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Buy Sell Home Nj

August 06, 2018

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HOW THE NEW MORTGAGE RULES IMPACT YOU

HOW THE NEW MORTGAGE RULES IMPACT YOU Imagine that you're playing a game where the rules constantly change, and everybody is always confused about them (including the rule makers). Welcome to the 2019 mortgage industry! Here are three ways some of the new mortgage rules impact your business as a real estate professional. #1 - TILA/RESPA INTEGRATED DISCLOSURES (TRID) Closing delays are one of the many unintended consequences of recent government regulation. Mortgage lenders are required to prepare a "Closing Disclosure" and adhere to the timelines illustrated below. Any last-minute changes to your deal structure could cause delays of up to a week on purchase transactions, and up to two weeks on refinance transactions. Delays can be even longer if your transaction takes place anytime close to a federal holiday. Here are five things you and your clients can do in order to avoid unnecessary delays: Write a longer timeline into y...

Are HOA Fees Tax Deductible?

If you buy a house or a condo that’s in a large development, there may be a homeowner’s association that takes care of maintenance of common areas, snow removal and other things in the development. Homeowners pay for these services through a fee levied monthly, quarterly or annually. How you use the property determines whether the HOA fee is tax-deductible or not. If you live in your property year-round, then the HOA fees are not deductible. Though many costs of owning a home are deductible on your income taxes, including your mortgage interest and property taxes, the IRS does not allow you to deduct HOA fees, because they are considered an assessment by a private entity. If the home is a rental property, however, HOA fees do become deductible. In this case, the IRS considers HOA fees to be a deductible cost of maintaining the rental property You report the fees on Schedule E on your tax return. If your property is a second home or vacation home that you use personally but also ren...

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