Church Fund – UAOC http://uaoc.net/ Thu, 06 Jan 2022 02:33:37 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://uaoc.net/wp-content/uploads/2021/06/icon-1-150x150.png Church Fund – UAOC http://uaoc.net/ 32 32 Helena Man Admits Bank Fraud As Part Of $ 1 Million COVID-19 Relief Loan Program | USAO-MT https://uaoc.net/helena-man-admits-bank-fraud-as-part-of-1-million-covid-19-relief-loan-program-usao-mt/ Wed, 05 Jan 2022 21:21:17 +0000 https://uaoc.net/helena-man-admits-bank-fraud-as-part-of-1-million-covid-19-relief-loan-program-usao-mt/ GREAT FALLS – A man in Helena today admitted to crimes resulting from a scheme to defraud a bank of over $ 1 million in Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Aid and Economic Security (CARES) Act and to use the funds instead for personal […]]]>

GREAT FALLS – A man in Helena today admitted to crimes resulting from a scheme to defraud a bank of over $ 1 million in Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Aid and Economic Security (CARES) Act and to use the funds instead for personal benefit, U.S. Attorney Leif said today Mr. Johnson.

Trevor Gene Lanius-McLeod, 48, also known as Trevor Gene McLeod, has pleaded guilty to bank fraud and engaging in monetary transactions in property derived from specified illegal activities. Lanius-McLeod faces a maximum of 30 years in prison, a fine of $ 250,000 and three years of supervised release for the crime of bank fraud.

In a plea agreement filed in the case, the parties agreed that if the court accepts the plea agreement at sentencing, the government will seek the dismissal of nine more charges in a written document. accusation.

U.S. Chief District Judge Brian M. Morris presided. Chief Justice Morris has set the sentence for April 21. Lanius-McLeod has been released pending further prosecution.

The government alleged in court documents that in April 2021 Lanius-McLeod applied for four PPP loans through Valley Bank of Helena, a division of Glacier Bank, and lied about the applications and accompanying documents. . As a result, Lanius-McLeod received $ 1,043,000 in fraudulent funds on the four loans. The PPP program provided emergency assistance to small businesses for job maintenance and some other expenses.

As part of the program, Lanius-McLeod applied for and received a PPP loan of $ 340,000 on behalf of Renovated Montana Properties LLP, an entity he controlled. Without several false statements, Lanius-McLeod would not have been able to claim this loan. Lanius-McLeod falsely stated that the company paid payroll taxes and had 25 employees. The company had never paid payroll taxes and had no employees other than Lanius-McLeod, although it sometimes employed independent contractors. Lanius-McLeod agreed in a promissory note to use the loan for salary costs and other business-related expenses. No part of the loan was used for these purposes. Instead, Lanius-McLeod used the loan for personal expenses, including paying off the mortgage on his personal residence.

Laurel’s co-accused Kasey Jones Wilson has pleaded guilty to bank fraud and is awaiting conviction.

U.S. Assistant Attorney Colin M. Rubich is pursuing the case, which has been investigated by the IRS-Criminal Investigation and the FBI, with assistance from the U.S. Treasury Inspector General for Administration tax and the US secret service.

On May 17, 2021, the Attorney General created the COVID-19 Fraud Enforcement Working Group to mobilize the resources of the Department of Justice in partnership with government agencies to strengthen efforts to combat and prevent the pandemic fraud. The Working Group strengthens efforts to investigate and prosecute the most culpable national and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud, among other methods, by scaling up and integrating mechanisms coordination, identifying resources and techniques for uncovering fraudulent actors and their programs, and sharing and leveraging information and knowledge gained from previous enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Enforcement (NCDF) hotline at 866-720-5721 or via the NCDF online complaint form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

