Kieber: New Year’s mortgage resolutions (column)
The New Year has begun. The past year is over and hopefully any mortgage mistakes made last year will be remembered to not repeat in the New Year. So here is a list of do’s and don’ts for 2018.
1. Remember that you mortgage payment is due on the 1st day of the month and most likely late after the 15th of the month. Set your payment up on automatic payments on the 4th or 5th of the month. But always check your bank account around the 10th of the month to make sure the funds have left your account.
2. Review your home owners insurance. Not only look at the cost of the annual premium but also the coverage. Do you need to add any additional riders to cover jewelry or fire arms? Have a conversation with your insurance agent to make sure you are adequately covered.
3. Check your credit. There are numerous companies that you can get your credit report from on line. Check for correctness and if there are errors work on getting the corrected. Remember that no one else is going to know your credit history as well as you do and no one else will work on getting errors corrected. Do not wait until good credit is needed to get any errors corrected. It just may be too late to make those corrections.
4. If you are considering a refinance or buying a new property contact your friendly mortgage banker well in advance to discuss your plans. Too often some wait until the last minute to learn their credit is in need of resuscitation.
5. Consolidate your bank accounts and credit cards. Do you really need six or eight bank accounts and the same number of credit cards?
6. Make sure your Federal taxes have been filed. If you have an accountant and or tax attorney let them know of your refinance or purchase plans. The mortgage baker may need to contact them for additional information and let them work as a team for your benefit.
7. Finally, set up a decent filing system to keep track of your Federal tax documents, retirement account statements, Bank statements and any other important documents. This also can include divorce decrees, documents on real estate recently sold and receipts form inheritances.
Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.