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Latest Articles on our Blog

Feb 3

Rents Are Continuing to Increase

According to the Harvard Center for Joint Housing Studies, rent increases are continuing to outpace inflation.  This means that renters are seeing their costs increase, and it could make homeownership even more attractive. Part of the rise in rents is due to the fact that rental vacancies are also at very low levels. If you or anyone you know is being squeezed by rental increases, it may make sense to do a buy vs. rent analysis for your situation. Please contact me for further details. Source: CMPS Institute

Feb 1

How the Standard Deduction May Impact You

A tax deduction is an expense that we can subtract from our income before paying taxes on our income.  For example, if I earn $100,000 per year, and I have a $10,000 tax deduction, I would only have to pay income taxes on $90,000.  Taxpayers can either itemize individual tax deductions (such as qualified home mortgage interest and property taxes), or they can take a “standard deduction,” which is a flat amount. In 2019, the standard deduction is $12,200 for single taxpayers $24,400 married taxpayers who file a

Jan 31

Why Housing Inventory Matters to You

Housing inventory measures how many months it would take to sell all the houses currently listed for sale, at the current pace of home sales.  For example, if there are 400 homes currently listed for sale, and an average of 100 homes are selling each month, there would be a 4-month housing supply.  This is because it would take 4-months to sell all the homes currently listed for sale. A buyer’s market is anything more than 6 months.  If the inventory numbers are a little higher than 6

Jan 30

Two Ways to Protect Yourself from Identity Theft

Many people are concerned about identity theft in light of the last Equifax data breach that impacted half the US population.  Here are two ideas you may want to consider in order to protect your credit and identity: 1 – You Can Place a “Credit Freeze” on Your Credit File When a credit thief tries to open a new loan or account in your name, the creditor that they apply with typically needs to pull a new credit report.  A credit freeze allows you to restrict access to

Jan 28

How to Plan Ahead for Vacation Home Rentals

On May 22, 2018, the IRS issued tax tip 2018-79, which I’ve excerpted for you below: During the summer, taxpayers often rent out their property. They usually think about things such as cleanup and maintenance, but owners also need to be aware of the tax implications of residential and vacation home rentals. If taxpayers receive money for the use of a house that’s also used as a taxpayer’s personal residence, it generally requires reporting the rental income on a tax return. Vacation Home. This may be a house, an

Jan 27

Three Risks to Interest Rates in 2019

Mortgage rates have been relatively low for quite some time now.  Here are three things that may cause rates to move higher in 2019: 1 – Unwinding of the Fed’s Bond-buying Program Since 2009, the Federal Reserve has purchased a staggering $1.6 trillion of mortgage bonds, and they’ve been the largest buyer of bonds in the market.  This has had the impact of keeping interest rates very low.  In October 2017, the Fed began reducing their bond purchases, and they phased it out completely last year. This may

Jan 25

How Changes to the Mortgage Interest Deduction May Impact You

The only type of home mortgage interest that is tax deductible in 2019 is interest on up to $750,000 of loan proceeds used to buy, build or improve a qualified home. The $750,000 is aggregate total for both qualified homes(one primary home + one vacation home). For more details, see my article called, “When is Mortgage Interest Tax Deductible.” Here are five ways this change may impact your home loan strategy: Debt Consolidation Loans – the interest on the “cash-out” proceeds or home equity loans used to pay

Jan 24

Tax Deductible Items for 2018 Mortgages

Here is a general overview of some information that may be helpful to you and your CPA as you prepare your 2018 tax returns (the return you’ll file by April 2019). NOTE: these items are only deductible if you itemize.  They do not apply if you take the standard deduction. POINTS PAID ON A HOME PURCHASE IN 2018 Closing Disclosure Page 2, Section A – If the origination charges on Page 2, Section A of the Closing Disclosure include points paid to your mortgage company in exchange for a lower interest rate, you can

Jan 21

Get a home for as low as 3%

Buy a home your whole family will love with as low as 3% down on a fixed-rate loan. Take advantage of low down payment options to buy a home today! Down payments as low as 3% for Conventional Loans up to $484,350. Down payments as low as 3.5% for FHA Loans up to $314,827. Zero down for VA Loans up to $484,350. Ask about Down Payment Assistance options available currently! Ask about Nova’s WealthBuilder program offering 100% financing for qualified borrowers on 15-20 year term loans! Our simplified

Jan 21

Reverse Mortgage

Reverse Mortgage Uses A reverse mortgage makes your home’s equity work for you. Possible uses for reverse mortgage funds include: Supplement to your monthly income with tax-free proceeds* Access to cash for sudden expenses Eliminate your current monthly mortgage payment Making repairs or improvements to your home Purchase of a new automobile Pay for needed prescription drugs Pay for in-home health care Travel Purchase an RV or 2nd home   There are virtually no restrictions on how you can use your hard earned equity! How can improved cash-flow