It is the way the property is used that determines the type of property it is, not what it looks like. Based on the intent of the owner, the property could be a principal residence, income property, investment property or dealer property. A principal residence is a home that a person lives in.
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02/25/2020
The least amount in a down payment is an attractive option when people are thinking of buying a home. A common reason is to have cash available for furnishing the new home and possible unexpected expenses. Some people don't have any options because they only have enough for a minimum down pay
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02/18/2020
There are a multitude of companies across the Internet, referred to as iBuyers, who are suggesting that sellers can save the hassle of putting their home on the market, showings, repairs, open houses and other things by accepting their instant offer to purchase. The adage goes "if it sounds too
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02/17/2020
On any given day, investors who own rental property want to buy more or they want to get rid of what they have. In most cases, it doesn't have to do with the satisfaction of the investment itself; it has more to do with the management. Managing property and dealing with tenants can be headache
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02/10/2020
House-hacking refers to buying a multifamily property on an owner-occupied mortgage, living in one unit and renting the others. If you're thinking about becoming a rental mogul, starting early is an advantage. Not only will you have longer to accumulate a larger portfolio, you can increase th
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02/04/2020
Qualifying for a mortgage can be explained with 4 C's. Capital indicates the borrower has the necessary funds for the down payment and closing costs without exhausting their savings. Capacity shows that the borrower has the ability from income to pay back the loan. Credit history reveals the
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02/03/2020
Think of your REALTOR® as an invaluable part of the team who is going to help you meet your expectations. Ideally, what every owner wants when they sell their home is to get the highest possible sales price in the shortest period with the least inconveniences. They may not realize that's what
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01/28/2020
Most homebuyers probably know that their FICO mortgage score can determine whether they qualify for a loan, but they may not be aware that it can determine what interest rate they'll pay. The same $300,000, 30-year, fixed-rate mortgage can have a principal and interest payment that ranges from
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01/21/2020
Now that the standard deduction is increased to $12,200 for single taxpayers and $24,400 for married ones, many homeowners are better off with the standard deduction than itemizing their deductions to write off their mortgage interest and property taxes. There was some speculation that without
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01/21/2020
A mortgage lock-in is a lender's agreement to hold a specific interest rate for a stated period for a loan at the prevailing market interest rate. This provides the borrower some protection against the interest rates going up during the lock period. If you think the rates are going down, the a
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01/14/2020