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Saturday, September 5, 2020

Real estate mortgage home loan important information that everyone should know. knowledge financial group

Important things mortgage lenders don’t want to see when applying for a mortgage home loan... {Real Knowledge, Real Information, Financial Intelligence At Vivisionone Real Estate Investment Group} Bounced checks or NSFs (Non-Sufficient Funds charges) Large deposits without a clearly documented source Monthly payments to an individual or non-disclosed credit account.
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 Home equity line of credit Real Estate is the vehicle that takes a person to the road of wealth. And Real Estate is the best shelter for precious income from the tax collectors, better than any other kind of investments. http://realestateworldclass.blogspot.com 
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 Do I have to disclose all bank accounts to a mortgage lender? If a bank account has funds in it that you’ll use to help you qualify for a mortgage, then you have to disclose it to your mortgage lender. That includes any account with savings or regular cash flow which will help you cover your monthly mortgage payments
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 [What underwriters look for on your bank stat? Mortgage lenders typically ask to see two months of recent bank statements along with your loan application. The underwriter — the person who evaluates and approves mortgages — will look for four key things on these bank statements: Enough cash saved up for the down payment and closing costs .

The source of your down payment, which must be acceptable under the lender’s guidelines Enough cash flow or savings to make monthly mortgage payments “Reserves,” which are extra funds available in case of an emergency An underwriter generally wants to see that the funds in your bank accounts are yours, and not borrowed from someone else (unless via a properly-documented down payment gift). LEARN MORE HERE... 
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Bank statements also prove to underwriters that you haven’t opened up any credit accounts or created new debt prior to getting the mortgage. ''Increase your skills, improve your knowledge here... That’s why lenders ask for your last two months’ bank statements. Anything credit accounts older than two months should have shown up on your credit report.
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 A bank “VOD” (verification of deposit) won’t solve all bank statement issues Verifications of Deposit, or VODs, are forms that lenders can use in lieu of bank statements. You sign an authorization allowing your banking institution to hand-complete the form, which indicates the account owner and its current balance. 

 VODs have been used to “get around” bank statement rules for years. But don’t count on them to solve the above-mentioned issues. First, the lender can request an actual bank statement and disregard the VOD, if it suspects potential issues. Second, depositories are also required to list the account’s average balance. 
That’s likely to expose recent large deposits. For instance, if the current balance is $10,000 and the two-month average balance is $2,000, there was probably a very recent and substantial deposit. [Home mortgage loan great news, excellent information]
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We at knowledge financial group – knowledgefinancialgroup.com  // we empower
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At Knowledge Financial Group, We promote financial education to help others take
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 1. What type of loans do you offer? What are the qualifying guidelines for each? Since there are many different types of mortgages, including: Fixed-Rate - Adjustable Rate - Federal Housing Administration - Veteran’s Association this is just to name a few, it’s important to know which type of loan the lender can offer you. 

 Don’t be afraid to ask them to take the time to explain each one to you and their pros and cons. Make sure that the lender is recommending specific loans only after finding out about your particular needs and qualifications, and not just pushing their own agenda. Ask why they think a specific loan would work best for you. 

 2. What is the interest rate and Annual Percentage Rate (APR)? The interest rate is going to be based on the size of the loan and on your credit score. Interest accrues over the life of your loan and over a 15-30 year span, can add up considerably. 

If the interest rate is adjustable (as in an Adjustable Rate Mortgage or ARM), ask how long the rate will remain fixed, and about the maximum annual adjustment, highest rate (cap), index and margin. The APR includes both the interest rate and all other lender fees, divided by the loan’s term. 3. What’s the monthly payment going to be? 