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Dhanlaxmi Bk loans increase 10%, highest in 10 quarters https://uaoc.net/dhanlaxmi-bk-loans-increase-10-highest-in-10-quarters/ Mon, 03 Jan 2022 22:30:00 +0000 https://uaoc.net/dhanlaxmi-bk-loans-increase-10-highest-in-10-quarters/ Mumbai: After battling credit growth for more than two years, Thrissur-headquartered Bank Dhanlaxmi has turned the tide. The bank also broke a deadlock with key shareholders over the appointment of an auditor. However, to maintain the growth momentum, the bank will need to require approval from its shareholders to raise capital. Currently, the bank, which […]]]>
Mumbai: After battling credit growth for more than two years, Thrissur-headquartered Bank Dhanlaxmi has turned the tide. The bank also broke a deadlock with key shareholders over the appointment of an auditor.
However, to maintain the growth momentum, the bank will need to require approval from its shareholders to raise capital. Currently, the bank, which is run by a six-member board, including two from the Reserve Bank of India, is engaged in a legal battle with wealthy shareholders seeking representation on the board. The bank does not have any identifiable promoters. The RBI has taken a position that shareholders cannot directly vote directors on a bank’s board of directors.
Speaking to TOI, Managing Director and CEO of Dhanlaxmi Bank, JK Shivan, said the lender has been successful in breaking into the small business market. These borrowers have a triple A rating but have a low financing requirement of around Rs 100 crore. This – along with home loans, auto loans, and home equity loans – has allowed the bank to expand its portfolio. Thanks to loans to this segment, the bank managed to increase its share of business loans from 25% to 29% in December 2021. It increased its global lending by 10.5% year-on-year at the end of December. – the highest in 10 quarters.
The private lender was struggling with credit growth due to its relatively smaller size and cautious approach. “We got board approval for the co-loan with finance companies, but we’re not there yet. The next step is the business correspondent model for the microfinance segment, which we approach with caution, ”said Shivan.
Shivan expressed hope that shareholders would approve the capital increase. “Our activity has resumed with a credit-to-deposit ratio exceeding 60% after a very long period. The only program is growth. There is no other program, ”said Shivan. Dhanlaxmi Bank is also planning to grow its credit card portfolio and EMI card portfolio through a fintech partnership. It looks at secured credit cards, where even those without a proper credit history can be assigned a credit limit that matches the fixed deposits they maintain with the bank. As of December 2021, its loan portfolio stood at Rs 7,122 crore while deposits stood at Rs 11,712 crore (up 5.5% year on year).
The bank also hired a digital consultant to advise them on integrating fintech companies. “It will start with credit cards and then with an EMI card. We don’t plan to do everything, but we are currently paying 45,000 cards and only have 15,000 active cards, ”said Shivan. Other products include secure cards issued to customers against fixed deposits that they maintain with the bank.
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Loads of payday loans. Usually only available on a hard and quick call of your own research https://uaoc.net/loads-of-payday-loans-usually-only-available-on-a-hard-and-quick-call-of-your-own-research/ Sun, 02 Jan 2022 00:20:07 +0000 https://uaoc.net/loads-of-payday-loans-usually-only-available-on-a-hard-and-quick-call-of-your-own-research/ Loads of payday loans. Usually only available on a hard and quick call of your own research Not being homeowners once considering a workable amount from month to month, you may need a loan for your situation that interests you. Your higher rates are more affordable. Transformed the new fresh screws in order to lend […]]]>
Loads of payday loans. Usually only available on a hard and quick call of your own research

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Rate increase for fixed rate loans https://uaoc.net/rate-increase-for-fixed-rate-loans/ Fri, 31 Dec 2021 13:36:13 +0000 https://uaoc.net/rate-increase-for-fixed-rate-loans/ Thinking of buying a house? Check out today’s average mortgage rates. If you’re hoping to own a home at the start of the New Year, it’s a good idea to pay attention to average mortgage rates. Here are today’s average rates for December 31, 2021 so you can get a feel for what homeownership could […]]]>

Thinking of buying a house? Check out today’s average mortgage rates.

If you’re hoping to own a home at the start of the New Year, it’s a good idea to pay attention to average mortgage rates. Here are today’s average rates for December 31, 2021 so you can get a feel for what homeownership could cost.

The data source: The Ascent National Mortgage Interest Rate Tracker.

30-year mortgage rates

The 30-year average mortgage rate today stands at 3.367%, up 0.001% from yesterday’s average of 3.366%. If you borrow at today’s average rate, you would have a monthly principal and interest payment of $ 442 for every $ 100,000 borrowed. The total interest charge would be $ 58,995 per $ 100,000 borrowed over the term of the loan.

20-year mortgage rates

The 20-year average mortgage rate today stands at 3.104%, up 0.036% from yesterday’s average of 3.068%. You would consider a principal and interest payment of $ 560 per $ 100,000 borrowed at today’s average rate. Over the life of the loan, your total interest charges would be $ 34,356 per $ 100,000 borrowed.

