While you were ringing in the New Year, Congress was at work ripping out the heart of your tax deductions. The ability of people who buy or own a home to write off the premiums they pay for mortgage insurance is now gone. This change affects anyone who bought a home after 2006 with less than 20% down and paid PMI or private mortgage insurance. If you bought your house before 2007, you weren’t able to claim the mortgage interest deduction anyway, so I guess you can be happy if you can’t have it, no one can. Obviously this will have an affect on homeowners in the future with less than 20% down, since they can no longer enjoy the benefit of the tax deduction, and it might be to that buyer’s advantage to consider a loan with LPMI or lender paid mortgage insurance that is built into the rate. If you want more information about LPMI as an alternative if you have less than 20% down, give me a call or send me an email. Now, there’s 58 other tax code benefits that have also been eliminated, so you want to check with your CPA or tax professional soon so you don’t run in to any surprises come tax time.
OJ Simpson may not be the sharpest knife in the drawer, but now he’s found someone dumber than him, and no it’s not his next girlfriend. Chase bank has been trying to foreclose on OJ’s Florida home and they’ve been sending their process servers to his house on a daily basis trying to serve papers, only to report back that he wasn’t home. Hmmm, hey Chase maybe he’s at Kato’s house. So ladies and gentlemen of the jury, I implore you today: If the man is in jail, put the house up for sale.
Typically mortgage companies offer traditional 30 year fixed or 15 year fixed mortgages, but what if you could customize your loan option for the term that you want. Suppose you refinanced 7 years ago on a 30 year fixed mortgage and interest rates have dropped 1% or more since then. Should you be forced to reset the clock to 30 years again to enjoy the monthly savings you could have with a lower rate? I say NO! One of the benefits you can enjoy working with me if to customize your own term from 8 to 30 years. The program is called YOURgage. So if you’re 7 years into your 30 year term, YOURgage allows you to refinance at 23 years to stay on track to paying off your home. Some other reasons why you might want to choose this option. 1) Customize your loan to fit your retirement plans.(retire in 18 years) 2) Pay off a loan in time to afford your child’s college tuition. 3) Fit your loan payment to match your budget ( specifically want a $1500 payment).This is a fixed rate product and is available for both refinances and purchases. I’ve already started saving my clients an average of $180 a month, so let’s see if I can save you money without resetting your term. Please share this video with someone you know who’s refinanced in the last 5 years. I know you know someone. Thanks for watching, I’ll see you next week.