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Saint Paul Estate Planning Law Blog

Does a prequalification guarantee a mortgage loan?

You want to buy a home, but you don't want to look at something that is out of your budget. You think you know what you want to spend, but you want to know that you can get the money you need to finance the purchase. If you can't get it, there's no point wasting your time looking for a property out of the loan's range.

The first myth you should know about is that if you prequalify for a mortgage, you won't necessarily get the loan. The myth would have you believe that a prequalification is all you need to find and purchase a home, but the reality is that the lender will need more information, in most cases, before making a decision. A prequalification is a step you should go through with, though, so you have an idea about how much you could be approved for.

The importance of investing in commercial real estate

Investing in real estate could give your income the boost you're looking for. Before you decide if real estate investing is right for you, you need to better understand how commercial real estate works.

Commercial real estate includes many kinds of properties such as offices, retail spaces, apartments and others. Your real estate could earn money in two ways. One is through direct income. Another is through the appreciation of the property over time.

The right type of business matters in the long term

If you're opening a business, one of the most important things you can do is to pick the right business structure. You want to protect yourself and have the right set up to raise money for your business. The kind of business you register as also affects how much you'll have to pay in taxes and the amount of documentation you'll need to complete annually.

There are several kinds of business structures to consider. Review each before you make a decision that could affect the future of your business.

Rising mortgage rates threaten homeowners

You always dreamed of buying your first home, and at the current rates, mortgages are affordable. You know that rates change, but do you know how much those small changes really impact how much you can borrow?

With rising mortgage rates, you may find that you aren't able to borrow as much money for a home as you expect. As of March 11, the 30-year-mortgage rate was 4.6 percent, the highest it has been since 2014.

Can you open a business anywhere?

Commercial zoning is an important factor that should play a role in your real estate purchase or rental. Zoning regulations help keep commerce in certain parts of a town or city while also keeping residential areas separated or limited in busy areas. There are many kinds of zoning, and the kind of zoning a property has could affect what you can do there.

One kind of zoning is residential zoning. This is zoning that allows for single-family homes or multifamily structures. This might include rental properties, depending on what they're intended to be used for.

Why should commercial employers work with employment attorneys?

When you're running a business, you need to know how to comply with laws on employment. There may come a time when you need to hire an employee, and if so, knowing these laws is necessary to protecting yourself and your business. Normally, employers work with employment lawyers to obtain the best guidance on negotiating contracts and staying in compliance with federal or state laws.

One of the most important things to understand as an employer is the difference between employees and independent contractors. Independent contractors are people who work for themselves but perform services for you. For example, if you want to have content written for your business's website and hire a person to write two pages of content, that person is not an employee. He or she is instead an independent contractor.

Get the right commercial lease to help your business grow

You want to open your business, but before you do, you need to find a commercial property that suits your needs. You don't want to go over budget with the cost of the facility, but you also don't want to lower your expectations. You need the price to match your needs, or else you worry that your business won't be able to grow or succeed.

There's no question that it's difficult to find the best location for a business. It takes time to look for a good location that falls within your budget. It's a good idea to look into a variety of locations, though, for a number of reasons.

Choosing the right mortgage: Things to consider

As someone who is buying a home for the first time, you want to know that you're making all the right moves. Nothing you do should put you in financial jeopardy now or in the future.

One of the best ways to make sure you're in a good position is to look into working with a mortgage lender that has the best interest rates and repayment periods. How do you find a good lender, though? Here are a few ideas.

Building a business plan: Include your objectives

Before you open a business, you first have to think about what you want your business to be and how you're going to grow it according to your vision for an end product. For instance, if you want to open a day care, you need to think about a name, how you'll market yourself, how much money you need, the licensing you need and other factors before you can ever put your plan into action.

Business plans are a great way to get your plans in order. They're designed to address all the major factors pertaining to the opening and running of a business. A business plan generally outlines the first three to five years of your business' life.

Choosing a home: Taxes make a difference

If you're ready to buy a home, one of your questions might be which state to choose as your base. Both North Dakota and Minnesota are good options, but which one is better?

What it really comes down to is how much you want to pay in taxes. Minnesota has much higher income taxes than North Dakota, which could influence your choice. In Minnesota, a family making $100,000 would see a difference of close to $4,000 in taxes each year.