Tax Breaks

Most homeowners are keenly aware of the interest tax deduction on their home loan, but there are many other tax breaks which are often overlooked at income tax time. Pro-rated property taxes and mortgage interest in the year of sale are deductible. You will find these amounts listed on your closing settlement statement. If you paid off your mortgage and had to pay a pre-payment penalty, it qualifies as tax deductible interest. If you paid an “acquisition mortgage loan fee” on a home loan, this fee can be deducted as itemized interest. Home improvement loan fees are also deductible. Any remaining loan fees from re-financed or paid-off mortgages are fully deductible at the time of the mortgage payoff.
Certain items don’t qualify as deductions, but can be added to the cost basis of your home, such as transfer taxes, recording and title fees, and special local property tax assessments for new sidewalks, streets, or sewers.
Don’t be intimidated by the tax code! A little research or consultation with an expert can help you maximize your real estate tax advantages. For more advice, tools and tips visit: http://www.ratesarehot.com

Broom Clean

Most purchase agreements contain language that requires a home to be free of trash and debris and “broom clean” at closing. While this language is not precise, the general idea is that you should convey a clean house to your buyers, one in the same condition that you hope to find your new home.

When the movers leave with your furniture, you may even want to consider hiring a professional cleaning service to thoroughly clean the home. It is crucial to leave your house as pristine as possible for the new owners. This includes getting rid of any leftover junk in the storage spaces. When the buyers show up for their final walk-through, they will feel much better about finalizing the sale if everything sparkles. This will set up a positive mood for completing the transaction and help to minimize any disputes at the closing.

Maximize Your Homes Appeal

Sometimes a real estate agent will walk into a home that is basically attractive, yet communicates the feeling that something is lacking. Then the agent notices that all of the drapes are closed, interior lights are off and there is a lot of overgrown shrubbery blocking the sunlight that might otherwise pour through the windows.

A dark house is not as appealing to most buyers as one that is flooded with light. As a part of your preparations to market your home, try to maximize the light in your home. Make sure that all the windows are clean and the drapes are open when the house is being shown. A fresh coat of light paint can do a lot to brighten up the interior. If your house has very dark paneling, and you do not wish to repaint the walls, you may want to consider adding additional lamps. Your real estate agent may be able to provide other simple and cost-effective ideas about how to maximize your home’s appeal. for more tools, tips and prequalification advice, visit: http://www.ratesarehot.com

“Houses and Pets”

Houses and Pets
Many home owners are animal lovers and have cherished pets that are part of the family but you can’t afford having potential buyer’s fingers or ankles nipped by furry creatures during a showing. You have opened the front door to the home only to have a purebred Persian kitten scoot toward the nearest busy street.

If you have pets and are going to put your house on the market, be sure to work out the showing arrangements carefully. It is rare for pets to pose significant problems, but big dogs can be menacing. Buyers or agents may be allergic or even a little phobic about dogs or cats. For more tools, tips advice and to get prequalified for a mortgage visit: http://www.ratesarehot.com

It is difficult to get a buyer excited about your home if he or she is sneezing continuously or unwilling to cross the threshold because your dog is barking away intruders. If your agent knows there might be a problem, they can arrange ahead of time for you to walk the dog, vacuum the cat dander or do whatever is necessary to make sure that the showing goes smoothly.

Advantages of Building an Excellent Credit Score

Advantages of Building an Excellent Credit Score
Credit score refers to your adeptness in utilizing the credit facility provided to you. Building an excellent credit score for yourself is going to indicate to the world that you can skillfully manage your finances via prior planning. Whenever you have built an excellent credit score it acts as prior pre qualification to acquire new loans or financing for your new ventures in your personal or business fronts.
What is Considered Excellent?
FICO is one reputed organization whose credit scoring for individuals is considered quite reliable. It gives a score ranging from 300 to 850 for individuals based on their credit history. A score of 750 or above is considered to be an excellent credit score.
You should understand several of the advantages you can obtain by having an excellent credit history.
For example: It becomes easier to bargain for new loans at a lower rate of interest with an excellent credit score. It is also possible to obtain credit cards with enticing interest rates. Also, automobile insurance can also be sought out at lower interest rates. Apart from low interest rates, your credit score can also help you acquire utilities and other services at a lower price. It means that most of the service providers would provide you the services without taking any initial down payment – not bad.
If you are in the market and searching for a new home and need a mortgage prequalification or mortgage pre approval it will be much easier to obtain one if you have a good credit score. If not, the Mortgage Underwriters will consider you a long term threat and assume that since you can’t pay your other bills you might not be able to afford a home mortgage. Everyone should try to strive towards building a really good credit score. For free mortgage pre qualification advice, please visit http://www.ratesarehot.com.