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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Affording a home… not really so bad

2 Charts Show the Truth about Home Affordability There is a lot of discussion about the current state of housing affordability for both first-time and move-up buyers, and much of the narrative is tarnished with a negative slant. However, the truth is that housing affordability is better today than at almost any time in our …

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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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US mortgage rates remain low as home-buying season starts

April 21, 2016 Long-term U.S. mortgage rates stayed near 2016 lows this week, potentially good news for the housing market as the spring home-buying season begins. The average 30-year fixed-rate mortgage edged up to 3.59 percent from 3.58 percent last week. The 15-year fixed-rate mortgage slipped to 2.85 percent, lowest since May 2013, and down …

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Still Underwater? Consider a Short Sale…

  Even with the increase of home prices in some areas, other areas are slower to recover  There’s good news for homeowners considering a short sale: the HAFA program has been extended through the end of 2016.  HAFA® provides homeowners the opportunity to exit their homes and be relieved of their remaining mortgage debt through …

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Where Are Interest Rates Headed in 2016?

With interest rates still below 4%, are you sitting on the fence … act now and purchase a new home, or, wait until next year? However, if you look at what the four major reporting agencies are predicting for 2016, it may make the decision for you. The chart below averages the predictions by quarter. With the …

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How long does it take to save a down payment for your new home?

​​ ​​ How Long Does It Take To Save A Down Payment? ​  In a recent study conducted by Builder.com, researchers determined that nationwide it would take “nearly eight years” for a first-time buyer to save enough for a down payment on their dream home. By determining the percentage a renter spends on housing in each state and the amount …

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