home mortgage: Want to Buy Another Home? - 09/23/09 05:03 AM
Think you might want to buy another home?  Do you have substantial equity in your present home?  Consider a Home Equity Line of Credit to make the equity in your present home available for a down payment on a new home before you sell the old home.  Buying the new home before selling the old home will typically require the purchaser to have enough documented income to cover both payments.  Many people with small mortgages have the income to qualify for a larger mortgage without selling first.  Your mortgage broker can easily tell you if this would work for you.
With … (2 comments)

home mortgage: Home Mortgage Interest Deduction - 09/23/09 05:01 AM
At one time, home mortgage interest was an unlimited itemized deduction for income tax purposes.  Many people still believe there is no cap on the deductibility of home mortgage interest.
I was in a presentation at the Broomfield Chamber of Commerce where Fran Coet, managing partner of CPA firm Coet & Coet, described recent changes to deductibility of mortgage interest.  The net effect is that both the interest on first mortgages and HELOCs are capped so that interest above a certain limit is no longer deductible.  This primarily affects the interest on loans where the new balance exceeds the original purchase … (1 comments)

 
Don Opeka (Orion Mortgage, Inc.)

Don Opeka

Arvada, CO

More about me…

Orion Mortgage, Inc.

Address: 10560 Wadsworth Blvd, Broomfield, CO, 80021

Office: (303) 469-1254

Mobile: (303) 469-1254

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