Mortgages & Remodeling

How to Get a Home Loan If You Are an Independent Contractor

Mon, 30 Sep 2019 17:53:53 +0800

As an independent contractor a mortgage loan is not out of your reach. Because your income is variable, you'll have to give your lender a comprehensive paper trail that may include 1099s, a profit and loss statement and a letter from your accountant. Net income instead of gross may lower your DTI.

Can You Refinance a 1st Mortgage & Still Keep a Home Equity Loan?

Mon, 30 Sep 2019 17:53:53 +0800

Whether you're seeking a traditional or cash-out refinance, you may run into problems when you only want to refinance your first mortgage and keep a home equity loan. Due to lien position rules, your home equity lender must agree to resubordination so that the new loan will have priority.

Define Traditional Budgeting

Mon, 30 Sep 2019 17:53:53 +0800

Traditional budgeting is one method of making a budget for personal or business use. In traditional budgeting, the user looks to his line-item budget figures from the previous year to develop the budget for the current year. Figures are transferred from one year to the next, adjusting for changes.

Federal Income Taxation on Oil & Gas Royalties

Mon, 23 Sep 2019 03:46:51 +0800

You have to pay regular federal income tax on oil and gas royalties as well as any lease bonus payments you receive. Depending on your total taxable income and your filing status for the tax year, tax rates can range from 10 percent to 37 percent. Make sure to take depletion and expense deductions.

How Much Should a 30-Year-Old Couple Have in Retirement?

Mon, 23 Sep 2019 03:46:35 +0800

Since your family's retirement needs and financial goals are unique, there is no set amount you must have saved by the time you're 30, but there are recommendations. Generally, experts recommend that a 30-year-old couple has between one-half to one whole year of total household income saved.

Can a Second Equity Loan Be Taken Out in Less Than One Year?

Mon, 23 Sep 2019 03:45:12 +0800

If you've already taken a home equity loan on your home, you won't necessarily be denied a second loan, even if it's been less than a year. However, you'll need to have enough equity remaining to borrow against. A home equity line of credit may be a less risky option that your lender will approve.

What Is a Loan Reconveyance Fee?

Mon, 23 Sep 2019 03:44:03 +0800

The reconveyance fee definition relates to the cost of filing paperwork to establish that your lender no longer has a lien on the property you want to buy. This is typically done when you're closing a house, whether you're selling or refinancing it. The cost is usually between $50 and $65.

The Disadvantages of Renting a Home

Mon, 23 Sep 2019 03:43:41 +0800

Renting a place to live can have advantages for some people, but there are also disadvantages of renting as opposed to owning. Your rent can go up, sometimes unpredictably, and the landlord can ask you to leave the place. You also don't build equity as you pay rent as you would with a mortgage.

What Is a Mortgage Loan Margin?

Mon, 23 Sep 2019 03:42:54 +0800

Loan margin by definition refers to the difference between an interest rate and a published benchmark interest rate. It's an important subject in evaluating an adjustable rate mortgage or another variable rate loan. Shop around for a low margin loan to save money in the long term.

How to Determine Your Home's Value for a Refinance

Mon, 23 Sep 2019 03:42:47 +0800

To determine a home's value for a refinance, homeowners can use different valuation methods. Some ways to value property include researching recent comparable sales, using online value estimating tools, getting a comparative market analysis report and using the HPI calculator at FHFA.gov.

Does a Pool Increase the Value of Your Home?

Mon, 23 Sep 2019 03:42:37 +0800

An in-ground pool may increase the value of a home, but it may also have no influence at all on value. In some cases, a swimming pool can even decrease the value of a home. Contributing factors include the type of pool, the property location, the home's appraised value and market comparables.

Can Retirement Funds Be Used as Cash Reserves for Mortgages?

Mon, 23 Sep 2019 03:42:08 +0800

401(k) mortgage reserves are permitted, but only the portion of the account that's vested. That money would still be yours if you left or lost your job tomorrow. Some lenders might require that the entire 401(k) be vested. Rules can vary by lender, including how much in reserves you'll need.

How do I Combine Mortgages on Properties?

Mon, 23 Sep 2019 03:41:57 +0800

Some homeowners and commercial real estate investors choose to consolidate mortgages on multiple properties into one single loan. Options include using the equity in one property in a cash-out refinance to pay the mortgage for another property and getting a blanket mortgage, which covers all loans.

Do You Go to a Closing Meeting When You Refinance a Home Loan?

Mon, 23 Sep 2019 03:41:57 +0800

Although you can't eliminate the closing meeting altogether, the refinance closing is much easier. In some cases, lenders will even send someone to the borrower's home to sign the final paperwork. You'll still have to be approved, though, and the lender can pull out at any point leading up to it.

How to Estimate the Cost of Vinyl Siding on a House

Mon, 23 Sep 2019 03:41:57 +0800

The estimate for vinyl siding varies, depending on the type of siding, the thickness of the siding, design details (such as molding and trim) and installation costs. The nationwide average is $10,240, with a $4 per square foot average cost. Removing the old siding tacks on another $1,000 to $3,000.

How to Find Out Who Owns the Note on My Home Loan

Mon, 23 Sep 2019 03:41:57 +0800

If you want to know who owns the note on your home loan, the best first step is to contact your mortgage servicer. If that doesn't breed the answers you need, or if that isn't possible, you can do a mortgage lookup online. Fannie Mae and Freddie Mac both have searchable databases.

How to Purchase a Home at Sheriff's Sale

Mon, 16 Sep 2019 18:24:01 +0800

A sheriff's sale is a type of foreclosure auction ordered by the courts. You'll first need to track down auctions happening in your area, but you also should do plenty of research before the day of the auction. You'll be required to pay the amount in full soon after the auction closes.

How to Find Earnings Available for Common Stockholders

Mon, 16 Sep 2019 18:24:00 +0800

The retained earnings account on the corporate balance sheet is the source of earnings available for common stockholders. Corporations accumulate annual net earnings in the retained earnings account and can use the account to pay out dividends to preferred and common stockholders.

How Much Money Do You Get From Unemployment Benefits?

Mon, 16 Sep 2019 18:24:00 +0800

How much you get from unemployment depends a great deal on your state. The amount is calculated by multiplying your earnings during a base period by a certain percentage that can vary by state. This amount must then be divided by how long you can collect to arrive at a weekly amount.

What Is a Notice of Settlement?

Mon, 16 Sep 2019 18:24:00 +0800

There are different meanings of the term "notice of settlement." A notice of settlement in NJ refers to something completely different than a notice of conditional settlement, which ends court proceedings. There's also the notice of settlement that's issued in class action lawsuits.