South Florida On The Market

Results from Freddie Mac's Primary Mortgage Market Survey show that fixed mortgage rates have met or are near all-time-lows. The 30-year-fixed matched the average all-time record low of 3.94 percent for the week ending December 15. This number is down from last week when it averaged 3.99 percent and much lower than last year's reported 4.83 percent. A new record was set for 15-year-fixed mortgage rates, at 3.21 percent. This is down from last week's average of 3.27 percent and 4.17 percent reported this time last year. The previous record was recently set in October of this year. The 5-year-adjustable-rate mortgage also set a new all-time record low at 2.86 percent. "Mortgage rates were at of near all-time record lows this week amid a rough environment for housing," said Frank Nothaft, Freddie Mac's vice president and chief economist of Freddie Mac. Many economists predict that the continuance of low mortgage rates and new record-lows will help convi

1. Location counts. You've probably heard the old real estate joke about "location, location, location," but the point still bears repeating. Location is crucial. How far are you really willing to commute to your place of employment? How good are the local schools, shopping centers, public transportation, seniors services and other public amenities? Will your new home be next to a vacant lot or a commercial property? Even a picture-perfect dream home can be a mistake if it's in an undesirable location, and a poor-location home can be a particularly bad choice if you anticipate reselling the home within a few years. 2. Make a list . Do you (and your spouse, if you're married) really know what you need and want in your home? You'll save yourself many hours of shopping (and potentially arguing) if you make a list ahead of time. Zero in on the features you must have, would like to have, definitely don't want and would prefer not to have. Your goal is to fin

1. The purchase When buying your own home, most of the expenses are not tax deductible. But there is one exception that is worth finding. The IRS says you can deduct interest in the year that it is paid, and that is usually part of each monthly loan payment. In addition, if the day you purchase is on any day other than the first of the month, you will likely pay a charge for "daily interest" between the day of closing and the end of the month. Look on line 901 of your HUD settlement statement. Much more importantly, the IRS says that, in most cases, loan discount points and origination fees are tax deductible to the buyer, regardless of who pays them. Look at lines 801 and 802 of your settlement statement and see if you hit the jackpot. This is a particularly unusual deduction because you get the benefit even if the seller paid your closing costs. And because origination fees of 1% and more are common, this can amount to a lot of cash. 2. Mortgage interest In genera

If you are a first time homeowner, or are purchasing a home after a major life change such as marriage or having children, what should you consider to be sure your new home can grow with your changing family? The time and effort that go into purchasing and decorating a new home, not to mention finding it in the first place, means that you’ll want to ensure that your home will be right for you and your family for years to come. So what should you look for in your new home so that it will give you enjoyment and be functional both now and in the future? Size Though a cute two-bedroom home may be right for a newlywed couple, this type of space will likely soon be outgrown if there are any children in your future or if you and your spouse like to entertain. You will also want to consider the number of bathrooms and the facilities in them. Having only one toilet or shower can certainly put stress on a growing family. Features Special features of a home, such as a finished basement, cen

There are many benefits to eco-friendly living. Here are 10 big ones:   1. Lower utility and water bills. Having energy-efficient appliances in the kitchen and media room can reduce monthly utility bills. Tankless water heaters mean less time and water wasted waiting for water to warm up in the sink or shower. 2. Healthier indoor air quality. Green-certified homes offer reduced exposure to mold, mildew and other indoor toxins. This is especially beneficial to sufferers of asthma and bronchial disorders. 3. Tax benefits. DSIRE is a database of state incentives for renewable energy and energy efficiency. Through the Energy Policy Act of 2005, the U.S. government offers several tax breaks and incentives for efficiency upgrades to homes. The Department of Energy offers federal tax incentives. The USGBC lists local tax breaks. The Environmental Protection Agency (EPA) also offers sources for green funding, as does the Energy Star program. 4. Higher real estate resale value. Acc

When you are shopping for a home, it makes sense to know your price range. Often the first step a real estate agent will take is prequalify you for a loan. This might be a ballpark figure or estimate based on typical loan setups, or you may formally apply for a loan and become preapproved. When you are preapproved, you need to submit various documents that specify your income and expenses. The lender then gives you a letter specifying the loan amount you qualify for based on your specific financial situation. Sellers prefer preapproved buyers because they know that the buyer will not have problems securing a loan for the home. What to know how much you can afford? To start, you need to total all of your income. Next, separately total all of your debt obligations: car payment, credit card balance, and so on. You can then use this information to get a rough estimate or a formal preapproval. 　 Getting a ballpark figure Roughly, you can afford two to two-and-a-half times your gross in