This is a cheaper term loan than the 30-year loan. You reduce the time that you pay interest with this loan, and you also pay interest at a lower rate. However, since you are making a lot less payments, you should be aware that each one has to be higher and that could put a strain on your budget.

15-year mortgage rates

The 15-year average mortgage rate today stands at 2.542%, up 0.006% from yesterday’s average of 2.536%. For every $ 100,000 borrowed at today’s average rate, your monthly principal and interest payment would be $ 669. The total interest charge would be $ 20,378 per $ 100,000 borrowed at today’s average rate.

The monthly payments are very high with this loan because your repayment period is very short. But you save a lot over time, and you’ll get rid of your debt pretty quickly. So, if you want to own your home ASAP and can afford higher monthly fees, then this loan may be right for you.

5/1 arm

The average 5/1 ARM rate is 2.945%, down 0.032% from yesterday’s average of 2.977%. Since this is an adjustable rate mortgage, you won’t necessarily pay that rate for the life of the loan. It is guaranteed for five years and can be changed afterwards. If the financial index that the loan is tied to goes up, you will end up with higher loan costs and higher monthly payments.

Should I lock in my mortgage rate now?

A mortgage rate freeze guarantees you a certain interest rate for a specified period of time, usually 30 days, but you may be able to guarantee your rate for up to 60 days. You will usually pay a fee to lock in your mortgage rate, but this way you are protected in the event of a rate hike before your mortgage closes.

If you plan to close your home within the next 30 days, it pays to lock in your mortgage rate based on today’s rates, especially since they are very competitive. But if your close is more than 30 days away, you might want to choose an adjustable rate lock instead for what will usually be a higher fee, but could save you money in the long run. A variable rate lock allows you to get a lower rate on your mortgage if rates drop before you close, and while rates today are still quite low, we don’t know if rates will go up or down. over the next few months. As such, it is beneficial to:

  • LOCK if closing seven days
  • LOCK if closing 15 days
  • LOCK if closing 30 days
  • FLOAT if closing 45 days
  • FLOAT if closing 60 days

To find out what rates are available to you, compare the rates of at least three of the top mortgage lenders before committing.

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IFC signs agreement to insure SME loans from Bank of Africa https://uaoc.net/ifc-signs-agreement-to-insure-sme-loans-from-bank-of-africa/ Mon, 27 Dec 2021 21:03:07 +0000 https://uaoc.net/ifc-signs-agreement-to-insure-sme-loans-from-bank-of-africa/ Capital markets IFC signs agreement to insure SME loans from Bank of Africa Tuesday, December 28, 2021 Bank of Africa Kenya Managing Director Ronald Marambii. PHOTO FILE | NMG By CHARLES MWANIKIMore from this author Summary IFC has signed an agreement to provide Bank of Africa Kenya with coverage against losses on SME loans as […]]]>

Capital markets

IFC signs agreement to insure SME loans from Bank of Africa


Bank of Africa Kenya Managing Director Ronald Marambii. PHOTO FILE | NMG

charlesmwaniki_img

Summary

  • IFC has signed an agreement to provide Bank of Africa Kenya with coverage against losses on SME loans as the lender seeks to increase its financing for small businesses.
  • IFC, which is the private sector lending arm of the World Bank, said the facility will cover 50 percent of losses on all eligible loans that Bank of Africa Kenya has.

The International Finance Corporation (IFC) has signed an agreement to provide Bank of Africa Kenya with coverage against losses on loans to SMEs as the lender seeks to increase its financing for small businesses.

IFC, which is the private sector lending arm of the World Bank, said the facility will cover 50 percent of losses on all eligible loans that Bank of Africa Kenya (BOA Kenya) grants to SMEs, up to the equivalent of 5 million shillings. (Sh650 million).

The deal will also see IFC providing the Tier Three bank with advice on how to mitigate risk as it moves into the SME segment, which is considered one of the riskiest in the industry. banking.

“IFC’s risk mitigation product, combined with support for general and targeted advisory services, will help BOA Kenya reduce risk and scale up lending to SMEs in its most challenging markets. Additionally, it will help us transform into an SME-focused bank with branches across Kenya, ”said Ronald Marambii, Managing Director of BOA Kenya.

Secured loans will largely target women-led businesses and those focused on addressing climate change.

BOA Kenya, which had a 0.72% market share in Kenya’s banking sector at the end of 2020, had a loan portfolio of 15 million shillings in September 2021, after declining by 17.23 billion shillings a year earlier .

