Any concession by one lender adds stabilization to home values that helps another lender. This may not be the primary concern of most lenders though.
Selling a home puts you in a unique position. You are parting with what is likely your greatest asset. Some people are sad to sell, while others are ready to move on. No matter what your circumstances, your buyer will have certain expectations of you.
Updated Jun 16, 2009It may seem like a tough time to be in the market for a home. In the wake of the sub-prime mortgage crisis and the related banking upheaval, lenders have tightened their purse strings and put the brakes on issuing homes loans, at least at the rates and terms that were prevalent just a year to six months ago. But not all the news is bad for today's buyers.
Updated Jun 15, 2009What you should have ready for the loan application process ...
Not too long ago, lenders used to mail out verifications to banks, employers, mortgage companies, etc. to verify the information that borrowers gave them. Now everything moves faster, and alternative documention has become more widespread. With alternative documentation, underwriters obtain documents directly from borrowers and give an approval without waiting for replies in the mail.
Updated Jun 14, 2009If you have owned and lived in your principal residence for two out of the five years before it is sold, up to $500,000 of any profit can be excluded from federal capital gains tax if you are married and file jointly. (It's $250,000 for taxpayers who are single or married filing separately.)
This is known as the "use and ownership" test.
Use does not have to be continuous. As long as you can prove that you have lived in the house for two full years, that will satisfy the Internal Revenue Service. And you do not have to live in the house every day. It does not void your use claim if you take a vacation or even move to the beach for a couple of weeks every summer.
Additional linkYou may know what to do before buying a home, but do you know what NOT to do?
