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The Shopping for a Mortgage Rate Game

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I have been advising borrowers who need residential mortgage financing for over seventeen years. My experience shows that no matter how sharp, intelligent, smart, educated, or ignorant a borrower is — the mortgage rate trap that they all fall into is the same. Unfortunately, by the time a borrower realizes that they have been misinformed, mislead, or just been given only part of the mortgage rate story; their inept, inexperienced, unknowledgeable, and eventually disinterested loan officer/customer service rep has earned an undeserved commission.

How many times do I sit and answer my phone only to hear “Hi, I was referred to you by so and so, and uh, I’d just like to know, uh, what is your rate is today?” My mind races with “Are you in contract? How much are you looking to borrow? What is the size of your current mortgage? What is the purchase price? How is your credit? Can you verify income? Are you locking the rate? How long are you looking to lock the rate for? When are you looking to close? Do you own any other properties? Are you buying the property to live in or for an investment? What type of property are you buying?” You see, the answer to all theses pertinent questions (and more) EFFECTS THE RATE! This warrants repeating one more time — the answer to all theses pertinent questions (and more) EFFECTS THE RATE! So, I say to the respective caller while qualifying my answer, “If you have good credit, can verify your income, intend to live in the property, and can show enough liquid assets to buy the property than the prevailing mortgage rate is X.”

Please understand, I do not blame borrowers for asking the question, BUT, I, as a mortgage professional, get frustrated seeing consumers, make the biggest financial decision of their life based on misleading advertisements and other information or lack thereof. The kicker is, that many mortgage companies’ advertisements and customer representatives confuse and/or mislead the consumer into applying for a mortgage with their company while legally and ironically complying with the federal laws set up by our government to protect the consumer. When do you or the borrower find out that the rate and closing costs are not what they appeared to be — AT THE CLOSING! The old bait and switch is still around, but even more costly is the withholding of relative information. Many mortgage officers feel they have a greater chance of closing your mortgage when they give you a direct answer to your direct question without volunteering the other pertinent information you would want to know, if you knew enough about mortgages to ask. This other information used in conjunction with the “what is your rate?” question can save you big bucks at the closing table and over the life of your loan.

There are many variables that go into each and every mortgage deal, and every deal is unique unto the borrower. I will try to provide you with some a general guideline of the “other information” you need to be aware of, so that you will be able to shop for mortgage rates intelligently, and, if you so desire, select a mortgage professional who knows what they are doing which may, consequently save you thousands of dollars.

1.Rates fluctuate daily. Some lenders lag behind the market, and some lenders adjust immediately to the market.

2. A conforming mortgage conforms to Fannie Mae and Freddie Macs; (the biggest purchasers of mortgages) underwriting guidelines. Their 2007 loan ceilings are: 1 family homes $417,000 2 family homes $533,850 3 family homes $645,300 and 4 family homes $801,950. The rates are generally competitive among lenders give or take an eighth to a quarter of a rate. “Jumbo” mortgages exceed the conforming ceilings. Jumbo rates are usually higher than conforming rates.

3. Occupancy affects rates. A primary residence is occupied by the borrower. A rate may have an add- on (increase), if the property is a second home, vacation home, or if the property is used for investment (you rent it out).

4. Loan to value (LTV) is the mortgage amount divided by the value of the property. The higher the LTV, the greater the risk to the lender, and the possibility of a higher rate.

5. A cash out refinance (cash over and above your existing mortgage) may incur an increase in rate depending on the lender.

6. Generally, the shorter the loan term (30 year vs. 15 year), the lower the rate.

7. The better the credit the better the rate. Today lenders are really focused on a credit score. A number determined by comparing your credit pattern and history to the credit bureaus database of proprietary mathematical formulas and models of historical consumer credit patterns. If your score is low, you might be a candidate for re-scoring your credit (legally) to bring up your score and consequently give you an opportunity for a better rate. Make sure that your time frame for getting the money you need coincides with the time it takes to correct or repair your credit. Otherwise, the time it takes to correct or repair your report may prevent you from taking advantage of current low rates or special deals which defeats the whole purpose (“A bird in the hand…”.)

8. Compensating factors affect the rate. The lender may offer you a lower rate because of a low LTV. A great credit score with borderline income may allow you to squeeze into a better mortgage rate.

