Why should I buy, instead of rent?
A home is an investment. When you rent you write your monthly check and the money is gone forever. But when you own your home, you can deduct the cost of your mortgage loan interest from your federal income taxes, and usually from your state taxes. You can also deduct the property taxes you pay as a homeowner. In addition, the value of your home may go up over years. Finally, you'll enjoy have something that's all yours- a home where your own personal style will tell the world who you are.
When is a good time to refinance?
The old rule of thumb was at least 2%, but this is no longer the case. Many different individual factors need to be analyzed to determining if refinancing is right for you, such as length of time you intend to stay in your home, or the type of loan you currently hold. We are always happy to provide a recommendation for your particular circumstance.
Can a broker find me the best rate?
Yes! Brokers have access to lenders in several states which enhance your chances for a lower interest rate.
Who is eligible to claim the $8,000 tax credit?
First-time home buyers purchasing any kind of home are eligible for the tax credit. To qualify, a home purchase must occur on or after January 1, 2009 and on or before April 30, 2010. For the purpose of the tax credit, the purchase date is the date when the closing occurs and the title to the property transfers to the homeowner. However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.
Who is eligible to claim the $6,500 tax credit?
Qualified move-up or repeat home buyer s purchasing any kind of home are eligible to claim this credit. This person is defined as anyone who has owned and resided in the same home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. That is, both spouses must qualify as long-time residents to be eligible.
What is the ANNUAL PERCENTAGE RATE?
The Annual Percentage Rate, or A.P.R., is the cost of your credit expressed in terms of an annual rate. Because you may be paying "points" and other closing costs, the A.P.R. disclosed is often higher than the interest rate on your loan. The A.P.R. can be compared to other loans for which you may have applied and give you a fair method of comparing price.