As you’re trying to develop a budget after your home purchase, you’re going to need to know what your monthly expenses are going to look like. Make sure you include taxes and insurance in their calculations. Remember that your monthly payment shouldn’t be so large that you can’t also budget for unexpected expenses and a retirement fund. REAL ESTATE REAL INFORMATION. WWW.REALESTATEWORLDCLASS.BLOGSPOT.COM

 IMPORTANT INFORMATION AND RESOURCES: 
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Luxury homes for sale & apartments for rent located in the heart of south Florida. www.linkedin.com/in/agentantony  
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 Excellent places near by malls; shopping centers, dining, entertainment options, hospitals & med-clinics. Residents will be spoiled with full range of amenities. http://buyheremarket.blogspot.com/ .We as professionals; we live by our mission of helping others, taking care of clients needs. visiononerealestate.blogspot.com/ 
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 4. How large of a deposit do you need? This is important. Interest rates, and therefore monthly payments, vary considerably depending on the size of your down payment. This also factors into whether you’ll be required to pay mortgage insurance. 

 Usually, companies will waive PMI (Private Mortgage Insurance) if your down payment is 20% or more of the purchase price. Some loans, (like those offered by the VA, FHA and USDA), will allow for a down payment of zero to 3.5%, but depending on the program, they will require insurance premiums for the life of the loan.

 Although it’s certainly possible to obtain a conventional loan with less than 20% down, the interest rates will almost certainly be higher. 
The good news is that, once your equity reaches 20% or more, you can renegotiate with your lender and see if they’ll waive the insurance fee. 
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 5. Is there a prepayment penalty? If you think your economic situation might change in the future, or you’re saving up to make some extra mortgage payments, it’s important to make sure your lender won’t charge you for paying off your loan early. 

Some lenders charge an additional processing fee for each overpayment, while others ask for six months of unearned interest. Others only charge a penalty if you pay off your loan before the first two to five years. 

Verify if your monthly payments will adjust in line with any additional payments you make and if the penalty applies if you decide to refinance later on. 
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 6. What fees and costs will I have to pay? Can you estimate and explain them, as well as how much you’re going to make off the loan? Every lender will charge differently for this, and you’re entitled to know.
 Costs generally include an appraisal, credit report, title policy, pest inspection, escrow if applicable, recording fees, and taxes.

 Many of these fees will be included in closing costs, once the transaction is ready to be finalized. (See Question 11 for more information on closing costs.) Some companies also require you to pay points (1% of the total loan) or origination fees. 

You can ask if you can waive paying those points in exchange for a higher interest rate. In any case, all costs and fees should all come itemized in a Good Faith Estimate (GFE), which must be provided to you within three days of your application, as required by law. While you’re at it, ask whether the lender will guarantee your GFE. Though not required, you can pressure your lender to stick by the quote. Just make sure to get it in writing!
7. Do you offer Loan Rate Locks? If so, how much do you charge for them? Loan rates change every day, sometimes every hour. If you feel there is an upwards trend you might want to lock in your rate at whatever it currently is before it rises more. Some companies will charge you zero to one point for the lock. Before you finalize the rate and ask your lender to lock it in, take into account that most locks last between a few weeks to 60 days, and if the loan doesn’t process during that time, you lose the rate. 
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 To help you determine when to lock in the rate, ask your lender how long their processing period generally takes, and try to get them to lock in the rate for as long as possible. Usually, you should try to get as long a lock-in period as possible, but be aware that may result in a higher rate than if it were shorter.
 For all your real estate needs, your family, or your friends; south Florida, contact Anthony - A friendly neighborhood Agent will assist clients Before, during and after transactions. www.anthonyrealestate.blogspot.com CHANGE YOUR LIFE PREPARE FOR TOMORROW. 

THE INFORMATION YOU WANT at: WWW.KNOWLEDGEFINANCIALGROUP.COM
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Real Estate is the way to go.. www.facebook.com/Antonyrealestate Anthony Real estate Service For Buyers And Sellers. We put our clients interest first. We assist our clients from the beginning to the end. www.agentanthony.wordpress.com/
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 8. How long does it typically take for a mortgage to go through?
 Can you guarantee you’ll close on time? While this varies from lender to lender, a top-rated company should be able to close between 30 to 45 days from application. In order to expedite this process, it’s a good idea to have all the necessary documentation ready beforehand and stay in constant contact with your lender, getting him the relevant paperwork as soon as possible.

