The question you will face is whether you can deduct these fees immediately or whether they are added to the cost basis of your home.
![Deductibility of Points and Other Closing Costs](https://www.sesloc.org/wp-content/uploads/2023/12/Home-Owner-1080x675.jpg)
The question you will face is whether you can deduct these fees immediately or whether they are added to the cost basis of your home.
In the past, lenders traditionally required a down payment of at least 20% of the purchase price of a home. Today, many lenders offer loans with lower down payments. In addition, certain private and government entities have low down payment programs.
A real estate agent is a key partner on your home buying journey. In addition to finding you potential homes, they also guide you and advocate for you throughout the process. But how do you decide which one is the right fit for you and your needs? The right real estate agent for you should be familiar with your prospective neighborhood, experienced, and is someone you’ll enjoy working with.
If you don’t really know what you’re looking for in a home, how do you find the right one? Careful planning and consideration of your options can help ensure that you will be happy with the one you select.
In the past, lenders usually required a down payment of at least 20 percent of the purchase price of a home. Today, many lenders offer loans with lower down payments. In addition, certain private and government entities have low down payment programs
If you want to buy a home with your partner, you may be able to qualify for a larger mortgage than if one partner alone applied for the loan.
When it comes to buying a house, poor credit can limit your opportunities and result in higher interest rates and bigger payments. But with a little planning, you can boost your credit score ahead of your home loan pre-approval so you’ll be ready to make an offer on your dream home.
A Home Equity Loan leverages the equity you’ve built in your home to get access to funds at a lower rate than other loan types. A Home Equity Loan is a closed-end loan, meaning you get a lump sum and repay it with interest over a specified term.
Your HELOC provides more flexibility to support your goals than other loan options due to the low adjustable rate, no minimum advance requirements, no prepayment penalty, and flexible repayment terms — during the initial 10-year draw period your minimum payments are interest-only, followed by a 15-year repayment period to cover any outstanding balance.*
It’s a seller’s market out there — between historically low interest rates and low inventory, prospective home buyers are facing stiff competition. In our local market, homes are getting dozens of offers within just a few days of listing. Our partners at GreenPath Financial Wellness recently presented a webinar with insight into buying a home in this competitive market. In case you missed it, here are 5 tips for buying in a seller’s market:
We’re partnering with News Channel 12 to honor nonprofit volunteers who make our community thrive. Each month, we’re choosing a different nonprofit and asking them to select a valuable volunteer to receive the SESLOC Cares for Community Award. We’re thrilled to introduce Lisa Murray, from CASA of Santa Barbara County.
Have you noticed your insurance bills skyrocketing lately? If so, you’re in good company. According to Policygenius, the average home insurance premium increased by 21% between May 2022 and May 2023. Combine this with rising housing costs, property taxes, and high interest rate debt, and it’s no wonder why so many Americans are struggling in today’s market.
You may hear of cyberattacks throughout the news and think it may never happen to you but cyberattacks can happen to anyone and any business. Knowing the severity a cyberattack can create for members, SESLOC has and continues to improve its defenses against cybercriminals. Listed below are 10 ways that SESLOC works to provide the best protection for their members.
Did you know that recycling one ton of paper saves 17 mature trees, 7,000 gallons of water, 3 cubic yards of landfill space, and 4,000 kilowatts of electricity? Thanks to members at this year’s SESLOC’s Shred Days at our SLO, Atascadero and Santa Maria branches, we recycled 113 total bins with 17.79 tons of shredded paper— saving 302 trees, 124,530 gallons of water, 53.37 cubic yards of landfill space, and 71,160 kilowatts of electricity!
SESLOC Credit Union is thrilled to introduce the Instant Funds loans, a new short-term, small-dollar loans program designed to support individuals in need of emergency financial assistance. Keeping the credit union philosophy of “people helping people” in mind, we are introducing this product to ensure there is financial support for the underserved and underbanked in the Central Coast community.