changing tax laws - are you up-to-date?

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changing tax laws - are you up-to-date?

Taxes are a complicated subject and making the slightest mistake could end up costing you quite a bit in penalties. Do you spend time each year keeping up with the changing tax laws? These laws change more often than you might think. Before you consider filing your taxes on your own, stop and think about what it will cost you to have them professionally prepared versus paying the penalties for making mistakes. My site includes information about the ever-changing tax laws as I know them to be now. The information here is only meant to guide you to making the best possible decisions for your personal situation.

Ready To Buy A House? 3 Ways To Make Sure You Get The Mortgage You Want

If you are ready to purchase a home, you are going to want to make sure that you are able to secure a mortgage at an affordable rate that works with your budget.

#1 Check Your Credit Score

When you know you want to purchase a home, the first thing that you need to do is check your credit score. You can get one free copy of your credit report each year from each of the big three credit reporting agencies. When you get your credit report, you want to make sure that all the information on the credit report is accurate. Make sure that your name, address, phone numbers, listed accounts and payments are all correct.

If you find errors, you are on top of the game. Get in contact with the credit bureau and see what you can do to fix these errors. This is sometimes a quick process, and other times can take a while.

#2 Improve Your Credit Score

If your credit score is lower, you are going to want to spend some time improving your credit score before you apply for a loan. You can improve your credit score by making all of your payments on time for your loans, credit cards, and bills. You can also improve your credit score by paying down the debit that you are carrying on all of your credit cards. You can also pay off any small loans you are carrying as well, or greatly reduce the amount that you owe on them. These smart financial steps will help you improve your credit score, which will help you secure a mortgage. The better your score, the better interest rates you should be able to score.

#3 Save Up Some Cash

You are going to want to save up some cash. It is smart to have money to put down a down payment. If you are looking to qualify for a government loan, you need to save a lot less for a down payment than if you are going for a traditional loan.

You are also going to want to save up some extra cash as well. If you go into the bank and have enough money to put down 20% on a home and still have enough cash to afford your mortgage payment for a few months, this can really help you out.

In fact, if you have a poor credit score, having a big savings account can help offset having a low credit score. A big savings account will show the bank that you are an active saver and should be able to pay them.

When you want to get a mortgage, the first thing you need to do is take a look at your credit card, make sure that it is accurate, and work to improve your score while savings the money you need for a down payment.

Speak to local mortgage services for more help.