Mortgage Question?
Could someone explain me the basics of a mortgage and what you can do beside it? What are some potential risks and/or benefits with mortgages?Answers: The great entry about a mortgage instead of renting is that the expediency of your house(unless its a total piece of junk) will go up and up, as the years progress by...so say you carry a mortgage loan for $150,000, then 5 years after that the appraised value is $250,000...you pretty much enjoy that extra money...if you want to refinance for a equity loan for fixing up the house, paying bills, whatever, you own over $100,000 there waiting for you to verbs out, but you will also get interest charged on that, so near is pro's and cons. You can always customize your own home, paint, remodel, landscape, etc. When you rent you cant and you are under the rules of the owning proprietor with whom get all of your money, to me its almost close to throwing your money away if you are able to afford a mortgage. I've owned 2 other homes, lived surrounded by them and fixed up some things, and 2 yrs later sold them and gotten a big profit out of them. I unloved renting, but then again some really similar to not having responsibility of kindly for a home. Hope this all help!
the benefit of a mortgage is that you can itemize the interest and taxes paid on your import tax forms and reduce your federal income due. You are also inessence, gaining an asset to some extent than renting from someone and paying their asset.
the risk is if you take out to big of a mortgage and non-attendance.
If it is an owner occupied property, you can subtract the Mortgage Insurance you pay throughout the year if you put smaller number than 20% down( as well as interest & property taxes). The risk is if you can't breed payments, your credit will suffer. If you don't think you are going to stay contained by the home for at least 5 years, you may want to rent. Good luck!
Where is the best place in California to buy foreclosed homes??
Answers: Just about anywhere. Riverside county has a massive amounto of inventory right now, as well as the valley (fresno north to modesto area)
San Diego definitely has its fair share but there are many pockets especially on the coast that have apprciated and have not seen many foreclosures. Orange county and some of LA county are almost in their own little bubble not seeing as many foreclosures as the rest of california
stockton or antioch california
yoram
The best place to buy Real Estate is your own backyard. Because you know the market and when you buy it, your close to it (and that is important).
My backyard is South Orange County. Buying opportunites are starting to look real good. It might be the time to start getting your feet wet.
Please email me if you want to discuss further.
Why would you want to do that? They are usually trashed. They are NOT a bargain.
Property levy?
when do you normally earnings your property to the state? at the end month, quarterly, or cessation of the year?ps this is a condo in nyc, near 11 yrs tax abatement moved out. owner said tax is around $30 respectively month but i should get it adjectives back when i database my income tax at the run out of the year. is this true?
Answers: PA has no state property due. Not sure of NY. It doesn't sound right.