Once the decision to buy a home has been made, you should take the time to prepare before you go on your home search. This article will provide information on things you should consider:
Yes, it is very tempting to rush out and actually look at houses, but to do so without full preparation can be both disastrous and expensive. Get your financial house in order first! I can't stress this enough--it will save you an enormous amount of time, aggravation and heartache. Determine what your budget will comfortably allow and stick to it. Don't spend yourself into a "house poor" situation.
Get preapproved for a mortgage. This will not only give you a clear idea of how much a lender will approve for you, it will make your homebuying process a great deal easier (and save a lot of time later).
Get familiar with the different housing types available to narrow your search. Determine your minimum requirements as well as any desired additional features--your needs and wants.
Take note of any items that you don't want in a house.
Determine the desired location (schools, work, public transportation, etc.)
Familiarize yourself with the mortgage process.
Choose an Agent that you feel comfortable with and who understands your needs. Be completely aware of the agency issue. If you look for houses before you have your own Agent, you may not have the representation you want. Contact Art Best of Best Realty Today.
Don't just buy a home for your present needs, make sure to take into account future considerations.
As you are looking, use a scoreboard to compare homes. A scorecard is a great tool when it comes time for comparisons (and for remembering which home had which features!)
Get familiar with the inspection process--especially the personal inspection aspect, so that you can weed out unacceptable houses quickly .
Maintain your perspective--and your cool! You may find an acceptable house on the first day--or the tenth. The important thing is to get the home that is best for you!
Allow us To Be Your New Friend in The Mortgage Business! Feel free to submit all your mortgage related questions and we promise to respond within 48 Hours."
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VISIT COMMUNITY TO FIND OUT ABOUT CLOSING INCENTIVES
Heritage Park
(404)597-4098
Ask for Art Best
285 S. Exit &035; 62, Old National Blvd. Take left off exit and travel 4 miles. Heritage Park will be on the left on Creel Road.
Do You want to buy a home, but your credit is less than perfect? Well here's some consumer news You can Use!
Your credit report--a type of consumer report--contains information about where you work and live and how you pay
your bills. It also may show whether you've been sued or arrested or have filed for bankruptcy. Companies called
consumer reporting agencies (CRAs) or credit bureaus compile and sell your credit report to businesses. Because
businesses use this information to evaluate your applications for credit, insurance, employment, and other purposes
allowed by the Fair Credit Reporting Act (FCRA), it's important that the information in your report is complete and
accurate.
Some financial advisors suggest that you periodically review your credit report for inaccuracies or omissions. This
could be especially important if you're considering making a major purchase, such as buying a home. Checking in
advance on the accuracy of information in your credit file could speed the credit-granting process.
Getting Your Credit Report
If you've been denied credit, insurance, or employment because of information supplied by a CRA, the FCRA says the
company you applied to must give you the CRA's name, address, and telephone number. If you contact the agency for
a copy of your report within 60 days of receiving a denial notice, the report is free. In addition, you're entitled to one
free copy of your report a year if you certify in writing that (1) you're unemployed and plan to look for a job within 60
days, (2) you're on welfare, or (3) your report is inaccurate because of fraud. Otherwise, a CRA may charge you up to
$18.00 for a copy of your report.
If you simply want a copy of your report, call the CRAs listed in the Yellow Pages under "credit" or "credit rating and
reporting." Call each credit bureau listed since more than one agency may have a file on you, some with different
information.
The three major national credit bureaus are:
· Equifax, P.O. Box 740241, Atlanta, GA30374-0241; (800) 685-1111.
· Experian (formerly TRW), P.O. Box 2002, Allen, TX 75013; (888) EXPERIAN (397-3742).
· Trans Union, P.O. Box 1000, Chester, PA 19022; (800) 916-8800.
Correcting Errors
Under the FCRA, both the CRA and the organization that provided the information to the CRA, such as a bank or
credit card company, have responsibilities for correcting inaccurate or incomplete information in your report. To protect
all your rights under the law, contact both the CRA and the information provider.
