Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012
Re: FHA Rules to change around March 31st on Mortgage Insurance!
Yes I thought about adjusting my withholdings as I understand Uncle Sam gets a interest free loan from me every year. But right now I can't change them as I am still on a payment plan to pay the IRS back taxes and they have frozen my withholdings; however, it will be fully paid off with this year's tax refund. I had planned on putting the refund money into savings each year and withdraw from it each month to drop my mortgage payment but it makes more sense to get $300 more a month a no refund. I think I will see what my refund will be after the first year and then adjust my withholdings as I will have the $3600 in savings from my 2013 tax refund and the extra $300 a month coming in starting Jan 2013 but we'll see as I might adjust my withholdings right after I pay my back taxes completely off in the spring of this year. I get a $6,000 bonus from my job every March that goes into savings and I also take $150 out of each paycheck every week for savings as well so it is always growing except for RIGHT NOW as the new car, earnest money, and Christmas has depleted it for the first time in 5 years but my 401K check is coming next week for $5,300 and my bonus of $6,000 is a month and a half away so I am not worried. I just feel naked right now with only $500 in savings right now...LOL! :-) But buying a house is a big expense and it could have been much worse if I didn't get a second mortgage for the downpayment and the builder to pay my closing costs.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014