Two things can happen when the mortgage rates go up before you've found a home or locked-in your mortgage. You'll either pay the current mortgage rate which means a higher payment, or you'll have to increase your down payment to keep the monthly payment at the same level. If the rate were to go up by ½%, the payment on a $275,000 mortgage would increase by $82.87 per month for the entire 30-year...
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Square footage is commonly used to determine if a home will fit a buyer's needs. The price per square foot can be used to compare the costs of different homes and even, determine the value of a property. The challenge is what is the source of the square footage measurement and how was it done. County records use square footage to determine assessed value for property tax purposes. They are assumed to be...
Aside from standing water in your yard or water running out from under a sink, the first indication that you might have a water leak comes from a larger than normal water bill. Before calling a leak specialist or a plumber, there is a simple diagnostic you can perform. Go through your home and make certain that all the faucets are turned off and that the toilets have indeed stopped filling the reserve....
Aside from standing water in your yard or water running out from under a sink, the first indication that you might have a water leak comes from a larger than normal water bill. Before calling a leak specialist or a plumber, there is a simple diagnostic you can perform. Go through your home and make certain that all the faucets are turned off and that the toilets have indeed stopped filling the reserve....
Owning a home is the first step to building equity. Tenants build equity but not for themselves; they build it for the owners. Equity is the difference in the value of the home and what is owed on the home. There are two dynamics that cause this to grow: appreciation and principal reduction. As the home increases in value, it is said to appreciate. Various authorities will annualize an appreciation rate...
Whether you're an owner now or expect to be one in the future, it is important to be familiar with the federal tax laws that affect homeownership. Since personal income tax was enacted in 1913 with the 16th amendment, homes have had preferential treatment. The mortgage interest deduction is based on up to $750,000 of acquisition debt used to buy, build or improve a principal residence. In addition to the...
June and July are the busiest home sale months of the year. When inventory is in short supply and you may be competing with other offers, it is important to show the seller you're serious. Make your offer look as good as possible because you may not get the chance to make or accept a counter-offer. Put yourself in the seller's shoes. Your home has just gone on the market. There is lots of activity and...
You been planning this trip for some time and almost every detail has been considered...or has it? Have you thought about how to protect your home while you're out of town? What's going to make sure that everything you left is still there in you return? Nothing could ruin a trip more than coming back to find out your home has been burglarized or worse. It makes sense to spend a little time before you...
IRS has provisions for homeowners regarding the sale of a principal residence that allows for temporarily renting the home without losing the ability to exclude the gain if the home is sold under the correct conditions. The rules for the exclusion of gain on the sale of a principal residence are: Up to $250,000 of gain may be excluded for single taxpayers and up to $500,000 for married taxpayers filing...
For people who have experienced a distressed sale of a home and gotten their finances and credit back in shape, there can still be an unanswered question of "How long do we have to wait to qualify for another mortgage." The loan types for the new loan will differ in amounts of time based on the event. The different lending authorities, VA, FHA, Fannie Mae (FNMA) and Freddie Mac (FHLMC), establish their...