11 easy ways to save money
Saving doesnât have to be overwhelming. Here are some money-saving hacks to get you started.
The post 11 easy ways to save money appeared first on Discover Bank – Banking Topics Blog.
Saving doesnât have to be overwhelming. Here are some money-saving hacks to get you started.
The post 11 easy ways to save money appeared first on Discover Bank – Banking Topics Blog.
It takes money to start and keep a business running, and access to capital is one of the major roadblocks to business ownership for many would-be entrepreneurs. However, there are several ways individuals can use their retirement funds to finance ⦠Continue reading â
The post How to Use a ROBS 401(k) to Finance a Business appeared first on SmartAsset Blog.
Applying for a mortgage with a co-borrower or co-signer makes it easier to qualify for a loan, but it can be difficult if you decide to go your separate ways. Life can throw you curveballs, but you have options if you want to remove someone from a mortgage. Removing someone from a mortgage typically involves… View Article
The post How to Remove Someone From a Mortgage first appeared on Total Mortgage.
For years, federal loan forgiveness programs have been criticized for their overly-exclusive and often confusing eligibility requirements. This has led to thousands of borrowers being unexpectedly denied the loan forgiveness they had been working towards for years. But for some borrowers, that relief is finally coming. On April 19th, the U.S. Department of Education announced
The post Who Is Eligible for Bidenâs Plan to Expand Student-Loan Debt Forgiveness Access? appeared first on MintLife Blog.
Student loans have become one of the most complicated aspects of modern finance. They involve large â often high interest rate â amounts of debt, typically taken on by young people with little current earnings and typically structured along 20-year repayments. ⦠Continue reading â
The post A Guide to Student Loans: How Do They Work? appeared first on SmartAsset Blog.
More and more companies are offering remote work, especially due to the COVID-19 pandemic. No commute, greater flexibility and higher performance from employees are just some of the work-from-home benefits. Employers will likely continue to hire remote workers, even across state lines. Another upside to remote work that affects the mortgage industry is how homeowners can purchase a home in an area that suits their lifestyle best. Unless youâre in a hybrid work environment where youâre still required to regularly come into the office, many people are not required to live near company headquarters. In fact, many online businesses advertise their job listings with âwork from anywhereâ as a primary benefit. Having the freedom to choose where you live gives you more options, both personally and financially. Rural areas that would otherwise be too far from an office may be perfect for a remote position. Maybe the housing options in the city you work in are too expensiveâwhich means you can buy a home in a more affordable area and still get the job done. In scenarios like this, getting a mortgage when you work and live in completely different areas may require you to provide a letter of employment, and, more specifically, a remote work letter. Do I need a remote work letter for my mortgage? Simply put, yes, some people will need a remote work letter for mortgage loan applications, though it may vary from situation to situation. During the underwriting process of a mortgage loan application, the underwriter is responsible for verifying the information you provide, including income and employment. A remote work letter for mortgage verification needs to confirm the terms of employment, including that youâre allowed to move and live somewhere else. This signed and dated letter more specifically needs to state that you will be a remote wage earner for at least the next three yearsâthis shouldnât be a temporary option. The letter will likely require listing your salary or current pay rate, how long youâve been employed, your position and the status of that position. For credibility purposes, the letter must include the companyâs official letterhead. Hereâs an example of what the format of the letter may look like: 03/15/2022 To Whom It May Concern: Re: Jane Doe We confirm the following details regarding Jane Doeâs employment with [company name]: Her gross salary is $50,000/year She is employed on a permanent, full-time basis She started working with us on 09/04/2017 She is not on probation Her position is fully remote and does not require her to live in the same state as our company. If you require any additional information, please do not hesitate to contact our Human Resource department at [insert phone number]. Regards, [Signature] John Smith Human Resources Manager [company name] All of these requirements affirm for the underwriter (who has the final say on whether your loan is approved or rejected) that you will be reliably employed and able to make minimum payments. If underwriters request the letter, your approval process will go more smoothly if youâve already discussed your situation with your employer and theyâre prepared to send the letter of employment. Can I buy a house in a different state if I work remotely? Yes, in terms of qualifying for a mortgage, you can still buy a house in a different state than where your company is located. Some employers wonât approve remote work that crosses state lines because they want remote, but local employment, or they require a hybrid version of both on-site hours and remote work. This is the main reason many people who work remotely require a remote work letter. Employment and income are two of the most important qualifications, so a remote work letter goes a long way in reassuring lenders. What if Iâm self-employed? Self-employment rarely conflicts with mortgage qualifications, including remote work. As long as you can provide official documentation that addresses the stability of your income, location and nature of the business, and length of self-employment, there shouldnât be any hiccups. Need Help With the Mortgage Process for Remote Workers? If youâre considering moving to a different state while working remotely, your first step is to talk to your employer or HR representative about your companyâs policy regarding remote work. Some people are nervous to bring up this kind of topic with an employer, but underwriters will hesitate to work with you or approve your loan without job security. Next, get in contact with a credible lender to discuss your options and what you can do to qualify for a mortgage loan. Pennymac has loan experts ready to answer your questions and help you get started. Contact Pennymac today.
After years of speculation and debates, President Biden finally announced that he’d be fulfilling a campaign promise to cancel some student debt. The plan could bring relief to over 43 million borrowers with an average $30,000 debt outstanding. So, do you qualify for Biden’s student loan forgiveness plan? How much of your debt will be … [Read more…]
Everything you need to know as a California first-time home buyer, from home prices to loan options and down payment grants.
The rate borrowers were quoted on Zillow was 3.43 percent.