Deferment and Forbearance

Posted by R_yn5_@_ul on

Good Day All, 

With all of the challenges that we’re facing due to the Coronavirus, I have had heard a lot of people wanting to know what their options are with their mortgage payments. We have all heard of the terms deferment and forbearance, but do you really know what they mean? 

Deferment – Allows borrowers to repay missed mortgage payments over time or add them to the end of their loan period. 

Forbearance – allows borrowers to temporarily stop making their mortgage payments without risk of foreclosure, but missed payments are typically due in one lump sum. 

I hope this helps! Before making any decisions I would recommend talking to a loan officer or your financial advisor. For all of your real estate needs please feel free to contact me! (352) 577-9171 

 

Co-Signing a Mortgage Loan

Posted by R_yn5_@_ul on

Good Day Everyone, 

I hope you all are having a great week! Spring is right around the corner which often can be the busiest time of year for home sales. Lately, I’ve received several calls from first time home buyers in regards to purchasing a home. Often people think that if their credit and financial situation isn’t ideal, that they will just get a co-signer to sign on the mortgage. Are you aware of the risk of co-signing on a mortgage or any type of loan for that matter? Below, in my opinion, are the top 5 risk. 

  1. You’re 100% Responsible for the Loan – If the person you’re co-signing for loses their job or decides to quit making the payments, YOU’RE RESPONISIBLE TO PAY BACK THE LOAN. Just because you’re the “2nd person” or “backup” does not mean that you’re not responsible for the loan. 
  2. Credit Score – Co-signing on a loan will affect your credit score. Any delinquencies will appear on your credit score.
  3. Future Loans and Debts – Even if the primary borrower makes all payments on time and is in good standing, retailers and vendors will be notified that you have a mortgage loan in your name, even as a co-signer. 
  4. Your Financial Situation – Your finances will be reviewed to determine if the bank will approve the loan. You will need to provide bank statements, paystubs, tax returns, etc. ; just as if you were the primary borrower.
  5. Do Your Homework – Just remember without you, the primary borrower would not have been approved for this loan. Research and look into their income, debts, etc. before you financially obligate yourself to them and a loan. 

I hope you find the blog post helpful! If there is anything I can do to help please let me know. (352) 577-9171 or Info@Seach352Homes.com 

Get The Most of Your Tax Return-Buy a Home!

Posted by R_yn5_@_ul on

 

Good Afternoon All, 

I hope everyone is having a great start to your Monday! Who has filed their income taxes and is just waiting for your refund to hit their bank account? Have you given any consideration as to what you’re going to do with your tax refund? Here’s an idea for you…INVEST IN YOURSELF AND BUY A HOME!!! Buying a home is one of the best financial decisions you can make! Below are just a few reasons what you should invest in yourself and buy a home NOW! 

1.) Low Interest Rates, BUT on the Rise- The average 30 year fixed interest rate is about 4.5%. This is still incredibly low, but over the past 8 weeks we have been seeing an increase in rates. 

2.) Home Values- Sale prices and home values are on the rise! This is a good thing! We want values to go up gradually which means if you purchase now, hopefully within a year or so you will have positive equity in your home! 

3.) Home Inventory- Most home sellers think about listing their home in the spring. They know the hard Florida winters are behind us and home buyers are ready to purchase! 

4.) More Cash in Your Pocket- Did you know parts of Marion County and surrounding areas qualify for 100% USDA financing? Meaning no down payment for you! Let’s chat on how we can negotiate the seller paying some of your closing cost so at the end, you have keys in your hand with very little money out of pocket! 

5.) Tax Benefits- Have you thought of all of the tax benefits of purchasing a home? Tax write offs, mortgage insurance, homestead tax exemption, etc. I’m sure your accountant will have even more tax benefits for you! 

If you have any questions or want to get started today with your home purchase please contact us. We would love to have the opportunity to help assist you with ALL of your real estate needs. Thank you!

***Tax Season***

Posted by R_yn5_@_ul on

Good Afternoon All, 

I hope everyone is having a great week! We’re right around the corner from tax season. For most people this is a very dreaded time of the year. So much information and knowledge goes into taxes and for some people it can be a little overwhelming. 

Have you given any consideration as to what you’re going to do with your tax return? Maybe you could use your tax return to purchase a home or use it to improve your current home! Today, we’re going talk about Tax Deductions for homeowners and some benefits you may not know of. 

What are some homeowner tax deductions? 

There are several different tax related expenses and deductions for homeowners. Home Office Expenses, Energy Efficient Appliances and Windows, etc.

What are some tax deductions when purchasing a home?  

When you’re purchasing a home there are many different expenses that you can claim as a deduction. For an example, mortgage interest, mortgage points, real estate taxes, moving expenses, etc. 

What are some home owner related expenses that CANNOT be claimed as a deduction? 

Unfortunately here is a list of expenses that cannot be claimed as a tax deduction. Mortgage insurance, homeowners insurance including flood or fire), direct principal payments, remodeling, etc. 

As always I encourage you to consult with a local tax expert or accountant for all tax related questions. I hope everyone has a great rest of your day and weekend! 

-Duke 

 “This blog post is only for general information and Rountree Realty advises readers to contact their local tax expert for all tax questions and filing purposes.”