Category: Mortgages

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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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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Mortgage Rates and Your Home Price

How do rising interest rates influence how much you can afford to pay for your new home?  Goal: to keep your principal and interest payment between $1850 – $1880 per month.   The chart shows you how much house you can afford with rising interest rates.For example, with a 3.75% interest rate you can afford a $400,000 home. …

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Foreclosure inventory down 27.3% since February 2014

The national foreclosure inventory declined by 27.3% and completed foreclosures declined by 15.7% from February 2014, according to the latest from CoreLogic. The data firm also reports the number of mortgages in serious delinquency declined by 19.3% from February 2014 to February 2015 with 1.5 million mortgages, or 4%, in serious delinquency, which is defined as 90 …

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Fannie Mae launches major first-time homebuyer assistance program

  Fannie Mae announced April 14th a new HomePath Ready Buyer program under which qualifying first-time homebuyers can receive up to 3% of the purchase price of the subject property in closing cost assistance toward the purchase of a HomePath property. On a $150,000 home, this could result in up to $4,500 in savings for …

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FHA Mortgage Insurance Premium (MIP) to Drop

FHA Mortgage Insurance Premium (MIP) to drop President Obama will be formally announcing that he will direct the Federal Housing Administration to reduce annual mortgage insurance premiums by 50 basis points, from 1.35% to 0.85%. Zillow’s Allison Paoli ran the numbers on what this could mean for first-time buyers, saying: “On a $175,000 home loan with less than 5% …

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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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Can you afford to rent in Seattle?

‘What’s Up? Nothin’ But the Rent.’ No news to Seattle renters, but Seattle is officially one of the most expensive cities to rent a home… tenth in the country behind San Franciso. Seattlites need to make the equivalent of $44/hour to afford a median rent. San Francisicans need to earn a minimum of $79/hour. Renting …

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