 If your mortgage isn’t closed in time, your locked-in rate won’t apply, you may have to pay your movers more for rescheduling, and lose your current living space if your lease is up. 
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 9. Are you going to hold this loan or sell it?

 Many lenders sell their loans forward in order to gain more capital and be able to make new loans. The Real Estate Settlement Procedures Act (RESPA) requires lenders by law to inform you of this within three days of your application, in a document usually called a Servicing Disclosure Statement.

 It should clearly explain whether the lender will: Keep the loan, so all servicing fees go to your original lender Sell the loan before the first payment is due, so all servicing will come through another company Sell the loan at some future period 

 What’s important for you to know is that the terms of your loan cannot change and that you must be informed 15 effective days before the transfer. Additionally, RESPA protects you from late fees during the first 60 days after said transfer. 
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 10. WHAT ARE MORTGAGE OR DISCOUNT POINTS AND HOW DO THEY AFFECT MY LOAN? One way to get a lower interest rate is through mortgage or discount points. 

 These are fees the borrower can pay the lender in exchange for a reduced interest rate and, consequently, lower monthly mortgage payments. Using this system, buying one point costs 1% of your mortgage amount (or $1,000 for every $100,000).

 If you plan to own your home for the long term, it’s worth asking your lender whether this is an option for you. If it is, make sure it’s cost-effective by comparing how much you’d be saving each month against how much it costs to buy points. 
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 11. WHAT ARE CLOSING COSTS? HOW MUCH WILL MINE BE? Some of the largest expenses involved in the purchase of a home are closing costs. 

Closing costs are fees that are paid at the end of the transaction, once the home is ready to be transferred from one owner to another. 

These costs can be paid by the seller, the buyer, or shared by both. Often, closing costs can be as high as 2 to 5 percent of the home’s purchase price. It’s important to ask your lender for an estimate of closing costs up front, as many of the fees associated with closing the transaction can be negotiated or vary from lender to lender. 

 Although the final bill might differ from the estimate the lender provided, there are limitations to how much fees can change. If you find any major discrepancies, be sure to discuss them with your lender. REAL ESTATE AND INVESTINGGET, THE KNOWLEDGE YOU DESIRE; WWW.KNOWLEDGEFINANCIAL.BLOGSPOT.COM AND ALSO AT: VISIONONE CAPITAL MANAGEMENT WHICH IS A DIVISION OF: VISIONONE HOLDING COMPANY. = WWW.FACEBOOK.COM/VISIONONECAPITAL ====
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 12. WHAT IS ESCROW AND HOW MUCH WILL IT COST ME? When it comes to buying a home, it’s important to know exactly what’s involved in escrow and escrow accounts. The term “escrow” refers to the period between the moment the buyer agrees to buy the property and the closing of the transaction or when the title of the property is transferred to the new owner.

 At the beginning of this escrow process, you will be asked to deposit money into an escrow account. This initial deposit is known as good-faith earnest money. Once you’re ready to start the process of buying the home, your lender will ask that you deposit money into the account as a guarantee that you will fulfill the contract. The amount you’ll be asked to deposit depends on the home’s price and the terms of the agreement. Real Estate Investing Tools And Resources. 

EMAIL THE REAL ESTATE EXPERTS: Learn more about us on www.twitter.com/agentantony Real Estate is the absolute pathway to build wealth. www.antonyrealestate.blogspot.com/ 

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 Money deposited in escrow can cover the buyer’s down payment, purchase price, and closing fees. If the transaction cannot be closed because the buyer or seller fails to fulfill their part of the contract, both parties must decide on how to use the deposit. Both the down payment and closing fees must be in escrow before the property can be transferred. However, there’s another escrow account to consider. 

Homeowners who purchase their property with less than a 20% down payment are often required to pay into an escrow impound account every month. 

