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EricTheRedMLO
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Here's what you need to know about the all in one mortgage loan.
It combines the functionality of a Mortgage, Checking account and HELOC all in one.
Your income pays down the principal and interest. The interest is calculated on an average daily balance.
When you need to pay bills or other liabilities money comes back out. If you are spending less than you make, you are paying the principal down faster and paying less in interest.
When you need to you have immediate access to the equity in your home.
#allinonemortgageloan #mortgages #HELOC #EricTheRedMLO
It combines the functionality of a Mortgage, Checking account and HELOC all in one.
Your income pays down the principal and interest. The interest is calculated on an average daily balance.
When you need to pay bills or other liabilities money comes back out. If you are spending less than you make, you are paying the principal down faster and paying less in interest.
When you need to you have immediate access to the equity in your home.
#allinonemortgageloan #mortgages #HELOC #EricTheRedMLO
Here's What You Need To Know about Third Party Payment Apps.
The Internal Revenue Service reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year.
There is no change to the taxability of income; the only change is to the reporting rules for Form 1099-K. As before, income, including from part-time work, side jobs or the sale of goods, is still taxable. Taxpayers must report all income on their tax return unless it is excluded by law, whether they receive a Form 1099-NEC, Nonemployee Compensation; Form 1099-K; or any other information return.
The IRS emphasizes that money received through third-party payment applications from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable.
The American Rescue Plan Act of 2021 (ARPA) lowered the reporting threshold for third-party networks that process payments for those doing business. Prior to 2022, Form 1099-K was issued for third party payment network transactions only if the total number of transactions exceeded 200 for the year and the aggregate amount of these transactions exceeded $20,000. Now a single transaction exceeding $600 can trigger a 1099-K.
The lower information reporting threshold and the summary of income on Form 1099-K enables taxpayers to more easily track the amounts received.
Generally, greater income reporting accuracy by taxpayers also lowers the need and likelihood of later examination.
#IRS #Taxes #Venmo #Cashapp #PayPal #EricTheRedMLO
The Internal Revenue Service reminds taxpayers earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment card transactions and third-party payment network transactions of more than $600 for the year.
There is no change to the taxability of income; the only change is to the reporting rules for Form 1099-K. As before, income, including from part-time work, side jobs or the sale of goods, is still taxable. Taxpayers must report all income on their tax return unless it is excluded by law, whether they receive a Form 1099-NEC, Nonemployee Compensation; Form 1099-K; or any other information return.
The IRS emphasizes that money received through third-party payment applications from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable.
The American Rescue Plan Act of 2021 (ARPA) lowered the reporting threshold for third-party networks that process payments for those doing business. Prior to 2022, Form 1099-K was issued for third party payment network transactions only if the total number of transactions exceeded 200 for the year and the aggregate amount of these transactions exceeded $20,000. Now a single transaction exceeding $600 can trigger a 1099-K.
The lower information reporting threshold and the summary of income on Form 1099-K enables taxpayers to more easily track the amounts received.
Generally, greater income reporting accuracy by taxpayers also lowers the need and likelihood of later examination.
#IRS #Taxes #Venmo #Cashapp #PayPal #EricTheRedMLO
How do you know if you're ready to buy a home?
Figure out if you can afford the monthly payment. Lenders use debt to income ratio to determine this.
Your debt-to-income ratio (DTI) compares how much you owe each month to how much you earn. Specifically, it's the percentage of your gross monthly income (before taxes) that goes towards payments for rent, mortgage, credit cards, or other debt.
You don’t need to factor in common living expenses like utilities and food or paycheck deductions like health insurance or 401(k) contributions, but you should include all types of debt, like:
• Mortgage payments
• Car loans
• Student loans
• Medical bills
• Credit card payments
• Personal loans
A good DTI ratio is under 36%, but some will still lend money—possibly with extra stipulations (rules) or higher interest rates—up to 50%.
#EricTheRedMLO #buyingahome #debttoincome #debt #income #realestate #mortgagelender
Figure out if you can afford the monthly payment. Lenders use debt to income ratio to determine this.
Your debt-to-income ratio (DTI) compares how much you owe each month to how much you earn. Specifically, it's the percentage of your gross monthly income (before taxes) that goes towards payments for rent, mortgage, credit cards, or other debt.
You don’t need to factor in common living expenses like utilities and food or paycheck deductions like health insurance or 401(k) contributions, but you should include all types of debt, like:
• Mortgage payments
• Car loans
• Student loans
• Medical bills
• Credit card payments
• Personal loans
A good DTI ratio is under 36%, but some will still lend money—possibly with extra stipulations (rules) or higher interest rates—up to 50%.
#EricTheRedMLO #buyingahome #debttoincome #debt #income #realestate #mortgagelender
Americans and the Federal Reserve got some welcome news Thursday on inflation.
The Consumer Price Index rose 7.7% for the year ending in October, a much slower pace of increase than the 8% economists had expected and the lowest annual inflation reading since January.
The stock market has skyrocketed based on the news, with Dow futures surging by more than 800 points on hopes the Fed would dial back its aggressive rate hikes.
#TheFED #inflation #cpi #economy #rates #interestrates #mortgagerates #stockmarket
The Consumer Price Index rose 7.7% for the year ending in October, a much slower pace of increase than the 8% economists had expected and the lowest annual inflation reading since January.
The stock market has skyrocketed based on the news, with Dow futures surging by more than 800 points on hopes the Fed would dial back its aggressive rate hikes.
#TheFED #inflation #cpi #economy #rates #interestrates #mortgagerates #stockmarket
Assumable mortgages:
You take over a mortgage at it's current rate and payments. Loans that are backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), or the U.S. Department of Agriculture (USDA) can be assumable as long as you meet the requirements.
Benefits:
There are fewer closing costs involved.
You get to take advantage of lower rates and payments than are currently available.
Drawbacks:
Not all loans are assumable.
Not all servicers and lenders allow assumption of a loan.
You should also be aware that it could cost you a lot of money upfront.
If you’re looking to buy a house with a price of $500,000 but the loan that you would assume on the house is only $350,000, you’ll have to make up that $150,000 difference, either with a second mortgage, which can be complicated, or with cash.
If it's a VA loan it could potentially tie up the seller's entitlements.
#assumableloans #assumablemortgage #buyingahome #tipsandtricks #realestate #realtor #lender #mortgagelender #fha #VA #usda #EricTheRedMLO
You take over a mortgage at it's current rate and payments. Loans that are backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA), or the U.S. Department of Agriculture (USDA) can be assumable as long as you meet the requirements.
Benefits:
There are fewer closing costs involved.
You get to take advantage of lower rates and payments than are currently available.
Drawbacks:
Not all loans are assumable.
Not all servicers and lenders allow assumption of a loan.
You should also be aware that it could cost you a lot of money upfront.
If you’re looking to buy a house with a price of $500,000 but the loan that you would assume on the house is only $350,000, you’ll have to make up that $150,000 difference, either with a second mortgage, which can be complicated, or with cash.
If it's a VA loan it could potentially tie up the seller's entitlements.
#assumableloans #assumablemortgage #buyingahome #tipsandtricks #realestate #realtor #lender #mortgagelender #fha #VA #usda #EricTheRedMLO
