What Are the Tax Implications of Renting My Home?

What Are the Tax Implications of Renting My Home?

The IRS treats owner-occupied houses and rental property very differently. When you own and reside in your house, your mortgage interest is a tax deduction. When you lease property, all costs –such as mortgage interest–are deductible, you depreciate the building…

Making an Offer on a House

Making an Offer on a House

Making an offer to purchase a foreclosed home is somewhat different from a standard home purchase. Your deal will be introduced to the lender that took back the home when the homeowner could no longer make the payments. A foreclosed…

The Way to Sell a Fixer Upper

The Way to Sell a Fixer Upper

Selling a home is an easy job. Promoting a fixer-upper could be even harder. Buyers often need homes with contemporary kitchens, spacious master bedrooms and updated baths. In slow real estate markets, they could find these houses in any community…

How Can I Had Points From a Mortgage Refinance?

How Can I Had Points From a Mortgage Refinance?

One advantage of owning a house is the mortgage interest deduction. In case you need to make a payment, then you may too subtract it from your taxes, if at all possible. The interest you pay each year is not…

How do I Qualify for an FHA Mortgage in California?

How do I Qualify for an FHA Mortgage in California?

The Federal Housing Administration (FHA) is an agency within the United States Department of Housing and Urban Development (HUD). FHA provides insurance that borrowers gain from lending institutions. FHA-backed loans are generally simpler to obtain and have lower down payment…

What Are the Benefits of a House Equity Loan or Credit Line?

What Are the Benefits of a House Equity Loan or Credit Line?

Home equity lines of credit and home equity loans are, despite their names, two products that are different. A home equity line of credit acts as a charge cardHomeowners get a certain amount of credit based in their home’s equity…

The Ideal Means to Do a Mortgage with Just 15% Down

The Ideal Means to Do a Mortgage with Just 15% Down

Home buyers with a down payment of 15 percent have many choices. There isn’t any one best way, just the ideal way for your situation. The best way to locate your very best way is to know your choices and…

What Types of Loans May Be Covered by Private Mortgage Insurance?

What Types of Loans May Be Covered by Private Mortgage Insurance?

Mortgage lenders need either a 20 percent down payment or private mortgage insurance. PMI covers rsquo & the creditor if the mortgage is foreclosed. Mortgage lenders expect to market homes for approximately 80 percent of their value. If the mortgage…

What Is a Mortgage Contingency?

What Is a Mortgage Contingency?

Real estate contracts include contingency clauses. These are announcements indicating the sale is conditional on something else happening. Among the most frequent contingencies is to get a mortgage. The contract permits a limited quantity of time for the buyers to…