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anonymous_in Texas
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0.10 Dollars($)
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Post subject: Texas law |
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How fast can a loan be approved and go to closing in the state of Texas?
Must the seller provide a copy of CC&R's to buyer (to review) before closing and be included the loan paper at closing? |
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adonis
Joined: 22 Oct 2005
Posts: 3777
Location: ALASKA
109.26 Dollars($)
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Hi anonymous_in Texas,
It may take around 45-60 days after applying for mortgage to go to closing. However, it may even vary. As far as I know, yes, the seller, should offer a copy of CC&R's to buyer to review before closing.
_________________
Procrastination is the enemy of your financial sucess |
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marla
Guest
0.10 Dollars($)
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Post subject: buying a house as investment or vacation |
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| In your opinion owning a primary residence in Illinois -would it be wiser to buy a second home in Florida as investment property or a vacation home or second home? I was told that an investment property offers tax write offs but it also kicks the points up where a vacation home would not. What do you suggest? |
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jenkin7
Joined: 04 Jun 2007
Posts: 3317
Location: Hawaii
492.11 Dollars($)
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Hi marla,
As far as I know if you use your vacation home for personal purposes for a specific number of days as your income, IRS will consider this as your residence. On the other hand, if you rent it all through the year the IRS will consider it as your investment property or rental property. If it is used as your residence, you can deduct your mortgage interest from your taxes. This will not be possible if the home is not used as your residence and is considered as your investment property or rental property. The interest rates on mortgages against investment properties are also higher than that against properties used for personal purposes. |
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