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What Qualifies for a Mortgage Interest Deduction?

What Qualifies for a Mortgage Interest Deduction?

The mortgage interest deduction is hailed as an important driver of the housing industry. It incentivizes those who buy homes and itemize their tax deductions. Recently, the IRS has stepped up its scrutiny on tax deductions from mortgage interest. While the move does...
The Homeownership Benefits of Tax Refunds

The Homeownership Benefits of Tax Refunds

At the end of every financial year, a taxpayer is entitled to a tax refund if the amount of withholding and estimated taxes he or she paid exceeds the actual amount that he or she owes. This year, the IRS issued around $13 billion worth of tax refunds, spread to...
Purchase Mortgage Battle: 30-Year FRM vs 5/1 ARM

Purchase Mortgage Battle: 30-Year FRM vs 5/1 ARM

Both the 30-year fixed-rate mortgage and 5/1 adjustable-rate mortgage are payable in 30 years. That’s their only common ground; both loans are structured differently because of their interest rate type. Surely, the 30-year FRM has its strengths (and weaknesses) as...
Getting to Know HUD’s Special Homebuying Programs

Getting to Know HUD’s Special Homebuying Programs

The Housing and Urban Development offers FHA loans at low down payments and less stringent credit requirements. Aside from FHA loans, the HUD offers an array of special homebuying programs dedicated to certain segments of society. By strengthening and...
How to Buy a Pre-Foreclosure Home

How to Buy a Pre-Foreclosure Home

If you are looking for a deal on a home, one of the best ways to get one is by buying a pre-foreclosure home. Typically, you’ll see pre-foreclosures homes listed as a ‘short sale.’ In other words, lenders are willing to take a smaller amount that the owner owes and...
Do You Have a Choice of Title Companies When Getting a Mortgage?

Do You Have a Choice of Title Companies When Getting a Mortgage?

When you apply for a mortgage, your lender probably tells you the title company that they use. This is standard practice. Most borrowers don’t want to be bothered with finding a title company. But what about the borrowers that do care and want to find their own title...