When the time comes to apply for a mortgage, there are a few documents that your lender will want to see. It doesn’t matter if you are applying for one of your lender’s VA mortgages or one of the other available types, proof of your financial well-being is essential to this process.
1) Proof of Income
Of course, you will have to show your lender your current pay stub and your tax returns for the past two years. This acts as proof of employment and that you are making as much as you say you are. The lender might also want to see your bank statements for the past two months, as this shows how much you spend and whether or not a mortgage would fit into your budget.
2) Credit Information
The lender will want to know how much money you have tied up with other debts before granting you a mortgage. This means that the lender will want to see account information pertaining to your credit card, personal loans, and auto loans. If you don’t have much outstanding debt, your chances of receiving a mortgage are greatly increased.
3) Investment Statements
If you have currently have investments on the go, your lender will want proof of this. Provide statements for your investment and retirement accounts from the past two months when applying.
It’s never too early to begin preparing for retirement. As most retire by the time their 60, that leaves a few decades without salaried pay. A financial nest egg must be created to not only live comfortably, but to travel and experience the world. First find a financial group with the clients best interest above anything else, as you begin to plan for the future. The right bank will support your retirement needs, well into the future.
Call your human resource department before you meet with the bank to determine the plans you’ve already established through work for retirement. You’ll need to know if your employer matches the amount you place into your 401k and other benefits provided. This information can be used during a conversation with your banker.
Many banks have an extensive list of savings accounts, CDs and other products to help you increase your savings. Additionally, they may have accounts designed specifically for retirement. You’ll need to have an idea of the amount you’d like to place in an account to determine the ones for which you qualify. Express your concerns and desired goals to choose the right one for your needs.
Buying an existing business is not an easy decision. Many factors need to be considered while taking a decision for buying an existing business. Otherwise, it will most likely bring losses and stress, rather than being profitable and enjoyable to be apart of. It is always considered good to buy an existing business since it comes with a brand a name and experienced employees. If you are starting from scratch you will have to start everything with a lot less knowledge and will need to be even more cautious. So, do not hesitate to buy an existing business, but make sure that you have done all the primary research before going ahead. Some important factors that need to be analysed before buying an existing business are discussed below.
What type of business you want to buy and which business will match your talent most?
These two factors are very important while thinking of buying an existing business or even for starting a new business. If you choose the right business according to your skills, experience and expertise then you will able to reach the top of the success. And any wrong decision can affect adversely.
Location is an important factor
For the success of a business, location plays an important role. If it is located in favourable place, obviously it will attract more customers. A bad location can be the reason of failure.
Why the owner has kept his business for sale?
Many reasons can be behind an owner selling his business i.e. bad location, strong competition. Financial hardship can also be a major reason, but in some cases the owner wants to sell a business when it does not give him any profit or running in loss. In that case, you need to be very careful before taking any decision.
It is always advisable to look both at the positive and the negative aspects before buying an existing business. Consider and compare both the two things before heading for one.
What are the advantages of buying an existing business?
- An existing business does not demand any groundwork and initial preparation/
- If chosen after a thorough research, it can help you to get a well-established business with a strong base and good clients.
- A proven good track record can help you to repay your bank loans and also make you financially secure.
- The business is already established and has experience, so it will help you for good and easy marketing.
- You will get qualified and experienced employees that will be helpful for future prospective.
- It is easy to get an easy bank financing for an existing business than starting up a new business. The bank will see the history of that business and grant the loan accordingly.
- The existing infrastructure and system will help you for the smooth functioning of the existing one and also for the future expansion.
- Experienced employees can help you in the transitional process by their guidance and direction about important clients, suppliers, and products.
What are the disadvantages of buying an existing business?
Always keep in mind that any business for sale is not exactly good businesses. If someone is selling his/her business, then there must be a strong reason behind this decision. Hence, do a thorough investigation of a business, which is up for sale. Buying an existing business is not always good. Some of the disadvantages include:
- The need to invest a large amount of money upfront, and you will have to make a budget for the payment of fees to accountants and surveyors.
- If the business is not that profitable then you will have to look at the matter and also need to be prepared to invest some more money for the success of the existing business
- You may need to renegotiate some prior contracts that have been left by the previous owner
- Your experience with the employees of the existing company might not be as good as you would have hoped, due to the management of the previous owner.
Some documents that need to be checked before buying an existing business are contracts or leases, financial statements, tax returns etc.
If you are planning to buy an existing business then consider some important factors such as location, expertise, budget and the current market condition of that business to make it a proper and booming deal.
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