Profile cover photo
Profile photo
1 Stop Mortgage
5 followers -
1 STOP Mortgage Serves Memphis TN & The Greater Mid-South
1 STOP Mortgage Serves Memphis TN & The Greater Mid-South

5 followers
About
Posts

Post is pinned.Post has attachment
HOME TAX DEDUCTION by 1 Stop Mortgage

From mortgage to property tax deductions, here are a few of the tax benefits of owning a home. Take advantage of these home ownership related tax deduction to lower your taxable net income.
To get the mortgage deduction, your mortgage must be secured by your home.
Mortgage Interest
Interest a homeowner pays on a mortgage up to $1 million dollars is deductible when you use the loan to buy, improve or build a home.

Property Tax Deduction
You can deduct the real estate property taxes you pay on your home.

Private Mortgage Insurance (PMI) and FHA Insurance Premiums
A homeowner can deduct the cost of PMI as mortgage interest if you itemize a tax return.  This only applies to loans taken out in 2007 or later.

Energy-Efficiency Upgrades
The Nonbusiness Energy Tax Credit lets you claim a credit for installing energy-efficient home systems
#tax_deduction   #home_benefits   #mortgage #tax
Photo
Add a comment...

Post has attachment
How To Scare Homebuyers Away by Robert T Lord

You have have a right-sized house in good neighborhood, but you may be scaring away potential homebuyers . When buying a home, there are many things that can scare away a potential buyers from a seller's home. Some buyers an be scared away by very minimal things. When selling a home knowing what can scare away a buyer is critical.

Here are a few potential pitfalls, courtesy of www.1StopHomeLoans.com

1. Overpricing for the market. This is a no-brainer as the listing price should correspond to recent home sales in the area of like homes.
2. Kitchen sinks and counters are filthy that has an appearance of the food is moving.
3. Poorly taken photographs. 90% of homebuyer's begin their home search online.
4. Smells. Smells a seller is accustom to maybe offensive to others. This is specially true for smokers and pet owners. If the seller is a smoker remove all ashtrays, clean the curtains and upholstery. Also clean any pet areas that the animals sleep.
5. Colorful and fancy wallpapers are a real turn off to a buyer
6. Shag carpet and acoustic popcorn ceilings date a home.
7. Clutter - Very big turn off. People like to get out of cluttered rooms, they won't buy cluttered rooms. Get rid of the clutter and have a garage sale or donate to a church or charity.
8. Deferred maintenance. Fix what needs fixing especially heating units, water leaks, lighting fixtures and roofs.
9. Over Personalized Decor. Don't have decor that screams "You"
Photo
Add a comment...

Post has attachment
VA IRRRL Product Highlights by 1 Stop Mortgage

IRRRL stands for Interest Rate Reduction Refinancing Loan provided by the Veteran Affairs. You may see it referrred to as a "Stremline". Except when refinancing an existing VA adjustable rate mortgage (ARM) to a fixed rate, it must result in a lower interest rate. When refinancing from an existing VA ARM loan to a fixed rate, the interest rate may increase.

VA IRRRL Product Highlights:
1. No minimum FICO credit score required if no late payments in last 6 months.
2. No income documentation required. (Applicable only if monthly principal and interest payment does not increase 20% or more. Verbal verification of income is required).
3. Loan programs available: 30, 25, 20 and 15 year fixed.
4. Cash at closing. Documentation of funds at close not required.
5. High balance purchase loans available.
Photo
Add a comment...

Post has shared content
Know your rights on what is on your credit report
Debt Validation Rights by 1 Stop Mortgage

Under the Fair Debt Collection Practices Act (FDCPA) a person has the right to "debt validation". This means a consumer can demand that a creditor reporting information to the credit bureaus prove the account is really your responsibility and the information is correct.
In addition, a collection agency must be also prove they have a legal right to collect the debt.
Requesting the debt be verified comes with a variety of benefits and can hopefully lead to getting the collection deleted from the credit report.
Photo
Add a comment...

Post has shared content
VA Mortgage Guidelines by 1 Stop Mortgage

A Veteran Affairs (VA) mortgage is an excellent way for a veteran to purchase a home. Currently more than 27 million veterans and service personnel are eligible for this type of mortgage. The VA home loan program is administered through the federal government. It is reported more than 90 percent of VA borrowers make zero down payments.

