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8
Master Mortgage Advice for 2013
If you've been thinking about buying, applying for a new home loan or refinancing your current one, get a move on it. Rising home prices combined with record-low rates are both reasons why 2013 will be a great year for managing your mortgage. Below, Michael Litzner, Broker of Century 21 American Homes offers seven tips to take into account, whether you're a new buyer or simply working to be mortgage-free. Buy now If you're on the fence about buying, but your finances are up to snuff, then take the plunge and buy. Home prices are rising, and will continue to rise in 2013 and beyond. Litzner suggests you buy now when homes are still priced low, and take advantage of low mortgage rates. Refinance now Mortgage rates are at all-time lows, and will remain that way for the first few months of 2013, so if you're thinking about refinancing, do it now. "Changes were made to the Home Affordable Refinance Program to allow homeowners to refinance, regardless...
29
7 Steps to Simplify House Hunting
House hunting is a complicated process. From finding the right home, to locking down a mortgage rate you can afford, it is a process that requires an attention to detail and a well-thought-out plan. Below are seven steps to take as you begin house hunting to ensure you stay focused and on budget. 1. Establish your goal. Searching for your dream house? Upgrading your current digs or looking to downsize? Whatever the goal is behind your impending home purchase, be sure you understand it clearly before beginning your house hunt. This will eliminate wasted time spent viewing homes that don't meet your top priority. 2. Create a wish list. Once your primary objective is in place, it's time to list all of the additional features and amenities you expect from the property you eventually buy. Do you want a swimming pool in the backyard, a balcony off of your master bedroom or crown molding throughout? Brainstorming must-haves and also-nice-to-haves helps to further narrow down your search fiel...
17
Your Home, Your Taxes: What Is Deductable?
With the New Year underway, many are already thinking about the upcoming tax season. For new homeowners or those who have recently sold a home for the first time, you may be wondering how this tax season will differ from the previous years. Below, Michael Litzner, Broker of Century 21 American Homes walks us through what you can and cannot deduct. Capital gains: "If you sold your primary residence, you're in luck," says Litzner. "You may be able to exclude up to $250,000 of gain, and $500,000 for married couples, from your federal tax return." What is your gain? Your gain is defined as your home's selling price, minus deductible closing costs, minus your basis-the original purchase price of the home, plus improvements, less any depreciation. However, there are a few rules: your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale. You also must not have excluded gain on another home sold during...