Things To Know Before Mortgage Loan Application

One of your goals is probably to acquire a home. One of the ways you can make your dream come true is by taking a mortgage. However, purchasing a home on mortgage goes beyond finding a house and signing a deal with the seller. Your lender must approve of you. The process can be daunting for first-timers and those who are unprepared.

Qualifying for a mortgage requires some careful planning. You need first to arm yourself with knowledge before you start the mortgage application process. Here are things your mortgage lender or broker probably wants you to know before starting the home loan application process.

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Know Your Needs

You need to understand what you need before talking to a mortgage broker in Ontario or starting the application process. Lenders want applicants who have a standard of materials. Some of the things that your lender probably requires are two years’ worth of tax filings a month of a recent pay stub from a buyer to be listed on loan. Your lender might also require bank account statements of at least three months.

Pay Off Debt

You can lower the ratio of your gross and net income by paying off debts, such as car loans or credit card debt. Usually, lenders don’t like applicants who have committed a significant percentage of their income to loans. You need to have an excellent financial status that will appeal to your lender so that you can get the best rates possible.

A Credit Report

The first thing that any lender would want to check for when applying for a mortgage is your credit. You should prove your creditworthiness to your lender so that you can enjoy the most favorable rates. Therefore, you need to make sure that your credit report is accurate and that the scores are correct. You can apply for a copy of your credit report beforehand.

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Do Your Homework

It would pay if you did your research well before applying for a mortgage. You are looking for a home and at the same time, making a financial commitment that you will probably live with for years. As such, you need to get the best deal possible. You ought to research brokers, loans, and rates before committing to anything.

Now that you know the things to bear in mind when applying for a mortgage, you can make an informed decision. You also increase your chances of getting approved for a mortgage and owning your dream house. Don’t forget to talk to an expert for further guidance.

How To Make The Most Out Of Shopping On Black Friday

This is a sponsored post in partnership with Intellifluence. All opinions are 100% my own. 

It is absolutely crazy to think that the holiday season is practically here already. I tend to try to get a list made of all of the upcoming events, and make a gift list for friends and family. Of course it is super important to set a budget and stick to it. One of the best ways to purchase holiday gifts is by taking advantage of Black Friday 2020 deals.

For years, I have always made Kohl's my number one stop for gifts. I would make sure I previewed the Black Friday deals ahead of time, so that I could make a categorized list. Kohl's always has extra coupons and savings, especially at specific times for Black Friday.

I have been able to purchase most everything on my list at Kohl's including clothing, accessories, pajamas, holiday decor, and gift wrap. The prices are so good, that I can be extra generous with my gift-giving. It's also a great time to stock up on clothes for the winter. I have found that the Black Friday prices have always been better than those lowest prices of the year sales.

A few things to keep in mind if you are heading out to do your Black Friday shopping:

• Be organized. Bring your list and stick to it. Don't forget any paper coupons you might have. 
• Carry cash in several places, not just your wallet
• Use the buddy system. Do not shop alone! It's important to have a family member or friend with you in case things get too overwhelming. 
• If you are headed out in the early morning hours, eat breakfast or bring some snacks in your bag. Include some bottled water. 
• Wear comfortable shoes and dress in layers. It is easy to get overheated in busy stores, so layers are essential. 
• Carry a cross body style bag so that you can monitor your wallet, cash and credit cards more closely. 
• Keep your phone handy in case you have to do some quick addition of your purchases so there's no surprises when you get to the register. 

Photo by freestocks.org on Unsplash

Black Friday shopping can be a fun experience if you are with the right people. I have always enjoyed the thrill of the hunt for great deals with my husband. He is super patient and helps me narrow down choices, and carries my bags. If you plan on heading out on Black Friday, make sure you stop at Kohl's. If in-person shopping isn't your thing, you can always shop online. Either way, happy shopping! 

Tips to Help you Cut your Tax Bill

If you receive an unexpected tax bill it can potentially bring on a lot of stress. There are a few things you can do to cut your bill legally. However, you might need to put a bit of effort in but it could be worth it.

Photo by Sabri Tuzcu on Unsplash

Adjust your W-4
This is the form that you need to hand to your employer. This form tells them how much tax they need to withhold from each pay check.  If you have a big tax bill looming, you might be able to raise the withholding until the next tax year.  If you received a large refund, you could reduce the withholding. This will mean you’re less likely to be living on less money.

Fund an FSA
Did you know that when it comes to your personal taxes you can add tax-free dollars to your FSA every single year? If your employer offers you a flexible account you could use it to your advantage. The latest limit is $2,700 and some employers might allow you to carry around $500 over to the next tax year.

Save Money for College
If you would like to save money so your child can go to college, you could potentially reduce your tax bill. Consider making contributions to your 529 plan. You won’t be able to deduct the contributions on the federal income taxes. However, you could deduct them on your state return. This is only the case if you are putting money into your state’s plan.

Photo by Sharon McCutcheon on Unsplash

Record Your Medical Expenses
If you have had dental care or expensive medical treatments, you should keep hold of your receipts. You can deduct any expenses that are 10% or more than the adjusted gross income for that year.  Let’s imagine that your income is $50,000. You would be able to deduct anything beyond the first $500.

