Rate Update
As we patiently wait for mortgage rates to drop further, now is the time
to consider preparing for a cash-out refinance to manage high-interest credit
card debt. Consumer credit has surged since COVID, leaving many borrowers with
significant balances.
While no one wants to replace a low-interest-rate first mortgage, there
comes a tipping point where the savings outweigh the cost of refinancing at
today’s higher rates. Though we’re not there yet, we expect this opportunity
soon—fingers crossed!
Currently, most mortgage rates are hovering in the mid- to high-6% range,
with some requiring points. If you’d like to discuss whether refinancing makes
sense for you, reach out!
Mandatory Report for Corporations
Did you know? The U.S. government now requires all corporations and
limited liability companies (LLCs) to file a report disclosing basic ownership
information. If you own multiple active corporations or LLCs, you must file
this report for each entity before the end of 2024.
What happens if you don’t file?
Failure to submit your Beneficial Ownership Information (BOI) report could
result in penalties of $591 per day, up to a maximum of $10,000.
The good news? Filing is quick, easy, and free. You’ll need the following
information for each company owner:
- Address
- Telephone number
- A scanned copy of their driver’s
license (both sides)
You can file online at this link:
https://boiefiling.fincen.gov/
We wish you and your loved ones a joyous holiday season filled with
laughter, love, and cherished moments with family and friends!
Warm regards,
The Card Team
Karen, Katie and Stephanie
