When you apply for a mortgage you might come across the abbreviation “PITI.” Here’s what it means… PITI stands for Principal, Interest, Taxes and Insurance. Mortgage lenders want to be sure…
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taxes
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Buyers and sellers need to be informed about tax considerations before entering a transaction. If you have purchased or sold a home last year, there are a number of tax deductions…
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If you have recently bought or sold a home, there are a few tax advantages that may be available to you. Generally speaking, real estate broker’s commissions, title insurance, legal fees,…
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When selling your home, here are common closing costs to keep in mind that will affect your net proceeds. The REALTOR® commission – typically a percentage of the sale price. The…
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Some misconceptions exist related to Federal tax rules that apply to the sale of a home. Let’s clear up some of those misconceptions! You can exclude a gain of up to…
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Failure to pay property taxes when due can lead to serious consequences… fines, interest, property liens or even foreclosure. Most lenders require monthly mortgage payments to include an escrow for one…
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If you are self-employed, it can be a little harder for you to get a mortgage than someone who is an employee of a company that receives a regular paycheck and…
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Every municipality levies an annual tax on most privately owned parcels of real estate located within their borders. These property taxes are based on two factors: the value of the land…
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Let’s assume that you’ve sold your home and closed successfully. There are still some items that you will need to address. Contact your utility service providers to disconnect the existing services…