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SPECIAL NOTICE:
A new federal law provides for an itemized deduction on federal tax returns for the cost of private Mortgage Insurance (MI) paid by eligible members. Previously, members could not deduct the cost of their MI payments on their federal income taxes.
The new law allows members with adjusted gross incomes up to $100,000 to deduct 100% of their 2007 MI premiums on their federal tax returns.
In addition, even members with adjusted gross incomes up to $109,000 can take advantage of a partial MI tax deduction (the legislation includes a phase-out by 10% for each $1,000 a taxpayer's adjusted gross income exceeds $100,000 with a cutoff of any deduction at $109,000).*
The legislation is effective for MI certificates issued between January 1 and December 31, 2007.
*Based on transactions closed after December 31, 2006, and MI premiums paid between January 1 and December 31, 2007, and allowable to 2007. Deductions are phased out in 10% increments for members with adjusted gross incomes between $100,000 and $109,000.
"Be the Buyer" When Selling Your Home
To get top dollar when selling your home, view it like the buyer, not the seller. It's easy to overlook overgrown bushes and overflowing closets when you're living in a space, but a prospective buyer will be sure to notice. Look at your property with an outsider's eye to see what improvements you need to make. If you think you may have trouble being objective, ask a friend for help.
First, check out your curb appeal. Most buyers will do a drive-by, so you should too. Are the shrubs and lawn trimmed? Mower, hoses, and other equipment neatly stored? Is a coat of paint in order? Is there trash or other debris in sight?
Once you've passed the drive-by inspection, do a room-by-room assessment. Make cleaning your top priority. Sparkling windows and gleaming tile can add substantially to a home's perceived value. Get rid of the clutter; be ruthless. Most people value storage space so make sure your closets, bookcases, garage, and basement look ample by removing excess possessions. Rent a storage locker for anything you can't bare to part with.
Shampoo carpets and fix drippy faucets. Paint, if needed, particularly if you have pink or purple walls. You may think beige is boring, but it has more universal appeal. Do a "sniff" test, too. You may be used to cigarette, pet, or potpourri odors, but they may turnoff buyers.
Competitive Rates on Home Mortgages
Home Improvements with affordable terms
Home Equity Loans with low monthly payments
Due to daily fluctuating rates please call VFCU for a 1st Mortgage rate quote.
For details call 419-625-9025 or 800-691-9299, follow the prompts and you'll be connected to a Mortgage Loan Specialist or click here and apply today!
