Huntsville Alabama Real Estate Information
- An error has occurred; the feed is probably down. Try again later.
Davenport Agents – Huntsville Real Estate Team
Huntsville Alabama Realtors Selling Homes, Condos, and Real Estate
HOME is Where Your Happily Ever After Begins
Posted by on May 18, 2011
Realizing the American Dream
For most people, buying a home is the most important decisions of their lives. The decision is not usually an easy one. But, trends in home prices and mortgage rates, combined with the tax advantages of home ownership, make this an excellent time to turn the home of your dreams into a reality.
Pride of Ownership
Pride of Ownership is the number one reason why people desire to own their own home. Owning your home gives you freedom to decorate the house, paint the walls, play your music loud, and change the look of your home anytime you would like. Also, it gives your family a sense of stability and security that is not found in renting a property.
Buying vs. Renting
If you’re thinking of buying a home, you’ve probably already asked yourself, “Can I afford to buy?” But one important question you need to ask yourself is, “Can I afford to continue renting?”
Rental payments are gone, once you make them. But with each mortgage payment, you are “buying” something tangible, building up equity. The longer you own your own home, the larger your equity.
Also, a home is an investment that helps you keep up with inflation. Although not all homes appreciate at the same rate and some years are better than others, real estate has historically kept pace with and usually appreciated faster than the rate of inflation.
One thing you must keep in mind, too, that through the years, your income most likely will increase faster than any increase in your mortgage payment. Rent payments, on the other hand, tend to increase right along with your paycheck.
Mortgage Rates
As a rule of thumb, a one point drop in mortgage rates means that half a million more families will qualify for affordable financing. Yours could be one of them!
Rates for conventional, 30-year fixed rate mortgages are now in a reasonable range. Increasingly popular alternate forms of financing may make your loan even more affordable. Your real estate broker can provide information on the types of mortgage plans available to you.
Homeowner Tax Advantages
When you’re figuring out how much you can afford to commit to monthly mortgage payments, don’t forget the tax advantages of home ownership.
Both property taxes and interest payments on a mortgage for an owner occupied home are currently tax-deductible. In the early years of a typical mortgage, all but a small percentage of each monthly payment is used to pay off the interest on the loan. This means that as a homeowner, your annual taxable income could be substantially reduced by deducting the payments you make on property taxes and yearly mortgage payments.
And, later on, should you decide to take advantage of the growing equity in your home by taking out a home equity loan, the interest on up to $100,000 of home equity indebtedness is tax deductible.
The question is not, “Can I afford to buy?” The real question is, “Can you afford not to?”
| Annual Income | Monthly Payment | Purchase Price |
| $20,000 | $467.00 | $86,995 |
| $25,000 | $583.00 | $108,603 |
| $30,000 | $700.00 | $130,399 |
| $35,000 | $817.00 | $152,194 |
| $40,000 | $933.00 | $173,803 |
| $45,000 | $1,050 | $195,598 |
| $50,000 | $1,167 | $217,393 |
| $60,000 | $1,400 | $260,797 |
| $70,000 | $1,633 | $304,201 |
| $80,000 | $1,867 | $347,791 |
| $90,000 | $2,100 | $391,196 |
| $100,000 | $2,333 | $434,599 |
**Based on 5% interest rates and does not include taxes, insurance, PMI. Payment could be lower or higher based on rates, down payment, pre-paids, escrows.
Leading Mortgage Firms May Be Forced To Reduce Loan Balances For Distressed Homeowners
Posted by on May 12, 2011
The nation’s five largest mortgage firms may be forced to reduce loan balances for distressed homeowners as part of an agreement with state attorneys general and the Obama administration to settle claims of faulty mortgage practices, a top state official involved in the negotiations said Tuesday. The proposal is part of a set of remedies banks would have to agree to in order to settle the state and federal probes launched last autumn, which found that the largest mortgage firms illegally seized the homes of at least dozens of borrowers and engaged in shoddy practices that short-changed troubled borrowers.
Mortgage principal reductions would comprise part of a larger fine levied on Bank of America, JPMorgan Chase, Citigroup, Wells Fargo and Ally Financial. Penalties could reach $30 billion, officials said. The forced reduction of mortgage principal as a penalty against flawed past practices has proven contentious. Some Republican attorneys general have objected, as have some Republican members of Congress.
On Tuesday, however, a state official told The Huffington Post on condition of anonymity that the option “very much remains on the table.” While officials have not determined how much would be exacted from the banks — and specific dollar amounts to settle the probes have not yet been discussed between the state and federal governments and the banks — the proposal to compel financial firms to cut loan balances is part of one of two documents circulated Tuesday at a hotel in northern Virginia, where bankers, state officials and policy makers from the Obama administration began a three-day meeting. The targeted banks have argued vociferously, both in private discussions and in public, that they opposed cutting distressed homeowners’ principal balances.
(Credit : http://www.huffingtonpost.com)
Davenport Agents on Facebook Reach 1000 Fans
Posted by on June 24, 2010
Realtors Serving the Huntsville AL Area
Posted by on March 7, 2010
Buyers and Sellers looking to buy or sell in the Huntsville, AL area, get started with The Davenport Team here:
Daniel & Chastity Davenport | Davenport Agents
Chastity Cell: 256.337.8021 | Daniel Cell: 256.529.0413 | E-Fax: 888.408.7435
info@davenportagents.com | Daniel@davenportagents.com | Chastity@davenportagents.com | Facebook – Twitter – MySpace
EXIT Realty of the Valley
3810 Sullivan Street, Suite C, Madison, AL 35757
WHY CHOOSE US OVER THE OTHER 2000+ Huntsville Area Realtors?
- We pride our business on providing our clients sheer honesty, integrity, and diligence.
- We are experienced, knowledgeable, and intelligent, as we are degreed and local professionals.
- We are dedicated to helping our clients make informed, confident, and timely decisions.
- We keep you informed and updated daily, so that you feel comfortable in every phase of the process.
- We serve our clients’ needs as if it was our own personal transaction at stake.
- We are a TEAM of Realtors! You get a TEAM of agents working hard to meet all of your real estate needs for the price of one!
