What is a Home Inspection?
Posted on February 1st, 2012
What is done in a home inspection? What is covered?
A home inspection, usually, is a VISUAL inspection of a property, running water & systems when they can be run.
What does that mean?
In general, things the inspector can SEE are checked. Dishwashers, stoves, exterior foundation, pipes that can be seen, walls that can be seen, and electrical outlets are often tested.
What can’t an inspector do? See in the walls or under ground, or remove a wall or floor to see behind. It makes it hard to see if there are problems behind them. Are there leaks in the pipes in the walls or under ground? If he or she can’t see them, it is hard for them to discover.
Roofs are an issue that come up often — what is the age? What is the life expectancy? Unless the actual age is known, the inspector most likely cannot determine exactly how long the roof will last. He or
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. With loan quality important to lenders, guidelines are followed very closely.
Tags: Gdp Report, Low Mortgage Rates, Mortgage Rates, Report
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Supply Of New Homes At 6.1 Months Nationwide
Posted on January 28th, 2012
New Home Sales slowed into the New Year but the market for newly-built homes remains strong. For home buyers in Georgia and nationwide, December’s New Home Sales report is yet one more signal that the housing market recovery may be underway.
According to the Census Bureau, the number of new homes sold in December 2011 slipped 2 percent to 307,000 units on a seasonally-adjusted, annualized basis nationwide.
A “new home” is a home that is considered new construction; a home for which the buyer will be the first owner and tenant.
As compared to December 2010, last months’ sales volume fell seven percent. It’s a statistic that suggests housing market weakness. However,
More Canadian Seniors Are Carrying Debt Into Retirement: Mortgages and Lines of Credit
Posted on January 25th, 2012
There was an article in the Globe and Mail today discussing a recent report by TD Bank. The report indicates that more Canadians are carrying debt into retirement. The report also states that the amount of debt for Canadians aged 45-65 is increasing. Quotes from TD Bank representatives state that this comes as a surprise to them. Really?
I personally know multiple individuals who are in their late 40s and early 50s who have recently renovated their homes, and taken on vast amounts of debt to do so.
Tags: Carrying Debt, Retirement
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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. But in order to take advantage of this break, you have to itemize on your taxes. This means that your combined deductions are calculated to be more than the standard deduction that you would automatically get each year. M
Tags: Home, Misconceptions Home
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