Tuesday, January 3rd, 2017
The real estate industry will face a fight in 2017 about how federal tax law applies to residential property. According to the Wall Street Journal, a sweeping blueprint for overhauling most of U.S. tax law made in June by House Republicans appears to have a better chance with a Republican in the Oval Office. Among other things, the GOP blueprint calls for the elimination of the deduction for state and local property tax. Industry executives also worry the plan could severely cripple the mortgage interest deduction—long considered a sacred cow of U.S. tax policy. The blueprint proposal released in June […]
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Thursday, December 1st, 2016
So much for that refi. Mortgage rates have spiked in the wake of Trump’s election victory, as investors respond to increased chances of fiscal stimulus next year. Investors have calculated that large tax cuts, increased deficit spending and the rollback of regulations should boost economic growth in the coming years. The average rate on a 30 year fixed rate confirming mortgage has risen to 4.125%, according to the Mortgage Bankers Association (MBA), up from post-Brexit lows around 3.5%. If rates keep moving up it could affect demand for homes. Rates are low relative to long-term averages, but a better gauge […]
Read moreTuesday, November 1st, 2016
Whenever lenders disclose a rate quote, they must also disclose APR. The reason for the central role of the APR is that it pulls together the interest rate and a wide range of origination charges into a single comprehensive measure of cost of credit to the borrower. The regulatory premise is that borrowers can use APR to compare loans of different types and features, and loans offered by different providers. If only it were true! For most borrowers, it isn’t… Aside from lenders who omit APR related costs or use gimmicks to make their APR percentage look more attractive (like lenders who disclose only 1 day of […]
Read moreMonday, October 3rd, 2016
Before buying a vacation home with a friend or relative, work out all the details, such as how to finance the purchase, divide expenses and schedule getaway time slots. Most important, decide what happens if one side wants out. Failing to negotiate these issues ahead of time can lead to disputes that can turn friends into enemies. To head off trouble, you should consider drafting an equity-share agreement to help prevent conflicts. Regardless of how close you are, things can change. The agreement should spell out monthly and annual expenses, such as property taxes, insurance, utility bills and repairs. The […]
Read moreWednesday, September 7th, 2016
Getting a mortgage typically involves the buyer and the bank. But when purchasing a condo, loan deals involve a third player: the condo association. Lenders are more strict when financing condos because the homeowner isn’t solely responsible for maintaining the value of the property. When someone buys a condo, they’re also purchasing an ownership share in common areas ranging from the grounds to shared amenities. These are managed by the condo association, whose officers are elected by fellow residents. Condo association dues go toward maintenance and upgrades, as well as premiums on a master insurance policy. Lenders want to ensure […]
Read moreMonday, August 1st, 2016
Reverse mortgages are typically seen as a way for seniors to remain in their homes while drawing income from their property. But a reverse mortgage can also be used to buy a home. Here’s how it works: Seniors 62 or older buying a primary residence make a down payment and pay closing costs. They then get a lump-sum loan that goes toward the home purchase. No monthly payments are required to pay down the debt. Instead, interest accrues on the loan, and the principal and interest are usually due when the last co-borrower or spouse on the loan moves out […]
Read moreFriday, July 1st, 2016
Mortgage rates moved lower this week following last week’s Brexit headlines (the U.K.’s vote to leave the European Union). Indeed it’s hard to turn on the TV, computer, or radio without hearing about Brexit. Global financial markets are still in the throes of the “initial reaction” time frame. That means selling stocks and buying bonds. When investors buy bonds, rates fall— albeit at a bit slower pace for mortgage rates compared to other popular rate benchmarks (like 10yr Treasury yields). There’s no telling how long this “initial reaction” period will continue and what the longer term effects will be, but for now, […]
Read moreWednesday, June 1st, 2016
A borrower with a high salary and lots of assets doesn’t always get the lowest rate. Well-heeled borrowers may think their credit scores will be high as long as they pay off high balances in full every month, but credit agencies are also judging whether users are able to manage credit in a way that won’t result in becoming overwhelmed. It doesn’t matter how much money you have, it really is about how you manage your credit. For the best score, people should limit usage to less than 25% of each entire credit line. Shared credit obligations commonly trip up higher income […]
Read moreMonday, May 2nd, 2016
According to real estate website Zillow, May is the best month to put a home on the market in all but 7 of the 25 biggest U.S. metro areas. Homes listed in the first half of May sold 18.5 days faster and 0.9% more money than the national average, according to analysis of the past three years as published by the Wall Street Journal. Warm weather and the September start to the school year motivate many people to shop in the spring and close in the summer. May’s “magic window” for listing a home is a change from a previous […]
Read moreFriday, April 1st, 2016
Buyers are anticipated to outnumber sellers this spring, creating a shortfall in inventory that is driving up asking prices, says Lawrence Yun, chief economist for the National Association of Realtors. Lenders are predicting a busy borrowing season as there is a lot of pent-up demand. With loans volume for home purchases at its highest level in four months, and low interest rates fueling a mini-refinance boom, buyers seeking the best mortgage deals should start the pre-approval process sooner than later. Borrowers got a sweet surprise when mortgage rates fell after the Fed meeting last month. The current interest rate for […]
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