- Tax ServicesThe following items are out-of-pocket expenses: fees for appraisals, attorneys, credit reports, deed recording, tax services, and other miscellaneous expenses. The borrower typically pays the fees for these services, which are usually performed by a third party. The majority of out-of-pocket fees are necessary and legitimate; however, if the borrower encounters a fee that causes confusion, he or she should ask the mortgage professional about it.
- Tax DeductionsDemystifying the Tax Code Demystifying the Tax Code Owning a house comes with many benefits, including tax deductions. The Tax Cuts and Jobs Act chang...
- Income TaxTax benefits. Property taxes and loan interest that you pay on your mortgage are tax deductible, decreasing income tax expenses.
- Mutual FundsAssets that can be considered in your application by us include: retirement funds, stocks, mutual funds, bonds, life insurance policies, and an estimated value of property, like real estate or a boat. You can use these assets to qualify for a loan, even if you have limited income.
- Mortgage RefinancingThe cancellation of a contract. In regards to mortgage refinancing, by law, the homeowner has three days to cancel the new loan if the agreement uses equity in the home as security.
- Reverse MortgagesMany seniors use reverse mortgages to access the equity in their home, but recent legislation by the FHA now allows seniors to use this loan option for a home they do not yet own. A reverse purchase loan is a unique type of FHA-insured mortgage.