When you own multiple rental properties you may be trying to decide when to pay off one of the mortgages. You need to consider what the impact of paying off the mortgage on the rental property will have on your cash reserves. If you pay off the rental property's mortgage you may have to start saving again to have some cash.
Can I pay my property tax early and take the deduction this year? Check with the local tax assessor's office to find out if you can pay early. You may be able to use the amount paid as a tax deduction.
Title insurance companies offer two different types of title insurance policies: lender or mortgagee protection and owner's coverage. Owner's title insurance coverage protects the owner against a loss due to title defects not disclosed to the purchaser at or before the closing of the purchase. The lender's title insurance policy protects the lender against title defects.
What are some personal finance resolutions you can make in 2009? Many people want to pay off debt, especially credit card debt. How can you pay off debt? It helps to live below your means and pay yourself first and last when you want to pay off debt and improve your personal finance situation.
A home owner is unsure whether they should be pre-paying on their mortgage. It's always a good idea to pay toward the principal each month in order to increase your equity in the house. Paying toward the principal each month will decrease your payments and add equity to your home.
Is it better to prepay a mortgage, refinance, or get a fixed-rate home equity loan to save money? Ilyce recommends getting a fixed-rate home equity loan if you can't refinance, rather than just prepaying your current mortgage. By prepaying on a fixed-rate home equity loan, you can shave money off your mortgage payment because the fixed-rate home equity loan will have a lower interest rate - especially if you can't refinance your current mortgage.
While the federal stimulus package continues to evolve, it's clear that many Americans want government help in the form of a stimulus package or housing tax credit. The housing tax credit that started out at $7,500 and could have gone to $15,000, is now at $8,000 for first time home buyers, but they won't have to repay it. Find out the financial situations of some Americans who may need the stimulus help the most.
Home buyers should spend the money and hire a professional home inspector before buying a home. A professional home inspector have a better chance of finding flaws that the seller may omit on a seller disclosure form, leaving the home buyer with additional expenses in the future. Home buyers who choose not to hire a professional home inspector, risk paying for damages to the home not disclosed by the seller in an effort to sell the home.
When divorce happens, one spouse will often buy out the other spouse's interest in a property and will then own the property at the same cost basis at which the couple originally bought it. Some property buyers may think that the cost basis would increase and if they went to sell the property they'd pay lower taxes, but that's not the case. When parties decide to divorce and there's a property transfer it's useful to consult an accountant to understand the tax implications of transferring a property with a certain value.
When you buy a home you hope that the title insurance company will find all liens against the property in doing the title search. When you discover a lien on your home after closing, it could unravel the sale. To protect yourself it's critical to have the right kind of title insurance, to protect you and not just your lender.
