Home ownership has its privileges, including saving money at tax time! Here are the current major tax deductions home owners enjoy as of Jan 1, 2014 and the top major tax benefit to owning a property today. Mortgage Interest. Property Taxes. Points – “Discount Points” are a cost paid to “buy-down” the interest rate. Point […]
There are many requirements to qualify for a home loan, but it all starts with these 3 basics: Employment: A 24-month work history is required. Time in college may be counted as part of the 24-month history. Credit: A 2-year credit history with 3 active trade-lines. “Trade-lines” are lines of credit reporting on your credit […]
When purchasing or refinancing a home, closing costs are a part of every transaction. But you don’t necessarily have to be the one paying for them! The basic closing costs for any real estate transaction include escrow and title fees, lender fees (including appraisal fee), pre-paid interest, property taxes, and insurance. Closing costs, on average, […]
Low-doc, a.k.a. stated-income, loan programs ruled the loan industry in this country until the economy collapsed in 2008. Many qualified and non-qualified buyers enjoyed the convenience of these easy-to-qualify-for loan programs. A stated income loan program allows a buyer to “state” their income without having to prove it with tax returns and paystubs. Today, low-doc […]
When buying, selling, or refinancing a property, the services of an escrow company will be necessary. Here are the top 10 things you need to know about escrow: An escrow company is a neutral third party licensed by the California Department of Business Oversight. It receives and disburses money and documents and acts as an […]
Conventional loans and FHA loans are the most common 30-year fixed rate programs out there today. Here are the top 10 things you need to know about conventional vs. FHA loans: Conventional loans only require mortgage insurance when the down payment is less than 20%. FHA loans require mortgage insurance on all loans regardless of […]
Getting an offer accepted is never easy, especially when housing inventory is low and home buyers are plentiful. Many properties receive multiple offers from multiple buyers, all bidding on the same property. Here are 3 top tips to stand out from the crowd and help get your offer accepted! Outbid Your Competition: Buyers have the […]
Top 10 Truths: Conventional Loans vs. FHA Loans
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One of the best investments that one can make is in a house. Houses will frequently appreciate to many times their original value. However, most of us do not have the capital necessary to purchase extra houses and reap the rewards. Additionally, we can make a lot of short term profit by flipping a house, […]
