Title insurance protects the holder from any losses sustained from defects in the title. It's required by most mortgage lenders. Here are five other things you should know about title insurance.
1. It protects your ownership right to your home, both from fraudulent claims against your ownership and from mistakes made in earlier sales, such as mistake in the spelling of a person's name or an inaccurate description of the property.
2. It's a one-time cost usually based on the price of the property.
3. It's usually paid for by … (3 comments)
buying in santa cruz: Steps to Buying a Home
- 08/25/10 07:33 AM
First Time Buyers Approaching the task of buying a home can be overwhelming. It is a complex event during which there is so much to learn and to consider. How much can I afford? Where will the down payment come from? How much will I need and where can I find the best loan? How do I begin the look for a home, what should I expect from my real estate agent and what type of home is right for me? These questions are just the beginning. Buying a home is one of the largest financial transactions in one's lifetime, yet … (1 comments)
buying in santa cruz: First Time Homebuyer Programs
- 08/24/10 12:56 PM
City of Santa Cruz - First Time Home Buyer Options The First Time Homebuyer (FTH) Program provides low- and moderate income first time homebuyers with a "silent" second mortgage. Silent second mortgages require no monthly payments until one of several events occur at a point in the future. Designed to fill the gap between what a first time homebuyer can borrow from a mortgage lender and the purchase price of the home, the FTH Program may be utilized to satisfy down payment requirements of the first mortgage lender as well as pay the borrower's closing costs and other fees associated … (0 comments)
buying in santa cruz: Renting vs. Owning
- 08/24/10 12:07 PM
There's nothing quite like a home that you can truly call your own. A place where you can have the gleaming hardwood floors you've always dreamed of, a space to cultivate your own vine-lined patio, a way to provide a good neighborhood for your kids to grow up in, and a freedom from the whims of your landlord. These are the images that immediately come to mind, for many of us. Yet some of the biggest advantages of owning a home are less romantic and more practical - in fact, there are financial advantages to owning a home: Tax Deductibility You … (0 comments)
buying in santa cruz: Over 55? Here is a California Tax Relief Measure that maybe right for you
- 08/24/10 07:16 AM
Protecting your Tax Base with Proposition 60 Are you over 55 and thinking about selling your home and moving into something smaller, but worried about the tax implications when you relocate? If so, you aren't alone. As the baby boomers find themselves approaching retirement age and becoming empty nesters, their housing needs are changing along with their lifestyles - but inflation and taxes just seem to keep going up, up, up. Fortunately some relief, in the form of Prop 60, is available. What is Prop 60? Proposition 60 is a constitutional amendment, approved by California voters, that provides property tax relief under … (0 comments)
5 Things to Know About Homeowner's Insurance1. Know about exclusions to coverage. For example, most insurance policies do not cover flood or earthquake damage as a standard item. These types of coverage must be bought separately. 2. Know about dollar limitations on claims. Even if you are covered for a risk, there may be a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately. 3. Know the replacement cost. If your home is destroyed you'll … (1 comments)
buying in santa cruz: Tax Benifits for California Homeownership
- 07/16/10 06:55 AM
Tax Benefits of Homeownership The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works. Assume: $9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest) $2,700 = Property taxes (at 1.5 percent on $180,000 assessed value) ______ $12,577 = Total deduction Then, multiply your total deduction by your tax rate. For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56 $3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax … (1 comments)
buying in santa cruz: Getting Ready to Meet with a Lender; What Questions Should You Ask?
- 07/15/10 08:01 PM
10 Questions to Ask Your Lender 1. What are the most popular mortgages you offer? Why are they so popular? 2. Which type of mortgage plan do you think would be best for me? Why? 3. Are your rates, terms, fees, and closing costs negotiable? 4. Will I have to buy private mortgage insurance? If so, how much will it cost, and how long will it be required? (NOTE: Private mortgage insurance is usually required if your down payment is less than 20 percent. However, most lenders will let you discontinue PMI when you’ve acquired a certain amount of … (10 comments)
In high-priced housing markets, it can be difficult to afford a home. That's why a growing number of home buyers are forgoing traditional fixed-rate mortgages and standard adjustable-rate mortgages and instead opting for a specialty mortgage that lets them "stretch" their income so they can qualify for a larger loan.
But before you choose one of these mortgages, make sure you understand the risks and how they work.
Specialty mortgages often begin with a low introductory interest rate or payment plan - a "teaser"- but the monthly mortgage payments are likely to increase … (0 comments)
3 Br/3Ba, Pasatiempo Home on the 7th tee with Views of the Monterey Bay … (0 comments)
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