When you use your car for work you may be able to deduct your automobile expenses on your taxes. Eligible automobile expenses for a tax deduction include mileage and depreciation. But if you don't itemize your deductions on your taxes you cannot claim your automobile expenses as one of these deductions. Contact a tax preparer for more information.
Is there any advantage of sending half of the mortgage in early every month? Is the mortgage company required to accept the bi-weekly payments? The solution is to send an extra 1/12 payment every month to pay down your mortgage in less time.
Most lenders will run a lien check from the IRS. Lenders require the lien to be paid off prior to lending you any money. The IRS has first dibs, even before a mortgage lender, to any proceeds available when you sell your home.
Have you checked your credit report recently? If you haven't, you might want to sooner rather than later. A new report says nearly 80 percent of all credit reports contain mistakes.
Reverse mortgages are often a good option for seniors who live on a fixed income. There are two kinds of reverse mortgages - one from HUD and the other from Fannie Mae. You should only use a reverse mortgage lender who is legitimate and watch out for scams. There are several websites and books that offer a wealth of information on how to pick the right reverse mortgage lender.
If you have a loan with a prepayment penalty, it may be more costly to refinance to a lower rate than to keep your current loan. If you want to refinance, ask your lender if you are eligible for a streamline refinance or a modified mortgage program. Otherwise, shop around with different lenders to find a refinance that will be worth it.
The old rule of thumb for refinancing was to wait until you could lower your mortgage loan interest rate by at least 2 percent. That refinance rule no longer holds true. The new way to determine whether the time is right to refinance is if you can recoup your closing costs within six months of the refinancing the mortgage loan.
At the end of the calendar year you may receive a statement from your mortgage lender that shows your remaining pay off amount. What if you took out an FHA mortgage and the pay off amount is now too high? You should call your mortgage lender to get clarification on the mortgage pay off amount.
A prospective home buyer is saving to buy a house, but has a large amount of credit card debt. Money in a savings account might be better off paying down high-interest credit card debt. When the credit card debt is paid down, this home buyer can focus on saving for a down payment.
