Selling Home

Selling Your Home Home | Contact IRS | About IRS | Site Map | Español | Help Advanced Search Search Tips News Essentials What's Hot News Releases IRS - The Basics IRS Guidance Media Contacts Facts & Figures Problem Alerts Around the Nation e-News Subscriptions The Newsroom Topics Tax Tips 2006 Radio PSAs Fact Sheets Armed Forces Disaster Relief Offshore Compliance Scams / Consumer Alerts Tax Shelters More Topics . . IRS Resources Compliance & Enforcement Contact My Local Office e-file Forms and Publications Frequently Asked Questions News Taxpayer Advocacy Where To File Selling Your Home Tax Tip 2005-55, March 18, 2005 If you sold your main home, you may be able to exclude up to $250,000 of gain ($500,000 for married taxpayers filing jointly) from your federal tax return. This exclusion is allowed each time that you sell your main home, but generally no more frequently than once every two years. To be eligible for this exclusion, your home must have been owned by you and used as your main home for a period of at least two out of the five years prior to its sale. You also must not have excluded gain on another home sold during the two years before the current sale. If you and your spouse file a joint return for the year of the sale, you can exclude the gain if either of you qualify for the exclusion. But both of you would have to meet the use test to claim the $500,000 maximum amount. To exclude gain, a taxpayer must both own and use the home as a principal residence for two of the five years before the sale. The two years may consist of 24 full months or 730 days. Short absences, such as for a summer vacation, count as periods of use. Longer breaks, such as a one-year sabbatical, do not. If you do not meet the ownership and use tests, you may be allowed to exclude a reduced maximum amount of the gain realized on the sale of your home if you sold your home due to health, a change in place of employment, or certain unforeseen circumstances. Unforeseen circumstances include, for example, divorce or legal separation, natural or man-made disaster resulting in a casualty to your home, or an involuntary conversion of your home. If you can exclude all the gain from the sale of your home, you do not report any of that gain on your federal tax return. If you cannot exclude all the gain from the sale of your home, use Schedule D, Capital Gains or Losses, of the Form 1040 to report it. For more details and information, download a copy of Publication 523, Selling Your Home, or order it by calling toll free 1-800-TAX-FORM (1-800-829-3676). Links: Publication 523, Selling Your Home ( PDF 194K ) Schedule D, Capital Gains and Losses ( PDF 136K ) Tax Topic 701  — Sale of Your Home Publication 3, Armed Forces Tax Guide ( PDF 206K ) Highlights: Military Family Tax Relief Act Subscribe to Tax Tips Accessibility | FirstGov.gov | Freedom of Information Act | Important Links | IRS Privacy Policy | U.S. Treasury

home equity lines of

What You Should Know About Home Equity Lines of Credit ESPAÑOL More and more lenders are offering home equity lines of credit. By using the equity in your home, you may qualify for a sizable amount of credit, available for use when and how you please, at an interest rate that is relatively low. Furthermore, under the tax lawdepending on your specific situationyou may be allowed to deduct the interest because the debt is secured by your home. If you are in the market for credit, a home equity plan may be right for you. Or perhaps another form of credit would be better. Before making a decision, you should weigh carefully the costs of a home equity line against the benefits. Shop for the credit terms that best meet your borrowing needs without posing undue financial risk. And remember, failure to repay the amounts youve borrowed, plus interest, could mean the loss of your home. What is a home equity line of credit? What should you look for when shopping for a plan? Costs of establishing and maintaining a home equity line How will you repay your home equity plan? Lines of credit vs. traditional second morgage loans What is a home equity line of credit? A home equity line of credit is a form of revolving credit in which your home serves as collateral. Because the home is likely to be a consumers largest asset, many homeowners use their credit lines only for major items such as education, home improvements, or medical bills and not for day-to-day expenses. With a home equity line, you will be approved for a specific amount of credityour credit limit , the maximum amount you may borrow at any one time under the plan. Many lenders set the credit limit on a home equity line by taking a percentage (say, 75 percent) of the homes appraised value and subtracting from that the balance owed on the existing mortgage. For example: Appraised value of home $100,000 Percentage x 75% Percentage of appraised value = $ 75,000 Less balance owed on mortgage - $ 40,000 Potential credit $ 35,000 In determining your actual credit limit, the lender will also consider your ability to repay, by looking at your income, debts, and other financial obligations as well as your credit history. Many home equity plans set a fixed period during which you can borrow money, such as 10 years. At the end of this draw period, you may be allowed to renew the credit line. If your plan does not allow renewals, you will not be able to borrow additional money once the period has ended. Some plans may call for payment in full of any outstanding balance at the end of the period. Others may allow repayment over a fixed period (the repayment period), for example, 10 years. Once approved for a home equity line of credit, you will most likely be able to borrow up to your credit limit whenever you want. Typically, you will use