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The Power of Appreciation
Primary Residence
This spreadsheet is used 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.
- Microsoft Excel Spreadsheet, 863 kb
Rental Property
This spreadsheet is used to analyze a
residential investment home.
Appreciation, depreciation, rent, maintenance and interest rate are all
things to consider in rental ownership.
- Microsoft Excel Spreadsheet,
748 kb
Amortization Schedule
A
simple amortization schedule that will allow you to make changes and see
the impact of that change in the amortization.
- Microsoft Excel Spreadsheet, 812 kb
Schedule E (Form 1040) - Supplemental Income and Loss
From rental real estate,
royalties, partnerships, S corporations, estates, trusts, REMICs, etc.
- Adobe Portable Document File (PDF), 167 kb
Filing Status and Taxable
Income
Compute your Tax Rate by using the Filing Status and Taxable Income Level chart.
- Adobe Portable Document File (PDF), 17 kb
Application Forms
Uniform Residential
Loan Application- Form 1003
This application is designed to be
completed by the applicant(s) with the lender's assistance. Applicants
should complete this form as "Borrower" or "Co-Borrower", as applicable.
- Adobe Portable Document File (PDF),
63 kb
Articles and General Documentation
Topic 414: Rental Income and
Expenses
Generally, cash or the
fair market value of property you receive for the use of real estate or
personal property is taxable to you as rental income. Income and
expenses related to real estate rentals are usually reported on Schedule
E Form 1040. Income and expenses related to personal property rentals
are reported on Schedule C Form 1040 or C–EZ Form 1040 if you are in the
business of renting personal property.
- Adobe Portable Document File (PDF),
20 kb
Topic 425: Passive Activities
- Losses and Credits
Generally, losses
from passive activities that exceed the income from passive activities
are disallowed for the current year. Unused passive losses are carried
forward to all future years. A similar rule applies to credits from
passive activities.
- Adobe Portable Document File (PDF),
19 kb
Change Affecting
Personal Residences and 1031 Exchanges...
A popular way of turning
investment property into tax free cash is to sell an investment
property, such as a four-plex, and then roll the gain into a single
family residence via a 1031 exchange.
- Adobe Portable Document File (PDF),
16 kb
Conforming Loan Limits
Increased to $359,650
The cap on a mortgage the two
government-sponsored enterprises can buy climbed to $359,650 from $333,700
following a report that the average U.S. single-family home price surged in
October by 8.5 percent.
- Adobe Portable Document File (PDF),
16 kb
Looking for 100% Financing
100% financing is available
for refinance or purchase with credit scores dipping as low as 560.
Click here to read more...
- Adobe Portable Document File (PDF),
28 kb
5/1 Year Non-Convertible ARM Interest Only Program Disclosure
Click here to see how your interest rate
and payment amount are determined.
- Adobe Portable Document File (PDF),
65 kb
5/1 Year Non-Convertible ARM Amortized Program Disclosure
Click here to see how your interest rate
and payment amount are determined.
- Adobe Portable Document File (PDF),
22 kb
Home
Equity Credit Line
Your Equity Reserve line of
credit comes with several convenient advantages. Click here to see
what you will be receiving once your line of credit is established.
- Adobe Portable Document File (PDF),
756 kb
Consumer Handbook on
Adjustable Rate Mortgages
This booklet is designed to help consumers
understand an important and complex mortgage option available to
homebuyers.
- Adobe Portable Document File (PDF),
338 kb
Market Trend Analysis -
October 2004
An assessment of current housing
market
conditions and a short-term projection is made for each of the
metropolitan statistical areas. Additionally, there is an overall
picture of the economic health in each metropolitan statistical area
obtained by analyzing six major economic variables.
- Adobe Portable Document File (PDF),
1.06 mb
Interest Only Loans - September 2004
Interest Only Loans are an excellent way
to finance a home. They allow the borrower the option of paying
the principal reduction on a loan when they want to instead of being
forced to do so by amortization.
- Adobe Portable Document File (PDF),
16 kb
Home Mortgage Interest Deduction -
Publication 936
This publication discusses the rules for
deducting home mortgage interest. The publication contains general
information on home mortgage interest, including points, and explains
how your deduction for home mortgage interest may be limited.
- Adobe Portable Document File (PDF),
130 kb
Audio Clips and Commercials
KSLX $250 Guarantee Commercial
Dan Gronseth, Loan Officer with Americas
Mortgage Store, partners with KSLX 100.7 FM Classic Rock to announce
America's Mortgage Store's $250 best price guarantee.
Automatically launches in general media programs (such as Windows Media
Player).
- MPEG Audio Layer 3 File (MP3), 981
kb
Frequently Asked Questions - FAQs
Top Ten Mistakes -
FAQs
If you're like most people, purchasing a
home is the biggest investment you'll ever make. If you're
considering buying a home, you're likely aware of the complexity of the
endeavor. Because of the numerous factors to consider when purchasing a
home, it's important to prepare as best you can. Some common home-buying
principles and caveats are presented here for your consideration.
