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What is your debt to income ratio...why should you care?

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      Any time you have more income and less debt, you’re in good shape in life. That said, there is an ideal ratio between your debt and income in order to qualify for a good mortgage.   When your debt to income ratio is on the high side, you run the risk of not getting a good loan (or not getting a loan at all) if your income were to take a hit during right before or during the loan funding process.   Conversely, having no debt can work against...

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How much you should put down to purchase your new home?

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  Historically, home buyers seek to put down 20% when they purchase a home. However, according to a recent survey by The National Association of Realtors (NAR), the actual national average is much closer to 10%. When it comes to first-time homebuyers, the average down payment is at 4% as per the same survey. While down payment requirements vary based on the lender you choose to work with, the amount required will usually depend on your credit score and your debt-to-income ratio....

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What is the Interest write off deduction?

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    Tax deductible interest is a borrowing expense that a taxpayer can claim on a federal or state tax return to reduce taxable income.   Mortgage interest for both first and second (home equity) mortgages, mortgage interest for investment properties are among the list of deductions you can take on your taxes.   This is another reason why owning a home is more favorable than renting. In addition to building equity in a home that you can call yours, you have...

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Owning vs. Renting

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    Making the decision to own a home versus renting one is no small decision. Not only does it affect your expendable cash, but it also has a huge impact on your lifestyle and how much money you’re able to save over time.   Sometimes, the goal to achieve the “American Dream” of owning a home clouds some people’s vision for the future and they buy a home when they should really be renting one.   Similarly, there are people who continue to...

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Property tax assessment too high...what you can do about it?

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    An increase in home values is great because it increases the equity in your home without you having to invest more money in making it happen. Unfortunately, as the price of your home increases, so does the perceived value of your home in the eyes of your local tax assessor. When that happens, your taxes also go up. The bad news is that your tax rate - the annual percentage of your home’s value that you pay - is fixed by the state and/or municipality in which you...

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Why You Should Have A Home Inspection Before You List

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    One of the largest home sale killers is the home inspection.   Nearly one-third of all terminated real estate contracts fell apart because of the inspection results. Inspections also ranked as the number three cause of delayed settlements, accounting for 13 percent.   For some reason - and I’ll never get it - a home inspection that comes back with anything less than a perfect report strikes fear into the hearts of buyer agents and home buyers alike.   It...

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What is your debt to income ratio...why should you care?

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    Any time you have more income and less debt, you’re in good shape in life. That said, there is an ideal ratio between your debt and income in order to qualify for a good mortgage.   When your debt to income ratio is on the high side, you run the risk of not getting a good loan (or not getting a loan at all) if your income were to take a hit during right before or during the loan funding process.   Conversely, having no debt can work against you, too,...

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Why you should wait to buy that car until after your home purchase?

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    Getting preapproved for a mortgage is a major step in buying a home. When done properly, it’s like having cash in your hands so you can negotiate effectively with a seller to buy a home.   It’s easily one of the most important things you can do in order to buy the home of your dreams.   But its name gives you a hint as to how fragile this financing instrument can be.   You see, it’s a “pre” approval, which means you’re...

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If your home inspection report comes back bad, now what?

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  One of the biggest deal killers for any real estate transaction is the home inspection. It strikes fear into the hearts of sellers and buyers...even though virtually everything about a home can be repaired or replaced. The good news is that if you have a great real estate agent and a competent home inspector, you can usually handle a failed inspection report properly without having to panic in the process. The key thing to remember is that when the home inspection report comes back...

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How to get the home with the furniture included

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    So you like the dining room table in the house you want to buy, but your agent tells you it’s not included with the sale.   What do you do?   In short, you ask for it. Well, you negotiate it as part of your offer to purchase the home from the seller.   To effectively get the home you want with the furniture included, you should identify in advance any furniture that you are interested in buying and let the seller (or your agent) know that...

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