First, tell the CRA in writing what information you believe is inaccurate. Include copies (NOT originals) of documents
that support your position. In addition to providing your complete name and address, your letter should clearly identify
each item in your report you dispute, state the facts and explain why you dispute the information, and request deletion
or correction. You may want to enclose a copy of your report with the items in question circled.
Your letter may look
something like the sample below. Send your letter by certified mail, return receipt requested, so you can document
what the CRA received. Keep copies of your dispute letter and enclosures.
CRAs must reinvestigate the items in question--usually within 30 days--unless they consider your dispute frivolous.
They also must forward all relevant data you provide about the dispute to the information provider. After the
information provider receives notice of a dispute from the CRA, it must investigate, review all relevant information
provided by the CRA, and report the results to the CRA. If the information provider finds the disputed information to be
inaccurate, it must notify all nationwide CRAs so they can correct this information in your file. l Disputed information
that cannot be verified must be deleted from your file.
· If your report contains erroneous information, the CRA must correct it.
· If an item is incomplete, the CRA must complete it. For example, if your file showed that you were late
making payments, but failed to show that you were no longer delinquent, the CRA must show that you're current.
· If your file shows an account that belongs only to another person, the CRA must delete it.
When the reinvestigation is complete, the CRA must give you the written results and a free copy of your report if the
dispute results in a change. If an item is changed or removed, the CRA cannot put the disputed information back in
your file unless the information provider verifies its accuracy and completeness, and the CRA gives you a written
notice that includes the name, address, and phone number of the provider.
Also, if you request, the CRA must send notices of corrections to anyone who received your report in the past six
months. Job applicants can have a corrected copy of their report sent to anyone who received a copy during the past
two years for employment purposes. If a reinvestigation does not resolve your dispute, ask the CRA to include your
statement of the dispute in your file and in future reports.
Second, in addition to writing to the CRA, tell the creditor or other information provider in writing that you dispute an
item. Again, include copies (NOT originals) of documents that support your position. Many providers specify an
address for disputes. If the provider then reports the item to any CRA, it must include a notice of your dispute. In
addition, if you are correct-that is, if the disputed information is not accurate-the information provider may not use it
again. Accurate Negative Information When negative information in your report is accurate, only the passage of time
can assure its removal. Accurate negative information can generally stay on your report for 7 years. There are certain
exceptions:
· Information about criminal convictions may be reported without any time limitation.
· Bankruptcy information may be reported for 10 years.
· Credit information reported in response to an application for a job with a salary of more than $75,000
has no time limit.
· Credit information reported because of an application for more than $150,000 worth of credit or life
insurance has no time limit.
· Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until
the statute of limitations runs out, whichever is longer. Criminal convictions can be reported without any time limit.
Adding Accounts to Your File
Your credit file may not reflect all your credit accounts. Although most national department store and all-purpose bank
credit card accounts will be included in your file, not all creditors supply information to CRAs: Some travel,
entertainment, gasoline card companies, local retailers, and credit unions are among those creditors that don't. If
you've been told you were denied credit because of an "insufficient credit file" or "no credit file" and you have accounts
with creditors that don't appear in your credit file, ask the CRA to add this information to future reports. Although they
are not required to do so, many CRAs will add verifiable accounts for a fee. You should, however, understand that if
these creditors do not report to the CRA on a regular basis, these added items will not be updated in your file.
Sample Dispute Letter
Date
Your Name
Your Address
Your City, State, Zip Code
Complaint Department
Name of Credit Reporting Agency
Address
City, State, Zip Code
Dear Sir or Madam:
I am writing to dispute the following information in my file. The items I dispute are also
encircled on the attached copy of the report I received. (Identify item(s) disputed by name of
source, such as creditors or tax court, and identify type of item, such as credit account,
judgment, etc.)
This item is (inaccurate or incomplete) because (describe what is inaccurate or incomplete
and why). I am requesting that the item be deleted (or request another specific change) to
correct the information.
