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Mortgage News Roundup

March 20th, 2014

Mortgage ConceptMortgage News Roundup

Congress is debating whether or not to keep the mortgage interest deduction again as part of a larger talk about revamping the tax code in general. Homeowners in the U.S. last year received a total of roughly $70 billion in federal tax breaks through the deduction.

5 Features That Can Spike Your Home Insurance Costs

When you look for a new home, you can easily get caught up in the kitchen layout (make sure the oven door doesn’t open up into an entry way), or how it will look when you remove the burnt orange carpeting. But it’s also important to keep in your mind what it will cost to insure the house.

Here are the top five common home features that will increase the insurance premium.

  1. Swimming pools
  2. Trampolines
  3. Water view because of flooding
  4. A much older home with old plumbing and electrical systems
  5. Total square footage of the house and the property

Mortgage Loan Rates Tick Down

The Mortgage Bankers Association (MBA) released its weekly report on mortgage applications Wednesday morning, noting a decrease of 1.2% in the group’s seasonally adjusted composite index. That followed a drop of 2.1% for the previous week. Mortgage loan rates fell slightly on all types of loans.

The MBA’s refinance index decreased by 1%, after declining 3% in the previous week. The share for refinances fell for the sixth consecutive week to 56.5% of all applications.

If you’re thinking about refinancing, contact a reputable loan officer. They spend time regularly each week staying on top of regulations and interest rate trends to help you find the best solutions.

3 Things You Should Know About Homeowners Insurance

When it comes to protecting your home, it’s not just about safeguarding against structural damage or theft. Insurance is also about feeling secure in where you live. If disaster strikes, your focus should be on reclaiming your sense of stability rather than worry about money.

  • What does your insurance cover exactly. Will it cover your hotel costs if you are displaced? Does it cover theft?
  • What doesn’t it cover. Standard policies have exclusions including earth movements (landslides, earthquakes, sinkholes), power failure, war, nuclear hazard, government action, faulty zoning, bad repair or workmanship, defective maintenance and flooding.
  • Learn to shop around for better coverage and costs.

For additional reading, you can go to LearnVest for their online Ultimate Homeowner’s Insurance Guide.

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