If you’re thinking about becoming a homeowner any time soon, there are tax benefits to buying. In particular, tax deductions are one way to reduce your tax bill and income. Tax deductions are different from credits. Credits are money that gets taken off a tax bill. You can think of them somewhat like a coupon. A tax deduction reduces your adjusted gross income or AGI, reducing your tax liability. The...
When you’re buying a home, you’ll need two types of inspections—one is the actual inspection, and the other is the appraisal. They seem similar at first glance because both, as you might guess, involve a walkthrough of the property. They have different purposes, however. The information obtained is also reported to different parties. What is a Home Inspection? An inspection is thorough and is done...
When people talk about closing costs, it typically means the direct costs of getting a new mortgage. But there are two primary types of closing costs, often times referred to as recurring and non-recurring charges. Recurring charges include things that will happen again and again as one owns the home. What might they be? Recurring charges are things such as property insurance, interest and property taxes....
When you and your REALTOR® sit down to price your home, you'll be looking at competitive homes that are the most similar in size, location and amenities as your home. You may find that prices can be thousands of dollars higher or lower. It's tempting to pick the highest price and say, "Let's list it here." But what if your home doesn't sell at that price? High prices are a strategy that can work in an...
In all my years in the mortgage industry, and there are a lot of them, I don’t recall a single loan application I submitted to underwriting that didn’t come back with approval ‘conditions.’ What exactly does the term mean? Essentially, it means the loan may be approved based upon certain conditions. All loans have them, perhaps a few skate through but those are extremely rare. But there are two...
For many people, a home is their largest and most important investment. The good news for people around the country is that housing markets continue to appreciate. After the housing crisis several years ago, home values have increased every year. With additional equity in their homes, many people are starting to think about investing money back into their home. There are numerous ways that you can...
As mortgage rates continue their freefall, more and more homeowners are opting to refinance. With the recent dips, experts are saying that even those who refinanced in 2019 should take a look to see if they can save money. How much is it going to cost you? Yes, refinancing to lower your rate and your payment is typically a good idea. But refinancing isn't free, and the fees you pay can add up. Make...