Archive for March, 2017

A Cost to Consider

Friday, March 31st, 2017

Homeownership, part of the American Dream: a home of your own where you can feel safe, raise your family, share with your friends and enjoy life. The benefits are easily recognizable but maintenance is just a real and should be considered. Financial experts suggest that homeowners save one to four percent of the home’s value […]

Save the Cost of Mortgage Insurance

Monday, March 27th, 2017

During the banking crisis in the Great Recession, certain types of mortgages were unavailable that are once again being offered. Fortunately, the 80-10-10 mortgage is one of those making a reappearance and it can save borrowers a considerable amount of money. For example, a buyer could put $30,000 down on a home priced at $300,000 […]

Before You Pay Cash for a Home

Friday, March 24th, 2017

The National Association of REALTORS® reports in its 2016 Profile of Home Buyers and Sellers that 12% of all buyers paid cash for their home. Homeowners can currently deduct the interest on up to $1 million of acquisition debt which are the borrowed funds used to buy, build or improve a home. Paying cash for […]

Important Estate Documents

Monday, March 20th, 2017

An estate plan is a collection of documents to ensure that your wishes are carried out because of death or incapacity to make decisions for yourself. Spouses, minor children, adult children, property and investments can all be factors that should motivate a person to undergo the process. Durable Power of Attorney – this document grants […]

It’s the Principal of the Thing

Friday, March 17th, 2017

Most people think they’ll have a house payment and a car payment for the rest of their lives but it doesn’t have to be with a plan and a little discipline. The plan is to make additional principal contributions to a fixed rate mortgage to shorten the term and save tens of thousands in interest. […]

Tax Benefits of Home Ownership

Wednesday, March 15th, 2017

U.S. taxpayers have enjoyed specific tax benefits for home ownership since personal income tax was introduced by the 16th amendment in 1913. While these benefits may not be the primary reason that motivates a person to buy a home, they are still tangible and not available to tenants. Gain on the sale of a principal […]

Mortgage Loans from Relatives

Monday, March 6th, 2017

Occasionally, when dealing with close relatives who might also become heirs, signing a note and handling the paperwork properly may seem like a needless effort but it could mean the difference in being able to take a legitimate interest deduction. Home mortgage interest is deductible only if the loan is a secured debt which involves the […]

Not Available for All Buyers

Wednesday, March 1st, 2017

Lenders regularly publish mortgage rates but they may not be available for all buyers. Even if the person does financially qualify for a loan at a higher interest rate, it will not be the payment that the buyer expected when the contract was negotiated.Imagine that the mortgage payment based on an advertised rate influenced a […]