in his own name for his own benefit, thus depriving GSL of the gain,” the Party stated in its release.“Under Mr Badal’s leadership, despite significant growth and new investments that saw GSL revenue grow by multiples over the last 20 years since privatisation, the profits of GSL did not reflect this same growth. Instead margins shrunk, and costs escalated. A comparison of imported material prices from related companies show that the cost of inputs paid by GSL were higher than that paid by competitors.”According to the PPP, these actions shortchanged the State of taxes and the minority shareholders of profits. The Party, therefore, questioned where these “lost” profits were going and whether they were being enjoyed by other companies.It is in fact the National Industrial and Commercial Investments Limited (NICIL) that is expected to collect dividends from its shares in Guyana Stockfeeds Limited (GSL). The company, whose majority shareholders are private, still has to pay the requisite taxes.Guyana Stock Feeds IncThe Guyana Stock Feeds Inc (GSFI) was established in 1960, with the main purpose of supplying animal feed to Guyana’s livestock sector. In 1975, the then Government nationalised the GSFI and thus it stayed until 1998 when it was put back into private hands.At the time, the State brought in a strategic partner to reorganise the business, which was losing market share to imported feeds. Today, after an initial consolidation period under new management, new rebranded Guyana Stockfeeds Limited is a conglomerate with interests in the livestock, rice, and edible oil sectors. The enterprise itself is located in an industrial park at Farm, East Bank Demerara.But NICIL’s time as a shareholder in the GSL has not been a smooth ride, withGuyana Stockfeeds at Farm EBDrepeated clashes over the years with principal shareholder Badal, who also owns the Pegasus Hotel. In fact, NICIL once took the GSL to court and obtained an injunction against the enterprise.Those issues recently gained new life in the public eye after questions were raised by Opposition Leader Bharrat Jagdeo about the Government’s failure to approach the Caribbean Court of Justice after the Appeals Court overturned the restoration of Government’s 38 per cent shares in GSL. The decision would favour Badal, a known supporter of the coalition Government, while relegating the State to just seven per cent in shares.In response, Badal was reported in sections of the press referencing hearsay that Jagdeo had threatened the initial judge to restore the shares and that “after I realised what happened, I appealed the decision and late last year the appeal court reversed that decision”.last_img read more