After all the news about mortgage fraud and mortgage scams you may be seeking mortgage advice. But should mortgage advice come from a Web site or a real estate attorney? While it's good to check your mortgage documents before the closing, many mortgage fraud incidents or scams happen before then. In some cases mortgage loan terms change at the last minute.
When you buy a home you may want to write off the interest you pay on the mortgage loan. But who can claim the mortgage interest when the person making the mortgage payments may not have his or her name on the mortgage loan documents? In order to claim mortgage interest on taxes your name has to be on the mortgage documents. The names on the house deed do not affect the mortgage interest tax deduction.
Closing costs on a mortgage loan or mortgage loan that's gone through refinancing may change at the last minute. What can you do if your closing costs are suddenly much higher than estimated? One option is to cancel the refinancing and start over, but this can be cumbersome. Ilyce suggests contacting an attorney to understand your options when closing costs change at the last minute.
The first thing you need to understand about mortgage lenders and property taxes is that the lender wants to make sure that real estate taxes are always paid. it can be difficult to close an escrow account and manage your tax payments yourself. Ilyce and Sam explain why banks are protective of escrow accounts and under what conditions you may manage your property tax payments on your own.
What can you do if your neighbor rebuilds his condominium unit in a way that damages yours? What obligations does the neighbor have in a condominium complex? You can try contacting the municipal government where you live and see if the new condominium meets building code requirements. But if the building code has been met, then you may want to check the documents that govern your condominium community or association. A real estate attorney who specializes in building codes may also be able to help you sort out this condominium conundrum.
Residents who pay fees to homeowners associations may be questioning the HOA fees in this economy. Are the HOA fees being used for the right purpose? Is your HOA financially sound? To find out about the health of your HOA or condo association you should research the latest budget and attend some association meetings.
If you buy condominium and sell without living it you must pay capital gains tax. You may also have to pay "short-term" investment taxes if you didn't own the condo for at least a year. You must pay the marginal tax rate, which could be as high as 35 percent because it's considered a short-term investment, and you must pay capital gains tax. If you keep the condo longer, you would be able to claim the condo as a long-term investment and pay less taxes; and if you had lived there for 2 years, you would be able to claim capital gains.
With interest rates low, you may be wondering whether to refinance. But the decision to refinance should include more than just interest rates. When you're deciding whether to refinance you should consider how much your monthly mortgage payment will be and whether you can recoup your refinancing costs in a short time frame. And while mortgage loan and refinancing costs are increasing, they are negotiable.
Whenever you tackle a renovation project, it always seems to cost twice as much as you thought and take twice as long to complete. Construction surprises are one reason why construction budgets get blown. When the unexpected happens, it usually costs a lot to fix it. In almost every renovation project, some changes will have to be made to the plans while construction is ongoing. Homeowners who can't make up their minds, or who change their minds about how something looks after it has been built can expect their construction budget to expand.
A parent is helping his son and his wife purchase a condominium, which will be an investment property since he will not occupy the property. Because this is his first foray into real estate investing, he should consult a real estate attorney to guide him through the process. Some lenders will allow you to buy an investment property and give you the same loan terms as an owner occupied home.
