The journey of homeownership rarely ends with that very first mortgage. As life unfolds and circumstances shift, your initial home loan may no longer ...
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The journey to homeownership is a monumental financial achievement, yet the initial mortgage payment and down payment are often just the beginning of ...
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The journey to homeownership is deeply intertwined with the world of high finance, and at the center of it all sits the Federal Reserve. While a commo...
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The journey of homeownership is often defined by a 30-year timeline, a seemingly fixed path laid out by the terms of a mortgage. However, many homeown...
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Private Mortgage Insurance, commonly referred to as PMI, is a crucial financial product that enables millions of Americans to achieve the dream of hom...
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In the journey of homeownership, managing a mortgage is a central financial task. While most people are familiar with refinancing, a lesser-known but ...
Read MoreA homebuyer should monitor: Fed Meeting Announcements: The FOMC meets eight times a year; these are key dates for potential volatility. Inflation Reports (CPI & PCE): High inflation typically forces the Fed to consider raising rates. Employment Data: A very strong job market can signal inflation and a more hawkish Fed. The 10-Year Treasury Yield: This is the most direct daily indicator of where fixed mortgage rates are headed. Comments from the Fed Chair: These provide crucial insight into the Fed’s future policy stance.
Title insurance protects both you and the lender from future claims or legal challenges to the property’s ownership. These could arise from undiscovered heirs, past forgery, or unpaid liens from previous owners. It is a one-time premium paid at closing.
Contact the local utility companies and ask for the average billing history for the specific address over the last 12 months. This provides a realistic estimate based on actual usage in the home, rather than a guess. Your real estate agent can often help you with this.
For a primary residence, special assessments are generally not tax-deductible. However, if the assessment is for a capital improvement that adds value to the property (e.g., replacing the entire roof), it may be added to your cost basis, which can reduce capital gains tax when you sell. For rental properties, special assessments may be deductible as a business expense. Always consult a tax professional.
A HELOC provides significantly more flexible access to funds. You can draw money as needed during the “draw period” (often 5-10 years), pay it back, and then borrow again. A Home Equity Loan gives you a single, upfront lump sum, after which you cannot access more funds without applying for a new loan.
