Can A Home Purchase Fit Into Your Budget?
Posted on February 14th, 2012
The housing market is still a buyers market. Theres homes available at rock bottom prices, and you may be thinking that its time for you to become a home owner! The first step is finding out how to budget money for your new home. Through a number of steps you can find out how much home you can afford to still live comfortably and not be crushed by your mortgage.
First, take a look at how much money you make. This should be the after tax amount so you can be sure you wont be short on funds. Ideally your housing costs should not exceed one third of your income to live at a comfortable rate. This includes the mortgage, taxes, and the insurance.
Tags: Home, Home Purchase
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Does mortgage insurance hurt my chances of a HARP refinance?
Posted on February 5th, 2012
On Tuesday, blog.HSH.com reader Diana wrote in with the following comment:
Technically, Diana—or anyone else for that matter—shouldn’t be turned down from the HARP program because of mortgage insurance. MakingHomeAffordable.gov explains that HARP has a policy for applicants with and without mortgage insurance, and that both have the potential to qualify.
I’ve enlisted HSH.com staff writer Gina Pogol to provide a bit more of an explanation:
The necessity of mortgage insurance can make it harder to secure a new loan through the Home Affordable Refinance Program (HARP). HARP was
Tags: Harp, Harp Refinance
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Mortgage Rates: Low Mortgage Rates Intact After GDP Report Disappoints
Posted on January 31st, 2012
Current low mortgage rates remain intact after a weaker than expected GDP report disappointed investors. While the U.S. economy improved at a faster rate at the end of 2011 and the GDP increased at a 2.8% annualized rate, investors expected a much better outcome which has caused stocks to drop.
With low mortgage rates still available, there is additional time for consumers to purchase an affordable home. Todays 30 year fixed mortgage rates are at 3.500%, 15 year fixed mortgage interest rates are at 2.875% and 5/1 ARM loan rates are at 2.250%. These low conforming mortgage rates are available with 0.7 to 1% origination fee to well qualified borrowers who have maintained a history of good credit.
Tags: Gdp Report, Low Mortgage Rates, Mortgage Rates, Report
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Three Common Tax Misconceptions about Home Ownership Explained
Posted on January 24th, 2012
One of the benefits of owning a home is the deductions that homeowners can use when filling out their annual tax forms. While there are several tax benefits to owning your own home, some of these benefits are greatly exaggerated and some of them are simply misconceptions that are untrue. Here are some of the more common tax misconceptions and exaggerations that are out there so you can be aware of them.
Misconception #1: The interest that I pay on my mortgage provides me with a tax break.
For the majority of homeowners, the mortgage interest does provide a break on their taxes which you won’t get if you are renting. B
Tags: Home, Misconceptions Home
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Mortgage News 6/1/12 – UK House Prices Will Remain Flat In 2012
Posted on January 16th, 2012
Stagnation Goes On.
Welcome to 2012 then and it looks like the stagnating value of residential properties will continue for most of 2012. Predicting house prices much further ahead is a largely pointless activity, especially given the current economic woes in mainland Europe.
According to the Nationwide Building Society, the average house price is now just under £164,000, thats a level which we havent seen since since early 2004, apart from a brief dip at the beginning of 2009.
Tags: 2012, House Prices
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