Category: Home buying

 After buying a house, it is important to understand the tax implications of homeownership. According to the Internal Revenue Service (IRS), homeowners can deduct the following expenses from their taxes: state and local real estate taxes, home mortgage interest, and mortgage insurance premiums 1. However, taxpayers must file Form 1040 or Form 1040-SR and itemize their deductions… Continue reading Home Tax

Getting pre-approved for a mortgage is an essential step in the home buying process. It helps you understand how much money you can borrow to buy a home, and it also makes you a more attractive buyer to sellers. In this blog post, What is a Mortgage Pre-Approval? A mortgage pre-approval is a process that… Continue reading How to get pre-approved for a mortgage

Purchasing a home is a significant investment that requires careful planning and preparation. Here are some steps you can take to prepare for a home purchase: By following these steps, you can prepare for a home purchase and make the process as smooth as possible. Remember to take your time and do your research to… Continue reading How to prepare for a home purchase

When a house is sold “as-is,” it means that the seller is selling the property in its current condition and will not make any repairs or improvements before the sale. The buyer is purchasing the property with full knowledge of any defects or issues that may exist, and will be responsible for making any repairs… Continue reading Buying a house As-Is

The amount of down payment required to buy a house can vary depending on the type of loan you are using, your credit score, and the price of the home. Conventional Loans Conventional loans, which are not backed by the government, typically require a minimum down payment of 5% to 20% of the purchase price.… Continue reading How much downpayment do you need to buy the house

Financing Contingency A financing contingency is a condition in which the sale of the home is contingent upon the buyer obtaining financing. This means that if the buyer is unable to secure a mortgage, they have the option to back out of the sale without penalty. A financing contingency typically includes a deadline by which… Continue reading Navigating the Home Buying Process: Understanding Contingencies

Earnest Money Deposit (EMD) An Earnest Money Deposit (EMD), also known as a “good faith deposit,” is a deposit made by the buyer to show that they are serious about purchasing the home. The EMD is typically held in escrow by a third-party and will be applied towards the purchase price of the home if… Continue reading Navigating the Home Buying Process: Understanding EMD, Contingency Deadlines, and Closing Disclosure