9. Mortgage Brokers and Lenders have different programs for different types of borrowers. Generally, the more financial information you supply the better the rate. The programs are: Full income Full asset verification, No income with asset verification, No income No asset verification, and Stated income with asset verification. The key is to make sure that you match yourself to the right program so you not only get the appropriate rate, but to also make sure you don’t get turned down. For example, you apply for a full income full asset loan program, but you do not show the income needed to qualify on your tax return, but you may have qualified on a No income verification type of program.

10.There is, or supposed to be, a correlation between rates and points. A point is an up front fee of 1% of the loan amount you are borrowing. “Buying down the rate” means paying points to lower your rate. “Buying up the rate” means, paying fewer points to increase the rate. You would most likely want to pay points if: (a) you need to lower the rate to qualify (b) you will own the property long enough to amortize (recapture) the point money you paid up front (c) You have the extra cash. You will most likely not want to pay points if: (a) You don’t have the extra money (b) You will own the property for a very short time (c) You think rates are going to decline shortly. There are other reasons for paying and not paying points, which should be discussed on a case-by-case basis.

I have saved the best for last!

11. LOCKING THE RATE. When you call and ask “what is your rate?” you will generally get quoted the prevailing rate, a/k/a as the floating rate, which means, if you are ready and able to close within 15-21 days (which means you have applied for a mortgage, supplied your financial information, have a commitment from the lender, an appraisal, a title report, etc.), and you locked in the rate right now, this is the rate you would get. Now, how many first time homebuyers do you think fit that situation, Hmmm? Most residential purchase real estate transactions do not realistically fit a prevailing rate time frame. Most borrowers are not informed, at the time they are quoted the rate, about the if you are ready to close in 15-21 days closing time frame. Therefore, if rates are dropping, fine. BUT, if rates are increasing — Surprise!

Prevailing rate quotes will always be lower than locked in rate quotes. So, if you are rate shopping and want to compare apples to apples, when you are quoted a rate, the key thing is to make sure you ask: “How long the rate is locked in (protected) for? Are there any points, origination fees, broker fees? What lock-in time frames are available?” More importantly, make sure you can close within that time frame otherwise you may be subject to extension fees. Generally, the longer the lock the more it costs. Lock in periods are usually 15 days, 30 days, 45 days, 90 days, 120 days, 180 days. Paying points, increasing the rate, or both, incorporates the cost of the lock. You may want to ask if a float down option is available (if the rate drops after you lock can you get the lower rate.) More importantly than getting a rate lock agreement in writing, make sure the person you’re dealing with is honest, reputable, and whose word means something.

12. The APR (Annual percentage rate). I call it Another Proven Rip-off. A borrower is supposed to be given the APR along with the closing costs and rate information. If you look in the newspaper adds you will often see a rate advertised about one half to one percent lower than the real market rate. If you look on the side of that rate you will see what is known as the APR. This advertisement is perfectly legal, as long as the rate stated is accompanied by the APR rate, but in reality this is very tricky. According to the federal regulation Z, the APR is supposed to be the measure of the true cost of credit, expressed as a yearly rate. The government is trying to assist you, the consumer, in your loan decisions by making loan providers give you the APR “true cost of credit.” They mean well, but, unfortunately, most people do not have the sophistication, knowledge, time or financial calculator needed to figure out the APR. Long story short, by taking the loan amount, the rate you are quoted, and factoring closing costs into the calculation you arrive at the APR. So the rate you see in the newspaper that appears to be lower than everyone else means nothing unless you know exactly what the closing costs are. In these cases, the APR conceals the closing costs. You will find out that most of these advertised below market rates have several points built in to the closing costs. When mortgage shopping, instead of comparing APR’s, for your sake keeps it simple. Find out the rate, how long it’s locked in for, and all closing costs included and then compare. I hope this article helps you save thousands of dollars and good luck to all mortgage shoppers.

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A Deep Dive into The KokoSwap NFT Platform

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The last two years have been a plus for the cryptocurrency community as more individuals have become aware of its reliability and sustenance. However, since the turn of the year, some relatively new concepts within the crypto space seem to have emerged and dominated the scene with their lucrative features.

The NFT Explosion

Non-fungible tokens (NFTs) and decentralized finance (DeFi) are two of the hottest topics in the crypto world right now. These concepts have already gotten a lot of attention, and a lot of projects have started to link their names to them. For instance, DeFi’s total value has more than doubled since the year began. From $15 billion in January, it grew over five times, and as of May 2021, it was valued at $77 billion. On the other hand, the NFT space has experienced mind-blowing growth, speculating around 25x in trading volume.

