Buying a house is a major event and one of life’s most important purchases. In order to be successful in the home buying process, serious buyers must demonstrate stable financial standing. Here are steps to help you accomplish that. Track Expenses You must comprehend exactly how much money you spend and save each month. It is vital to have adequate savings
After the recent housing crisis, you may be feeling wary about homeownership. However, with rents on the rise and the housing market on the rebound, now may be the perfect time to consider buying a home. A home purchase gives you the opportunity to: Transform your space Earn equity Pay a fixed amount Decrease your tax bill Transform your Space
If you’ve owned a home for a few years, then you’ve probably taken advantage of the interest deduction that lowers your tax bill. However, several other home-related expenses can also reduce the amount you owe in taxes. For instance, you may be able to deduct home office operating costs, major renovation expenses and the interest charged for home equity loans.
Not very long ago, realtors and homeowners were facing numerous challenges. As the economy is experiencing a boost, things seem to be back on a better path, and 2015 promises to be the year when the housing market regains some of its strength. There are four signs this year could be a great one for homebuying. Job Market Recovery Since more companies are
In the house hunting phase, home buyers may be guided by a vision of their aspirational dream home that, in reality, would be worlds apart from the affordable property. However, you can draw on your vision to inspire your home search so that you end up with a house that meets many of your parameters. 1. Create a list of
It may seem like cash buyers have an advantage in the real estate market. However, you can compete with cash buyers effectively by using some simple strategies to your advantage. While sellers may at first be attracted to accepting an offer of cold, hard cash for their home, they may still be swayed to your favor if you can guarantee
Lower income and first-time home buyers have become a dwindling portion of the homebuying market. In an effort to reverse — or at least slow — this trend, government-backed Fannie Mae and Freddie Mac said Monday that they will bring back the 3% down payment mortgage. Borrowers will, of course, still be required to meet a strict set of criteria.
When it comes to determining whether you will qualify for a home loan and under what terms, your income, debt, and credit scores are complementary and critical factors. If you’ve already begun or are getting ready to start the home loan process, there are a handful of fundamental dos and don’ts to live by. Once you have a grasp
The price for luxury homes in Los Angeles continued its upward trend in the third quarter, marking five quarters in a row of double-digit gains. The gains, according to First Republic Bank, are largely due to limited inventory and low interest rates. Luxury homes are those valued at over $1 million. Homes in this category are up 13% from the
A recent survey found that 54% of people who want to buy a home within the next two years aren’t pursuing that goal because they fear they won’t be able to get a mortgage. Conducted for loanDepot, the telling survey included 1,0005 U.S. adults. The most fearful group is comprised of those who have never purchased a home, with 56%
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