New 2018 FHA Loan Limits

New 2018 FHA Loan Limits

There is good news for mortgage shoppers. The new FHA loan limits were released in December 2017 by The Department Housing and Urban Development (HUD) showing that in 2018 they have raised limits in many metro areas across the nation. (more…)

Current Mortgage Rates for Wednesday January 3, 2018

Current Mortgage Rates for Wednesday January 3, 2018

Today’s mortgage rates at some of the nation’s top lenders are on the rise from yesterday’s report. The current national average for the 30 year fixed mortgage is 3.99% and the 15-year mortgage is 3.44%. (more…)

What 2018 Tax Reform Means to Homeowners and Mortgages

What 2018 Tax Reform Means to Homeowners and Mortgages

On December 20, 2017, Congress passed the Tax Reform Act (formerly known as the Tax Cuts and Jobs Act or the “Act”).  With new reform comes new changes to the way we do business in real estate and how we are taxed on mortgages. In this article, I would like to list these changes in the most simple way possible so that you do not need to be a certified accountant to understand them.

Mortgage Deductions

The new bill reduces the limit on deductible mortgage debt to $750,000 for new mortgages taken out after December 14, 2017, on primary and second homes. Current jumbo loans up to $1 million are grandfathered in and are not subject to the new $750,000 cap. (more…)