Paying your income taxes each year leaves your wallet a bit thin? There may be money hiding in your home that lessens your tax burden. Here are four places to look: Home-Office Deduction If you work from home, you could qualify for a home-office deduction. Taking the deduction can be a bit complicated; so many people who qualify don't claim the exemption. An estimated 26 million Americans have home offices, but only 3.4 million claim them on their tax return. Perhaps that's why the Internal Revenue Service attempted to simplify the process in 2013. The write-off takes into account depreciation, utilities, insurance, the amount of square footage dedicated for office space, whether you host … [Continue Reading...]
The major inflation data reports have been released, and the initial readings indicate that inflation has exceeded expectations. While the data suggests that the Federal Reserve is unlikely to allow any further rate cuts beyond those already implemented, optimism remains in the broader lending markets. This optimism is driven by expectations that the new administration may introduce changes to monetary policy in the longer term. Although inflation has come in higher than expected, it remains to be seen what next week's PCE Index—the Federal Reserve’s preferred inflation indicator—will reveal. Consumer Price Index (CPI) Consumer price data for goods and services was released … [Continue Reading...]
Presidents’ Day is a time to reflect on leadership, vision, and the pursuit of big goals. Throughout history, homeownership has been a key part of the American Dream, a foundation for stability, growth, and opportunity.If owning a home is one of your goals this year, now is a great time to start planning. Market conditions, loan options, and expert guidance can all help make your journey easier. Whether you’re buying your first home, upgrading to a new space, or refinancing for better terms, having a clear strategy can make all the difference. Homeownership is a big step, but with the right support, it’s more achievable than you think. Reach out today to explore your … [Continue Reading...]
When homeowners need access to funds or want to optimize their mortgage terms, they often face a critical decision: Should I get a second mortgage or refinance? Both options have unique advantages and considerations, making it essential to evaluate your financial situation and long-term goals before choosing the best path. Understanding a Second Mortgage A second mortgage is a loan that allows homeowners to borrow against their home equity while keeping their original mortgage intact. There are two main types of second mortgages: Home Equity Loan: A lump sum loan with a fixed interest rate and set repayment schedule. Home Equity Line of Credit (HELOC): A revolving credit line with a … [Continue Reading...]
When considering homeownership, many potential buyers wonder: Will getting a mortgage help my credit score? The answer is yes—if managed correctly. A mortgage is a major financial commitment, but it can also be a powerful tool for building and maintaining strong credit. Here’s how a mortgage can affect your credit score and what you should keep in mind. Building Credit with On-Time Payments One of the most significant factors influencing your credit score is payment history. Mortgage payments, like other loans, are reported to credit bureaus. Making your payments on time and in full each month demonstrates financial responsibility and can have a positive impact on your credit … [Continue Reading...]
The mortgage industry is evolving rapidly, driven by advancements in technology and innovative financing solutions. Homebuyers today have more options than ever, from digital mortgage applications to alternative financing methods that cater to different financial situations. If you’re planning to buy a home or refinance, understanding these emerging trends can help you make more informed decisions. 1. Digital Mortgages: A Faster, More Convenient Process Gone are the days of piles of paperwork and long processing times. Digital mortgages are transforming the industry by streamlining the application, approval, and closing processes. Many lenders now offer fully online applications, … [Continue Reading...]
