Columbia SC credit repair is very important these days. Good credit can ensure you get a preferred interest rate when you borrow and it's important to landlords when you rent. Insurance companies and prospective employers are using credit scores more and more. Because it's such a hot topic, if you have credit blemishes or bad credit, getting that fixed is receiving more attention than ever before.
Tips for Columbia SC Credit Repair
Taking the necessary steps to improve or repair your credit can be something you undertake yourself. Still, others use the services of credit repair professionals. If you choose to work with a Columbia SC credit repair agency there are things you should know.
Some so-called "professionals" aren't totally legitimate. They will try to talk you into starting a new credit file by getting a new tax ID number, the equivalent of a Social Security number for businesses. Don't do it. It's downright illegal.
In addition, don't dispute all the bad marks on your credit history. When you do that, the credit bureaus are obligated to remove them from your report while they're being investigated. With those items temporarily off your report, some people will apply for new credit accounts. Don't do that, either. It's fraudulent and can lead to additional problems including legal consequences.
Another often used trick of the unscrupulous credit repair trade is to charge upfront to repair your credit. Don't fall for that. It's against the law. The law says the services have to be performed prior to being paid for them.
One last Columbia SC credit repair tip: if an agency says only they can do things that you can't, don't buy it. If you're being promised a quick fix or dramatic results, you're being misled.
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Columbia SC homeowners insurance on your home can be complex. Because homeowners' needs vary, so do coverages in a home insurance policy. You should take the time to read your policy. Know what's covered and what's not.
Columbia SC Homeowners Insurance: What You Should Know
Most people assume they're covered by most catastrophic events like fires or tornadoes. But what about a flood? That's a catastrophe, right? Yes, but you're probably not covered unless you have a separate flood insurance policy.
It's estimated nearly 32 million U.S. homes don't have appropriate homeowners insurance. Some have too much coverage, some not enough. Others don't have the proper type of coverage. That's where reading your policy comes in. You should review it at least once a year when it's time to renew. Let's look at a few helpful tips.
How much coverage should you have? Your home's protection can be summed up in three areas: the structure, its contents and your liability.
Structure
This type of coverage is the cost to replace or rebuild your home if it was declared a total loss as a result of a covered catastrophe. Columbia SC homeowners insurance adjustors factor in the current cost of materials when assessing a loss. You should have an idea, too, in the unlikely – but possible – event of a total loss.
Contents
Coverage limits for your home's contents are usually calculated between 50-70% of your home's value. Again, if you suffer a loss of your contents due to a covered peril, your policy will pay to repair or replace them. Figuring the amount of coverage is a little tricky. Many high-value items carry a cap limit of $1,000-$2,500. What that means is that if you had a rare painting that was destroyed it may not be completely covered without some sort of additional rider or specific policy.
Insurance experts suggest the best way to make sure you have the right amount of coverage is to make a home inventory list. Itemize your possessions and write an estimated value next to each one. Review the list with your insurance agent and get his opinion as to the best steps to take. You may elect to add what's known as a "floater policy" to cover your more expensive belongings.
Liability
If an accident occurs on your property injuring another person, you could be held liable for their medical bills. The best way to ensure that you have sufficient liability coverage is to discuss it with your agent. Be totally open and honest. For example, if you own a dog, tell your agent. If your dog bites a guest – and such incidents account for roughly a third of all home insurance claims – and your insurance company wasn't aware you owned a dog, they may deny the claim, placing the full responsibility on you.
Additional Coverages
There are several types of additional coverages you can add to your Columbia SC homeowners insurance policy. They can cover detached buildings on your property, additional living expenses such as meals or hotel stays if you have to leave your house as a result of a covered peril.
When you review your insurance policy is up to you, but we recommend the sooner the better. Call your insurance agent today and ask questions, He can assist you in making sure you have the right coverages, the right amount of coverage and if you need to make any additions to your policy. The time is worth the added peace of mind — and financial protection.
Find more articles pertaining to your homeowners insurance under our Columbia SC Insurance Info to your right under Columbia SC Real Estate Categories.
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It's almost time for filing Columbia SC tax returns and the IRS would like you to be aware of some changes before you file your 2015 returns. First, due to the Emancipation Day federal holiday in Washington, DC the filing deadline will be Monday, April 18th this year. When you do get ready to file, consider this.
Filing Columbia SC Tax Returns? Do This
Be aware of the new 1095 form. It requires you to report to the IRS where you obtained your health insurance. The Affordable Health Care Act, also known as Obamacare, introduced three new tax forms relevant to individuals, employers and health insurance providers. They are forms 1095-A, 1095-B and 1095-C. The penalty for not having health insurance has increased substantially this year – to $325 or 2% of your taxable income, whichever is greater. For individuals who bought insurance through the health care marketplace, the 1095 form will help to determine whether you are able to receive an additional premium tax credit or have to pay some back.
Here are a few suggestions to help make filing your Columbia SC tax returns a little easier this year.
1) Make sure you have all of the documentation needed: tax forms, W-2 forms, 1099 forms, deductions, etc.
2) You can download a free copy of the IRS guide that explains tax deductions and other information. There's also information available on the irs.gov website for how you can get help if you need it.
