June 2007
Monthly Archive
30 Jun 2007 03:45 am
Financial mishaps and credit scoring no-nos
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Payment history is an important factor both in terms of your credit score and as a deciding factor for lenders and others who check your credit. Lenders may be less likely to lend to you or may charge you a higher rate based on your payment history and in most states, auto insurance rates are determined largely by your credit score. Poor payment history can also affect your ability to get a job because employers usually look at your credit report, rather than your credit score. When they look at consumer reports (background checks) to build a picture of you, credit history has proven to be a good predictor of job success. |
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search for : credit score
29 Jun 2007 06:57 am
It’s abuse as usual withinn the subprime mortgage industry
| Subprime lenders have yet to learn from their mistakes. According to a consumer advocate group, abuses persist industry wide, despite the recent subprime mortgage meltdown. At a Senate subcommittee hearing on ending mortgage abuse this week, the Center for Responsible Lending (CRL) presented its findings on subprime loans included in 10 recent packages of mortgage backed securities. More than three quarters of the subprime loans CRL looked at turned out to be adjustable rate mortgages (ARMs). 90 percent of those were hybrid ARMs - otherwise known as “exploding” ARMs. |
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search for : Subprime lenders, subprime loan, hybrid ARM
28 Jun 2007 06:15 am
Little Known Ways to gift real estate, save on taxes
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Inman News discusses gifting a home. Gifting a house to a child requires filing of a federal gift tax return. However, no gift tax will be due if the total lifetime gifts exceeding the annual $12,000 per gift per donee exemption are not more than $1 million. When you die, the value of your gift will be subtracted from your federal estate tax exemption, which is currently $2 million if you die in 2006. As a donee, your child will take over the adjusted cost basis for the house. If the child lives in the home as a principal residence at least 24 of the 60 months before its sale, Internal Revenue Code 121 allows the new owner to exclude up to $500,000 capital gains (up to $250,000 for a single homeowner) from tax upon sale. |
search for : Gifting a house, federal gift tax return, federal estate tax exemption, Internal Revenue Code 121
27 Jun 2007 07:19 am
The Joys of Backyard Fireplaces
| Even in the summer months, when evening temperatures never fall below 60 degrees in the mountain town of North Carolina and Georgia, outdoor fireplaces definitely gets used. While luxury amenities for backyards and patios may include built-in barbecues and plush sofas surrounding a weatherproof plasma television, it is the outdoor fireplace or fire pit that is increasingly becoming a backyard staple. |
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search for : built-in barbecues, weatherproof plasma television, outdoor fireplace
26 Jun 2007 06:50 am
How to Acquire $1 Million in Income Real Estate
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The latest book from longtime real estate author Tyler G. Hicks, “How to Acquire $1 Million in Income Real Estate in One Year Using Borrowed Money in Your Free Time,” is really about how and where to obtain mortgage money to acquire investment property. Despite its long title, this is a resource guide — rather than a real estate “how to” book — explaining dozens of ways to finance property acquisitions and where to locate the necessary funds. |
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search for : $1-million in Income Real Estate, obtain mortgage money, investment property
25 Jun 2007 07:23 am
The Secret of bankruptcy laws
| Bankruptcy laws are complicated. Thanks to new reforms that went into effect Oct. 17, 2005, the changes in the laws make it harder to qualify for bankruptcy and even exclude some people from filing Chapter 7. The laws require that a person filing for bankruptcy must get credit counseling from a government-approved credit counseling agency. The debtor must go to counseling within 180 days before filing for bankruptcy. There are some exceptions, such as the lack of qualified agencies to provide counseling and certain emergencies. |
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search for : Bankruptcy laws, Chapter 7, credit counseling
24 Jun 2007 06:34 am
Now You Can Make Easy Home Improvements That Won’t Break the Bank
| Touch-up exteriors. Repainting the trim and front door of your house can significantly boost its curb appeal, Devers said. This kind of retouching work is easy on the budget and can be done in just a couple of hours. Replace your floors. The widespread availability of affordable “floating floors” (flooring options that can be installed on top of existing boards or linoleum) makes updating the floors in your rec room or pantry a cinch. “You’ll probably save a minimum $500 to $600 dollars by doing it yourself,” Devers said.
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search for : floating floors
23 Jun 2007 07:04 am
The tax you pay on the transfer of real estate isn’t deductible
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When real estate changes hands, a special tax comes into play. Some people call it the real estate conveyance tax. Others call it the real estate transfer tax. if you itemize deductions on your tax return (instead of claiming a lump sum standard deduction amount), you can’t deduct the real estate transfer tax, as you would for state income taxes and Temporary Disability Insurance (TDI) taxes. So if you’ve been involved in the sale of real estate this year and wind up paying the real estate transfer tax as a result (the seller usually pays the tax), you can’t deduct it when you do your federal income-tax returns early next year. |
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search for : real estate conveyance tax, real estate transfer tax, Temporary Disability Insurance
22 Jun 2007 06:19 am
An Investment, What Your Home Is, and Isn’t
| A home is yours forever. As long as you can afford the mortgage and taxes, you don’t ever have to move. There’s no landlord to terminate your lease, raise your rent or deny you permission to make changes to the property. Homeownership also forces you to save. If you have a traditional 30-year or 15-year mortgage, a small portion of each monthly payment reduces your indebtedness. And the amount that goes toward amortizing the loan increases over time. |
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search for : Homeownership
21 Jun 2007 06:11 am
5 homeownership tax myths
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As MSN reports, tax breaks are frequently cited as motivation for moving from renting to owning, and there are many ways a home can cut your tax bill. But, as is often the case with the U.S. tax code, homeownership tax benefits are not always clear cut. That frequently leads to some bad information floating around. While myths, half-truths and misconceptions may abound, we’ve narrowed it down to five which, if you buy into them, could cost you. |
search for : homeownership tax benefits
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