It’s a real estate question that historically has had an easy answer: Do single-family detached homes appreciate in value faster than condominiums?
They’re either a valuable financial tool for homeowners or a harbinger of trouble on the horizon: Cash-out refinancings, which were wildly popular during the housing boom years and contributed to the severity of the crash, are on the rise again.
With the health care bill back-burnered on Capitol Hill, the focus has shifted to tax reform. Among the key financial matters in play: Homeowners’ prized mortgage interest and property tax deductions.
Are you getting fleeced on appraisal charges when you buy a house or refinance?
It could be a boon for some homebuyers – their credit scores will get a surprise boost – but worrisome for mortgage lenders, landlords and others who depend on credit reports to evaluate their potential customers.
Could getting a home mortgage under today’s post-housing bust regulations and procedures be even remotely comparable to going to the dentist to get drilled? Or anything like having your annual physical, where every body part potentially is subject to inspection and prodding?
Everyone knows that financing and closing on a home purchase can be complicated. Which is why more than a year ago the Consumer Financial Protection Bureau issued a set of new disclosures and rules designed to bring greater clarity – and certainty – to transactions.
If you’re like millions of homeowners, you recently received a familiar, innocuous-looking document from your lender. It’s called Form 1098 and it totes up how much interest you paid on your mortgage last year. Your lender is required by law to fill it out and send it to the IRS.
If your real estate agent requires you to get a mortgage pre-approval from one specific lender as a condition of submitting an offer to buy a house – even if another lender already pre-approved you – would you think something is fishy?
How tough is it to get approved for a mortgage? How low can your FICO credit score go before your lender shows you the door? And how much monthly debt can you be shouldering – credit cards, student loans, auto payments – but still walk away with the mortgage you’re seeking?
The small-scale owners of millions of rental homes, parcels of investment land and income-producing commercial and business real estate might not know it, but one of their key financial planning and tax tools is in danger of disappearing on Capitol Hill.
Here’s some potentially good news for anyone seeking a low down payment mortgage without high credit scores: The Federal Housing Administration is cutting its mortgage insurance premium charges, making its loans a little more affordable.
The average commission rate paid on American home sale transactions continues to decline and could dip below 5 percent within the next few years.
For millions of moderate-income homebuyers, there’s an important money-saving question looming in 2017: Will Congress reinstate deductions for mortgage insurance premiums as part of its overhaul of the federal tax code?
The biggest holiday gift this year for millions of Americans doesn’t fit under a tree and can be a little hard to grasp, but it may be of exceptional value: If you own a home, the odds are good that your equity holdings increased by thousands of dollars over the past 12 months.
They are the three biggest snares for homebuyers seeking mortgages, and if you focus on them in advance you’re much less likely to have your application denied.
If you’ve got a home mortgage, you probably also have an escrow or impound – a savings account incorporated into your monthly payment and managed by your loan servicer so that your annual property tax and hazard insurance bills get paid on time. Most lenders require them and will only allow a waiver if you pay a higher interest rate or a fee.
You probably know that your credit score is a crucial factor in your ability to qualify for a mortgage.
Could it be a grim and grinchy December for thousands of homeowners facing ongoing challenges with their mortgage payments and property values? Could popular deductions for mortgage insurance premiums and energy-efficient home improvements abruptly vanish?
Could the election of Donald Trump have unanticipated impacts on the federal tax code’s benefits favoring homeownership over renting?