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Home equity is the market value of the home minus the outstanding mortgage balance. It represents the portion of the home that you actually “own.”
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12
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Although you fix a budget for being spent on your new house, but you come across something eye catching that you can’t resist you are ready to break the limits of your budget no matter its twice or even thrice of what you decided to spend.
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15
votes
The 30 percent “rule” might be best explained as a general recommendation. I like to employ a 25 percent "rule". Figure out what works for you, and what you are comfortable with.
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14
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Figuring out whether or not you can afford a mortgage should be more about simply figuring out what your mortgage payment should be. You should also realize that once you buy a home, there are other costs involved.
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15
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A preliminary report from the City of Ottawa garbage folks has floated the idea of removing the Garbage Collection portion of the City Taxes and turn it into a user fee. With this move City Taxes will drop by $86 which sounds like a nice idea, however, the User Fee for Garbage is slated to be $195 per household which is about a 115% increase in the
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14
votes
From a tax standpoint, it’s not a bad idea to get a second home, since you still get a mortgage interest tax deduction. Here is a quick overview on how that works, based on on information from the Internal Revenue Service.
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14
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One of the tax deductions that many homeowners have been happy to take since 2007 has been the deduction for the premiums paid for Private Mortgage Insurance (PMI). It has been extended, so take advantage of it before it's gone.
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8
votes
If you are buying a Bank of America short sale, you need to watch this to know what to guard against. They have a flaw in the system, they admit it, and they are rather nonplussed about it!!!
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14
votes
It's a buyer's market in most real estate markets. You need to be flexible and creative if you want sell your home without losing too much money.
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12
votes
If you are a veteran or active duty service member, you can get a home loan guaranteed by the Veterans Administration for no money down.
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11
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The homes bought between April 8, 2008 and December 31, 2008, do not actually qualify for a true tax credit. In fact, the “tax credit” was a no-interest loan from the government.
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12
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Old-school financial gurus sometimes claim that renting is wasted money or that renting doesn’t provide a return on your investment. But renting is starting to gain a little more street cred in light of the recent housing market crisis. Sure, renting doesn’t provide a return on investment, but it also doesn’t come with that risk of loss like... Read More (Real Estate)
10
votes
The housing market crash resulted in the government's decision to try and stimulate homebuying with tax credits. It is important to note that, because there were different tax credits being offered, you may have to pay back your tax credit.
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