While the home buyer tax credit opportunity ended last year for most Americans, it is still available for some members of the military and certain other federal employees serving abroad! Low interest rates on VA and other loans, combined with these federal tax credits* for certain first-time home buyers and move-up buyers, make home buying [...]
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From Application to Closing Once you’ve submitted your mortgage application and received a decision, the steps leading up to your closing will be unfamiliar. We want you to know what to expect. Prior to closing on your new home, you’ll need an appraisal, a home inspection, home insurance and title insurance. PreApproval [...]
I found this and thought it might be good info. What is title Insurance? Title insurance is the application of insurance to hazards in real estate titles. What is “Title”? “Title” is the foundation of ownership of property. It means that you have a legal right to possess that property and to use it within [...]
What does a percent in rate cost you? 30 Year Fixed Rate Mortgage Mortgage Amt. Interest Rates / Monthly Payment 5% 6% 7% 8% 9% $100,000 $536.82 $599.55 $665.30 [...]
If you are shopping around for a mortgage and can’t find your lender, or more specifically Loan Originator, on the internet then “red flags” should be popping up all over the place. If a Loan Originator is still in business today then they have probably been successful enough to hang on through the last 18 months [...]
Accelerated weekly and bi-weekly payments: Accelerated weekly and accelerated bi-weekly payment options are calculated by taking a monthly payment schedule and assuming only four weeks in a month. We calculate an accelerated weekly payment, for example, by taking your normal monthly payment and dividing it by four. Since you pay 52 weekly payments, by the [...]
Down payments vary from program to program. The most common downpayment requirements today are 3.5% for FHA (and this can be a gift from family members), 5% conventional (currently rather expensive in fees and rate and rather restrictive when qualifying), 10% down which is fairly inexpensive, and the most cost effective would be 20% down. [...]
$8,000 First-time Home Buyer Tax Credit at a Glance The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase. The tax credit does not have to [...]
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years. The tax credit does not have to be repaid unless the home is sold or [...]
