The new year is a great time to take a look at your finances to ensure that you’re ready to reach your investment foals for the coming year. Here are a few suggestions to get you started on assessing your situation:
- Reassess your mortgage and make sure it suits your current financial situation. Salary and cost of living fluctuations over the year can affect your monthly cash availability. Consider refinancing for better rate terms if the opportunity becomes available this year.
- Order a copy of your credit report and look for any errors. Mistakes on your report could significantly affect your ability to obtain a loan increase the rates you pay. Follow up with the companies to correct any errors and notify the three main credit bureaus (TransUnion, Experian and Equifax) once fixed.
- Review your insurance policy coverage and shop other companies to see if you qualify for a lower premium. Make sure your policy adequately covers your home’s value, condition and any improvements you’ve made over the years.
- If you’re thinking about buying a home this year, start planning now. Cut out the unnecessary spending in order to pay off any debt and to save up for emergency/repair expenditures. If selling your house, speak with an Real Estate Broker about making smart improvements to your home that can help you get the best return.