Self Employed Mortgage Loan – Getting A Mortgage When You’re Self EmployedWritten by Carrie Reeder
Being self employed has many benefits. When you are self-employed, you can write off all of your deductions on your taxes. You have potential to make more income than someone who is employed by someone else. You have freedom to be your own boss. One of few times when being self employed has some drawbacks is when you go to get financing for a home or a major purchase. But, here are some things to know that can help you make mortgage loan process run smoothly when you are self employed.When verifying income - In general, lenders want to see at least 2 years of self employment history, sometimes they want to see 3 years. They will want to see this history verified in tax returns, usually. Sometimes lenders will figure your income as being average income you claimed on your income taxes as profit, not your gross business income. Sometimes lender will figure your income as lowest of two years and sometimes as highest of two years. Talk to your mortgage broker or lender and find out which way they verify. Sometimes lenders will figure a portion of your write-offs or deductions back into your income. There are ideas of other ways that a lender may be able to verify your income and if you are self employed it will help you to be able to show a more of your income. A. Use bank statements as proof of income – Find a lender who will accept 1-2 years of bank statements as proof of income. It is becoming more common nowadays for lenders to verify your income this way. This way usually works better in proving income than going off of your tax returns, because you can usually prove a lot more cash flow than tax returns will show. On your tax returns you usually subtract each and every business expense before you claim any profit. When using bank statements, you are still proving income, this does not put as much emphasis on your credit score or down payment as stated income or no doc loan will.
| | Option Trading Tips - LEAP Into Future Profits!Written by James Thomas
A LEAP (Long-term Equity Anticipation Product) is simply a long-dated option.LEAP options that don't expire upto 2 years into future give buyer much more time to be right about future direction of a stock and at same time offer tremedous leverage. LEAP option trading has become quite popular in recent years because just like all options, LEAPs only cost a fraction of what it would cost to buy shares in underlying stock itself, but give you same amount of control. As with all options though, time is enemy (if you are a buyer) and over time options lose their value. So how can we use LEAPS to speculate on future direction of a stock (UP or DOWN) and at same time reduce our risk of losing all our money on them? Well let me share with you a couple of simple LEAP option trading strategies that have worked well for me over years in both bull and bear markets... TIP: If you believe a stock will go UP over next 1-2 years, then buy Call option LEAPs on it and at same time sell call options (at least one or two strike prices out of money) that expire in current month. If you believe a stock will go DOWN over next 1-2 years, then buy Put option LEAPs on it and at same time sell put options (at least one or two strike prices out of money) that expire in current month.
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