Monthly Archives: April 2009
Japan Tops Countries That Have Financial Stake In U.S. Government
The Treasury sent out notice today of which foreign governments owned the most U.S. securities and debt at the end of June 2008. They, in conjunction …
Does Refinancing Mortgage Include Loan Forgiveness?
With the federal government announcing a lot of loan modification and refinancing programs to help homeowners it may be hard to know what’s a legitimate refinancing deal. Is it reasonable for a mortgage lender to offer to forgive some of your principal balance when you refinance? It depends whether you’ve made your payments on time and what kinds of incentives your mortgage lender is receiving for the refinance. Look carefully at your situation and the mortgage lender you’re working with.
Estate Taxes Depend On Value And Type Of Assets
When you inherit assets from a family member you may owe estate taxes on them depending on the total value of the estate and the types of assets in the estate. Heirs can inherit tax-free up to $3.5 million in assets in 2009. But if the inheritance includes tax-deferred retirement accounts such as a 401(k) or IRA you’ll likely have to pay taxes regardless. Consult an estate attorney to fully understand your tax obligations when you receive an inheritance.
Mortgage Interest Rate Matters Less Than Monthly Mortgage Payment Savings
You may be thinking about saving money by refinancing your mortgage, even if you have a pretty low interest rate already. But is looking at a mortgage interest rate enough when deciding about mortgage refinancing? What’s an alternate way to save money on your mortgage? You can keep your current mortgage and make extra payments. When you prepay your mortgage you can save money and you won’t have to pay mortgage refinancing costs.
Refinancing 15-Year Mortgage Loan May Not Save Money
Mortgage interest rates are at record lows so you may be thinking about refinancing your mortgage. But if you already have a 15-year mortgage it may not make sense financially. You need to find out how much the fees would be to refinance a mortgage loan and figure out how long it would take you to make your money back. If you need the mortgage savings for other expenses you should consider if there are other ways to pay those expenses. If it’s college tuition perhaps your child can take out student loans; you can also get a second job or start your own small business.
Mortgage Interest Rate Ties Record Low – 4.78 Percent
The interest rate for a 30-year fixed rate mortgage has tied the record low (since 1970) that was set earlier this month, Freddie Mac announced.
For …
Capital Gains Tax Changes If Primary Residence Includes Rental Property
Renting out part of your primary residence will change how your capital gains tax is calculated when you later sell. If you didn’t have a rental property as part of your primary residence, you could save taxes on up to $250,000 of profit from the sale, if you’re single. When you have a rental property as part of your primary residence you have to consider what percentage of your property is considered the rental property and your capital gains tax will change. How you use a property affects what kinds of tax deductions you can take and also how much capital gains tax you pay upon sale. You should consult a tax preparer for more advice when you have a rental property as part of your primary residence.
What Kind of Accounts are on Your Credit File?
Ever wonder what magical formula credit reporting bureaus use to figure out your credit score? It’s not random, certain accounts are on your credit file and other accounts aren’t. Things like utility payments and gambling debts aren’t on your credit history, but anything from a financial institution or court system will be on your credit file. Watch this video from Expert Real Estate Tips for more insight into what’s on your credit report and how your credit score is calculated.
Personal Income Decreases 0.3 Percent In March
Americans’ personal income fell 0.3 percent in March, or $34.4 billion, according to the Bureau of Economic Analysis at the Department of Commerce.
D…
Unemployment Claims Decline During Week Ending April 25
Fewer people filed first time unemployment insurance claims for the week ending April 25, the Department of Labor reported today.
The advance seasona…