It reported an after-tax profit of 4.58 million shillings for the nine months ending September 2021, reversing a loss of 217.9 million shillings reported in the corresponding period in 2020.

The IFC program is supported by the Global SME Finance Facility (GSMEF), which is a partnership between IFC and the UK Foreign, Commonwealth and Development Office and the Dutch Ministry of Foreign Affairs.

The Women Entrepreneurs Opportunity Facility (WEOF), a global financing mechanism dedicated to expanding access to capital for women entrepreneurs, was also supported in 2014 by IFC through its Banking on Women program and Goldman Sachs 10,000 women .

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High Yield Mortgages: New Home Loans Could Give Borrowers Another £ 200,000 https://uaoc.net/high-yield-mortgages-new-home-loans-could-give-borrowers-another-200000/ Sun, 26 Dec 2021 00:01:00 +0000 https://uaoc.net/high-yield-mortgages-new-home-loans-could-give-borrowers-another-200000/ E eligible homebuyers could get a mortgage worth seven times their salary starting today, after the Bank of England announced plans to ease lending rules in December. To qualify for the higher loan, applicants must have a base salary of £ 75,000 or more per year. An applicant in a joint application can borrow up […]]]>
E

eligible homebuyers could get a mortgage worth seven times their salary starting today, after the Bank of England announced plans to ease lending rules in December.

To qualify for the higher loan, applicants must have a base salary of £ 75,000 or more per year.

An applicant in a joint application can borrow up to seven times their salary if they are qualified, practicing and enrolled in one of the 14 listed occupations and earning a minimum of £ 25,000. Buyers must also have a 10 percent deposit.

The professions eligible for the mortgage are: police, firefighters, nurses, paramedics, doctors, accountants, lawyers, teachers, engineers, lawyers, dentists, architects, surveyors and veterinarians . Habito says it’s because these occupations offer a reasonable forecast of future earnings, job security, and employability.

How Much Can I Borrow for a Mortgage?

Habito’s new lending rules could increase the amount an individual home buyer earning £ 75,000 could afford to pay for a home over £ 200,000.

If their borrowing was capped at 4.5 times their income, they could borrow £ 337,500. With a 10% down payment, that would get them a home worth £ 371,250. Borrowing seven times their income would offer £ 525,000. Adding the 10 percent deposit would buy a home worth £ 577,500.

For co-applicants one of whom works in the specified professional fields and earns £ 25,000 and the other applicant also earns £ 25,000, their borrowing would be capped at 4.5 times the combined salary or £ 225,000. With the Habito One mortgage, they could potentially get seven times a salary and five times the other, meaning they could borrow £ 300,000.

Is a higher LTI mortgage risky?

The online mortgage broker announced improved lending criteria for its Habito One full-term fixed-rate mortgage, which allows buyers to borrow at rates starting at 2.99% for the life of their mortgage.

Borrowers on a fixed rate mortgage typically have to remortgage after a certain period of time, often two, five, or ten years, or find themselves slipping on their lender’s standard variable rate, which can be costly.

Habito says it is able to offer the higher income mortgages because the interest rate on the loan is guaranteed for the life of the loan, thus reducing the risk that the borrower will not be able to pay the payments in the future.

Daniel Hegarty, Founder and CEO of Habitito, said: “Longer fixed rate mortgages mean that customers are completely protected against any threat of fluctuating interest rates, in a way that shorter mortgage contracts two or five years do not allow.

“As a lender who reviews each applicant’s case individually, we are confident that with the right criteria in place, under the right circumstances, eligible clients can safely increase their borrowing to purchase the home that truly matches their needs. needs and their life plans. “

Full term fixed rate mortgages are not common in the UK, but are already popular in other countries including France, Denmark and the US.

Part of the reason for this is that UK buyers are worried about the high prepayment charges for getting out of a mortgage during the set period, for example if they have to sell their home.

Will I be able to get a mortgage at seven times my salary?

Some mortgage brokers have expressed doubts about the number of buyers who would actually be offered mortgages at seven times their income.

Mark Harris, managing director of mortgage broker SPF Private Clients, said: “With current regulations limiting each lender to 15% of claims over 4.5 times the loan-to-income ratio, one wonders if lenders can get the volume of borrowing to really make a difference.

“While seven times income seems high, will borrowers be able to reach that level once the existing affordability rules are adopted? Even at lower loan-to-value ratios, borrowers do not always meet notional LTI ceilings.

