Cary, North Carolina

Most homeowners are keenly aware of the interest tax deduction on their home loan, but there are many other tax breaks which are often overlooked at income tax time. Pro-rated property taxes and mortgage interest in the year of sale are deductible. You will find these amounts listed on your closing settlement statement. If you paid off your mortgage and had to pay a pre-payment penalty, it qualifies as tax deductible interest. If you paid an "acquisition mortgage loan fee" on a home loan, this fee can be deducted as itemized interest. Home improvement loan fees are also deductible. Any remaining loan fees from re-financed or paid-off mortgages are fully deductible at the time of the mortgage payoff.Certain items don't qualify as deductions, but can be added to the cost basis of your home, such as transfer taxes, recording and title fees, and special local property tax assessments for new sidewalks, streets, or sewers.Don't be intimidated by the tax code! A little research or consultation with an expert can help you maximize your real estate tax advantages.

Real estate transactions are very complex, and difficulties can arise. One common form of interference can come in the innocent guise of helpful advice from family and friends. When you buy your first home, you want the best advice you can get. You want to show the house to friends and relatives before you commit. They will probably tell you about all of the things that went wrong during their own transactions so you can avoid the same mistakes. These people all have good intentions, but too much advice can put you into a state of high anxiety.If you are buying your home with the help of a professional real estate agent, your agent will know how to make sure that any minor upsets do not turn into major problems. A real estate agent's expertise is based on formal training and experience in many real estate transactions. Their reputation is on the line with each sale, so they are highly motivated to make your purchase or sale go as smoothly as possible. When you are dealing with a professional real estate agent, you can worry about what might go wrong if you wish, but you don't have to!

Are you interested in a quick, easy sale of your property for top dollar? More and more people are considering installment sales when they buy or sell a home. Over fifty percent of U.S. homes are owned free and clear, and many other homeowners have only a small mortgage that could be paid off from the down payment. These properties are excellent prospects for installment sales or seller financing.
The primary benefits for the seller include a quick, easy sale for top dollar, deferral of profit taxes, and future interest income. Sellers can carry back a first or second mortgage (often called a trust deed). Other security methods include a land contract, contract for deed, and agreement for sale. There is no delay or uncertainty while the buyer shops for a mortgage. There is excellent interest income secured by the property sold. Moreover, this is a safe investment--if the buyer does not keep up the monthly payments, the seller can foreclose.
The major benefits for the buyer include easy financing with a simple loan application, no loan fees, fast closing of the sale, and the buyer’s interest payments are tax deductible.
Anne is an award-winning full-time professional real estate broker in Apex and Wake County. For professional advice on all aspects of buying or selling real estate, please call Anne Cain at Keller Williams, 919-303-3588, or visit her website at www.annecain.com.

It may be difficult to qualify for a home mortgage loan. As a buyer, you may find the perfect home, but finding the perfect financing might become elusive. After you complete the application process, your lender may turn you down, which is an upsetting development for any prospective homebuyer. What can be done to remedy such a setback? The answer depends on why you were turned down. If your income is too low to satisfy one mortgage company, there might be another company with more liberal qualifying guidelines. If you have had credit problems, some lenders may be more willing than others to help you clear them up in a manner that satisfies their underwriters. If your loan runs into problems, sit down with the loan officer and your real estate agent to investigate the possibility of using a different lender. The first company may be able to "assign" the package to a competitor, enabling you to use your same credit report and appraisal. You will need the cooperation of your sellers, too.

People buy a home for a lot of different reasons. They may want to put down roots in a community and create a sense of stability in their lives. Then there are the financial considerations and the "forced" savings that builds up in the form of equity. In addition, the monthly cost of owning a house is usually much more stable and predictable than renting.If you are considering the possibility of purchasing a home, contact a knowledgeable real estate agent in your community. An important part of our job is to educate prospective buyers about the potential benefits and responsibilities of renting versus owning a home. We can help you determine your purchasing power and show you the best homes in your price range. We can also give you a side-by-side comparison of the costs of owning a home compared with what you pay for rent. When you fix up your home to suit your needs and taste, you benefit from the added value of the improvements instead of the landlord!