What you need to consider before buying your first home later in life? From mortgage terms to tax deductions, there’s many decision to be made before buying your first home. Note: This post has been updated to reflect a correction to the amount of the 2018 State and Local Tax (SALT) deduction change in the [...]
Why you may not need a full 20% down payment before buying a home, especially if it means draining your savings. Q: I’m looking to buy a home where the typical property sells for about $200,000. I have saved up about $25,000. Should I wait until I have $40,000 to buy the home or try [...]
How to find proof of your cancelled mortgage if your lender didn’t send you a cancelled note. Q: How you can figure out if a cancelled mortgage is cancelled by the county? A: In a recent column, we discussed how a lender should and generally does send the cancelled note and mortgage back to the [...]
Buying your first home: How to find the right mortgage lender that will have your best interests at heart. Hint: It may not be who your real estate agent suggests. Q: I recently saw you on the news and I wanted to reach out to ask you a few questions. I wanted to take the [...]
A recent report from the Harvard JCHS takes a look at the important differences in the housing market since the 1980s. Many staples of American life look different in the three decades since 1988, from big hair to the cost of college to the rising number of Americans burdened by housing costs. In a recent [...]
Do you get the deed after your final mortgage payment? After making your final mortgage payment, there are many documents you should receive, but is the home deed one of them? Q: My husband and I paid off our home in 1999, 10 years early. We never received a deed. The loan company said that [...]
What might be hiding in the fine print of your mortgage documents? In this reader’s case, a prepayment penalty that they may not be able to get out of. Q: I recently took out a mortgage to purchase my first home. It’s a condo. I went with a non-traditional lender that offered a loan about [...]
There are a few reasons mortgage lenders are loosening regulations, one of which is a spike in late payments, but these roll backs won't be the cause of the next recession. I was asked on the radio last week if I thought mortgage lenders were loosening regulations too much. Steve Cochran, who hosts morning drive on [...]
Old mortgages that have not been properly discharged might derail a home sale. What steps can they take to have the lender recognize the mortgage has been discharged? Q: I’m trying to sell my home and recently found out there is an old mortgage on the property from 20 years ago. The loan was never [...]
Tax liens can hang around, even after you file for bankruptcy. Here’s what you need to know to avoid issues post-bankruptcy. Q: I recently sold a property that had a tax lien on it along with a few other "things from the past." I had a wildly successful business for eleven years that failed after [...]
