How to Get the Primary Residence Capital Gains Tax Exclusion

In order to understand capital gain, we first need to understand tax basis. Your tax basis is the cost of buying, building or improving a property. Assume you pay $200,000 for a property. You incur $5,000 in closing costs. Then you spend $45,000 on home improvements. In that case, your tax basis would be $250,000. […]

Fall Home Maintenance Checklist

As the weather starts to cool and the leaves begin to change colors, it is time to start thinking about fall home maintenance. From lawncare to reviewing your roof, we have you covered with this fall maintenance checklist. #1 Protect your plants. Trimming back plants. If you’re starting this list early enough and temperatures haven’t […]

Home Maintenance Costs and Budgeting

The current #1 regret for homebuyers is being underprepared for maintenance costs. Based on a recent BankRate survey, 21% of homebuyers cited high maintenance costs as their greatest regret. Homeownership is an amazing way to build wealth and security. It is important to be prepared to make that big financial step. So, let’s take a […]

Closing Costs

Closing Costs Closing costs are the fees charged for the various services needed to obtain a mortgage. Both purchase and refinance mortgages come with closing costs. These costs average 2% to 5% of the total loan cost. An estimate of these fees will be included in your Loan Estimate. The final list of closing costs […]

VA Appraisal Process

U.S. Veterans have access to exclusive home loan options with a variety of perks including $0 down payment, no PMI, and no prepayment penalties just to name a few. One VA home loan perk that is particularly useful in today’s hot housing market is the unique appraisal process. For details on what an appraisal is […]

Homestead Tax Exemption

A homestead tax exemption or relief program is a program generally run by state or local municipalities that decreases the amount of property tax owed by a homeowner. While rules and eligibility vary from municipality to municipality, a standard requirement is that the homeowner must use the property as their primary residence (aka homestead).   […]

Can I Afford a Vacation Home?

  The sun warms your head as your feet sink into the sand and you realize you want to make this slice of heaven yours. So, how do you decide between renting or owning your vacation home? Here’s some vacation home math to help you run the numbers: STEP 1: CALCULATE YOUR “NET HOMEOWNERSHIP COST” […]

What is in a Credit Report?

A key item in any mortgage process is a credit report. It examines the financial health of a borrower. The components of a credit report combine to generate that all-powerful number, the credit score. Lenders use this information to measure potential risk. Generally, a stronger credit score has a lower risk of the borrower defaulting […]

Rebounding from a Bidding War

Rebounding from a Bidding War You found that perfect house, got preapproved for a mortgage, and put in an offer. You anxiously waited for the seller’s response only to be declined. Yes, it is disappointing. It is okay to feel frustrated. You put a lot of time and planning into your house hunt. You likely […]

What is escrow and do you need it?

What is an Escrow Account? An escrow account is an account set up with monthly payments to fund a home’s recurring costs. The most common recurring home costs are homeowner’s insurance premiums and property taxes. An estimated annual amount is generated and divided up into twelve monthly payments. The annual amount is reviewed each year […]