Paramount Mortgage - Lender's Blog

A Little Mortgage Humor

 

Why MBA Chief is Okay with Ditching Mortgage Interest Tax Deduction

Nearly 33.6 million taxpayers deducted $72.4 billion in mortgage interest from their 2014 taxes, and that figure could rise to as much as $96.4 billion by 2019, according to estimates by the Congressional Joint Committee on Taxation. That makes it one of the largest tax breaks taken by individuals. Middle-class homebuyers benefit the most from the deduction. About 43% of taxpayers who took the deduction had adjusted gross incomes between $100,000 to $200,000, according to the committee’s estimates, while another 40% of taxpayers who took the deduction made less than $100,000.

Cosigning: Credit Red Flag

We recently discussed several situations that are considered red flags on your credit report.

The Bare Minimum

Recently, our blog focused on situations that raise red flags on your credit report, and thus can prevent you from getting the best loan product available.  Today, we’d like to dig a little deeper into one of those items: minimum payments. 

College Credit

Your young adult child is settled safely into the dorm room and is experiencing all that college life has to offer. You wonder whether they will be able to meet the challenges of managing their time and being responsible with their freedom? Will they make good choices?

Student Debt and Homeownership

The Fannie Mae National Housing Survey® data was analyzed to shed light on the net effect of student loans and obtaining at least a bachelor's degree on homeownership likelihood. It was found that, on average:

Are First-Time Buyers Skipping ‘Starter Homes’?

The concept of a starter home is “quickly becoming a real estate relic, like track lighting and brass hardware,” notes a recent article in USA Today.

A starter home might be described as “smaller, cheaper, and in an area that might not be in an area where you eventually want to settle down.”

6 Credit Report ‘Red Flags’

When looking at a credit report, we want to see a credit history, and on-time payments. We don’t want to see bankruptcies, foreclosures, or late (or missed) payments. And there are situations in between, like not having a credit history or taking out a cash advance, that can cause a possible problem.

If you think you have good credit but keep getting turned down, it might be helpful to scrutinize your credit report for these six red flags, advises Bankrate.com:

Running the Financial Race

In case you haven’t been paying attention, athletes from all over the world have gathered in Brazil to compete for the glory and gold of world recognition. The displays of athleticism have been nothing short of amazing. We can also learn a great deal from the lifestyles of these elite athletes, and we can apply these lessons to many aspects of life, including securing a solid financial future.

By The Numbers – Cash-Only Home Sales

Although all-cash sales of homes aren’t as prevalent now as they were during the housing crisis, they still account for one-third of all home sales, according to CoreLogic.

34.7% – cash sales share for first quarter 2016

46.6% – peak cash sales share January 2011

25% – cash sales average before the housing crisis

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