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There was a great article in USA Today exploring refinancing in today’s market.  In the past, homeowners could easily refinance and even get cash out because they had equity in their homes.  In today’s market, many homeowners are underwater – meaning they owe more than their home is worth.  For homeowners that are in this situation, refinancing is not impossible, but it generally requires that some money is brought to the table at closing.

Bob Walters, chief economist for Quicken Loans, explains in the article:

“Suppose, for example, that you bought a home several years ago, when fixed mortgage rates were 6%. You paid $200,000 and put $10,000 down. You currently owe $180,000, but your home’s value has declined to $160,000. To refinance to a lower rate and avoid private mortgage insurance, you’d probably need to put in $25,000 to $30,000.”

However, cash-in refinancing can still pay off in the end, even if you can’t afford to avoid private mortgage insurance.  If you don’t already have 20% toward the principal or have enough cash on hand to hit that number at closing, you can pay only the closing costs and still lower your interest rate.  You’d still have to pay PMI, but chances are if you don’t have 20% down, you are paying this already anyway.  Refinancing and lowering your interest to record low mortgage rates could save you money in the end.

The article stresses the importance of figuring out if refinancing makes sense for your situation.  When you talk to your Home Loan Expert, discuss how long you plan on being in your home.  You’ll need to calculate how long it will take for you to recoup the initial investment of refinancing.  If you plan on being in your home for at least 5 years, refinancing to a record low mortgage rate could potentially pay off.

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U.S. treasuries and mortgages are slightly lower today as a report in Germany showed that their consumer confidence increased in August. Today’s May S&P/Case Shiller Composite – 20 home price index was expected to be unchanged month over month at .20%. On a year over year basis, the Case Shiller index was expected to be unchanged from Aprirl at +3.8%. Both readings came in slightly higher than expected, +.47% month over month and +4.61% year over year.

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VA loans are a top benefit of military service, and with good reason.  They are the last traditional loan program to offer 100% financing and refinancing on mortgages and have the most flexible credit guidelines available.  But even though the program has amazing things to offer, many veterans are unaware of the full magnitude of their benefit.  This sad fact can be explained when you think about how much the VA loan program has changed over the years.  The VA loan doesn’t have to be difficult to understand, and every American veteran should be able to easily understand the benefits of this loan.  In an attempt to change the fact that a great benefit to our service men and women is misunderstood and underutilized, here’s an effort to debunk the top 10 myths of the VA loan:

Myth #1: Veterans only have one chance to use their VA home loan benefit.

FACT: Veterans can use their benefit multiple times throughout their life.  Actually, there’s no limit!

Myth #2: VA loans can only be used to buy a house.

Fact: VA loans can be used to refinance too – up to 100% of the home’s value in some cases!

Myth #3 VA loans are small and only ideal for starter homes.

FACT: VA loans are widely available up to $1,000,000!

Myth #4: VA loans take too long to process and close

VA loans can close fast!  Quicken Loans processes VA loans in the same timeframe as other loan types.

Myth #5: It’s too difficult to qualify for a government program.

FACT: In some ways – VA loans are EASIER to qualify for.   Numerous underwriting accommodations are made for veterans buying or refinancing a home with a VA loan.

Myth #6: VA loans are too expensive with the upfront Funding Fee.

FACT: Actually, when you do the math, a VA loan is often cheaper than FHA and Conventional loans!

Myth #7: Vets have to be discharged or retired to use their VA loan benefit.

FACT: Active service members get full access to the VA mortgage benefit too!

Myth #8: Members of the Reserves or National Guard are not eligible.

FACT: Members of the Reserves or National Guard are eligible too after 6 years of honorable service!

Myth #9: Vets who are serving away from home or overseas can’t get a loan until they can return to occupy the property.

FACT: Military men and women who are away on active duty can obtain a VA loan if they intend to return home within a year or have a spouse who will occupy the property in the interim.

Myth #10: Widows or Widowers of Vets are not eligible for the VA loan benefit.

FACT: Widows of fallen veterans who died on active duty or as a result of a service-connected disability are eligible for the benefits of a VA loan.

VA loans are an excellent way for veterans to purchase a home or refinance.  If you’re a veteran, talk to a Home Loan Expert today to find out how much you could save with a VA loan.

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You’ve heard it a million times: Buy low and sell high. Well, if you’re in the market to buy a home, doesn’t it make sense to buy a foreclosed property at an ultra-low price that’s under market value?  The answer depends on several factors.  Here are some tips to keep in mind before you invest in a foreclosed home.

1)      Get Expert Advice – A good real estate agent can tip you off to the challenges you could run into with a foreclosed property.  Every state has unique laws and regulations concerning foreclosures.  It would be wise to consult with a real estate attorney who specializes in foreclosed homes before taking the plunge.  Not only will these experts provide sound advice, but they also can help you navigate through the red tape of closing the deal.

2)      Get Ready To Hunt – A foreclosure happens when a homeowner can no longer make their mortgage payment and is forced to forfeit the home back to the bank.  Many factors can lead up to the foreclosure, but it’s important to note that not all foreclosures are good deals.  Some can offer more trouble than the low price tag is worth.  Be as selective with your search as you normally would.  Research the neighborhoods you want to live in and be extremely critical of the area and the surrounding homes.

3)      Determine the Property’s Worth – Once you think you may have found your perfect property, check the county assessor’s office to determine ownership and pricing information.  You should also be able to obtain tax information.  All of this will help you determine the home’s potential worth.

4)      Shape Up Your Credit – Check your credit report and make sure your score is in good shape.  Banks and lenders are particularly sensitive to credit issues in foreclosure situations.

