Fear of the unknown is common among all ages. Kids, at night, imagine monsters in their closets or under their beds and adults are unsure of what the future might bring. It may be natural for first-time buyers to be unsure of the process because they haven't been through it before but even repeat buyers need to know changes that have taken place since the financial housing crisis. The steps in the home...
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Most parents don't put a lot of credence in the statements "Everyone is doing it" and "No one does that anymore." They'll dig a little deeper and get the facts of the situation. Interestingly, when it comes to buying a home, similar common myths continue to prevail surrounding what it takes to buy a home. One of the most common myths is that it takes 20% down payment to get into a home. Certainly, an 80%...
Being a better homeowner is a full-time job. It takes good information to make good decisions not only when you buy and sell but all the years you own a home. Think of times when you need advice on financing, taxes, insurance, maintenance, finding reasonable and reliable contractors and lots of other things. Imagine how nice it would be to have a real estate information line you could call whenever you...
Here's the scenario: you have a project and need to borrow some money, but you want to do it in the most economic manner. You've got a low rate on your existing first mortgage and don't want to do a cash-out refinance and pay a higher rate. Is a home equity loan an option? Prior to 2018, homeowners could have up to $100,000 of home equity debt and deduct the interest on their personal tax return. The Tax...
Generally speaking, when you need an inventory of your personal belongings, it is too late to make one. Sure, you can reconstruct it but undoubtedly, you'll forget things and that can cost you money when filing your insurance claim. Most homeowner's policies have a certain amount of coverage for personal items that can be 40-60% of the value of the home. Homeowners who have a loss are usually asked by...
The Tax Cuts and Jobs Act of 2017 increased the standard deduction to $24,000 for married couples. There will be some instances that homeowners may be better off taking the standard deduction than itemizing their deductions. In the past, homeowners would most likely be better off itemizing but the $10,000 limit of state and local taxes (SALT) adds one more issue to consider. Let's look at a hypothetical...
Mortgage insurance premium can add almost $200 to the payment on a $265,000 FHA mortgage. The decision to get an FHA loan may have been the lower down payment requirement or the lower credit score levels, but now that you have the loan, is it possible to eliminate it? Mortgage Insurance Premium protects lenders in case of a borrower's default and is required on FHA loans. The Up-Front MIP is currently...
One of the first steps in a good outcome is knowing a little bit about what you're about to undertake. By being aware of some of the areas regarding homes that may not come up every year in a tax return, you'll be able to point them out to your tax professional or seek more information from IRS.gov. Look through this list of items for things that could affect your tax return. Even if you have relied on...
Do you Give Where You Live? Highlighting 3 Local Charities That You Can Impact It's the giving season and with SO many wonderful ways you can support your community, it's hard to know where to start!
Being a better homeowner is a full-time job. It's not just about making better decisions when you buy and sell; it's making better decisions throughout the time you own the home. It takes good information to make good decisions. Think of times when you need advice on financing, taxes, insurance, maintenance, finding reasonable and reliable contractors and lots of other things. Imagine how nice it would be...