- Adobe Portable Document File (PDF),
40 kb
Should I refinance? - FAQs
The answer to the
question "Should I refinance?" is a complex one, since every situation
is different and no two homeowners are in the exact same situation.
The answer to the question "Should I refinance?" is a complex one, since
every situation is different and no two homeowners are in the exact same
situation. The most common reason for refinancing is to save
money. Click here to find out how.
- Adobe Portable Document File (PDF),
19 kb
Should I pay points? Does a
zero-point / zero-fee loan really exist? - FAQs
The best way to decide whether you should
pay points or not is to perform a break-even analysis. Click here to find out how.
- Adobe Portable Document File (PDF),
27 kb
What is a FICO score? - FAQs
A FICO score is a credit score developed by
Fair Isaac & Co.
Credit scoring is a method of determining the likelihood that credit
users will pay their bills. A credit score attempts to condense a
borrowers credit history into a single number. Read more...
- Adobe Portable Document File (PDF),
28 kb
Why do mortgage rates change? - FAQs
To understand why mortgage rates change we
must first ask the more general question, "Why do interest rates change?" It
is important to realize that there is not one interest rate, but many
interest rates! Read more...
- Adobe Portable Document File (PDF),
48 kb
What is the difference between
pre-qualifying and pre-approval? - FAQs
A pre-qualification is normally issued by
a loan officer, who, after interviewing you, determines the dollar value
of a loan you can be approved for. Pre-approval is a step above
pre-qualification. Pre-approval involves verifying your credit, down
payment, employment history, etc. Read more...
- Adobe Portable Document File (PDF),
15 kb
What is a rate lock? - FAQs
You cannot close a mortgage loan without
locking in an interest rate. There are four components to a rate lock; Loan program, Interest rate, Points,
and Length of the lock. Read more...
- Adobe Portable Document File (PDF),
21 kb
Can my loan be sold? What
happens if my lender goes out of business? - FAQs
Your loan can be sold at any time.
There is a secondary mortgage market in which lenders frequently buy and
sell pools of mortgages. If your lender goes out of business, you are
still obligated to make payments! The lender purchasing your loan is
obligated to honor the terms and conditions of the original loan. Read
more...
- Adobe Portable Document File (PDF),
15 kb
What is PMI? Can I get rid of
the PMI on my loan? - FAQs
PMI,
or Private Mortgage Insurance, is normally required when you buy a house with
less than 20% down. Mortgage insurance is a type of guarantee that helps
protect lenders against the costs of foreclosure. Read more...
- Adobe Portable Document File (PDF),
16 kb
What is an Annual Percentage Rate
(APR)? - FAQs
APR
is a Government mandated calculation and presented on a Truth-in-Lending
"JUNK FORM" that supposedly helps determine the effect loan fees and
interest rate changes have on the cost of borrowing money. Read
more...
- Adobe Portable Document File (PDF),
28 kb
Taxes and Rental Property FAQs
When do I owe taxes on
rental income? - FAQs
As a cash basis taxpayer (which
includes nearly all individuals), you must report all income in the year you
actually receive it regardless of when it was earned. Read
more...
- Adobe Portable Document File (PDF),
23 kb
Are security deposits
taxable? - FAQs
Security deposits are not included in income when you receive them if you
plan to return them to your tenants at the end of the lease. (Deposits for
the last month’s rent are taxable, because they are really rents, paid in
advance.) Read
more...
- Adobe Portable Document File (PDF),
15 kb
What can I deduct? - FAQs
All expenses incurred and paid by you to manage, conserve,
and maintain a rental property are deductible in the year paid. Even
if your rental property is temporarily vacant, the expenses are still
deductible while the property is vacant and held out for rent. Read
more...
- Adobe Portable Document File (PDF),
26 kb
When can I deduct
improvements and repairs? - FAQs
Any improvements or repairs to the property
must be depreciated over their useful lives (which are defined by the IRS),
rather than deducted in the year paid. Read
more...
- Adobe Portable Document File (PDF),
23 kb
How do I calculate depreciation? -
FAQs
Depreciation is a deduction taken over several years. You generally
depreciate the cost of property that has a useful life of more than a year,
but gradually wears out, or loses its value due to wear and tear, or wind
and rain, when the property is used in business, or to produce income. Read
more...
- Adobe Portable Document File (PDF),
35 kb
How do I report a rental activity
on my tax return? - FAQs
As an individual, you report the income and deductions for
rental properties on page 1 of Form 1040, Schedule E “Supplemental Income
and Loss”. The total income or loss computed on Schedule E carries to line
17 of Form 1040. Read
more...
- Adobe Portable Document File (PDF),
14 kb
What are Passive
Activities, and how do they affect me? - FAQs
Rental properties are,
by definition, passive activities and are subject to passive
activity loss rules. These rules are quite complex. In general, the
passive activity rules limit your ability to offset other types of
income with net passive losses. Read
more...
- Adobe Portable Document File (PDF),
19 kb
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