REACH YOUR GOALS
Mortgage Planning for Self-Employed Borrowers
Qualifying for a mortgage when you’re self-employed doesn’t have to be a pain. It all comes down to organization. Whether you’re self-employed, commission-based, or a full-time or hourly employee, lenders are all looking for the same thing when you apply for a mortgage: a high likelihood you will be able to pay.
Unlike a W-2 employee, however, it takes a little more legwork to verify self-employed income. This is why you want to plan ahead and make sure all your ducks are in a row before you start the mortgage process.
Self-employed mortgage requirements usually entail more document verification and sometimes a lengthier look at your employment history. Fortunately, with a little time on your side, there are plenty of things you can do to make sure your mortgage application looks as stellar as possible when the time comes.
Understand That You Have Options
One of the biggest misconceptions about self-employed borrowers and mortgage programs is that you must use two years of tax returns to determine qualifying income. This is true for some loan types, including conventional loans, FHA loans, or VA loans. But it’s not the only path to homeownership for self-employed people.
Read more…
MORTGAGE IQ
How To Keep Home Equity Accessible
American homeowners, especially those who have been in their homes for several years, have amassed plenty of wealth in recent years. Their total home equity actually hit $35 trillion in October 2024, according to Federal data for that month. However, a newer study found that many of these homeowners would find it difficult to access this equity.
A combination of rising debt levels, higher interest rates, and disruptions to jobs and incomes have made it difficult for homeowners to qualify for a home equity loan or line of credit (HELOC). This is mainly because one or more of these situations has resulted in lower credit scores.
Also, many buyers who closed on their homes during the past three years missed out on the low rates triggered by the COVID pandemic. Almost one in five have a mortgage with an interest rate over 6%.
If you have questions about any aspect of home ownership, including your home’s current equity, contact your local APM loan advisor for a quick chat today!
Source: seattletimes.com
FINANCIAL NEWS
Create Fiscal Stability from the Ground Up
With rumors of a recession and recent stock market dips, it’s tempting to let emotions take over when you’re reviewing your savings. However, it’s better to take a deep breath and a different view of your investment plans. For example, you can think of what makes a bricks-and-mortar home strong and apply these to your retirement strategies.
Think of your fiscal home’s foundation as your retirement income. Build this with reliable sources, such as pensions, non-stock investments and Social Security.
Now it’s time to put up the walls. These investments should protect you from occasional market volatility, while still providing growth and appreciation. Long-term certificates of deposit (CDs) are something to consider, as they grow without being impacted by rate changes and stock fluctuations.
It’s time for a fiscal roof. While a foundation and walls provide stability, you still need to keep pace with inflation. Although most exposed to risk, your roof construction can be more volatile investments like stocks, bonds, mutual funds and ETFs. These have historically outperformed other investments. You can add these gradually, so you can ride out a market cycle without selling.
Although our economy has had peaks and troughs for decades, a solid fiscal home will protect your investments and sanity.
Source: kiplinger.com
DID YOU KNOW?
55 Or Better? Check Out These Senior Discounts
While a few popular senior discounts have disappeared over the past years, there are still plenty out there. Some require AARP membership, while others may be limited to certain days of the week or month. Age limits are from 55 to 65, so check out each one before you visit.
AARP membership required:
Tanger Outlets
Valvoline
Walgreens
Bonefish Grill
Carabba’s Italian Grill
Bubba Gump Shrimp
Landry’s Seafood
No AARP membership required:
Applebee’s
Ben & Jerry’s
Burger King
Dunkin Donuts
El Pollo Loco
National Parks Lifetime Pass
Amtrak
Click here to check out a complete list of senior discounts…and enjoy!
Source: theseniorlist.com
PERSONAL FINANCES
Why You Shouldn’t Check Your 401(k) Between Meals
Recent headlines have been nightmare-inducing for millions. Articles with titles like Wall Street’s Week of Whiplash, together with the knowledge that trillions of investment funds evaporated in just days, may have put your anxiety in the fast lane.
While early April’s roller-coaster market movements are rare, it’s not the first time it’s happened. Rumors of a COVID-19 pandemic in March 2020 caused stock market crashes around the world. An earlier crash in October 1987 was nicknamed Black Monday, as stocks fell over 20% in a single day.
However, this month’s upheaval has been especially nerve-racking, especially for newer investors. To calm your nerves, remember that stock markets have nosedived in past years but still recovered. Try not to check your investment balances too often; these can fluctuate wildly within just 24 hours.
Still considering changes to your 401(k) or retirement savings?Here’s what investor analysts are advising.
If you’re five years or more away from retirement, you might want to take a close look at how your retirement savings are diversified. If stock movements keep you awake, you may want to re-diversify and go for more non-stock products.
If you’re close to retirement, you might want to consider rebalancing your portfolio. One way to do this is to sell some of the bonds you hold and buy lower-priced stocks.
No matter what you do, it’s best to talk to a financial adviser…and don’t panic.
Source: axios.com
FOOD
Fluffy Almond Rolls
Can’t decide between cinnamon rolls and almond croissants? Bake the best of both worlds and prepare these Fluffy Almond Rolls! While this isn’t a quick recipe to prepare, both you and those who enjoy them will agree it’s well worth the effort.
AROUND THE HOUSE
How Landscaping Can Improve Your Home’s Security
If you’re one of the 94 million homeowners with an alarm system, congrats! You’re much less likely to be one of the 800,000 victims of break-ins every year. While video doorbells, motion-activated lighting and similar technology are smart choices, there are other ways you can make your home less attractive to criminals. Here are some of them.
Ensure your home’s entrances are visible. Tall plants and greenery can increase your feelings of privacy, but it also offers places for burglars to conceal themselves. Trimming your hedges and other plants down to around three feet can eliminate these hiding spots. Neighbors can also spot a possible intruder more easily when you’re away.
Choose thorny, painful plants. Choosing shrubs that no burglar will want to creep through is actually a global strategy; homes throughout Asia have been protected by firethorns and bougainvillea for decades. Depending on your state’s weather, you can go with anything from cacti to roses. Check out your local nursery for something as pretty as it’s painful.
Use gravel for ground cover. This one can alert you to sneaky burglars, as it makes a crunchy sound when walked on. While it might not wake you up during the night, any household dog will most probably hear it and raise the alarm. (Most burglars will avoid any home with a dog…even a small one.)
Source: lifehacker.com