Thursday, March 5, 2020 / by Vanessa Saunders
Do you have plans for that fat, juicy income tax refund you'll be getting in April? Maybe you'll be booking front row seats to Hamilton, or perhaps heading to 'Vegas and putting it all on red or black? Even better, You could buy a really nice pair of jeans. The Guinness Book of World Records cites Gucci’s “Genius Jeans” as the most expensive pair of jeans in the world. They could yours!
But if you'd rather do something smart with your refund check, you might consider putting it in the bank to help fund the down payment on a home. For most Americans, that refund is enough to cover HALF your down payment. Here's how: The map below shows the average tax refund Americans received last year by state:
According to programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae, many first-time buyers can purchase a home with as little as 3% down. Truth be told, a 20% down payment is not always required to buy a home, even though that’s a common mi ...
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Monday, January 20, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
Every year around this time, we take time to reflect and plan for next year. If you are renting your current home but have dreams of home ownership, your plan for the new year may include buying, and you wouldn’t be alone!
According to the Bank of America Homebuyer Insights Report, 74% of renters plan on buying in the next 5 years, with 38% planning to buy in the next 2 years!
When those same renters were asked why they disliked renting, 52% said that rising rental costs were their top reason, and 42% of renters believe that their rent will rise every year. The full results of the survey can be seen below:
It’s no wonder that rising rental costs came in as the top answer! The median asking rent price has risen steadily over the last 30 years, as you can see below!
There is a long-standing rule that a household should not spend more than 28% of its income on housing expenses. With nearl; ...
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Wednesday, December 4, 2019 / by Vanessa Saunders
You heard me right. There are organizations out there that will GIVE you money you don't have to pay back to help first time home buyers. For most first timers, saving up for a down payment is the biggest obstacle to buying a home. Fortunately, there are grants for qualifying buyers.
TheBalance.com, a financial advice website, has an in-depth article about home buyer grants. According to TheBalance: "First-time home buyer grants are designed to offset some of the purchasing costs for new buyers. They typically cover part of your down payment, closing costs, or sometimes the total purchase price of the home. They do not require repayment, as long as you live in your home for the required amount of time."
Many of these grants are federally funded, although the U.S. government doesn't offer the money directly. Instead, these funds are given by the feds to state and local municipalities.
Your Grant Options
Start your search by looking at local programs. Check with your lender o! ...
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Monday, December 2, 2019 / by Vanessa Saunders
A lender we know who does business in the Hudson Valley mentioned he'd experienced a recent rash of real estate agents incorrectly disclosing property taxes to a buyer. Whether a case of guesswork, laziness or outright fraud, real estate agents who fail to correctly disclose the actual costs of buying a house are committing an ethics violation, are not doing their job, and need to be held responsible.
In one instance, a real estate agent told his buyers the property taxes on a listing were $10,000. In actuality, the annual property taxes came in at $13,000. The difference turned up in the actual title search as the mortgage was being originated. It scrambled the lender's calculations and added $250 to the young buyers' monthly payment.
Fortunately for buyers, New York state law requires lenders to provide buyers with a closing costs list no later than three business days prior to closing. The document itemizes the amounts of each fee or expense to be paid at the closing table. . ...
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