Josh's Mortgage Report

184There are many health and safety dangers of sub-zero temperatures, blinding snowstorms and inconspicuous ice sheets, but winter weather can also be incredibly dangerous to your home. Heavy snow and ice can cause collapsed roofs, fallen trees and flooded basements. This causes major headaches for homeowners. Depending on your insurance policy, you could be liable.

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183Tired of throwing away your money on rent? Are you considering retirement? You’re not the only one. Here’s a look at four major financial trends and expectations facing Americans in 2015.

Housing

The cost of rent is rising faster than most Americans’ paychecks. This leaves many consumers stuck in a hard place when it comes to housing. With rent costs rising, and mortgage rates lowering, more millennials who have postponed homeownership in favor of renting will be buying homes in 2015. Others will be putting their pride aside and getting roommates to share the costs. This trend has been increasing for several years and will continue to grow in 2015, especially since rents are projected to continue to increase around 3 percent this year.

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182Figuring out how much of a down payment to make when buying a home can be difficult. It also makes a big difference in how much your home will cost you in the long run including mortgage payments. If you can afford to make a large down payment, should you do it? See the reasons below for why you should make a significant down payment.

1. Easier Approval

Making a large down payment shows lenders that you know how to save which makes you more likely to get approved. Large down payments is one of the best indicators of creditworthiness. Plus, if you are in a multiple-offer situation, having more money upfront might outbid the other buyers.

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186The Federal Housing Administration has lowered the Mortgage Insurance Premium (MIP) from 1.35% to 0.85%. This is the first time the FHA has lowered the MIP since 2001. This move will bring more first-time homebuyers into the housing market as homeownership will become more affordable. The average household could save up to $80 on their monthly payment thanks to the reduction in premiums.

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185With tax season right around the corner you may have questions about the various real estate-related tax deductions. Here are some answers to some frequently asked questions.

Are all types of mortgage interest deductible?
As long as your loan is secured by a main home or second home the mortgage interest you pay is deductible. These loans include a mortgage to buy your home, a second mortgage, or a home equity loan.

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179Experts are predicting that first time homebuyers, especially millennials (20-34 year olds), will be making a comeback this year as more favorable housing conditions arise. The improving labor market is also a plus as wages and job growth increase, allowing more potential buyers to save for homeownership.

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178Why should winter get the cold shoulder from Buyers and Sellers? While spring and summer are naturally the busiest seasons in real estate, there is no reason why you should put off buying or selling a home this winter.

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177Low down payment mortgages are making a comeback. Previously the lowest down payment on a conventional conforming mortgage loan was 5%. Now even more potential homebuyers may qualify for a loan with just 3% down. Even though a low down payment loan requires mortgage insurance, this loan option provides potential first time homebuyers the chance to lock in a low interest rate, take advantage of affordable home prices, and start building equity. Read More…

181Your kitchen is most likely one of the most used rooms in your home. After cooking thousands of meals, it might start to look a little worn. If you don’t have the $19,000 that the average homeowner spends on a kitchen remodel to fix it, follow some of the updates below to brighten your kitchen for cheap.

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180After all the insane amounts of paperwork you’ve supplied with endless questions answered and hundreds of dollars spent on an appraisal and home inspection, your loan is finally approved. You’re beyond excited and get everything ready for moving day. But then you get a phone call from your lender telling you your loan is not funding. In other words, you can’t get the loan. What happened? Below are some things that commonly go wrong:

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