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Property Taxes
The county, city, or state you choose to purchase in charges property taxes which are based on the assessed value of your home. These property taxes are typically included in your monthly payment in that 1/12th of your tax bill is paid into your escrow account. What is escrow? You can look up the property…
Read MoreHomestead Deductions in DC and MD
If you buy your home in DC or in Maryland, and will live in the property, you will want to apply for the homestead deduction. The homestead deduction will limit how much your property taxes can increase annually and potentially reduce your tax bill. In DC, with the homestead deduction your taxable assessed value will…
Read MoreVA Loans
The VA loan is often the best possible loan because it offers lower costs than conventional financing. And regardless of down payment, there is no monthly mortgage insurance. There are no lender fees on VA loans and realtors are disallowed from charging fees as well. Unless you are exempt, the VA does charge an upfront…
Read MorePoints
Points, origination points, and discount points are synonymous. Points are an upfront closing cost and are a charge based on your loan amount. One point refers to a charge of one percent of the loan amount. On a $400,000 loan amount one point is $4,000. Rates and points are connected to each other. The greater…
Read MoreBridge Loans
It can be difficult to time the sale and the purchase of your next home perfectly. While it’s ideal to sell and buy on the same day, sometimes you won’t be able to sell your property before closing on your new home. If you have significant equity in your home and need that equity…
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