The credit environment has changed drastically and banks are tightening their belts.  While just last year a 680 to 700 FICO scores was considered great scores, now a good FICO score is considered around the mid 700’s.  In other words, credit scores 50 to 100 points greater than last year have a better chance of […]

The National Association of Realtors®‘ name is being used as part of a property rental scam in which rental property is offered to consumers, who are led to believe that NAR is functioning as an intermediary to receive rental deposits from prospective tenants.
“NAR is not involved in this business and has contacted law enforcement officials […]

Long-term mortgage rates fell to new all-time lows this week following a move by the Federal Reserve to buy up more than $1 trillion dollars in assets, according to Freddie Mac’s weekly mortgage-rate survey released Thursday.
Interest rates on 30-year mortgages stood at an average 4.85% this week, down from 4.98% last week and a full […]

“The National Association of Realtors® applauds the Federal Reserve announcement today that it would purchase an additional $750 billion in Fannie Mae and Freddie Mac mortgage-backed securities and up to $300 billion in longer term Treasury securities. This is great news for American home buyers and homeowners because mortgage interest rates will continue to remain […]

What is the fundamental issue?

Individuals are permitted to deduct mortgage interest paid on mortgage debt of up to $1 million. The deduction is available for interest on mortgages for a principal residence and one additional residence. The $1 million limitation represents the combined allowable debt on two residences. Mortgage interest on up to $100,000 of […]