Higher Mortgage Rates?

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Higher Mortgage Rates In 2013?

The news that renters and home buyers do not want to hear is that 2013 will almost certainly see higher housing costs, higher rents and various mortgage fees.

This year also sees the introduction of several new mortgage regulations, and anyone applying for a mortgage will potentially be affected by these.

English: Sign of the times - Foreclosure
English: Sign of the times – Foreclosure (Photo credit: Wikipedia)

If you apply for a FHA mortgage and have a lower down payment, you will have higher rates for your mortgage insurance.

In an ongoing effort to add to its reserves, the FHA (Federal Housing Administration) has implemented various raises to insurance premium costs since 2008, and analysts seem to think that trend will continue. One such increase will be a 0.1 percent increase in the yearly insurance premium that is added to the monthly mortgage payment of borrowers. Currently, the charge for FHA borrowers is about 1.25 percent.

Janneke Ratcliffe of UNC Chapel Hill in North Carolina points out that once rates rise, this seemingly small increase will be noticeable.

Rental prices are rising due to a poor job market, a high number of foreclosures and tight mortgage lending, and in addition, the supply of rentals is low in many areas. Real estate firm Reis pointed out that in the 4th quarter of 2012, apartment vacancies stood at 4.5 percent, an 11 year low.

Whereas earlier refinancing options have not worked effectively, President Obama is likely to push for more effective legislation to help owners with an ‘underwater’ property, predict some analysts, including Julia Gordon of the Center for American Progress.

Consumers could be affected for better or worse when a series of new mortgage regulations are introduced early this year. One of the most important is a rule stipulating that a borrower must prove to a lender that they are financially able to pay back the loan.

Mortgage rates usually go up when investors move from Treasury bonds and mortgages to stocks, and this week was no exception. A 30 year fixed mortgage increased to 3.77 percent, while a 15 year fixed increased to 3.03 percent and a 5/1 adjustable rate mortgage increased to 2.78 percent.

Tax Carnival Ecstasy – December 18, 2012

The IRS Tapes: Who'll Buy My Memories?
The IRS Tapes: Who’ll Buy My Memories? (Photo credit: Wikipedia)

Welcome to the December 18, 2012 edition of Tax Carnival Ecstasy. In this edition we start with a Mortgage Interest Deduction 101 class from HouseMouse. Bill Smith takes a look at some Money Saving Tax Filing Tips for this upcoming tax season. And finally John Schmoll looks at Rebalancing Your Portfolio the careful way. Hope you enjoy the carnival, bookmark, share, like on Facebook, tweet on Twitter and follow the carnival next time.

Gregory Arnold presents Help With Rent Money – Online Cash Loans Can Help Cover Rent posted at Online Fast Cash Loans, saying, “Perhaps you have had some unexpected expenses this month. You may not have enough money to pay the rent. Thanks to online cash loans you can have the money that you need, and it may not be as difficult as you think.”

James Dean presents Do Payday Loan Consolidation Programs Work And If So How? posted at Unsecured Bad Credit Debt Consolidation & Personal Loans Online, saying, “In this day and age, it’s incredibly important for people to be in complete control of their finances. When you get older, you are responsible for several expenses such as rent payments, car insurance, medical insurance, as well as gas money. If you’re looking for information on payday debt consolidation loans, there is a lot of information on the web that can help you.”

deductions

HouseMouse presents Mortgage Interest Deduction 101 posted at The House Mouse.

filing

Bill Smith presents Money Saving Tax Filing Tips posted at 2010 Tax, saying, “The IRS indicates that the average tax refund was around $3,000 last year, meaning that many of us are actually looking forward to filing our taxes.”

retirement

John Schmoll presents Why Rebalancing Your Portfolio is Like Buying a Carton of Eggs posted at Frugal Rules, saying, “Portfolios, much like eggs can be damaged for numerous reasons. You also want to make sure you have a well balanced portfolio, just like you want a well-balanced diet. Part of a balanced portfolio is rebalancing it annually to make sure you have the best allocation possible.”

taxes

Bill Smith presents Tax Amnesty Gives Kettering Ohio Six Figures posted at 2009 Tax, saying, “Thanks to a new tax amnesty program, Kettering Ohio has brought in more than $163,000 in the first five weeks since the program was kicked off.”

Bill Smith presents IRS Tax Relief Programs posted at 2012 Taxes – Free Tax Filing Options, saying, “If you are looking for IRS tax relief information, maybe this will help you. The IRS has several tax relief programs for people who owe back taxes.”

Bill Smith presents IRS Tax Fraud Increasing posted at 2011 Tax, saying, “Identity theft linked to IRS tax fraud has been increasing. However, according to a recent government report, the IRS is actually unaware of the number of persons who are running scams on the system.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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A Reverse Mortgage Loan Is a Major Decision That Might Involve Family

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Did you ever get the feeling that maybe you should rethink your position just before a deal is closed, then later regret not acting on the feeling?  If you have, you experienced what people in sales refer to as a “moment of objective clarity.”  You are referred to as a mook once you leave and your money is securely in their hands.  A mook is a person who subconsciously knows that they are being taken for a ride but cannot pinpoint why and therefore sign the deal and leave happy on the outside and wondering on the inside.  Being a mook is caused by a lack of complete research on the buyer’s part and can be avoided.

Prepare a Contrasting List

If you are considering a reverse mortgage loan, you might want to stop and take a good long look at the reverse mortgages pros and cons before you proceed.  Pros and cons refers to a list that you could make that has the positive and negative sides to each point of anything, whether it be the advantages or reverse mortgage disadvantages.  This type of life changing decision warrants a good long look.

Getting What We Wish For

A reverse mortgage is an important step in your retired life that could be the answer to a prayer.  We all wish that we will have a comfortable retirement t look forward to but sometimes, you get what you wish for and that could come back and bite you or your heirs if you do not have a firm understanding of the reverse mortgages disadvantages.  Understanding what is good about a reverse mortgage is easy.

Avoid Being a Mook

The Internet is the perfect place to start your search into a reverse mortgages pros and cons.  Have a pencil and paper at the ready when you conduct your search and dust off that printer.  Knowing all the facts is what it is all about.  Discuss your pros and cons list with any family that has a stake in your decision and be especially prepared with the reverse mortgage disadvantages.  You know that they will want to know about that.  Don’t be a mook.  Do your research.

Interhitance Advance and your Taxes

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Nothing feels worse than when a loved relative passes away, especially when you have money problems during that time. Even thought you’re getting a nice chunk of money, there are tax issues that you’ll have to work out and put money away to prepare. The best thing that you can do to ease the burden during this difficult time is to get an inheritance advance. Unlike bank loans, an inheritance advance gives you all the money you need, with no waiting on a bank to approve your request. In order to qualify for a bank loan you have to spend days waiting on people to look over your credit, financial and work history, prior loans, and a hundred other things before they can even think about lending you the money that you need. But an inheritance advance company only needs proof that you are going to receive an inheritance; and they can get you that money quickly and efficiently.

Inheritance Advance and Loans Will Create Tax Issues

The worst part about having to take out a loan is that huge cloud of debt over your head. It seems that banks are just out there to take advantage of us at every turn. You are going through some rough times; why can’t they take it easy on you and give you a loan with some decent terms? An advance on your inheritance makes all of these questions go away. You get the money you need up front; there are no monthly payments, and when the inheritance finally comes through; the money goes to the company who gave you the advance. It’s so simple!

You have options when it comes to getting your inheritance money when you need it. A bank will tell you that a loan is more secure and that the agreement protects you as well as them. Do not go with a bank. You want your money without the complications from a loan. An advance will get you what you need when you need it.