In light of the financial crisis, people who have been planning new construction may have been wondering whether to build a home. Regardless of the real estate market, new construction can make sense if you build in the right neighborhood. Learn about what factors to consider when building your own home, especially during the financial crisis.
Which is better when buying new construction: an interest only loan or an adjustable rate mortgage? Interest-only loans are a good option for very short-term circumstances, because the interest may be higher than an arm mortgage. An ARM mortgage to help the new construction home build equity.
A couple nearly 2 years from retirement are planning a move out of state and ask for advice about purchasing property and beginning new construction before they move. The couple can wait to purchase property, hire builders and begin new construction until after they move to the new state. It's too hard to purchase property, begin new construction and hire builders while still living out of state.
A non-citizen in the United States legally as a student wants to know about credit card debt. He has racked up quite a bit of debt and wonders about what would happen if he left the country without paying his credit card debt. In this situation he should do what anyone facing credit card debt should do: seek credit counseling or work within the system to find a way to pay his debt. This way, in case he ever wants to come back to the United State, he can do so without the credit card debt hanging over his head.
A woman says her parents agreed to leave their vacation home to all their children but secretly sold it to her sister for a very low price. The parents owned the vacation home and paid for its upkeep, therefore are able to sell it to who ever they want at any price. The woman should talk to her family about why the vacation home wasn't passed down as planned.
Unmarried couples who buy property together or live together may want to sign a partnership agreement. A partnership agreement helps especially in cohabitation situations when one partner has poor credit. Cohabitation before marriage can go more smoothly with a partnership agreement.
An unmarried couple wants to buy their first home together. A partnership agreement is a good idea for this couple to determine who owns what portion of the home and what the responsibilities are. The partnership agreement will outline what will happen to the home if the couple does not get married.
When you're buying property with a significant other but aren't married you should make sure that both of your interests are protected. A partnership agreement can spell out who has paid what toward the property and who is responsible for what in terms of home maintenance, taxes, etc. It's a big risk to have only yourself on a mortgage loan but both of you on the property title.
If you own a second home and decide to sell it you'll have to pay capital gains tax. To calculate your capital gains tax you first have to calculate the sales price after subtracting the cost of any improvements you made to the home. The sales price that's taxed will most likely be less than the market value of the home.
A couple shows how they started to pay off their mortgage sooner by getting a home equity loan. Ilyce encourages other seniors to be creative about their mortgages - home equity loan may allow them to pay off their mortgage sooner. Ilyce says there are many options to pay off your mortgage sooner, you just have to look at your personal finance options and think of creative ways to save.
