Whether you’re purchasing your first home or your second, lenders will look at your income to determine if you can afford a Kansas City home loan. Namely, they will analyze your gross income, or the income you make before taxes and deductions are made. As a home owner, here is what gross income means for you: [Read more…]
You are moving from your current home and want to gift it to a loved one like an adult child. It can’t be that hard, right? Gifting your home to a loved one can be trickier than you may think, but they are doable when researched thoroughly.
Tax Consequences of Gifting a Home
When it comes to closing on your home, lenders are required to give you an estimate of how much your closing costs will be. Typically, home buyers will pay 2 to 6 percent of the purchase price of the home in closing costs and since closing costs are third party fees, they can be different from your estimate.
If you aren’t prepared, these costs can end up being more than you can handle. Depending on your situation, there are many options available to help you get closing cost assistance. [Read more…]
You have been searching the market for the perfect home and found one that is for you. If you are serious about the offer, you will give the buyer a deposit of earnest money that they will hold onto until your offer is accepted by the seller. But what exactly is earnest money and how is it used? [Read more…]
When you enter a real estate contract, you have a due diligence period to take advantage of backing out of the contract without any consequences. But what if you break the contract after the due diligence period has expired? By design, real estate contracts aren’t supposed to be easy to break. After all, if they were, then they’d be useless as anyone would not honor the deal. Here’s what you could expect if you break contract: [Read more…]
Ginnie Mae, or the Government National Mortgage Association, is a corporation inside the U.S. Department of Housing and Urban Development. It was originally founded as the Federal National Mortgage Association before being split into Fannie Mae and Ginnie Mae in 1968. Ginnie Mae’s responsibility is to support the market for the following loans: [Read more…]
Some people have found success in real estate investment but it’s not a venture for everyone. It’s a serious commitment to borrow money from a mortgage lender. With that being said, you should understand that there are pros and cons to investing in real estate. These factors will affect your decision to invest or not. [Read more…]