It's staggering when you think about the cost of living, especially if you're a renter and not a home owner. If you are currently paying $1,000 a month for rented housing, then over the next three years, your property management company will effectively have reaped $36,000 of your hard earned cash! You're paying their mortgage when you could be building equity in your own property.
What if I don't have the money to buy a home right now?
There are many loan programs available that offer low and no down payment options. Some programs permit gift money as a down payment, and often sellers are willing to make a contribution to your purchase if they want to sell the home quickly.
There are many benefits of home ownership to consider, most of all, tax deductions. Let's take a look at how advantageous this can be as a homeowner:
How much is tax deductible?
Tax deductions vary, but the IRS has laid out solid rules. They also have several tax publications full of helpful information worth taking the time to read. Publication 530, Tax Information for First-Time Homeowners, is very thorough, as is Publication 936, Home Mortgage Interest Deduction. For quick reference, you can refer to Tax Topics 505, Interest Expense, and 504, Home Mortgage Points.
These publications often refer to local and state guidelines, so you may want to consult a CPA to answer all the questions that arise from reading these materials. Here are a few tips you should know up front:
Real Estate taxes are deductible on a primary residence. Real Estate taxes are paid at settlement or closing, or through an escrow account.
Mortgage interest is deductible on a loan to purchase, build or improve your home. Your lender will provide you with a Mortgage Interest Statement (Form 1098) to list the total interest paid during the year. This should include any deductible points paid for that year.
Pre-paid interest is deductible in the year it is paid. At the close of a real estate transaction, borrowers usually pay for the interest on their loan that falls between the closing period and the first of the next month. Mortgage payments are made "in arrears" so when a loan is closed mid-month, there is interest due to the new lender which must be paid in advance.
If you are building a home, the interest on the construction loan is deductible. The construction period cannot exceed 24 months prior to the date that you move in if you claim this as your primary residence.
Call me to discuss your specific needs and we'll find the program that's right for you.We have a variety of low down payment and no down payment programs available.
Karl Peidl
Accredited Loan Consultant
Lincoln Mortgage Company
251 Bellevue Avenue, Suite 102
Hammonton, NJ 08037
609-878-7013
kpeidl@linc-mort.com
www.karlpeidl.com
Pennsylvania: Licensed by the PA Department of Banking as a First Mortgage Banker and licensed pursuant to the PA Secondary Mortgage Loan Act. New Jersey: Licensed by the N. J. Department of Banking and Insurance Maryland: Authorized Mortgage Lender by the State of Maryland Commissioner of Financial Regulation. Florida: Licensed Mortgage Lender by the Florida Office of Financial Regulation. Delaware: Licensed Lender by the Delaware Office of the State Bank Commissioner.
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Treats, Not Tricks Await Those Who Act! Last chance, last dance, last call. All sayings conjure up images but one thing remains constant. Miss the opportunity and it's gone. Home loan rates recently hit all-time lows, and if you don't act now, you could miss your chance to save thousands of dollars over the life of your loan! According to Freddie Mac, interest rates recently dropped to all-time lows in some categories, and within a hair of all-time lows in others. We will likely never see rates at these levels again. If you missed the chance to refinance earlier this year, you just got a do-over. Don't miss out a second time! Why Act Now? While the reasons to act now are numerous, here are just a few. No one, not even George Washington, had a chance to borrow money at these rates...but you do! The Federal Reserve implemented a mortgage-backed securities buying program to artificially lower rates, and that program is nearing its end. The originally scheduled end date was December 31, 2009. While this deadline has been extended the amount of purchases remains the same, which means the level of participation will wane, decreasing by half as much. Rates will be forced to levels seen before the program started, likely near 6.50% and in short order. Inflation, while currently contained, is likely to show its ugly head as all the stimulus from Washington continues to pour into the system. The end result will be increasing inflation pressure across the board, which will cause all interest rates to rise. Don't Miss the Boat Here Sydney Smith, an English clergyman from the 1800's once said, "Regret for the things we did can be tempered with time; it is regret for the things we did not do that is inconsolable." It is likely that interest rates at these levels will never be seen again in our lifetime. Take advantage of them today while you still can so you'll never have to look back and say, "I wish I had...." If you took advantage of this opportunity earlier this year, congratulations! If not, call me so we can discuss your situation. Likewise, if you know someone else who can benefit, be it a family member, friend, or co-worker, please have them call me or let me know who they are and I will reach out to them. This could be the greatest gift you could offer someone this year. I look forward to speaking with you soon, but if not, I hope you have a Happy Halloween! |
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Preparing 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. |
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Mortgage Interest Rates for Fixed Rate Mortgages* |
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Rates as of Thursday, 15th October, 2009: |
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*Rates are subject to change due to market fluctuations and borrower's eligibility.
Karl Peidl 609-878-7013
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© Copyright 2009. All About News, Inc.
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Preparing 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. |
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Mortgage Interest Rates for Fixed Rate Mortgages* |
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Rates as of Thursday, 15th October, 2009: |
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*Rates are subject to change due to market fluctuations and borrower's eligibility.
Karl Peidl 609-878-7013
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© Copyright 2009. All About News, Inc.
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Intermediate Fixed Rate mortgages (sometimes referred to as Short-Term Fixed Rate mortgages, or Hybrids) come in numerous varieties; the 3, 5, 7 and 10-Year Fixed. These are all 30-year loans that carry a fixed rate for a set number of years, and then roll over to an Adjustable Rate Mortgage. |
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Mortgage Interest Rates for Fixed Rate Mortgages* |
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Rates as of Thursday, 8th October, 2009: |
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*Rates are subject to change due to market fluctuations and borrower's eligibility. Karl Peidl 609-878-7013
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© Copyright 2009. All About News, Inc.
