The Proposed $15,000 Tax Credit For Home Buyers in 2009
February 9, 2009 by Erik Folgate
Filed under Economic Policy, Economy, Real Estate
If you were thinking about buying a house this year, you might need to get serious about buying wthin the next few months. There have been rumors that the final economic recovery bill currently being debated by the Senate could include an amendment to help stimulate home buying in the coming year. A few Senators have proposed a $15,000 tax credit for ALL home buyers from the date that the bill is signed into law extending for one full year.
Last July, a bill was signed into law that included a $7,500 tax “credit” for first-time home buyers. Here are the differences between the credit that is active now and the one that has been proposed.
9 Financial Resolutions to Make for 2009
January 6, 2009 by Erik Folgate
Filed under Real Estate
Here are the nine resolutions from the article:
- I will accurately assess my financial situation.
- I will diversify my assets — for real this time.
It’s easy not to be realistiic with your financial situation. I learned at an early age to asses my finances honestly. I am an optimist, but I look at my budget with realism.
Citi Announces Plan For Homeowner Assistance to Avoid Foreclosure
November 12, 2008 by Erik Folgate
Filed under Banking, Real Estate
For those of you who own a house with a Citi mortgage, you might be interested in this announcement made by Citi Group to help homeowners avoid foreclosure.
Citi Group will reach out to a group of 500,000 homeowners to help them stay current on their mortgages, and it could result in a $20 billion dollar workout on existing mortgage balances. They will also extend their foreclosure moratorium to those homeowners with sufficient income to pay a restructured payment plan and work in good faith with Citi to stay in their home.
Has The Housing Market Hit Rock Bottom?
October 20, 2008 by Erik Folgate
Filed under Economy, Real Estate
This is a subject that can lead to some spirited debate. Some experts say that the market is still dropping, and others say that the bottom has hit. I thought that the beginning of 2009 would be the bottom, because the Fall and the holidays are usually very slow times for real estate transactions, and the spring is when purchases increase. I found this article shows empirical evidence that the market could have hit bottom and be on the rebound. Here is an excerpt from the article:
Breaking Down Our Moving Costs
September 29, 2008 by Erik Folgate
Filed under Budgeting, Real Estate, Travel
We recently moved from Jacksonville, Florida to Orlando, Florida. It’s about 140 miles between the two cities. My wife started working about two months ago, so money wasn’t as tight as it has been in the past. However, we still like to get the most out of our money no matter what we’re doing.
Here is a breakdown of our moving expenses:
What We Learned While Buying Our First House
September 23, 2008 by Erik Folgate
Filed under Real Estate
My wife and I finally closed on our house today. It was a long, tedious process. Most real estate transactions are tough, and this one was no different. We never had a set closing date, the documentation we sent to the lender kept getting lost, and we had to juggle moving out of an apartment, storing our furniture until the closing, and moving it back out of storage and into our new home. But, it was all worth it, right? Please tell me it was worth it! This is our first house, but it’s not our first time owning real estate. We owned a condo a couple years back, and we actually ended up flipping it for a profit. We didn’t plan on leaving it after a year, but our career plans changed. When we bought the condo, everything was already set in place by the developer who had purchased the buildings and planned on remodeling them. The process went very smooth, and we weren’t in a rush to close on it, because our apartment lease had three months left. Buying this house was not as easy, and here are a few things we learned along the way.
5 Tips To Help You Avoid Foreclosure
September 18, 2008 by Erik Folgate
Filed under Real Estate
This subject has hit home for me lately. I don’t even have a mortgage yet, so it’s not a personal situation, but someone I know is going through some financial issues right now with their mortgage. This is the first time that I’ve been affected by it on a somewhat personal level. Here are five things you can do to help prevent foreclosure:
Mortgage Rates Fall From News of Fannie And Freddie Mac Bail Out
September 12, 2008 by Erik Folgate
Filed under Consumer News, Economy, Real Estate
Fannie and Freddie Mac mortgage companies may be worrying Wall Street, but they’re woes have given a gift to those looking to buy a house. On Monday, the prime mortgage rates on a 30 year fixed mortgage dropped from approximately 6.5% to 6.0%, and it has since fallen to about 5.75% throughout the week. The reason is that the mortgage rates sometimes fall in lieu of bad market news such as the Freddie and Fannie trouble and a turbulent market. I didn’t write this article in the beginning of the week, because I wanted to see if the drop was a fluke or not. It looks like these low rates are here to stay for a little while.
Four Ways To Get Free Money For a Down Payment On a House
September 9, 2008 by Erik Folgate
Filed under Real Estate
For many young people, buying a house is a challenge largely because of the down payment. Many young people bring in a great income, but they haven’t worked long enough to build up a good down payment. The market right now is a buyer’s market, and there are plenty of deals out on the market. You might be able to buy a home that appraises for 5%, 10%, or even 20% higher than the purchase price. The house that we have a contract on recently appraised for $47,000 dollars higher than the purchase price! We’re getting a great deal, and you can, too. However, as my fellow readers will point out, let me make clear that I am not advocating you to buy a house when you aren’t ready. It’s a big endeavor, and you shouldn’t take the process lightly. But, if you have great income and you need extra cash for the down payment, here are some ideas to help you find “free” money for a down payment.
Richard Branson Makes It Easier To Borrow Money From Your Family
September 5, 2008 by Erik Folgate
Filed under Credit and Debt, Family and Relationships, Real Estate
Instead of sending the average joe to the moon, Richard Branson started taking on a much less glamorous endeavor. One of his many Virgin offshoots called Virgin Money, has put together a peer-to-peer lending system for families. You can visit the site here.
The products they offer are mortgages, business loans, student loans, and personal loans. Branson uses tactics to sell the product by encouraging you to “keep the wealth in the family”, and he promises better interest rates, because your friend or family member sets the interest, not some corporate bank. Sounds like a pretty good deal, right?
