Landscaping and the Harmony of a Home

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Your Refund Could be the Difference

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One of the silver linings to filing your income tax return is finding out that you are going to receive a refund. If you happen to be one of these fortunate taxpayers, your next decision is what to do with it. With the average tax refund around $3,000, it could be the difference that makes a home a reality sooner rather than later. Many would-be buyers think it takes 10% or more down payment to purchase a home, but actually, it can be much less. There are VA and USDA mortgages that have no down payment for qualified buyers. FHA has a 3.5% down payment program and FNMA has 3% down payment mortgages for qualified creditors. Closing costs for originating new mortgages can easily range from two to three percent of the purchase price but most lenders will allow the seller to pay part or all of them based on the agreement in the sales contract. While the average tax refund might not cover the down payment on the median price home, it certainly helps. Your refund could make it as s
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Lower the Rate & Deduct the Interest

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A home can easily be a person’s largest personal asset and it can be a powerful tool to increase financial stability also. Since most mortgages are amortizing, the loan becomes a forced savings account that reduces the unpaid balance with each payment. The equity could be used to improve a homeowner's financial position involving other loans. While every homeowner recognizes that they can deduct the interest paid on their mortgage, it is surprising how many don’t know that they can write-off the interest on up to $100,000 of home equity debt assuming there is sufficient equity in the home. The real advantage to a homeowner is that the money borrowed can be used for any purpose and the interest is still deductible. Homeowners could payoff high-interest rate credit card debt or student loans with a considerably lower rate on a mortgage and deduct the interest on the home-equity debt. Replacing debt with lower rate loans that have deductible interest can be a strategic dec
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Steps in Home Buying Process

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The process of buying a home can be different based on the price range and whether a mortgage is needed.   While some things are different, others are similar regardless of price, financing or local customs. Each year, the National Association of REALTORS® surveys buyers and sellers who have purchased or sold in the previous twelve months in order to identify the process and steps taken.   It provides a lot of information for the people who will be going through the process now and in the near future. 44% of all buyers looked online for properties for sale.   This might be considered a logical first step to determine the prices of homes in certain areas and what features they offered. 17% of all buyers stated that their next step was to contact a real estate agent.   In another REALTOR study, it is reported that 87% of all buyers purchased their home through a real estate agent or broker.   Buyers identify a wide range of services the agents offer that is considered valuable in t
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