Land Loan Financing
United Country Mortgage is now offering Land Loan financing for qualified applicants. Click here to find out more.
Let me help you find the right property, then call the United Country Financing team to secure your mortgage.
To learn more about Ludlow VT real estate or market trends, please call me at 802-353-1983 or visit ISellVermontRealEstate.com. You may also sign up to receive automated emails of new listings that match your criteria here
More Interest Rate Cuts – What Does It All mean?
When the Fed lowers interest rates, as it continued to do this week, everyone gets excited and there is a lot of buzz about the real estate market. But – when it comes to you and me – what do these lower interest rates really mean? Here are some examples:
Homeowners: If you already have an adjustable-rate mortgage (ARM) on a home, you could save hundreds of dollars a month if your loan is pegged to Treasury rates, which have fallen considerably thanks to the Fed’s recent cuts. The catch is that many buyers in more expensive areas resort to “jumbo loans,” which are typically pegged to slower-moving indexes that remain elevated. If you have a fixed-rate mortgage (not a jumbo loan), you could consider the cost of re-financing (think origination fees, appraisal fees, closing costs) against the savings of a lower interest rate for your monthly payment.
Borrowers: Several banks lowered their prime rate, which forms the foundation for car loans, home equity lines and other loans. But you must carry a whopping $5,000 credit card balance to save just $12.50 annually from a quarter-point rate cut.
Consumers: Lower rates threaten to boost inflation and the price of imports. So far, inflation has been held in check, and foreign companies generally are holding the line on prices.
Savers: Falling interest rates normally would whack rates on CDs and other savings. But the cash crunch has spurred many banks to prop up such rates.
Travelers: International vacations and business trips cost more because the dollar has sagged in the wake of the Fed’s cuts. But it could be buoyed if other central banks trim rates.
In short, unless you are about to purchase a new home and can take advantage of the new lower interest rates by locking in a fixed-rate mortgage now, you may not end up seeing a whole lot of benefit to the interest rate cuts.
To learn more about Ludlow VT real estate, please call me at 802-353-1983 or visit ISellVermontRealEstate.com. You may also begin searching the MLS here!
Okemo Mountain VT Vacation and Investment Home Taxes
Continuing with last week’s discussion about preparing for tax season, I wanted to spend some time this week covering issues related to paying taxes on vacation homes. Many homeowners in the Okemo Mountain area use their property as a vacation home – but can these homes truly be claimed as vacation properties?This article from RealEstateJournal.com answers this and other important questions, such as:
When and under what circumstances do I have to pay taxes on rental income?
What sort of deductions can owners of rental properties take?
If my vacation home is considered a secondary home (not a rental home), what deductions can I take?IRS Publication 527: Residential Rental Property
IRS Tax Topic 415: Renting Residential and Vacation Property
IRS Publication 925: Passive Activity and At-Risk Rules
To learn more about owning an Okemo Mountain vacation home or Ludlow VT real estate, please call me at 802-3531983 or visit ISellVermontRealEstate.com. You may also begin searching the MLS here!
Once you have determined which category your property qualifies as, there is a helpful chart in the article that will give you an idea of what to expect as far as property taxes this year.
Other helpful links on this topic:
Getting Ready for 2008 Tax Season
It’s official – tax time is upon us. If you are like many Americans, just the thought of getting organized enough to start the paperwork can be overwhelming.This article
from BankRate.com details 7 steps to help get you ready to file your 2007 taxes. I’ve listed the steps below, but please check out the article for more helpful hints!
– Prepare for the arrival of your records (designate an envelope or folder to store all of the records you’ll receive in the mail)
– Track down social security numbers (make sure you have the correct SSN’s for everyone in your family)
– Find your forms (if you are not filing electronically, download the necessary forms or pick them up at a post office)
– Decide how you want to do your taxes (Do-it-yourself or hire a pro? Paper and pen or computer software?)
– Consider electronic filing (find out if you qualify for Free File!)
– Use direct deposit (it may not be as exciting as receiving that refund check in the mail, but it’ll save you a trip to the bank!)
– Don’t panic!
I’d like to add my own advice: if you bought or sold a home in 2007, pull out those closing documents and start making copies! You will need to provide proof of your purchase or sale (usually a closing statement will suffice), along with any loans that were taken out or paid off in 2007. If you have lost any of these important documents, contact your Realtor who can help you track them down.
If 2008 is going to be the year for you to invest in a home of your own, please visit ISellVermontRealEstate.com and begin searching Ludlow VT real estate here. You may also call me at 802-353-1983.
The Lowdown on Ludlow VT Vacation Home Taxes
If you are considering purchasing an Okemo Mountain VT vacation home in time for ski season, you may be curious about how you will be taxed on the prospective property.This article from Smart Money magazine explains how you can purchase a vacation home and afford to pay the taxes on it. In addition to covering timeshares and multiple residences, vacation homeownership is broken down into three main groups for tax-related purposes:ISellVermontRealEstate.com. Or click here to see my current listings!
