If you locked in a high mortgage rate in recent years, keep an eye out for interest rate cuts from the Federal Reserve. This could be an opportunity to refinance and save on your monthly mortgage payments. However, it's important to consider the closing costs associated with refinancing and compare them to your potential savings. If you bought your home with an FHA loan, you may also consider refinancing to eliminate the mortgage insurance premium.
With tax season approaching, be cautious of scams attempting to steal personal and financial information. The IRS urges you to avoid contact from unknown sources claiming to assist with tax savings or refunds. Identity theft can lead to fraudulent tax returns, credit card accounts, or loans. If you suspect a scam, report it to the IRS or other government officials. Remember, the IRS typically contacts taxpayers by mail, not phone or email.
