Congress and the president passed the most sweeping tax law overhaul in a generation at the end of 2017. Let’s take a look at how the tax benefits of homeownership have changed and how the new law will affect you. Tax deductions before and after. The most significant change for homeowners affects the deductibility of… Read more »
When shopping for a mortgage, one number, in particular, plays a major role — a good credit score. A higher number means you’ll be offered a lower interest rate, which means a more affordable mortgage. Here’s what you need to know about your credit score and a few tips on how to improve it. What… Read more »
Buying a home is an exciting process requiring lots of decisions. What common mistakes do people make, and how can you avoid them? Here is a list of things to avoid. Glossing over pre-approval. Don’t mistake “pre-approved” for “pre-qualified.” They are not the same. Pre-qualified means the lender might approve a mortgage range, based on… Read more »
Nationally, about a quarter of homes are sold in all-cash transactions. If you have sufficient cash to purchase outright without a mortgage, is this the best choice? Let’s examine the factors to consider. What an all-cash transaction means to the buyer. Buying a house for cash can feel liberating. Cash purchases eliminate not just your… Read more »
The housing crash of 2008 led to a tightening of mortgage lending standards. Now rules are loosening again. What can you expect when applying for a loan to buy a house? Is the Water Just Right? Mortgage lending rules are loosening slightly because of both a slowdown in the number of applicants and increased competition… Read more »
When applying for a mortgage, one of the first decisions a buyer must make is whether to lock in an interest rate on a mortgage. It’s somewhat of a gamble, but can be less stressful by paying attention to financial trends. How the process works. While shopping for homes, it’s also wise to shop for… Read more »
If you haven’t bought a home in recent years, the paperwork you’ll be confronted with will look a little different this time around. That’s because of new regulations put in place following the 2008 financial crisis. Under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the decades-old Good Faith Estimate and… Read more »
The financial world hangs on the mere hint of a possible interest rate increase by the Federal Reserve. But what about rank-and-file consumers? What does the Federal Reserve do, and how does it affect what you pay for your mortgage? What is the Federal Reserve? Despite its name, the Federal Reserve is not an agency… Read more »
Homebuyers must make two large payments when purchasing a house. One is the earnest money paid upon execution of the sales contract. The second is the down payment to the lender at closing. What are the differences between the two? It’s all about commitment. In both cases, these payments represent a commitment to the purchase…. Read more »
Are you in the market for buying a second home? You probably have lots of questions — what’s it like to qualify for a mortgage on a second home, and are there still tax advantages? Let’s take a look. Mortgage risk. Since lenders view second homes as being a higher risk for default than first… Read more »
You may have heard the term “reverse mortgage,” but have you ever investigated how they work? Here’s a tutorial to help you understand if a reverse mortgage is right for you. What is a reverse mortgage? A reverse mortgage, also known as a Home Equity Conversion Mortgage, is a tool typically used by an older… Read more »