special checks to draw on your line. Under some plans, borrowers can use a credit card or other means to draw on the line. There may be limitations on how you use the line. Some plans may require you to borrow a minimum amount each time you draw on the line (for example, $300) and to keep a minimum amount outstanding. Some plans may also require that you take an initial advance when the line is set up. What should you look for when shopping for a plan? If you decide to apply for a home equity line of credit, look for the plan that best meets your particular needs. Read the credit agreement carefully, and examine the terms and conditions of various plans, including the annual percentage rate (APR) and the costs of establishing the plan. The APR for a home equity line is based on the interest rate alone and will not reflect the closing costs and other fees and charges, so youll need to compare these costs, as well as the APRs, among lenders. Interest rate charges and related plan features Home equity lines of credit typically involve variable rather than fixed interest rates. The variable rate must be based on a publicly available index (such as the prime rate published in some major daily newspapers or a U.S. Treasury bill rate); the interest rate for borrowing under the home equity line changes, mirroring fluctuations in the value of the index. Most lenders cite the interest rate you will pay as the value of the index at a particular time plus a margin, such as 2 percentage points. Because the cost of borrowing is tied directly to the value of the index, it is important to find out which index is used, how often the value of the index changes, and how high it has risen in the past as well as the amount of the margin. Lenders sometimes offer a temporarily discounted interest rate for home equity linesa rate that is unusually low and may last for only an introductory period, such as 6 months. Variable-rate plans secured by a dwelling must, by law, have a ceiling (or cap ) on how much your interest rate may increase over the life of the plan. Some variable-rate plans limit how much your payment may increase and how low your interest rate may fall if interest rates drop. Some lenders allow you to convert from a variable interest rate to a fixed rate during the life of the plan, or to convert all or a portion of your line to a fixed-term installment loan. Plans generally permit the lender to freeze or reduce your credit line under certain circumstances. For example, some variable-rate plans may not allow you to draw additional funds during a period in which the interest rate reaches the cap. Costs of establishing and maintaining a home equity line Many of the costs of setting up a home equity line of credit are similar to those you paywhen you buy a home. For example: A fee for a property appraisal to estimate the value of your home An application fee , which may not be refunded if you are turned down for credit Up-front charges, such as one or more points (one point equals 1 percent of the credit limit) Closing costs, including fees for attorneys, title search, and mortgage preparation and filing; property and title insurance; and taxes. In addition, you may be subject to certain fees during the plan period, such as annual membership or maintenance fees and a transaction fee every time you draw on the credit line. You could find yourself paying hundreds of dollars to establish the plan. If you were to draw only a small amount against your credit line, those initial charges would substantially increase the cost of the funds borrowed. On the other hand, because the lenders risk is lower than for other forms of credit, as your home serves as collateral, annual percentage rates for home equity lines are generally lower than rates for other types of credit. The interest you save could offset the costs of establishing and maintaining the line. Moreover, some lenders waive some or all of the closing costs. How will you repay your home equity plan? Before entering into a plan, consider how you will pay back the money you borrow. Some plans set minimum payments that cover a portion of the principal (the amount you borrow) plus accrued interest. But (unlike with the typical installment loan) the portion that goes toward principal may not be enough to repay the principal by the end of the term. Other plans may allow payment of interest alone during the life of the plan, which means that you pay nothing toward the principal. If you borrow $10,000, you will owe that amount when the plan ends. Regardless of the minimum required payment, you may choose to pay more, and many lenders offer a choice of payment options. Many consumers choose to pay down the principal regularly as they do with other loans. For example, if you use your line to buy a boat, you may want to pay it off as you would a typical boat loan. Whatever your payment arrangements during the life of the planwhether you pay some, a little, or none of the principal amount of the loanwhen the plan ends you may have to pay the entire balance owed, all at once. You must be prepared to make this balloon payment by refinancing it with the lender, by obtaining a loan from another lender, or by some other means. If you are unable to make the balloon payment, you could lose your home. If your plan has a variable interest rate, your monthly payments may change. Assume, for example, that you borrow $10,000 under a plan that calls for interest-only payments. At a 10 percent interest rate, your monthly payments would be $83. If the rate rises over time to 15 percent, your monthly payments will increase to $125. Similarly, if you are making payments that cover interest plus some portion of the principal, your monthly payments may increase, unless your agreement calls