Daily Archives: April 9, 2009

How can you get a free copy of your credit report? Visit AnnualCreditReport.com or CreditKarma.com - any other site will likely lure you into signing up for a credit monitoring service or other services. At AnnualCreditReport.com you can get one copy of your credit report from each of the three credit reporting bureaus once every year. It's a good idea to look at your credit report to see if there's any inaccurate information and just before you're getting ready to buy a home.

When you have many credit cards and decide to close one that charges you a monthly fee, it's likely it won't negatively affect your credit score. Closing a credit card that you've had open for only a short time has less effect than a credit card you've had for 10 to 15 years. One alternative to closing the credit card is to transfer the account to a different card, so long as the account usage information gets transferred as well. If that's not possible you may want to explore getting a new credit card that better meets your needs.

Currently, when you inherit property, the cost basis when you go to sell is the property's market value at time of the person's death. You pay capital gains tax on the difference between the market value and the selling price of the home. This stepped-up cost basis is set to expire in 2010, and so heirs would have to pay capital gains tax on the difference between the original amount paid for the home and the selling price. President Obama has promised to extend the estate tax law, including this provision for a stepped up cost basis beyond 2010. See other articles on cost basis and estate tax at ThinkGlink.com.

With mortgage interest rates at record lows, you may be thinking about refinancing your mortgage. What should you do to prepare to refinance your mortgage? It's important to know the current value of your home, your current mortgage loan interest rate, and your credit history and score. You should also run the numbers to see whether you can recoup your closing costs in a reasonable amount of time. And unlike during the housing bubble, you now need to provide lots of documentation, including proof of your income, when you want to refinance your mortgage loan.

What happens when your luck runs out? You go into backup mode, and start working through your assets. Then, it's time to tap your retirement savings, ...

You may have heard about the federal government's recent launch of MakingHomeAffordable.gov and may be wondering whether you can get a break on your mortgage - either lower interest rates or extended terms. To understand whether you're eligible for a loan modification you should visit the government Web site and also find out whether Fannie Mae or Freddie Mac own your mortgage loan. If your mortgage is no more than 105 percent of your home's value, you may qualify to refinance your mortgage loan.

You may decide this is the year to buy a home so you can take advantage of the $8,000 first time home buyer tax credit. Can you get the first time home buyer tax credit if you buy new construction? Can you close on the mortgage loan prior to the completion of your new construction home? No, you can't close on a home loan without the home being nearly fully built, as the home serves as the home loan collateral. Learn what options first time home buyers have when trying to buy in time to take advantage of the first time home buyer tax credit.

Since the credit crisis, mortgage lenders have raised their requirements for issuing mortgage loans. With this in mind you as a seller may decide to extend financing to a home buyer. But what are the risks of seller financing? How can you ensure that the buyer who you provide seller financing to can make the mortgage payments? Learn more about assessing risk with seller financing in this real estate law story.

Many times, the reason a house sells is circumstance -- having the right house for the right buyers at the right time. Former real estate agents and experienced for sale by owner sellers share some of their tips. If you have the skills to be able to sell your own home, you can save yourself a hefty commission.

I personally hope the stock markets stabilize soon. But if they don't, if your brokerage house goes under, all is not lost. I was working with one of...