Any questions related to Home Ownership. There is a related specific tag for Mortgages. It is recommend you include a country, state tag, or location in your question.

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1answer
91 views

Renting or owning my home?

I have been renting a home now for about 4 yrs. The money just seems to go into the monthly rent and its gone. Would I be better off purchasing and owning my own home. I live off of Social Security ...
0
votes
2answers
52 views

What is a “property tax assessment”?

Zillow list property taxes near the bottom of any listing. There are two main columns, Property Taxes and Tax Assessment. On an example $350k home for 2014, Zillow list the two values as: $1900 and ...
2
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2answers
153 views

Steps to buying a home

My wife and I are looking into buying a home. We are discussing home vs. co-op, I don't want the co-op I'm to worried about re-sale which I think will not exist. Basically what are some good steps to ...
27
votes
5answers
4k views

What are the economic benefits of owning a home in the United States?

I am trying to figure out if owning a home is more economical then renting. According to all the tools, according to the rent I pay now (< $800) owning a home is not economical, even in the long ...
5
votes
4answers
252 views

Home owners association for houses, pro/cons

(there is a question about home owners associations for condo communities here, so this is a) not a duplicate and b) fit for this website) In most contexts where I hear about a home owners ...
16
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5answers
4k views

Dad paying for my new home in cash. How can I buy the house from him?

We found a home we would like to purchase (U.S.). It was the 2nd day on the market and there were already two other offers for it, so we decided to make a cash offer ($230K) as my dad agreed to pay ...
5
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4answers
272 views

Sudden Wealth Management

My father passed away last week. I am not yet sure how much his life insurance is, it will be anywhere between 100k and 250k, which I know is a big range. Either way, I am having a bit of anxiety as ...
0
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1answer
133 views

Financial implications of purchasing a first home?

My girlfriend and I bought our first home and I'm wondering what finance topics this touches on? Some relevant info might be: We're in Vermont We aren't married We bought the house in late June ...
12
votes
6answers
3k views

Is it okay to put household utilities in girlfriend's name if I own the home?

I just bought a house. My girlfriend is going to be living with me, but the house is in only my name. To split the expenses, we are planning on her paying all of the utilities. Is there any problem ...
4
votes
1answer
176 views

What are the costs of using home equity to invest in another property?

I'm wanting to find out some details of using the equity I have in my home to invest in another property. Specifically, about the costs of the loan(s) involved. I'm currently assuming I need a ...
2
votes
2answers
49 views

Need to Purchase Homeowner's Association Documents?

I'm selling my home. As part of the transaction, I'm being asked to get some documents related to my homeowner's association: the bylaws, the rules and regulations, minutes, something called a 22.1. ...
2
votes
2answers
294 views

Can I afford this condo?

I just found a condo I really like and I am debating with myself whether it would be a good idea to pursue it from a financial perspective. I'd like to get some educated, objective opinions on my ...
4
votes
3answers
227 views

I am turning 18 and I am a Student, I need strategies on building great credit soon. Where should I start?

I am High School student in the top ten percentile and I am turning 18 in a few months. I need strategies on how to build and maintain a great credit score quickly. I have had the same job for over a ...
1
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0answers
39 views

Standard versus Enhanced Owner's Title Insurance

We are getting ready to close on our house, and I was wondering the circumstances under which an enhanced title insurance is better than a standard ALTA owner's title insurance. Here is a comparison ...
3
votes
1answer
141 views

What is a cash back mortgage and should I consider using one?

In speaking with a mortgage adviser recently, I found out about cash back mortgages. I was wondering if someone here knows about this and could tell me if they are a good idea? To give you some ...
6
votes
4answers
560 views

Am I really house poor?

This is my financial situation and I hope that someone can guide me. I have been in the market for a house to buy. There is a house that I like and I wanted to know if I could afford it. I have ...
2
votes
3answers
209 views

If I have a lot of debt and the housing market is rising, should I rent and slowly pay off my debt or buy and roll the debt into a mortgage?

I'm a Canadian divorcee who walked away from marriage with debt. I have a great income, but I owe $60K on a line of credit and credit card debt as a result of litigation. I pay $1,500/month in rent. ...
6
votes
1answer
122 views

How do I enter a house sale into my accounting package?