NFTs’ explosive increase can be primarily traced to their ability to combine real-world assets into blockchain in addition to their creative and innovative approach. The more people find NFT familiar and relatable –the more crypto becomes widely accepted.

KokoSwap has been one of the pioneers of the NFT space and is creating a name for itself with its multiple projects that bring users closer to understanding and enjoying NFTs. Kokoswap, an automated market maker, combines the magic of decentralized finance with the fun and excitement of NFT gaming. The Kokoswap trading and gaming platform has the potential to change the way people trade and play NFT games. Check this out to understand the Kokoswap features better.

KokoAvatar, the prominent NFT Feature

The platform gives users a system where they can trade, earn, invest and play. This article focuses on the NFT feature of Kokoswap, KokoAvatar.

KokoAvatar is the NFT platform of KokoSwap where users can both sell and mint their NFTs. The platform is an invite-only celebrity NFT platform that houses Rashed Belhasa’s exclusive NFT.

To make the market more exciting and exclusive, only people with invitations can go in to trade NFTs, making it a more pleasurable experience. In addition, the platform uses a one-of-a-kind identification system and features an open wallet where users can display their digital assets and NFT accomplishments. The game is gratifying for players as they can control what they craft warm or buy since there are NFTs for in-game assets.

The KokoSwap NFT platform reflects their desire to capitalize on the attention DeFi and NFTs have received this year. In the future, projects that do not include these features in their ecosystem will be left in the dust by those who offer their users both financial and recreational benefits.

KokoSwap continues to provide its community members with ownership privileges and robust and transparent governance making accountability a big part of their game. With the steady rise of NFTs, it is only safe to envisage groundbreaking growth for the KokoSwap community.  Click here to understand more about the platform.

About KokoSwap

KokoSwap is a unique decentralized platform that combines NFT trades with blockchain gaming to offer a seamless and fun experience to the users. KokoSwap is powered by the $KOKO token that further empowers the ecosystem of products such as KokoAvatar (an invite-only NFT platform), KokoStake (a staking platform)  and NFT Gaming.

 

To learn more about KokoSwap, visit https://kokoswap.org/

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International ‘Virtual Microgrid’ Project IOEN Successfully Closes $2.8M Fundraise

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International ‘Virtual Microgrid’ Project IOEN Successfully Closes $2.8M Fundraise

IOEN, an energy-focused project by a group of people passionate about saving the environment, has announced its successful funding. According to the official statement, the project has closed at a $2.8M investment by notable investors and blockchain leaders. They have chosen to use a combination of Holochain and efficient energy use to significantly cut back on total energy requirements and help the integration of renewable energy in communities worldwide.

Cryptocurrency despite its many benefits is detrimental to the environment on a scale that many people choose to ignore. Ethereum and Bitcoin mining alone use up more electricity than entire countries in some cases. Crypto mining is an integral part of the blockchain which involves using computers to solve complex problems. This computational power is used as a verification process for transactions to keep intermediaries out and maintain the integrity of the chain. Although necessary, it is a problem that many have pointed out and hope to solve.

Chains such as Ethereum have chosen to improve on this by changing their mining process from a proof-of-work to a proof-of-stake. This will reduce operational costs by an amazing 99.95% and further make transactions on the chain cheaper and faster. With Ethereum 2.0 already underway we could see a huge downturn in crypto’s environmental effects soon.

Regardless, it highlights a problem that seems integrated into cryptocurrency by default and must be addressed should mass adoption ever be realized. Cutting energy costs has been a constant topic over the past decade in many industries. The effects of climate change are constantly being felt and despite all claims to the contrary, continuation down this path will surely destroy the planet.

IOEN’s Virtual Microgrid Solution

While searching for a way to solve the energy crisis, IOEN has set its sights on developing a greener, scalable, and long-lasting answer. IOEN is a non-profit initiative that seeks to use efficient distribution and management of energy to bring a greener energy alternative to the market. With open-source protocols and cryptocurrency, the project will empower communities worldwide to develop mini- and microgrids of connected devices to promote efficient energy distribution and gradually reduce overall energy requirements worldwide.

As a result, energy needs will be fulfilled via local device consensus. Devices will work to inform one another about the grid’s energy needs and distribute the electricity where it is required. By integrating these grids into society and interconnecting them worldwide, the creation of a global virtual energy grid would give birth to a highly effective energy management system.

