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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 LLP, an accounting, auditing, and consulting firm.Meehan recommends that those who move from high-tax states to one with lower taxes take care to switch addresses on passports, voter registrations, automobile, registrations, and driver's licenses. They should file federal income-tax returns from their preferred address. It's also important that people spend … (0 comments)
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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 of mortgage activity increased to 42.3 percent of total applications from 42.1 percent the previous week.The average interest rate for 30-year fixed-rate mortgages increased to 6.23 percent from 6.13 percent. The average interest rate for 15-year fixed-rate mortgages increased to 5.96 from 5.81 percent. The average contract interest rate for … (0 comments)
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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, it expanded the program to eight additional states. Tomorrow, it will begin advertising the "No Fee Mortgage Plus" nationally.The loan also eliminates private mortgage insurance and the bank is guaranteeing its customers the best deal on interest rates and an on-time closing. Borrowers must put down at least 5 percent. … (0 comments)
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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 the mid-90s, NAR has actively engaged in efforts to change this law and is encouraged by the actions taken today by the Senate in S.1394, the Mortgage Cancellation Tax Relief Act."This is a fundamental fairness provision. It will relieve a tax burden at a time when an individual has experienced … (0 comments)
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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 come together for some standardization," said Janya Bower of NeighborWorks America, a nonprofit organization for affordable housing that has led efforts in creating the standards. "This would provide a unified voice for the industry on behalf of consumers." The standards - National Homeownership Industry Standards for Homeownership Education and Counseling- … (0 comments)
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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 by reducing rates, changing terms, and other means. Providing refinancing at the lowest cost possible for those who are eligible.Those agreeing to the principles include the Mortgage Bankers Association, Citigroup Inc., JPMorgan Chase & Co., HSBC Holdings Corp., and Bear Stearns & Co.; government-sponsored mortgage finance giants Fannie Mae and … (0 comments)
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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 after dipping during the previous two weeks. The rate is just shy of the early March level of 6.14 percent, which is the lowest so far in 2007. Rates on 15-year fixed mortgages also stood pat for the week, averaging 5.87 percent. Source: Tacoma News Tribune (Wash.) (05/04/07) … (0 comments)
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Aaron Whitten
Las Vegas,
NV
More about me…
Universal Realty
Address: 2490 Paseo Verde Pkwy suite 115, Henderson, Nv, 89074
Office Phone: (702) 938-7700
Cell Phone: (702) 354-9637
Email Me
Our blog is meant for anything and everything LAS VEGAS. Here you will find topics ranging from our current market conditions, great outdoor activities in our surrounding area, current financial statistics, useful money saving tips, fine wine reviews, to first hand reviews on our almost limitless fine dining options. Visitors and current clients alike, feel free to post your comments, questions and opinions on just about anything and everything. Check back soon as our team will be updating often with information we think you will want to know.
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