Tax Day has come and gone, but these tips can help homeowners save money the next time they file.
Jumbo-mortgage holders can only deduct annual interest payments on up to $1 million of debt that they take to buy, build or improve a home. They can also deduct interest on up to $100,000 of equity-line or equity-loan debt.
But federal and state income taxes, as well as property taxes, offer a variety of exemptions, deductions and credits that can save money for luxury homeowners, according to certified financial planners.
Deliquencies increased at the end of 2013, and they may grow more this year.
For several quarters, lenders have been reporting low and falling delinquency rates for credit card, mortgage and auto-loan borrowers, and that positive trend has opened credit products to consumers with lower credit scores.
That may be starting to shift.
A greater share of mortgages were 30 to 59 days past due in the fourth quarter of 2013 than at the same time in 2012, and bank risk professionals expect credit card and auto loan delinquencies to follow suit.
If you're heading to your first open house this weekend, arrive with a plan in mind.
There's more that goes into buying a home for the first time besides shopping online for mortgage rates. To find the perfect home, you have to log off of the computer, get in your car and see homes for yourself. One way to do that is visiting open houses.
First-time homebuyers might naturally be reluctant to attend an open house held by a real estate agent. After all, no one likes to be hassled by a pushy salesperson. But in fact, open houses can be a good opportunity.
As Ken Pozek, a real estate agent with Keller Williams Realty in Northville, Mich., says, "It's a cool idea."
The suspended MLB star reportedly will receive $2.575 million for the unit, which he purchased for $2.1 million in 2013.
The currently suspended slugger has turned a small profit after flipping a luxury unit at the Mei Condominiums building in Miami Beach, Fla. The Wall Street Journal reports the sale of the condo closed last week for $2.575 million, with Rodriguez's sister, Sotheby’s International Realtor Arlene Susy Dunand, representing him in the deal.
The house of Gilbert Arenas includes shark tanks, a hyperbaric chamber and a grotto. It's listed for $2.798 million.
Like the player himself, the market for Gilbert Arenas' mansion in Virginia appears to have bottomed out.
The NBA free agent’s 9,000-square-foot spread, known for its multiple custom shark tanks and "Entourage"-style swimming pool and grotto, has returned to the market at a discount. Arenas originally asked $3.5 million when he first began shopping the home in 2012, and he then dropped the price to $3 million last year. However, after its latest price cut, the mansion can now be had for just $2.798 million.
An uneven recovery has left homeowners in some parts of the country owing more on their mortgages than their homes are worth.
Nationwide, plummeting prices from the housing collapse in 2007 left more than a quarter of all homeowners with a mortgage owing more than their home was worth. Now, the recovery in home prices in many parts of the country has helped lift some underwater homeowners back above water.
But as the rebound in home prices has slowed in recent months, so has the recovery process for those still submerged with negative equity, according to the latest data from RealtyTrac.
Average rate on 30-year fixed-rate home is now 4.27 percent, after Fed announcement.
The average rate for a 30-year fixed mortgage was 4.27 percent this week, down from 4.34 percent, according to a statement on Thursday from Freddie Mac. The average 15-year rate dropped to 3.33 percent from 3.38 percent, the McLean, Va.-based mortgage-finance company said.
The price is right, but good luck turning a profit, house flippers say.
For sale: A spacious 1,600-square-foot, three-bedroom Tudor-style home built in 1929, with one-and-a-half baths, glass block windows, hardwood floors, crown molding and custom fireplaces. Within walking distance of restaurants, playgrounds and public schools.
And it’s being offered next month for as little as $1,000.
Just one catch. The single-family house on 5500 Kensington Ave. has a ZIP code that makes listing agents wake up in cold sweats: 48224.