What Are The Special Mortgage Challenges for Self Employed Borrowers?

BasicsMortgage lenders classify borrowers in two different ways:
wage earners
self-employed
Wage earners are much easier to analyze for a mortgage lender. They usually can provide paystubs, employment documentation, and tax returns. Their income stream is easier for a mortgage lender to understand.A self-employed borrower is often much more difficult to understand for a mortgage lender. Challenges may include:
stability of earnings
track record in business
complex tax records
unclear assets
Stability Of EarningsThe first issue is stability of earnings. A self-employed borrower may not have constant income. Earnings will often fluctuate depending on how their business is going.Track Record In BusinessLenders usually like to see a self-employed borrower have at least a 2 years track record in their business. This usually shows the lender that the person is capable of generating income in their new self-employed work. They usually also like to see someone who is self-employed in their line of work. If you have years of experience as a carpenter but open up a coffee shop this is a major switch and a mortgage lender will have to analyze this.Complex Tax RecordsSelf-employed borrowers often have complicated tax returns. This is partly the result of a complex tax code and partly because most self-employed borrowers are thorough in using all available tax deductions.Unclear AssetsThe final issue is unclear assets. Borrower assets may be intermingled in business accounts with other business partners. Deposits in a business bank account may represent revenue but not necessarily the final income or net profit a business generates.Additional StepsMake sure that when you apply for a mortgage you clearly state that you are self-employed up front. The self-employed usually have nearly all the same loan options as wage earners.You may need to prepare your documentation in advance – such as making copies of business licenses, permits, and financial records.

An Introduction on Automotive Floor Jacks

Types of Floor Jacks
A floor jack can mean different things depending on where you use it. The jack used in most car repair shops or garages to lift cars and make repairs conveniently under the car or a tire is called an automotive floor jack. However, another jack is utilized to raise bigger ‘things’ like buildings or houses that needs its beams to be replaced because they are sagging. The last type of jack is used for phone connections. It got its name because it is typically installed on the floor and wall intersection. Notice how all equipment are called floorjacks but have entirely different meanings and purposes.While there are a lot of different jacks available, this article would only focus on the first type of floorjack mentioned: automotive floor jacks. The other two types of jacks will be reserved for a different article.Automotive Jacks
It is common for people to always associate the term ‘floor jacks’ with automotive floor jacks as this had always been the first floorjacks produced. This one uses a pump arm, hydraulics or air compression to raise vehicles and access the undercarriage easily. The automotive floorjack makes changing tires or doing a brake job easier to accomplish. These are handy tools that can be found in car hoods, garages, farms and other places where there are vehicles that may need to be repaired. Automotive jacks have made a lot of repairs easier for the common do-it-yourself mechanics and vehicle owners.On the other hand, this automotive jack should not be confused with hydraulic lifts which are used in most auto repair shops.A more stable ground is required for automotive floorjacks to eliminate improper balance. The ground should not shift as it could seriously harm the vehicle. A lip can be connected to the automobile and raise it gently by pumping the arm, hydraulic system or air compressor.Automotive jacks have different ratings depending on the weight that they can lift without sacrificing security. These automotive floorjacks are very powerful that they can up to 20 tons. For your personal use, you can purchase a 2 or 3-ton jack especially if you’re going on long road trips so you can easily change your tire whenever needed. Obviously, the bigger your vehicle, the stronger is the jack required to do the job. Farm equipment, on the other hand, may necessitate a 10-ton automotive jack.

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  • How to Start on the New You – Three Easy Fitness Tips

    Before you get started on your journey to the new you, here’s a list of 3 things you should do first.

    1. Make sure you have the right athletic shoes.

    Are you flat footed? Not sure? What kind of surface are you running on?….. Asphalt road? Rubber track? Dirt trail? How much do you weigh? What gender are you? Do you wear orthotics? Might you need orthotics? How should you lace your shoes? Did you know there are multiple ways to lace your shoes in order to make them more comfortable? These are important factors to think about when choosing a shoe.