“For those with any of the business vocations listed, existing lenders already offer enhanced LTIs, so it’s worth shopping around for the best deal. “

Colin Payne of Chapelgate Private Finance pointed out that key workers pay large pension contributions every month, making mortgage payments larger than their take-home pay potentially unaffordable.

He said: “The irony is that it adds fuel to the fire in terms of housing prices, which makes this ‘forever home’ more unaffordable for many. It sounds like a headline to increase inquiries, then offer alternative loan options, a “sprat to catch a mackerel”, and that may not be the best outcome for buyers. “

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Student loans under normal banking conditions and under the state guaranteed scheme https://uaoc.net/student-loans-under-normal-banking-conditions-and-under-the-state-guaranteed-scheme/ Fri, 24 Dec 2021 07:57:03 +0000 https://uaoc.net/student-loans-under-normal-banking-conditions-and-under-the-state-guaranteed-scheme/ Student loans under normal banking conditions and government guarantee scheme – cumulative data Period: April 15, 2013 to November 30, 2021 Rupees Banks Student loans approved – April 15, 2013 at Outstanding at end November 2021 November 30, 2021 Normal banking conditions Government Normal bank Government Guaranteed plan terms* Guaranteed plan 1 Mauritius Commercial Bank […]]]>

Student loans under normal banking conditions and government guarantee scheme – cumulative data

Period: April 15, 2013 to November 30, 2021

Rupees

Banks

Student loans approved – April 15, 2013 at

Outstanding at end November 2021

November 30, 2021

Normal banking conditions

Government

Normal bank

Government

Guaranteed plan

terms*

Guaranteed plan

1

Mauritius Commercial Bank Limited

1,741,281,718

22 834 403

807 250 526

2,468,364

2

Absa Bank (Mauritius) Limited

11 889 637

522,179

Hong Kong and Shanghai Bank

3

Limited Company

96 072 307

4,352,200

31 029 843

506,840

4

Baroda Bank

5

Habib Bank Limited

6

SBM Bank (Maurice) SA

497 038 316

16 640 700

241 229 593

739,531

seven

Standard Bank (Mauritius) Limited

8

MauBank SA

124 663 700

18,436,897

71 452 409

1,133,246

9

BCP Bank (Maurice) SA

10,985,000

3,646,815

ten

AfrAsia Bank Limited

11

Bank One Limited

69 114 460

344,000

31 316 661

12

SBI (Mauritius) Ltd

19,630,000

400,000

4,495,507

13

ABC Banking Company Ltd.

7 810 350

122,500

4,629,336

TOTAL

2,566,595,851

75,020,337

1,195,050,691

5,370,160

Date of data: The table has been established on the basis of figures communicated by banks as of November 30, 2021. * Figures may include student loans granted under usual banking conditions before April 15, 2013.

Figures may not add due to rounding.

Bank of Mauritius

December 24, 2021

Warning

Bank of Mauritius published this content on 23 December 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 24 December 2021 07:56:07 AM UTC.

Public now 2021

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Guaranteed Savings Contract Helps Funding Efficiency at Minnesota Colleges https://uaoc.net/guaranteed-savings-contract-helps-funding-efficiency-at-minnesota-colleges/ Wed, 22 Dec 2021 12:03:32 +0000 https://uaoc.net/guaranteed-savings-contract-helps-funding-efficiency-at-minnesota-colleges/ One of Minnesota’s oldest state universities will undergo a major energy retrofit next year without resorting to any public funding. Winona State University, founded as a college of teachers in 1858, is expected to benefit from $ 12.3 million to upgrade its campus in southeast Minnesota. School officials could have spent years trying to persuade […]]]>

One of Minnesota’s oldest state universities will undergo a major energy retrofit next year without resorting to any public funding.

Winona State University, founded as a college of teachers in 1858, is expected to benefit from $ 12.3 million to upgrade its campus in southeast Minnesota.

School officials could have spent years trying to persuade lawmakers to approve the bond. Instead, the university works with a contractor to manage a portfolio of energy improvements that ensure enough savings are produced over the next two decades to pay for projects and then some.

It is the largest project of its kind since state officials launched the Guaranteed Energy Savings Program ten years ago. Without the funding option, “we probably wouldn’t have been able to do this project at this cost,” said Nathan Engstrom, director of sustainability and campus planning at Winona State. “We don’t have $ 12 million lying around; it is essential.

