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Added on the 28/07/2019 13:23:30 - Copyright : Wochit
Paying taxes with a credit card to earn a big sign-up bonus or reward points makes sense for some. You can pay taxes with a credit card through third-party providers, not through the IRS website. Some states, cities, and counties allow you to pay income and property taxes with a credit card as well. Setting up a payment plan with the IRS is safer than using your credit card if funds are tight. Deciding whether it makes sense to pay an extra fee when filing your taxes depends on your card's rewards. You should also consider your ability to pay it off before the next statement due date, says Business Insider.
Going through the mortgage approval process can be tedious, time-consuming, and stressful. But working hard to get a lower interest rate is totally worth it. According to Business Insider, prospective homebuyers should give themselves at least a few months to get prepared for the rigamarole. First, get your credit score up as high as you can. Second, get your debt-to-income ratio as low as you can. Always pay on time, and pay off any credit card balances before applying for a new mortgage. Take at least a six-month moratorium from applying for new accounts as well. Finally, shop around for the best rate that's suitable for your particular situation. Good luck!
Housing prices show no price of dropping, and overall, US wages have remained stagnant for years, if not decades. But according to Business Insider, there are still a few ways one can purchase a home without having to come up with a downpayment--if you're prepared to put in the work. Active and former members of the military can get a Veterans Affairs loan of up to $484,350 in 2019, often with a lower interest rate than a conventional mortgage. This loan requires no down payment and no mortgage insurance--but comes with strict guidelines. The buyer must also pay a 'funding fee,' too. USDA loans help people in rural areas buy homes with zero money down, provided you have a 'low-to-moderate' income and can pay a 1% funding fee. An FHA loan asks for a 3.5% downpayment. However, it requires a credit score of 580 or higher and a debt-to-income ratio below 43%.
Popular in the runup to the housing bust of the Great Recession, a jumbo loan is a mortgage for more than the borrowing limit for regular mortgages. At present, jumbo loans are for mortgages over $510,400 in most parts of the US, and over $765,600 in pricey areas like Alaska, Guam, and the US Virgin Islands. According to Business Insider, jumbo loans can be had--but not easily. Downpayments are typically higher, as are the loan rates. You'll also need to have a low debt-to-income ratio, and excellent credit. Finally, be sure to shop around for a jumbo loan. Rates and requirements vary, so do your research or hire a mortgage broker to do it for you.
Especially in uncertain times like these, the dream of owning one's home free and clear is an enticing one. On the other hand, isn't saving for retirement, or college funds more important? According to Business Insider, if you have the opportunity to pay off your mortgage early, the deciding factor comes down to just one thing: interest rates. If the rate on your mortgage is higher than the rate you'd earn by investing cash in the stock market, pay down the debt first. But before you do that, run the numbers to see if refinancing your mortgage would make sense. If so, you can apply the freed-up cash towards your high-interest debt. Once that's cleared up, pay off the mortgage!
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