We sold our house and purchased a new one. The money from the sale went into our lawyer's trust account, and then was passed onto the vendor that sold us the new house. In my accounting package, I ...
3
votes
1answer
101 views

How much capital gains tax is due on the sale of a home if most income comes from Social Security?

My 94 year old widowed mother wants to sell her house. Her only income aside from Social Security is a $150/month retirement check from a job she had years ago. How much, if any, capital gains tax ...
5
votes
1answer
206 views

Can I bring a real estate agent with me after my first visit to a new home?

I am looking to buy a house, and I am a first-time buyer. I am reading a book on home buying, and it says the following with regard to new homes: "You might have to deal with the developer's ...
7
votes
1answer
5k views

How do I sell a home that's owned jointly if my partner doesn't want to sell?

I own a home jointly with a partner. I have made all the payments, taxes and insurance since the beginning. I have a buyer for the home but my partner does not want to sell. How can I override his ...
0
votes
0answers
117 views

How can I hedge against local home value?

I'd like to hedge against my neighborhood home value. I'm not terribly concerned if the overall housing market fluctuates, since if I move and sell my home for less, I can buy a new home for less. ...
3
votes
2answers
210 views

How to get the lowest mortgage rate on a new purchase?

Looking for a home loan in the mid $400,000, with 20% down on the value price, a first home purchase and in the U.S. What strategies can be applied to ensure the best interest rate possible? What ...
4
votes
1answer
113 views

Does a land with an existing foundation (poured-in) qualify for a conventional home mortgage?

Based on my research, loans for land and construction lots are usually at a much higher rate than those for the purchase of a home. However, if a home does have an existing foundation poured in, will ...
1
vote
1answer
110 views

Can I take money from my 403b to buy a home at 65 years old without penalty

I will be 65 years old in July. My mother died and left my siblings and me her home. Can I use the money in my 403b to buy my siblings out?
7
votes
3answers
602 views

When is the right time to buy a car and/or a house?

I am a 24 years old young IT professional. Since I don't have addictions to anything including drinking, I mostly save a lot (around 50% of my income after tax like $15-$25k a year). Currently I drive ...
2
votes
1answer
65 views

Is a trustee sale winning bid all inclusive, or are prorated taxes & fees due?

Is my winning bid at a trustee sale on a foreclosed home all inclusive, or can the trustee make us pay prorated taxes and home owner association fees? If we must pay the fees, when would they be ...
2
votes
1answer
73 views

How do I obtain the foreign equivalent of homeowner's insurance when buying a vacation home in another country?

I am considering purchasing a property in another country as a vacation home. I'll continue to live in the US (nation of citizenship), but may consider using the foreign home as a retirement locale, ...
4
votes
1answer
295 views

Where to invest proceeds from home sale to be used to buy new house within five years?

My wife and I have just sold our house (mortgage was paid off) in the city we lived previously. We're currently renting because we're not sure if we're going to remain in our new city. At some ...
13
votes
2answers
503 views

Seller refuses to accept offer on home until after inspection

I'm currently trying to buy a home (that happens to be a foreclosure), and the bank who owns it is allowing us an inspection period, however they are unwilling to accept our offer until after the ...
10
votes
1answer
1k views

Is it better to buy a house at the end or beginning of a year?

Right now I'm looking for a house, and might be closing in the next few months. One thing that I want to consider is when the closing date should be. We are flexible with the date by a bit, and the ...
2
votes
4answers
402 views

How do I know if Home value is likely to go up?

When looking for a home to purchase, I have heard that location is an important factor in determining whether the home value will go up or not. What things would I need to look for when purchasing ...
10
votes
2answers
246 views

What are the most important things to ask a real estate agent before hiring them?

I've been researching the best ways to search for a home, and questions have come up about real estate agents. Getting a good real estate agent could potentially save you thousands of dollars, but ...
3
votes
3answers
726 views

Can my rent to own equity be used as a downpayment?

