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Which is better, a 15-year mortgage or a 30-year mortgage?
Let me answer this question with another question: Would you like to pay more money or less money to buy a house? Most people would like to pay less money. And that’s why a 15-year mortgage is usually a better choice. There are two factors that make a 15-year mortgage cheaper than a 30-year mortgage. …
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How will new jumbo loan limits affect the housing market?
The federal government’s intervention in the housing market is about to show its face again. Much of the housing market has been more or less stuck in neutral–or even reverse–since the federal income tax credits of 2o10 expired. They caused a home buying frenzy in early 2010, as many buyers bought homes sooner than they …
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What’s in the news for April 21, 2011?
Ohio and Maine Report Lower Sales and Prices Across the state of Ohio, home sales in March were down 8.2% and prices were down 11.5% vs. March of 2010. Agents in Ohio are said to be “encouraged” by these “relatively steady” numbers. If 10% drops are reason for encouragement, that certainly sheds light on the overall …
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What’s in the news for April 20, 2011?
Home Sales Up, Prices Down The National Association of Realtors (NAR) reported that the number of existing homes sold in March was up 3.5% versus March 2010. However, the median home price fell 5.9% to $156,900. Read more here. Connecticut Looks to Change Homeowners Insurance Laws The state House of Representatives in Connecticut is considering a …
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How does the HUD-1 Settlement Statement summarize the seller’s side of the transaction?
Third in a 5-part series. Part K of the HUD-1 Settlement Statement summarizes the seller’s side of the transaction in lines 401 through 603. Line 603 is the total of all of the seller’s debits and credits and shows the amount of money that the seller will pocket at closing. This post is a line-by-line …
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How does the HUD-1 Settlement Statement summarize buyer’s side of the real estate transaction?
Second in a 5-part series. Part J of the HUD-1 Settlement Statement summarizes the buyer’s side of the transaction in lines 101 through 303. Line 303 is the total of all of the buyer’s debits and credits and shows the amount of money that the buyer must bring to closing. This post is a line-by-line …
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How do I claim a property tax deduction on my federal income taxes?
In 2008 and 2009, anyone who paid property taxes could claim a deduction on their income taxes. However, beginning for tax year 2010, homeowners must itemize deductions on Schedule A in order to receive a deduction for property taxes. (This was also true before 2008; the rules changed for 2008 and 2009, but the old …
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How do I claim a mortgage interest deduction on my income taxes?
You must itemize deductions on Schedule A in order to receive a deduction for mortgage interest. Interest paid on both your main home and a second home is deductible. This includes interest on first and second mortgages, home equity loans and lines of credit, and refinanced mortgages. Remember that points you pay to your lender are …
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What does subordinate mean?
When used in terms of real estate interests or financial instruments, an interest or debt that is subordinate to another means that it is junior to other debts or interests. For example, the lender of a second mortgage is subordinate to the lender of a first mortgage; in the event that the homeowner defaults, the …
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What is the Real Estate Settlement Procedures Act (RESPA)?
The Real Estate Settlement Procedures Act (RESPA) was passed to protect borrowers from abusive mortgage lending practices. The primary function of the law is to ensure that borrowers are given accurate, timely, and complete information about the costs and procedures of the mortgage loan process. Additionally, RESPA eliminated kickbacks and referral fees associated with lending—for …