Everyone knows that if you pre-pay your mortgage you can save a lot of money in interest and you will also build equity faster. Even though mortgage rates are low right now, they are still higher than what you can earn in a savings account. If you have a little extra money, then pre-paying your […]
Thoughts and choices If you are trying to decide to take standard tax deduction or itemize when filing your income tax return, you need to look at what gives you the highest return. Most people that make over $75,000 a year itemize their deductions, but with lower interest rates is this wise? For […]
Federal Housing Administration (FHA) loans can be confusing because the FHA does not make loans. It insures the loans made by lenders it has approved. So, if a lender defaults, the FHA covers the losses – not the lender.
One of the great benefits of an FHA insured loan is that it only requires a 3.5% down payment, making homeownership much more feasible for those potential buyers purchasing Fairfax VA Real Estate, who do not have the traditional 10%-20% down that conventional mortgages require.
If you have been shopping for Fairfax, Va real estate recently, you may notice prices are rising again, and competition for homes has started heating up. A “sellers market” may be where you find yourself as a buyer if you are looking at homes for sale in Northern Virginia.
As the market shifts from a buyer’s market, it’s good to know how to improve your chances to have the seller accept your offer. The secret to finding the best home at the best price is knowing how to present your offer in this changing market.
Do you know the pros and cons of having a home warranty? It’s common for sellers to offer home warranties on their properties, and buyers might find it an incentive. But a growing number of owners of Fairfax, VA real estate and Vienna, VA real estate are purchasing home warranties without even being in a real estate transaction. Some have seen that the home warranty service agreement can limit the unexpected expenses of repairs and replacements of the home you intend to live in for awhile.
If you are in process of procuring a mortgage to purchase a Fairfax, Va home, or any home for sale in Northern Virginia, it’s important to understand the tax implications of “buying down” your interest rate with pre-paid points. Pre-paid interest, sometimes called “points”, can be tax deductible when a person pays them in connection […]