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There are many of us who have moved out of a property and have started staying in another one. Thus, your previous homes are presently vacant and now you want to sell off that vacant property. Though it is not very easy to sell off a vacant home, here are certain tips which will help you in selling off the property. Selling a vacant home is a challenge as such properties need to be insured, maintained, staged as well as secured against unlawful residents and hooligans.

Owning a home is a long cherished desire of many of you. Right home purchase depends upon the careful selection of a mortgage lender. Here we briefly discuss about some tips which will help you find out a credible mortgage lender.

Seek for references

There are some closing costs associated with a home mortgage loan. Closing costs are the costs that borrowers have to bear at the time of the closing of the mortgage loans. Closing costs can be in the form of loan origination fees, discount points and appraisal fees. Loan origination fees are the costs that arise while making the mortgage loan. Loan origination fee is also known as origination point. Again, discount points are prepaid interest demanded by lenders in return of lower interest rate charged on the loan amount.

The worst outcome of a loan default is foreclosure. This is a legal process which implies that your lender can take over your home. In that case, you have to leave your home. Again, in case the value of your home is less than the amount you owe, a deficiency judgment is pursued. In case of a deficiency judgment, you not only have to lose your home but also have to owe an additional amount to the HUD.

Till date mortgage interest deductions were applicable for second homes as well as vacation properties. However, in a recent update, it was noted that many industry experts want the mortgage interest deductions for vacation properties and other non-primary residences should get eliminated.

What does the provision provide for?
Mortgage tax deductions allow the tax payers to deduct their mortgage interest payments on their second homes while they are filing their taxes.

Purchasing a house is indeed a very big decision. Various legal, emotional and of course financial considerations are involved in house purchase. Before making the purchase, you need to educate yourself and importantly you need to learn from the mistakes committed by others. Here we discuss about some common mistakes that you commit while purchasing the home.

Do not make hasty decision

It has been estimated that there are more than 11 million homeowners who are delinquent in their mortgage payments. In such a situation, there are a large number of people who are facing foreclosure. The option of short sale is available to such delinquent borrowers. However, for the last few years, lenders were taking quite some time to approve as well as complete the short sale process.

While offering you a home mortgage loan, a mortgage lender takes into consideration various things, such as your credit history, income, down payment amount etc. All these things are very important in determining your eligibility to obtain the home mortgage loan. Sometimes, the down payment amount creates a big problem to homeownership for many home buyers. The problem of making big down payment gets compounded especially for the first time home buyers and for the borrowers in low income brackets.

Mortgage brokers play a pivotal role in the mortgage industry. A rightful mortgage broker can help you a lot to find the best mortgage loan. In fact, a mortgage broker works as an intermediary between the lenders and borrowers. However, a mortgage broker does not use its own funds to originate the mortgage loans. A mortgage broker has tie up with a large number of mortgage lenders and is in a position to offer you a suitable mortgage loan.

In a recent development, it has been announced that from next year onwards, social security check and other federal benefits will no longer be available in your mail. It will be either directly deposited or a debit card will be issued for those people who don’t have a bank account.

Who will be affected due to this change?