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save for retirement

How to Save for Retirement

Pay Yourself First | 401K | IRA | Roth IRA

save for retirementThe trick to saving consistently is to pay yourself first. The best way to do that is by having money deducted from each paycheck and put into a 401K account or an IRA account.

Employer Contributions

401K accounts are set up by employers and allow employees to save money out of their pay check and invest the money as the 401 allows. In many cases the employer will match the employees savings which is like getting free money. Employers may match anywhere from 0-6% of an employee contribution and that contribution is tax free. All money put into a 401K account is tax free until it is taken out during retirement.

Self Employed

 

If you are self employed or your employer does not offer a 401K plan, you may set up an IRA account at your local bank or stock broker. An IRA works the same way as a 401K but is an individual plan rather than a company sponsored plan.

Investing Wisely

Companies like TD Ameritrade can help you set up an IRA account as either a standard IRA or a Roth IRA. With the Roth IRA you pay taxes on the money you save, but you can take it out tax free when you retire.

Sep 23, 2020
Construction Loan Disbursement Authorization
Residential Construction Loan
This form is used by lenders to have the borrower authorize construction loan disbursements directly to the homebuilder. More info...

Sep 23, 2020
Fixer Upper Houses
Is the Fixer-Upper Life Right for You?
The TV show follows the adventures of hearty souls who purchase property for the sole intent of fixing it up and selling it as soon as possible. Sounds great, but viewers need to be aware that flip this house is easier said than done. First, you need money. Not every bank has the expertise to successfully underwrite fixer upper loans and it generally aThe TV show follows the adventures of hearty souls who purchase property for the sole intent of fixing it up and selling it as soon as possible. Sounds great, but viewers need to be aware that flip this house is easier said than done. First, you need money. Not every bank has the expertise to successfully underwrite fixer upper loans and it generally a better bet to seek out a lender that has funded many of these loans. better bet to seek out a lender that has funded many of these loans. More info...

Sep 23, 2020
Construction Loan Draw Schedule
Downloadable Sample
It is always a good idea to get a construction loan from a construction loan lender that will disburse the funds to the builder rather than you as the borrower. This assigns the responsibility for the disbursement of funds to the lender and assures professional inspections as the construction progresses. Construction loan lenders construction draw schedule have strong requirements for the disbursement of funds that will protect you as the homeowner. The lender assumes fiduciary responsibility for correct administration of the construction fund. More info...

Sep 18, 2020
Shopping for a Mortgage - Compare Rates
How to get the best rate on you mortgage
Whether you a purchasing a new house or refinacing your existing house, with a little shopping you can save thousand of dollars over the life of the loan. Using the internet can make shopping for a loan easier, but you want to make sure you are comparing apples to apples.
There are several fees involved in a mortgage that will affect how much you pay up front
The most important fee is the mortgage discount fee which can vary from 0% up to 3 or 4% The higher the fee the lower the mortgage interest rate. But, you also look at other fees as well such a processing fees, underwriting fees, appraisal fees, etc.
When you take all the fees together, they are combined with the interest rate to calculate what is called APR. That number is what you want to use to compare loans. The lower the number, the better the deal. More info...


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