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Deductible Homeowner Expenses
December 22, 2009 by Rob Spring · Leave a Comment
Deductible Homeowners Expenses
One of the advantages of owning your own home is that the home mortgage interest and real estate taxes paid can be deducted from your federal income tax*. To do so, you’ll need to comply with current tax laws and complete the appropriate federal tax forms and itemized deduction schedules.
Home Mortgage Interest
For your [...]
Saving Money During the Holidays
December 22, 2009 by Rob Spring · Leave a Comment
Save money during the holidays and buy that dream house in the New Year
The holidays can put a dent in your savings especially if you’re planning to buy a home. But there are several ways to cut costs so your finances aren’t in the red by New Year’s Day. Consider the following money saving [...]
Eliminating Private Mortgage Insurance
December 22, 2009 by Rob Spring · Leave a Comment
How to Eliminate your PMI:
For loans made after July 1999, lenders are required by federal law to automatically cancel Private Mortgage Insurance (PMI) when the loan balance falls below 78 percent of your purchase price — not when you achieve 22 percent equity, which will happen much more quickly with rising property values. (Certain “higher [...]
Buying Down Your Interest Rate
December 22, 2009 by Rob Spring · Leave a Comment
Buydown options
A buydown is a type of financing where the buyer or seller pays extra points (also called discount points) to reduce the interest rate on a loan.
Buydowns make it easier to qualify for a loan because they lower a loan’s interest rate. They can also allow you to buy more house for your [...]
The Cost of Refinancing Your Home
December 13, 2009 by Rob Spring · Leave a Comment
What does it cost to refinance? What are the benefits?
Ever heard the old rule of thumb, you should only refinance if your new interest rate is at least two points lower? That may have been true years ago, but with refinancing dropping in cost over the last few years, it’s never the wrong time to [...]
Choosing the Refinancing Option for You
December 13, 2009 by Rob Spring · Leave a Comment
Which refinancing option is best for you?
There aren’t quite as many loan programs as there are borrowers, but it seems like it sometimes! We’ll work with you to qualify you for the best loan program to fit your needs. But there are some general considerations you can have in mind in advance.
Are you refinancing primarily [...]
Annually Reviewing Your Mortgage Plan
December 13, 2009 by Rob Spring · Leave a Comment
Give your mortgage an annual once over
If the last time you looked at your mortgage was when you closed on your loan, it’s time to take it out for an annual once over. New loan programs and opportunities to leverage your home equity can bring you lower mortgage payments and new investment opportunities.
Is a fixed [...]
Real Estate Glossary
December 13, 2009 by Rob Spring · Leave a Comment
REAL ESTATE GLOSSARY
ABSORPTION RATE Back to top
The ratio of the number of properties in an area that have been sold against the number available. Used to show the volatility of a market.
ABSTRACTION METHOD Back to top
This method of estimating the value of property uses similar properties available in the same market to extract the value of a [...]
Speaking with a Mortgage Professional First
December 13, 2009 by Rob Spring · Leave a Comment
Should you talk to a mortgage professional before house hunting?
Absolutely! Even if you haven’t so much as picked out houses to visit yet, it’s important to see your mortgage professional first.
Why? What can we do for you if you haven’t negotiated a price, and don’t know how much you want to borrow?
When we pre-qualify you, [...]
How Much Home Can I Afford?
December 13, 2009 by Rob Spring · Leave a Comment
How much can you afford?
Deciding how much house you can afford is a personal decision. Many factors come into play. How much can I borrow? How much can I put toward my down payment? What size monthly payment can I afford?
There are no black and white answers to these questions. It’s a matter of give [...]