1632744377 777 International ‘Virtual Microgrid Project IOEN Successfully Closes 28M Fundraise

IOEN Attracts Huge Investor Support

To further their goals, IOEN has struck decisive relationships with a few names in the crypto space. It announced a $2.8M raise in its private funding rounds amassing various industry tycoons and popular venture funds. SL2 Capital led the round, building on their thesis to back mission-driven founders and support technologies creating new industries. SL2’s approach to incubate and use their extensive capital networks has brought significant investors who share the IOEN vision. Throwing their cap in the ring is Skyman Ventures. Focused on DeFi, gamefi and NFT technologies, Skyman Ventures is dedicated to helping crypto companies grow with capital, media and marketing. Similarly Maven Capital is supporting the project with capital and extensive networks of new crypto protocols.

Holo, AU21 Capital, and Insignius Capital, among others, are also on the list of supporters of IOEN’s journey to a greener earth. With such heavyweight funding and marketing behind them, IOEN’s goal could become a matter of when rather than if.

1632744377 965 International ‘Virtual Microgrid Project IOEN Successfully Closes 28M Fundraise

Why Holochain?

Holochain leapfrogs the traditional consensus required on conventional blockchains which in turn massively reduces the gargantuan energy consumption required for proof-of-work mining. It also eliminates the requirements of holding tokens to influence the network required by proof of stake while still providing users with essentially the same features. In essence, it becomes a blockchain without the environmental effects. This also reduces the amount of storage required by users on the chain.

It is also worth noting that the Holochain approach to data integrity makes it possible for end-users to both utilize and verify the distributed network’s data. This directly contrasts traditional blockchains, which usually need a considerable amount of hardware expenditure to get participation.

This makes it a very rational option as a choice for any company looking to gain blockchain features without harming the environment.

 

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APENFT Partners Up With Tron-Based Cool Cats

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Tron Cool Cats

APENFT Foundation steps up its efforts to support promising and emerging non-fungible token projects on the Tron network. The company announced a new strategic collaboration with Tron Cool Cats — a spin-off of the Ethereum-based collection.

This new partnership will focus on providing ongoing marketing and product development support to Tron Cool Cats. Following the recent creation of a $100 million fund dedicated to investing in high-quality NFT projects, APENFT has been ramping up its efforts to spot such art collections in the rapidly evolving Tron NFT landscape ecosystem.

“This strategic collaboration with APENFT means a great deal for our team and the entire Cool Cats community. The deal will not only help our kitties grow faster and stronger, but also it is a statement to our commitment to delivering quality art and outstanding secondary market support,” wrote the company in an email to NewsBTC.

APENFT Foundation is a curotial project committed to bringing emerging and tier-one art into the blockchain in the form of non-fungible tokens. Despite not being around for a long time, the company has already played a significant role in supporting some of Tron network’s most popular and fastest-selling NFT collections, such as Tpunks and Tron Meebits. APENFT also owns digital art pieces from the world’s top crypto artists Beeple and Pak worth over $30 million.

Tron Cool Cats Minting: Ongoing Meowing On Tron

As most of the world-famous NFT collections, Tron Cool Cats consists of a series of 10,000 randomly generated artworks. Each of these kittens features a distinctive combination of visual attributes, such as eye color, fur shade, hairstyle, clothing, among many others. These truly unique (and cute) cats count on the support of Palmar Labs.

Unlike the very first Ethereum-launched series, Tron Cool Cats are minted using the new TRC-721 standard. As the NFT market continues to expand its frontiers, artists and developers are exploring options to reduce minting costs. Through its new standard for NFTs, the Tron network offers a viable alternative to Ethereum’s high costs.

Following the steps of previous projects on this network, Tron Cool Cats is offering a fixed minting price of 1,500 TRX or ~$135. If these kitties were to follow the luck of their Ethereum predecessors, holders could be looking at a whopping 150X value increase. As of this writing, the bottom price for Ethereum Cool Cats stands at 6.6 ETH or ~$19,200.

Minting of Tron Cool Cats can be done using TronLink — the go-to wallet for participants of the Tron ecosystem — from both web-based browsers as well as mobile devices. Klever wallets are also supported, according to project representatives.

Aside from the meows, Tron Cool Cats have plenty more to share with their owners. The project has set a 10% TRX pool for holders of multiple kittens. In other words, cat lovers holding over 30 kitties are entitled to a share of the raised TRX.

As the next steps, Tron Cool Cats is getting ready to release its own marketplace, where cat fans will be able to buy, sell, and bid with absolute market transparency. But in the meantime, NFT collectors still have time to get hold of these tiny but potentially very valuable creatures.

