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Craft Beer BreweryWhen it comes to starting a craft brewery, passion for the product and industry alone is not enough. These are only the tip of the iceberg when it comes to having a successful business. What are the other things you need to succeed? Here are some of them:

Everything Starts with a Plan

To get good results, you need to know the steps you’ll take to get you there. Failing to plan is planning to fail, as the common saying goes. This is why your business plan should give a clear series of actions and solutions (if problems arise) to take.

It must begin with how you intend to fund it, how you’ll market and sell the product to allow your venture to grow, and how you plan to keep your business running. This business plan will serve as your guide and an ideal way to draw in investors. Another reason to make a plan? If you find yourself in need of a loan, you will need this to prove that your project is sound.

Getting Your Product Out

Unless you intend to open a brewpub and sell directly to end users, you’ll need to create or contact a network of distributors as mandated by law. Consider and secure the deal before you get started. No matter the level of the distributor, local or national, you will want an assurance to keep your products moving instead of just sitting in your inventory.

Sourcing Your Materials

As you learn your craft, you’ll find that there may be ingredients you prefer. When you reach that point, you will want to secure your own suppliers and ensure that you can access everything you need.

Try a variety of combinations to help you decide, then start shopping around to know where to get what you need. Once you know where to buy your galaxy hops, centennial hops, or any other raw ingredient you might need to make your particular blend, make the arrangements to obtain the best quality ones for your end product.

Breweries need specific permits in order to go into production. Find professionals who can help with your paperwork to ensure you are ready for operations.

Couple talking to agent about mortgageSome people have the misfortune of taking out a mortgage when their finances are not great shape, and the repayment rates go off the charts. If you feel that you didn’t get the finest deal out there, you can get a chance to right this misfortune.

Luckily, the interest rates on your loan are not cast in stone, and with a little bit of effort, you can renegotiate the terms. To get the best mortgage refinance rate in Salt Lake City, you must demonstrate a considerable improvement in our credit report.

Luckily, you can do this without pulling out your hair. Here’s how.

Scrutinize your credit report

The credit bureau is not without its shortcomings, and this can spell bad news for you if you fall in the 5 percent of people with errors in their credit reports. Such errors can sentence you to an exceptionally high interest rate since they result in your credit score taking a dip.

You are entitled to three free credit reports annually, and you should take advantage of them. By examining each report, you can pick out any errors and have the bureau rectify them. Doing so can earn you a boost in your credit score, thereby giving you room to negotiate better terms with your lender.

Go easy on the credit cards

The amount of debt you carry on your credit cards has a strong bearing on your credit score. A high debt utilization ratio (over 30 percent) is not good for your credit score. It also tends to make mortgage lenders skittish as carrying too much debt means that you might have difficulties making payments.

Staying below your card limits boosts your score. Also, try to clear much of the credit card with small debts. Doing so will put good debt in your credit history, which is crucial to building your credit score.

Your credit score is a major factor that determines your ability to secure an affordable interest rate on a mortgage loan. Building your credit score affords you a chance to renegotiate better terms on your home loan.

Home Financing MortgageMortgages are often difficult to understand in one go. One has to get abreast with more information and explanation from available resources or a mortgage originator. It can be really confusing at the start. One key mistake is comparing rates instead of the APR.

So, many prospective borrowers end up with a wrong mortgage company. Utah can offer many options for the right lender one deserves. So, before diving into the mortgage world, ask the following questions first.

Is your rate or APR the lowest I can get?

Provided the qualifications and the preferences you have, be direct in asking this question as lenders always avoid customers haggling with rates and other fees.

After I apply, how long will you hold my rate?

Usually, the best rates must come with a 30–45 day rate hold periods, also called “quick close rates.”

Is there a chance to obtain a pre-approval at a given rate?

Take note that pre-approvals, most of the time, come with rate premiums.

When prepaying, how much extra can I make annually without penalty?

The standard “closed” mortgages would give yearly prepayment options from a low of 10% or a high of 30% of the amount of the mortgage.

What are the payment frequencies available?

Mostly, lenders offer weekly, bi-weekly, monthly, and bi-monthly payment frequencies. It is advisable that you look for these options so you can easily manage your payment schedule.

Is it possible to break my mortgage any time?

Generally, breaking a mortgage early comes with a penalty. Some lenders, however, would only allow it if you sell your property. Some would not allow it at all.

Is it possible to increase my mortgage at any given time and at a discount and without penalty?

This is important when you are refinancing or planning to buy a more expensive home. Often, penalties are in place. Some would not offer the best rates to dissuade one to increase the mortgage.


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