Expect Tax Refund Delays



In late December 2007, Congress decided to freeze the expansion of the Alternative Minimum Tax (AMT), an outdated tax law from 1969. While this was great news for some 25 million tax payers, the late date of this congressional action will reportedly create major delays in the processing of tax returns and, more importantly, refund checks.

As you might expect, the IRS had already prepared its tax packages and computer programs to reflect the 2007 tax year by the time Congress made its decision. Because of this, the IRS has said that it cannot process certain AMT-related tax forms until February 11, 2008, which could result in an estimated 13.5 million refund delays.

The forms are:

8863, Education Credits
5695, Residential Energy Credits
1040A's Schedule 2: Child & Dependent Care Expenses
8396, Mortgage Interest Credit
8859, District of Columbia First-Time Homebuyer Credit
If you need advice on how to proceed with your 2007 tax returns, give us a call. We'll make sure you get the assistance you need to reach all of your financial goals and needs.

Frequent "Liar" Programs



On December 31, 2007, United Airlines' Mileage Plus program slashed its mileage-expiration policy from 3 years to just 18 months, continuing the recent trend begun by other major airlines, such as American Airlines and Delta. This means that going forward your miles will expire after only 18 months of inactivity. To make matters worse, this change is retroactive. This means that your miles may have already expired and you don't even know it!

If you're looking for ways to keep your frequent flyer account active without actually having to fly anywhere, there are several easy ways customers can do this, according to United Airlines:

Use or sign-up for a Mileage Plus Visa credit or debit card.
Purchase products or services from travel and retail partners.
Use miles for merchandise, hotel stays, and dining.
Transfer miles to another Mileage Plus member.
Donate miles to the Mileage Plus Charity Miles program.

Know the Codes for Big Savings



Each year, more and more people turn to the Internet to do their holiday shopping, and last year was no different. According to Forrester Research , US online retail sales over the holiday season alone grew 11% over the previous year, for a total of $33 billion.

This year, if you're planning to shop online and add to these incredible figures, do not buy anything without first checking out RetailMeNot.com, a great website that offers coupons and promotional codes that could save you big on the things you were already going to buy. The site offers more than 50,000 codes and coupons at any one time, so there's a good chance they can save you money on whatever you need. Also, be sure to check out Current-Codes.com and CouponMountain.com, similar sites also recommended by Kiplinger's Personal Finance magazine.

Clean Up Your Credit or Forget It



Just when home prices and interest rates are really starting to look attractive, Fannie Mae and Freddie Mac announced increased delivery fees and new Loan-Level Price Adjustments, making credit much more expensive for potential homebuyers and homeowners looking to refinance. These increased fees are mandatory and have nothing to do with your mortgage professional. They are simply Fannie and Freddie's way of recouping losses associated with the recent rise in delinquencies and foreclosures. Under Loan-Level Price Adjustments, additional costs are assessed to mortgages based solely on FICO credit score ranges that fall below 680. In the mortgage industry, this is called risk-based pricing, and it can really add substantial costs to a mortgage if borrowers aren't credit ready.

If you or someone you know intends to take advantage of the low home prices and the lowest mortgage interest rates in years, please call us right away. We'll get you a copy of your credit score and see what, if anything, needs to be done. Sometimes small changes to your credit profile can yield big results that could save thousands of dollars on your mortgage. Other times, professional credit repair may be required, and this process could take up to six months to reach the scores you need. If you'd like more information about these new fees or a free copy of our informative Consumer Credit Scoring Booklet, just contact us.

Pamela DePristo
Senior Loan Officer
pdepristo@houseloansok.com
www.iwillworkforyou.com

Alert

Good evening,

I just wanted to let everyone know that rates hit an all time low (within the last 24 months) this afternoon.

If you are interested in me running a free rate review for you or any of your family members please let me know!

They can visit my web site at www.iwillworkforyou.com and within 24 hours I will have an updated rate quote to you.


Thank you again,

Pamela

Seek a Qualified Mortgage Consultant to Ensure the Best Results

For immediate release January 10, 2008

Seek a Qualified Mortgage Consultant to Ensure the Best Results
Home Buyers Face Decisions that Affect Their Long-Term Financial Picture

By Pamela DePristo, Senior Loan Officer
Power Mortgage and Financial Solutions

MARTINSBURG, WV – Taking the step into home ownership is one of the most important financial decisions a person will make in their lifetime. There are many factors to consider when embarking on this venture. Literally hundreds of loan programs are available, and it is important to find the one that best fits your personal long-term goals.

First and foremost, you must have a mortgage consultant in your corner that is willing to take the time to know what your long-term goals are. Communication is the key factor here.

Curious prospective home buyers sometimes turn to Internet-based services just to see what current interest rates are. But a faceless web site will not take the prospect’s future financial planning into consideration or guide the potential borrower through the many nuances of the loan process. When shopping for a home loan, be wary of web-based services that offer programs to reel prospects in with attractive rates that are based upon unrealistic time frames.

If a lender is offering a terrific rate based on a 10-day lock-in period, it is unlikely that the potential home owner would actually be able to find their dream home, get through the negotiation process and win approval from a lender within such a short period of time. This is called short-pricing, and when it comes time to close the transaction, the rate that was originally offered is simply no longer available. As a result, the unfortunate prospect is bulldozed into a loan program with a higher interest rate.

It is highly unlikely that a qualified loan originator whose business is based upon referrals will use unscrupulous tactics such as this to get new customers in the door!

Once you have found a mortgage consultant that you feel comfortable working with, lay your goals out on the table because it will have a tremendous impact on choosing a loan program that meets your specific needs. One of the most important factors to consider is how long you wish to borrow the money for. For example, if you know you will only be in the home for five years, it wouldn’t make sense to opt for a 30-year loan program or pay points up front to secure a lower interest rate. You would not be in the home long enough to benefit from such action.

Your mortgage consultant should be able to narrow down a selection of programs based on the information that you have provided, and present you with an easy-to-read spreadsheet that clearly defines viable options for your interest rate and amortization schedule, monthly payment and any potential savings you may realize by paying points up front.

Moreover, a reputable loan originator will not hesitate to share this information with your tax consultant or financial planner so they may offer additional feedback on your behalf.

Home ownership imparts a rewarding vehicle for building wealth and a strong financial future. The mortgage consultant that you choose should be there not only when your loan closes, but should also provide you with ongoing service to assist you in managing that debt over time.


Pamela DePristo is affiliated with Power Mortgage and Financial Solutions, a Licensed Broker, WV Department of Banking. To obtain a free copy of DePristo’s Home Buyer Handbook, email her at pdepristo@houseloansok.com or call her at 304-262-LOAN..


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SUBMITTED BY:
PAMELA DEPRISTO
iWillworkforYou.com