Many homeowners in the past (pre-2018) were likely to itemize their mortgage interest and property tax deductions and experience the tax benefits of homeownership versus paying rent. Is that still the case now that the new tax law that has effectively doubled the Standard Deduction and capped the annual deduction for State and Local Taxes (SALT)?
What home owner deductions are available to you in 2022 for your primary residence to include mortgage interest, property taxes, and closing costs. Has the mortgage insurance tax deduction expired for 2022?
Planning to buy a home? It is very important to understand how lenders calculate your employment or business income for qualifying purposes. The income you earn may not be what mortgage lenders can use to qualify you for a home loan, especially if you are self-employed.
What is the Mortgage Credit Certificate (MCC)? It is program that reduces the Federal income tax paid by a first time homebuyer who meets certain State household income and purchase price limits as well as other Federal eligibility requirements.
In the State of Hawaii, there is some confusion surrounding the "closing date" for real estate purchase transactions. The actual closing date occurs when the transaction officially records with the State of Hawaii Bureau of Conveyances, 2 business days after all mortgage proceeds (if applicable) and home buyer closing funds are deposited and cleared with the escrow company handling the transaction.
The Annual Percentage Rate (APR) can be one of the most confusing aspects of obtaining mortgage financing for home buyers in today's real estate market.
Many professionals in the real estate industry use the terms, "pre-qualification" and "pre-approval" interchangeably but there is an important difference between the two.
Many home buyers are surprised by the amount of property taxes and homeowners insurance collected at the closing table. Why does this happen and how does it effect your monthly mortgage payment?
In part III, we estimate maximum buyer purchase price with Private Mortgage Insurance (PMI) included and determine how it affects your buyer’s max qualification.
In part II, we'll demonstrate how lenders pre-qualify your home buyers and how you can determine your buyer's maximum purchase price depending on their down payment and loan type.