The lender will charge this amount monthly along with the mortgage payment, and they will use the money to pay for property taxes and specific types of insurance directly instead of leaving it up to the homeowner. If you still haven’t found a home, our First-Time Homebuyer’s Guide to Mortgage Rates is a great resource to read, and then mosey on down to our 10 best mortgage lenders page, and start putting those questions to the test! 
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 How to Qualify for a Home Mortgage Loan? For most people, the ambition to acquire their own home is their most important goal, surpassing all others, and it is the primary influence and motivation for how they conduct their business, financial, and personal lives. 

 Most people will have to finance their home ownership by obtaining a home mortgage from a lending institution especially first-time home buyers. Based on your income and assets, what kind of home can you afford . 

 Make a list of the features you want in a home–the number of bedrooms, a fenced yard, granite countertops, a garage, etc.–and then rank them according to priority. Decide whether the house or the neighborhood matters more to you, or whether you’re willing to make a longer commute to own a home with a larger lot. 

 These kinds of decisions need to be made before beginning the search for your new home. Saving for a Down Payment Nearly all mortgage loans and lenders require some amount of cash as a down payment. 
 The amount you've set aside for this will determine the kind of mortgage you qualify for. It will also impact how much you can afford to borrow for a home. Most lenders prefer a down payment of 20% or higher to qualify for a conventional loan, but there are loan options where you can put down less.
 However, you should be aware that with a smaller down payment, you’ll likely be required to pay for mortgage insurance, and your loan application will be subject to greater scrutiny.
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 Here are several loan types that allow a smaller down payment amount: FHA: The Federal Housing Administration offers 3.5% down payment mortgages through participating lenders. FHA loans are also easier to qualify for and have slightly lower rates than conventional mortgages. GSE-backed loans: 

Fannie Mae and Freddie Mac are both currently insuring 97% loan-to-value loans. That enables lenders to offer 3% down payment mortgages to qualified buyers. USDA: Home buyers in rural and suburban areas may be able to qualify for home loans offered by the U.S. Department of Agriculture. 

USDA loans offer low rates and 100% financing. Why renting when you can buy your own property. Stop paying mortgages for someone else, Start building wealth and prepare for retirement.. www.realestateworldclass.blogspot.com Visionone real estate investment Group loves commercial real estate.. What is commercial real estate? www.facebook.com/visionairerealestate
VA: Eligible veterans and their spouses can qualify for Veterans Administration loans. See if you qualify for a VA Loan with $0 Down and no mortgage insurance from our partner Veterans United. There are all kinds of online calculators that can help you determine what your down payment amount will be based on the type of loan, the price of your house, your location, and credit rating. But if you don't want to do all the math yourself, you might simply move on to step 4 which is arguably the most common step people skip! 

 Types of Mortgages There are two types of mortgage lenders in the United States: private, or government Private lenders offer conventional loans with each financial institution or agent having their own loan eligibility criteria or underwriting guidelines. A conventional loan can also be a conforming or GSE-backed loan, meaning the loans are made available for purchase by Fannie Mae or Freddie Mac. 

 Conventional loan requirements typically include: income verification, which is usually two years of employment (W-2's) a credit score of 640 or higher, though, typically 740 or higher is the desired target a minimum down payment of 5%, except with Fannie Mae or Freddie Mac, which requires 20% Government loans are based on established federal regulations that ensure these types of loans are made available to subprime borrowers who meet the agency’s loan eligibility requirements.
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 Government loans can offer lower interest rates and other benefits, but you will have to adhere to federal guidelines that can introduce stricter standards on home inspections and appraisals, and increase processing time of the loan. 

 Here are several government-backed loan types that allow a smaller down payment amount: FHA Loans The Federal Housing Administration offers 3.5% down payment mortgages through participating lenders. 