for keeping payments the same throughout the plan period. If you sell your home, you will probably be required to pay off your home equity line in full immediately. If you are likely to sell your home in the near future, consider whether it makes sense to pay the up-front costs of setting up a line of credit. Also keep in mind that renting your home may be prohibited under the terms of your agreement. Lines of credit vs. traditional second morgage loans If you are thinking about a home equity line of credit, you might also want to consider a traditional second mortgage loan. A second mortgage provides you with a fixed amount of money repayable over a fixed period. In most cases the payment schedule calls for equal payments that will pay off the entire loan within the loan period. You might consider a second mortgage instead of a home equity line if, for example, you need a set amount for a specific purpose, such as an addition to your home. In deciding which type of loan best suits your needs, consider the costs under the two alternatives. Look at both the APR and other charges. Do not, however, simply compare the APRs, because the APRs on the two types of loans are figured differently: The APR for a traditional second mortgage loan takes into account the interest rate charged plus points and other finance charges. The APR for a home equity line of credit is based on the periodic interest rate alone. It does not include points or other charges. Disclosures from lenders The federal Truth in Lending Act requires lenders to disclose the important terms and costs of their home equity plans, including the APR, miscellaneous charges, the payment terms, and information about any variable-rate feature. And in general, neither the lender nor anyone else may charge a fee until after you have received this information. You usually get these disclosures when you receive an application form, and you will get additional disclosures before the plan is opened. If any term (other than a variable-rate feature) changes before the plan is opened, the lender must return all fees if you decide not to enter into the plan because of the change. When you open a home equity line, the transaction puts your home at risk. If the home involved is your principal dwelling, the Truth in Lending Act gives you 3 days from the day the account was opened to cancel the credit line. This right allows you to change your mind for any reason. You simply inform the lender in writing within the 3-day period. The lender must then cancel its security interest in your home and return all feesincluding any application and appraisal feespaid to open the account. The information on this site is adapted from the brochure "What You Should Know about Home Equity Lines of Credit." Single or multiple copies of the brochure are available without charge. Order the brochure by telephone, mail, or fax . Order online . Glossary | Where to go for help | Checklist Home | Consumer information | Publications | Brochures Accessibility | Contact us Last update: March 1, 2004

Florida real estate market

The Condo Company - Specializing in Condos and Real Estate from South Florida to California The Condo Company is a highly specialized real estate agency that focuses on the luxury condo market. The United States is currently experiencing unprecedented growth in condo developments; with this growth comes the need for a real estate company dedicated solely to helping customers buy, sell, or rent a condo. Select a location below to see information about condos in a specific area, or use our industry leading search tool. FLORIDA The Condo Company was started in south Florida and is continuing to expand throughout the state as condo craze continues in virtually every beachfront location in the state. Miami Miami Beach South Beach Sunny Isles Beach Aventura Surfside Bal Harbour Bay Harbor Coral Gables Key Biscayne Brickell Coconut Grove Fort Lauderdale Deerfield Beach Lauderdale By The Sea Hallandale Beach Lighthouse Point Hollywood Pompano Beach Coral Springs Wilton Manors Plantation Palm Beach West Palm Beach Delray Beach Boca Raton Jupiter Boynton Beach [more... Orlando West Orlando North Orlando Winter-Park Kissimmee Polk County East Orlando Lake County Metrowest Naples Marco Island Bonita Springs Fort Myers Beach Fort Myers Cape Coral NEVADA (LAS VEGAS) The latest venture that is sweeping the Las Vegas real estate market is the condo boom. Famed developers are now focusing their efforts on the still untapped Las Vegas condo market. Henderson / Green Valley Lake Las Vegas Southern Highlands Las Vegas The Strip Summerlin Downtown Anthem The Lakes Queensridge Peccole Ranch The Condo Company Information The Condo Company was originally formed in South Florida to meet the demands of consumers looking to invest in real estate, or purchase a vacation property for themselves or to earn extra income by renting. Like Miami and Fort Lauderdale, similar booms in condo sales are being seen in other regions of Florida such as Destin, Naples, Orlando, Sarasota, West Palm Beach, and many others. Outside of the state new developments are shooting up in Las Vegas, Hawaii, Los Angeles, Chicago, and Boston. Being the first company to concentrate on condos at a national and world-wide scale has given us a marked advantage over many companies trying to enter the market late. We have the largest online database of condos and an established internet presence. So for buyers we provide the largest inventory to browse; and for sellers we offer the most heavily searched condo site on the Internet. We will be expanding to the following areas soon: Sarasota Orlando Los Angeles Vail Atlanta Las Vegas Chicago Boston Real Estate & Condo News (12/21 14:41)- Appraising Las Vegas Homes: New Real