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Home Equity Loan Considerations 

Home Equity Loan Considerations

Article Description:

When the Tax Reform Act of 1986 phased out income tax deductions for interest paid on auto loans, personal loans, and credit card debt, many consumers turned to home equity loans to help finance a variety of personal purchases. You can still deduct interest on up to $100,000 of home equity indebtedness (incurred after October 13, 1987) used for purposes other than improving your home. More recently, home equity loans have been used to consolidate other outstanding debts, such as credit card bills. Some observers are becoming concerned, however, about people jeopardizing the roofs over their heads because of over-burdensome debt.

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Is It Better to Rent or Own? 

Is It Better to Rent or Own?

Article Description:

The decision to own or rent a home is generally based on three factors: cost, investment, and personal preference. Initially, home ownership may be more expensive, due to the upfront costs associated with buying a home, such as closing costs and a down payment. But in the long run, homeowners build equity and save on taxes.

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Is It Time to Refinance? 

Is It Time to Refinance?

Article Description:

Over time, mortgage rates often fluctuate up and down. Depending on where rates currently stand, now may or may not be a good time for homeowners to consider refinancing their mortgages. How can you determine whether it makes sense at any given point to refinance your mortgage?

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Mortgage Fundamentals 

Mortgage Fundamentals

Article Description:

Buying a home is the often single largest purchase most people will ever make, and for first-time homebuyers, the financing process can seem especially confusing and complex. Here is a brief guide to help you find a mortgage that best suits your needs and financial goals. The two basic mortgage types are fixed rate mortgages and adjustable rate mortgages (ARMs). Deciding which is right for you depends on a number of factors: the spread between the prevailing fixed and variable mortgage rates, the length of time you expect to own your home, the current inflation rate, and the tax savings you expect to receive from the home mortgage interest deduction.

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Prepay Your Mortgage and Save 

Prepay Your Mortgage and Save

Article Description:

When you tally up the numbers behind your mortgage, you may discover you will be paying a great amount of interest over the life of your loan. As a result, if you are like many individuals, you may choose to prepay a portion of your mortgage loan. Prepayment can save you a considerable amount, particularly if you plan to reside in your home throughout the life of your loan.

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The Reverse Mortgage: An Overview 

The Reverse Mortgage: An Overview

Article Description:

You’re probably familiar with the TV ads featuring famous actors touting the benefits of a reverse mortgage for “house-rich” but “cash-poor” homeowners age 62 and over. A reverse mortgage could allow you to convert part of the equity in your home into cash without having to sell your home if you need to supplement your retirement income, pay for home improvements or medical bills, or pay off an existing mortgage.

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