FHA loans are also easier to qualify for and have slightly lower rates than conventional mortgages. The FHA loan requirements include: a credit score of 500-579 or higher, with lower interest rates offered with credit scores above 580 a steady income and proof of employment a debt-to-income ratio of 43% or less mortgage insurance premium, or MIP, and the property must be your primary residence only >>Click here for a list of top rated FHA lenders. ============== 
 GSE-Backed Loans Fannie Mae and Freddie Mac are both currently insuring 97% loan-to-value loans. In other words, this enables lenders to offer 3% down payment mortgages to qualified buyers. 
 USDA Loans Home buyers in rural and suburban areas may be able to qualify for home loans offered by the U.S. Department of Agriculture. USDA loans offer low rates and 100% financing. The USDA loan requirements include: proof of U.S. citizenship or permanent residency credit score of 620-640 or higher the property location income limits based on a 4-person or 5-8 person household debt-to-loan ratio of 41% a monthly mortgage payment no more than 29% of income, and you must work with a USDA-approved lender VA Loans Eligible veterans, as well as active duty service members and their families, can qualify for Veterans Administration loans.
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 Visionone Real Estate Investment Group Is The Absolute Source Of Investing In Commercial Real Estate. https://twitter.com/visiononereal Visionone Realestate Investment Group Real Estate is the vehicle that takes a person to the road of wealth. 

And Real Estate is the best shelter for precious income from the tax collectors, better than any other kind of investments. http://realestateworldclass.blogspot.com A VA mortgage requires no down payment or mortgage insurance. 

 To be eligible for a VA loan, military members must have served 90 consecutive days of active service during wartime, 181 days of active service during non-wartime, or served more than six years in the National Guard or Reserves. 

 Additionally, a spouse of a service member who died in the line of duty or as a result of a disability suffered during active service is also eligible. The VA loan requirements do not set a credit score limit; however, each VA lender may have its own credit score requirements, and the VA does not have a specific debt-to-income ratio. There is a maximum loan limit of $453,100, and the borrower must pay a VA Funding Fee. 

 ' Visionone Capital Management:fb= we're remain committed to bringing the best and brightest and even the most talented and qualified around us to be able to provide the best service possible and produce incredible growth potential for the maximum return of all of us who got involved in this gracious organization. www.visiononecapital.blogspot.com
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 Essential Mortgage Documents Each lender may have a different list of required supporting documentation. Some of the standard documents required for most mortgage loans are: proof of income (W-2's) proof of assets to demonstrate that you have enough in savings for the down payment closing costs a remaining reserve of money tax returns copy of driver’s license or U.S. passport your social security number and signature bank statements (3 months) investment account statements, including stocks or bonds Improving Your Chances as a Borrower Buying a home is a big financial investment for any home buyer. ============
Here are a few steps you can take to improve your chances of buying that dream home: improve your credit score to 640 or higher lower your debt to income ratio to 36% or lower pay off your recurring credit or loan balances, increase income, or make a bigger down payment COMPARE RATES & GET A PRE-QUALIFICATION LETTER>>
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 Finalizing a Mortgage Loan Let’s assume you have found your dream home with a realtor’s assistance, made an offer, and it has been accepted. Now you must go back to your lender to do what is required to finalize the loan you’ll need to buy the house. Here are the key areas that a mortgage lender will examine in order to qualify you for a mortgage loan–credit, income, assets, and debt.
 Your credit is one of the most important things that will be considered when determining if you qualify for a home loan. To do this, a lender will look at the length of your credit history, how reliably you’ve paid on your loan accounts, and if you’re maxed out on credit cards or loans. 
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 Another factor is your debt-to-income ratio. This is simply your fixed expenses, including your new mortgage, as compared to your gross monthly income. Lenders typically like to see someone who spends less than 50 percent of their gross monthly income on fixed expenses, which include: mortgage payments - property taxes - association dues - homeowners insurance - car loans - student loans - credit cards, and any other fixed payments that would show up on your credit report Lenders also verify that the funds you are using for your down payment are in a liquid account, such as a checking or savings account. 

