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.

Recent Home Financing Articles:

 

Unwrapping the “Hidden Costs” of Building a Home – Site Development

This is a five part series on the hidden costs of building new home. Naturally your largest cost in building a home will be the home itself. Each home plan has different... [Read More]

 

Unwrapping the “Hidden Costs” of Building a Home – Land

undeveloped landOne of the first questions that we seem to hear from Customers: What are the Hidden costs? The costs you have in [Read More]

 

9 Easy Mistakes Home Owners Make on Their Taxes

By: G. M. Filisko

Don’t rouse the IRS or pay more taxes than necessary — know the score on each home tax deduction and credit.

As you calculate your tax returns, consider each home tax deduction and credit you are — and are not — entitled to. Running afoul of any of these 9 home-related tax mistakes — which tax pros say are especially common — can cost you money or draw the IRS to your doorstep. Sin #1: Deducting the wrong year for property taxes You take a tax ded... [Read More]

 

Don't Miss Home Tax Breaks – Property tax deduction

By: Dona DeZube

Property tax deduction

You can deduct on Schedule A the real estate property taxes you pay. If you have a mortgage with an escrow account, the amount of real estate property taxes you paid shows up on your annual escrow statement. If you bought a house in 2012, check your HUD-1 Settlement statement to see if you paid any property taxes when you closed the purchase of your house. Those taxes are deductible on Schedule A, too. This article provides general informa... [Read More]

 

Don't Miss Home Tax Breaks – Home buyer tax credit

By: Dona DeZube

Home buyer tax credit

There were federal first-time home buyer tax credits in 2008, 2009, and 2010.
  •  If you claimed the home buyer tax credit for a purchase made after April 8, 2008, and before Jan. 1, 2009, you must repay 1/15th of the credit over 15 years, with no interest.
  • If you used the tax credit in 2009 or 2010 and then sold your house or stopped using it as your primary residence, within 36 months of the purchase date, you also have to pay ... [Read More]

 

Don't Miss Home Tax Breaks – Vacation home tax deductions

By: Dona DeZube

Vacation home tax deductions

The rules on tax deductions for vacation homes are complicated. Do yourself a favor and keep good records about how and when you use your vacation home.
  • If you’re the only one using your vacation home (you don’t rent it out for more than 14 days a year), you can deduct mortgage interest and real estate taxes on Schedule A.
  • Rent your vacation home out for more than 14 days and use it yourself fewer than 15 days (or 10% o... [Read More]

 

Don't Miss Home Tax Breaks – Energy tax credits

By: Dona DeZube

Energy tax credits

The energy tax credit of up to a lifetime $500 had expired in 2011. But the Feds extended it for 2012 and 2013. If you upgraded one of the following systems this year, it’s an opportunity for a dollar-for-dollar reduction in your tax liability: If you get the $500 credit, you pay $500 less in taxes.
  • Biomass stoves
  • Heating, ventilation, air conditioning
  • Insulation
  • Roofs (metal and asphalt)
  • Water heate... [Read More]

 

Don't Miss Home Tax Breaks – Prepaid interest deduction

By: Dona DeZube Prepaid interest (or points) you paid when you took out your mortgage is 100% deductible in the year you paid them along with other mortgage interest. If you refinance your mortgage and use that money for home improvements, any points you pay are also deductible in the same year. But if you refinance to get a better rate and term or to use the money for something other than home improvements, such as college tuition, you’ll need to deduct the points over the term of the loa... [Read More]

 

Don't Miss Home Tax Breaks – PMI and FHA mortgage insurance premiums

By: Dona DeZube

PMI and FHA mortgage insurance premiums

Helpfully, the government extended the mortgage insurance premium deduction through 2013. You can deduct the cost of private mortgage insurance as mortgage interest on Schedule A — meaning you must itemize your return. The change o... [Read More]

 

Don't Miss Home Tax Breaks – Mortgage Interest Deduction

By: Dona DeZube

Mortgage interest deduction

One of the neatest deductions itemizing home owners can take advantage of is the mortgage interest deduction, which you claim on Schedule A. To get the mortgage interest deduction, your mortgage must be secured by your home — and your home can even be a house trailer or boat, as long as you can sleep in it, cook in it, and it has a toilet. Interest you pay on a mortgage of up to $1 million — or $500,000 if you’re married filing separately ... [Read More]