Paying Cash for a Home? Beware of the 90 Day Rule

Paying Cash for a Home? Beware of the 90 Day Rule

With inventory levels low in this competitive housing environment, some people are opting to make cash offers on homes to make their purchase agreement look more attractive to potential sellers. While this may help you get your offer accepted, there is a large pitfall you must understand. The IRS gives you a 90-day window to put a mortgage on a property to gain the benefits associated with this loan being considered “acquisition indebtedness”.

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SO, YOU NEED A MORTGAGE:

SO, YOU NEED A MORTGAGE:

IS YOUR BANK THE BEST PLACE TO GO? – Part 2

Last time, we presented a few things to consider if you are thinking about financing for your new home. Specifically, should you use a local bank or a Mortgage Banker? It may seem like the logical step is to call your bank. They have your banking accounts and since the Bank has your financial information, the process will be easier. Unfortunately, this is rarely the case. ...

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SO, YOU NEED A MORTGAGE:

SO, YOU NEED A MORTGAGE:

IS YOUR BANK THE BEST PLACE TO GO? – Part 1

You’ve decided to make a move and buy a new home, what’s next? The first step should be to obtain a Pre-Approval Letter. It may seem like the logical step is to call your bank. They have your banking accounts and since the Bank has your financial information, the process will be easier. Unfortunately, this is rarely the case. In fact, it is typically a much ...

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Really Want A House You Toured?

….You Should Write A Letter To The Seller!

Buyers are getting frustrated with lower inventory levels & when they do FINALLY find a place to make an offer on, they find out there are other people doing the same.  Sound familiar? If you would like to dramatically increase the odds of the seller accepting your offer over ...

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Getting Ready for Closing and Finalizing The Deal

Getting Ready for Closing and Finalizing The Deal

Pre-Closing Preparation

As the date of the closing draws near, you will need to make contact with the closing attorney and your mortgage lender to ensure that all the necessary documents are being prepared.

A few days before the closing on your new home, you will need to contact your utility services such as electricity, gas, cable, water, and phone set up, Your Realty Consultant will provide you with the information for the appropriate utilities to contact.

Lastly, you ...

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Rolling Closing Costs Into a New Loan

When you refinance and pay closing costs, you can certainly roll in these expenses to the new loan if you so desire as long as you have enough equity to avoid paying PMI.

If you will be over the threshold by rolling in your closing costs we could set you up with a small 2nd mortgage to avoid paying the PMI. This way you still would not be required to come up with the cash to pay closing costs.

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Will I have to write a check at closing with my refinance?

There may be some out of pocket funds required at closing depending upon a couple of factors. If you have an escrow account for taxes and insurance, it does not roll over to your new mortgage.

This means we must collect for the new escrow account whatever amount should be in that account at this time of year  You will receive a refund from your current lender, any funds they are holding in escrow for you – usually about 30 days ...

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