Mortgage Deduction Value
October 31st, 2009
Question: Refinance home?Good Time?
I bought a home a year and a half ago and i have a thirty year fixed note at 6.875%. my payment is roughly 780 without the taxes and insurance. I financed $119,000. and i recently had an appraisal for $155,000. I would love to do away with the 78$ montly mortgage insurance and get a lower rate and or payment. However i have to go by stated income since i am self employed hairdresser and use deductions on income taxes. Also i am interested in down the road purchasing another home and renting out my current home. Not anytime soon but I want to keep that in mind. Any advice would be great. Oh ya I am in Texas and where i live values are going up not down and I have great credit.
Answer: Hi I am a Realtor in CT. I believe (now I could be wrong) that all stated income products are no longer available. They did away with that when the market crashed. Just like there are no more mortgage products for 100% finanacing.
What I think you should do is just wait a little longer. Here is what I read today in my daily real estate email. Good Luck Realtor Tina in CT
Obama Promises More Low-Cost Mortgages
President Barack Obama promised Saturday to reduce mortgage costs as a key part of his plan to improve the economy.
Analysts applauded the move, saying that making low-cost mortgages widely available could stabilize housing markets and jumpstart new home construction.
Beyond that, observers say aid for the troubled housing market will help blunt the anger many Americans feel over the financial bailout as the executives of firms that received billons take bonuses while average people lose their homes.
Source: Reuters News, Mark Felsenthal (01/31/2009)
Items on Amazon Right Now for Mortgage Deduction Value:
How to Fix Your Finances in 2010
A simple plan to help you save more, earn more and spend and invest more wisely in the New Year.
First Time Home Buyer Loan, $8000 Tax Credit, FHA Low Down Payment Mortgage Assistance Program
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