Considerations In Financing Your New Home

by Leeanne Kunnert

 Before you purchase your first home and finance your very first mortgage there are a few things to consider.  Consider the following as you embark on your new life journey into homeownership.

Before you hire a realtor or start looking at homes it is important to meet with a mortgage broker.  Once you have met with a mortgage officer you can determine if you have credit problems that need to be solved prior to looking for a home.  This meeting will also allow you to know exactly how much you can afford to spend on a house and an estimate of your monthly payment.

 It is also important to pay off as much debt as you can before embarking into the great wide open of homeownership.  It is important to get a grip on your income to debt ratio.  Take into account all of the money that is coming in and the debts that you have going out.  Make sure to consider all forms of income and debt.  If the monthly house payment is more than forty three percent it is unlikely to get a mortgage.  It is best to keep the monthly payment to thirty percent of your monthly income.  The lower your debt to income ratio the more likely you will be approved for a mortgage and a lower interest rate then borrowers with a higher debt to income ratio.

 It is important to get into good credit habits before you purchase a home.  If you find that you are constantly missing payments on student loans or constantly paying bills late it will lower your credit score and hurt your chances at obtaining a home loan.  When bills end up going into collections it can take months to clear up the mess.

 Before you look into finding your first home take time to look into consolidating student loans.  Refinancing student loans can decrease the monthly payment.  It may make sense to increase the length of time you pay on your student loans in order to buy a home sooner.

 It is important to present work history that shows consistency.  If you have just graduated from college it may be best to take some time and establish yourself in your career before you look into purchasing a home.   After you establish a pattern of working for two or more years you will look more appealing to home loan lenders.

 When you apply for your first mortgage be prepared to document your finances.  You will need to have copies of the past two years tax returns, bank statements, brokerage account documentation and documents that verify all sources of money that you have coming in.  Mortgage brokers will verify employment, income and debt.   This will occur at the beginning of the home loan process as well as a few days before the closing.

 While you are applying for a home loan avoid putting anything on credit or applying for any new credit.  Don't start buying things for a new home until you have the home.  Once the process begins don't spend a dime on anything you don't have to.  Avoid adding to your debt as any added expenses can jeopardize the process.

 Meet with a mortgage broker that is willing to shop around for lenders that are offering the best rates, loan options and more.  Work with brokers that present you with all of your options including loans where you pay fees upfront in the form of points, interest rates, no closing costs and more.

 Before you buy a home or consider meeting with a mortgage broker be sure you have enough cash on hand to cover all of your costs.  You will want to have enough money to cover the fees charged by the lender and closing agent as well as the expense of having the home inspected, appraised and surveyed.  It is also important to note that most lenders require the first years home insurance and property taxes to be paid up front.

 As a first time home buyer you may also consider looking into an FHA mortgage.  When looking into this type of loan option it is important to understand that not only will you have to qualify so will the home.  The house will need to meet certain criteria to get approved for a FHA mortgage as well.

 It is important to be open throughout the process of getting a mortgage and buying a home.  The process is not simple and will have bumps along the road but the journey will be well worth it when you walk through that open door into your brand new home.



Cross Country Mortgage in Brighton, Michigan provide mortgage services for clients including new home loans, refinancing, reversed mortgages, new purchase home mortgages and home equity loans to the entire Livingston County area including Brighton, Howell and Livingston County. Cross Country Mortgage Brighton, MI at http://brightoncrosscountry.com/.

Article Source: http://www.articlesphere.com/Article/Considerations-In-Financing-Your-New-Home/403956

Export Commodities of Pakistan

Exports have decreased in 2015

There have been a slight decrease in Pakistani exports during 2015 when compared to statistics which have been gathered in 2014. This follows on the excellent levels which has been a reached in 2013 which was the year in which the highest level of exports has been recorded in the history of Pakistan. All of these export statistics are updated regularly by the Pakistan Bureau of statistics.
Pakistan are exporting many commodities and goods among which are mineral fuels, various types of manufactured goods as well as beverages. Other exports include live animals as well as various kind of food types and also chemicals and other crude materials. The largest export partner of Pakistan is still the United States followed by China and UAR.

There has been a significant increase in the volumes of Pakistan’s basmati rice exports. This is good news after the export of rice has taken a substantial dip earlier in the year because of various factors such as poor marketing, and lower prices which was charged for equivalent products in India and also because of increases in prices of rice in Pakistan. There are expectations that exports can further increase because the price difference between Indian rice and those which are produced by Pakistan has narrowed significantly making Pakistani rice more attractive to importers of this product.
Another very important export product of Pakistan is spices and there are many producers of various kind of spices in Pakistan that are exporting their products on a continuous basis. The same thing is true for all fruit related products as well as the dried fruits as well as peanuts, almonds, and various other nut products.

