Jer Blog

Some taxpayers could find a little something extra in their holiday stockings this year. Recently, the IRS reported they are holding approximately $110 million dollars in refunds checks that were returned to them as undeliverable. Use the “Where’s My Refund” tool at the IRS.gov website to find out if you are one of the 115,478 taxpayers whose check was returned as undeliverable. Simply visit IRS.gov and follow the instructions to see if you are due a refund. You may also access the “Where’s My Refund” tool by phone, by calling: 1-800-829-1954. Who knows? You might just find yourself with a little extra shopping money this holiday season!

Here are some neat facts about first time home buyers, according to the National Association of Realtors, Profiles of Home Buyers and Sellers:

• Average age of a homebuyer was 32 years old
• Percentage of home buyers who were ‘first timers’: 40%
• First time homebuyers who were single: 34%
• Average household income is $54, 800

Are you a first time home buyer? Pretty neat to compare yourself with these stats.

Can mean added value to your home, a more pleasurable living space and possibly the need to change your homeowners insurance policy?

According to the Insurance Information Institute, around 40 percent of homeowners, who say they have significantly remodeled their homes have not updated their homeowners insurance to reflect the added value.

You should not wait to add additional coverage after the improvements are completed. Talk to your insurance agent about what your renovations will entail before you begin, and they can help determine if your current policy will cover the added value and potential liability you will need from having workers in your home. Also, you will want protection if the remodel is damaged or destroyed before it is completed. Otherwise, you will probably have to pay the loss out of your own pocket.

You can save yourself a lot of aggravation if take a few minutes to actually figure out how much of a mortgage you can afford. Generally a lender will want your monthly mortgage payment to be no more than 30% of your monthly gross income (before taxes and payrol deductions).

You also need to consider current loan interest rates. The lower the rate, the more home you can afford. Arm yourself with this basic knowledge, and you will be ahead of the game.