Buying a home is large purchase. Many of the expenses incurred with purchasing a home may be deductible. It is best to let your tax accountant know that you purchased a house and that you want to see what is deductible for the current year.
US Department of Justice – Economic Analysis Group Discussion Paper Home buyers primarily desire to find the house that best matches their preferences at the lowest net sales price possible. As a result, a selling agent might attempt to attract more customers by offering home buyers a higher rebate than Read more…
If a home has been on the market for longer than average, then a seller might be motivated to offer seller financing to entice a buyer who may not be interested in the house without the seller financing. In this particular situation, the seller financing acts as a motivation tool Read more…
Interest rates fluctuate daily, and lenders will offer you a chance to lock-in rates for 30 or 60 days as you are completing the purchase of your new home. If it is something that you want to lock-in and are willing to pay a little extra for the peace of Read more…
Besides the monthly mortgage payments that home owners are responsible for, there are additional costs to home ownership: Condos and co-ops have a monthly common charge to cover building maintenance, staff salaries, and reserve funds. With single family home ownership, it helps to maintain an emergency fund to pay for Read more…
Fixed rate mortgages offer stability where your monthly payments are always the same for the full life of the loan. 30 year fixed rate mortgages are popular with home owners who want to borrow more and pay a smaller monthly payment. However, it usually comes with a higher interest payment, Read more…
The easiest way to prioritize is to have a list. It will help you understand if a certain home matches with the items on your wishlist. How many bedrooms do you need? Planning to start a family or have elderly parents living with you? Will the home layout provide each Read more…
Get a home inspection, the peace of mind knowing that the home was given a proper home inspection by a professional is worth the small fees you pay for the service. A few hundred dollars can save you tens of thousands dollars if home inspection finds a bad roof or Read more…
The fear is real, and the good thing is that you are not the only person who fears making the transition to home ownership. How do you eat an elephant? One bite at a time. There are hundreds of books from your local libraries that guides you step by step Read more…
Down payment is the money that you put towards buying the home which the lender likes to see as your collateral in the home purchase. The higher amount you put in, the more confident the lender will be in approving and providing you with the mortgage loan. Having a good Read more…