Mortgage Rate Update
Don't Wait for a Tax Return - Get That Money Now for Holiday Shopping
This time of year, millions of Americans find themselves wondering how they're going to pay for everything on their holiday shopping lists. Wouldn't it be nice if you had your tax return money now so you can use it for holiday spending? In a way, you can.
The IRS allows you to increase the number of dependants on your W-4 withholding form, meaning that less will be withheld for taxes from each paycheck. In the past, if you claimed greater than nine dependants, an explanation and approval may have been required. But the IRS has lifted this restriction. This lets you have more money in each paycheck instead of "loaning" the money to the IRS and having to wait for a refund.
But don't go overboard. You should only lessen the periodic tax withholding to match the expected refund. This way you are taking your refund as you go; instead of letting the IRS hold on to it.
Before you make the changes, consider visiting the IRS Withholdings Calculator to see how a change will impact your paycheck. Just visit www.irs.gov and type "Withholding Calculator" into the search bar at the top.
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Mortgage Interest Rates for Fixed Rate Mortgages*
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Rates as of Thursday, 12th November, 2009:
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Term
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Conforming
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APR
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Payment per $1,000
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Jumbo
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APR
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Payment per $1,000
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30-Yr. fixed
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360
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5.000%
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5.131%
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$5.37
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5.250%
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5.339%
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$5.52
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15-Yr. fixed
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180
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4.500%
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4.723%
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$7.65
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4.875%
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5.026%
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$7.84
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7-Yr. fixed ARM
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360
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4.250%
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4.375%
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$4.92
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5.500%
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5.590%
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$5.68
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5-Yr. fixed ARM
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360
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4.000%
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4.124%
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$4.77
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5.375%
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5.465%
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$5.60
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3-Yr. fixed ARM
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360
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4.375%
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4.501%
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$4.99
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5.375%
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5.465%
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$5.60
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FHA 30-year fixed
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360
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5.000%
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5.131%
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$5.37
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5.250%
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5.339%
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$5.52
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*Rates are subject to change due to market fluctuations and borrower's eligibility.
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New Jersey: Licensed by the N. J. Department of Banking and Insurance.
Delaware: Licensed Lender by the Delaware Office of the State Bank Commissioner.
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Karl Peidl
Pleasant Valley Home Mortgage Corp.
305 Harper Drive, Suite 3
Moorestown, NJ 08057
856-252-1224
kpeidl@pvhmconline.com
www.karlpeidl.com
www.pleasantvalleyhomemortgage.com
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