    2. Determine your THR (training heart rate) Zone.

    Many people know that it is important to record and track sets, reps, and weight to ensure progress during a weight training program. Yet many of those same people don’t bother to pay attention to their heart rate during an endurance training program. Think of the THR Zone as sets & reps for your heart while it’s engaged in an endurance training program.

    Before you start plugging in numbers, let’s go over a few basics. First, we want to customize the THR Zone to your fitness level. To do so, you’ll first want to determine your resting heart rate. The more fit you are the lower your resting heart rate will be and vice versa. This is why it’s important to factor your resting HR into your THR Zone calculation. The calculator will still calculate a THR Zone without this number but it’s best WITH resting HR factored in. To determine your resting heart rate you ideally want to count your pulse for 30 seconds upon waking in the mornings. Take that number and multiply it by 2 and that’s your resting heart rate. Check it a couple days in a row upon waking to make sure it’s consistent. Remember that exercise, caffeine, stress, sleep, and medication can affect your resting pulse, this is why you want to check it upon waking after a good night’s rest.

    Then we want to calculate 3 Training Zones. Warm-up/Cool Down Zone, Aerobic Zone, & Interval Zone.

    For the Warm-Up/Cool Down Zone enter 45% in the Heart Rate A box in the left column of the Training Zone Calculator and 65% in the Heart Rate B box. Click calculate in the right column and it will give you a THR Zone for warming up and cooling down. In terms of the warm-up, this should make up the first 5 to 10 minutes of your workout and you should break your first bead of sweat during this time. In terms of the cool down, you should repeat this process for 5 to 10 minutes at the end of the workout. However, instead of breaking a sweat, your goal during the cool-down is to commence the recovery process. The cool-down will allow you to get your hear rate to come down gradually instead of just letting it “crash” by abruptly stopping your workout.

    Aerobic Zone: Enter 65% in Heart Rate A box and 85% in Heart Rate B box. Click calculate in the right column and it will give you a THR Zone for working on endurance and burning calories. The bulk of your workout may fall in this zone (20 to 40 min). As your fitness level improves you may try to spend more of your time at the top end of this zone.

    Interval Zone: Enter 85% in Heart Rate A box and 100% in Heart Rate B box. Click calculate in the right column and it will give you a HR Zone for working on high intensity activities/intervals of short duration (10 to 120 sec).

    Many of you know that I advocate interval training. Once you’ve calculated your zones, you can do some cool things with these numbers to truly customize your workout. Here’s one example:

    Let’s say you are lifting weights and you’re doing supersets (this is just one type of interval training). You can use your heart rate to determine how much rest you should take between sets. Instead of coming up with an arbitrary unit of time and then staring at the clock between supersets, you can use your THR Zone to allow your fitness level to dictate your rest period.

    First, do your superset. If it’s intense enough, it will raise your HR up into your interval zone (if not, you can increase the intensity by increasing weight and/or reps and by adjusting your tempo). Once your superset is done you will rest until your HR falls down into your warm-up/cool down zone. Then start your next superset.

    As your fitness improves, a couple of things will happen. First, you will need to increase the intensity of your supersets just to get your HR up into the interval zone again. Second, as your fitness increases, your HR will drop back down into the warm-up/cool down zone faster thus naturally shortening your rest period. This is a very effective way of tailoring your workouts to your fitness level and it can make a huge difference in your results.

    Click here for the THR Calculator

    3. Give yourself a fighting chance

    When you feel pressed for time, convenient and efficient workouts are of utmost importance. Wouldn’t it be great if you could squeeze in an effective workout in the comfort of your own home? You can build yourself a home gym without a single hammer or nail and do it on a shoe-string budget. You can get a very effective workout with light kettlebells, dumbells, medicine balls, stability balls, resistance bands, etc….

    I wish you and yours all the best.

    Till next time… Train Like You Play, Play Like You Train.