Estate Value Search System (PR Web via Yahoo! News) - Las Vegas, NV (PRWEB) December 21, 2005 -- A new searchable automated appraisal real estate market database has been created for consumers wishing to receive an instant market value for their Las Vegas Homes . This first of its kind system allows Las Vegas homeowners to input information about their home in to this appraisal database to retrieve their homes present fair market value in Las Vegas (12/22 14:39)- Downtown land purchase could set stage for retail, condos (Houston Chronicle) - A real estate development group has purchased three blocks of prime downtown land, a move that takes it one step closer to building a proposed retail, condominium and office complex on the site. (12/20 19:06)- Area Apartment Complexes Converting to Condos (WCJB) - Hundreds of people renting apartments in North Central Florida are facing a big decision between moving out or coughing up the money to buy the apartment. It's a big trend in real estate right now to convert apartments to condos. Call it a spin-off of Florida's red hot real estate market. (12/19 01:04)- Miami Real Estate Market (Turks.US) - The Florida real estate market is on an upward swing, and the Miami area market is certainly no exception. With strong economic growth, jobs, and schools, its a prime growing location. City life, with great beach access, make it attractive to both newcomers to the area. Rankthenet.com The Luxury Condo Culture - Defined Condo n: one of the dwelling units in a condominium Such a bland definition hardly defines the word condo as it pertains to the luxury condo culture. In this world of convenience, opulence, and at times excess, the term condo represents a lifestyle, a point of view on life that demands the best. Here is where young professionals live among their peers and mingle around crystalline infinity-edged pools. Here is where retired baby boomers who have empty nests and sizable inheritances choose to establish their primary homes and vacation retreats. And here is where the international jet-set have their third, fourth, and fifth residences. As this culture continues to grow, a greater understanding of its nuances is needed. Convenience may be the most important attribute in the luxury condo culture. For the busy and well-to-do residents, many of whom only inhabit their units for a few months out of the year, the day-to-day upkeep that a single-family home requires is impractical. Rather, they prefer to pay a monthly fee and defer maintenance decisions to their condo associations. I just love being able to fly in from my place in Aspen and have my beachfront condo waiting so I can relax and unwind, says Elianne Divo Roth, resident of the luxurious Solimar in Bal Harbour, Florida. For others, safety is the key. Gabrielle Goldstein, a Los Angeles-based advertising executive, moved from her house in the Hollywood Hills to a luxury condo in West Hollywood. Sure, convenience was a consideration, she says, but really the security I feel when I pull my car up and the valet is waiting ... thats very important. I didnt have that feeling at my house in the Hills. For Goldstein, who often travels back and forth to New York, this peace of mind encompasses her automobile. I can leave my car for long periods of time and know its secure. Of course, these pragmatic reasons for living in a luxury condo are sufficient, but they barely scratch the surface of the luxury condo culture. Modern luxury buildings are equipped with the best of everything to provide their residents with a sexy and glamorous way of life. State-of-the-art gyms, rooftop pools, and full spa and concierge services are just a few of the lush amenities. Many of the newer buildings take it a step further with Smart Technology wired throughout anything you need at the touch of a button. What makes condo living unique are the amenities, says Tom Walsh, president of JJW Construction, a 40-year-old Florida construction company. Their latest building, the Argo Tower, will rise 15 stories high on Federal Highway in Fort Lauderdale . Socializing, entertaining and exercising are all taking place in the convenience of the magnificently decorated party rooms, library, guest rooms, gym, pool and spa. Beyond the amenities, which virtually all new developments embrace, is the decisive factor of location. While it is obvious why one chooses a winter retreat in Park City, Utah, or a summer getaway in Europe, those buying primary residences may be forsaking the suburbs to embrace urban surroundings. Perhaps their kids are grown and their need for a single family home has run its course, or perhaps the luxury of leaving the car parked and walking to and fro is important. These people are looking for condos that have shops, restaurants and entertainment within walking distance. This school of thought is evident in rising developments like PGA Commons in Palm Beach Gardens, Fla., or Skyline at Mary Brickell Village in downtown Miami. Typical Skyline at Mary Brickell Village buyers are professionals who desire to live, work and play in a vibrant urban environment, says Steven Priebe, director of marketing for Skyline Equity Realty. They enjoy the luxurious amenities of the building as well as the convenience of being in a location surrounded by wonderful restaurants, upscale boutiques and typical errand-running destinations such as a market, dry cleaners and pharmacy. Architecture is another inviting characteristic. New condominiums come in a variety of configurations, with many exteriors marked by clean lines, stylish glass facades, and abstract details that set the buildings apart. New condominium developments are attracting renowned architects like Charles Gwathmey and Richard Meier. Gwathmey, who has designed condos and