From personalizing your living space to creating a stable family living environment, there are several personal benefits of owning your own home. On the financial side, tax benefits are one of the biggest perks of homeownership. In honor of the upcoming tax day, we’ve compiled the list of the biggest tax breaks homeowners receive.
Happy St. Patrick’s Day! Today we’re seeing in shades of green; green homes, that is. Though green living seems expensive and time-consuming, you don’t have to install solar panels or starting growing your own produce to become an energy-conscious household. You can easily reduce your carbon footprint, while minimizing your utility bills with these ten cost-efficient and painless steps.
American homeowners could have saved a combined $5.5 billion by refinancing their mortgages in 2010 and 2012, according to a new study published in the Journal of Financial Economics. Despite historically low mortgage rates, homeowners didn’t make refinancing a top priority, which prompts the question: with mortgage rates rising in 2017, is it too late for you?
With mortgage rates and rent prices climbing on top of the availability of several down payment assistance programs, there’s no better reason to purchase your first home sooner rather than later. Here’s how the Illinois Housing Development Authority's loan program 1stHomeIllinois makes homeownership even more enticing for first-time buyers.
Getting a check back this year? According to the IRS, the average refund is just over $3,000. Before you start planning your refund-funded shopping spree, think of the many ways you could invest that return into one of your biggest tax deductions – your home. We’ve compiled some smart, value-adding and lower-cost ways to use that refund check toward your house.
If you’ve been keeping an eye on mortgage rates, you know that while they’re still low, they’re climbing. As refinance activity in the mortgage world has dropped to less than 50 percent, studies are showing that rising rates are removing millions of eligible borrowers from the refinance pool. Don’t miss your chance to lower your rate!
In 2014, 11 million renters were spending at least half of their income on housing, according to Harvard’s Joint Center for Housing Studies. Another 21.3 million (over 50 percent of renters) were spending 30 percent or more of their income on rent payments. So in an era where rent costs are going up, up, up, how do you decide whether buying a home or continuing to pay the landlord’s mortgage is the right financial choice for you? Here are several things you should factor in when considering the buying vs. renting scenario.
From personalizing your living space to creating a stable family living environment, there are several personal benefits of owning your own home. On the financial side, tax benefits are one of the biggest perks of homeownership. See how homeowners come out ahead during tax season.
You’ve likely dreamed of the day that you would own your home free and clear. If you want to see that day sooner rather than later, you know that making additional principal payments is your route to mortgage freedom. While there are several benefits of paying additional principal on your mortgage, there are several variables that determine whether it's the right choice for your financial situation right now.
When you get a mortgage, you will most likely be paying closing costs at the finalization of your purchase or refinance. These costs, which typically range from 2 to 5 percent of your home’s purchase price, are charged by your mortgage lender and third parties that have performed services related to your home purchase (a lot of behind-the-scenes players are involved in the home buying and financing process). See here what you can expect to pay within your closing costs and ways you can try to minimize what you need to bring to closing.