3) Taxpayers making less than $62,000 yearly can file tax returns online – for free. Following these tips and others will help make Uncle Sam a little happier – and it may just make tax season a little less taxing for you.
Columbia SC homeowners are enjoying higher home values and are using their equity to take cash out of their properties by refinancing. Surprisingly, however, they are doing it conservatively –– more than any other time in recent history. A closer look reveals why that may be the case.
"Take Only What You Need" – Columbia SC Homeowners
In earlier times, such as the years leading up to the housing crash in 2008, homeowners regularly used their properties like ATM machines, taking as much cash out as their lenders would legally allow. With values inflated and equity almost non-existent, the amount they refinanced for was high compared to the home's worth. That and other actions led to millions of American homeowners being "upside down" or "underwater" on their mortgages. Ultimately more than 7 million homes ended up in foreclosure.
Since then, lending practices have been shored up dramatically to safeguard against the same thing happening again. In addition, today's borrowers are considerably more risk conscious – and are slower to add debt they don't need. Homeowners are still borrowing against their equity, with 42% of refinances in 2015 being for the purpose of taking cash out, not just refinancing to get a lower interest rate.
For most recent refinances, the average cash-out amount was slightly more than $60,000 and the average LTV ratio was 67%, the lowest level in history. The total amount of equity received through refinances in 2015 topped the $64 billion mark, the highest amount for any 12-month period since 2008-2009. Despite the record amount, homeowners showed remarkable fiscal restraint by not tapping into the remaining equity.
Economists say consumers are saving more now than they did during the years immediately after the housing crash. According to the Commerce Department, the savings rate in December 2015 climbed to the highest level in over three years. In addition, the borrowers refinancing to get cash enjoyed an average credit score of 748 – high for homeowners seeking refinances. This reinforces the position of mortgage lenders being risk-averse, but it's also a sign borrowers are taking only what they need. Simply put, they're leaving money on the table.
While Columbia SC homeowners still have most of their equity intact, they seem to be just fine with that. The memories of financial crises like the housing crash or even the Great Depression has had a lasting, memorable effect on a generation who vows not to go through it again. Plus, since interest rates on savings accounts have been so low, many baby boomers are staring at retirement wondering how they'll manage. Other workers of all ages have learned to look at their finances more cautiously. They've seen high unemployment, and they know the horrors of losing a home to foreclosure.
As a result, Columbia SC homeowners in today's economy take out only what they need when they refinance or get home equity loans. They begin paying it back almost immediately every month. For home equity loans, some banks require amortized payments, but not all do.
Borrowers typically are using their cash equity for home improvements, college tuition and rising health care costs. This is in stark contrast to the borrowers of just a decade ago, when home equity was used to purchase luxury items like boats, RVs, vacations and other extravagances.
We have a lot more mortgage related tips and information for you here.. just click on the Columbia SC Mortgage Info section of articles below Columbia SC Real Estate Categories to your right. We also post mortgage related information frequently on Facebook and Twitter. Be sure to find us there as well.
The Columbia SC home selling arena can be an unsavory and downright scary place sometimes. Especially if you discover your home has issues that could have been avoided before you bought it. While most home sellers and their agents are respectable and above-board, there are those who aren't. Here are four problems some sellers often try to hide from unsuspecting buyers.
Hidden Problems in Columbia SC Home Selling
Pests
Judging a book by its cover is often dangerous. Sometimes a house which appears to be well-maintained can be hiding pests such as carpenter ants, cockroaches and termites that can do damage –– extensive damage. Experts say damages to a home by these and other wood-boring insects can be in the tens of thousands of dollars. One pest control company reports a home that cost $1 million to repair. To head off the headache and heartache, it's best to have a pest inspection before you close on your home. While it's possible a homeowner offering his house in the Columbia SC home selling arena may not be aware the problem exists, it's unlikely. So, get an inspection by a reputable pest control firm for peace of mind.
Water or structural damage
A leaky roof or a problem with a home's foundation can lead to a large outlay of cash to repair. Prior to making an offer on a home you want to buy, do your own personal inspection. Walk through the property and be on the lookout for abnormal foundation cracks, undue settlement issues, unsightly mold or musty odors. Inspect the walls and ceilings for dark spots, damages or recently repaired or repainted areas. That could be a sign there's a problem and the seller tried to repair or otherwise cover it up. Naturally, should you decide to make an offer on the home, you should have a thorough home inspection performed by a licensed home inspector.
Emotional defects
Depending on where you live, sellers aren't required by law to disclose "emotional defects" associated with their home. Emotional defects are events that may have occurred in the house or on the property such as a murder, a death, a suicide or an alleged haunting. If that's important to you and if your state doesn't require disclosure, visit a website such as DiedinHouse.com to search the home's history. It may answer questions about houses on the Columbia SC home selling market.
Aging, energy inefficient home systems
Often the seller may not know the age of the home's HVAC systems or water heater. If that's the case, just ask your home inspection company for assistance. If the seller is trying to hide the age of the systems — or any problems that may accompany them, a home inspector will probably be able to determine the truth.
Lastly, common sense dictates that if you want more information on a home, just inquire about it from the neighbors. They usually have knowledge that may be informative and helpful, especially if you suspect any issues with a house in the Columbia SC home selling marketplace.
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