Saturday Strategy
Mortgage FAQ's, did you knows and much more...
New Build Financing Insights
In the current market, some new build lenders offer substantial credits to lower interest rates. While this may seem appealing, it's crucial to evaluate the long-term implications. We recently reviewed a client's loan estimate with nearly $40,000 in credits to reduce interest rates, but the home's price was only $380,000. Essentially, they were paying almost 10% more for the house upfront. Yikes! Check out this weeks Saturday Strategy Video
Check this out... the Annual Percentage Rate (APR) exists to reflect the true interest rate. In some cases, it can be deceptively high, around 11 to 13%+, due to excessive upfront costs.
Don't rush into decisions. The lowest rate with the wrong strategy can cost you thousands.
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…
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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!