As 2011 comes to a close, I pose the question I asked 9 months ago, should you buy or keep renting? It is a question I hear almost daily from first time homebuyers and those who lost homes when the housing bubble burst. Well, I have some good news!
It’s about that time again! The crisp/cool air, countless beautiful shades of colors, and plenty of enjoyable evenings around the fireplace await us. Yet, amidst all these great things, there are certain preparations that you need to be aware of when getting ready for the fall season.
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The answer lies on Wall Street – specifically the trading of Mortgage Backed Securities (MBS). MBS trading can result in a dramatically higher or lower payment when you are ready to lock in your rate. Unfortunately, the indicators needed to see these real-time MBS trading feeds, are not readily available to the public. The big question is – are they keeping track of rates in real-time and making you aware of sudden changes in the market? Continue reading
“You can’t fight City Hall” has been part of our vernacular for years. Basically, it is an admission that you have no power to make change, or fix something you feel is unjust and needs correcting. Trust me, I am in the mortgage business and understand this feeling of helplessness all too well.
Imagine beating your current market interest rates by 1% if you qualify for a relatively unknown tax strategy. And it’s legal, by the way! Do I have your attention?
Well, if you are a first-time home buyer and you don’t mind filling out a few extra forms, this tax credit can save you thousands. It’s a Mortgage Credit Certificate (MCC) issued by certain state and local governments that allows a taxpayer to claim a credit for a portion of the mortgage interest paid during a given year.
Let’s talk about the difference between a “tax credit” and a “tax deduction”. A tax credit is a dollar-for-dollar savings that lowers your total federal income tax liability by the value of the credit. Whereas, a tax deduction only reduces a percentage of the amount deducted. We are talking quarters versus dollars here. Tax credits can be more valuable than deductions, although somewhat more difficult to qualify for. Continue reading