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Make Sure Your Home is a Great Investment

October 5, 2021
Make Sure Your Home is a Great InvestmentPeople often consider owning a house to be part of building an investment portfolio. After all, houses are promoted as wealth-building assets. By purchasing a home, you’re investing – every payment builds equity rather than pays a landlord. And that equity has long-reaching benefits. After all, at the age of retirement, 83% of the average American’s wealth comes from their home equity. Here are some ways to start thinking of your home as an investment and make adjustments to keep building that benefit. Is the Home Affordable?Home affordability is more than having a down payment in cash ready to go. You need to make sure you’re prepared to pay the monthly mortgage without issue. Even if you’re approved for a more significant sum, it’s not a good idea to purchase more square footage than you can comfortably afford. Make sure you know exactly how much home you can afford so you can make an intelligent decision upfront and benefit long-term from your house’s appreciation.Are Refinancing Options Available?Mortgage rates continue to be at a historical low. If you purchased your home several years ago, investigate refinancing options now. You might be able to considerably lower your interest rate, which would lower monthly payments or potentially allow you to pay the home off sooner.Could You Invest in a Fixer-Upper?Houses that need a good amount of TLC tend to be less expensive. If you’re handy and don’t mind a DIY project – or if you’re skilled at the labor needed – this is an excellent way to invest in yourself. Paying less for a home that builds value with your sweat equity means significant gains in the future when you sell it. As a bonus, you can slowly add upgrades and improvements that will significantly increase the price of your property. Could This Home Be a Rental Property in the Future?Rental properties can be highly profitable, especially if the house has low property taxes and plenty of amenities nearby. Choosing the right property to rent out can be a daunting task because there are costs associated with being a landlord. While you’ll need to handle maintenance and upkeep, you’ll also be receiving passive income to cover the mortgage and then some. Buying a home now that could be a prospective rental property is an excellent addition to your investment portfolio.Whether you consider your home simply a place to sleep at night or a long-term financial boon, buying a house is an investment. Making a few smart moves at the start and taking the time to check for ways to lower monthly payments can help you maximize that investment.

How to Get Approved for a Mortgage When You're Self Employed

May 4, 2021
Working for yourself has many benefits: Flexible hours, more freedom on projects, and no dealing with bosses or co-workers. However, some things are a little more complicated when you’re freelancing… and one of those things is buying a house. But don’t worry! With just a little bit of prep work, you can realize your dream of owning a home.Why is the Home-Buying Process Different for Freelancers?The majority of the home-buying process is the same for everyone. You’ll complete the same applications, get your credit score verified, and disclose debt and assets. What’s different is the process of proving your income.Mortgage lenders need to verify how much a borrower is earning and a history of earnings. For traditionally employed prospective buyers, lenders can contact their employer for these details. Freelancers need to provide this on their own.What Do Freelancers Need to Prove Income?Typically, lenders want to see at least two years of income history. These are a few examples of documents you might need to provide:Employment verification in the form of letters from clients or a licensed CPA, proof of licenses you hold, and evidence of insurance for your business.Income verification through at least two years of tax returns, bank statements, and profit-and-loss forms.How Can Freelancers Improve Their Chance of Being Accepted?Lenders are going to look closely at your credit score, credit history, and current debts. They will also consider savings or assets, which can be used for a down payment and cover closing costs.You can improve the chances of having your mortgage loan accepted by improving your credit score, keeping your debt-to-income ratio low, keep balances on credit cards low, and start saving for your down payment.Tips for Increasing Your Credit ScoreA high credit score can prove to lenders that you’re able to repay a loan. Check your credit score to make sure there aren’t any errors – and correcting them if there are.Make sure you don’t open any new credit lines, including credit cards, car loans, or anything else.Do not close any credit card or other accounts right now! Even if you have a credit card you haven’t used in years, don’t be tempted to close it out. Doing this can affect your credit utilization ratio, which affects your credit history.Owning a Home Isn’t Just a Dream!Don’t be discouraged by the extended process for freelancers to secure a mortgage. As long as you can gather the documentation you need to verify and document your income, you’ll be ready to start the process. If you’re a few years out from starting the process, now’s the time to boost that credit score, get your debt-to-income ratio low, and start saving. Good luck!