When purchasing a house, choosing the home that's right for you isn't the only important decision you'll make. You'll also need to decide on the type of home loan that best suits your needs. These days, there are a number of mortgage options available to buyers, ranging from conventional home loans to FHA loans, VA loans, and everything in between. To help you decide on the mortgage that's right for you, be sure to take some key factors into consideration and speak with a trusted mortgage broker.
If you run a small business, you should have a business banking account that's separate from your personal banking account. Typically, small businesses with several employees and lots of payroll obligations have already taken this step, but even if you're a freelancer or independent contractor with no employees you can also benefit from business checking.
Of course, business owners between these two extremes should also have a business account. Here are the top reasons why you need one.
If you have always dreamed of being a business owner, you could be afraid that your poor credit score is going to hold you back from achieving your dream. After all, you might need a lot of capital in order to get started, and you could be concerned about being able to get access to this capital when you don't have a good credit score. Of course, it's true that having bad credit can cause you to face some challenges that others with better credit might not have to face.
If you're applying for a mortgage, you could be concerned about how long an approval will take. You could already have your eye on a home, or you could need to move quickly. If this is the case, you could be wondering how you can speed things along. Luckily, these tips can help.
1. Look for a Lender That Specializes in Fast Approvals
Some lenders actually specialize in helping their customers to get approved for mortgages quickly.
When a home sale is closed, the buyer and seller both need a final statement summarizing the financial aspects of the transaction. Fortunately, a uniform disclosure statement is required when the transaction involves a federally regulated mortgage. Up until 2015, the HUD-1 Settlement Statement was the standard closing statement. A replacement form is now in use, providing information in a more transparent manner.
The newer statement is used for mortgage applications submitted on or after October 3, 2015.