Enclosed are copies of (use this sentence if applicable and describe any enclosed
documentation, such as payment records, court documents) supporting my position. Please
reinvestigate this (these) matter(s) and (delete or correct) the disputed item(s) as soon as
possible.
Sincerely,
Your name
Enclosures: (List what you are enclosing
Private Mortgage Insurance helps you get the loan
Private Mortgage Insurance, also known as PMI, is a supplemental insurance policy you may be required to obtain in order to get a mortgage loan. PMI is provided by private (non-government) companies and is usually required when your loan-to-value ratio — the amount of your mortgage loan divided by the value of your home — is greater than 80 percent. PMI isn't a bad thing — it allows you to make a lower down payment and still qualify for a mortgage loan. In fact without PMI, many of us would not be able to purchase our first home. How is PMI calculated?
Your PMI premium is fixed based on plan type (loan-to-value ratio, loan type, loan term, etc.) and is not related to your particular credit history or other individual characteristics. PMI typically amounts to about one-half of one percent of your mortgage amount annually, according to the Mortgage Bankers Association, and the premium payment is usually rolled into your monthly mortgage payment. On a $200,000 mortgage, you may be paying $1,000 per year for PMI.
Filing bankrupt is a big part of life, well it is for at least 2 million people in the United States that filed Bankruptcy last year.
A bankruptcy filing delivers a devastating blow to your credit, FICO and your life. However, it doesn't mean you have to wait 10 years before you can qualify for a mortgage and that's what I want the readers to understand.
Many consumers who have filed for bankruptcy have been able to obtain a mortgage, although it is often at a higher rate than someone qualifying for a prime or "A-paper" loan.
While credit card companies may care about what happened before you filed for bankruptcy, many mortgage lenders are more interested in your recovery — what you've done since your filing. The light at the end of the tunnel won't come on over night, but here are some tips and things to keep in mind when you inquire about a mortgage with a tarnished credit past:
Give explanations
No mortgage lender is going to ignore the fact that you've filed bankruptcy and he or she will likely want to know the cause of the filing. Your lender will be particularly interested in whether the same situation could happen again. Your chances of being qualified are much better if your bankruptcy was caused by a single event such as a loss of employment or a death in the family, than if it was the result of "just spending too much."
If the bankruptcy resulted from a single event, it is important to show your lender paperwork describing the incident, such as the layoff notice or death certificate. You may also want to bring in court documents to indicate when the bankruptcy was filed.
Demonstrate good money habits now
Many people who file bankruptcy swear off credit altogether, however, it is important to re-establish your credit rating. Get a secured credit card or take on some sort of loan — furniture, a car or a major appliance — to demonstrate that you are able to make timely payments. Make sure you are making other payments (utility bills, cell phone, etc.) on time as well. You won't turn things around in a year but your credit score will improve over time.
Dispute any credit report errors
There's no need to add to your troubled credit history with errors on your credit report. Get a copy of your credit report from each of the three major credit reporting agencies: Equifax, http://www.equifax.com; Experian, http://www.experian.com; and TransUnion, http://www.tuc.com. If you encounter any errors, inform the CRA in writing what information you believe to be inaccurate and request deletion or correction.
Save your money
Lenders may be more willing to loan you money if you've saved up a considerable amount of money for a down payment.
Live within your means
Be responsible if it costs more money than you make in a month, friends it just might be a good idea to walk away.
Knowledge is Power as I always say to homeowners, understanding the main factors of the refinancing process can save you potentially hundreds of dollars monthly. If you are contemplating refinancing your home there are four things you need to consider: You need to think about what is your current mortgage rate and the payment amount. You need to think about what the new mortgage rate will be and your approximate costs and fees to refinance as well as how long you will be staying at your current residence.
1. By looking at your most recent monthly mortgage statement you can most often find your current mortgage rate, payment amount as well as the total amount outstanding on your mortgage loan. If you do not see this information, call your lender and get it. At a minimum, the outstanding principal balance should be listed on your statement.
