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Understanding Your Mortgage Disclosures

Understanding Your Mortgage Disclosures | Real Estate and Mortgages | Scoop.it
Understanding the primary purpose and function of these documents will make your mortgage process much less intimidating.
Maya Swamy's insight:

I know you went pale when you saw all those papers from the lender and the mortgage broker.  But those papers are protectig you.  They tell yyo everything you should know before choosing the loan you want.


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Room For One

Room For One | Real Estate and Mortgages | Scoop.it
See more funny on Cheezburger.com
Maya Swamy's insight:

So you want a small home.  This big enough for you?

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Tax Rules For Renting Out Your Vacation Home

Tax Rules For Renting Out Your Vacation Home | Real Estate and Mortgages | Scoop.it
Here's a rundown of the specific tax rules that apply to homeowners renting out a vacation property.

Via Michael Stuart
Maya Swamy's insight:

A very clear explanation of the tax consequences of renting vacation property under different scenarios.

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Michael Stuart's curator insight, August 4, 2013 8:31 PM

Vacation home owners may choose to rent out their properties to offset the expenses of ownership or to generate income. Depending on the number of days each year that a property is rented out, the owner may be entitled to certain tax benefits that may help make vacation-home ownership more affordable. Understanding the tax rules ahead of time can help vacation home owners take advantage of tax breaks and avoid any surprises at tax time.


14-Day or 10% Rule
The tax benefits to which an owner may be entitled depends upon the number of days each year that the property is rented out, and how much time the owner spends in the home.


  • If the vacation home is used exclusively for the owner's personal enjoyment (and it is not rented out at any time during the year), the owner can generally deduct real estate taxes and interest on a home mortgage. Like a primary residence, the costs associated with insurance, maintenance and utilities cannot be written off.
  • If the home is used for rental purposes, the homeowner will fall into one of three categories.


Property rented for 14 days or less each year:
According to tax laws, a vacation property can be rented out for up to two weeks (14 nights) each year without the need to report the rental income. In this case, the house is still considered a personal residence so the owner can deduct mortgage interest and property taxes on Schedule A under the standard second home rules. However, the owner cannot deduct any expenses as rental expenses.


The owner rents out the property for 15 days or more and uses it for less than 14 days:
In this case, the property is considered a rental property and the rental activities are viewed as a business. All rental income must be reported to the IRS and the owner can deduct rental expenses. In addition to deducting rental expenses, owners may be able to deduct up to $25,000 each year in losses.


The owner uses the property for more than 14 days or 10% of the total days the home was rented:
If personal days exceed 14 days or 10% of the number of days the home is rented (whichever is greater), the IRS considers the property a personal residence and rental loss cannot be deducted. Rental expenses, up to the level of rental income, as well as property taxes and mortgage interest can still be deducted.

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5 Benefits to Using a Real Estate Agent Whether You’re Buying or Selling

5 Benefits to Using a Real Estate Agent Whether You’re Buying or Selling | Real Estate and Mortgages | Scoop.it
There are many complicated things to try and understand when it comes to the real estate market.

Via Sundaybell
Maya Swamy's insight:

Clients often wonder what real estate agents do, that makes paying them worthwhile.  This articles explains the complexities of what the Real Estate Agent handles and dows it well

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Sundaybell's curator insight, August 2, 2013 6:38 AM

Showing some real estate agent support!  Share if you agree

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Mortgage interest rates and the 1980s! A quick lesson in mortgage interest rate history.

Mortgage interest rates and the 1980s! A quick lesson in mortgage interest rate history. | Real Estate and Mortgages | Scoop.it
With a slight increase in interest rates in recent weeks, a lot of would-be  first time buyers are starting to voice more concern and even become more wary of buying their first home. Is it still a good idea?
Maya Swamy's insight:

Yes people bought homes with the interest rate in the teens.  If you want to a homeowner you should act now before it goes too high

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Harp 2.0, We Answer Confused Homeowners Questions

Harp 2.0, We Answer Confused Homeowners Questions | Real Estate and Mortgages | Scoop.it
Harp 2.0 has confused homeowners seeking refinancing which have led to the outpour of question from our readers. Below are some of the answers to the common questions our readers were asking about HARP 2.0 and refinancing.
Maya Swamy's insight:

Harp 2,0 has recently been extended so if you are upside down on your loan you can still act

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Home Sellers Tips: How to Make Buyers Fall In Love With Your Home

Home Sellers Tips: How to Make Buyers Fall In Love With Your Home | Real Estate and Mortgages | Scoop.it
Maya Swamy's insight:

Whether your home is a small starter or a larger upscale home; whether it is a house or a condo there are many steps you can take it more attractive to buyers  Here are some.