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Will The SEC Approve A Bitcoin Futures ETF In 2021? Here Are The Implications

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Rumors are flying. The SEC could approve a Bitcoin Futures ETF before the year ends. What does this mean? And why a Bitcoin Futures ETF before one for the asset itself? That’s what we’re here to explore. It seems like the US Security And Exchange Commission will not give the go-ahead to the mythical Bitcoin ETF just yet… or ever, but a new option has a few companies salivating. 

Related Reading | Skybridge Capital Applies For Cryptocurrency ETF And Accumulates $100 Million For ALGO Fund

But first, why is the SEC hesitant about approving the Bitcoin ETF? Investopedia responds:

“The reason is that bitcoin, the largest cryptocurrency in the world by market capitalization, remains largely unregulated. Additionally, the Securities and Exchange Commission (SEC) is hesitant to allow an ETF focused on the new and largely untested cryptocurrency market to make its way to the public.”

If that’s true, what makes us think that a Bitcoin Futures ETF is not only possible, but imminent? Well, last month The SEC Chairman Gary Gensler told the Aspen Security Forum:

“I anticipate that there will be filings with regard to exchange-traded funds (ETFs) under the Investment Company Act (’40 Act). When combined with the other federal securities laws, the ’40 Act provides significant investor protections.

Given these important protections, I look forward to the staff’s review of such filings, particularly if those are limited to these CME-traded Bitcoin futures.”

Is A Bitcoin Futures ETF What US Investors Want?

Since Gary Gensler sent such a clear signal, the financial world responded in unison. 

“At least four asset managers have filed for ETFs that invest in bitcoin futures after Securities and Exchange Commission chair Gary Gensler earlier this month indicated that he could approve such funds. But investors may not want them in lieu of physically backed bitcoin ETFs, analysts have said.”

Who’s interested in ETFs, though? Well, according to Investopedia, “A bitcoin ETF mimics the price of the digital currency, allowing investors to buy into the ETF without trading bitcoin itself.” Some investors or groups simply can’t invest in bitcoin, the asset, because their own internal rules won’t allow them to. They can’t purchase bitcoin through a brokerage account. No financial institution backs it, so no one protects them. And, of course, there’s the feared volatility.

Bloomberg explains how Bitcoin fixes this:

“A Bitcoin ETF could help get around those restrictions since the format is more widely accepted. “There are all sorts of custody and regulatory hurdles for big financial institutions to jump through,” said Ross Mayfield, investment strategy analyst at Robert W. Baird & Co. “If it were offered in an ETF, it clears a lot of that up for financial institutions.”

However, it appears that the SEC won’t approve one any time soon. Why would they approve a Bitcoin Futures ETF instead? Bloomberg continues:

“For the SEC’s purposes, Bitcoin futures also offer an additional level of security because they are governed by the Chicago Mercantile Exchange and require investors to put down cash on margin to trade, as a form of collateral.”

BTC price chart 09/27/2021 on Coinbase | Source: BTC/USD on TradingView.com

Experts And Important Players Disagree

While some companies can’t wait for the Bitcoin Futures ETF to be available, others are less enthusiastic. One of those is Michael Sonnenshein, CEO of Grayscale Investments. His company is one of the many that applied for a Bitcoin ETF and are still waiting for approval. In a recent CNBC interview, he said:

“It would be shortsighted of the SEC to allow a futures-based product into the market before a spot product,” Sonnenshein told CNBC’s “Squawk Box” on Tuesday. “They really should be allowing both products into the market at the same time and let investors choose which way they want.” 

Related Reading | Did The SEC’s Gary Gensler Threaten Crypto And DeFi In The WaPo Interview?

Of course, he’s heavily invested in this outcome. His company’s Grayscale Bitcoin Trust is incredibly successful, but if they manage to turn it into an ETF the scale might go parabolic. However, he’s not the only one that thinks that way. In the Bloomberg article, another expert elaborated on the Bitcoin Futures ETF ‘s limitations:

“With futures-based products, you introduced additional cost, more complexity, you have futures contracts that have to be rolled,” said the ETF store’s Geraci. “It’s just a sub-optimal option for investors.”

In any case, the Bitcoin Futures ETF approval is just speculation. Gary Gensler said he looked forward to reading his staff’s review of the fillings, which is not a guarantee by any stretch of the imagination.

Featured Image by Markus Winkler from Pixabay - Charts by TradingView

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Is the Dacxi Chain’s Crowdfunding Tokenization Technology the Key to Crypto 4.0?

