By: G. M. Filisko When you’re evaluating how much home you can afford, make sure you factor in the tax advantages of homeownership.  You can claim some tax deductions if you work from home, but be sure you're entitled to them before taking them.  Owning your home not only allows you to build wealth through appreciation, but it can also reduce the amount of income tax you pay every year.  Here are seven tax benefits for homeowners. 1. Homebuyer tax credits If you purchase your first home before April 30, 2010, you’re entitled to a tax credit ...

August 13, 2010 by Amy Willis

By: G. M. Filisko Paying for more homeowners insurance than you need is a waste of money, but it can prove even more costly to get caught without enough.  To get the full benefit of replacement coverage, you need to purchase enough insurance to cover the total cost to rebuild your home. Trying to get just the right amount of homeowners insurance for your house and possessions may leave you feeling a bit like Goldilocks searching for a chair, a bed, and porridge that are just right. If you ...

August 6, 2010 by Amy Willis

Here’s how to clean up your credit so you get the least-expensive home loan possible. Getting the loan that suits your situation at the best possible price and terms makes home buying easier and more affordable. Here are seven ways to boost your credit score so you can do just that. 1. Know your credit score Credit scores range from 300 to 850, and the higher, the better. They’re based on whether you’ve paid personal loans, car loans, credit cards, and other debt in full and on time in the past. You’ll need a score of at ...

July 30, 2010 by Amy Willis

Know the basics of FHA loan rules and you stand a better chance of selling your house or condo. Make your house FHA-friendly, and it will appeal to more homebuyers. Why? Because the Federal Housing Administration is insuring the mortgage loans used by about 30% of today’s homebuyers. If your house passes the FHA rules, it will appeal to buyers who plan to use an FHA-insured mortgage. If your house doesn’t qualify for an FHA loan, you’re cutting out 30% of potential buyers. FHA is especially important to first-time homebuyers and those with small downpayments because it allows borrowers ...

July 23, 2010 by Amy Willis

By: G. M. Filisko  Published 2010-03-11 16:55:18            By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget.           Instead of just taking out the biggest mortgage a lender qualifies you to borrow, consider how much you want to pay each month for housing based on your financial and personal goals.           Think ahead to major life events and consider how those might influence your budget. Do you want to return to school for an advanced degree? Will a new child add day care to your monthly expenses? Does ...

July 16, 2010 by Amy Willis

Keep your emotions in check and your eyes on the goal, and you’ll pay less when purchasing a home. Buying a home can be emotional, but negotiating the price shouldn’t be. The key to saving money when purchasing a home is sticking to a plan during the turbulence of high-stakes negotiations. A real estate agent who represents you can guide you and offer you advice, but you are the one who must make the final decision during each round of offers and counter offers. Here are six tips for negotiating the best price on a home. 1. Get ...

July 9, 2010 by Amy Willis

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