Homeowner's Toolkit Archive


Are victims whose homes are damaged by natural disasters granted any tax relief?

Tuesday, December 11th, 2007
Damage, destruction, or loss of property from fires, floods, earthquakes and other disasters are deductible from both state and federal income taxes. ...
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Can I deduct improvements made to my home?

Tuesday, December 11th, 2007
Yes, but only after you have sold it because improvements add to the basis of your home. Your gain is defined as your home's selling price, minus deductible closing costs, minus your basis. The basis is the original purchase price of the home, plus improvements, less any depreciation. ...
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What is guaranteed replacement cost insurance?

Tuesday, December 11th, 2007
The most comprehensive insurance policy is guaranteed replacement cost coverage, which will pay to rebuild your home even if the cost to rebuild is more than your policy limit. ...
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What about a vacation home as an investment?

Tuesday, December 11th, 2007
Like any investment, it can be risky. Location and current market conditions are extremely important when deciding whether to buy. ...
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Should I buy a vacation home?

Tuesday, December 11th, 2007
The second home market has more ebbs and flows than the primary home market. Sales are iffy in a bad economy except, perhaps, on the high-end. That said, there is a growing trend toward the purchase of vacation homes. They are being bought for investment purposes, enjoyment, as well ...
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Can an older homeowner who is cash poor but house rich use their home to tap into the equity?

Tuesday, December 11th, 2007
Yes, but not so much by refinancing. A reverse mortgage is a better, and increasingly popular, option for older Americans to convert home equity into cash. Money can then be used to cover home repairs, everyday living expenses, and medical bills. ...
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Can I refinance a home loan more than once?

Tuesday, December 11th, 2007
You most certainly can. During the most recent refinancing boom, for example, many homeowners refinanced their home loans two or three times within relatively short periods of time because interest rates kept treading downward, making it extremely attractive to trade in one loan for another. ...
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When is the best time to refinance?

Monday, December 10th, 2007
Many people flock to refinance while mortgage interest rates are low, particularly when rates are two percentage points below their existing home loans. ...
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Will I be able to buy again after losing a home to foreclosure?

Monday, December 10th, 2007
It can happen. But a lot will depend on your circumstances and the mortgage interest rate you are willing to pay. Generally, most lenders will consider your request for a home loan two to four years after your foreclosure. Predatory lenders will issue a home mortgage in less time. But ...
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When do foreclosure proceedings begin?

Monday, December 10th, 2007
Usually after the borrower has missed three consecutive mortgage payments. The lender will record a notice of default against the property. And unless the debt is satisfied, the lender will foreclose on the mortgage and proceed to set up a trustee sale, where the property is sold to the highest ...
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