Amortization – this word is used to describe the accounting process by which most buyers will repay their home loans over time. Most home buyers will be set up with an amortized mortgage. The benefit to an amortized fixed-rate mortgage is that your payment will remain the same over the entire term of your home […]
A higher house payment doesn’t mean your home is more valuable. It means that you got a mortgage loan rate higher than it has to be. If you are looking to lower your monthly mortgage payment then an adjustable rate mortgage can do that for you only factor to consider is how long are you […]
Whether you are a new home buyer or an experienced one, you don’t often buy the first home you view. Time is spent looking for the perfect home. Well why not apply that mentality to shopping for your mortgage. Don’t accept the first offer just because it is from your current bank. You may know […]
Investing in savings accounts today will earn you back less than one percent on your money and you will be required to pay income tax on those earnings. But if you contribute something extra to your mortgage each month, you will earn savings in a more beneficial way. Paying additional principal payments on your home […]
Over the last year about 94 percent of home buyers bought a home using a fixed-rate mortgage, taking advantage of the lowest rates in history. However, some of these buyers will be paying more in interest than they need to based on how long they will own their home. If you only plan to be […]
If you’ve been thinking about buying a home in Burke, you’ve chosen well! Burke is a wonderful place to live. Offering tons of opportunities for outdoor recreation and top-notch education for the kids, Burke has received national attention as one of the best small cities to call home. You can’t go wrong with buying a […]
As a homeowner, you are probably familiar with the most popular reasons to refinance your home: building equity and saving loan interest. However, there is another reason to refinance that you might not have thought about which is removing someone from the loan. If or when there is a divorce case, and one of the […]
The original intention of the 16th Amendment in 1913 was to allow a tax deduction on all interest a taxpayer might pay. Before World War One, businesses were the ones paying the most interest with individuals paying very little. Decades later with things such as revolving credit, credit cards, student loans and home equity loans […]
In the past twenty-five years, not many buyers have been assuming mortgages. In the late 1980’s, the Federal Housing Administration and the Veterans Administration began to require that buyers qualify for the mortgage assumptions.
Even if you have a property lost due to foreclosure or short sale and you might feel relief from being out from under your mortgage obligation, the cancelled amount must be included in your income tax reporting depending on circumstances.