2. Because mortgage interests vary almost hourly, you need to do your homework ahead of time and research what the current mortgage rates are. Up-to-date mortgage rates can be found at www.interest.com or by checking with your local financial institutions. When you refinance you should really consider decreasing the repayment time of the loan. Even a small reduction in mortgage interest can generate enough causal effect and increased cash flow to help you make the same or slightly larger payment than what you were paying previously to reduce the length of the loan.
3. Know exactly what your refinancing cost will be. You should not have any surprises in this area or any other area. The refinancing costs vary from state to state and are dependent upon what outside entities such as appraisers or lawyers need to be involved in the details of your refinance along with your lender. Knowledge allows you to prepare as well as determine if you will be able to recoup the costs fast enough to justify refinancing.
4. Knowing the payback period is essential to determining if you will be in your home long enough to make refinancing a worthwhile investment. You need to be in the home long enough to recover the costs of the refinance at a minimum. Often this is not an easy decision even with the information of the length of the payback period. None of us are capable of knowing exactly what will happen in the future. This knowledge is simply significant so that we can make our best guess or estimate of what will happen based upon predictable factors as well as the probability of the unpredictable happening within a certain period of time.All these factors determine the ultimate success of your refinance.
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Ever heard the old rule of thumb, you should only refinance if your new interest rate is at least two points lower? That may have been true years ago, but with refinancing dropping in cost over the last few years, it's never the wrong time to think about a new loan! Refinancing has a number of benefits that often make it worth the up-front expenditure many times over.
When you refinance, you might be able to lower your interest rate and monthly payment -- sometimes significantly. You might also be able to "cash out" some of the built-up equity in your home, which you can use to consolidate debt, improve your home, take a vacation -- whatever! With lower rates and balances, you might also be able to build up home equity faster with a shorter-term new mortgage.
All these benefits do cost something, though. When you refinance, you're paying for most of the same things you paid for when you obtained your original mortgage. These might include settlement costs and other fees, an appraisal, lender's title insurance, underwriting fees, and so on.
You might have to pay a penalty if you refinance your previous mortgage too quickly. That depends on the terms of your existing mortgage. These penalties are illegal in some places, and more often than not when you have one of these penalties on your current mortgage it applies only for the first year or two. I'll help you figure it out.
You might pay points to get a more favorable interest rate. If you pay (on average) three percent of the loan amount up front, your savings for the life of the new mortgage can be significant. You should be aware that the IRS has recently said that points paid for the purpose of refinancing your mortgage cannot be deducted in their entirety in the year you pay them, unless the refinanced loan is primarily for home improvements. Consult your tax professional before deducting points you pay on your new mortgage from your federal income taxes.
Speaking of taxes, if you lower your interest rate, naturally you will be lowering the amount of mortgage interest payments you can deduct from your federal income taxes. This is another cost that some borrowers consider. I can help you do the math!
Ultimately, for most people the amount of up-front costs to refinance are made up very quickly in monthly savings. I'll work with you to determine what program is best for you, considering your cash on hand, how likely you are to sell your home in the near future, and what effect refinancing might have on your taxes.
Renting is the answer for some people at certain times in their lives. Renting is not for everyone. The advantages to owning your own home and even investing in real estate are almost innumerable. Since it hasn't been that long since I made the transition myself I can relate to your hopes, dreams and fears from a very personal perspective.
When you are ready to experience accurate information and the reality of your readiness to take that next step Art Best of Best Realty has the time and information for you.Did you know that even as a first time homebuyer it is possible to purchase a home with very little or no money down?
Did you know that there are powerful tax advantages from owning your own home? Did you know that you can build a real estate investment portfolio by purchasing your own home and retaining it as a rental as you move up?The idea that "everyone qualifies" and "good credit, bad credit, no credit" sounds so appealing but is simply not the truth.
Our promise to you is to accurately define the borders for lender offerings, build credibility with you, achieve your goals within the parameters of the lender's guidelines, give you immediate feedback, and provide your personal formula for success.