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Since Bitcoin’s 2008 beginnings, the cryptocurrency industry has witnessed several different eras; Crypto 1.0, Crypto 2.0, and the current era of Crypto 3.0.

According to GlobeNewswire, Bitcoin and the concept of payment currencies led the Crypto 1.0 era, while Ethereum spearheaded the era of Crypto 2.0. Crypto 2.0 focused on the underlying blockchain technology behind cryptocurrency, which gave birth to the tokenization revolution. However, following Proof-of-Work (PoW) protocols, certain issues like scalability, high cost, and transaction speeds have remained.

The era of Crypto 3.0 is aiming to solve these issues, by creating more effective tokenization solutions in the general blockchain and crypto industry. Like Cisco and Intel built the infrastructure needed to create the internet, key Crypto 3.0 players are currently building the foundational infrastructure needed to support the token revolution.

This brings us to Crypto 4.0. Where Crypto 3.0 is focused on technology-based solutions, Crypto 4.0 goes a step further – leveraging streamlined tokenization technology to provide tailored solutions that will solve real consumer problems.

There are already a number of projects in the blockchain space working to usher in the industry’s next big evolution.

An emerging leader among these projects is the Dacxi Chain.

What is the Dacxi Chain?

Currently being developed by global WealthTech Company, Dacxi, the Dacxi Chain is a novel global tokenized crowdfunding system. The technology is designed to eliminate the innovation funding gap. “The global enterprise economy comprises thousands of investable ideas and entrepreneurs, a significant proportion of which are unattainable to everyday investors,” says Ian Lowe, the CEO of Dacxi. “The current equity funding sector is worth a whopping $10 billion. However, with the integration of the Dacxi Chain into the sector, we believe the sector could witness a market valuation of up to $1 trillion.”

The Dacxi Chain’s crowdfunding tokenization technology is custom-built to solve customer-centric problems in the crypto space. It will be built on Dacxi’s global network of Crypto Wealth Platforms, which form part of the Dacxi ecosystem.

The Dacxi Chain technology will be highly regulated, incredibly secure, and completely crowd-centered. Its main focus will be to help everyday investors gain access to investment opportunities that, prior to now, were exclusively reserved for the top echelon of society. Once this complex and sophisticated system goes live, the Dacxi Chain will allow for the democratization of hyper-growth innovation investments – making it accessible to all would-be investors. No matter who or where they are.

Crypto 4.0 will seek to solve consumer-centric problems, and this is precisely what the Dacxi Chain is designed to do. Signs are pointing to the Dacxi Chain leading the charge for the actualization of the Crypto 4.0 era.

The Dacxi Ecosystem

Dacxi is a global fintech company, founded in 2017 and headquartered in Singapore. The company is the pioneer behind Crypto Wealth, an exciting emerging sector in the crypto space. Dacxi’s mission is to provide the necessary education for everyday people to build the confidence they need to build their wealth with crypto. Dacxi has already established successful operations in both the United Kingdom and Australia. Today, they are on track to build a global network of over 100 localised license-regulated Crypto Wealth Platforms. They also plan to build the largest Token Marketing Organisation in the world. Planning to launch in 2022, the Dacxi Chain crowdfunding tokenization technology will play a key role in the ever-growing Dacxi ecosystem.

 

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Need Cash? Here Are Some Solutions for Those With Poor Credit

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Those searching for a personal loan for poor credit have a few options to explore. Three of the most popular are credit cards, home equity loans and personal loans for poor credit. The obtained monies can be used for many reasons to include purchasing jewelry or upgrading a business. The type that’s best will depend on the intentions for use and personal financial state.

Here’s a bit about each type to help anyone make an informed decision when they decide to pursue a personal loan for poor credit.

Personal Loans

One can get a personal loan from most banks. As stated before, they can be used for most anything and are based on the ability to present proof of income as well as assets. Those assets have to bet worth the amount the person is borrowing. It’s a quick process for application when these things are present and accounted for and the applicant will find out within a few days tops if they are approved.

The main downfall is that interest rates are typically high around an average of 12%. The time limit for repayment varies but they’re usually no more than two years. Due to this, any very large amounts are not recommended to be financed this way as many have trouble paying them back in two years.

Credit Cards

Credit cards are another option when consumers are searching for a type of personal loan for poor credit. They are the same thing as securing a loan as they are also repaid later. The cards are easy to use because they are widely accepted for payment on most everything.

