I received this question from Jennifer L. over the weekend - “My husband and I are about to start the pre-approval process for a home loan, and I was wondering what you thought of 15 year versus 30 year mortgages. We are considering and will probably qualify for either, but we are not sure which one to go with. Thanks so much!”
My friends are in the midst of finalizing their first home purchase this week, and after going through the home inspection with them, I have a new-found respect for people who really put the work into their home in order to help it sell. The house they are buying is immaculate, and a lot of it is because the current owners put a ton of effort into making it that way. They really wanted to sell it! After giving some thought to what they did to make it so attractive, I came across this article that talks about mistakes that some owners make when trying to sell, and figured I would share it with you in case you were trying to sell your house in this market. Here are the 10 common mistakes home sellers make:
If you are one of the millions of people having trouble with your mortgage, the government is going to try to help you out a little. They are putting about $75 billion dollars into the housing industry to help homeowners refinance and/or modify their mortgages. However, not everyone who is having trouble is eligible, as there are restrictions on who can qualify. Some important points to review before trying to apply for help:
- You must be current on your payments and your mortgage must have fallen below the 20% equity threshold.
- Loan must be owned by (or have been packaged by) Fannie Mae or Freddie Mac.
- The loan must not exceed 105% of the market value of your house.
Own your own home? Looking for more ways to reduce your tax burden other than just the normal interest write-off? You might want to check out this article at Kiplinger.com which outlines some new tax breaks that you probably don’t want to miss. A few highlights?
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Are you the type of person who has to have everything updated in their new house? Do you shudder at the thought of having laminate counters in your kitchen and not stone? Do you throw out perfectly good cabinets and replace them with expensive new “modern” cabinets? Do you toss out modern white appliances and replace them with stainless steel ones?
