Originally, the $8,000 tax credit was set to expire November 30, 2009, but the first-time home buyer tax credit may get new life.
Key lawmakers in the Senate have tentatively agreed to extend the existing $8,000 tax credit for first-time home buyers and also offer a new $6,500 credit for existing homeowners who have lived in their current residence for a consecutive five-year period in the past eight years.
The new proposal requires home buyers to be under contract by April 30, 2010, and close before July 1. House Democrats have expressed concern about the cost of the tax credit for the government, and allegations of abuse have resulted in an IRS probe of the program.
The refundable tax credit is an easy way for homebuyers to score additional money when they file their 2009 income taxes.
If you are a first-time home buyer in the market for a home, the $8,000 tax credit extension is great news! This tax credit extension will help give you an extra bit of money to replenish your savings after your down payment.
Friday, October 30, 2009
Top 10 Lakes & Lake Cities in MN & WI
Lakes
Our Top 10 Lake Cities are defined generally by the lakes within a radius of 10-20 miles around the core of each city's Main Street. The Top 10 Lake Cities are chosen because of the many quality lakes they have around them. There is not one particular lake that draws you to the area, but a number of lakes that give the city in the area its popularity.
LakeshoreDreams.com, Press Release, Rogers, Mn October 20, 2009.
- Alexandria Chain
- Gull Lake Chain
- Leech Lake
- Lake Superior
- Lake Minnetonka
- Lake Mille Lacs
- Lake Vermilion
- Ottertail Lake
- Woman Lake Chain
- Whitefish Chain
- Bemidji, MN
- Detroit Lakes, MN
- Ely, MN
- Grand Rapids, MN
- Park Rapids, MN
- Willmar, MN
- Cumberland, WI
- Hayward, WI
- Siren, WI
- Minocqua, WI
Our Top 10 Lake Cities are defined generally by the lakes within a radius of 10-20 miles around the core of each city's Main Street. The Top 10 Lake Cities are chosen because of the many quality lakes they have around them. There is not one particular lake that draws you to the area, but a number of lakes that give the city in the area its popularity.
LakeshoreDreams.com, Press Release, Rogers, Mn October 20, 2009.
Thursday, October 29, 2009
How to Tell Mortgage Rates Are Rising
What are the signs that mortgage rates, now at historic lows, are about to go up?
One way to catch a clue is to read the minutes of the Federal Reserve. For instance, the Federal Open Market Committee said in its September minutes that when it came to interest rates, there is “no policy change.” And the minutes said that while the Fed believes “an economic recovery is underway,” it regards a weak economy as a greater risk than inflation. Upcoming meeting minutes are likely to be just as forthcoming if an uptick is in the cards.
Other signs include:
One way to catch a clue is to read the minutes of the Federal Reserve. For instance, the Federal Open Market Committee said in its September minutes that when it came to interest rates, there is “no policy change.” And the minutes said that while the Fed believes “an economic recovery is underway,” it regards a weak economy as a greater risk than inflation. Upcoming meeting minutes are likely to be just as forthcoming if an uptick is in the cards.
Other signs include:
- Declining unemployment: The unemployment rate is sitting at 9.7 percent. If lots of Americans go back to work, an increase in interest rates is likely.
- Rising discount rate: The rate the Fed charges banks that borrow from it directly stands at 0.5 percent. If it rises or the spread between it and the Federal Funds rate widens, then mortgage rate increases won’t be far behind.
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