homes for Steven Spielberg and David Geffen, teamed with The Related Companies to build Astor Place in New York. According to Gwathmey, this stunning building was conceived in three dimensions with multiple facades and no true front or back. This sculptural approach, when applied by masters like Gwathmey or Meier, has a trickle-down effect on condo architecture throughout the world. The impact can be seen in buildings from New York to Miami, Las Vegas to Dallas-Fort Worth, London to Dubai. Then there is the interior layout of individual condo units. Often, the architect hired to design the dwellings is different than the architect used for the exteriors. Its a collaborative effort, says Ismael Leyva, one of New Yorks biggest names in this arena. His skills are evidenced in some of Manhattans most desirable luxury condos. Notable projects include Time Warner Center and Astor Place. When I work with an architect like Charles Gwathmey, hell come with a shape and then well work together with the principal to make the original design efficient for condo living. The efficiency involves aspects such as dimensions and depth one foot here, two feet there. Its very subtle. Of course, interior architecture is complemented by interior design. The French-styled 21-story Vendome in uptown Dallas features classic European architecture by New York-based Alayo Architects PC, while inside, the plush condos inhabited by young professionals like Jimmy Kent reflect the residents personal style. Kents most recent condo in the Vendome included a 275-gallon saltwater aquarium, a feature that along with the high-rises elegant exterior and French ambiance helped Kent awe and entice the condos new owners. For Kent, architecture and interior design have worked together to deliver an uncommon lifestyle. People who live in luxury condos tend to be a bit flashier, lavish and intrigued by unique elements of design, says Kent. The aquarium was the welcome mat of my last condo, the first thing you saw as you entered the unit. It definitely had shock value, and I think that is what condo dwellers are often looking for, the flair and the flash of a luxury lifestyle. Personal style is the obvious guiding force inside the individual condo units, but the interior design for common areas like lobbies and hallways, party rooms and lounges helps to give a luxury condominium its style or theme. We get involved at a very early stage of development, says Uli Petzold, creative director of XODesignGroup, an interior design firm based in Frankfurt and Miami. Developer BCOM hired us to create the theme and design for 1800 Club, which is on the water, by [Miamis new] Performing Arts Center. It is hip, young and stylish, and on the water, so our theme had to incorporate aquatic elements. These themes are important not only for the people who will be living in the building, but for developers marketing strategies. A luxury building that wishes to attract young and single professionals will have a wholly different interior design than a condo community that appeals to retired baby boomers. Some buildings elect chic, modern interiors with abstract art, bold colors, and retro furnishings. Conversely, other buildings feature opulent lobbies with marble fountains, imported fixtures, and unrestrained accessories like crystal chandeliers, grand pianos, and fine art. Still others are inspired by Eastern philosophy that embraces the disciplines of Feng Shui. Developers spare no expense when it comes to translating themes to their demanding demographic. Public relations firms and advertising agencies throw extravagant parties and launch extensive campaigns to ensure that these themes are understood during the pre-construction phase of sales. In Cambridge, Mass., the Regatta Riverview Residences threw a bash with free wine and champagne, and a jazz band. Other condominiums in the Boston area have turned entire floors in buildings adjacent to the construction site into nightclubs with open bars and flowing hors doeuvres. The nightclub setups are decorated to translate the developments image. In Miami, budgets for pre-construction parties are unrestrained. The historic Anglers Hotel, which was recently sold for $5 million and is being converted into a boutique condo/hotel, put up a massive tent with an open bar for roughly 1,000 guests. Exotic characters in full costume and stilt performers were scattered throughout, and a Bahamian marching band marked the nights climax. The night was electric, says Ana Oz, a luxury condo owner who was there, so many beautiful people in one place celebrating this booming industry. That party was the epitome of South Beach excess and style. The objective of such elaborate affairs is to sell condos, and after the party is over, real estate agents and brokers negotiate the deals. Colorful and detailed renderings, models, and computer-generated presentations are used to sell units in buildings that have yet to break ground. The Internet is also a valuable tool. We have people coming from all over the world who are looking to invest, says Michael Ledwitz, owner of The Condo Company. He notes that 77 percent of all people looking to buy a luxury condo go to the Internet first. This statistic makes it essential that condo developments feature the very best in Web design. Without a high-tech, impressive site, a potential buyer may stray elsewhere before any of the other sales tools can be utilized. From interior design and architecture to amenities and convenience, the luxury condo culture is a fascinating world that continues to evolve. With so many aspects and subtleties that contribute to this sophisticated way of life, a specific definition is difficult to ascertain. Although, when all of the data has been analyzed, the luxury condo culture is best defined by the people who live it. SITE MENU Sellers Advantage Featured Condos Condo Search Contact Vacation Rentals Myrtle Beach Condos Myrtle Beach Condos For Sale [CLICK TO ADVERTISE] HOT CONDOS Miami Beach Area The Setai Icon South Beach Boston Area Intercontinental The Folio 360 Newbury Agent Log In

