More than half of Americans own their homes rather than rent, and if you’re one of them, you’re probably used to getting a mortgage statement in the mail each month. If you take a close at that statement before writing your check, you’ll notice that part of what you’re paying is applied to the interest portion of your loan, as
Although the Federal Government tries to encourage homeownership by offering tax breaks linked to mortgages, recent changes to the tax laws will affect how much typical homeowners are able to benefit from these deductions. Here, The Motley Fool discusses the big changes that could affect homeowners and their taxes in the coming year. The basics of the mortgage interest deduction Mortgage
When you’re getting ready to buy a home, knowing what to expect makes everything easier. It all begins with shopping for a mortgage and ends with closing on the home—with several steps in between. Here Trulia explains what to expect, so the entire process will go much more smoothly. 1. Shop for a mortgage Shopping for your mortgage first lets you know how
As you prepare to file your taxes, you might be wondering if there are any benefits when it comes to owning a home? You also could be wondering how the new tax plan might affect the tax perks of homeownership when you file next year. Here, Realtor.co offers a complete guide to all of the tax benefits of owning a home—for this filing year (2017)
The higher your credit score, the better your chances of obtaining a loan, and the better your rates and terms. Here, Bankrate offers four tips for improving your credit score quickly so you can get the loan you need. 1. Check for errors on your credit report If you have a low credit score and you’ve paid your bills on time
Freddie Mac’s most recent Primary Mortgage Market Survey shows the 30-year fixed mortgage rate hitting its highest mark since December 2016. “The U.S. weekly average 30-year fixed mortgage rate rocketed up 10 basis points to 4.32 percent this week,” says Len Kiefer, Freddie Mac’s deputy chief economist. “Following a turbulent Monday, financial markets settled down with the 10-year Treasury yield resuming its
One of the most common questions a first-time home buyer will ask is, “How much home can I afford?” The answer, as a mortgage lender will tell you, is that “it depends.” There are no concrete rules for how much home you can afford, or how big your mortgage can be. This is partly because mortgage lenders determine your maximum home
When couples decide to become homeowners, questions can arise such as whose name (or names) should be listed on the mortgage and title. Many couples want a 50-50 split, indicating equal ownership to the asset, but sometimes that isn’t the best financial decision. Plus, with more than one person on the loan, the legalities of who owns the home can
If one of your New Year’s resolutions for 2018 is to purchase a home, or to save for a down payment and related costs, Freddie Mac offers the following steps to help get you started. Determine how much you can afford To get a very rough estimate of your affordable home price range, multiply your annual gross income by 2.5.
Seven Home Down Payment Myths Debunked Not knowing the facts when it comes to home buying could wind up costing tens of thousands of dollars more than necessary. The National Association of Realtors recently released a snapshot of home purchases in 2017 that shows the median home purchase price was $235,000, with 88 percent of buyers using a mortgage to secure their
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