One Stop Resource Center
Financing
Adjustable-rate vs. fixed-rate mortgages
Home builders and their customers - the ones who wait months for construction to be completed - crave the same thing: certainty. That explains the appeal of long-term rate locks.
Locking a rate vs. paying discount points
When interest rates rise, some homeowners are jumping ship -- abandoning storm-tossed adjustable-rate mortgages for stately fixed-rate home loans.
Good credit for getting a home loan
We've all heard the horror stories of people who got into big trouble by over-using credit. This is especially detrimental if you're trying to get a loan for your new home. Those bad credit scores will definitely slow down the process.
So, what's the secret to maintaining or getting good credit? If you have more than one credit card (and most of us do), it can get rather complicated. All changes will affect your credit score and that includes opening new cards or shifting balances between cards. Let's take a look at some of the most important issues.
First is your payment history. You must make the minimum payment on time. If you are late, catch up as quickly as possible. One delinquency can smudge your credit history for up to seven years. Pay more than the minimum balance to reduce the bottom line. If you were late due to extenuating circumstances, write a letter to the company that holds your card and copy to the Credit Bureau. This may help to reduce the stigma of the late payment.
Try to have no more than five credit cards and don't switch around. The longer you have had a credit card in good standing, the better it looks on your score. Your financial history appears more stable and creditors have more assurance that you are a good risk for repaying any loans.
If you are applying for a home loan, here are a few things to keep in mind. The total balance on your credit cards will come into play, so this would not be the time to purchase that new wardrobe or new furniture. Also, this is not the time to close unused credit card accounts. Why? If you have several accounts but are only using one or two, closing the unused accounts will raise the balance-to-limit ratio. This ratio is the second most important part of your credit score. A good credit rating can lower your interest rate when you purchase a new home. Give it the attention it deserves.
NationalMortgage.com
Get FREE mortgage quotes from lenders, home loans, mortgage loans, refinance mortgage
Prosperity Mortgage
Is the fastest growing mortgage company in the mid-Atlantic region, an affiliate of Wells Fargo Home Mortgage.
Capital Gains
Real estate and capital gains reduction can be a difficult subject to understand. Because real estate has unique features that liquid stocks do not have (eg, real estate cannot be moved or taken off shore) and specific prohibitive laws, some of the traditional capital gains reduction solutions cannot be used. However, physician-investors, attorney-investors, business owner-investors, who want to sell a piece of real estate without incurring capital gains taxes do have a viable tax-saving option - an installment sale with the use of a third-party administrator, (TPA).
An installment sale with the use of a TPA is a nice way to use the government's money to increase the amount you receive (in the long run) from the sale of a piece of property. While you don't ultimately avoid the capital gains taxes, you are creating a scenario where the sale of a highly appreciated piece of real estate becomes much less painful when you're considering the tax ramification of the sale. » Read the whole article.
1031 Classification of Second Homes
Here is the unsettled question "Do 'second homes' qualify for an IRS Section 1031 tax deferred like-kind exchange?". This is an increasingly important issue and it has been reported that 25% to 35% of real estate transactions today are for second homes, and the appreciation and gain on second homes continues to increase rapidly.
To qualify for a like-kind exchange, IRS Section 1031 requires that the property be "held for productive use in a trade or business or for investment." It is clear a property will qualify when it is being held for use in a trade or business. Thus, the basic and most often asked question becomes - When is a second home being held for investment? » See the answer.
Buying a home
Selling a home
Moving
VanLines.com Relocation Network
If you are moving within Delaware find Local Delaware Movers.
Otherwise search country wide for Interstate Moving Companies.