Real Estate Deeds Made Easy Since 1997
Millions of U.S. households have multiple adult generations. How do they divide up the worth of their home and the upkeep that goes into it? Who pays the mortgage, insurance, and property taxes? What happens if an owner leaves the home, or passes away? A lot comes down to good deed planning. In this discussion …
Continue reading “Multigenerational Homeownership: How the Deed Is Vested”
Some people buy homes, and run vacation rental businesses through them. They might even run their businesses from afar, through apps. And they do it without having to qualify for a loan based on their incomes. These borrowers seek out an unconventional — yet popular — form of mortgage. Lenders approve these loans based …
Continue reading “Vacation Property Loans? What’s the Scoop?”
People who sold their homes in 2023, after living in them for a while and enjoying their low mortgage rates, have seen big gains in their property values. Fortunately, most of these gains won’t be taxed. If you sold a home in 2023, your lender or broker may give you Form 1099-S. Federal law requires …
Sometimes a homebuyer who’s married wants to buy property as an individual. They want to be the sole buyer, with no other name on the closing papers. How can it work? Consider the purchase money mortgage. As Cleveland’s CrossCountry Mortgage® company explains, “if a married person wants to purchase a property without their spouse being …
Continue reading “Buying Without Your Spouse? What to Know About a Purchase Money Mortgage”
Defeasance? What’s that? Some home loans contain a defeasance clause. It means you’re giving up collateral. Do your home loan documents have defeasance language? If so, your lending institution holds your home’s title for as long as you owe the lender money. Although the legal owner is your lender, you are still called the homeowner. …
Continue reading “Who Owns Your Home—You, or the Bank? Check for a “Defeasance Clause””
United Wholesale Mortgage (UWM), a major lending company, is now offering free appraisals for some borrowers. The perk is part of an oh-so-tempting 1-0 temporary rate buydown package, available to local mortgage consultants itching to help buyers break through the current housing standstill. “So,” you ask… “What is a 1-0 buydown mortgage?” Successful loan applicants can …
Holding the deed to real estate is long associated with stability and financial security. What if some of that security could be shared by — and build up— communities? This article is a thought experiment. Let’s imagine how things could play out if local residents could invest small amounts in a building. How would this …
Continue reading “Blockchain for Good: Can Smart Contracts Play a Community-Building Role?”
“A glut of mediocre Realtors is screwing over homebuyers,” says Entrepreneur.com. Is that just clickbait, or a serious remark? And hey! If we didn’t have agents, what exactly would home buying look like?
Insurance policies are getting pricier. There is no end in sight. Companies hope to limit payouts for weather damage linked to climate disruption. And so, as floods, storms and fires intensify, homeowners and buyers across the country should brace themselves for more than weather. Companies are shrinking coverage, hiking premiums, and raising deductibles. Something’s got …
Continue reading “Climate Risks and Insurance: The Struggle Continues”
The National Association of Realtors® (NAR) is on the hunt for “the next big thing in real estate tech,” says Bob Goldberg, the group’s CEO. Last month, in our update on artificial intelligence for home searches, we saw NAR advertising a contest to showcase the best uses it could find for artificial intelligence in real …
Continue reading “And the Winner Is… NAR’s AI Contest “Homes In” on Phone Call Tech”