The truth is you may not qualify for the best solutions today but don't be dismayed; Tomorrow is another day and I am here for you! Our goal is to educate the consumer on one of the largest purchases they will ever make. Please feel free to submit all your mortgage related questions and we will respond within 48 hours!
Keeping you in the know!
Have you ever had a credit card company suddenly lower your credit line in spite of your unblemished payment history?
Have you wondered how every mortgage lender in the world is aware that you have been shopping for a good refinance opportunity? Or why your current mortgagee, the company that didn't spell your name right on last month's statement, is suddenly your new best friend? The answer is credit "triggers", a highly profitable sideline for all of the three credit collection bureaus and business financial analyst Dun & Bradstreet is also a player.
Lenders can subscribe to a trigger service with one or more credit bureaus. Depending on the parameters that subscriber chooses, and there are over a dozen to chose from. The subscriber would be instantly notified if there are changes in the credit profile of current customers. These triggers may be employed by subscribers as risk alerts, collections assistance and marketing opportunities.
In collections, for example , a triggering event might be a change in a person's or business's credit history such as a payoff of some delinquent debts that might indicate renewed liquidity or information on a new location for a missing debtor.
A risk alert trigger would be one that indicates that a customer is taking on substantial additional debt or begins to exhibit a pattern of late payments or even of minimum payments on a number of accounts. This is the type of trigger that can result in reduced or even closed credit lines or a sudden increase in interest rates.
Triggers have been available to lenders for years although new technology is morphing them into a totally new type of product, one that can be customized by combining a number of parameters and is available to subscibers almosy instantly. Experian permits a lender to submit a list of names, probably from it's current portfolio, to be monitored whenever a consumer is shopping for credit. Marketing, risk and retention triggers are now available on a daily, weekly, up to a quarterly cycle.
It is in the marketing area that Experian at least has begun to strongly push its trigger products. While the marketing sector has been around for several years, the sales targets have changed and that could be disconcerting, particularly to the consumer shopping for a mortgage.
The Credit bureaus have provided trigger service to mortgage companies for some time; and the throes of the refinancing frenzy this was a popular product. If a company wanted to know if a customer was seeking additional creditt in order to approach him or her and attempt to retain the mortgage business themselves through a refinance or to cross-sell other products such as mortgage insurance or credit cards, it would be very easy to say the least.
The credit bureaus are now offering the trigger services to all mortgage companies. In other words, they are selling mortgage trigger leads.
Experian promotes its products on its websites blatantly: "you can quickly and precisly find credit worthy customers with recent credit activity who are most likely to respond to your specific offer...and who are the kind of credit worthy customers you would like to attract."
In other words, if your mortgage cutomer is shopping around to refinance, we will alert you so you can take action to retain that business. And we will also notify you if a stranger who meets your parameters of location, credit score, etc. appears to be seeking financing.
Perhaps the borrowe will get a better deal - in the words of the Lending tree ad - "when banks compete you win." But there are a couple of troubling aspects. First of all, the lender who is initially seeking your business is paying for the credit report that triggers the trigger puttinh his very own mortgage lead on the open market to be sold as a credit trigger lead for profit to his competitors. Second, it is yet another in the endless examples of how an individual's privacy is ignored everyday...?
The law requires that anyone contacting a consumer from such a lead do so with a firm offer of credit.
"Please allow us to be your new friend in th mortgage business"
Our goal is to educate the consumer on one of the largest purchases they will ever make!
The Federal Reserve And Mortgage Rates
Consumers are often misled when it comes to the subject of the Federal Reserve and how it affects mortgage interest rates. Often the media is the culprit causing the confusion. In the past few years, the Fed has taken action that caused mortgage interest rates to move in a direction other than what consumers expected, because the media provided weak reporting on the subject.
