Subject: I have a friend who takes vitamins A, C, D, E, F and still needs, B, G, and O. (B.G.O.= a Bright Glimpse of the Obvious)
Interesting Fact: In January 2009, the average price of gas was $1.84 a gallon. Today's average is $3.52 a gallon. For every penny increase per gallon, $1 billion less is spent every day by consumers in our economy. Today's price-per-gallon reflects $170 billion lost per day.
Economy Report: Local chief economists Ted Jones and Mike Inselmann have been on the speaking circuit spreading the great news about our local economy. NOT SO FAST!!! Year-to-date, 4 million homes have been foreclosed in the U.S. Currently, there are 10 million homes underwater, of which, 4 million are over 90 days late. Within the next few years, we could see an economic tsunami if home buyers aren't rescued. Texas will be slightly spared as our worst days are behind us, however as we didn't secede from the Union, this will have a rippling effect.
*Information provided by
Ed Kampf, Mortgage Banker
Hancock Mortgage,
Houston, Texas
Wake up America! The good news: the election is coming again, soon. THINK FIRST and then vote wisely. We always have a choice-let's get ready to run the good race and win this one.
Thursday, February 23, 2012
Friday, February 17, 2012
Great Investment - 2/13/2012
If you invest in a savings account, you'll make less than 1% and will have to pay income tax on the earnings. On the other hand, contribute something extra to your house payment on a regular basis and you'll essentially, earn at the mortgage interest rate which is certain to be more than you're earning in the bank.
Making additional principal contributions on your mortgage will save interest, retire debt and build equity. An extra $100 a month in the example shown will save thousands in interest and short the term of the mortgage as well.
Reducing your cost of housing is another way to improve the investment in your home. Becoming debt-free is a worthy goal that is achieved with discipline and good decisions. Suggestions like this are part of my commitment to help people be better homeowners when they buy, sell and all the years in between.
If you invest in a savings account, you'll make less than 1% and will have to pay income tax on the earnings. On the other hand, contribute something extra to your house payment on a regular basis and you'll essentially, earn at the mortgage interest rate which is certain to be more than you're earning in the bank.Making additional principal contributions on your mortgage will save interest, retire debt and build equity. An extra $100 a month in the example shown will save thousands in interest and short the term of the mortgage as well.
Reducing your cost of housing is another way to improve the investment in your home. Becoming debt-free is a worthy goal that is achieved with discipline and good decisions. Suggestions like this are part of my commitment to help people be better homeowners when they buy, sell and all the years in between.
Friday, February 10, 2012
Do YOU Know?
Announcing....
New Changes to the HOA Laws
Kelly Milligan, attorney at Chicago Title, delivered a highly informative message on HOA changes recently
Here's a snippet of a few of them:
Thanks to our representatives...
Many Thanks to Anita with Kissee Home Inspections for providing this helpful information.
New Changes to the HOA Laws
Kelly Milligan, attorney at Chicago Title, delivered a highly informative message on HOA changes recently
Here's a snippet of a few of them:
Thanks to our representatives...
- It now only takes 66% of the homeowners to call a Board Meeting
- If ONLY 10% of those homeowners vote against HOA foreclosing, the HOA loses their power to old foreclosure practices!
A Few New practices HOA must perform
- Must give notice to homeowner AND Leinholder
- Must give sufficient time for homeowner to respond
- Must have court order to proceed further
- Must have accountability
- Homeowner gets option to set up payment plan
GET IN THE KNOW!!!
Many Thanks to Anita with Kissee Home Inspections for providing this helpful information.
Friday, February 3, 2012
The point is...what's "The Point??"
Did you ever wonder what the mysterious charge is for “Points” when it comes to your mortgage loan amount for your purchase? It is definitely something to consider because if you “buy down” your points, you can usually lower your interest rate! Want to know more? Read the rest of my blog.
Deductible Is the Point - 1/23/2012
Points refer to prepaid interest on a home mortgage and can be fully deductible by the buyer in the year paid if the right conditions exist. The points must be used to buy, build or improve a taxpayer's principal residence but not all fees charged by the lender are necessarily deductible.
According to IRS Publication 936, "The term 'points' is used to describe certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. Points may also be called loan origination fees, maximum loan charges, loan discount, or discount points. A borrower is treated as paying any points that a home seller pays for the borrower's mortgage."
If you purchased a home in 2011, have your tax professional evaluate your closing statement to see if there are loan fees that may be used as a deduction on your tax return regardless of whether you or the seller paid them.
Refinancing a principal residence or purchasing an investment or income property require that points must be deducted ratably over the term of the mortgage rather than deducting them fully in the year paid. Borrowers in these situations should consider the benefits of lower interest rates from paying point to higher interest rates without points.
This article is meant to provide information that can be discussed with your tax professional about your specific situation and is not to be considered tax advice.
Points refer to prepaid interest on a home mortgage and can be fully deductible by the buyer in the year paid if the right conditions exist. The points must be used to buy, build or improve a taxpayer's principal residence but not all fees charged by the lender are necessarily deductible.
According to IRS Publication 936, "The term 'points' is used to describe certain charges paid, or treated as paid, by a borrower to obtain a home mortgage. Points may also be called loan origination fees, maximum loan charges, loan discount, or discount points. A borrower is treated as paying any points that a home seller pays for the borrower's mortgage."
If you purchased a home in 2011, have your tax professional evaluate your closing statement to see if there are loan fees that may be used as a deduction on your tax return regardless of whether you or the seller paid them.
Refinancing a principal residence or purchasing an investment or income property require that points must be deducted ratably over the term of the mortgage rather than deducting them fully in the year paid. Borrowers in these situations should consider the benefits of lower interest rates from paying point to higher interest rates without points.
This article is meant to provide information that can be discussed with your tax professional about your specific situation and is not to be considered tax advice.
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