Let’s see, if you’re a first time home buyer in California, and you buy a newly-constructed home, you could get up to $18,000 in tax credits! But even if you’re not a first-timer you can get the California credit. And that’s a sweet ten grand.
Continue reading ‘California’s Generous $10,000 Credit For All Home Buyers (Not Just First-timers)’
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Loading ...How do lenders decide what to charge for a loan? Well, part of that determination is you–how risky your overall “package” is. It’s kind of like the way car insurance companies decide how much to charge you. If you’re the careful lady with a Volvo and a squeaky-clean DMV record, your insurance rates should reflect that. If you drive a super-charged fire-breathing monster and are on a first-name basis with the local traffic court judge, you know you’re gonna pay more. Fair enough. Continue reading ‘What Determines Mortgage Pricing?’
(8 votes, average: 5 out of 5) Loading ...Many taxpayers - regardless of credit history - jumped last year to take advantage of a $7,500 tax credit for first time home buyers. The advantage of this credit was that it was refundable–even if you didn’t owe $7,500 in taxes you got the whole credit. For example if you owed $2,500, your credit covered that debt and the government cut you a check for $5,000. The downside was that over a 15 year period, the credit had to be repaid.
Then, Congress passed the American Recovery and Reinvestment Act of 2009. This new bill increases the credit to $8,000 and that $8,000 doesn’t have to be repaid. How does this new bill affect those who took the $7,500 credit? Continue reading ‘They Passed the Stimulus Bill: Do I Have to Pay Back My $7,500 Tax Credit?!?’
(11 votes, average: 5 out of 5) Loading ...The new stimulus package provides a lot of breaks to first time home buyers. But when it comes to home ownership, you’re no virgin. Are you shut out of the tax credit for first-time home buyers because you have owned property before? Maybe not. Continue reading ‘Can You Be a First Time Home Buyer….Again?’
(14 votes, average: 4.93 out of 5) Loading ...There are some things that seem universally true in mortgage writing. Annual percentage rate, or APR, is almost always described as being “higher” than the stated interest rate. Because loans cost money to originate and the ARM calculation incorporates the fees into the rate. And adjustable rate mortgages, or ARMs, are inevitably depicted as possessing a “low” start rate or “teaser rate,” which then “increases” when it adjusts. Well this world has been turned upside down. Continue reading ‘Short ARMs: A Better Deal Today’
(15 votes, average: 4.93 out of 5) Loading ...Saw this article today, entitled Payday Loans Can Help You Save Your Mortgage from Foreclosure. Could not believe someone would write something so irresponsible. Let’s see, you can’t make the payments on the bills you have now, so of course the solution is to….get MORE debt! At a HIGHER interest rate! The author claims that the rate on payday loans is “nominal.” Think she has an agenda? You bet she does. Continue reading ‘Pay Your Mortgage with a Payday Loan?!’
(13 votes, average: 5 out of 5) Loading ...You’d think having good credit and being careful with your spending would make your creditors like you. But your credit card company might not. According to a Feb 12th Smartmoney.com article, creditors have been reviewing the accounts of their most credit-worthy customers–and if their balances aren’t high enough they are slashing credit limits or closing the accounts. Discover reported that in 2008 it closed three million accounts due to insufficient activity. Many times the only way for even long-time customers in good standing can keep their accounts is to spend more. And it’s ironically the account holders with the highest credit scores that get targetted the most for this treatment! Continue reading ‘Can You Be Punished for Having Good Credit? Yes!’
(11 votes, average: 5 out of 5) Loading ...Some of you lucky folks have people wanting to give you money to help you out with your down payment. But how does the lender feel about that? It depends. Continue reading ‘Funding Your Down Payment with a Gift’
(8 votes, average: 5 out of 5) Loading ...Sometimes you plan to buy or refinance a home and boo! Skeletons pop out of every closet and ghosts come out from under every bed! Huh? Your credit is perfect! ….cue scary music….EEEEEEEEEEE!!!
It’s the Night of the Living Debt! So now you have all these lawyers crawling over you and collection agencies threatening to derail your mortgage. Sometimes they even take you to court! How does this happen? Continue reading ‘Old Debt? Don’t let Your Past Haunt You’
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Gina Pogol writes for an online media company about mortgage and finance. In addition to a decade in mortgage lending, she formerly consulted for Experian and other credit bureaus, and worked as a tax accountant for Deloitte. She has a BS in Financial Management from the University of Nevada.
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