Waiting to Buy…WHY?
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Some people wait to buy a home until they have 20% down payment to avoid paying the mortgage insurance which is required by lenders when the loan-to-value ratio is greater than 80%, with the exception of VA loans. If it took three years to save the additional down… Read More
When the rate goes up
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It’s not “if” the rate goes up but “when” the rate goes up; it could make a big difference for some buyers. Freddie Mac predicts that mortgage rates will be at 4.5% a year from now. When the rate moves 0.50% on a $250,000, the payment goes up… Read More
What a Difference 50 years Makes
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In 1966, a gallon of gas was $0.32 and today, it is $2.49. A dozen eggs were $0.60 but they’ve only doubled to $1.33. A gallon of milk was $0.99 and today, it costs $3.98. You could send a letter for five cents and now, it costs forty-seven cents. Read More
Time May Be Running Out
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During the Great Recession, some homeowners elected to rent their home rather than sell it for less than it was worth. IRS tax code allows for a temporary rental of a principal residence without losing the exclusion of capital gain based on some specific time limits. During the five year… Read More