The Minnesota Department of Commerce provides advice and information to state, county, and local government institutions regarding energy conservation performance contracts, a budget neutral way for public entities to pay for energy savings. efficiency improvements. Commerce recently changed the name of the program to “Energy Savings Performance Contract” to include a wider variety of projects.

Energy savings performance contracts make a simple promise: the energy saved through the improvements will cover the cost of the projects. Several states have programs similar to those in Minnesota to assist agencies, universities, and local governments in the performance contracting process. Nationally, after years of weak growth, the Lawrence Berkeley National Laboratory reported that the industry grew 3.4% between 2014 and 2018, with revenues expected to reach $ 9 billion this year.

In Minnesota, the program has invested $ 45 million in renovations to 108 buildings representing nearly 6.4 million square feet of property. The participants, including four colleges, two cities, and the state’s transportation and natural resources departments, collectively save about $ 2.4 million per year.

Winona State University’s contract is the largest the state office has ever helped. Trade Commissioner Grace Arnold said the project shows there is momentum for more energy investment in utilities that don’t require taxpayer dollars.

“We are optimistic that Winona will encourage more higher education, state and local organizations to pursue energy saving performance contracts as it saves money and helps Minnesota to have affordable, reliable and clean energy, ”said Arnold.

The State of Winona was pleased to have the support of the State Office, whose involvement “offers additional skill levels. [and] security through the program that you wouldn’t necessarily have had you signed a performance contract yourself with one of these energy service companies, ”Engstrom said.

The university had been compiling a list of potential energy saving projects for several years. Once selected, McKinstry performed additional studies to determine the ROI of deferred maintenance, solar repairs and more. The university found a lender through a competitive bidding process and signed an 18-year lease-purchase agreement.

McKinstry will replace 21,000 light fixtures, make upgrades to the school’s power plant, and replace every toilet, shower head, urinal and faucet aerator on campus. It will also build a large solar installation. As a result, the campus is expected to save $ 26 million over 25 years, or about $ 685,000 per year, and reduce carbon emissions by almost 25%.

All aspects of the upgrades, including light bulbs and plumbing fixtures, are leased until the end of the contract. Energy performance contracts carry privileges over all installed items, limiting to some extent the changes that can be made. Engstrom said windows cannot be part of an energy performance contract because they cannot be removed if the university defaults.

Engstrom said energy savings start to increase relative to lease payments even in the first year. The savings in the first year will be $ 670,000. The mixed nature of the projects means that the lighting saves money immediately while the payback for solar power comes years later, he said.

McKinstry recently completed work with the City of Rochester on a $ 6.8 million initiative that included upgrades to its Civic Center, Recreation Center and Aquatic Center. The first two projects will save the city $ 347,000 per year and help it meet its climate goals.

Gregg Mast, executive director of Clean Energy Economy Minnesota, said guaranteed energy saving contracts are an affordable approach to reducing energy use, improving building infrastructure and creating local jobs.

The program “is a budget neutral option for public entities looking to pursue energy improvements at their facilities,” Mast said. “Upgrades can be done at no upfront cost, and energy savings pay for upgrades over time, eliminating the need to dip into precious capital budgets or ask more from taxpayers. “

Although they have been around for decades and are widely used by the federal government, performance-based energy contracts are still not widely adopted by the institutions that would benefit from them, advocates said.

Timothy Unruh, executive director of the National Association of Energy Service Companies, said several obstacles stand in the way of the model. The first is that governments have often established “supply routes” for projects with a preferred list of contractors. “Someone could come in and protest against [a contractor] take business in an area where I used to do business and you know, and I’m a long time citizen here of that community, ”he said. “It’s a reasonable claim. “

Yet local businesses often receive work on guaranteed energy-saving jobs. Domestic contractors often do lighting and water renovations, but work involving building checks and mechanical systems is often outsourced to local companies, Unruh said. In addition, he said local companies with government experience often receive work due to their familiarity with state and university buildings.

Second, the whole process is different from how institutions usually hire entrepreneurs. An energy performance provider identifies the scope of a project rather than the customer. “You end up having to select a company to move a project forward before you know the scope of the project’s work,” he said. “It’s hard to create a candidacy situation to assess that. “

Other issues relate to funding, whether the approach offers the lowest cost for a project, and officials’ reluctance to try something new. As contracts last between 15 and 20 years, it is unlikely that public officials will do more than one during their career. Without institutional knowledge, employees remain nervous about being the first to try something new, Unruh said.

