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Credit, there are a lot of attractive programs that even offer
financing up to 100% of the sales price of a home. The programs
are too complex in all the pricing variables to quote the rate
here however. Please give one of us a call, we can walk you
through the details.
Rod and his son Braydon
Bantam Tier II
If you know
anyone who is looking to buy, sell or refinance a home, please forward
their name and telephone number to us. We will happily provide the same
high level of service that we have provided to you. The greatest
compliment you could possibly give us is the referral of your friends
Difference Between Pre-Qualification and Pre-Approval
the first step in obtaining mortgage financing. A potential borrower
answers a few questions to provide the loan consultant with a quick
snapshot of the borrower's income, existing debt, accumulated savings
and whether or not there is a co-borrower. Signature(s) allow the loan
consultant to run a credit report and begin to determine what loans are
good candidates for this particular client. However, there are literally
thousands of loan programs available. It is important for the loan
professional to know the long-term financial objectives of the
Pre-approval is a written documentation that proves the borrower has
full support of a lender. It means the form 1003 Uniform Residential
Loan Application has been completed and reviewed by an underwriter.
Based on the borrower's income, debt ratio and savings, the underwriter
will provide a dollar amount this borrower is eligible for. Now the
borrower has the convenience of shopping for a home in the price range
agreed upon by the lender.
America's Mortgage Store is a team of experienced and
knowledgeable professionals who are dedicated to building strong,
long-term relationships with our customers. Our commitment to the
basic value of integrity has allowed us to establish the customer
referral business that every service-oriented industry strives for.
We are in business to meet your financial needs with action, enthusiasm,
and creativity. That means when you work with us you'll know that
you are trusting your finances with experienced professionals who will
offer the in-depth knowledge and devotion a customer deserves.
We have numerous programs available to fit every financial need.
Rod Dennis -
A team of
experienced and knowledgeable professionals,
building strong, long-term relationships with our
If I Sell My Home, Will I Have to Pay
Capital Gains Tax?
IRS permits a maximum exclusion on capital gain
of $250,000 for individuals and $500,000 for
married couples filing a joint return who sell
their home, but of course some conditions apply.
For the five-year timeframe prior to the date of
the sale of your primary residence, you must
meet the Ownership and Use Tests the IRS
provides in Publication 523, Selling Your
Home. These rules ensure you have owned the
home for at least two years, and lived in the
home for at least 24 months out of the last five
years. Additionally, you may not have excluded a
gain on your taxes from the sale of a different
home within the last two years. Note that if you
sell your property for less than your original
purchase price, you cannot claim a capital loss.
A 'reduced maximum exclusion' can apply to those
who must sell their home due to a change in
their place of employment, health issues, or
unforeseen circumstances that affect qualified
individuals. In all cases, it is best to consult
your tax professional or IRS guidelines if you
have any questions about the taxes you may be
responsible for if you sell your home.
100% financing is
available for refinance
or purchase with credit
scores dipping as low as
560. Many different
programs exist, however
80/20 loan is most
often recommended. 80%
of the value is put in a
variety of first
mortgage packages with
the remaining 20% in a
fixed rate second
mortgage or a line of
credit. The major reason
for a cutoff at 80% is
the ability to avoid
Intermediate Fixed Rate Loans
Intermediate Fixed Rate mortgages (sometimes
referred to as Short-Term Fixed Rate mortgages,
or Hybrids) come in numerous varieties; the 3,
5, 7 and 10-Year Fixed. These are all 30-year
loans that carry a fixed rate for a set number
of years, and then roll over to an Adjustable
For example, in a 7-Year Fixed Rate scenario,
the rate would be fixed the first seven years,
and the loan becomes an Adjustable for the
remaining 23 years. The main advantage of these
hybrid programs over a traditional 30-Year Fixed
loan is typically a slightly lower interest
These types of loans often work well for people
who do not plan on being in their home for an
extended period of time, such as first time home
buyers. The most important question to ask when
going into an Intermediate Fixed Mortgage is how
long will the borrower need the money?
If the borrower intends to sell the home in four
to five years, then a 5-Year Fixed loan offers
stability and a lower interest rate for the time
that money is needed. However, in this example
it would not be wise to pay points up front to
obtain a lower interest rate, because the
likelihood of recuperating the cost of those
points would be diminished with the short tenure
in the loan.
The borrower's financial planner and mortgage
consultant should work hand-in-hand to provide
guidance to the borrower in these matters.
ARM Indexes: A
The Power of Appreciation
Housing is the greatest asset a person can
control for the growth of wealth. The appreciation of real estate
has averaged in the United States 6.35% per year since 1980. The
ability to leverage that appreciation with a small down payment allows
your investment to grow exponentially. The calculators below show
how the power of appreciation can make you money.
Use this calculator to determine the possible appreciation and profit
from the ownership of your primary residence. Inflation,
appreciation, interest rates and taxes all play significant factors that
effect the value of home ownership.
Use this calculator to analyze a residential investment home.
Appreciation, depreciation, rent, maintenance and interest rate are all
things to consider in rental ownership.
A simple amortization schedule that will
allow you to make changes and see the impact of that change in the
America's Mortgage Store is proud to be a co-sponsor for the
year's Inaugural Wolfpack Classic Golf Tournament benefiting
Desert Mountain Athletic Boosters Inc. - Varsity Cheer, a
non-profit organization supporting Desert Mountain High School
Varsity Cheer Team.