MortgageFit - Great for Mortgage Info

MortgageFit is a community-based web site to visit for personalized knowledge and guidance on mortgage and related issues. (There are more than 24,000 members!) It’s a little gold mine for anyone interested in mortgages.

There is a section of discussions on mortgages and related topics. Perusing the various discussion threads (there are many) is a good place to start building an understanding of how mortgages work and what the current trends are. There’s an area for first time home buyers, an area related to fixing credit problems, and more.

For folks who are looking for quick answers to specific questions, there is an Ask-a-Mortgage-Expert section. You type in your question and one of the members of MortgageFit will send you an answer. You can apply for a mortgage quote online. They have a wide range of mortgage calculators on the site and finally you can find a lender in your area.

The site is easy to use and full of great mortgage information.

PMI tax deduction

The PMI tax deduction of 2007, allowed taxpayers to deduct mortgage insurance commonly called private mortgage interest or PMI. Initially the deduction was only good for calendar year 2007. Without legislation to extend it, this deduction would end on December 31, 2007.

The US Senate and House of Representatives have voted to extend the PMI tax deduction legislation for three (3) more years. President Bush is expected to sign this bill before the end of the year.

You can learn more from CNN Money.

Submitted by Ron Jensrud

Christmas for Women of Nations

Buyers Real Estate Group has been devoted to a few philanthropic endeavors over the years. Most recently, we prepared holiday gift bags for the residents of Women of Nations, an emergency shelter for abused women and children in St. Paul, MN. At the party, hosted by Renei Schmitz, Broker and owner of Buyers Real Estate Group, attendees contributed contents for the "goodie" bags. Mary Rugani, the other owner of Buyers Real Estate Group, arranged all of the contents on tables. All the items were wrapped and put in the festive bags. Mary Rugani and Renei Schmitz will be presenting the gifts to the women on Christmas Eve. Thanks to Renei, we all enjoyed a wonderful pasta dinner and cheesecake for dessert! If you would like to contribute to Women of Nations, contact them via their website: http://www.women-of-nations.org/. (Visit the Buyers Real Estate Group web site for more pictures.)

Happy Holidays!!

Safety Reminder

Many of us are driving a lot over the holiday period. We’re making lots of short trips, where we can get forgetful about safety measures. The following video from the Broward County Sheriff’s Office is a reminder to follow the basic rules:

• Don’t leave car windows open
• Don’t leave keys in car
• Don’t leave purse or other valuables in plain view
• Always lock your door
• Report suspicious activity

Upgrades that Matter

The results of the 2007 Remodeling Cost vs. Value Report are in and three of the four projects with the highest national percentage of costs recouped this year were exterior upgrades.

The most profitable projects included:

Siding replacement recouped 88 percent of costs upon resale
Wood deck additions and wood window replacements recouped more than 80 percent
Minor kitchen remodeling recouped 83 percent
The midrange garage addition returned nearly 70 percent
Back-up power generator only returned only 58 percent

Learn more from the National Realty News.

Good Time to Start a Business

We recently got some good advice in a newsletter from the author of the TaxLoopholes blog. She talked about the good tax reasons for starting a business now. Apparently, Congress has still failed to come up with a plan to solve the Alternative Minimum Tax (AMT) crisis. Regardless of the results of the AMT, you won't lose the ability to take most deductions from your business.

So here is what she suggests:

Business Strategy 1: Don't risk what you have - The key is having the right business structure and then in making sure you follow the proper formalities in running it. That way you are not personally liable for any business losses.

Business Strategy #2: The less tax you pay, the faster your wealth grows – But one of the keys is to invest the money you save.

Business Strategy #3: Know what works and doesn't work. – Learn what works and what doesn’t and don’t be afraid to cut your losers quickly.

Submitted by Ron Jensrud

Real Numbers on Foreclosures

The National Association of REALTORS recently published some real numbers related to foreclosures (The First Sub-Prime Wave) They got their information from the Mortgage Bankers Association’s quarterly National Delinquency Survey, which provides delinquency and foreclosure rates for the four regions and all 50 states as well as a breakdown of the statistics for each of type of loan (prime, sub-prime, VHA, FHA, and total) and lending structure (adjustable-rate or fixed-rate).

As the popular media is quick to report, the latest report from the MBA shows that default rates are on the rise. According to the MBA’s survey for the second quarter of 2007, the national foreclosure rate was 1.40 percent. This increase was concentrated in the West. Rates rose in the Midwest as well, but not as much.

One of the big worries about foreclosures is that they might end up aggravating the current, large supply of housing. The softening pace of home sales has put home buyers in the driver’s seat. As homeowners are more easily persuaded to make concessions on improvements, financing, and even prices in order to sell.

For more help on seeing the real estate market from the buyer’s perspective, contact an exclusive buyer agent.