Claiming Your First Time Homebuyer Tax Credit on Your Tax Returns

by Irene Moustakas | Feb 10, 2010 | 1st Time Homebuyers, Tips

If you were a first time homebuyer in 2009 and you fell within the IRS tax credit rules, you can claim that $8000 tax credit on your ‘09 returns.  The IRS has very specific rules on how to claim the credit though, and you will want to make sure you do it right.  Your...

Holding Real Estate Title: Slippery or Safe? (Contributed by Guest Blogger E.J. Hong)

by Irene Moustakas | Jan 19, 2010 | Tips

This post is written by estate planner extraordinaire E.J. Hong. The way you hold title to your home is extremely crucial because it determines what happens with your ownership interest in the case of your death. I encourage everyone to set up a Trust because it is...

What Happens When You’re in Process on Your Loan and a Natural Disaster Occurs

by Irene Moustakas | Jan 15, 2010 | Tips

We had three earthquakes in three consecutive days in Northern California last week. The bigger one, a 6.5 magnitude in Humboldt County, caused significant damage. When natural disasters such as this occur, lenders will institute a “Disaster Area” policy....

Reminder: Your Settlement Statement (HUD-1) and Filing Your Taxes

by Irene Moustakas | Jan 12, 2010 | Tips

With tax season right around the corner, I’m sure you’re all starting to collect your pertinent documentation. Remember that if you closed a home purchase or refinance in 2009, you will want to provide your accountant a copy of your Settlement Statement...

Why You See Advertisements for ARMs where the APR is less than the Note Rate

by Irene Moustakas | Dec 30, 2009 | Miscellaneous, Tips

I walked into my bank the other day and saw this advertisement: “5/1 ARM: 3.875%, APR 3.675%!!!” (The exclamation marks were the bank’s, not mine). This has always been one of my pet peeves because it seems so misleading, although technically,...

Financing Contingency Periods in this Market

by Irene Moustakas | Dec 16, 2009 | 1st Time Homebuyers, Tips

With the new Home Valuation Code of Conduct (HVCC) law, I have no control over whom to order your appraisal from.  Without this control comes the lack of a relationship with the appraiser to ask them to appraise your home in a timely manner. Your Realtor should know...