homebuyers: 3 Ways to Improve Home Buying Power - 08/19/19 12:01 PM
 
If you or anyone you know is buying a house this summer, chances are you’ll be dealing with competing for offers and low inventory issues.  Here are three ways to avoid getting priced out of the house you want:
1 – Consider Your Overall Debt Strategy
For example, what would it look like if you used some of your down payment funds to pay off other debts instead of using those funds for a down payment?  This may open the door to getting you qualified for a larger mortgage so you can bid higher on the house. Plus, home loans often carry … (1 comments)

homebuyers: Two Reasons Why You Should Keep Your Home Improvement Receipts - 01/21/19 08:49 AM
 
1: Ability to Deduct Your Mortgage Interest: If you take out a mortgage for home improvement purposes, the IRS may ask you to prove the project was a "substantial improvement" that:
Adds to the value of the home, Prolongs the home’s useful life, or Adapts the home to new uses.  For example, painting a room may not qualify, but an addition or a new kitchen may qualify. Keeping the receipts from your home improvement project would go a long way toward proving this. Also, keep in mind that the IRS gives you 24 months to reimburse yourself for improvements made in the past, or … (0 comments)

homebuyers: Fixed vs. ARM: Four Questions to Ask When Comparing Your Options - 12/03/18 06:23 AM
  Here are four questions that can help you make a more informed decision when comparing an adjustable rate mortgage (ARM) vs. a fixed rate mortgage. 

1 - How do ARMs work? Most ARMs have an initial note rate that is fixed for a period of time... usually 3, 5 or 7 years.  See Figure 1 for details.

After the initial fixed period, your mortgage interest rate would change based on adding the then-current index, to the margin.  See Figure 2 for details.
It's important to pay attention to the "caps" on your loan because these caps indicate how much … (1 comments)