This is GREAT video clip that details the fundamentals of how interest rates move. I think you will realize how interesting and complex the rate markets have become. It gives you some phenomenal insight and how important the next couple months are regarding the FED exiting the mortgage bond market. Please take 7 minutes and watch this informative video.
Wednesday, February 24, 2010
Sunday, February 21, 2010
Your FREE Credit Report
For months now I have watched those hilarious commercials about getting your credit report for free. I could even sing the jingle for you. Have you tried going to that website? The report isn't free!
I did some research and with the help of Dave Ramsey's Financial Peace University course, I found the correct website in which I could get my credit report for free. It is www.annualcreditreport.com.
It's important to spend time reviewing your report to make certain that there isn't incorrect activity. If you have credit cards that are open and you are not utilizing them, cancel them. I will be writing a letter and sending my cut-up credit cards by mail and requesting the company send me a letter verifying that they received my letter.
Keeping your credit clean is important especially if you are considering re-financing or purchasing a home in the near future.
I did some research and with the help of Dave Ramsey's Financial Peace University course, I found the correct website in which I could get my credit report for free. It is www.annualcreditreport.com.
It's important to spend time reviewing your report to make certain that there isn't incorrect activity. If you have credit cards that are open and you are not utilizing them, cancel them. I will be writing a letter and sending my cut-up credit cards by mail and requesting the company send me a letter verifying that they received my letter.
Keeping your credit clean is important especially if you are considering re-financing or purchasing a home in the near future.
Friday, February 19, 2010
71 Days and Counting...
... that is all the time that Buyers have to be under contract to obtain the tax incentive. Whether you are a First Time Home Buyer and looking at the $8000 tax credit, or the Repeat Buyer and looking at the $6500 tax credit, the clock is ticking. For more information on these 2 credits, please visit http://www.federalhousingtaxcredit.com This will address any questions you may have.
What an opportunity!
What an opportunity!
Should I put a Home Warranty on my home?
What a grand question!
In today's market, I think that it is necessary to put a home warranty on your home when you list it. Here's why:
* The plan covers you during your listing period (there are always exceptions and fine print). If something breaks or needs a repair, the warranty company is your safety net.
* The warranty does not tie you back to the house in the event the new buyer uses it during their one-year warranty period.
* It is completely negotiable. As a seller, you are not obligated to purchase the warranty unless the buyer pays you full price and no contingencies. (Hmm... then, that is an easy decision - of course!)
* Homes with warranties being offered are more likely to be chosen to write an offer on vs. those homes that are not offering a warranty.
* The warranty is paid for at the closing table. Yes! At the closing table!
* It gives the listing agent something else to negotiate with.
Home warranties are really a win-win proposition! There are several different companies. You will need to research the companies and decide which one is best for you.
In today's market, I think that it is necessary to put a home warranty on your home when you list it. Here's why:
* The plan covers you during your listing period (there are always exceptions and fine print). If something breaks or needs a repair, the warranty company is your safety net.
* The warranty does not tie you back to the house in the event the new buyer uses it during their one-year warranty period.
* It is completely negotiable. As a seller, you are not obligated to purchase the warranty unless the buyer pays you full price and no contingencies. (Hmm... then, that is an easy decision - of course!)
* Homes with warranties being offered are more likely to be chosen to write an offer on vs. those homes that are not offering a warranty.
* The warranty is paid for at the closing table. Yes! At the closing table!
* It gives the listing agent something else to negotiate with.
Home warranties are really a win-win proposition! There are several different companies. You will need to research the companies and decide which one is best for you.
Tuesday, February 2, 2010
87 DAYS ONLY AND COUNTING!
There is only 87 more days from today to go under contract and still be able to receive the tax credits!
$8,000 First-time Home Buyer Tax Credit at a Glance
•The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
•The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
•The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
•The tax credit applies only to homes priced at $800,000 or less.
•The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
•For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
•For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
•To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
•The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
•The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
•The tax credit applies only to homes priced at $800,000 or less.
•The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
•Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
$8,000 First-time Home Buyer Tax Credit at a Glance
•The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
•The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
•The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
•The tax credit applies only to homes priced at $800,000 or less.
•The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
•For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
•For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit at a Glance
•To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
•The tax credit does not have to be repaid unless the home is sold or ceases to be used as the buyer’s principal residence within three years after the initial purchase.
•The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
•The tax credit applies only to homes priced at $800,000 or less.
•The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
•Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
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