Colorado Real Estate -

Colorado HomeFinder | Arvada Real Estate, Search Arvada Homes for Sale in the MLS Call 800.231.9153 | Contact Us If you already have an account, sign in here Arvada Colorado Real Estate - find out first about the newest Arvada real estate listings! You learn about Arvada homes for sale the day they hit the market - before other buyers. Automated HomeAlert emails you new listings that fit your personal home search criteria and gives you access to all the Arvada Colorado real estate listings. It's easy - Just submit your email address and home search criteria. Your email is not shared or sold to anyone. You incur no obligation or cost for this free Arvada real estate service. Our Privacy Policy: We respect your privacy. All information provided is strictly confidential and you can unsubscribe at any time. Colorado HomeFinder will never sell or share your information with any outside parties. Click here to review our Privacy Policy . Your Automated HomeAlert Search Criteria * Required information Property Type: * Please select... Single Family Condominium or Townhome Any Property Price Range: * From Price.. 75,000 100,000 125,000 150,000 160,000 170,000 180,000 190,000 200,000 210,000 220,000 230,000 240,000 250,000 275,000 300,000 325,000 350,000 375,000 400,000 425,000 450,000 475,000 500,000 525,000 550,000 575,000 600,000 625,000 650,000 675,000 700,000 750,000 800,000 850,000 900,000 950,000 1,000,000 2,000,000 5,000,000 - To Price.. 100,000 125,000 150,000 175,000 200,000 225,000 250,000 260,000 270,000 280,000 290,000 300,000 310,000 320,000 330,000 340,000 350,000 375,000 400,000 425,000 450,000 475,000 500,000 525,000 550,000 575,000 600,000 625,000 650,000 675,000 700,000 750,000 800,000 850,000 900,000 950,000 1,000,000 2,000,000 5,000,000 10,000,000 Min Bedrooms: 1 2 3 4 5 Min Bathrooms: 1 2 3 4 Min Square Feet: No Preference 500 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200 2,300 2,400 2,500 2,600 2,700 2,800 2,900 3,000 3,250 3,500 3,750 4,000 4,500 5,000 6,000 Age of Home: No Age Preference New Construction Only 5 years or less 10 years or less 20 years or less Older than 50 years City Preferences: * Arvada Select at least one city... Arvada Aurora Berthoud Boulder Broomfield Castle Rock Denver Englewood Erie Estes Park Evans Evergreen Firestone Fort Collins Fort Lupton Fort Morgan Frederick Golden Highlands Ranch Johnstown Lakewood Lafayette Littleton Longmont Louisville Loveland Lyons Nederland Niwot Parker Severance Superior Thornton Wellington Westminster Windsor Please select if necessary Arvada Aurora Berthoud Boulder Broomfield Castle Rock Denver Englewood Erie Estes Park Evans Evergreen Firestone Fort Collins Fort Lupton Fort Morgan Frederick Golden Highlands Ranch Johnstown Lakewood Lafayette Littleton Longmont Louisville Loveland Lyons Nederland Niwot Parker Severance Superior Thornton Wellington Westminster Windsor Please select if necessary Arvada Aurora Berthoud Boulder Broomfield Castle Rock Denver Englewood Erie Estes Park Evans Evergreen Firestone Fort Collins Fort Lupton Fort Morgan Frederick Golden Highlands Ranch Johnstown Lakewood Lafayette Littleton Longmont Louisville Loveland Lyons Nederland Niwot Parker Severance Superior Thornton Wellington Westminster Windsor Contact Information Name: * First Name: Last Name: E-mail: * (Valid email address is required to receive listings) Re-enter E-mail: * Phone Contact: * Home Phone: Work Phone: Information that will help us serve you better Your level of Interest: * I have a HIGH interest in buying a home and am ready to start visiting homes now. (Please provide your phone number) I have a MEDIUM interest in buying a home, but I just started my search and need to become more familiar with the market. I do not have any definite plans to move at this time. I am just curious about the listings that are currently on the market. I currently: * live in Colorado plan to move to Colorado Your Comments Any additional information that will help us better understand your needs I agree with Colorado HomeFinder Terms & Conditions Just getting familiar with Arvada Colorado real estate? Or, do you know the exact street where you want to live? No matter what stage you are in your Arvada home search, Automated HomeAlert is for you! The latest technology makes finding Arvada homes for sale easier than ever ! Automatic email notification of new listings and access to all the Arvada real estate listings from all the brokerages saves you time - and makes searching for homes fun. You are in control! Colorado HomeFinder lets you search for Arvada real estate at your own pace. If you are just thinking about a buying a home, no problem...the Automated HomeAlert System is a great way to get familiar with the Arvada Colorado real estate market. If you are ready to start seeing Arvada homes in person, just let us know. Our local, licensed Arvada REALTORs can show you any property on the market. Get matched with a great Arvada REALTOR When you're ready for the assistance of a Arvada REALTOR, we will match you with the Colorado HomeFinder REALTOR that knows your target market best. Colorado HomeFinder agents are hand-picked REMAX professionals that average over 15 years of experience. We're a Colorado company, not a national referral service with a "list of agents." Our REALTORs are some of the best in the business and are true Arvada Colorado real estate market experts! Colorado HomeFinder, RE/MAX Alliance 4770 Baseline Road, Suite 200 Boulder, CO 80303 Arvada HomeFinder | Buy a Arvada Home | Sell a Arvada Home | Arvada Homes for Sale | Browse Arvada Listings | Arvada Realtors | Arvada Mortgage | Arvada Relocation Call toll free (800) 231-9153 or local (303) 543-3083 to be connected with a local expert Arvada RE/MAX REALTOR. New listing emails: Arvada Colorado Real Estate Denver Real Estate | Boulder Real Estate | Fort Collins Real Estate | Colorado Real Estate Broomfield Real Estate | Castle Rock Real Estate | Evergreen Real Estate | Highlands Ranch Real Estate | Littleton Real Estate We're a Colorado company with a network of hand picked RE/MAX REALTORS in 17 local offices across the state. 2005, Colorado HomeFinder , all rights reserved. Each office independently owned and operated. Privacy Policy | Terms of Use