The Federal Reserve affects short-term interest rate maturities, the Fed Funds rate, and the Overnight Lending rate. These factors have a direct impact on the Prime rate. If you took only this into consideration, you may mistakenly conclude that changes made by the Fed will cause a similar movement in mortgage interest rates. However, mortgage interest rates are dictated by the trading of mortgage-backed securities, which trade on a daily basis. The real dynamic at the heart of interest rate movement is the relationship between stocks and bonds. Stocks and bonds compete for the same investment dollar on a daily basis. There is literally only so much money to be invested. When the Federal Reserve feels that interest rates need to be decreased in an effort to stimulate the economy, this reduction in rates can often cause a stock market rally. When the market becomes bullish, the money to invest in stocks comes from the selling of mortgage-backed securities. Unfortunately, selling mortgage-backed securities to fuel stock market rallies causes interest rates to go up, not down. Historically, there have been many times when the Federal Reserve has increased interest rates. Stocks then sell off in fear that the increase will affect corporate profit margins, and the liquidated stock assets need a place to park until the next rally comes along. The safe haven is found in mortgage-backed securities which cause mortgage rates to drop. The daily ebb and flow of money is what matters most when it comes to the movement of mortgage interest rates. I make it a point to continuously monitor interest rates for my clients, and advise them of opportunities to manage their mortgage debt at a better rate. This is the foundation of my business model as a Trusted Advisor. Our goal is to educate the consumer on the largest purchase they'll ever make!
Stocks and bonds compete for the same investment dollar on a daily basis. There is literally only so much money to be invested. When the Federal Reserve feels that interest rates need to be decreased in an effort to stimulate the economy, this reduction in rates can often cause a stock market rally. When the market becomes bullish, the money to invest in stocks comes from the selling of mortgage-backed securities.
Unfortunately, selling mortgage-backed securities to fuel stock market rallies causes interest rates to go up, not down.
Historically, there have been many times when the Federal Reserve has increased interest rates. Stocks then sell off in fear that the increase will affect corporate profit margins, and the liquidated stock assets need a place to park until the next rally comes along. The safe haven is found in mortgage-backed securities which cause mortgage rates to drop.
The daily ebb and flow of money is what matters most when it comes to the movement of mortgage interest rates. I make it a point to continuously monitor interest rates for my clients, and advise them of opportunities to manage their mortgage debt at a better rate. This is the foundation of my business model as a Trusted Advisor.
Our goal is to educate the consumer on the largest purchase they'll ever make!
How Much House Can You Afford?
Step One - Calculating Your Monthly IncomeWhen a loan officer prequalifies you, he/she works backwards to figure your maximum mortgage amount. You can do the same thing. The first step is to determine your monthly income. It isn't quite as easy as it sounds. Lenders only count income they can document through paperwork.If you are a salaried employee, and don't earn bonuses, it's easy. Get out your paycheck. If you get paid twice a month, multiply by two. If you are paid every two weeks, then you multiply by 26 (the number of pay periods in a year) and divide by twelve. Unless you're a teacher. Teachers don't always work year round and they have special rules.If you are an hourly employee who works a straight forty hours a week and don't earn overtime income, then it's easy, too. Look at your paycheck, multiply your hourly rate by 40, multiply that total by 52, then divide by twelve.If you earn overtime, bonuses, or commissions -- it isn't as easy. Lenders don't give you credit for what you are currently earning. They average your income from those sources over the last two years, then add that to your regular salary or hourly monthly income. If you want a shortcut that is usually close, get out your W2 forms for the last two years. Add them together and divide by twenty-four. That is your monthly income.If you are a teacher, a nurse, a seasonal employee, in construction, or earn only part-time income -- you can use that shortcut, too. Add the figures from your last two years W2's, then divide by 24. It generally gets you close.If you are self-employed or receive 1099 income, then you need a two-year track record. Lenders go by what you declare to the IRS as income, since that is documentable. Since some self-employed people overstate their expenses, this may understate your income. Look at the Schedule C of your tax returns for the last two years and the number at the bottom that says "profit" is your annual income. You can add any depreciation to that figure. Add them together and divide by twenty-four.There are variations and exceptions (like those who own their own corporations) but the above should cover most people.
