If you are planning to buy a new home, you must be wondering if any tax break is available or not. In 2008, President Obama created a tax credit worth $7500 for a first-time homebuyer. In 2009, the credit increased to $8000 to encourage more people to buy houses. But the bad news is that …
How does the First-time Homebuyer Tax Credit Works? Information
The debt-to-income ratio (DTI) is the percentage of your monthly income that goes to paying different monthly debts. Mortgage lenders use this ratio to determine the borrowing risk. If your DTI goes above a specific number, your Mortgage loan application will be rejected by mortgage lenders. You must be thinking of a maximum debt-to-income ratio to …
What is the Debt-to-Income Ratio to Qualify for a Mortgage? Information
All the counties and cities in Virginia charge personal property tax from citizens. The property division of the Commissioner’s office assesses all your individual tangible properties like cars, buses, motorcycles, boats, aircraft, machinery, tools, or any type of vehicle and collects tax on the total amount. The department assesses the personal property value in Virginia …
The Process of Personal Property Tax in Virginia Information
Homeownership is the dream of every citizen. However, it can be challenging for many people to save up for a house due to high property rates in the US as compared to their low wages. But don’t worry! The US Government has several homeowner assistance programs for people with less income and new home buyers …
Every individual and corporation pays federal income tax to the government on selling homes and other properties. This capital gain tax is calculated based on the difference between purchasing and selling prices. These taxes have two categories depending on the year you held the property: long-term gain and short-term gain. In the former, the value …
How much is Capital Gain Tax on the Sale of a Home? Information
In most rental agreements, tenants take responsibility for damages and agree to pay the charges in case of any damage to the property. The tenant also provides some security fees in advance to cover the damage costs. You have to return this security to the tenant in 14-60 days after the renter leaves the property. …
If you receive tax bills from the government despite escrow, you should not be worried. Instead, you should contact your mortgage service to resolve the issue. Having an escrow account is one way you could solve problems with property tax bills. They might not have paid tax on time that leads you to this tax …
Avoiding Property Tax Bills with an Escrow Account Information
Property taxes are the ones based on real estate valuation such as homes, lands, and commercial buildings. You pay this tax based on the property location and its current market value, and almost every person has to pay the property tax every year. Therefore, it is best to understand the core and calculations involved in …
Ways you can Find Out How Much your Property Tax is Information
If you are a property owner, you always want a financially stable tenant to prevent yourself from the hassle of non-payment of rents. Therefore, you check the renter’s background, income stream, and previous employment record. But if the tenant doesn’t meet your requirements, you should consider adding a cosigner to the lease. In this process, …
A mortgage calculator assists you in estimating monthly payments with property taxes, PMI, principal and interest components, HOA fees, and home insurance. It also helps in many other tasks such as calculating PITI amount, and HOA fees during the entire amortization period. People use mortgage calculators for a variety of tasks. Firstly, you can use …
Mortgage Calculator with PMI Taxes and Insurance Information
