Tax deductions for costs and fees related to your mortgage have become confusing and complicated, which is why the Internal Revenue Service (IRS) has an entire publication devoted to the subject. The following is a summary explaining the allowable tax write-offs for fees and costs related to a mortgage. Mortgage Interest: Mortgage interest is the Read more…
Have you wondered what the Appraiser Independence Requirements are and how this new code of conduct might affect your home-buying experience? The Appraiser Independence Requirements (AIR) have come into being as a replacement of the Home Valuation Code of Conduct (HVCC) as of October 2010. The intent of the new requirements is to protect investors, Read more…
With the downturn in real estate values, you might be upside down on your mortgage like many other homeowners. This means you owe more on your mortgage than your property is worth. In some states where values have dropped as much as 50 percent, homeowners may be substantially underwater. This is particularly prevalent with anyone Read more…
Living trusts have gained popularity with individuals as an estate planning tool. A living trust is a legal entity that is considered distinct and separate from an individual’s personal estate. Trusts are typically set-up to shelter certain assets from outside creditors and to avoid probate in the event that the owner of the property dies. Read more…
It’s against our nature (usually) to find satisfaction or even victory from another’s misfortune — unless your football team steals a win over their heated rivals when an opposing kicker fails to connect on a field goal, or if the jerk at your place of business is denied a promotion. But in the real estate Read more…
Think about the typical homebuyers: Married couple with a child or two, probably a dog, or at least a hamster in tow. Or maybe you’re picturing an older couple buying a condo or something smaller and easier to take care of, now that all the kids are grown and out of the house. The person Read more…
When you are in the throes of the foreclosure process or you see it in your near future, you may think of the situation as you against the bank or lender. But it’s actually the opposite; there are professionals, and many of them to which you have free access, to help you maneuver the foreclosure Read more…
A mortgage-backed security (MBS) is a financial investment that banks create by grouping or bundling together large groups of individual home loans they have funded, closed and then sold to another institution or investor, such as FannieMae. For example, a bank such as Wells Fargo might fund 1,000 individual home loans with a total value Read more…
Homebuyer incentives can range from adding a new grill to the patio or providing a $3,000 redecorating credit for outdated wallpaper throughout the home to offering a home warranty. Especially in a buyer’s market, sellers have to work a little bit harder to set their home apart from other comparable properties on the market. Fortunately, Read more…
Becoming a cosigner on a loan is a responsibility that makes you equally responsible for the debt or loan as the person on whose behalf you’re cosigning. This is a concept that escapes some cosigners, so it is important to understand this prior to cosigning on a loan of any kind for anyone. It is Read more…
Interest rates move in curves: up, down, up and down again. When should you refinance? Every time the rate hits Read more...
One of the biggest purchases you will probably make it your life is your home. Your home may also be Read more...
The home loan business has experienced significant changes since the real estate crash of 2008. Most notably it has become Read more...
1. What is HUD? HUD stands for the United States Department of Housing and Urban Development. It’s a government agency Read more...