During the banking crisis in the Great Recession, certain types of mortgages were unavailable that are once again being offered. Fortunately, the 80-10-10 mortgage is one of those making a reappearance and it can save borrowers a considerable amount of money. The objective of an 80-10-10 mortgage is to avoid the expense of mortgage insurance… [Read More]
Tax Benefits of Home Ownership
U.S. taxpayers have enjoyed specific tax benefits for home ownership since personal income tax was introduced by the 16th amendment in 1913. While these benefits may not be the primary reason that motivates a person to buy a home, they are still tangible and not available to tenants. The exclusion of capital gains tax on… [Read More]
Before You Pay Cash for a Home
The National Association of REALTORS® reports in its 2016 Profile of Home Buyers and Sellers that 12% of all buyers paid cash for their home. Before paying cash for a home, a buyer should decide if they might put a loan on the home in the near future. It may affect the ability to deduct the… [Read More]
Best Mortgage Rates – Not Available for All Buyers
Who gets the best rates? Lenders regularly publish mortgage rates but they may not be available for all buyers. Imagine, the mortgage payment based on an advertised rate influenced a buyer to make an offer on a home. After negotiating a contract, this buyer makes a loan application and finds out, that for any number… [Read More]
Mortgage Loans from Relatives
There are many way to obtain mortgage loans. Occasionally, when dealing with close relatives who might also become heirs, signing a note and handling the paperwork properly may seem like a needless effort but it could mean the difference in being able to take a legitimate interest deduction. Home mortgage interest is deductible only if the… [Read More]
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