· Use a lot, rent a lot (home is considered a personal residence but income must be accounted for)
· Rent a lot, use a little (home is considered a rental property)
· Use a lot, rent a little (home is considered a personal residence and income does not have to be declared)
If you are thinking of purchasing a Ludlow VT vacation home, please call me at 802-353-1983 or visit
Improvement In Mortgage Market Bodes Well For 2008 Housing
Conditions in the mortgage market are improving for consumers, which should help to release some pent-up demand in early 2008, according to the latest forecast by the National Association of Realtors®.
Lawrence Yun, NAR senior economist, notes that widening credit availability will help turn around home sales. “Conforming loans are abundantly available at historically favorable mortgage rates. Pricing has steadily improved on jumbo mortgages since the August credit crunch, and FHA loans are replacing subprime mortgages,” he said.
Remember that the Ludlow VT real estate market is always changing from month to month and neighborhood to neighborhood. For the most up-to-date information about Ludlow VT real estate, please call me at 802-353-1983 or visit ISellVermontRealEstate.com. Also click here to request relocation information!
How to Avoid Foreclosure in Ludlow VT
If you have a mortgage on your Ludlow VT home, you have probably been paying close attention to the latest interest rates and are aware of the ongoing rise in the foreclosure rate across America.This article from FreddieMac.com outlines the terms associated with foreclosure and gives a good starting point with steps to take if you think you may soon be unable to pay your mortgage. Some of the topics covered in this helpful article:
– What to do if you can not pay your mortgage
– What if you can no longer afford to keep your home
– Beware of scam artistshere!
What would you do if you were actually faced with the prospect of foreclosure? Would you have the information needed to make an informed decision on your financial future? Many homeowners think it can or will not happen to them, so they do not take the time to learn what the options are on the best way to move forward in a stressful situation such as foreclosure.
I would like to add to the list of steps to take when facing foreclosure – contact an experienced Realtor! Along with a reputable lender, an experienced Realtor can help explain your options and guide you through the choice that is best for you.
For more information about Ludlow VT real estate, please call me today at 802-353-1983 or visit ISellVermontRealEstate.com, I would be happy to help you. You may also begin searching the MLS
How to Write Off Your Move to Ludlow, VT
Many home buyers are not aware of the fact that most moving expenses for a job-related move are tax deductible. If you want the savings, however, it is extremely important to keep detailed records of all moving expenses, including house-hunting trips, if your move is job-related.
If you are moving more than 35 miles from your current home, you can deduct all kinds of moving expenses, including but not limited to: your family’s travel expenses, including meals and lodging; the cost of transporting furniture, other household goods, and personal belongings; food and hotel bills for up to 30 days in the new city if you have to wait to move into your new home; and the costs associated with selling your old home or leasing your new home.
The IRS’s Publication 521, “Tax Information on Moving Expenses,” provides all of the details on deducting items related to your move, including limits to how much you may deduct. You can download the publication using the link above, or pick it up for free at any IRS office!
Thinking about moving to Ludlow, VT? Start by searching the MLS here, or call me at 802-353-1983 for all of your Ludlow VT real estate needs!
How To Finance Your Okemo Mountain VT Vacation Home
Today’s mortgage market is uncertain, to say the least. Because of this, many investors and second-home buyers are jumping to the conclusion that paying cash is always the best way to finance their investment home.Real Estate Journal. Read her response and remember that an experienced Realtor is your best resource to help you find a lender who will give you sound, unbiased advice on the best way to finance the purchase of your dream home.click here to begin searching the Ludlow VT MLS. You may also visit my website or email me to learn more about Okemo Mountain real estate. I would love to help you invest in your dream vacation home!
Paying cash certainly eliminates the risk that comes with rising interest rates and the growing rate of foreclosure. But does it limit the tax benefits of homeownership? And can you really afford to have that much money invested in one asset?
This is the question that was recently posed to columnist June Fletcher in the
Please
Tips for Homeowners in Ludlow VT
The recent coverage of Hurricane Dean and other weather-related disasters across the country should be giving homeowners everywhere cause to take a minute and review their homeowners insurance policies. It is a good idea to look over your policy periodically to be sure you are familiar with all of its details and feel comfortable that you will be protected before a natural disaster strikes or you have to file a claim. Below are 5 tips for understanding your homeowners insurance:
1. Look for exclusions to coverage. For example, most policies do not cover flood or earthquake damage as a standard item – these coverages must be purchased separately.
2. Look for dollar limitations on claims. Even if you are covered for a risk, there may be a limit on how much the insurer will pay. For example, many policies limit the amount paid for stolen jewelry unless items are insured separately.
3. Understand replacement cost. If your home is destroyed you’ll receive money to replace it only to the maximum of your coverage, so be sure your insurance is sufficient. This means that if your home is insured for $150,000 and it costs $180,000 to replace it, you’ll only receive $150,000.
4. Understand actual cash value. If you choose not to replace your home when it’s destroyed, you’ll receive replacement cost, less depreciation.
5. Understand liability. Generally your homeowners insurance covers you for accidents that happen to other people on your property, including medical care, court costs, and awards by the court. However, there is usually an upper limit to the amount of coverage provided. Be sure that it’s sufficient if you have significant assets.
To learn more about homeownership and Okemo Mountain real estate, please visit my website or call me at 802-226-8022.