home equity credit lines

Home Equity Credit Lines Home Equity Credit Lines U sing a credit line to borrow against the equity in your home has become a popular source of consumer credit. And lenders are offering these home equity credit lines in a variety of ways. You will find most loans come with variable interest rates, some come with attractive low introductory rates, and a few come with fixed rates. You also may find most loans have large one-time upfront fees, others have closing costs, and some have continuing costs, such as annual fees. You can find loans with large balloon payments at the end of the loan, and others with no balloons but with higher monthly payments. No one loan is right for every homeowner. The challenge, then, is to contact different lenders, compare options, and select the home equity credit line best tailored to your needs. Be sure to review the home equity contract carefully before you sign it. Do not hesitate to ask questions about the terms and conditions of your financing. To help you do this, you may want to consider the following questions and to use the checklist at the end of this brochure. (We apologize that the checklist is not available on-line. To obtain a copy of the checklist, please request a free copy of the brochure by contacting: Public Reference, Federal Trade Commission, Washington, D.C. 20580; (202) 326-2222. TDD call (202) 326-2502.) Is a home equity credit line for you? If you need to borrow money, home equity lines may be one useful source of credit. Initially at least, they may provide you with large amounts of cash at relatively low interest rates. And they may provide you with certain tax advantages unavailable with other kinds of loans. (Check with your tax adviser for details.) At the same time, home equity lines of credit require you to use your home as collateral for the loan. This may put your home at risk if you are late or cannot make your monthly payments. Those loans with a large final (balloon) payment may lead you to borrow more money to pay off this debt, or they may put your home in jeopardy if you cannot qualify for refinancing. And, if you sell your home, most plans require you to pay off your credit line at that time. In addition, because home equity loans give you relatively easy access to cash, you might find you borrow money more freely. Remember too, there are other ways to borrow money from a lending institution. For example, you may want to explore second mortgage installment loans. Although these plans also place an additional mortgage on your home, second mortgage money usually is loaned in a lump sum, rather than in a series of advances made available by writing checks on an account. Also, second mortgages usually have fixed interest rates and fixed payment amounts. You also may want to explore borrowing from credit lines that do not use your home as collateral. These are available with your credit cards or with unsecured credit lines that let you write checks as you need the money. In addition, you may want to ask about loans for specific items, such as cars or tuition. How much money can you borrow on a home equity credit line? Depending on your creditworthiness (your income, credit rating, etc.) and the amount of your outstanding debt, home equity lenders may let you borrow up to 85% of the appraised value of your home minus the amount you still owe on your first mortgage. Ask the lender about the length of the home equity loan, whether there is a minimum withdrawal requirement when you open your account, and whether there are minimum or maximum withdrawal requirements after your account is opened. Inquire how you gain access to your credit line -- with checks, credit cards, or both. Also, find out if your home equity plan sets a fixed time -- a draw period -- when you can make withdrawals from your account. Once the draw period expires, you may be able to renew your credit line. If you cannot, you will not be permitted to borrow additional funds. Also, in some plans, you may have to pay your full outstanding balance. In others, you may be able to repay the balance over a fixed time. What is the interest rate on the home equity loan? Interest rates for loans differ, so it pays to check with several lenders for the lowest rate. Compare the annual percentage rate (APR), which indicates the cost of credit on a yearly basis. Be aware that the advertised APR for home equity credit lines is based on interest alone. For a true comparison of credit costs, compare other charges, such as points and closing costs, which will add to the cost of your home equity loan. This is especially important if you are comparing a home equity credit line with a traditional installment (or second) mortgage, where the APR includes the total credit costs for the loan. In addition, ask about the type of interest rates available for the home equity plan. Most home equity credit lines have variable interest rates. These