If you’re trying to get a good deal on Kansas City mortgage rates, you may have heard that you can buy points on your mortgage. Essentially, you are “buying down” your mortgage rate. But is this the right move for you and when should you do it? [Read more…]
Beginning July 1, 2017, credit bureaus like Equifax, TransUnion, and Experian will no longer collect tax lien and civil judgement information in order to calculate credit scores – especially if the information doesn’t provide complete details on the consumer like their name or date of birth, and public records aren’t checked for updates every 90 days. According to USA Today, the change is meant to “ensure that consumer identifications in the data are accurate and current.” [Read more…]
Pat really does above and beyond the service a lender provides. He’s always on top of things with clients and the realtors he works with. He’s not only on time with deadlines but he’s ahead on most everything. Cornerstone and his clients are lucky to have him! Team Coleman with Hermann London
Whether you are applying for a home loan, getting pre-approved, or selling a home, keeping accurate records is an important part of financial responsibility. Accurate records will help you provide evidence about a past event like a home purchase in case of emergency or you need proof of ownership.
Why Keep Accurate, Organized Records?
According to the IRA, keeping accurate, organized records is an important part of:
- Preparing financial statements
- Disputing claims or errors
- Showing lenders that you can make your payments
- Identifying and confirming your income sources
The best way to organize your records is by keeping them in their own separate files by category and then the year for easy access. For example:
- Health Records, which cover documents like insurance policies, bills, prescriptions, and life insurance.
- Financial Records, which cover documents like bank statement, taxes, and loans.
- Home/Property Records, which cover documents like mortgages, deeds, and property tax information.
When organizing your records, keep them in a safe, secure place like a lockable filing cabinet or fireproof safe. In cases of records that are difficult to replace, like titles and deeds, put them in a safety deposit box.
Make Sure Statements & Other Records Are Accurate
When you receive statements and other records, remember to go through them to make sure that the information presented there is accurate. If you find an error, talk to your financial advisor and the party is responsible for issuing the statement about getting it corrected. If you don’t, it will negatively affect you in the future if you wish to purchase a home.
Save Your Records
Keeping records is a critical part of making large purchases like a home or filing claims, among other financial decisions. You may have heard that you should keep records for up to seven years, which is good advice. However, different records require different periods of time until they can be safely destroyed. For example:
- Taxes, some credit card statements, and property records can be kept for up to seven years.
- If you have IRA contribution records, keep these records indefinitely to prove that you’ve paid taxes on the money.
- Bills like utilities can be shredded after one year, but bills for larger purchases like jewelry and electronics should be kept permanently in case of loss or damage.
- After you have sold a property, you should keep records relating to the property “until the period of limitations expires for the year in which you dispose of the property,” according to the IRS.
- Home inventories should be kept indefinitely and updated every six months.
Keep Backups Of Those Records
If you are not keen on disposing of old records but don’t have the room to store them, it is advised that you back them up to an electronic file or by making scans. By keeping backups of your records, you will have access to them in case the originals are lost.
Safely Disposing Of Records
When it is time to dispose of a record, it needs to be done correctly and safely. In doing so, you will be protecting your personal information from thieves:
- Paper records should be shredded or incinerated. If shredding, opt for shredders that produce “confetti”. These pieces are smaller and cannot be put back together like strip shredding .
- Digital records should be “sanitized” either by physically destroying the storage medium (like a CD), degaussing, or overwriting the data.
While more convenient to store, digital records are harder to destroy since hitting “delete” doesn’t actually destroy the information–there are backup files that can be dug out and recovered with file recovery programs. If you are unsure how to safely destroy digital records, consult a reputable IT professional.
Kudos to you and the team! You guys were amazing and I can not sing your praises high enough. I actually have a cousin who is in desperate need of a refinance. She does not understand the finance world and I know you could guide her in the right direction. Satisfied Customer
When you close on your home, you will be paying around 2 to 6 percent of the purchase price in closing costs, or fees paid to third parties for their services. Lenders are required by law to provide you with an estimate of how much these closing costs will cost you so you know what to expect. [Read more…]
The best part is every time I called and head a question on thing I didn’t understand they made sure they gave me answers and explain them self until I understood. That is a huge thing when signing a long for 30 years. Satisfied Customer
The best part was the personal service and vast knowledge Tony has. Also his willingness to help with whatever you need. Satisfied Customer
Glen was very easy to reach and work with. Satisfied Customer
Norma was nice to me and answerd all my questions and so was Lisa. She helped me get everything together. Satisfied Customer