Real estate blog entries tagged with finance by Aaron Whitten (Universal Realty)

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finance: Vacation Home Owners Beware Where You Call Home - 06/05/07 02:10 PM

Vacation home owners who have residences in different states should be careful to make clear which house they call home, or they may trigger state income taxes in both places."It's an issue today with people shopping for low tax jurisdictions," says Dan Meehan, a tax partner at New Jersey-based J.H. Cohn … (0 comments)

finance: Mortgage Applications Up Despite Higher Rates - 05/31/07 02:01 PM

Mortgage applications continue to climb steadily, rising 1.6 percent last week compared to the previous week, as measured by the Market Composite Index reported by the Mortgage Bankers Association.On an unadjusted basis, the number of mortgage applications was up 23 percent compared with the same week one year ago.The refinance share … (0 comments)

finance: Bank of America Rolls Out No-Fee Mortgage - 05/19/07 04:02 PM

Bank of America on Tuesday will begin offering nationally a no-fee mortgage, which will eliminate most of the charges that add a few thousand dollars to every closing.Bank of America, which is the nation's second largest lender by assets, has been offering this mortgage in Washington state since September. In February, … (0 comments)

finance: NAR: Do Away With the Phantom Tax - 05/19/07 03:53 PM

The NATIONAL ASSOCIATION OF REALTORS® commended Senators Debbie Stabenow (D-Mich.) and George Voinovich (R-Ohio) for introducing a bill on Tuesday that would repeal a law that forces individuals to pay income tax when a portion of their mortgage loan is forgiven after a short sale or as part of a foreclosure.Since … (0 comments)

finance: Committee to Look at Housing Counseling Standards - 05/19/07 03:45 PM

WASHINGTON - With foreclosures spiking and an ever-increasing array of mortgage lending options from which home buyers can choose, an NAR committee on Wednesday decided to investigate whether to endorse voluntary industry standards on consumer education and counseling programs. "The timing has never been better for our industry at large to … (0 comments)

finance: Lenders Adopt Rules for Distressed Borrowers - 05/04/07 03:50 PM

Major home mortgage lenders have agreed to adopt a set of principles for dealing with home owners in trouble with high-priced loans, says Sen. Christopher Dodd (D-Conn.), chairman of the Senate Banking Committee.The agreed upon principles are: Contacting distressed borrowers promptly to try to work out arrangements. Making loans more affordable … (0 comments)

finance: Mortgage Rates Hold Steady - 05/04/07 03:48 PM

Sluggish growth in the U.S. economy kept mortgage rates in a holding pattern this week, reports Freddie Mac, as investors viewed the trend as a sign that inflationary pressures will ease. According to the company's weekly survey of borrowing costs, average interest on 30-year fixed loans held steady at 6.16 percent … (0 comments)

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