Modular homes are one of the fastest growing segments of the home building industry. Not to be confused with a manufactured (mobile) home, a modular home is built to the specifications of local building codes with very few restrictions on where they can be placed. They are similar to manufactured homes in that they are […]
Archive | Mortgage
How Owning a Home Can Lower Your Tax Burden
All things being equal, owning a house is generally preferable to renting. If your monthly mortgage payment is about the same as the rent payment for a similar property, then you are building up equity with each mortgage payment you make. In addition, if the housing market in your area appreciates over time (which it […]
Is Alternate Home Financing Right for You?
With the sharp increase in the number of bankruptcies and foreclosures, a growing number of consumers with poor credit are choosing alternate methods to finance a new home. The most popular way of going around the traditional lender is with a contract for deed. Contract for deed arrangements have been around for a long time. […]
Mortgage Debt Forgiveness Act Expiration: Tax Implications for Homeowners
In 2007, Congress enacted the Mortgage Debt Forgiveness Act to help homeowners affected by the housing crisis. This law remained in effect until the end of 2013. Though some in Congress have tried to extend the law, the prospects of this happening with a divided government during an election year remain unclear. If you are […]
Lower Interest Rates Equals More Home For The Money
Today’s interest rates have been at record lows, which has in part been fueling a strong housing recovery in Arizona and several other areas of the country. People are finally jumping back into the market, sensing that there may never be a better time to lock in these kinds of interest rates. While buyers know […]
When Can I Qualify to Buy a Home After a Short Sale or Foreclosure?
In recent years, millions of Americans have found themselves upside down in their home mortgages and when finances became tight and employers began trimming their work forces, many unemployed homeowners found that the only way out was to walk away from their homes. Some were fortunate enough to find a buyer and work with a […]
Should You Get a Reverse Mortgage?
A reverse mortgage (also known as a Home Equity Conversion Mortgage or HECM) is a mortgage product available to qualified borrowers who are at least 62 years of age and have equity in their home. The mortgage works the opposite of a “forward” mortgage which is paid down over time in that it grows over […]
5 Years With No Mortgage Payments?
Yes, you are reading this correctly. According to a CNN article today a Florida couple has been living in their home for the past 5 years and has not made a single mortgage payment. To be frank, it didn’t really surprise me. Florida was one of the hardest hit states by the real estate bubble […]