SELF EMPLOYED PROGRAMS
Same as Conventional or FHA loans, but income needs to be verified with tax returns or in some cases bank statements.
In cases where borrower shows little or no net income, we have mortgage programs that do not require income or asset disclosure. (excellent credit needed)
80 / 20 Financing
Another no money down option is obtaining an 80% first mortgage and a 20% second mortgage. Closing costs can be built into the purchase price. Therefore, "No Money Down" is required from the borrower. Also, this program does not require mortgage insurance.
Borrowers with credit scores > 680 have an interest only option. A borrower can obtain an 80% 1st Home Equity Line of Credit and put a 2nd 20% Home Line of Credit. Both loans are interest only. These loans offer a full documentation option for the self-employed borrower. They qualify the borrower on the "interest only" payment. This really decreases the income needed to qualify for some very large loan amounts.
Flex 100
This option is also 100% financing, however, the borrower must have 3% into the transaction. Note that this 3% can be gifted from a family member or fiance or even be a grant from an employer, non-profit organization or government agency.
Interest Only Arms & Fixed Products
Perfect products for borrowers entering into a "step-up" home. Most of the homes equity gained in the early years of a mortgage is through appreciation and not principal reduction.
The borrower only has to qualify for the "interest only" payment allowing the homeowner to afford a more expensive home. This can allow a self-employed borrower to possibly qualify for a home with full documentation rather than a "stated" or "no income" type program.
These products apply to A paper and subprime loans.
Necessary Credentials for Self-Employed Programs:
Full Documentation Programs
If you are thinking about buying your own home, there are many things to consider:
Advantages
For many people, owning a home provides the satisfaction of having a place that they can call their own—a place to put down roots.
There are other advantages to homeownership:
Responsibilities
With the many advantages of homeownership come additional responsibilities that may not apply to renters:
Tax Consequences
Unlike rent payments, a portion of your monthly mortgage payments may be tax deductible, which may result in a lower annual tax payment or a tax refund.
If you own a home, you may be able to deduct the annual interest you pay on your mortgage loan and some of the upfront financing costs of the home, such as points. Your annual property taxes may be deductible as well.
If you are currently renting, you should consult your tax advisor for more information about the tax consequences of homeownership.
Building Home Equity
A lender determines how much equity you have in your home by taking the appraised value of the home and subtracting any remaining mortgage debt. For example, if your house is valued at $100,000 and your mortgage balance is $60,000, you have $40,000 equity in your home.
If your home retains its value or increases in value over time, your monthly mortgage payment can be a way of building savings. As your home equity increases, so does the amount of cash you may receive if you decide to sell your home in the future.
If you have built up sufficient home equity, you can also borrow funds against it. You can take out a home improvement loan to make repairs or remodel your home. Or you can take out a home equity loan for other purposes, such as paying for emergency repairs, health costs, or educational expenses.
"Our goal is to educate the consumer on the largest purchase they'll ever make! "
We truly understand the importance of relationships. We are dedicated to providing you and your buyers with the top customer service and assistance in finding the personalized solution that best meets their home buying needs. We know it is just as important for you to have a great Realtor on your team as it is for the buyer.We can present your buyer with top notch customer service and a big variety of home options all across the Atlanta & Surrounding areas. With extensive product knowledge of the Real Estate & the Mortgage Industries we know we are one of the best!
We help your buyers to determine their buying power, their financial reserves plus their borrowing capacity.
We can assist your buyer in the selection process by providing objective information about each property. We have access to a variety of informational resources, we can provide local community information on utilities, zoning. schools, etc. We understand the importance in your buyer knowing first off, will the property provide the environment your buyer wants for a home or investment? Second, will the property have resale value when they are ready to sell?
We specialize in new home construction, all your home buying & selling needs as well as investment properties and property management.
In addition, we offer:
- Prompt communication-If needed, daily updates via email or phone - Dedication to meeting the needs of your buyers-We offer some awesome incentives via our Builders-Responsive service an
