Many people aren’t aware of the fact that, in most situations, there really is no gift tax. Here’s why… $15,000 ANNUAL EXCLUSION The federal government gives each of us an allowance to gift anybody $15,000 per year without incurring any gift tax. This $15,000/year replenishes every year, and it’s $15,000 per person. So, theoretically, I […]
“Seller-paid points” are where you pay points to reduce the interest rate on the buyer’s mortgage. One point = 1% of the loan amount paid upfront to the buyer’s mortgage lender at the closing, in exchange for a lower interest rate on the buyer’s mortgage. Consider a home where the list price is $300,000 and […]
Your credit scores usually determine the price you pay for your money (your mortgages, your auto loans and leases, your credit cards, business loans, etc.). Perhaps the most significant part of your credit report is your credit score. Credit scores range from 350 to 850, with 850 being the best possible credit score that you […]
If you’re buying a home, you’ll probably hear the word “escrow” used in a few different contexts. Let’s look at what escrow is, how it works and how it can benefit you as a home buyer, seller or homeowner. What Is Escrow? Escrow is a legal arrangement in which a third party temporarily holds large […]
What Is a Home Warranty? Unlike homeowners insurance, which protects policyholders from events like theft, fire and weather damage, home warranties offer protection from everyday breakdowns due to normal use. New appliances and home equipment typically come with manufacturer or installer warranties that range from a few months to a few years. But home warranties […]
Being a homeowner definitely has its advantages, and saving money on your taxes each year just might be at the top of the list. Make sure you’re taking advantage of these common tax perks as a homeowner: 1) Mortgage interest One of the most common tax perks, you can deduct mortgage interest for your primary […]
Just like in any other profession, there are good real estate agents … and there are, unfortunately, subpar real estate agents, too. But how do you know if you’ve got a dreamboat or a dud handling your real estate transaction? One way to know whether you’ve got a good agent (or not) is to consider […]
In a seller’s market, it’s easy for a lot of sellers to reach the conclusion that they don’t actually need a real estate agent to offload their homes. After all, there are buyers everywhere, and home prices are skyrocketing; how hard can it really be to just do it yourself and save some money on […]
Selling your home doesn’t just mean hiring a realtor to stick a sign out front. There are a lot of preparations you should make to ensure you get the best offer possible in the shortest time. Repair. Just because you’ve gotten used to the cracks in the walls and the rattles in the radiators doesn’t mean […]
Looking to buy a home? Here are five essential tips for making the process as smooth as possible. Get your finances in order. Start by getting a full picture of your credit. Obtain copies of your credit report. Make sure the facts are correct, and fix any problems you find. Next, find a suitable lender […]