 They need to know the origins of all the funds that are being used in your transaction. Finally, lenders will also want to see a stable employment history and will verify your past two years of work. Qualifying for a mortgage to buy a home can often be a stressful and strenuous process. In the end, the pride, security, comfort, and freedom that comes from owning your own home makes all the effort worthwhile.
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 KNOWLEDGE FINANCIAL GROUP – KNOWLEDGEFINANCIAL.BLOGSPOT.COM . Avoid Reacting to Daily Economic Reports “In an effort to sell newspapers and air time, the media trains investors to look out for the next economic number of the day,” says ANTON FROM: FEMKONSA CAPITAL INVESTMENT – FEMKONSA.BLOGSPOT.COM

 “Whether its employment numbers, capacity utilization, or inflation statistics, there is always a number of the day to tempt investors into overreacting. In reality, it is nonsensical to react to daily economic reports. No investment strategy is better than identifying superior companies and holding them while letting your money compound over time.” SAYS RENE AT: VISIONONE CAPITAL MANAGEMENT – WWW.FACEBOOK.COM/VISIONONECAPITAL Don’t Turn Off Your Buying During a Downturn Some of the world’s most successful investors made their fortunes by buying when everyone else was selling. It’s not easy:

 Investing steadily during market downturns may be too much of a psychological adventure for most of us, but there is a system that enables almost anyone to take advantage of those tempting buying opportunities. It’s called dollar cost averaging. SAYS, NYTON OF: BUYHEREMARKET RNTERPRISE – WWW.FACEBOOK.COM/BUYHEREMARKET
What to do when we have a market panic? Securities analyst from: FRUITAL INVESTMENT GROUP AND WEALTH MANAGEMENT – FCEBOOK.COM/FRUITALINVESTMENT If you have cash on the sidelines, keep your money in a short-term treasury fund/bonds. 

WWW.FRUITALINVESTMENT.BLOGSPOT.COM Financial Advisors – Financial Planners – Financial Consultants And Wealth Managers Usually Visit: Knowledge Financial Group –-- Buyheremarket Enterprise – And Visionone Holding Company to refresh their knowledge, to learn more, to increase their financial skills. Visionone Holding Company, Inc
Antony Jeanty, Founder. Chairman Of The Board, President & Chief Executive Officer.
We at knowledge financial group – knowledgefinancialgroup.com  // we empower
consumers to take more control over their financial lives
.

THE INFORMATION YOU WANT at: WWW.KNOWLEDGEFINANCIALGROUP.COM
--------------
KNOWLEDGE FINANCIAL GROUP IS HERE TO HELP, WWW.KNOWLEDGEFINANCIALGROUP.COM
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Healthcare knowledge, sexual knowledge, AT: KNOWLEDGEFINANCIALGROUP.COM
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Improve your financial skill - Increase your financial education - WWW.KNOWLEDGEFINANCIALGROUP.COM

Develop your business and investment passion at: WWW.KNOWLEDGEFINANCIALGROUP.COM
--------------
KNOWLEDGE FINANCIAL GROUP IS HERE TO HELP, TO SERVE PEOPLE EVERYWHERE. VISIT: WWW.KNOWLEDGEFINANCIALGROUP.COM

At Knowledge Financial Group, We promote financial education to help others take
informed and reasonable decision about their retirement.

At knowledge Financial Group - knowledgefinancialgroup.com,
we advocate financial literacy..

At Knowledge Financial Group - knowledgefinancialgroup.com, You Can Learn What You Want, When You Want
It, Anytime You want. = Facebook.com/knowledgefinancial  

Learn Anything You Desire At Knowledge Financial Group -
KNOWLEDGEFINANCIALGROUP.COM

The Right Information
 When You Need It. =
knowledgefinancialgroup.blogspot.com  

We encourage you to take advantage of all of our resources
and use them often. / facebook.com/knowledgefinancialgroup  

Knowledge Financial Group - Your personal financial well-being @
www.youtube.com/knowledgefinancial  

Knowledge Financial Group Is Here To Help, And To Serve , Go To: http://www.knowledgefinancialgroup.
com/financialgroup

Knowledge Financial Group - Financial Literacy For Everyone @  
https://twitter.com/knowledgegroup1

Knowledge Financial Group provides useful information @ www.linkedin.com/in/knowledgefinancial