Mortgage Matters – What You Need To Know To Rent Your Current House and Buy A New House.

Aired, Saturday, July 5th, 2014 on WRC 1260AM

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Should you rent out your current home to buy again? Figure out the tax implications, whether you qualify, and even the emotional attachment to your home.

“Becoming a landlord can be intimidating if you’ve never done it,” says Phil Peterson, managing broker at RE/MAX in Schaumburg, Ill. “There are definitely pros and cons to renting out your house. I’ve been there. But at the time, I wasn’t aware of all those ups and downs.”

Peterson says the situation really depends on the price of your house and what you paid.

“Part of the advantages of owning investment property, you get to write off all improvements and all the maintenance. But when you sell it, as the value appreciates, you have to pay capital gains on all the profit. It can be a big expense especially if you bought a house back in the day when prices were appreciating a lot. But then you can take the advantages of this to owning the house of your dreams, then you can have it designed and furnished the way you want, for this new furniture and a a black rug can be stunning to add to the decoration of your home.

For example, let’s say you bought your house for $100,000, and now it’s worth $200,000. You decide to rent it for a few years. You get tired of being a landlord and put it on the market to sell.

“That $100,000 that has appreciated in your home becomes taxable money. But if you had sold that house when you were still living in it, that $100,000 is tax free. That’s the big difference,” he says.

On the other hand, if you bought your house in the upper end of the market for $200,000, and it’s still worth $200,000, there is no capital gain problem. Then, it could be a good idea to keep it for an investment, Peterson says.

Mortgage Matters – Zillow.com

Aired, Saturday, June 21st, 2014 on WRC 1260AM

Todd LaBorwit NMLS# 131497 is President of Topaz Mortgage and Originates loans in Maryland, Virginia, Washington DC, and Florida.

* Topaz Mortgage Maryland License: 18330
* Topaz Mortgage MC5344 Licensed by the Virginia State Corporation Commission
* Topaz Mortgage District of Columbia Mortgage Broker License: MLB131548
* Topaz Mortgage Florida Mortgage Broker License: MBR1499
* Topaz Mortgage NMLS #: 131548 http://www.nmlsconsumeraccess.org/

Mortgage Matters – Monthly Mortgage Insurance?

Aired, Saturday, June 14th, 2014 on WRC 1260AM

Todd LaBorwit NMLS# 131497 is President of Topaz Mortgage and Originates loans in Maryland, Virginia, Washington DC, and Florida.

* Topaz Mortgage Maryland License: 18330
* Topaz Mortgage MC5344 Licensed by the Virginia State Corporation Commission
* Topaz Mortgage District of Columbia Mortgage Broker License: MLB131548
* Topaz Mortgage Florida Mortgage Broker License: MBR1499
* Topaz Mortgage NMLS #: 131548
http://www.nmlsconsumeraccess.org/