Financing a Home

More in Financing a Home

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 ...

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 an FHA ...

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 ...

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 ...

How to Get Your Name Off a Mortgage That You Cosigned For

If a mortgage lender denies your child or family member's mortgage application, you might step in as cosigner on the loan. A cosigner agrees to pay another person's debt in the event of default. Your name might not appear on the title, but it appears on the loan. Becoming a ...

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 ...

What Determines How Much You Can Get a Mortgage For?

Buying a home is a complicated and exciting process that hinges on many factors. Without a mortgage loan, most individuals can't afford the home they want. This is especially true for first-time home buyers, who must take out mortgages for most of the price of a new home. When ...

Can I Deduct the Buy-Down Points on a Mortgage Credit?

The joy of homeownership for some borrowers can become a nagging frustration when the financial reality of repaying an enormous debt sets in. However, the U.S. government has implemented a number of tax advantages for homeowners that can help quell these financial fears. One of ...

VA Appraisal Guidelines

If you're applying for a mortgage backed by the U.S. Department of Veterans Affairs, you must get an appraisal of the home before the loan can close. The appraisal value must be for at least as much as the loan you are requesting. This ensures that the VA will be able to recover ...

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