As homes evolve over the years incorporating new technology and innovation into them, current and future home owners have to be sure to keep up on what's coming next. Think smart. Homes are getting faster and more environmentally friendly all over the world and consumers expect them to be in prime locations. People are willing to have a more compact living space in order to be in a prime area featuring restaurants, bars, grocery stores they can walk to instead of using their car.
How the New Tax Reform Affects Deductions for Homeowners and Home Sellers
January 1, 2018, President Donald Trump’s new 7 year tax reform law became effective.
Mortgage lenders typically require at least a 20 percent down payment on the purchase of a home to avoid paying for private mortgage insurance. Before January of 2016, these PMI costs ranged from 30 basis points (.30%) to 125 basis points (1.25%) of a borrower’s annual loan balance. With such costly insurance, homebuyers were constantly looking to avoid this mandatory coverage.