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Financial
Bidding for a new home can get pretty fierce in today’s market.  Here are three potential solutions to avoid getting outbid on your new home: Turn in your loan paperwork BEFORE you place an offer.  In many cases, you are bidding against cash buyers who don’t need to wait for financing approvals.  Look at it...
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Many people are concerned about identity theft in light of the last Equifax data breach that impacted half the US population.  Here are two ideas you may want to consider in order to protect your credit and identity: 1 – You Can Place a “Credit Freeze” on Your Credit FileWhen a credit thief tries to...
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A “mortgage forbearance” is when the lender allows the borrower to defer their mortgage payments to a future date. The payments are not forgiven. They are simply postponed into the future. As required by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, many lenders are allowing homeowners to defer their monthly payments for a...
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Many people aren’t aware of the fact that, in most situations, there really is no gift tax. Here’s why… $15,000 ANNUAL EXCLUSION The federal government gives each of us an allowance to gift anybody $15,000 per year without incurring any gift tax. This $15,000/year replenishes every year, and it’s $15,000 per person. So, theoretically, I...
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Congratulations on your mortgage closing!  Here is a general overview of some information that may be helpful to you and your CPA as you prepare your 2019 tax returns (the return you’ll normally file by April 2020 – but now extended to July 2020 as a result of recent events).NOTE: these items are only deductible if...
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Here’s how the Coronavirus Aid, Relief, and Economic Security (CARES) Act benefits business owners and independent contractors:“Paycheck Protection Program” (PPP) Loans Up to 2.5 times Your Monthly PayrollBusinesses can apply for a loan that’s 2.5 times your monthly payroll. “Payroll” includes: Salary, wages, commissions, or tips (capped at $100,000 on an annualized basis for each...
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Here are four major ways that the Coronavirus Aid, Relief, and Economic Security (CARES) Act benefits homeowners and buyers: 1 – “Economic Impact” Checks of $1,200Eligible taxpayers who filed tax returns for either 2019 or 2018 will automatically receive an economic impact payment of up to $1,200 for individuals or $2,400 for married couples and...
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An insurance agent, mortgage originator, and real estate agent all walk into their local bar… Well actually, their local bar association… These three salespeople have an annual income that would make the average attorney blush. Further, none of these three professionals graduated with student loan debt. Seem plausible? Absolutely! The insurance, mortgage, and real estate...
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Yes, the Fed lowered short-term rates to 0%. Yes, the Fed is embarking on a massive $700 billion bond-buying spree that’s supposed to lower interest rates. Yes, mortgage rates actually went UP last week… in a big way.  What gives?! Supply and DemandThe Fed doesn’t control mortgage rates. Mortgage rates are determined by the supply and demand for...
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Monday, March 16, 2020This is a special report to illustrate how mortgage rates have responded to coronavirus fears and financial market volatility. It’s certainly been a roller-coaster ride! Part 1: Mortgage Rates Dropped to Historic Levels Mortgage rates are determined by the supply and demand for mortgage bonds in the bond market. When mortgage bond...
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