410homes.com Tips Of The Week
July 27, 2009
Title Insurance
Many people don't realize it, but when you refinance your home, you often pay for a new title insurance policy and don't have to. If you refinance, be sure to ask your lender to use your current title insurance provider, rather than switching to a new one. Worst case, you pay a reduced "re-issue rate" for the policy, which could save thousands.
February 14, 2009
Tax Filing Season
With tax filing season upon us, it's important to know how to take full advantage of your biggest tax deduction. Your mortgage consists minimally of P.I.T.I. - Principle, Interest, Taxes & Insurance (PMI). On your primary residence, interest, taxes and PMI are all fully deductible, but principle, HOA fees, hazard insurance are not.
January 12, 2009
Property Assessment Appeals
The deadline to file an appeal for your property tax assessment is February 13, 2009. With the dramatic correction in home prices, it is important to make sure that you are not paying taxes based on an assessment higher than current market value. Click Here to file your appeal online. If you need a free market analysis, email me.
August 6, 2008
End of Downpayment Assistance
Non-profit organizations such as Nehemiah and AmeriDream facillitated homeownership for 1st-time homebuyers by acting as a middle-man for seller-funded downpayment assistance for the buyer. This circumvented minimum downpayment loan requirements for the buyer. Congress has banned these programs starting 10/1/08
July 1, 2008
Avoid Foreclosure
The State of Maryland has enacted several initiatives to help homeowners avoid losing their home to foreclosure or fraud. Maryland HOPE (Home Owners Preserving Equity) is a collaboration of the state along with community nonprofits and lenders to assist those in trouble. Don't wait to act. Visit http://www.mdhope.org for more details.
June 15, 2008
Title Insurance
Many people don't realize it, but when you refinance your home, you often pay for a new title insurance policy and don't have to. If you refinance, be sure to ask your lender to use your current title insurance provider, rather than switching to a new one. Worst case, you pay a reduced "re-issue rate" for the policy, which could save thousands.
June 8, 2008
Bill 87-07
Investor Alert! On 12/19/07, Baltimore County Council passed Bill 87-07, requiring rental property containing 1 to 6 dwelling units intended for living purposes, be registered with Baltimore County by property owners. Properties must be inspected by a Maryland State Licensed Home Inspector and registered by July 1, 2008.
June 1, 2008
SB 270
Maryland Senate Bill 270 has passed into law, making a significant change to a specific mortgage product, Stated Income Loans. These loans allowed applicants with good credit and sufficient assets to state their mortgage qualifying income. That loan is no more. If you're a small business owner, prepare your taxes with this in mind!
May 19, 2008
FHA Gotcha
Do you have an FHA Loan and are considering selling or refinancing? Make sure you settle towards the end of the month or you could lose hundreds or even thousands of dollars! FHA's payoff policy is that interest is always collected through the end of the month, rather than pro-rated based on days remaining in the month. Watch out!
July 27, 2009
Title Insurance
Many people don't realize it, but when you refinance your home, you often pay for a new title insurance policy and don't have to. If you refinance, be sure to ask your lender to use your current title insurance provider, rather than switching to a new one. Worst case, you pay a reduced "re-issue rate" for the policy, which could save thousands.
February 14, 2009
Tax Filing Season
With tax filing season upon us, it's important to know how to take full advantage of your biggest tax deduction. Your mortgage consists minimally of P.I.T.I. - Principle, Interest, Taxes & Insurance (PMI). On your primary residence, interest, taxes and PMI are all fully deductible, but principle, HOA fees, hazard insurance are not.
January 12, 2009
Property Assessment Appeals
The deadline to file an appeal for your property tax assessment is February 13, 2009. With the dramatic correction in home prices, it is important to make sure that you are not paying taxes based on an assessment higher than current market value. Click Here to file your appeal online. If you need a free market analysis, email me.
August 6, 2008
End of Downpayment Assistance
Non-profit organizations such as Nehemiah and AmeriDream facillitated homeownership for 1st-time homebuyers by acting as a middle-man for seller-funded downpayment assistance for the buyer. This circumvented minimum downpayment loan requirements for the buyer. Congress has banned these programs starting 10/1/08
July 1, 2008
Avoid Foreclosure
The State of Maryland has enacted several initiatives to help homeowners avoid losing their home to foreclosure or fraud. Maryland HOPE (Home Owners Preserving Equity) is a collaboration of the state along with community nonprofits and lenders to assist those in trouble. Don't wait to act. Visit http://www.mdhope.org for more details.
June 15, 2008
Title Insurance
Many people don't realize it, but when you refinance your home, you often pay for a new title insurance policy and don't have to. If you refinance, be sure to ask your lender to use your current title insurance provider, rather than switching to a new one. Worst case, you pay a reduced "re-issue rate" for the policy, which could save thousands.
June 8, 2008
Bill 87-07
Investor Alert! On 12/19/07, Baltimore County Council passed Bill 87-07, requiring rental property containing 1 to 6 dwelling units intended for living purposes, be registered with Baltimore County by property owners. Properties must be inspected by a Maryland State Licensed Home Inspector and registered by July 1, 2008.
June 1, 2008
SB 270
Maryland Senate Bill 270 has passed into law, making a significant change to a specific mortgage product, Stated Income Loans. These loans allowed applicants with good credit and sufficient assets to state their mortgage qualifying income. That loan is no more. If you're a small business owner, prepare your taxes with this in mind!
May 19, 2008
FHA Gotcha
Do you have an FHA Loan and are considering selling or refinancing? Make sure you settle towards the end of the month or you could lose hundreds or even thousands of dollars! FHA's payoff policy is that interest is always collected through the end of the month, rather than pro-rated based on days remaining in the month. Watch out!