Home Financing Archives

Home Financing

Home financing is one of the most complicated aspects of buying, building and/or owning a house. There are so many things to consider that it can be overwhelming. We aim to help you navigate your most pressing questions so you can focus on the joy of home ownership. From construction loans and mortgage rates to pricing and hidden costs, we’ll cut through the noise and give you the answers you need from industry experts.

Must Read Articles About Home Financing :

Searching for That Great Rate: How to Find the Best Mortgage Rate

When it comes to mortgages, there is a lot at stake. Especially for first-time homebuyers. Picking the wrong one can cost you thousands of dollars in interest payments, and negatively impact your financial future. In this article, we’re covering the ins-and-outs of finding the best mortgage, so you can rest easy knowing you made the right decision.

Are There Any Hidden Costs with Building?

Think of a new home estimate with a very low price as an iceberg. Like an iceberg, the misleading price is comprised of two parts: the part that’s visible above the surface and the part that’s hidden below the surface. Some home builders minimize the less obvious expenses just to get your business. Hidden costs may not be visible, but they will still impact your plans.

How to Prepare for Property Taxes When Building a New Home

Purchasing an available, pre-owned home from a real estate listing is much different from building a custom house that includes your most desired amenities, especially when it comes to preparing for your property taxes. Without an exact amount based on historical figures, how will you know how much to save up or roll into your mortgage?

Why New Home Costs Vary When Comparing Square Footage

You’re thrilled to be building a home. Finally you’ll be able to live in your dream house, complete with all the comforts and features you want. You’ve done your basic research, and are starting to get bids. That’s when you run into an unexpected, seemingly-unexplainable puzzle: The cost-per-square-foot conundrum.

Recent Home Financing Articles:

Should You Buy Flood Insurance?

By Dona DeZube who has been writing about real estate for more than two decades. She lives in a suburban Baltimore Midcentury modest home on a 3-acre lot shared with possums, raccoons, foxes, a herd of deer, and her blue-tick hound. If you have a mortgage on your home and you live in a high-risk flood zone, in most cases, your lender requires you to buy flood insurance. However, if you live in a moderate- to low-risk zone, and your community belongs to the National Flood Insurance Pro... [Read More]

6 Reasons to Reduce Your Home Price

By G. M. Filisko an attorney and award-winning writer. A frequent contributor to publications including Bankrate, REALTOR Magazine, and the American Bar Association Journal, she specializes in real estate, personal finance, and legal topics. While you'd like to get the best price for your home, consider our six reasons to reduce your home price. Home not selling? That could happen for a number of reasons you can't control, like a unique home layout or having one of the few homes in the ... [Read More]

6 Tips for Choosing the Best Offer for Your Home

By G. M. Filisko an attorney and award-winning writer. A frequent contributor to publications including Bankrate, REALTOR Magazine, and the American Bar Association Journal, she specializes in real estate, personal finance, and legal topics. Have a plan for reviewing purchase offers so you don't let the best slip through your fingers. You’ve worked hard to get your home ready for sale and to price it properly. With any luck, offers will come quickly. You’ll need to review each care... [Read More]

closeup of a pen, calculator, paperclip, and graph

How Can I Estimate Taxes on my New Home?

Knowing all the information about building a new home is important because no one wants surprises when it comes to the finances. One item often overlooked is the taxes. Total taxes on your new home include county, school and borough or township combined. Homes in your municipality have an assessed value that is used to calculate what your taxes will be. The amount of taxes varies from municipality to municipality. Find a few homes in your municipality that are similar to what you are plann... [Read More]

5 Good Reasons to Amend Your Tax Return — and How

By Reyna Gobel - Journalist and author Reyna Gobel has been writing about real estate for 8 years. She lives in a 1970s ranch with her husband and miniature schnauzer. Her next big home project: finally replacing those 1970s aluminum windows. Missed tax deduction? Overlooked tax credit? Get what’s coming to you by amending your return. Your home is a great source of tax savings if you know what qualifies and don’t forget to claim deductions and credits. If you missed any of these ... [Read More]

Tax and Home Records Checklist: What to Keep and For How Long

By: Dona DeZube Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®. Want to rest assured you have all the documents you need when you need them, but not be awash in paper? Read on. Unless you’re living in the 123-room Spelling Manor, you probably don’t have space to store massive amounts of tax and insurance paperwork, warranties, and repair receipts related to your home. But you’ll definitely want your paperwork at hand if you have to prove you deser... [Read More]

Don’t Miss These Home Tax Deductions

By: Dona DeZube Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®. From mortgage interest to property tax deductions, here are the tax tips you need to get a jump on your returns. Owning a home can pay off at tax time. Take advantage of these homeownership-related tax deductions and strategies to lower your tax bill: Mortgage Interest Deduction One of the neatest deductions itemizing homeowners can take advantage of is the mortgage interest deductio... [Read More]

Find the Home Loan that Fits Your Needs

By: G. M. Filisko - Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®. Understand which mortgage loan is best for you so your budget isn't stretched too thin. It’s easier to settle happily into your new home if you’re confident you can afford it. Here’s what you need to know about your mortgage financing options, including how to choose the loan that matches your income and tolerance for risk. Mortgage Financing Basics The most important feature... [Read More]

What is the Difference Between a Construction Loan and a Regular Mortgage Loan?

This is a question I get a lot from my clients. The qualification guidelines are similar to a purchase mortgage loan but construction loans are somewhat different in other ways. For example, the interest rate is typically locked in from the time of application to the completion of your home. Another big difference is how the loan is handled through construction. On a construction loan, you close on the loan prior to the start of construction. All closing costs and do... [Read More]

Who’s Got Your Back When Your Credit Report is Wrong?

By: Dona DeZube Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®. With some credit report errors not getting fixed by either the credit reporting bureau or credit card companies, at least you have the Consumer Financial Protection Bureau in your corner. When you find an error in your credit report and send the credit bureau proof that your creditor was wrong when it said you paid late, didn’t pay at all, or, worse yet, are deceased, you expect the bure... [Read More]