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How to Obtain a Loan for a Home Addition - Budgeting Money

How to Obtain a Loan for a Home Addition

by Robert Morello

Additions come in many forms and many price ranges.

Home additions such as porches, garages, kitchen expansions and additional bedrooms or even an additional floor all add square footage and value to a home. They can make the house you occupy more liveable and prevent the need to shop for a larger property. Funding your extension can be...

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Can You Borrow More Than You Owe When Refinancing ...

Can You Borrow More Than You Owe When Refinancing?

by Michael Keenan

You can use a refinance to cash out some of your equity.

Getting a lower interest rate is a major incentive to refinance, but tapping into your home's equity is another reason a refi can be attractive. If you've built up equity in your home and want to use that money for pressing needs, you might be able to borrow more than you...

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Can I Deduct Closing Costs for Mortgage Refinance Off My ...

Can I Deduct Closing Costs for Mortgage Refinance Off My Taxes?

by Amber Keefer

Most closing costs when you refinance your mortgage aren't deductible.

Homeowners can't deduct closing costs such appraisal fees, loan preparation fees, attorney fees or notary fees for a refinancing unless the property being refinanced is a rental property. You can deduct any points you pay to refinance the mortgage...

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The Best Time of the Month to Close on a Mortgage ...

The Best Time of the Month to Close on a Mortgage

by Louise Balle

When you apply for a mortgage loan, the loan officer estimates a closing date. You have a say in the final closing date for the loan -- you just have to ensure that it's also convenient for the seller and your real estate agent. Consider what is the best time of the month to close on a mortgage before you set a date with your...

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Prime Rate vs. Mortgage Rate - Budgeting Money

The terms "prime rate" and "mortgage rate" can be confusing to those new to the world of borrowing and banking. Actually, they're unrelated and move up or down based not on each other, but on the overall economic situation in the U.S. Therefore, monitoring one will only marginally help you predict the movement of the other. But both rates may affect you.

Prime Rate Definition

Technically, the...

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Are Loan Origination Fees for Reverse Mortgages Tax ...

Are Loan Origination Fees for Reverse Mortgages Tax Deductible?

by Tom Streissguth

Reverse mortgages allow homeowners to "cash out" without selling.

In a reverse mortgage, a mortgage lender advances money to a homeowner on the value of the property. When the homeowner dies, moves out or surrenders title to the home, the loan must be repaid. Reverse mortgages are designed for seniors who seek to...

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What Is a CRA Mortgage? - Budgeting Money

If you dream of owning a home, but don't make a ton of money, a CRA mortgage might make that dream come true. Congress passed the Community Reinvestment Act of 1977 in part to combat discrimination in mortgage lending against people living in low-income neighborhoods. Congress also wanted to encourage home buying in those areas through the CRA. CRA mortgages aren't perfect by any means, but they...

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Related topics : home mortgage loans for low income / federal home loan bank of san francisco / first mortgage company home loans / home mortgage loan company / first home mortgage loan officers

Can I Refinance My Mortgage for What I Owe? - Budgeting Money

It's definitely a downer when you realize your mortgage payoff is more than your stated balance. When you look at your mortgage, it's only natural to think that if you borrowed $200,000, you only have to pay back that $200,000. However, when you take into account accrued interest, cancellation and administrative fees, and prepayment penalties, you will realize you owe quite a bit more than you...

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Related topics : mortgage loan lenders / refinance mortgage take money out / bank loan refinance / refinance my mortgage for more than i owe / refinance mortgage lenders reviews

Using Your 401(k) to Buy Investment Property - Budgeting Money

Using Your 401(k) to Buy Investment Property

by Steve Lander

401(k)s can help you become a real estate investor.

401(k) retirement accounts let you have money taken out of your paycheck so that you can save for your golden years. One of their key benefits is that the money comes out before taxes do, unless it's a Roth 401(k), so you effectively get to spend less to save more. While many 401(k)...

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Related topics : cash out loans investment property / cash out loans real estate / cash out real estate / take out cash