Thursday, May 12, 2016

Mirasol Country Club Amenities Expansion Palm Beach Gardens Florida

We're pretty excited around here about Mirasol's first phase of the facilities enhancement plan in its final stages. Several members are already beginning to enjoy the amenities and the new Clubhouse. The membership office has moved back into the clubhouse and the satellite office will remain as the sales center for leasing. Starting in late May, the club will host a series of group tours for the first phase.

Mirasol's facilities enhancement was approved back in 2015 and construction began in June. The enhancement plan includes construction on the golf practice facilities, the clubhouse, the spa, tennis courts, fitness facilities and the pool area. The project was split into two phases that although began at the same time, is designed to reduce disruption in membership. Members are enjoying on-site amenities such as dining, tennis, spa and fitness facilities in the midst of the redesign.

The first phase is the expanded clubhouse which will open in different phases. The upstairs of the clubhouse has been transformed to an expansive welcoming area and lounge overlooking the 19th hole. It will have an extended ballroom area and the upper-level West hallway lead to the new signature restaurant Solstice. There will be a reception area and membership office as well. The lower area will be home to the expanded Ladies Card Room and an expanded Grille Room with outdoor bar and seating area.

The Men's Locker and Card Room will remain intact for now and will open to the new coed card room, also accessible from the ladies locker room. Members will be able to enjoy a quiet space in the new library across from member services.

In the second phase, construction will include two new facilities and an expanded family pool area. Currently the tennis facility is separate from the Esplanade, home to the spa and fitness center. Members will have access to the tennis courts during construction, fitness room and spa on-site.

There is a new Mirasol Club and Association 2016 fee schedule currently available. If you'd like a copy of this please contact my office today and I would be happy to email you the PDF.

Wednesday, May 4, 2016

Mortgage and the Self-Employed

There are a lot of perks to being self-employed. You get to make your own decisions, be your own boss, and determine your hours. However, if you are self-employed and trying to buy a home, you may come across some obstacles.

If you are self-employed, you will need to prove your income with tax returns rather than using a “stated-income” loan. Your loan will be based on your last two years of tax returns, which could consequently show reduced income for some self-employed people.

Related: Great Mortgage Calculator for Understanding All the Details

If your income increases between years one and two, the lender generally averages the two. If the second year’s income is lower, the lender will sometimes use the second year’s number.

People who are self-employed generally try to write off as many expenses as they can for tax purposes. However, this tax strategy could be detrimental when applying for a mortgage loan. Since mortgage eligibility is based on net income, all those business deductions could ultimately count against the borrower. If you foresee a home purchase in your future, you may want to consider what you include in your tax deductions.

In addition to proving income, borrowers have to prove their business exists. For some lenders, two years of income tax returns are sufficient. However, other options for verification may include a statement from an accountant, a business license, or copies of 1099 income statements.

If you run your own business, having a year’s worth of mortgage payments liquid and in reserve in a savings account can boost your prospects for a mortgage loan.

If you don’t have two years of solid tax records or don’t have enough in savings, but you still want to purchase a home and feel you are financially ready, you may want to consider a qualified co-signer to help you secure a loan. Make sure the prospective co-signer also has his or her own finances in order. Borrowers who have less than two years of records will need to have a strong co-applicant on the transaction. Usually, lenders look more favorably on someone who will also occupy the home with you.

John and Susan wanted to buy a new house but had only been self-employed for 2 years. So far, their business was doing great and continuing to increase in profits each year. The bank was able to take this past history and project that if things kept going as such, they would make even more next year, however they only approved them for what they currently made and required a lot of documentation to prove eligibility. 

Being Self-Employed is great but refinancing or getting a mortgage can be a little tricky, however it's not impossible. The best thing to do is find a mortgage broker that you trust and can offer the best service and options for self-employed  applicants.