McKinstry Midwest Regional Manager John Neville said the main benefit of using an energy service company is their unique focus on buildings, efficiency and clean energy. Universities and state agencies may have knowledgeable facility managers, but rarely have the time or staff to thoroughly investigate potential efficiency improvements or integrations with clean energy production, a- he declared.

The company annually reviews energy saving and solar power production estimates with performance to ensure customers are seeing progress. “We want every project that we do to be successful because that’s how we get the next project – that’s how we get to phase two with the same client,” he said.

This article first appeared on the Energy News Network and is republished here under a Creative Commons license.

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Rates drop for most loans https://uaoc.net/rates-drop-for-most-loans/ Fri, 17 Dec 2021 12:58:21 +0000 https://uaoc.net/rates-drop-for-most-loans/ If you are buying a home, you should check today’s average mortgage rates to see what you could be paying for your loan. On December 17, 2021, average mortgage rates are down for most loans. Take a look at today’s average mortgage rates for fixed and variable rate mortgages to find out what a loan […]]]>

If you are buying a home, you should check today’s average mortgage rates to see what you could be paying for your loan.

On December 17, 2021, average mortgage rates are down for most loans. Take a look at today’s average mortgage rates for fixed and variable rate mortgages to find out what a loan could cost you if you borrowed to buy a home today.

The data source: The Ascent National Mortgage Interest Rate Tracker.

30-year mortgage rates

The 30-year average mortgage rate today stands at 3.333%, down 0.003% from yesterday’s average of 3.336%. A loan at today’s mid-rate would have a monthly principal and interest payment of $ 440 per $ 100,000 borrowed. You would have a total interest charge of $ 58,319 per $ 100,000 of mortgage debt over the term of the loan.

20-year mortgage rates

The 20-year average mortgage rate today stands at 3.092%, down 0.032% from yesterday’s average of 3.124%. If you borrow at today’s average rate, your monthly principal and interest payments would be $ 559 for every $ 100,000 borrowed. During the entire repayment period of your loan, you would pay a total interest charge of $ 34,211 for every $ 100,000 borrowed.

As you can see, this loan will save you money over time compared to the 30 year loan option. However, it will cost more each month. If you cut the repayment time by a decade, each payment must be much higher than it would be on a loan with a longer repayment period. But this loan has a lower rate, and you don’t pay interest for that long, so your total interest charges are much lower.

15-year mortgage rates

The 15-year average mortgage rate today stands at 2.578%, up 0.001% from yesterday’s average of 2.577%. At today’s average rate, you would pay $ 670 per month in principal and interest for $ 100,000 borrowed. For every $ 100,000 you borrow at today’s average rate, the total interest charge would be $ 20,684.

This loan saves the most over time, but the monthly payments are the highest. Many people find that a 15-year mortgage is too expensive to pay each month or too difficult to obtain. But if you can afford the payments and want to get rid of your debt as soon as possible, then you may decide this loan is right for you.

5/1 arm

The average 5/1 ARM rate is 2.681%, down 0.19% from yesterday’s average of 2.871%. Because ARM stands for Variable Rate Mortgage, you cannot rely on this rate to stay the same for the life of the loan. This rate is only guaranteed for the first five years. After that, the rate adjusts with a financial index and might increase. This would leave you with both higher monthly payments and a more expensive loan over time.

Should I lock in my mortgage rate now?

A mortgage rate freeze guarantees you a certain interest rate for a specified period of time, usually 30 days, but you may be able to guarantee your rate for up to 60 days. You will usually pay a fee to lock in your mortgage rate, but this way you are protected in the event of a rate hike before your mortgage closes.

If you plan to close your home within the next 30 days, it pays to lock in your mortgage rate based on today’s rates, especially since they are very competitive. But if your close is more than 30 days away, you might want to choose an adjustable rate lock instead for what will usually be a higher fee, but could save you money in the long run. A variable rate lock allows you to get a lower rate on your mortgage if rates drop before you close, and while rates today are still quite low, we don’t know if rates will go up or down. over the next few months. As such, it is beneficial to:

  • LOCK if closing seven days
  • LOCK if closing 15 days
  • LOCK if closing 30 days
  • FLOAT if closing 45 days
  • FLOAT if closing 60 days

To find out what rates are available to you, compare the rates of at least three of the top mortgage lenders before committing.

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