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I am an Accredited Loan Cosultant with Pleasant Valley Home Mortgage Corp. I understand that each individual has their own needs and goals. My job is to find and recommend the best solution for you.
As a mortgage consultant, my job is to provide my customers with what is likely to be the largest debt they will ever have in their lives. I believe that this obligates me to personally ensure they have the proper understanding and resources to effectively manage this debt. I do this by spending a portion of each and everyday using resources such as the Mortgage Market Guide and the Loan Toolbox to make sure I am at the top of my game.
My responsibility starts by evaluating each individuals needs and goals to determine the best way to structure their mortgage. From time of pre-qualification through the day of closing, my customers and realtor partners know that I will be with them every step of the way. Communication and education are the most important pieces of the puzzle. These basic ideas ensure that we will be at the closing table on time and that everyone has a smile on their face on day of settlement.
Watching my customers be handed the keys to their new home is only the first step in my journey with them. Through the use of newsletters, market updates, and annual mortgage reviews, my clients know they can count on me to be here for them should their situation or market conditions change. Whether they are in need of stepping up to a bigger home, refinancing their existing mortgage, or enrolling in a mortgage acceleration program, I will guide them through the maze of options and assist them in making the right decisions.
Pleasant Valley Home Mortgage Corp.... Our staff have been fulfilling customers' real estate financing needs for 25 years. Using today's advanced automation systems, we provide our borrowers with tools and resources to make obtaining a mortgage loan from us a fast and efficient process. Offering a wide selection of products, great rates and flexibility, we tailor mortgage solutions to meet our borrower's needs.
What We Offer:
A Simple Mortgage Process Our borrowing process is fast, simple and hassle-free. We have eliminated much of the paperwork involved in applying for a mortgage loan in the traditional manner. With Pleasant Valley Home Mortgage Corp., you can inquire about a loan through the Internet, over the telephone or by fax. If you have any questions, our dedicated loan consultants will be happy to assist you.
Fast Credit Decisions and Closings Our online mortgage approval system expedites the loan approval by accessing national underwriting guidelines and confirming the conditions required for loan approval. You no longer need to provide the excessive information and documentation that was required under the traditional application process. As a result, it is possible for a loan to close within 14 days of receipt of the completed loan application and documentation (although we can't guarantee that every loan will close that quickly).
Big Savings Our automated systems and streamlined mortgage process have created an extremely cost-efficient mortgage operation. We produce big savings for borrowers by eliminating the high-commissioned loan officer, acquiring loan sources with low rates, origination fees, points, and other charges, as well as negotiating reduced fees for escrow, title insurance, appraisal, credit reporting and other mortgage services.
Personal Service After submitting your loan application, a loan officer will personally assist you through each step of the mortgage process by helping you meet your loan approval conditions through coordinating the signing of your closing documents.
"Someday, I will personally come to say to you thanks for helping me out all along the process of mortgage approval to closing. I am very happy for the rate you offered me and the highest level of customer service you provided me and wish you great success in every walk of life. I will certainly wish to recommend any body in my circle who would be interested to get a home mortgage.
Thanks."
- Mohammad
"We hope this email finds you well.
We truly appreciate all the hard work you put into helping us get approved for our loan- and making our dream of owning our first home a dream come true. The exceptional service and advise provided by you should be commended. You can definitely count on our recommendation for your services to everyone we know!
Kind Regards,"
Yris & Antonio
"Everything was handled very well... Open communication and always available."
-Michael & Michele Hetzel
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"Karl was excellent. He was very responsive and knowledgeable."
- Cristina Vacca
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Dear Karl,
"Just a note to say a huge THANK YOU for your help in securing my new townhome. I move in tomorrow and want you to know how much I appreciate your help in getting me to this point.
Thank you for guiding me through this process in such great detail. You were careful to explain everything to me in "layman's" terms to make sure I understood, and thanks to your careful eye on what was happening with the economy I was able to get that monetary break from FHA! I always felt that you were working in my best interest, and cared that you were doing the best job possible to meet my needs.
I could not have had a more positive experience, and within the next few days I will report my experience online via my subscription to Checkbook.org which is used heavily in our area for referrals. I am very glad I came to the ACC the day Superior was here!
As I mentioned to you, I always noticed the tag line in your emails that said if I felt I was not receiving five star service to contact Mr. Cors. Well I am pleased to report to Mr. Cors that the service I received from your office exceeded my expectations.
It was a pleasure doing business with you.
Kind regards,"
Lauri Nichols
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"As a first-time home-buyer I was a little uneducated on certian terms & principles, but Karl did an excellent job of making a very stressful situation more bearable to handle. An asset to the company."
Erin Sweeney
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"We appreciated his knowledge in the program that was able to get us into our 1st home. We appreciated his constant in contact attitude. Thank you!!!"
Cristina Trejos
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"Karl was wonderful. He was always one step ahead. He made himself completely accessible. He was extremely knowledgable. Well spoken & very thoughtful."
Michelle Dougherty
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"Karl's customer service is exceptional!! Very attentive and knowledgable. Also, Anton & Lillie are especially helpful, knowledgable, pleasant & efficient.
A great team!
Thank you"
James and Lucinda Reilley
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"He was always prompt to respond and was on top of everything. It was a stressfree experience, as much as getting a mortgage can be."
Erik & Susanne Spence
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"It was a pleasure working with Karl. He did everything in a timely manner for my clients and they were very pleased with his services. I was quite happy with all the updates and informative emails that I recieved from him. I was especially surprised to see him at closing. He made my job so much easier! Thank you Karl!"
Cindy Cori (Cardinal Real Estate Services)
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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