New tax law provisions for housing: 2017 vs. 2018 rules If you are wondering how the newly enacted tax bill will affect your 2018 tax returns, you are not alone. Mark Wells at Preferred Financial Services lists some significant changes in the way residential property will be treated for tax purposes. Primary-residence interest deduction—2017 allows […]
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VA loans benefit veterans, active duty, and long-term reservists Since World War II, the federal government has provided a mortgage loan benefit for those who have served in the U.S. Armed Forces. Originated under the GI Bill, this program is generally referred to as a VA (Veterans Affairs) loan. It has several advantages over other […]
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Home equity lines and the new tax laws Just before the end of 2017, Congress passed a comprehensive tax bill that changed the landscape of mortgage interest deductions. For homeowners with home-equity lines, commonly known as HELOCS, the changes may warrant a reconsideration of how to best manage that debt. Here, Mark Wells of Preferred […]
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Collection accounts, tax liens and qualifying for a mortgage The economic climate of the past 10 years has left many borrowers facing collection accounts and civil or IRS tax liens, which can affect approval for mortgage financing. Mark Wells at Preferred Financial Services answers questions about handling these issues. Isn’t it best to pay off […]
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Tax filing and loan qualifying for self-employed borrowers This is the ideal time of year for self-employed borrowers to enlist a mortgage broker’s help with tax returns—not as a tax preparer, but because a broker can suggest income strategies that will make obtaining a mortgage easier if they wish to purchase or refinance in the […]
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Loan limits to increase for conventional, FHA, and VA mortgages Like an early Christmas present, Fannie Mae, Freddie Mac, FHA, and VA have all announced increased mortgage limits for South Carolina and the rest of the country. The increase will go into effect for all VA and conventional loans closed after January 1 and for […]
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Supporting home ownership for the next generation – Part 2 Mark Wells at Preferred Financial Services continues the discussion on how parents and grandparents can help the next generation become homeowners. Sometimes it seems like my children are not that interested in owning a home. What should I tell them that might encourage them to take […]
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Supporting home ownership for the next generation Last week, Mark Wells of Preferred Financial Services discussed ways to assist new home buyers through financial gifts. Today’s column addresses other means of preparing them for home-ownership. This equally important, non-financial assistance can make all the difference in the next generation being able to purchase a home. […]
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Gifts in the home buying process This Christmas season, you may have plans to help your children buy a home in the coming year by giving them some assistance with their down payment. Mark Wells of Preferred Financial Services discusses the various rules involving gifts, and answers questions about how this can be done to […]
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Cash-out mortgage financing Borrowers often want to cash out equity from their homes to pay for home improvements, consolidate a home equity line into a single mortgage, consolidate debt, or pay for other expenses. Guidelines for cash-out loans vary from program to program. Mark Wells of Preferred Financial Services addresses questions regarding this type of […]
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