Buyers are becoming more and more savvy when home shopping, and many have a specific idea of what they’re interested in before they even set foot inside a home. When a buyer thinks about spending their hard-earned money on a new home, most expect the...
A new 3.8% surtax, or “transfer tax,” that takes effect on January 1, 2013 could impact certain real estate transactions next year. There has been a lot of discussion about this new surtax and how health care could start to impact real estate, but understanding...
The Mortgage Debt Relief Act is something worth familiarizing yourself with in order to better understand your tax liability as it relates to forgiven debt. Right now, the program has been extended until December 31, 2012, but there is talk of extending it further to...
In an effort to establish better relationships between servicers and home owners, Fannie Mae is offering a new program called “Know Your Options Customer Care” for servicers. The customer care training program will benefit servicer call center employees who are on the front lines answering...
There’s good news for military home owners who have been permanently moved because of a job. Effective June 1, the rules concerning who is considered owner-occupants changed, and some military families could qualify for the Home Affordable Modification Program (HAMP). The HAMP program helps lower...
There are indeed many benefits of owning a home. Here is a list of some of the best. Every month you are building equity on your home. Equity is the amount of money you can sell your home for, minus what you still owe on it....
Many people don’t realize that there’s a difference between what they own personally and what their home owns, and when it comes time to sell, the confusion can cause a lot of problems. Take the period chandelier in your entryway, for example. It’s the perfect...
There’s no way to eliminate the payback amount for those who used the Homebuyer Tax Credit starting in 2008, but the IRS has taken steps to make the process less painful. While the chance to pay it back over time through tax returns has come...
With a variety of tax breaks that come with home ownership, buying makes a lot of sense versus renting and paying someone else’s mortgage. Plus, think of all the money they’re getting back from Uncle Sam each year! Taxes are one of those annual chores that...
Just because you have negative equity in your home doesn’t mean your hands are tied with regard to making it a home that works for you. In fact, there are a variety of upgrades that make a lot of sense for homeowners in this situation....