Financing a Home

More in Financing a Home

What Is the Difference Between Assessed Value & Taxable Value of Real Estate?

The market value, assessed value and taxable value of your house are often nothing alike. The market value is what your house would sell for in the current market. The assessed value is what your county tax assessor reports the house is worth for purposes of calculating your ...

Documentation Needed to Claim Mortgage Interest as a Tax Deduction for an Owner-Financed Home

The mortgage interest deduction is one of the largest tax deductions for most U.S. taxpayers. According to the National Association of Homebuilders, 80 percent of the mortgage interest paid by U.S. taxpayers since 2000 has been claimed as a deduction on taxes. The IRS allows you ...

Do You Get All Your Interest on Your Mortgage Back on Taxes?

For most homeowners, mortgage interest is their biggest tax deduction and getting a home loan allows a home buyer to make the shift from the standard tax deduction to itemized deductions. You do not get all of your mortgage interest back on your tax return. The amount of tax ...

Can You Roll Closing Costs Into an FHA Loan?

Closing fees add on to the cost of a loan when you buy a home or refinance your existing mortgage. Whether or not you can roll your closing costs into an FHA loan depends on certain factors. As a rule, it doesn’t matter if you are applying for an original mortgage loan or ...

Does a Non-Working Spouse's Credit Affect a Home Loan?

Marriage doesn't require that both spouses apply for loans together, although with large purchases such as a home, they often want to do so. If one spouse has no job or negligible or bad credit, it often makes more sense for the other to apply for a home loan on his own. The ...

Is it Wise or Smart to Refinance With the Same Company or Bank?

Refinancing your mortgage loan is a perfect way to reduce your current mortgage rate and save money each month. A refinanced mortgage creates a new home loan with new terms. You can extend the length of your mortgage, reduce the length of your mortgage or apply for a different ...

How Can I Get My Mortgage Interest Reduced?

As you pay off your home mortgage loan, a portion of your monthly payments goes toward interest. A high interest rate on your mortgage means less of your payments goes toward paying off your loan principal. If you want to pay less mortgage interest, you can reduce the interest ...

How to Switch From a Variable Rate to a Fixed Rate in a Home Equity Line of Credit

There are various types of mortgage loans in the financing world today. One of the most important decisions you will make when financing a house is the choice between a fixed rate mortgage and a variable rate mortgage. Real estate-savvy and financially independent consumers can ...

Mortgage Calculations & Debt-to-Income Ratios

Your debt-to-income ratio is commonly used to assess your ability to repay a mortgage loan. The mortgage-to-income and debt-to-income ratios are the two common types used by lenders. Your credit history and down payment amount are additional considerations used by mortgage ...

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