5)      Get Ready For Repairs – Write down your budget for repairs after purchase.  Now double it.  As a safeguard, that’s about what you should prepare to spend on repairs in a foreclosed home.  Find out how long the house has been unoccupied and determine if the previous homeowner performed routine maintenance on the home.  Beyond your personal opinion of the home, getting a certified inspector to tour and inspect the property is a MUST in a foreclosure situation.  You should prepare yourself for the worst so you don’t face unwelcome surprises.

6)      Get Pre-Approved – Have all of your financing in order before you being searching for a home.  Discuss your options and plans with a Home Loan Expert in order to put together a solid financial package to present when making an offer.

Knowing what you’re getting into, preparing for what could be a long process and not being afraid to get your hands a little dirty are the first steps in buying a foreclosed property.  If the home is located in a great neighborhood, investing in a fixer-upper could be worth the money.

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The market is slightly down this morning. Some of the key economic releases this week include today’s new home sales report which is expected increase. On Tuesday, another housing report will be released and the Treasury will begin their weekly auctions. They will be auctioning a total of $104 billion of securities this week. Also, there are a lot more earnings releases slated for the week including the GDP report.

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Growth in the current economy is almost unheard of. Commercial real estate companies are filing bankruptcy left and right. Tenants are setting fire to their contracts and these companies are left standing in their wake. Younan Properties is among the few companies that took precautions to keep from feeling the threat of the economy under almost any condition and because of this they continue to experience growth.

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You have a distinct advantage if you have considered purchasing a home in Mesa. As far as housing is concerned, it’s a buyers market out there. That means there are more homes for sale than there are buyers. And this means that anyone looking to buy a home is in an excellent position to negotiate for a great deal.

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Looking for means just to keep your business open? It is very important that you know where to get fast and easy cash flow sources, especially if you have just started your business operations. You need to have access to them when you need an instant infusion of cash. Given that you have other options when you need to pay for your existing bills, it may still be problematic to you in the long run if you have most of your money tied up with your existing customers since it will have a negative effect on your cash flow needs. When this happens, you need to find a workable solution so that you can avoid financial problems should you be experiencing this.

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Today’s Guest Contributor is Tisha Tolar of Moolanomy. Not only does Tisha write about personal finance, she also blogs and is co-owner of Trifecta Strategies, LLC.

If you are a first-time homebuyer and missed out on the $8,000 Homebuyer Tax Credit because you didn’t make the April 30th deadline, you still have tax incentives to look forward to in the future. One of the benefits of buying a home is that you can deduct the mortgage interest you are paying on your loan. Since the inception of the income tax in 1913, the mortgage tax deduction is still one of the most popular deductions for homeowners.

How It Works

Generally, all mortgage interest can be deducted from your federal income taxes. There are some stipulations involved including:

• Taxpayers must file Form 1040 and itemize their deductions on a Schedule A form.
• Taxpayer must be legally liable for the loan to qualify for the deduction. You are not eligible for the deduction just because you are making payments on a loan for someone else.

There are two types of debt that will allow for a tax deduction on interst.

• The first debt type is called acquisition debt. This is debt that was used to buy, build on, or improve your residence.
• The second type of debt is called equity debt. This was used for other reasons and taken out based on the equity in your property.

Between these two debt types, a taxpayer can take out up to $1.1 million in debt and be able to take a full tax deduction of mortgage interest. Again, there are some rules that apply.

• If you took out a mortgage before October 13, 1987, you can deduct the full amount of the interest you paid. Any mortgages taken out before October 13, 1987 is known as grandfathered debt.
• If you took out a mortgage after October 13, 1987 to build, buy, or improve a home, you can fully deduct the interest on taxes if the total debt from all mortgages is $1 million or less for married couples or $500,000 or less for married couples filing separately or for singles.
• For home equity debt after October 13, 1987, monies taken out for reasons besides building, buying, or improving a home must total $100,000 or less for married couples or $50,000 or less for married couples filing separately or singles. The total must also be less than the fair market value of the home minus the total of all grandfathered debt and mortgages taken out after October 13.

Note that even if you qualify based on the rules above, you cannot qualify for the deduction unless your mortgage is considered a secured debt, meaning you used your home as collateral for the loan. If the loan you took was not secured by your home, it is considered a personal loan and therefore the interest is not tax deductible.

Home Qualifications

If you have met the requirements noted above, you also need to make sure your property is considered a qualified home. The home in question must have cooking, sleeping and toilet facilities. These generally would include your primary residence, a vacation or second home, condos, mobile homes, house trailers, and boats.

Interest on a second home is deductible but only on one second home. In order to qualify, you must use the second home at least two weeks (14 days) out of a year. If the second home is used as rental property, you must personally use it more than 10% of the time you have rented out the property. Interest on a rental home can not be deducted of the criteria is not met. Rental information must then be included on tax Schedule E form.

IRS Proof

In order to prove your tax deduction is legitimate if ever audited by the IRS, you will need to have a copy of your Mortgage Interest Statement, Form 1098. The statement will be provided by your mortgage company once each year. If you pay mortgage to an individual outside of a traditional lender, you’ll have to give the name, address and Social Security number of the mortgage holder and show a total amount of interest paid.

The Future of the Mortgage Interest Tax Deduction

The tax deduction that is popular among homeowners is not so loved by those in support of income tax reform. In 2005 a panel under the direction of former President George W. Bush made the recommendation to do away with the mortgage interest tax deduction to help simplify the tax code.

There are also others that oppose continuing this tax deduction which may leave the future of this deduction hanging in the balance. There is nothing currently in the air about abolishing the tax deduction but there is no guarantee taxpayers will have eternity to take advantage of this tax incentive.

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