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Nancy Celis' Real Estate Blog

Looking to Buy or Sell? Call me 626.893.6070

By NANCY CELIS | Agent in Covina, CA
  • 5 REASONS FOR BUYING

    Posted Under: General Area in West Covina, Home Buying in West Covina, Home Selling in West Covina  |  September 19, 2013 6:55 AM  |  374 views  |  No comments

  • B OF A LOAN

    Posted Under: General Area in West Covina, Home Buying in West Covina, Home Selling in West Covina  |  September 19, 2013 6:53 AM  |  395 views  |  No comments
    IF YOU HAVE AN EXISTING LOAN WITH BANK OF AMERICAN AND ARE FACING DISTRESS, YOU MAY BE ELIGIBLE FOR THE HARP PROGRAM, IT HAS BEEN EXTENDED TO 2015

    FHFA has announced the extension of the HARP by two years to December 31, 2015.

    4/23/2013

    The Federal Housing Finance Agency (FHFA) has announced the extension of the Home Affordable Refinance Program (HARP) by two years to December 31, 2015. The program was set to expire December 31, 2013. We applaud this decision and will continue to fully support HARP for our eligible customers.

    At Bank of America, HARP has proven to be an important tool for enabling our customers, especially underwater homeowners, to achieve meaningful financial savings through interest rate reductions in a streamlined refinance transaction. Since 2009, Bank of America has been an important participant in HARP, providing interest rate reductions for more than 350,000 borrowers with loan-to-value ratios (LTVs) greater than 80 percent. This year we expect to fund more than 100,000 HARP loans.
  • WHAT DOES IS MEAN TO BE UPSIDE DOWN IN YOUR MORTGAGE

    Posted Under: General Area in West Covina, Home Selling in West Covina, Foreclosure in West Covina  |  May 5, 2013 10:48 AM  |  236 views  |  No comments



  • TAX BENEFITS OF HOME OWNERSHIP

    Posted Under: General Area in West Covina, Home Buying in West Covina, Home Selling in West Covina  |  May 5, 2013 9:57 AM  |  171 views  |  1 comment

    The tax deductions you’re eligible to take for mortgage interest and property taxes greatly increase the financial benefits of homeownership. Here’s how it works.

    Assume:

    $9,877 = Mortgage interest paid (a loan of $150,000 for 30 years, at 7 percent, using year-five interest)
    $2,700 = Property taxes (at 1.5 percent on $180,000 assessed value)
    ______

    $12,577 = Total deduction

    Then, multiply your total deduction by your tax rate.

    For example, at a 28 percent tax rate: 12,577 x 0.28 = $3,521.56

    $3,521.56 = Amount you have lowered your federal income tax (at 28 percent tax rate)

    Note: Mortgage interest may not be deductible on loans over $1.1 million. In addition, deductions are decreased when total income reaches a certain level.

    Contact me today at 626-893-6070 for further details

  • CREATIVE WAYS TO OWN A HOME

    Posted Under: General Area in West Covina, Home Buying in West Covina, Home Selling in West Covina  |  May 5, 2013 9:52 AM  |  166 views  |  No comments
    1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov.
    2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage.
    3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors' names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can’t participate.
    4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history.
    5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.
    6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you’re in good financial standing, with a strong income and little other debt.
  • 7 REASONS TO OWN YOUR HOME

    Posted Under: General Area in West Covina, Home Buying in West Covina, Home Selling in West Covina  |  May 5, 2013 9:50 AM  |  131 views  |  No comments

  • Tax breaks
    . The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.
  • Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.
  • Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
  • Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
  • Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.
  • Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.
  • Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
  • SEVEN HOME VALUE PITFALLS

    Posted Under: General Area in West Covina, Home Buying in West Covina, Home Selling in West Covina  |  January 30, 2013 6:03 AM  |  127 views  |  No comments



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