Be an Informed Consumer, Research Your Mortgage Options

The Consumer Finance Protection Bureau (CFPB) recently reported that half of consumers do not shop around for a mortgage when purchasing a home. Informed consumers, however, are more likely to research mortgage options, especially if they are familiar with available mortgage rates. According to CFPB Director Richard Cordray, consumers seek to understand the lending process, but are intimidated by its complexities. The report also found: Three out of four consumers only apply with one lender or broker. Fewer than one out of four borrowers actually end up submitting a loan application to more than one lender or broker. These consumers are not filling out applications with multiple lenders to s

Tax Breaks and Implications of Selling Your Home

Thinking about selling your home in 2015? Once you’ve found the perfect REALTOR®, made any repairs or renovations, staged it and negotiated your contract, you may think you’re done. But do you know what the tax implications are of selling your home? Vanessa Borges is an enrolled agent and tax preparation supervisor with the Tax Defense Network (www.taxdefensenetwork.com), a Better Business Bureau A+ rated tax resolution company. Below is some of her advice on tax breaks for anyone selling their home: ·Know what you can exclude: The tax code allows individuals to exclude up to $250,000 in profit from the sale of their primary residence; $500,000 for married couples filing jointly. “This means

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