Home Buying Tips and Financial Resolutions for 2010
It's that time of year again when Ilyce give you her home buying tips for the new year along with her personal financial resolutions for 2010.
Moving And Applying For A Mortgage Without A Job
If you are moving to another state, and looking for a new job, wait until you have found that new job before applying for a mortgage and buying a new home. In the current economic crisis, lenders are more cautious about approving mortgage loans. Lenders will require extensive documentation and will require confirmation from your employer of your status of employment. Make sure you talk to a mortgage lender or mortgage broker about your move and job prospects before buying a new home or applying for a mortgage. Or you may find you're unable to get to the closing table.
Value Of Old Stock Certificates
An old stock or bond certificate may still have some value to collectors. There are several resources for researching your old stock certificates to learn more or find out if they have any value. A quick Google search can also provide information about a company you still have a stock certificate for.
Being Smart About Inheritance Funds
Making good financial decisions with an inheritance can have a major payoff. Using the inheritance to pay off debts and create an emergency fund is a good start. A 529 college savings plan can be used for the inheritance to be stocked away for college.
Financial Planning: Save Money But Spend A Little
Financial planning and saving money is the responsible way to prepare for the future. But sometimes too much financial planning and saving money can be a bad thing. Don't let your financial planning get in the way living a happy life.
Property Cost Basis Stays Same In Divorce
When divorce happens, one spouse will often buy out the other spouse's interest in a property and will then own the property at the same cost basis at which the couple originally bought it. Some property buyers may think that the cost basis would increase and if they went to sell the property they'd pay lower taxes, but that's not the case. When parties decide to divorce and there's a property transfer it's useful to consult an accountant to understand the tax implications of transferring a property with a certain value.