firsttime home buyers: Do Not Shoot Yourself in the Foot if You Are a Self-employed Buyer
- 08/02/16 06:36 AM
Your income (among other things, such as your credit score and debts) is very important when it comes to qualifying for a mortgage. When you are self-employed, you make money, but you also spend money in your business, so your real income depends on how much money you have left after your business expenses. So, if you make $100,000 per year, but you have $40,000 in business expenses, then your net income is $60,000 per year. This is the number that a lender will typically take into account when qualifying you for a mortgage. They will ask for your two … (24 comments)
firsttime home buyers: What You Need to Know about Mortgage Rates
- 08/02/16 05:37 AM
We always want to know what our interest rate is going to be when we are looking to purchase a property using financing. Of course, it makes sense – the higher the rate, the higher the payment, and we certainly do not want to pay more than we have to. Below are four things (or more) you will find helpful when looking at interest rates: 1. In case you have not heard or read about it, mortgage interest rates are very, very low at the moment – generally in the mid 3’s on a mortgage below $417,000 (Thank you, Brexit). When I first got into real estate … (0 comments)
firsttime home buyers: How to Win in a Multiple-offer Situation
- 08/02/16 04:59 AM
In a lot of parts of Metro Atlanta, single-home inventory under $300,000 is tight and houses that are in great condition and priced right go under contract in a matter of two or three days. This is especially true for areas like Roswell, Alpharetta, and East Cobb. Most often than not, buyers and sellers are dealing with several offers at a time. How do you, the buyer, present an offer that will stand out from the rest and get you closer to owning your dream home? Here are several good tactics that you can apply to your offer: 1. Do not make a low … (43 comments)
Your income (among other things, such as your credit score and debts) is very important when it comes to qualifying for a mortgage. When you are self-employed, you make money, but you also spend money in your business, so your real income depends on how much money you have left after your business expenses. So, if you make $100,000 per year, but you have $40,000 in business expenses, then your net income is $60,000 per year. This is the number that a lender will typically take into account when qualifying you for a mortgage. They will ask for your two … (24 comments)
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