Is My Mortgage a Tax Deduction? Yes, owning a home also comes with many qualified mortgage tax deductions, also called tax write-offs. To claim your mortgage interest tax deductions, you must itemize your taxes instead of taking the standard deduction. Your Mortgage Tax Deductions There are several components to a mortgage that allow for mortgage…
Tagged: Mortgage Rates
This past year has been a tremendous one for homebuyers and refinancers, with near-record setting lows for mortgage rates across the country. As we head towards another new year, the question on everyone’s mind has become: will we see the trend of low rates continue into 2021, or are we in for an increase? Current…
Applying for a mortgage can feel overwhelming at first, especially if you aren’t familiar with industry jargon. Two terms that are often thrown around are adjustable-rate mortgages, or ARMs, and fixed-rate mortgages. Understanding the differences between these two types of mortgages will make you feel more comfortable and confident with the application process. They may…
When buying a home, mortgage rates are important! The truth about mortgage rates? They are always changing. It is wild to think that they can change from one day to the next, but it’s true.When dealing with mortgage rates, being educated is the first step in understanding how your mortgage rate can affect you and…
Your credit score is extremely important when it comes to applying for any type of loan or credit account, especially when you’re looking to purchase a home. Not only does your credit affect the total amount of a loan you may qualify for, but it also helps mortgage lenders determine a mortgage rate they’re willing…
How does mortgage amortization really work? A fixed rate loan can also be referred to as a fixed payment loan – However, the amount of principal and interest paid changes with each payment. Interest Paid – The math behind “amortization” or paying a loan off in a fixed period of time starts with the amount…
How Much Can You Finance with $960/Month? As rates rise, affordability dwindles. If you want more home for the same monthly payment, acting before mortgage rates rise further may be a direct path to success. Each example here shows the principal and interest payment for a 30-year, fixed-rate loan. 1- Loan of $180,000Interest rate: 5.00%…
The lowest mortgage rate is the best, right? The lowest rate certainly sounds best. But did you know the lowest rate doesn’t always mean the lowest cost? Mortgage interest is just one component of the real cost of owning a home. Interest rates are a reflection of expectations for inflation and the supply/demand equation for…
First, who is the Fed and what do they do? The Federal Reserve Board (the Fed), controls the Fed Fund Rate and the Discount Rate. These are charges for overnight loans from bank to bank or from the Fed to member banks. You Can’t Keep a Good Thing Down Ever try to hold a life…
