Most people have lots of things to save for but not always enough discretionary income after the family essentials have been met. A relatively small investment in a rental home can control a good home that will easily rent, generate positive cash flows and pay for itself. The borrowed funds create leverage that earn a… Read more »

FHA has announced a major change to its loan program which allows borrowers to cancel the mortgage insurance premium (MIP) when their unpaid balance reaches 78% of the original purchase price. While no specific date has been set for the change, sometime in 2013, new FHA loans will require the mortgage insurance for the life… Read more »

Conserving water to be green while lowering your monthly bill to save green is a beneficial combination. Little things can contribute significantly to a large water bill. Leaky faucets can waste over 1,000 gallons a year Leaky toilets can waste 7,000 gallons a month A five-minute shower saves more water than a tub bath Water… Read more »

Pre-paid interest, sometimes called “points”, is generally tax deductible when a person pays them in connection with buying, building or improving their principal residence. When points are paid on a refinance, they are not a current deduction but have to be taken pro-rata over the life of the mortgage. For instance, if $3,000 in points… Read more »

There are times when you need to change the locks on your home to protect your family and possessions. It should always be considered when you move into a new home; when keys are lost, stolen or unreturned; or a cleaning or other service provider hasn’t returned the key. Replacing the lockset would give you… Read more »

Hey Friends, I apologize about the mass email, but I wanted to let you know about an important change: *1. My email Address has changed:* Old email address to delete: davidolson (doesn’t work anymore) *New Email address to save: TheDavidOlsonRealEstateTeam * (The one I’m sending this from) Please update your address book with my new… Read more »

A number of things can cause water damage to a home and it’s important to know whether they’re covered by your insurance policy. Some water damage may be covered and other may not be. Generally, you need an incident to invoke coverage rather than something gradual due to lack of maintenance. However, some incidents are… Read more »

A 30 year fixed-rate mortgage hasn’t always been the standard. As part of FDR’s New Deal in 1934, the Federal Housing Administration was created to help Americans purchase homes with affordable terms. Prior to then, many loans had an amount due at the end of the term called a balloon. Most mortgages had adjustable interest… Read more »

The question plaguing every tenant who wants a home of their own is whether they should continue to rent or is it the right time to buy? The combination of good prices and low mortgage rates make it considerably cheaper to own than rent in most markets. Assuming a person is qualified with a down… Read more »

Rental properties have four primary factors that contribute to a return on investment. Based on market conditions and investor strategies, the individual motivating factor can change for property owners. There was a time when the benefit of tax savings to offset income from other sources was considered important to some investors. However, in today’s environment,… Read more »

While the Internet is a great resource to locate information about food, travel and a number of other things, it isn’t necessarily the best place to find a local service provider. Sure, you can run the search, get quick results and may even see some fairly impressive websites. The problem is that sometimes, those sites… Read more »

Some people believe they shouldn’t refinance more often than once every two years. The determining factors are if you’ll lower your payments and plan to stay in the home long enough to recapture the cost of refinancing. If so, you should consider refinancing. Interest rates have actually come down significantly in the past 12 months… Read more »

FHA loans require mortgage insurance premium to cover a possible loss to the lender if the property has to be foreclosed and sold. The premium is substantial and eliminating the MIP would reduce the payment considerably. The MIP must remain in effect for five years but after that, when the balance is 78% of the… Read more »

A quick once-over of the items on this list may improve the safety and security of your home and could protect your family and friends. It is important to periodically pay attention to these things because things change over time. Security Does each exterior door have a deadbolt? Does the lock on each window work?… Read more »

The latest Housing Affordability Index from the National Association of REALTORS® shows an interesting trend taking place this year that needs buyers’ attention. Most people know that the mortgage rates are still at incredibly low rates but don’t feel there is much sense of urgency. This report shows that mortgage rates have fallen from 4.37%… Read more »