Thinking of Pulling Cash Out of a Retirement Account?
If you’re thinking about withdrawing money from a retirement account for a downpayment on a new home, it’s important to understand the potential costs and penalties involved. Before taking any action, borrowers should consider the different types of retirement accounts they hold, such as conventional IRAs, Roth IRAs, inherited IRAs, and 401(k)s, and understand the […]
Tips To Keep Your Mortgage Loan On Track
As your lender, Ideal Lending is required to provide updates on all critical financial documentation that is over 30 days old prior to your closing. So whether you’re buying a home or refinancing your current mortgage, please keep the following documents on hand as your loan is being processed. Updated documents to keep on hand: […]
The Top 5 Real Estate Mistakes You Don’t Want To Make In A Divorce
Divorce can be stressful but with the help of Ideal Lending, the future of your mortgage doesn’t have to be. It starts with avoiding these common mistakes. Allow Ideal Lending to help you accomplish this step in your transition so you can move forward to a secure future. There is no obligation and the initial […]
Condo Insurance Simplified
Condominium Insurance is a little different than your standard homeowner’s insurance. With a condominium, the association dues that are paid by all of the condo owners will generally cover the unit that you purchase. However, it does not always cover the items located inside of your unit, which is pretty important stuff to most homeowners. […]
Government vs. Conventional: What’s the Difference?
Government mortgages such as FHA, VA, and USDA are backed and insured by the U.S government, whereas conventional mortgages are insured by private lenders. Qualifications are more lenient for government-backed loans, and both types of mortgages can carry mortgage insurance which protects the lender in case the borrower defaults on the loan. Mortgage insurance is […]
How to prepare your finances for a natural disaster or pandemic.
The thing about crisis situations is that you never know when to expect them. The only way to cope is by being prepared. Here’s how to prepare your finances to help you make it through challenging times: Start saving an emergency fund. The best advice is to have enough set aside to get you through […]
When is it smart to pay off your mortgage early?
Being mortgage-free sounds wonderful. But as with most financial choices, there are pros and cons. Before using an inheritance, a raise or savings to pay off your mortgage early, here are some things to consider: Immediate savings. Paying off your mortgage eliminates monthly payments and saves you thousands of dollars in interest. Peace of mind. […]
Should You Consider Buying an Airbnb Florida Investment Property?
Have you thought about buying an Airbnb investment property but are not sure where to start? I’m sure you have noticed Airbnb rental in the sunshine state is thriving. Airbnb released new data that shows Florida is the No. 2 state in the U.S. for new host income. Nationally, hosts earned over $1.8 billion in […]
Are Closing Costs Tax Deductible Under the New Tax Law?
Here’s the scoop on what’s tax deductible when buying a house. Are closing costs tax deductible? What about mortgage interest? Or property taxes? The answer is, maddeningly, “It depends.” Basically, you’ll want to itemize if you have deductions totaling more than the standard deduction, which is $12,000 for single people and $24,000 for married couples filing […]
Are You Getting the Home Tax Deductions You’re Entitled To?
Owning a home can pay off at tax time. If you’re eligible, take advantage of these home ownership-related tax deductions and strategies to lower your tax bill: Mortgage Interest Deduction To claim the mortgage interest deduction, you must itemize using Schedule A, and your mortgage must be secured by your pirmary or second home. That home can be […]
