I was talking with a mortgage broker friend the other day and remarking on the dramatic increase we're seeing in online banks offering "one click" mortgage approvals. While it may seem to be just another one of the many conveniences made available via technology, we both expressed concern about this trend. And I got a real jolt when I saw [...]
If you are thinking about buying a home and running the numbers to ensure you maintain a workable budget, be sure to factor in the tax benefits of owning a home, which many people overlook. This article lists many of the eligible deductions, including the cost of mortgage interest (which can be as much as two-thirds of your mortgage payment in the beginning!), mortgage points paid at closing, property taxes and the cost of private mortgage insurance (often required if your down payment is less than 20% of the purchase price) -- which can provide significant savings.
In addition, there are tax credits offered for energy efficient home improvements. And perhaps best of all, when you're ready to sell, there's a capital gains exclusion on the profits of your sale of up to $500,000 (filing jointly), allowing you to keep more of your hard-earned return on your investment!
As with all financial and tax matters, these are some basic guidelines -- to get a specific picture of how these deductions can work to your advantage, be sure to speak with a tax professional. Once you do, if you'd like to start looking at some properties, please be in touch!
When you're buying a home, there are SO many things to think about, consider and manage, that by the time the closing attorney asks you how you'd like to take title of your new home, you may be tempted to just throw up your hands and say "whatever you think is [...]
I hope everyone enjoyed the winter holiday season and welcome to 2014! As we launch into a new year, I enjoy reading the predictions of what's to come as I found in this article on Zillow.
Overall, they predict a 3% increase in home values, a continued gradual rise in mortgage rates, an easier time for borrowers to get mortgages and a drop [...]
Step Four: Submitting to Underwriting
No open houses this weekend over Memorial Day to compete with your barbecues and landscaping plans! What's your favorite thing to grill? I've been loving adding veggies to the grill -- with a brush of olive oil, they make eating my veggies so much more fun, and tasty! Anyways, where was I? Oh, right -- [...]
Looking for a home in the Bedford area and have some nagging questions about the process or why you should get a mortgage pre-approval? Then c'mon out to our office Sunday morning with our buyer agent Jessica Clark (learn more about Jessica and our team [...]
Step Three: Submitting the Loan Application to Processing
No open houses this weekend to compete with the Super Bowl. With the Pats out of it, who will you be rooting for? Instead we'll build on Tuesday's post and continue to explore the mortgage [...]
Step Two: Loan Application
With all of the changes taking place in the mortgage industry, we asked our colleague Craig Tashjian of Fairway Independent Mortgage to share his expertise. Here is the second in a series of posts about the mortgage process and what you can do to increase your chances of a stress-free, successful transaction. Take [...]
Step One: Pre-Approval
With all of the changes taking place in the mortgage industry, we asked our colleague Craig Tashjian of Fairway Independent Mortgage to share his expertise. Here is the first in a series of posts about the mortgage process and what you can do to increase your chances of a stress-free, successful transaction. Take it [...]