Work on Your Timing
There can be a huge difference between doing your taxes on the last day of December and the first day of January. If you think you have an expense looming try to pay it this year rather than the next. So, for example, having that tooth extracted now means you could meet the medical expenses threshold. If you were to wait until next year you could lose out on your deductions.

Donate Your Money
When you donate money to charity those contributions are often times deductible. What’s more, is those donations do not always have to be in cash. If you have donated household items, food, or clothing you could have a lower tax bill. However, you will need to make sure that you got a receipt for your donations and they went to a recognized charity.

It is possible for you to reduce your tax bill, you just have to take some extra steps. By implementing those things, it can lead to you paying less in taxes every year. Follow the above tips and you’re less likely to get an alarming tax bill.

Shop Using Shipt Delivery From BI-LO (Giveaway)

This is a sponsored post in partnership with Shipt + BI-LO. All opinions are my own.

Hi guys! You might have caught a post I posted a couple weeks ago regarding BI-LO partnering with Shipt delivery service, to bring your groceries and household items straight to your door. It's so convenient being able to order your groceries from your office, sitting at soccer practice, or from the comfort of your home.

Well, I have some other exciting news! One lucky Mom Files reader will win a Shipt membership valued at $99. You will have the convenience of getting same-day delivery from BI-LO. Enter below!

a Rafflecopter giveaway

This giveaway is open to BI-LO customers only and ends on November 17, 2019. For BI-LO locations, please visit BI-LO.com. Must follow rules in Rafflecopter. One winner will be chosen randomly. Mom Files is not responsible for any lost or stolen prizes. Good luck!

3 Best Places to Visit in Europe This Winter

If you love to travel, then planning your next trip will be almost as exciting as actually being on your next trip. (Hey, we said almost!) While many people want to travel somewhere warm and tropical during the colder months, some people are looking for their perfect winter destination. This might be picturesque snowy towns known for their ski resorts, or it might be visiting some incredible cities while they’re decorated for the season. And all of this can be found in Europe.

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Visiting Europe during the winter months shouldn’t be immediately rejected. The cities (and popular tourist spots) will likely be less crowded, flights and hotels will likely be cheaper, and there are plenty of seasonal offerings and decorations to enjoy. Holiday markets and events are common, but you’ll be able to find seasonal events wherever you go. Plus, all of the beautiful lights and decorations will put you in a happy and festive mood, and they might just make your travels that much better.

Here are the 3 best places to visit in Europe this winter:

1. Prague, Czech Republic
Prague is a wonderful place to visit in the winter because there’s so much to do during this festive time of year, from visiting seasonal markets and events to taking in all the festive decorations and picturesque scenery. If you visit in December or early January, you absolutely must check out the city’s Christmas markets at Old Town Square and Wenceslas Square (but there are even more around the city). There you’ll find seasonal ornaments, trinkets, keepsakes, souvenirs, and plenty of hearty foods and drinks.

Want to experience a real-life winter fairytale? Head to the Prague Castle to learn more about the city’s history and admire some incredible art and architecture. To escape the cold, check out museums like the Kafka Museum, the Národní museum, The City of Prague Museum, and the Museum of Decorative Arts in Prague. And when you’re done, relax with some Czech beer or a glass of wine and a big bowl of goulash.

2. Paris, France
Paris receives tens of millions of tourists per year, and the warmer months are the most popular times to visit. Why not escape the crowds and visit one of the world’s most romantic cities during the winter? Sure, it’ll be cold, but if you’re lucky, you might get to see this beautiful city covered in snow. With seasonal lights and decorations, it won’t be a sight to miss.

Besides visiting all of the usual stops in Paris like the Louvre Museum, the Eiffel Tower, the Musée d'Orsay, the Arc de Triomphe, Cathédrale Notre-Dame de Paris, and Montmartre, you should also check out some of the city’s seasonal offerings. Christmas is very popular in Paris, so it’s safe to say that the city goes all out. Check out the shop decorations along the Champs-Elysées, go ice skating at the Eiffel Tower, head to one of the many Christmas markets, or see the decorations at Disneyland Paris. Even if you don’t celebrate the holiday, seeing all the colors and lights will surely make you feel warm and fuzzy inside.

3. Stockholm, Sweden
If you’re able to handle the much colder temps up north, then you must give Stockholm a chance. It’s another picturesque winter destination, and it’s full of exciting things to do, even in the winter. There are numerous Christmas markets to check out, but one of the most popular is the one in Gamla Stan, the city’s old town. Indulge in sweets and meats, sip some festive glögg, and take home some festive crafts and souvenirs. At night, there’s even the option to take a walking tour by lantern light where you can see the sights and learn about Swedish traditions.

For museums, you must check out the ever-popular Vasa Museum, which houses the world’s best-preserved 17th-century ship. For some great food, go to the Östermalms Saluhall, an indoor food market. And if you’re ready to get out and brave the cold again, take a boat ride or hit up one of the area’s many ski resorts.