They are simple to apply for and can be upwards of $10,000. The application is reviewed fast, usually no more than two weeks. There are also those that are reviewed over the phone and approved in only minutes. It all depends on the card company. Terms vary greatly, so it’s important for whomever is applying to really look over all the fine print.

Within this print, there will be many things to take note of. At the top of the list are interest rate, yearly fees, overage fees and more. It’s been proven that debts pile up more quickly using credit cards than other types of loans because they are so available and easy to swipe at any retailer. For someone looking to a personal loan for bad credit, this may be an unwise decision and end up hurting credit not repair it.

Home Equity Line

The home equity line of credit is a smart decision. It allows homeowners the ability to borrow against the value of their home. It’s easy to figure how much someone can get. All they have to do is take the home’s market value against what is still owed on it. Many choose to not do this if they are planning on selling in the near future. However, if they are planning on staying there for the long haul it’s a great option.

Like other personal loans for poor credit the money can be utilized for whatever they please. Often they’re used for home improvements, consolidating debt and so much more. The interest rates are low to average and can be repaid over the course of up to 20 years in some circumstances. There aren’t many downsides to a home equity loan of credit; in some cases the interest is a tax deduction. That’s hard to beat!

The main negative to this type of personal loan for poor credit is that the person taking it on can sometimes get in a worse situation in regards to their mortgage. If there are two sources of income and they are well above the bills being paid each month the individual can probably repay the loan with ease. Otherwise, it may not be of any benefit. Especially of the consumer ends up losing a job or suddenly is unable to work. Plus, rates sometimes fluctuate.

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Top 5 Reasons To Choose Loans For Bad Credit With No Guarantor Option

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Long days of unemployment, unexpected expenses, medical emergency, and increasing debts can be the reasons why you have a financial problem in your life. It is a tough situation to be in and you have to find out a suitable financial alternative to combat it. Choosing a loan can provide you the desired funds but in most of the loan options, individuals should have a pleasant credit record to attract the funding. If you have a good credit rating, a lender is always ready to help you with quick financial assistance. Other than that, you need to search a lot for accessing a peace of mind.

Loans for bad credit with no guarantor can only protect you from a financial drench. These credits provide a way to get money quickly without credit check process and no obligation of having signature of a guarantor.

There are strong reasons to prove that why more and more people are inclining towards these loans. Here are the top five reasons:

Uncomplicated Registration Process

You do not need to follow a cumbersome application procedure when there is an urgent need of cash. In previous days, the loan applicants had to travel a lot at the lender’s office and provide many papers to seek approval of the lender. A lot has been changed now and the majority of loan companies have acquired an online registration method. Borrowers need to fill an online application form on lender’s website and submit it with mandatory details. Thereafter, the lender verifies all the details, and subsequently, transfers the cash to their registered bank account after a few hours of application submitted.

Credit Check is Not Involved

Applying for a bank loan require a pleasant credit record. The bad credit people do not have the financial credibility to show to their lender. Therefore, banks do not provide money to them because of the risk of losing repayments. On the other hand, the professional lenders are ready to provide the financial assistance without credit check procedure. Loans for bad credit with no guarantor are the best example in which there is no hurdle of a bad credit score.

No Need of A Guarantor

A bank loan always has the compulsion of bringing a guarantor to co-sign for the loan amount with the primary borrower. Sometimes, finding a responsible person to own the responsibility of loan repayments becomes tough, which is not the right thing to do during a financial emergency. Therefore, these no guarantor loans provide an opportunity to acquire money in a hassle-free way despite not having a co-signer.

Unsecured Option is Available

Do you not have collateral to secure the money that you have borrowed? You are still eligible for these bad credit loans because they are also available with an unsecured option. Borrowers do not require keeping their home, car or residential property as collateral to the lender. You may have to pay higher interest rates in comparison to the secured loans but the money you receive through unsecured loans helps you in a crucial time.

Relief from Hefty Repayments

You can only request a small amount to avail benefits of the loans for bad credit with no guarantor. People acquire these loans if there is a financial urgency in their life. The professional lenders understand the financial compulsions of these people and give them flexibility in the repayment schedules so that they can repay the borrowed sum as per the given schedule and improve their credit performance to attract more loans from the lenders.

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Federal Government Student Loans

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Federal government student loans are credit facility programs that have been put in place by the state to assist students in paying their fees. They are deemed useful as they have helped a lot of students get through their college education which they otherwise would have not without that money. The government gives this money through two programs which are the Federal Family Education Loan (FFEL) and the Direct Loan program.