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Housing market activity driving up prices

Housing market activity driving up prices | Real Estate and Mortgages | Scoop.it
Houston's housing market has been on hot streak.Buyers, emboldened by the growing economy, have been snapping up properties across the area and depleting an already low inventory of homes for sale.
Maya Swamy's insight:

The market situation descried hre not only apply to Houston but to a lot of other metropolitan areas - probably inclcuding yours.


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Industry Increases Pace for Mods, Short Sales in May, Foreclosures Fall

Industry Increases Pace for Mods, Short Sales in May, Foreclosures Fall | Real Estate and Mortgages | Scoop.it
Servicers provided nearly 74,000 modifications for distressed homeowners in May, up from 70,000 in April, according to data from HOPE NOW, an alliance of mortgage servicers, investors, mortgage insurers, and nonprofit counselors.

Via Mark A. Mellor
Maya Swamy's insight:

This is good news for every one having problems with their mortgages now.  And we at Funds Available can help.


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What is a bedroom? It should be more than about a closet -

What is a bedroom? It should be more than about a closet - | Real Estate and Mortgages | Scoop.it
What is a bedroom? how can you properly classify a room as such.? It should be about more than the closet.
Maya Swamy's insight:

Overselling the features of you home is one excellet way to lose buyers.  Those who come are disappointed and those who would buy it won't come.  Jennifer uses a bedroom to illustrate this concept very well.

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State Aid for Buying Homes in California | LA & OC Mortgage Programs

State Aid for Buying Homes in California | LA & OC Mortgage Programs | Real Estate and Mortgages | Scoop.it
State Aid for Buying Homes in California - The California Housing Finance Agency offers several options for subordinate loans, more commonly known as down payment or closing cost assistance, as well as tax credit programs, and Individual...
Maya Swamy's insight:

There are so many programs available to help California home buyers.  Anyone with a desire to buy a home should at least look into them.  At Funds Available we do many of these programs and can help you get a mortgage for as little as a half percent down,

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8 questions appraisers hate to hear during the appraisal inspection

8 questions appraisers hate to hear during the appraisal inspection | Real Estate and Mortgages | Scoop.it
During an appraisal inspection the appraiser meets with either the homeowner or possibly the listing agent if it is a home that is under contract.
Maya Swamy's insight:

While Tom is in Birmingham his comments about appraisers, the factors they need to consider and how it all works are applicable everywhere. The points Tom makes ar important for both homeownrs and real estate agent to consider when pricing a property, No lender will lend over appraised value and few buyers will be able or willing to put in the extra cash.

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Residential real-estate market makes recovery

Residential real-estate market makes recovery | Real Estate and Mortgages | Scoop.it
Home sales in Puget Sound submarkets have moved in the same direction — but at different speeds — in the past two years. Also: a local private equity firm partners with USAID to spur energy infrastructure in India.
Maya Swamy's insight:

Puget Sound near Seattle is a typical example of what is happening in the real estate market all over America.  Buyers are buying and prices are rising  Will it last with the increasing interest rates?  Well p

eople have bought before at even 7, 8 and 9%.  I remember when I did.

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Rising mortgage rates could end housing recovery

Rising mortgage rates could end housing recovery | Real Estate and Mortgages | Scoop.it
Higher rates mean more costly monthly payments and fewer all-cash investor purchases that help distressed markets
Maya Swamy's insight:

The impact of the sudden increase in mortgae rates has not yet affected home selling prices. However people are qualified for mortgage based on how much of their income they are paying for a home. When rates go up they need to use more of their income for the same loan amount.  Because of this they may have to take a smaller loan.  Which in turn means they will be able to pay less for a home.

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Housing Market Slows Pace as Inventory Gains Continue

Housing Market Slows Pace as Inventory Gains Continue | Real Estate and Mortgages | Scoop.it
The real estate market continued to slow its pace in June as inventory growth eased pressure for buyers to act fast, Redfin revealed in its Fastest Real Estate Markets Report.

Via Mark A. Mellor
Maya Swamy's insight:

After the brief euphoria in the sellers market earlier this year markets have calmed considerably. And while interest rates have risen looking at it in the historical context they are still very, very low.  If you have been sitting on the fence about buying now just maybe the time to act.

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Real Estate Market Continued to Slow in June: Redfin - Newsroom America

Real Estate Market Continued to Slow in June: Redfin - Newsroom America | Real Estate and Mortgages | Scoop.it
Real Estate Market Continued to Slow in June: Redfin Newsroom America (Newsroom America) -- Redfin's fastest markets report for June has found while homes are still selling near their fastest recorded rates, the housing market is continuing the...
Maya Swamy's insight:

Many buyers are scared of a second bubble and rightly so. The sellers market in the first quarter of the year has now mellowed.  So as you think of buying - remember there is no rush.  The wrong home is an awful place to live.

