Archive for September, 2013

10 Keys for Personal Success

Monday, September 23rd, 2013


10 Keys for Personal Success

Hi. This is Steve Mugar of American Mortgage. Life has many keys to success and success is defined by you and only you since it affects YOU. Below are some of the ideas and traits you can apply to your personal life.

  1. Definition of Purpose – If you don’t know where you want to go, you can’t possibly get there. Knowing what you want in life is the starting point of all achievement. Define what makes up a successful life to you, and use that information to create a list of 5-10 goals you must reach to achieve the life you aspire to.
  2. Positive Mental Attitude – Enthusiasm is faith in action.  A positive attitude comes from within radiating outward, and like attracts like. Aim to stay positive, no matter what the circumstances.
  3. Focus – The power of thought is the most beneficial power available to man. Controlled attention leads to mastery of your objective. Keep your thoughts focused on what you want, not what you don’t.
  4. Personal Initiative and Accountability – Initiative gives you the power to begin your journey to success. Accountability is holding yourself responsible for your actions, responsibilities and goals. While initiative gets you started, accountability keeps you striving until you have achieved your goals.
  5. Self Discipline and persistence – Discipline is doing what you know you need to do, even if you don’t feel like doing it. persistence is doing what you need to do no matter what obstacles you face. Both require the balancing of emotions with the reasoning of your thoughts.  (Remember success does not happen overnight, think long term)
  6. Good Habits – Developing positive personal habits leads to peace of mind, no matter what your station in life. You are where you are today because of your established habits, thoughts and actions. Your future depends on the good habits you start today.
  7. Creative Vision – It gives you the ability to fearlessly use your imagination to create the future of your dreams. It is boundless. You must be able to see it before you can achieve it.
  8. Teamwork – It is harmonious cooperation with others, and with it success is inevitable. Cooperation is a priceless asset you can acquire in proportion to your giving.
  9. Adversity and Defeat – A person’s success is usually in exact proportion to the defeat that the person has faced and conquered. Many failures represent only a temporary defeat, and in the end help us to grow and learn.
  10. Faith – Faith is the belief and trust in what there is no proof of, as of yet. It is remaining steadfast on your course, even when faced with uncertainty. It is what you do and what you think about that determine what you are and what you will become.

Follow these guidelines and incorporate these elements in to your daily life. Start building your future today!

~Steve Mugar

American Mortgage Loan Services, LLC in Florida


Home Loan Mortgage Paperwork

Friday, September 6th, 2013

Stack of PaperworkMortgage Paperwork and documentation are key to your success and less stress when it comes to applying for a home loan. I wanted to pass along some information about your important paperwork, and how long you should hold on to certain papers.  Being in the mortgage industry I can’t tell you how many times I have run into issues and have been forced to need a borrower to jump through extra hoops because they did not keep certain important documents on file.  The list below should help you the next time you make a major financed purchase.

Conquering Your Paper Piles

There are many good reasons to keep your important papers in order and readily available.
If you are meeting with a financial advisor, tax preparer, Your Awesome Mortgage Broker, or attorney, it may take an hour to prepare instead of a week. If there is a fire, flood or theft you will be able to produce needed documentation without delay. If something were to happen to you or your spouse, your loved ones would readily be able to locate your insurance policies, banking statements, wills and unpaid bills. Good record keeping is essential, but do you know which documents to keep and for how long? Here is a quick list.

Bank Statements – Keep ATM and deposit receipts until you reconcile them with your monthly statement. File your monthly statements until your year-end taxes are complete, and then save those used to prove deductions for 7 years, however, we suggest you keep your most recent 12 months worth of bank statements available.
Investment Statements – Keep a minimum of the most recent 2 monthly or quarterly statements from brokerage accounts, 401k’s, IRA’s and other investment accounts. Keep end of year statements until you sell the investment.
Insurance Policies – Shred policies that renew annually as new policies arrive. These include your homeowner’s policy and your car insurance.
Credit Card Bills – Keep receipts for credit card purchases until you reconcile them with your monthly statements. After your credit card bill is paid, hold on to those that serve as proof of purchase for items under warranty, or those that serve as  evidence for tax deductions, such as charitable contributions. Shred the remaining statements after taxes are complete.
Pay Stubs – Keep the calendar year’s pay stubs until you check them against your W-2’s, then shred.
Loan Documents – Keep mortgage, student and vehicle loans in a safe deposit box until they are paid off.
Savings Bonds – Keep these in your safe deposit box until you cash them in.
Vehicle/Boat/Trailer Documentation – Keep purchase receipts and titles in your safe deposit box until you sell the vehicle.
Federal and State Income Taxes – Keep these for a minimum of 7 years. Taxpayers can be randomly audited for three years after filing, but the IRS can audit anytime if fraud is suspected.
Investment Purchase Confirmations – You must keep these to establish your cost basis and holding period when you sell the investment, at which time these records need to be kept with your income tax returns.

Items You Must Save Indefinitely

  • Birth Certificates
  • Marriage Licenses
  • Death Certificates
  • Social Security Cards
  • Divorce Decrees
  • Military Discharge Paperwork
  • Defined Benefit Plan Documents (pension plan documents from all current and former employers)
  • Estate Planning Documents (wills, trusts, powers-of-attorney, etc)
  • Permanent Life Insurance Policies (term life policies should be shredded after the policy expires)
  • Inventory of Your Safe Deposit Box (update this list annually, or as you add or remove documents)

Even if you dread it, organizing your important papers can reduce stress in your life. Please remember when discarding your out of date papers, use a crosscut shredder to protect yourself from identity theft. By following these simple steps you can breeze through the home loan mortgage application here at American Mortgage.

~Steve Mugar the Mortgage Guy in Florida