Saturday Strategy
Mortgage FAQ's, did you knows and much more...
How to drop your Mortgage Insurance
I just dropped MI off my house and I thought it might be helpful for you too.
First, you'll need to determine if your loan is eligible for mortgage insurance removal. Generally, if you have reached at least 20% equity in your home, you're eligible.
Link to HomeBot for your home valuation
Once you've confirmed your home has roughly 20% equity, you'll need to request a mortgage insurance cancellation. They will review your request and let you know if you meet the criteria or if they need a property review.If everything checks out. Your lender should remove the mortgage insurance requirement, which will result in a decrease in your monthly payments.
However, it's worth noting that some loans, like FHA loans, require mortgage insurance for a specific duration, regardless of your equity. In such cases, you may need to refinance your loan to eliminate the mortgage insurance requirement.
P.S. Can I count on you to call us when any friends, family or coworkers are looking to buy, sell or refinance a home? We'd love to help! You can just text/call me at 480.553.8770.
* Did you know we can finance in 45 states?
Which Home Improvement Projects Are Most Likely to Increase Your Home Value?
According to two recent studies on this topic, here are the top home improvement projects that are likely to add the most value to your home: 1 – Landscape improvement 2 – Bathroom improvement 3 – Kitchen improvement 4 – New roof 5 – New windows 6 – New garage door 7 – New siding…
Tax Deductible Items for 2021 Mortgages
Congratulations on your mortgage closing! Here is a general overview of some information that may be helpful to you and your CPA as you prepare your 2021 tax returns (the return you’ll file by April 2022). NOTE: These items are only deductible if you itemize. They do not apply if you take the standard deduction.…
Two Ways to Be More Strategic With Your Credit
Your length of credit history looks at how long your accounts have been opened. This has a 15% impact on your score. The longer your accounts have been opened, the higher your score will be; newly opened accounts will bring your score down. Here are three practical steps for you to improve your score in…
Should You Cash-out Your Home Equity to Buy a Vacation Home?
The main problem with cashing out the equity in your primary home to buy a vacation home is that you lose the tax deduction on the mortgage. Mortgage interest is only deductible if you itemize your tax deductions AND if the mortgage proceeds are used to buy, build or improve a “qualified residenceâ€. Here’s the…
Cost of Waiting to Buy $30,000 Mistake
Just one year of waiting to buy a house could cost you tens of thousands of dollars (see charts). For example, a homebuyer considering a $250,000 home would lose $7,500 if home prices increase by 3% during that one year timeframe. They would lose an additional $21,391 over the life of a $200,000 mortgage if…
- « Previous
- 1
- …
- 44
- 45
- 46
P.S. Can I count on you to contact me if you hear that a friend, family or coworker is looking to buy, sell or refinance? Call/Text 480.553.8770 - We'd be honored to help them too!