Getting a loan?
Selecting a property to buy is just one decision to make. Consider…
1. You may want to increase your down payment to keep your loan balance under $750,000. The new tax law limits the deductibility of mortgage interest to loans of up to $750,000—down from the old cap of $1 million.
2. You may want to increase your down payment to keep your loan balance under $529,000. ‘Jumbo’ loans charge higher interest than ‘conforming’ loans. The upper threshold for conforming loans has been recently increased from $424,100 to $529,000.
3. You may want to act sooner than later. The Fed raised interest rates three times in 2017 and is expected to raise rates three times again this year. Rates may be 4.5% by the end of 2018.
If you have questions, contact your local trusted lender or Tupper’s Team, [email protected]. or