Archive for the Category Real Estate

 
 

Don’t Dither. Buy Your First Home Now.

Interest-rate worries shouldn’t keep you from snagging that $8,000 tax credit.

From Kiplinger’s Personal Finance:

Mark is one of millions of Americans eager to become a homeowner, drawn by low interest rates, affordable property prices and the government’s tax credit for first-time buyers. That credit is worth 10% of the purchase price, up to a maximum of $8,000. (The credit not only cuts your tax bill dollar for dollar, but if you wouldn’t normally owe $8,000 in taxes, you get a refund.) The credit begins to phase out for individuals with an adjusted gross income of more than $75,000 and for married couples filing jointly who earn $150,000. And you must live in the home for three years.

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Should I Prepay My Home Equity Loan?

Does it make sense to sell mutual funds to prepay a home-equity loan?

From Kiplinger’s Personal Finance:

The Question: Does it make sense to sell mutual funds to prepay a home-equity loan?
The Answer: Jeremiah Bodner is well on his way to a junior membership in the millionaire’s club. The 34-year-old bachelor owns a condo and two rental properties and has saved $285,000, including $100,000 in retirement accounts. Bodner, who lives in Berlin, N.J., makes $72,000 a year as a social studies teacher and on the side runs a vending business selling hot dogs at a local flea market. “When everyone else is having fun on the weekends, I’m working my stands,” he says.

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