Why Did Congress Eliminate the Child Tax Credit Mortgage Deduction
The congress, following an approval rate at historically low level, around 10%, voted the removal of the tax credit on earned income tax and the deduction of the mortgage interest and child tax credits from the tax code, beginning with the fiscal year 2014. This move aims to improve the way this 113th United States […]
A Reminder That Mortgage Fraud Is Still Alive And Kicking
There are people who believe that mortgage fraud is a thing of the past and that bad guys have either fled to other domains, or that they have been caught. However, recent events show us that mortgage fraud is pretty much alive and well, and that there are many willing to go to great lengths […]
The Dos and Don’ts of Mortgage Credit
It’s no secret that mortgage lending is perceived as tight among borrowers. So if you’re looking to purchase a home, you’ll want to avoid any misconceptions that can impact your ability to qualify for a mortgage. There are plenty of credit myths floating around. According to a recent TransUnion survey, 48% of respondents believed that […]
Why Mortgage Preapproval Is A Must
Before you start looking for a new home or attending open houses, it is important to go through the preapproval process. When it comes to buying a home, shopping around without a preapproval letter is the same as going to the mall without bringing your purse or wallet, useless. Buying a new home is exciting, […]
Is Your Mortgage Lender Qualified?
There are many people who go out hunting for the mortgage lender that implies the lowest costs when planning to purchase a home. The problem here is that they don’t ask the right questions, as they are more interested in hearing what the rate is instead of trying to determine if the lender is the […]
Mortgage Lending Forecast for 2014
2013 saw a significant recovery of the housing and mortgage industry. A process that will continue in 2014 as well, according to the latest forecasts. However, this consolidation of the housing market will be accompanied by certain new rules in the domain of obtaining mortgages as well. Changes in the Procedure of Providing Mortgage Loans […]
End of Year Mortgage Tax Statement
Unlike rent, which you pay beforehand (i.e., your Jan. 1 bill covers your stay in the rental unit for that coming month), your mortgage payments are made at the end of your occupancy period. That means your Jan. 1 mortgage statement represents interest for December, making it a tax-break-eligible bill for this year. By accelerating […]
Mortgage Insurance Refund
Premium Refund: You may be eligible for a refund of a portion of the insurance premium if you: acquired your FHA loan after September 1, 1983 paid an up-front mortgage insurance premium at closing on your FHA loan and did not default on your mortgage payments AND are within a 36 month period from the […]
Qualified Mortgage Rule – What Is It?
The “ability-to-repay” rule or Qualified Mortgage Rule is slated to come into effect in 2014, and it could impact mortgage availability with a number of newly-defined underwriting standards. This new regulation comes in response to a time prior to the mortgage crisis, when loans were being offered to consumers with little concern for their actual […]
How To Shop For A Mortgage
Credit Check First, you should check your credit well before you begin hunting for a home, and work to increase your score if needed, or dispute errors on your report, since those can take time to rectify. You’re entitled to a free credit report from each of the three bureaus (Experian, Equifax and TransUnion) once […]
