Any lender and any borrower can agree on a set of rates and terms, but the IRS does have certain rules that control this type of transaction specifically when the parties are friends or family. Some of the applicable rules are that the loan must be done in a business-like manner as a written note […]
As a business, if you expect to have repeat customers and get recommendations to friends, you must treat customers fair. Nordstrom’s customers understand that their salespeople are employees and represent the company as a whole. In some industries, like real estate, the customer service line is not as clear. An Agency is a legal relationship […]
Remember when you were a young child, at an amusement park waiting in line to ride a most exciting ride and then you see the sign “you must be this tall to ride” and find out you don’t measure up? The disappointment and embarrassment you felt helped you decide that you didn’t want that to […]
According to the National Association of Realtor’s Aspiring Home Buyers 2017 profile, 59 percent of non-homeowners do not feel comfortable taking on a mortgage when they have student loan debt. Estimates claim that today’s college graduates average around $37,172 in student debt and that 39 percent of non-owners have student loan debt. Major player, Fannie […]
Making a wrong decision is actually better for you than indecision. Home values and interest rates are heading up. It can be very expensive for you to wait on buying a home. Of course, you may have a legitimate reason to wait like improving your credit score or saving a down payment or even waiting […]
Owning a home can be an emotional investment for some would-be buyers. They want to have a place to raise their family,enjoy gatherings and feel secure and safe. Other buyers may be more interested in lowering their costs of housing or building equity. No matter what your motivation is we can easily justify that now […]
Lenders and Mortgage companies will often publish “teaser” rates to draw buyers but these rates are not always available to all buyers. Let’s review a sample situation. Suppose a monthly loan payment for an advertised rate convinced you to make an offer on a home for sale. And then after you negotiated and signed a […]
Yogi Berra said he’d give his right arm to be ambidextrous. Most first-time home buyers would not do something so extreme to own a home but they are willing to make sacrifices. According to the National Association of REALTORS® 2016 Profile of Home Buyers and Sellers: 43% – cut spending nonessential items or luxury items […]
Don’t lose your ability to deduct mortgage interest from your taxes by not properly handling the mortgage loan paperwork when taking money from a relative to buy a home. Especially if you might become their heir. Home mortgage interest can only be deducted if the loan you accept is a secured debt and you sign […]
According to an article posted by Bankrate.com on December 12th, the 30-year fixed mortgage rate rose to 4.02 percent which is up 3 basis points since the same time last week. At that rate you will pay $478.57 a month in principal and interest for every $100,000 financed. That is $1.73 higher than last week. […]
