Mark Zandi, chief economist for Moody's Economy.com, spends much of his time looking at housing and finance data to help figure out which way the economy is going. He believes that housing prices and interest rates are key to the housing recovery. When will the credit crisis abate? When will the housing markets recover? Zandi is optimistic that by 2010, we'll see the housing market in a whole new light. Is he right?
When you buy a home in "as is" condition, you're buying it the way it stands. But for some home buyers, "as is" condition is a little confusing. They're not sure if it means they can go back and sue the sellers if something is wrong physically with the house, or if the house also comes with the furniture and fixtures the way they saw it when they made their offer. What does buying a home in "as is" condition really mean?
Should you buy a car before closing on your new home? For many home buyers, when they're looking for a new home they also happen to be looking for a new car, new appliances and new furniture. That's a lot of cash leaving your wallet (or being charged in your charge card) all at the same time. It might also put you in danger of throwing your debt-to-income ratios out of whack. Mortgage lenders will pull a copy of your credit history and credit score when you apply for your loan, but they'll pull another one just before you close. You don't want to do anything, or buy anything, that will make your debt-to-income ratio look bad, or you risk losing your loan just before you close on your new home.
All this commotion in the news lately about the $8,000 tax credit and foreclosures and great deals and falling prices has put the idea in my head that...
Are you thinking about buying investment property now that prices have dropped? Unless you're paying with cash, you're probably trying to figure out h...
Does your company match your all or part of your 401(k) contribution? With the economy going the way it is, some companies have been cutting back on t...
If you work for a company that offers a match for a 401(k) should you take it? And, how much should you contribute to the 401(k)? If the company offers to match 50 percent of the contribution up to the first 6 percent of your salary you contribute to the 401(k), should you contribute over and above that amount? So many companies today are eliminating 401(k) match programs simply because they can no longer afford them. A listener to Ilyce's radio talk show wants to know if he should contribute 10 percent to a part-time employer's 401(k) program. The company will match 50 percent of his 401(k) contribute up to 6 percent of his salary. He wants to know if he should contribute 10 percent of his salary to the 401(k) even though the employer will not match the last 4 percent.
Today on the Ilyce Glink Show, Ilyce discussed the latest developments with the $8,000 first-time home buyer tax credit. HUD announces last week that home buyers could use the $8,000 tax credit to help offset the loan costs. For more information, see the press release about the $8,000 tax credit. Ilyce also took questions about paying off a mortgage, loan modifications and P2P lending. For more show notes, see Ilyce's blog.
Today on the Ilyce Glink show, Ilyce talked about HUD Secretary Shaun Donovan's announcement this week that first-time buyers would be able to ...
This morning, HUD Secretary Shaun Donovan announced a new program that will allow first-time buyers to use the $8,000 tax credit toward FHA loan costs, rather than wait to file their 2009 tax returns (in 2010) to get the cash. We've published the Shaun Donovan HUD statement and the FHA Mortgagee Letter that describe the program on the ThinkGlink.com website.
