If you invest in or have a company-sponsored 401k, 403b or have a life insurance policy, you may know that you can borrow funds against these sources. Alternatively, you cannot borrow against the funds in a traditional or Roth IRA without incurring a 10 percent penalty before 59 ½ unless you use it for one […]
When purchasing a home, the largest expenditure you will have is the down payment. This payment can range from zero, if you are a veteran, to 3.5, 5, 10 and even 20 percent. When you get a mortgage, you will also get closing costs which will add another 2-4 percent that must be paid in […]
For centuries, the sentiment for frugality has been “a penny saved is a penny earned.” Whether or not Benjamin Franklin ever used this expression is up for debate, but he did say “Beware of little expenses; a small leak will sink a great ship.” When all is said and done, it is not how much […]
Do you desire an investment that will turn your $10,000 into $80,000 in seven years? Wait, is this too good to be true? AND, you can live in it every day for the next seven years! Will that make it even better? Today, if you purchased a $300,000 home with an FHA loan it would […]
In 1913, the 16th amendment allowed personal income tax and one of the allowable deductions was mortgage interest paid on your principal residence. A follow up in 2017, Tax Cut and Jobs Act reduced the maximum amount of acquisition debt to $750,000 from $1,000,000. Acquisition debt is the amount of debt used to buy, build […]
Some people just want a home. No justification needed; you don’t have to convince them they will just buy one. On the other hand, some people need you to provide some logic as to why they need to buy a home before they make a commitment. Fair enough, it is one of the largest purchases […]
Knowing how much you can afford before looking for a home is ideal. You may have a golden number in your head but a lender will have the final say. If you secure a pre-approval from a lender ahead of time it makes the whole buying process much easier and avoids delays. It is easy […]
Realtors® always seem to think that right now is a good time to buy and they usually have good reasons why. But being a good time to buy doesn’t just rely on market conditions, loan rates or economic factors. It has more to do with individuals than anything else. Here are four factors to consider. […]
The age of the internet is here and it has empowered people looking to buy including people looking to buy homes. If you know how to type text into a search engine then you know how to search for public information about home size, condition, sales history, current inventory, recent sales, photographs, videos, school info, […]
On occasion, buyers who are prepared and qualify to buy a home decide to take a step back and wait to commit to the purchase of a home. When their focus moves from buying a home, they start considering using their down payment money for other things. They begin to think about other large purchases […]
