Tips For Finding Best Mortgage Companies & Securing Mortgage Loans at Best Rates

Tips For Finding Best Mortgage Companies & Securing Mortgage Loans at Best Rates

Mortgage Loan Company
When you plan to buy a home, it goes without saying that you are in it for the long haul due to the reason that a mortgage debt of 15, 20 or even 30 years is accompanied by it. Therefore, it is smart to shop around for a while to find the best mortgage loan company out there to accompany you in this long journey. One wrong move can result in the selection of a wrong mortgage company or a wrong product and then you could end up spending thousands of extra dollars that could have been easily saved.

Finding good mortgage loans and a good mortgage lender involves more than just the interest rate. You’ll be handling your mortgage for a minimum of 15 years and therefore, it is important that you work with nothing but the best mortgage company, staffed by professionals, who have your best interest at heart and who can expertly guide you through the entire process.

Here are some tips that will help you in finding the best lenders and grant you more bargaining power:

Polish Your Credit Score: With great credit score, comes great bargaining power and great bargaining power ensures better interest rates.

Know the Lending Landscape: You’ll have to compare a lot of different type of lenders in order to find out which one suits your requirements the best. Talk to online lenders, credit unions, mortgage bankers etc. You can’t rule anyone out before doing your research and comparisons.

Compare Rates: It goes without saying that you’ll have to sit for hours in front of your computer screen and compare rates and terms nonstop to find the best lender.

Asking the Right Questions: Find out about the lenders’ communication channels, fees, requirements etc. and do it upfront. Don’t be shy in asking the questions.

Read the Fine Print Thoroughly: A mortgage loan is not just principal and interest. There are various other costs and fees associated to it. Before you finalize a lender, grab a magnifying glass and read the fine print thoroughly.

If you are planning to purchase a home, All Western Mortgage is a name that has been satisfying its customers since 1981. When it comes to residential mortgages, our happy clients speak for our work. To know more about us, just give us a call at 702-850-2790 or visithttp://www.awmlending.com/contactus.php

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IS IT WISE TO WAIT UNTIL AFTER THE ELECTION TO BUY OR SELL?

IS IT WISE TO WAIT UNTIL AFTER THE ELECTION TO BUY OR SELL?

The 2016 election season has been one of the most divisive presidential races in this country’s history and unfortunately, that unrest has been something of a wet blanket on the housing market nationally. While many areas in the nation have enjoyed a boom market, the sense of unease and nervousness has convinced many Americans to wait before buying or selling a home. This is not a new scenario for our country, even in years with less chaos and uncertainty, Realtor associations nationwide have noted that consumers tend to be more cautious during an election year.

 

The question is: Should prospective sellers and buyers hit the pause button during an election year? A recent study showed that housing prices tend to drop slightly, approximately 1.5 percent,

during an election year. But even if that is the case, many real estate experts agree that consumers shouldn’t feel the need hunker down until after the show is over and a new president is chosen. The fact is that real estate values locally and nationally are determined by only one factor: Supply and Demand.

 

The great Warren Buffet said “Be fearful when others are greedy and greedy when others are fearful”. Translated for the general public, that means that we should do the opposite of what others are doing.

When the media is predicting gloom and doom, many buyers and sellers will make the decision to sit on the sidelines. What does that mean for sellers? Often it means lower housing inventory which equals less a smaller pool of buyers and possible multiple offer situations. For buyers it can add up to less competition and the opportunity to find a bargain. Added to that the fact that mortgage rates are still at historic lows, Now is definitely the right time to get the most bang for your buck.

 

Written by Kelly Taylor

 

Is It Wise To Wait Until After the Election to Buy Or Sell?

TAX TREATMENT OF YOUR VACATION HOME

TAX TREATMENT OF YOUR VACATION HOME

 

Question: We own our principal residence which is located in the District of Columbia, and we also have a second home in Delaware by the ocean. I know that when we sell our principal residence, since we are married and have lived in house for many years, we are eligible for the up-to $500,000 exclusion of gain. I know that we can also deduct our mortgage interest and our real estate taxes when we file our annual income tax return. However, we do not know how to handle this for the vacation home. Can you give us some guidance?

Answer: It really depends on how you use your second home. Did you use it entirely for your personal use, or was is treated as an investment property for real estate tax purposes. For this column, I will assume that it is an investment, and that you have been renting for several years.

If, for example, you bought the home many years ago for $70,000, and added $30,000 worth of improvements, your basis in the property (excluding closing costs) would be $100,000. If you were to sell it for $200,000, your gain would be $100,000, less any real estate commissions or other expenses relating to the sale. Under current capital gains rules, you would probably have to pay 15% of this net profit to the IRS.

You do have a number of options available, however, and this column will address some of these. However, you are strongly urged to consult your own legal and tax advisors, before making any major decisions.

First, you could decide to keep the second home and continue to rent it out. If you believe there is a strong rental market, and that the house will continue to appreciate, why sell it and pay the tax? Perhaps while it is still your second home you can refinance, lowering your interest rate, so that your cash flow would not be too great. Obviously, this makes you a landlord, and unless you turn the property over to a property manager, you will have to endure the negative aspects of being a landlord as well as the positive.

Second, if you have children, leave it to them on your death, They will get what is known as a “stepped-up” basis in the property. In other words, even though your basis may be $100,000, if the value of the property on the date of your death is $200,000, the children’s basis is the value on the date of your death.

Third, you might consider doing a like-kind exchange of the property. Under Section 1031 of the Internal Revenue Code, you can “swap” the beach property for any other like-kind property, and like-kind has been broadly defined to include any form of real property. It can be a farm in Ohio, an office building in New York City, or another beachfront lot or house in Florida.

This is a complex and tricky process, but under the right circumstances it would enable you to “sell” the ocean property and exchange it for some other property that may be more suitable for you. Keep in mind, however, that the new exchanged property (called the replacement property by the Internal Revenue Service) must be held for investment purposes, and — at least for a reasonable period of time — cannot be used as your principal residence. Some taxlawyers say the “safe harbor” is one year, while others say two years.

These are but a number of the options you should consider so as to avoid paying a considerable amount of money to Uncle Sam.

Written by Benny L. Kass 

Markets in a Minute.

For the Week Ending August 12, 2016
Should you lock or float your rate?

 

The economy grew by 1.2% annually during the second quarter, lower than the 2.6% expected. Consumer spending was responsible for most of the increase.
Though the economy is only moderately improving, the labor market continues to show strength. New jobs were up, and layoffs fell to a near 2-year low in June.
While an improving economy and strong labor market could lead the Fed to consider raising policy rates, inflation remains benign, helping keep rates low.

Foreclosure inventory declined yet again in June to the lowest rate since August 2007. Foreclosure filings were also down 6% from May and 19% over a year ago.
The median existing single-family home price increased in 83% of measured markets in the second quarter, with 14% seeing double-digit increases.
Supply levels could be holding back sales. Many listings in a majority of markets are seeing multiple offers, and inventory is down to 4.7 months.