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Learning More About Savings

Hello, I’m Miranda West. I would like to use this site to help others build an adequate savings account. Most people do not have enough money in their savings accounts to cover emergency repairs or other expenses that unexpectedly arise. Without a savings account, you may be at the mercy of your employer, which can have a negative effect on upward mobility. I will cover popular savings techniques you can use to start building your nest egg. I will also talk about ways to reduce spending so you can dedicate more to your savings. Thank you for coming to my website.


Learning More About Savings

Newly Self Employed? How To Prepare For Your Home Loan Application

by Ralph Ford

If you're in the market for a new home, you'll need to obtain several types of financial forms for your application, including your work history and income. But if you've recently started a self employed career, you may worry about your finances and whether or not your income is enough to apply for a home loan. You can do some important things to prepare for your mortgage loan, including the two things below.

Gather Your Previous Work History

Your previous work history can help you obtain the financing your need for your future home. Many lenders look for signs of good job stability in their applicants. Good job stability shows lenders that you're responsible, dedicated, and willing to stick with something, even when times are tough.

If you don't have a detailed work history at your disposal, compile one now. You can look through your credit reports for the information, including the date you began your position. The reports may or may not show the date you ended your jobs or the complete details of each job. You want to check multiple credit reports for what you need. Some reports may contain more details about your employment than other reports.

If possible, request copies of your tax documents from the Internal Revenue Service (IRS). If you filed taxes for every year you worked as an employee, the IRS should have a copy of your returns. You'll need to consult with a tax preparation service for assistance if you can't obtain your records.

After you compile your list of previous employers, work on your self employed documents.

Estimate Your Future Self Employment Income

If you didn't file your self employment tax return this year, you can still use it to verify your income. You'll need to use a tax estimator to complete this step. The estimator will ask you to input the income you currently receive from clients, including contract pay for traveling, writing, or consulting.

The estimator will estimate the taxes you may expect to pay for the year and how much income you expect to earn after you pay those taxes. You can also input your expenses, losses, and other financial information into the system.

If you can't estimate your taxes and income for the year, consult directly with a mortgage lender. A number of lenders use special software and tools to figure out their clients' self employed income. It may prevent you from making any mistakes on your home loan application if you request help from a lender.

For more information on how to get home mortgages as a self employed individual, contact a mortgage provider today.