Pakistan also export raw cotton and other textile products such as cotton yarn. Various kinds of leather and products which is being manufactured from leather are continuously exported. There are also excellent manufacturers of carpets and rugs and a very large quantity of tents are also manufactured in Pakistan which are being export to foreign markets.

Pakistan is also an exporter of surgical instruments as well as synthetic textiles and even various kinds of sporting equipment. There are also many manufacturers of ready-made garments which contribute handsomely to the overall export scenario of Pakistan. Various type of food related products such as fish, fruit and even vegetables are continuously exported as well is various types of engineering goods and also pharmaceutical and chemical products.

Although Pakistan has an open policy which allows for trade with many different countries it is a well-known fact that their major export destinations is still the US, Japan, Germany, the UK and Hong Kong. Almost 30% of all Pakistani exports find their way to the US. The next biggest partners is Germany and the UK. Exports to Japan has been declining in recent years and are now contributing to any one percent of the total exports of Pakistan which is significantly lower than the 5.7% of a decade ago. There is widespread agreement that in order to ensure more vigorous growth Pakistan will have to diversify both in terms of the markets with whom they deal with and also in terms of the commodities which are being exported.



Advertisement

Make more money from your content. Alibaba is making the world's biggest CPA platform. Join now - our first affiliates get exclusive commissions up to US $7.00 per Lead. Join now! Click here to register.

LLC vs. Subchapter S Corporation: Which Makes More Sense for Your Business?

by Melissa Gordon

For years smaller businesses used the structure of an S-corporation to benefit from �pass-through taxation� while avoiding the double taxation imposed on a C Corporation. Then in 1988 the IRS decided to get in sync with several states which had passed legislation allowing the formation of a legal entity called a �Limited Liability Corporation� or LLC.

It wasn�t long until other states began to pass their own versions of this legal entity. Today all fifty states offer the LLC as a choice of legal business entity formation alongside the traditional C Corporation, Subchapter S Corporation, General Partnership, Limited Partnership and possibly others.

Are the differences between the LLC and S Corporation significant enough to justify all the hoopla? Let�s take a look and you can decide for yourself.

� Forming an LLC is much less complicated than forming a Subchapter S Corporation. A Subchapter S Corporation requires forming a corporation with the state then making an election to be taxed as an S Corporation (pass-through taxation) with the IRS. Forming an LLC simply requires submitting Articles of Formation to the state and creating a written document declaring how the business will be managed and operated.

� Corporations have stringent requirements for how they are formed and operated and an S-corporation is not exempt from these.

- Corporations must hold a formal stockholder meeting each year. An LLC is not required to do this. It doesn�t have stockholders.

- Corporations have a myriad of legal requirements around the issuing of stock and dividends. Again, an LLC does not issue stock to its owners nor does it pay dividends.

� An S Corporation is limited to 100 owners. There is no such limit with an LLC.

� All stockholders in an S Corporation must be U.S. citizens or residents. LLC owners do not have to meet this criterion. In fact, even other business entities are allowed ownership in LLCs.

� Profits are split among stockholders in an S Corporation based upon the number of shares held by each. Profits from an LLC may be split among the owners disproportionately to each member�s percentage of ownership. What a concept!

As you can see, there are quite a few differences to consider. Your set of circumstances and the vision held for your company will determine which entity can best serve those interests and purposes. It is possible that the S Corporation structure will cost more to form as well as to operate to meet the additional state requirements of a corporate structure. However, each state varies in its requirements for formation and operation. The more obvious choice may not always prevail upon a more thorough investigation of all requirements and costs.

Before you embark upon forming your business as a Subchapter S Corporation or an LLC, be sure to seek adequate counsel from professionals who are well versed with each entity in your states of interest.

Disclaimer: This article is for informational and entertainment purposes only, and should not be construed as legal advice on any subject matter.

Melissa Gordon is the publisher of LegalBuffet.com, a complete online resource that compares the legal services offered by various online companies. Find the best company for your LLC formation needs at http://legalbuffet.com/llc-services /.

Article Source: http://www.articlesphere.com/Article/LLC-vs--Subchapter-S-Corporation---Which-Makes-More-Sense-for-Your-Business-/178871