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4 Ways to Get the Best Interest Rate | Home of Difficult Loans

4 Ways to Get the Best Interest Rate | Home of Difficult Loans | Real Estate and Mortgages | Scoop.it
4 Ways to Get the Best Interest Rate - how to increase your chances of a low interest rate for your home loan or mortgage
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Understanding Your Mortgage Disclosures

Understanding Your Mortgage Disclosures | Real Estate and Mortgages | Scoop.it
Understanding the primary purpose and function of these documents will make your mortgage process much less intimidating.
Maya Swamy's insight:

I know you went pale when you saw all those papers from the lender and the mortgage broker.  But those papers are protectig you.  They tell yyo everything you should know before choosing the loan you want.


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Can I Compete with a Cash Offer with Financing? | Home of Difficult Loans

Can I Compete with a Cash Offer with Financing? | Home of Difficult Loans | Real Estate and Mortgages | Scoop.it
Can I Compete with a Cash Offer with Financing? How can first time buyers compete? With low risk. Here's how.
Maya Swamy's insight:

How do you make you offer compete with all cash home buyers? What do you have to sa and what do you need to show.

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The Rise of the Young Buyer

The Rise of the Young Buyer | Real Estate and Mortgages | Scoop.it
A new generation is skipping the starter home and betting heavily on high-end real estate.
Maya Swamy's insight:

An interesting article on how about how younger buyers are buying higher end homes and how they preferences are affecting home design. The designs preferences however sound very mid 1950s to me.


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Weekly Mortgage Rate Update for July 21, 2013 - CU Mortgage Division

Weekly Mortgage Rate Update for July 21, 2013 - CU Mortgage Division | Real Estate and Mortgages | Scoop.it
Weekly Mortgage Rate Update for July 21, 2013

July 21, 2013 in Daily Mortgage Interest Rate Update

This week brings us only four pieces of economic data that have the potential to influence mortgage rates in addition to two Treasury auctions. We are also still in corporate earnings season, so any surprises in those releases could affect stock and bond trading, leading to changes in mortgage rates. There is mortgage rate-relevant data set to be posted four of the five days this week.

Maya Swamy's insight:

A comprehensive article on what is happening this week and how it mighyt improve mortgage rates.


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Home Sellers Tips: How to Make Buyers Fall In Love With Your Home

Home Sellers Tips: How to Make Buyers Fall In Love With Your Home | Real Estate and Mortgages | Scoop.it
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#Housing101: What is a mortgage?

#Housing101: What is a mortgage? | Real Estate and Mortgages | Scoop.it

Via Mark A. Mellor
Maya Swamy's insight:

A good article fron HUD explaining the ABCs of a mortgage and the different agreements and documents that make up a mortgage.


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Fannie Mae - Short sale listings must have five days in MLS

Fannie Mae - Short sale listings must have five days in MLS | Real Estate and Mortgages | Scoop.it

Fannie Mae recently announced requirements for Fannie Mae short sales listed in a multiple listing service (MLS). Starting August 1st, each new short sale listing must maintain an “active” status for a minimum of five days; and that timeframe must include at least one weekend. Freddie Mac announced similar guidance for Freddie Mac short sales.


Via Russ Bergeron
Maya Swamy's insight:

Fannie Mae and Freddie Mac both now require that any short sales on their loans that the property stay active on the MLS for at least 5 days. The seller can not accept any offers until the 5 days are up.  This is because the pocket buyer the agent or homeseller may not be the one to make the best offer.  The smart seller should have the same policty.  There may be bigger fish out there.

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Homebuyers feel the heat with real estate minibooms - Chicago Sun-Times

Homebuyers feel the heat with real estate minibooms - Chicago Sun-Times | Real Estate and Mortgages | Scoop.it
With their first child due in August, Jason and Megan Komenda knew last fall that they wanted out of their one-bedroom Lincoln Square condo with shared laundry three floors below their unit.
Maya Swamy's insight:

Home buyers in the Chicago are are another example of how property values are going up.  Buyers looking fort a home should consider jumping now before we hit the high rates of les than 4 years ago.

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Mold is Terribly Dangerous to Humans!

Mold is Terribly Dangerous to Humans! | Real Estate and Mortgages | Scoop.it
A house full of mold is not a healthy place to live. Mold annihilates air quality, and the residents get sick as a result.

There is a reason mold exists. It helps break down dead material and aids in reprocessing nutrients into the environment.

Via Sundaybell
Maya Swamy's insight:

Mold is particularly a threat to people with any respiratory problems at all. Have your home inspectors check the kitchen and bathrooms and damp areas carefully for mold.

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Maya Swamy's comment, July 13, 2013 10:58 PM
Mold is particularly a threat to people with any respiratory problems at all. Have your home inspectors check the kitchen and bathrooms and damp areas carefully for mold.
Team Pendley's comment, July 14, 2013 10:34 AM
Good advice!!