Here is my scenario. Homeowner wants $296,000 Will give me letter stating that I have 20% down payment as a result of rent payments being applied toward purchase price. My question is...does the ...
2
votes
1answer
104 views

Where can I find the current price to rent ratio of the locality of my interest?

After reading an article about where to buy homes, I'm trying to do research on renting versus purchasing a home. I'd like to figure out what the price to rent ratio is as one factor of my research. ...
10
votes
1answer
1k views

How do Islamic Banking give loans for housing purposes?

Islamic banks do not give loans they invest in financial activities of their clients. Am I correct? If yes, then how can they provide loans for housings? Home loans have nothing to do with business. ...
6
votes
3answers
889 views

If you buy a new home before selling the old one, what could happen from not paying the old mortgage?

I'm researching the process of selling a home and buying a new one. Several articles warn against buying the new home before the old one is sold because you may end up having to pay two mortgages. I'm ...
10
votes
4answers
1k views

Buying a house, Bank or rent to own?

We currently rent a house. Our credit is ok, but we're working on it (paying things off, disputing things, etc). We are first time buyers. We have a good relationship with the owners. We are thinking ...
9
votes
1answer
121 views

Is it legally safer to purchase a short sale instead of a foreclosure?

I'm considering purchasing a home, and given todays market I've been viewing a lot of foreclosures and short sales. That being said, I have a question on short sale VS foreclosure in terms of legal ...
2
votes
2answers
418 views

Cashing in stocks for house downpayment

I've got a handful of stocks that I'm planning on cashing in for a house down payment. I'm wondering if anyone knows if I will get hit with capital gains tax, if I'm immediately reinvesting the money ...
2
votes
5answers
1k views

Comparison of cash concessions vs lower home purchase price?

My agent advised me that its common to get a 3% cash concession from the seller when purchasing a home to cover closing costs. I want to know what negative affects this might have by taking cash in ...
4
votes
2answers
388 views

Good idea to purchase condo with no home owners association?

I'm looking at REO condos on homepath.com (the site for Fannie Mae foreclosures, etc). I'm wondering, is it a good/bad idea to purchase a condo with no home owners association? Most of them have ...
5
votes
2answers
246 views

How to tell if HOA for a prospective condo purchase is financially healthy?

I'm considering purchasing a condo. I live in a major metropolitan area; so I'm almost certainly going to end up in a building maintained by an Home Owners Association (HOA). As I'm learning the ins ...
7
votes
3answers
256 views

Saving for a down payment on a new house, a few years out. Where do we put our money next?

We currently have two rewards checking accounts. We are nearing the maximums permitted on each account, after which we receive .5% and .25% APY. It's within our means to perhaps open another one, ...
14
votes
5answers
296 views

What factors are to be considered when deciding to go with a 15 year fixed vs a 30 years fixed?

What factors are to be considered when deciding to go with a 15 year fixed vs a 30 years fixed? Pretty simple really; I could make the payments on a 15 year fixed, but at today's low interest rates, ...
3
votes
1answer
106 views

Tax implications on profit/loss from selling a home that's not your primary residence?

What is the tax treatment for profit/loss on the sale of a home that is not your primary residence? Does length of ownership matter? USA rules, please.
1
vote
3answers
463 views

How do I calculate the dwelling coverage I need from the information I have?

I have just finished ratifying a contract for a home purchase. Our timeline for getting everything done is fairly tight and I'd like to start getting the homeowner's insurance squared away as soon as ...
2
votes
2answers
584 views

Do I have to repay the First-Time Homebuyers tax credit if I refinance?

My wife and I bought our first home in April 2010 and received the full $8000 First-Time Homebuyers tax credit. We now want to refinance, given that the current mortgage rates are significantly lower ...
6
votes
4answers
353 views

What steps should be taken, if any, when you find out your home's market value is underwater, i.e. worth less than the mortgage owed?

What steps should be taken, if any, when you find out your home's market value is underwater, i.e. worth less than the mortgage owed?
6
votes
4answers
2k views

How do I determine the amount of a buy out between common law partners in a home owned together?

I currently own a home with my common law partner. We have lived there for 2 years and are now splitting up. Both our names are on the house, and we have paid 50/50 for everything from down payment / ...