Do I Need To Sell My Home Before I Can Qualify For A New Mortgage On Another Property?
Although every situation is unique, it is not uncommon for homebuyers to qualify for a mortgage on a new home while still living in their primary residence. Perhaps you are outgrowing your current house, or have been forced to relocate due to a job transfer? Regardless of the motivation for keeping one property while purchasing another, let’s address this question with the mortgage approval in mind: So, Do I Have To Sell? Yes. No. Maybe. It depends. Welcome to the wonderful world of mortgage lending. Only in this industry can one simple question elicit four answers…and all of them may...
Read MoreRates Have Hit All-Time Low Levels Again
CNBC and Bankrate.com just reported that home loan rates are at their all time lows. Yes, all time lows! This is great news for anyone who has yet to refinance to take advantage of the lowest rates ever recorded, or to purchase that new home or investment property more affordably than ever before. Both 30 Year and 15 Year Fixed Rates clipped down to their lowest levels. All this is incredible as just months ago, many experts had anticipated that rates would be well above 5% this summer and on their way to 6% by year end. Last month, NBC reported that nearly 50% of all people with a 30 Year...
Read MoreStrategic Financing Sells Homes Faster
With interest rates on the rise, it’s become increasingly difficult for many homeowners with Adjustable Rate Mortgages. Each month, they watch their monthly payments increase as interest rates climb closer to the lifetime caps of their loans. In addition, property owners who are looking to sell are finding that their properties are staying on the market for longer periods as buyers have more options to choose from. Thankfully there is a solution for both of these issues. This special mortgage program has no margin and no index, yet it offers greater financial flexibility because of its...
Read MoreIf I Sell My Home, Will I Have to Pay Capital Gains Tax?
The IRS permits a maximum exclusion on capital gain of $250,000 for individuals and $500,000 for married couples filing a joint return who sell their home, but of course some conditions apply. For the five-year timeframe prior to the date of the sale of your primary residence, you must meet the Ownership and Use Tests the IRS provides in Publication 523, Selling Your Home. These rules ensure you have owned the home for at least two years, and lived in the home for at least 24 months out of the last five years. Additionally, you may not have excluded a gain on your taxes from the sale of a...
Read MoreThinking of Selling Your Home?
If you are thinking about selling your home, it is wise to consider using a qualified real estate professional to assist you. The first reaction may be to call the Realtor ® who sold you the home to begin with, but this is not necessarily the best plan of action. Some real estate agents specialize in placing buyers, and some have more expertise in listing and selling property. Very few real estate agents are actually good at both. Choosing the right agent to represent you in the sale of your home minimizes a variety of stress factors. Your agent should be well-versed in advertising,...
Read MorePreparing Your House for the Market
If you’re selling your home, make sure your home has “curb appeal.” Remember, you can’t change a first impression. If your home looks like a diamond in the rough, think about putting a small investment into cleaning up the outward appearance. Imagine that you are seeing the property as a potential buyer. You’ll want to do a little yard work – clear away dead shrubbery, and trim your trees and lawn. Weed the flower beds or plant some flowers that will bloom in season. Make sure the driveway is not stained, and if you can’t afford to paint the home...
Read MoreMortgage Calculator
 | ||||
 | ||||
