Financing
Federal Reserve Chair, Bernanke Says Interests Rate to Remain Low
Many are lenders have been predicting that interest rates will be going up soon. A buyer was even told that they should lock their rate soon before the rates go up the first of April. Because of that this report of Bernanke’s opinion that interest rates will remain low is a relief. Even so, those [...]
Read More...Idaho Banks Strength Helps Support the State’s Economy
Robb Hicken wrote in an article in the Idaho Business Review that :Banks in Idaho look bright: Despite challenges, banks move forward”. He discusses the benefits of having sound Idaho banks to Idaho’s economy and some of the challenges the state faces as the economy recovers.
Read More...January 1, 2010 HUD-1 and GFE Changes
Effective January 1, 2010 a new Good Faith Estimate (GFE) and HUD-1 (closing statement) are required. These updated forms are designed to better inform borrowers and to restrict fee increases that borrowers have experienced in the past. It should help to eliminate surprises at the closing table in relation to fees the borrower pays or [...]
Read More...Mortgage Forgiveness Tax Relief Still in Effect
A law enacted in 2008 relieves homeowners from paying taxes on mortgage debt that as been relieved through mortgage workouts, short sales, etc. This is in effect through 2012 and there is a specific for used to report this to the IRS. Read the IRS bulletin regarding tax relief.
Read More...Fed Interest Rates to remain at Historic Low
I just read about the Federal Reserve’s announcement that they will leave key interest rates unchanged for an extended period. With low mortgage rates to continue, and the homebuyer’s tax credit for those who qualify, purchasing a home is still a viable option.
MSNBC wrote, “just in time for the holidays, a gift from the Federal [...]
Is The Tax Credit Going To Extend?
“Democratic Congressional leaders are working with the White House to extend an expiring $8,000 tax credit for first-time home buyers , and aides said Wednesday that they were considering making it available to current homeowners who purchase a new residence.” To extend this tax credit for home owner in general would be a blessing for all. This is a way that could stimulate the future economy and its employment. The tax exemption for first time home buyers has helped so much that by the time it expires on December 1,2009 it is responsible to 400,000 sales of new and exciting homes and to expand further on the topic it was also was responsible for 1.4 million in sales. Wow this is great so why would we not expand. So its like you would have said as a kid keep your fingers crossed. “Allowing the credit to expire this year would result in a decline in sales of homes that are not facing foreclosure just as sales of foreclosed homes are expected to pick up, Mr
Read More...News on Intrest Rates
After Fed meeting yesterday Debbie Owens Branch Manager of Guild Mortgage in Twin Falls wrote in a email, ” Had the Fed come out of the meeting stating that they would discontinue the purchasing of MBS, then it would have made sense that our rates would have climbed, and rapidly. However, by stating that they will “phase-out” its support of the mortgage market thus allowing the Fed to test the markets, should allow for our rates to stay at an even and slower climb.” This is exciting for news for first time and for buyers in general. If the first time home buyers credit and the intrest rates stay low it looks really good for sellers and for buyers for now and into the future.
Read More...First-Time Homebuyer Tax Credit
The time to qualify for the First-Time Homebuyer Tax Credit is running short. You must purchase a home before December 1, 2009 to qualify. That means that you have to close by November 30, 2009, not just have a contract to purchase. If you are going to finance your purchase, it will take 30-60 days to close on your purchase depending on the type of loan that you get. There are only 81 days left. It is time to start talking to both your lender about qualifying for a loan and to your REALTOR® about finding your first home. Learn more about the First-Time Homebuyer Tax Credit
Read More...Fall is a Great Time to Buy a Home
If you are thinking of buying a home , fall is a great time to buy.
Read More...Shopping for a Home.
When shopping for a home it is so easy to get caught up in the excitement of looking. Please remember to visit with a lender before looking.
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