The period for repayment of the mortgage is very variable, although the average is about 30 years. There are also deals on the market with maturities that extend up to 40 or 50 years, although the latter are rare.

The applicant’s age plays a key role in determining the period for refunding the mortgage, since the limit is tied to your age at the end of the mortgage. In general, banks now determine the maximum age 75 years for repayment of the mortgage. Thus, if a person is 30 years old to apply for a mortgage could get within 40 or even 45, but not an applicant for 45 years, which would be granted a maximum 30-year mortgage.

Better a short or long term mortgage?
There are ideal repayment terms for each profile, but cannot say that there is an ideal time. This largely depends on the applicant’s income, age and conditions of the mortgage. Here are some tips that will be useful to choose the best repayment term of your mortgage: (more…)

The Department of Consumer Law in New York City has this bulletin on different ideas of how to take advantage of the refund you receive to complete your taxes. These tips also apply to any amount of money you receive might not be part of your monthly income: A panel, double salary, an inheritance, a raise, etc… Here goes:

A tax rebate puts money in your pocket that can help you pay your bills. If you are careful in handling the refund, you can also use it to achieve other financial goals.

Reduce your debt
Debt interest cost money, so if you cut it, eventually it will help save more. If you have loans or multiple credit cards, first pay the debt with the highest interest.

Start an emergency fund
Place a portion of their refund into a savings account to hold funds for emergencies or financial need. (more…)

The IRS has a very interesting newsletter frequently asked questions related to job loss and its relation to taxes, here are the most important guidelines:

The following Questions and Answers provided by the Internal Revenue Service (IRS) to clarify the financial implications related to the taxes faced by employees who have lost their jobs, have provided references for additional information.

“Severance pay is taxable?

Yes, severance pay is taxable in the year you receive it. Your employer will include the amount of these payments on Form W-2 and is going to withhold federal and state taxes, for additional information see Publication 525.

How about the hours accrued vacation or illness?

Yes, the annual pay or accrued vacation or sick are calculated by the employer as part of their salary and will be included on Form W-2. (more…)

The asset allocation formula is often used incorrectly in an effort to impose a tool of speculative investment in a strategy that has no real merit on their own, eg reinstatement of an annual portfolio, market adjustments and changes in a mutual fund. The asset allocation formula itself is sacred, and if constructed properly, should never be altered due to market conditions and equity income. Changes in personal circumstances, objectives and goals of the investor are the only concerns that should modify the asset allocation process.

Here are some ways to asset allocation:

(1) All decisions involved in asset allocation based on the basic costs of the guarantees involved. The current stock market can be higher or lower, but does not really matter. (more…)

Before the race out for the rest of Investing Basics, there are some points to consider carefully before proceeding. These are common mistakes many people make when considering what to do with investment.

1. Do nothing. There is no guarantee that the market will rise the first day, month or even year to invest in it. But there is a guarantee: do nothing not to ensure a comfortable retirement.

2. Beginning later. The postponement of his career is the second investment of not investing at all in the list of sins of investment. You already know that the earlier you start the better you are. (Take another look at the example compounds we turned up.) If you’re already past those formative twenties (do not look a day over 32 for us), we rewrite the first stumbling block that says “Do not start now.” (more…)