Energy Saving Myths for real estate

Here's a great little video that quickly gives you a few things to change that you might be doing wrong and costing you money.  This comes from HouseLogic which is a great resource for DIY home stuff.  Take a quick look before the summer is over.




When it comes to saving money on your energy bill, every penny counts. HouseLogic provides heating, cooling, and energy conservation tips so you can achieve the optimal energy cost savings -- and put money back in your pocket!

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clear skies,

Doug Reynolds

Realtor
916-494-8441 

         

www.RealEstateWithDoug.com

www.CollegeGlenRealEstate.com

Don’t Forget To Save Money On Your Taxes This Year

Homeowners should be aware of these tax breaks that they may be eligible to receive. Consult a Certified and licensed Tax Professional.

• Mortgage interest: Homeowners are generally entitled to reduce their taxable income by the amount of mortgage interest they pay, as long as they itemize deductions on their tax returns. 
• Private mortgage insurance: Homeowners who are paying PMI likely will be able to fully deduct the amount, as long as their adjusted gross income is $100,000 or less ($50,000 for married taxpayers filing separately).  Borrowers with incomes above $100,000 may qualify for a partial deduction.
• Energy-efficient home improvements: If windows, doors, or skylights that meet the requirements of the federal Energy Star program were installed in 2011, homeowners can get a tax credit equal to 10 percent of the product’s costs.
• Points: The charges a borrower paid in points to get a mortgage are generally deductible if it was a first mortgage on the property.  In the case of a refinance loan, all or some of the point charges might be deductible, but it gets complicated.

·         Property taxes: The amount paid in property taxes is deductible as long as it is based on the assessed value of the property.  If the mortgage company collects money for property taxes, the amount actually paid should be on the 1098 form lenders send out each January.

clear skies,
Doug Reynolds
 
www.BHGshortsales.com

 

Pay Off Mortgage Early To Save Money

By Marcie Geffner, Associated Press

Paying off your mortgage might sound like an ambitious plan, especially if you have recently refinanced into a 30-year term. But it's still smart for homeowners to give some serious thought as to how they'll pay off their home loan; if not in 2012, then sometime.

An early mortgage payoff can net substantial interest savings compared to making scheduled payments for 15 or 30 years.

Paying more quickly reduces your housing cost, freeing up that money, says Ronit Rogoszinski, a wealth adviser at Arch Financial Group in Garden City, N.Y. You'll still be responsible for property taxes, homeowners insurance, and home maintenance and repairs.

Some might argue for allocating more cash to investments instead of eliminating low-cost debt, says Alfred McIntosh, principal of McIntosh Capital Advisors. But he encourages homeowners near retirement age to be mortgage-free.

To pay off your mortgage early:

- Add an extra amount, say $50 to $500, to each monthly payment, Rogoszinski says. Don't sacrifice necessities, such as sustenance or medical care.

Some homeowners add enough to their monthly payment to make one extra payment each year. McIntosh explains the math: Divide one payment by 12 or multiply one payment by 10 percent, and add that to the amount each month. Make sure the extra money is applied to principal, not interest or your escrow account.

One way to make that extra payment less painful is to make payments every two weeks instead of every month. The result is 26 half-payments instead of 12 full payments. McIntosh says biweekly payments can knock approximately six years off a 30-year term.

clear skies,

Doug Reynolds

 

www.BHGshortsales.com