variable rates may offer lower monthly payments at first, but during the rest of the repayment period the payments may change and may be higher. Fixed interest rates, if available, may be slightly higher initially than variable rates, but fixed rates offer stable monthly payments over the life of the credit line. If you are considering a variable rate, check and compare the terms. Check the periodic cap, which is the limit on interest rate changes at one time. Also, check the lifetime cap, which is the limit on interest rate changes throughout the loan term. Ask the lender which index is used and how much and how often it can change. An index (such as the prime rate) is used by lenders to determine how much to raise or lower interest rates. Also, check the margin, which is an amount added to the index that determines the interest you are charged. In addition, inquire whether you can convert your variable rate loan to a fixed rate at some future time. Sometimes, lenders offer a temporarily discounted interest rate -- a rate that is unusually low and lasts only for an introductory period, such as six months. During this time, your monthly payments are lower too. After the introductory period ends, however, your rate (and payments) increase to the true market level (the index plus the margin). So, ask if the rate you are offered is "discounted," and if so, find out how the rate will be determined at the end of the discount period and how much larger your payments could be at that time. What are the upfront closing costs? When you take out a home equity line of credit, you pay for many of the same expenses as when you financed your original mortgage. These include items such as an application fee, title search, appraisal, attorneys' fees, and points (a percentage of the amount you borrow). These expenses can add substantially to the cost of your loan, especially if you ultimately borrow little from your credit line. You may want to negotiate with lenders to see if they will pay for some of these expenses. What are the continuing costs? In addition to upfront closing costs, some lenders require you to pay continuing fees throughout the life of the loan. These may include an annual membership or participation fee, which is due whether or not you use the account, and/or a transaction fee, which is charged each time you borrow money. These fees add to the overall cost of the loan. What are the repayment terms during the loan? As you pay back the loan, your payments may change if your credit line has a variable interest rate, even if you do not borrow more money from your account. Find out how often and how much your payments can change. You also will want to know whether you are paying back both principal and interest, or interest only. Even if you are paying back some principal, ask whether your monthly payments will cover the full amount borrowed or whether you will owe an additional payment of principal at the end of the loan. In addition, you may want to ask about penalties for late payments and under what conditions the lender can consider you in default and demand immediate full payment. What are the repayment terms at the end of the loan? Ask whether you might owe a large payment at the end of your loan term. If so, and you are not sure you will be able to afford the balloon payment, you may want to renegotiate your repayment terms. When you take out the loan, ask about the conditions for renewal of the plan or for refinancing the unpaid balance. Consider asking the lender to agree ahead of time and in writing to refinance any end-of-loan balance or extend your repayment time, if necessary. What safeguards are built into the loan? One of the best protections you have is the Federal Truth in Lending Act, which requires lenders to inform you about the terms and costs of the plan at the time you are given an application. Lenders must disclose the APR and payment terms and must inform you of charges to open or use the account, such as an appraisal, a credit report, or attorneys' fees. Lenders also must tell you about any variable-rate feature and give you a brochure describing the general features of home equity plans. The Truth in Lending Act also protects you from changes in the terms of the account (other than a variable-rate feature) before the plan is opened. If you decide not to enter into the plan because of a change in terms, all fees you paid earlier must be returned to you. Because your home is at risk when you open a home equity credit account, you have three days to cancel the transaction, for any reason. To cancel, you must inform the lender in writing. Following that, your credit line must be cancelled and all fees you have paid must be returned. Once your home equity plan is opened, if you pay as agreed, the lender, in most cases, may not terminate your plan, accelerate payment of your outstanding balance, or change the terms of your account. The lender may halt credit advances on your account during any period in which interest rates exceed the maximum rate cap in your agreement, if your contract permits this practice. For More Information The FTC works for the consumer to prevent fraudulent, deceptive and unfair business practices in the marketplace and to provide information to help consumers spot, stop and avoid them. To file a complaint or to get free information on consumer issues , visit www.ftc.gov or call toll-free, 1-877-FTC-HELP (1-877-382-4357); TTY: 1-866-653-4261. The FTC enters Internet, telemarketing, identity theft and other fraud-related complaints into Consumer Sentinel , a secure, online database available to hundreds of civil and criminal law enforcement agencies in the U.S. and abroad. FEDERAL TRADE COMMISSION FOR THE CONSUMER 1-877-FTC-HELP www.ftc.gov June 1992