A renter paying $900 per month for rent will pay their landlord $54,000 over 5 1ears! With that same monthly payment this renter could be a homeowner building equity and reducing taxes. A renter paying $900 per month could potentially buy a home in the price range of $120,000 to $135,000 (depending on borrower’s credit score and debts) and not increase their monthly payment (based on a $130,000 sales price, 3.875% 30 year fixed rate with an ARP...

by Judy Jones Your credit report overshadows every part of your life. Whether it’s a bank, insurance company or mortgage lender, your credit score is how they figure out whether you’re likely to miss payments or default on a loan. Now, it’s not uncommon for landlords and employers to check your credit before approving an application. No one is exempt from the impact of their credit score. There are five factors that determine a borrower’s...

by Judy Jones All lenders are requiring any disputed account on a borrower’s credit report to be resolved or the dispute removed before the loan can be approved. The reason for this is that unscrupulous “credit repair” or “credit fixer” companies have told consumers how to use (abuse) the Fair Credit Reporting Act to falsely inflate the consumer’s credit scores. The Fair Credit Reporting Act allows for any consumer to dispute any credit account...

If the Debt Relief Act of 2007 is not extended, 2013 could be a very Unhappy New Year for homeowners who have foreclosures and short sales! New headlines are warning of a financial cliff that is approaching with the end of 2012, and the real estate industry will be hit particularly hard! It’s the expiration of the Mortgage Forgiveness Debt Relief Act of 2007. The Mortgage Forgiveness Debt Relief Act of 2007 was enacted on Dec. 20, 2007. The Act...

You might have heard rumors or received e-mails stating that all real estate sales would have a new tax in 2013 due to the passage of the Health Care Law. Here are the basic facts: Yes, there is a new 3.8% tax that is part of the recently passed Health Care Bill. Yes, this new tax comes into effect January 1, 2013. No, this is not a transfer tax that will be charged on all real estate sales. The tax will only impact individuals who have more...