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Mortgage Rates!!! Purchasing!!! Inheritance Money!!!

By
Mortgage and Lending with VanDyk Mortgage Corporation


What to Do With an Inheritance

According to the AARP, the median amount of today's inheritance is about $64,000. While that won't provide financial security for life, it is a lot of money and, therefore, requires careful planning before deciding what to do with it. The following tips can help you manage an inheritance.

Step One...Do Nothing: Remember, you've just lost a loved one, you're receiving a sizable chunk of money, and your judgment may be clouded by emotion. Rather than make a decision you'll regret later, put the inheritance in a money market or savings account to keep it safe while you take time to make a plan.

Check the Tax Laws: Some inheritances are tax free, but some are subject to federal and state taxes. So, diligently record what you inherited and when...and check the tax laws before you decide what to do with it.

Stick to Small Wishes: Many people dream of a vacation home or taking a luxury cruise around the world. Receiving an inheritance may make those dreams seem within reach. Often, however, they're not realistic for your overall lifestyle and budget. So keep the splurging to a small gift for you or your family. Keep the big picture in mind for the rest of the money.

Invest as Usual: Instead of thinking of your inheritance as "found money," treat it like the rest of your investments. Determine which options and risk-level make sense, based on your entire portfolio and future plans.

Mortgage Interest Rates for Fixed and Variable Rate Mortgages*

Rates as of Monday, 1st February, 2010:

 

Term

Conforming

APR

Payment per
$1,000

Jumbo

APR

Payment per
$1,000

Arm Reset Term

30 Year Fixed Conventional

360

5.25%

5.29%

$5.52

%

0.000%

$0.00

-

20 Year Fixed Conventional

240

5.25%

5.29%

$6.74

%

0.000%

$0.00

-

15 Year Fixed Conventional

180

4.625%

4.983%

$7.71

%

0.000%

$0.00

-

30 Year FHA

360

5.25%

5.299%

$5.52

%

0.000%

$0.00

-

30 Year VA

360

5.375%

5.41%

$5.60

%

0.000%

$0.00

60

5/1 ARM Conventioanl

360

4.5%

4.63%

$5.07

%

0.000%

$0.00

36

*Rates are subject to change due to market fluctuations and borrower's eligibility.

 

Copyright 2009 by Pat Killeen, All Rights Reserved.

  

 

Pat Killeen

Mortgage Advisor

Vandyk Mortgage
11408 Shelbyville Road

Louisville, KY 40243

(502) 708-1929 Office

(502) 805-0656 Fax

Email:  pkilleen040@vandykmortgage.com

Web:  http://www.4vandyk.com/branch40

Copyright 2010 by Pat Killeen, All Rights Reserved - "Mortgage Rates!!!   Purchasing!!!  Inheritance Money!!!"