Mortgage & Home Buyers Guide

Tax Considerations during Divorce

Are you going through a divorce? If so, you need to receive as much divorce advice as possible pertaining to your tax situation. With so many tax considerations during divorce you really need to know what you are up against. By making all the right decisions you may be able to save yourself quite a bit of money.

Above all else, timing your divorce is very important. For example, if both people make about the same amount of money, getting divorced before the end of the year makes sense so that the marriage penalty can be eliminated. On the other hand, if one spouse earns much more than the other getting divorced after the new year makes more sense. This way, you can file as “married filing jointly” one last time.

Education Tax Benefits and Financial Aids

If children are involved you need even more divorce advice. Those who pay child support need to know that it is not able to be deducted. On the same token, if you receive child support it is not considered to be taxable income.

Alimony, on the other hand, is treated a bit differently. Alimony payments are deductible if these requirements are met: payments are made in cash, money order, or check; it is required by a divorce; the payments are not intended to be used as child support; the payments are not part of any property payments; a joint return is not being filed; and you are not liable to make any payments after your ex passes away. 

These are just some of the tax considerations to keep in mind during divorce. The more divorce advice you receive the better off you will be. To ensure that you are on the right track and getting all the best divorce advice, hire an attorney who specializes in this area of the law.

How to Avoid Needing a Tax Extension

Some people file for a tax extension year after year. While you may be able to get away with this, it is not a habit you should get into. There are many things you can do to avoid needing a tax extension.

Above all else, you need to start preparing your tax return as early as possible. If you wait until April, for example, there is a good chance that you will end up needing a tax extension. It is never too early to start the preparation process. The sooner you start the more time you will have for each individual part of your return.

Common Tax Forms and Their Functions

Do I need tax extension help? This is a question you need to ask yourself early in the year. Some people are more than happy to file their own tax return. Others need professional help. If you hire a professional you should never need a tax extension. They will be able to walk you through the tax extension process and file your return on time. 

Those who have internet access are less likely to need a tax extension. There are many reasons for this. To start, it makes it easy to research your tax situation. This can include anything from printing the proper tax forms to finding a local tax professional. 

Finally, don’t use the ability to get an automatic tax extension as an excuse to be lazy. Knowing that you can get an extension makes it easier for you to put things off, day after day. If you continually rely on a tax extension you are never going to get out of this rut.

There are many things you can do to avoid needing a tax extension this year. By following the above advice you should be able to file your return by the April deadline, instead of waiting up to six more months.

Loan Shopping Tips for First-Time Home Buyers

If you are a first-time home buyer, this can be an exciting phase in your life. Of course, figuring out how to buy a house and qualify for a mortgage can be stressful as well. Unless you are able to pay up-front with cash, you will need to shop around for a mortgage loan. While there are many mortgage lenders for first-time home buyers to choose from, as well as a variety of loan products to consider, not all of them are going to be right for you.

Below are some mortgage loan tips for the first-time home buyer:

• Visit three to four mortgage lenders

As you begin the homebuying process, you will find that there are many types of lenders out there (including national banks, local banks, credit unions, and government-approved lenders). You should interview with at least three or four lenders so you can compare the options and determine which offer works best for you. Consider bringing a checklist of questions to ask the mortgage lender, which will help you separate the good lenders from the unscrupulous ones.

• Compare different types of mortgage loans

Generally speaking, most first-time home buyers opt for a 15-year or 30-year fixed mortgage (which means the interest rate will not change during the life of the loan). While fixed mortgages offer stability and predictable monthly payments, there are also other types of home loans to consider. It’s recommended that you look into the pros and cons of an adjustable-rate mortgage (ARM), as well as an interest-only (I-O) mortgage. As a first-time home buyer, you will have many questions regarding mortgage loans. Feel free to ask the lender about their products and services, including the advantages, drawbacks, and long-term effects.

• Get pre-approved for a mortgage before you go house hunting

Mortgage loan pre-approval is a good way for a first-time home buyer to determine how much they can afford based on their financial standings (credit history, income, debts, employment, etc.). It also gives you buying power when you’re house hunting because it assures the seller that you can get the proper financing. The last thing you want is to find the perfect house and then discover that you cannot get approved for a loan.

For first-time home buyers you must also know how mortgage rates affect your loan and your budget.

Austin Has Many Great Architects

The annual Austin home tour was held last weekend and featured homes designed by some very talented architects. 

Alterstudio Architects focuses on meeting the needs of clients, but specializes in the manipulation of daylighting, the controlled entry of natural light into a home or office design through windows. Through daylighting, electric lighting would be reduced or eliminated.

Another architect from Austin earned the nickname "The House Whisperer." John Mayfield studies an existing home before he makes changes – he wants the flow from old to new to be uninterrupted.  Mayfield's interior designs are stunning and practical. Austin Mortgage Rates

A familiar thread among the greatest architects of Austin real estate is that they listen to their customers. At Cottam Hargrave, the opinions of the client come first and their job is to bring their ideas into artistic fruition. According to the Cottam Hargrave website, "Cottam Hargrave executes a variety of projects ranging in scope from small scale residential to bank prototypes. From massing to detailing, the design and execution of each building is followed thoroughly throughout."

One of the nicest buildings in the downtown Austin area is the McGarran Jessee creative arts building that is home to a popular marketing company. The design features a flat roof, but has a cat walk on the roof for employees to enjoy the outdoors. In addition, shade is provided for passersby with eaves extending out over the sidewalk.

A home called Chimney Corners in Austin was featured in the parade of homes because of the beautiful design by Webber + Studio architecture. The residence features a wall of windows overlooking a patio and lovely swimming pool. A wood design is laid into the ceiling of the outdoor patio, with lighting highlighting the simple table and chairs. Inside, an arching ceiling helps bring together an open floor plan that includes a comfortable living room and elegant kitchen.

James D. LaRue Architects were also a part of the home tour of Austin. Inside their homes, no shortcuts are taken. Top of the line granite is used in the kitchen and often the outdoor stone is incorporated inside for use on fireplaces and wall design. The stunning designs of this firm incorporate stone exteriors, but use dramatic lighting as the icing on the cake. The building is an extension of the surrounds, so the logic of using beautiful stonework is inarguable. Besides making owners of the real estate they work on happy, the designers at LaRue Architects work also to please other people who encounter the homes when driving, walking, or boating by.

If you missed the Austin Home Tour this year, you can go by clients of LaRue Architecture to satisfy your design needs. Or you can wait until next year when the city is sure to select more wonderful homes to tour. More stories about Austin Mortgage Rates.