Among the many reasons people have to own home, they include having a place of their own, to raise a family and to share with friends. Additional benefits include security, investment, peace, pride and enjoyment. Continue reading “Three M’s of Homeownership”
Category: Uncategorized
Sale of Home by Surviving Spouse
Special consideration is made by IRS for the sale of a jointly-owned principal residence after the death of a spouse. Surviving spouse may qualify to exclude up to $500,000 of gain instead of the $250,000 exclusion for single people if certain requirements are met. Continue reading “Sale of Home by Surviving Spouse”
Down Payment: FOUND!
Saving the down payment may be unnecessarily keeping would-be buyers from getting into a home. They may be unaware that the funds might be available. Continue reading “Down Payment: FOUND!”
Facts or Myths
- “It’s impossible to get low down payment loans.” – MYTH!
FHA down payments are 3.5% and VA is 0%. In some areas, there may be some 0% down payment USDA loans available. FNMA and Freddie Mac have 3% down payment programs.
Attracting Buyers
There is a common body of knowledge among real estate professionals that indicates that the longer a home is on the market, the lower the price will be. Many sellers discount this belief in the beginning because they feel confident their home will sell quickly. Continue reading “Attracting Buyers”
Proof of Purchase
People who experience a property loss are usually asked by their insurance company for proof of purchase which can come in the form of a receipt or current inventory of their personal belongings. Continue reading “Proof of Purchase”
Forced Savings
One of the big banks has a voluntary program available that transfers $100 each month from your checking account to your savings account. In five years, the account owner would have over $5,000 because of a type of
forced savings. Continue reading “Forced Savings”
Early Burnout Could be Good
Most of us understand the expression “burning the candle at both ends” to mean working so hard that you burn yourself out. Normally, that wouldn’t be a good idea unless it is intentional. Continue reading “Early Burnout Could be Good”
Down Payment Problem – Are You Sure?
There is increasing difficulty for first-time home buyers to save for their down payment as indicated in the graph. Several factors that contribute to this trend include rising rents, rising home prices, student loan debt and flat wages. Continue reading “Down Payment Problem – Are You Sure?”
Reasons to Refinance
Regardless of the reason to refinance a home, the basic question to ask is: “Do you plan to live in the home long enough to recapture the cost of refinancing?” There are always expenses involved in refinancing which can be paid in cash or rolled into the new mortgage. Continue reading “Reasons to Refinance”