One can only apply for either of the two. There is need to understand how the two programs work, since the repayment plans may differ slightly from each other. However, eligibility rules and regulations are all the same for both programs. A direct credit facility is usually funded strictly by the state. The FFEL on the other hand is offered by banks and other credit lending institutions that are in the private or the public sectors.

The FFEL has its own advantages in that, the money can be used to do other personal stuff. The direct one, as the name suggests, goes directly into tuition fees. The question that many students are faced with is how to access either type of the credit facility. Well, it begins by obtaining a FAFSA form, which you fill out and send back for processing.

Before the money gets to you, your school has to approve your eligibility. You then sign a promissory note, which is a legal document and which must be honored in due time. On this note, you can find the terms, rules and regulations under which the credit facility is extended to you.

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Pre-Qualified or Pre-Approved?

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Before any professional real estate agent or broker even LOOKS at you, they’re going to want (Nay require) you to have your financing already in place. The seller they represent, whether that be an individual, couple, bank, trust, or investor, your offer WON’T even be looked at without a letter from a lender. That means, bank, mortgage banker, mortgage broker, credit union or other acceptable source of funding. (Trust funds, annuity, insurance settlement, etc.)

Which brings us to the answer to the question: “Pre-Qualification” or “Pre-Approval”.

Best answer for you to be taken seriously – Pre-Approval trumps ALL other forms. This means you’ve actually APPLIED for and received loan approval. It means a formal application and all supporting documentation relative to your job, residence and savings have been verified. It means your full credit report has been retrieved and analyzed by an underwriter for layers of risk associated with carrying a mortgage. In essence, it means you have a “credit card” with a predetermined limit. It means you are a “cash buyer”. It means, you’ve done your homework and are considered GOLD in the eyes of anyone you present an offer to purchase to. You have reversed the tables and are now in control. NOT the seller, NOT the agent and NOT anyone else. You have the “thing” everyone wants. When you have what everyone wants, you’re the boss.

So, what then is “Pre-Qualification”? AKA a “PQ”.

Toilet paper. Garbage. Refuse. $1.00 a gallon gasoline.

A PQ is nothing more than a piece of paper issued by who knows, which states you’ve been interviewed by a “lender” or “Loan officer” and they’ve looked at your income and you’ve told them of your expenses and based on their calculations, you qualify for a loan of “X” dollars. No credit report. No job or savings verifications. No professional underwriter.

So, if you’re serious about buying a home, which should you have in your hand?

If you’re a home seller, which buyer are you going to take seriously?

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TA: Ethereum Regains Strength, Why $3,200 Is The Key For More Upsides

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Ethereum

Ethereum started a steady increase above $3,000 against the US Dollar. ETH price must clear the $3,200 to continue higher in the near term.

  • Ethereum started a strong increase from the $2,750 support zone.
  • The price is now trading above $3,000 and near the 100 hourly simple moving average.
  • There was a break a major declining channel with resistance near $2,925 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must surpass $3,175 and $3,200 to continue higher in the near term.

Ethereum Price Is Gaining Momentum

Ethereum found a strong support near $2,750 and started a fresh increase, similar to bitcoin. ETH broke the $2,880 and $2,950 resistance levels to move into a positive zone.

There was also a break a major declining channel with resistance near $2,925 on the hourly chart of ETH/USD. The pair settled above the $3,000 zone and near the 100 hourly simple moving average. It gained traction and climbed above the $3,100 level.

Ether price is now facing resistance near the $3,175 zone. It traded as high as $3,165 and is currently correcting lower. An immediate support sits near the $3,065 level. It is near the 23.6% Fib retracement level of the upward move from the $2,740 swing low to $3,165 high.

Source: ETHUSD on TradingView.com

On the upside, an immediate resistance on the upside is near the $3,165 level. The first major resistance is near the $3,175 level. The main breakout zone could be near the $3,200 zone. A close above the $3,200 resistance could push the price further higher. In the stated case, the price could rise towards $3,320.

Dips Supported in ETH?

If ethereum fails to continue higher above the $3,165 and $3,200 resistance levels, it could start a downside correction. An initial support on the downside is near the $3,065 level.

The next major support seems to be forming near the $3,000 level and the 100 hourly simple moving average. Any more losses might call for a test of the 50% Fib retracement level of the upward move from the $2,740 swing low to $3,165 high at $2,950. If ether fails to stay above $2,950, it could resume its decline in the near term.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is now well above the 50 level.

Major Support Level – $3,065

Major Resistance Level – $3,175

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