Category: Financing

Don’t Get Caught in the Rental Trap!

Don’t Get Caught in the Rental Trap! There are many benefits to homeownership. One of the top benefits is protecting yourself from rising rents, by locking in your housing cost for the life of your mortgage. Don’t become trapped A recent article by Apartment List addressed rising rents by stating: “Rents are up 2.7% year-over-year at the national level. Year-over-year …

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Can you still deduct your home-equity loan interest?

Interest on home equity loans is still deductible, but with a big caveat  Many feared that the new tax law — the Tax Cuts and Jobs Act of 2017, enacted in December — was a death knell for deducting interest from home equity loans and lines of credit. These loans are based on the equity in your home …

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How to Save Mortgage Interest $$$

If you want to pay off your mortgage early, here are 4 ways to do it     If you can afford it, it might be simple to pay off your mortgage earlier. But should you? That’s a complicated question. Homeowners with low mortgage rates may be better off putting extra money in a Roth IRA or …

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2 Myths Holding Back Home Buyers

2 Myths Holding Back Home Buyers In Realtor.com’s recent article, “Home Buyers’ Top Mortgage Fears: Which One Scares You?” they mention that “46% of potential home buyers fear they won’t qualify for a mortgage to the point that they don’t even try.” Myth #1:  “I Need a 20% Down Payment” Buyers overestimate the down payment funds needed to …

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Home shoppers! Here are 6 tips to help save for your new home

In recognition of American Housing Month, Housing Wire reports on the American Bankers Association Foundation  six tips to help consumers cut costs and start saving. 1. Develop a budget and timeline Start by determining how much you’ll need for a down payment. Create a budget and calculate how much you can realistically save each month – that …

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Buying a Home with Only 3% Down Payment

Yes, you can buy your new home with as little as a 3% down payment! There is a common misconception that many buyers have regarding the down payment necessary to purchase a home. Multiple studies reveal that 40-50% of Americans believe you need between 15-20% of a down payment to be eligible to purchase a home. …

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Want some extra income? Consider seller financing.

Prior to the 1950’s most real estate was sold and purchased using some form of seller financing. Carry the Paper Although the secondary mortgage market and quasi-governmental entities such as FNMA and FHLMC virtually created the modern real estate industry we know today, occasionally sellers will still choose to “carry the paper” and finance a …

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Buying your house… what NOT to do!

Whew! You did it! Got your offer accepted for the house you just fell in love with! Smooth sailing ahead, eh? Well, almost… The next hurdle will be getting your loan papers signed. And, that’s when you must remember what NOT to do! One of the most important things for Buyers to remember is the …

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HOMES: the PRICE Is the Same, But the COST Is Less

There is more and more research coming out showing that it makes great financial sense to purchase a home today. Purchasing a home right now is a bargain compared to historic norms whether it be rent vs. buy ratios, income-to-price ratios or income-to-mortgage payment ratios. In addition to these benchmarks, it is interesting to look at the COST of a …

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How do you get a mortgage approval?

  The 4 C’s of Mortgage Underwriting With …  new buyers out looking for houses, I thought today might be a good time to review the basics of what lenders look for as they decide to approve (or deny) mortgage applications. For at least 25 years, I have heard them called “The 4 C’s of …

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