Here are the requirements for VA mortgage approval:
1. The applicant must be an eligible veteran who has available entitlement.
2. The mortgage must be for buying, refinancing or building a home.
3. The veteran must occupy or intent to occupy the property as a home within a reasonable period of time.
4. The veteran must be a good credit risk.
5. The income of the veteran must be sufficient to own a home and be able to care of other financial repsonsibilities.
Photo
Add a comment...

Post has attachment
VA Mortgage Guidelines by 1 Stop Mortgage

A Veteran Affairs (VA) mortgage is an excellent way for a veteran to purchase a home. Currently more than 27 million veterans and service personnel are eligible for this type of mortgage. The VA home loan program is administered through the federal government. It is reported more than 90 percent of VA borrowers make zero down payments.

Here are the requirements for VA mortgage approval:
1. The applicant must be an eligible veteran who has available entitlement.
2. The mortgage must be for buying, refinancing or building a home.
3. The veteran must occupy or intent to occupy the property as a home within a reasonable period of time.
4. The veteran must be a good credit risk.
5. The income of the veteran must be sufficient to own a home and be able to care of other financial repsonsibilities.
Photo
Add a comment...

Post has attachment
When Can I Get A Mortgage After Chapter 7 Bankruptcy by 1 Stop Mortgage

Filing for bankruptcy will not prevent a person buying a home. Lenders have eased up the requirements to purchase a home now faster compared to the past. Here is a breakdown on waiting period for different mortgage loans. Keep in mind that a discharge date isn't the same as the filing date.

Conventional Loans (Fannie Mae & Freddie Mac). Eligibility conditions have eased and after a chapter 7 the waiting period is 2 years if the bankruptcy was beyond a person's control. If the bankruptcy was due to financial mismanagement the waiting time is 4 years.

VA - The Veteran's Affairs loan is a benefit given to veterans for their housing needs. The waiting time to qualify after a chapter 7 is two years.

USDA - Applicants using USDA loans will be eligible after three years after receiving a Chapter 7 discharge. This type of mortgage is for low and middle-income borrowers buying in a rural community.

FHA - In most cases the waiting period is two years from the date of a chapter 7 bankruptcy discharge date.
Photo
Add a comment...

Post has attachment
Final Walk-Through Checklist by 1 Stop Mortgage

Inspecting a home is a critical part of the home-buying process before taking possession of the home. Here are a few items to look at for guidance.

Check for:
1. Repairs that were requested to be fixed. Ask for copies of paid bills and if
any warranties.
2. All items that are listed in the sale price and contract.
3. All appliances are working.
4. Hot water heater in good condition.
5. HVAC in good working order.
6. Intercom, doorbell and security alarm working.
7. Check for screen windows.
8. Garage door opener with remotes.
9. Instruction booklets and warranties for appliances & fixtures.

Photo
Add a comment...

Post has attachment
What Is A Credit Report by 1 Stop Mortgage

In a nutshell a credit report is a detailed report of an individual's credit history.

Credit bureaus collect information and create credit reports based on that information and lenders use the reports along with other details to determine loan applicants' credit worthiness
Photo
Photo
6/23/17
2 Photos - View album
Add a comment...

Post has attachment
The Benefits Of An Adjustable Rate Mortgage by 1 Stop Mortgage

Adjustable Rate Mortgages (ARM) can help borrowers with lower rates and higher security. The last six months the Federal Reserve has raised its key interest rates a few times with plans in the near future to raise them again. This is changing the mortgage industry landscape making mortgage payments for fixed mortgages higher.

An Adjustable Rate Mortgage may be the antidote for a borrower in this environment. An ARM is a home loan with an interest rate that change periodically. In other words the monthly payment can go up and down. ARM's start with a fixed rate term with the 5 year, 7 year and 10 year the most popular.

The benefits of an adjustable rate mortgage products are significant and varied:
1. Lower rates - During the initial fixed period, ARMs typically have lower rates than comparable fixed-rate products. Lower rates equals lower monthly payments.
2. Customizable terms - For homebuyers who know how long they will stay in their homes, an ARM could be a beneficial choice.
3. Increased cash flow - Lower rates translate to lower monthly payments, freeing up cash for customers to save, invest or spend a little more each month.

Photo
Add a comment...
Wait while more posts are being loaded