When you buy a home, the money that goes toward a mortgage is building equity in the long run. With a good chance for real estate property to appreciate, the home value may be worth more than the money you put in over the years. Paying off the principal of Read more…
The Federal Housing Administration (FHA) provides insurances to lenders who offer mortgages to borrowers making low down payments of 3.5% of the sale price. Features of FHA loans: Low down payment with a minimum 3.5% of the sale price Easier to qualify than a conventional loan. Low credit score is Read more…
Owning a home comes with benefits in the form of tax credits and tax deductibles. It is important to consult a tax professional regarding these tax benefits for homeowners. Tax credits for homeowners: https://www.irs.gov/newsroom/get-credit-for-making-a-home-energy-efficient https://www.irs.gov/forms-pubs/about-form-5695-residential-energy-credits https://www.energystar.gov/about/federal_tax_credits/solar_energy_systems Tax deductibles for homeowners: https://www.irs.gov/credits-deductions/individuals/deducting-home-mortgage-interest-at-a-glance https://www.irs.gov/help/ita/can-i-deduct-my-mortgage-related-expenses https://www.irs.gov/pub/irs-pdf/p936.pdf Overall tax credits and tax deductibles available Read more…
When like minded individuals pool their resources together towards buying a Flushing home, the joys and responsibilities of home ownership are shared. In theory it is very easy to split a property into 50/50 ownership to make home ownership a reality. However, before splitting such a large purchase as a Read more…
These co-op buyer’s closing cost estimates provide an idea of how much additional funds are needed at the actual closing. The buyer’s attorney will provide a worksheet with numbers closer to the actual cost prior to the closing of the co-op unit. Learn how a buyer rebate can help offset Read more…
A buyer rebate does not change nor diminish a real estate brokerage’s services. One of the many duties that brokers perform is to schedule and accompany buyers to see the homes that are listed for sale. After seeing a home together, it helps to compare notes between buyers and buyer Read more…
A prequalification loan letter is not as good as a preapproval loan letter because the information provided by you to the lender is not verified. You basically let them know your income and debts allowing the lender to come up with a quick estimate of how much you can borrow. Read more…
Paying points (for a lower interest percentage) upfront on a mortgage can lower the total cost of the life of the loan. The points could be a few thousand dollars upfront. As an added bonus, points are tax deductible. Add up the monthly payments plus the cost of the points Read more…
If it is not too much trouble, some real estate professionals recommend requesting a lender for multiple pre-approval letters with different price ranges. The goal is to use it for negotiating with the seller where your pre-approval letter amount matches your bid amount to make it difficult for the seller Read more…
If you are already working with a real estate attorney, then a closing agent may not be necessary as your real estate attorney can also be the acting closing agent with a checklist of required task items to cross off before the closing. Otherwise, get referrals from real estate agents, Read more…