Santa Clarita's Real Estate Lender: Keith Renno & Jason Renno (Prospect Mortgage, LLC)

Making Good Use of Renovation Loans

Our renovation loans provide the money to both purchase the home and finance the homeís renovation. With one loan, there is only one application, one set of fees, one closing and one monthly payment. At closing, the house is paid for, and the repair money is put into a trustee account for disbursement as repairs are completed. Improvements can include anything that adds value to the home, such as a room addition, new carpeting, landscaping, plumbing, roofing or a new kitchen. The loan can also be used for energy-efficiency improvements that qualify for tax credits* under the new stimulus package.

Another great advantage of a renovation loan is that it provides borrowers a loan based on the increased property value after renovation. But that's not the only financial upside. The required down payment on a renovation loan can be as low as 3.5%. As a tax deductible first mortgage, the renovation loan will usually feature a lower interest rate than a second mortgage and improvement costs can be spread over the term of the loan. The loan can also provide financing for up to six months of mortgage payments if the house is not occupied during construction.

Just knowing about our renovation loans may make the vital difference to motivate buyers to purchase. Give me a call today to learn more about how I can advise your clients on the right loan for their needs!

*Always consult your tax advisor for tax information and advice.

New laws have radically changed how credit card companies can operate. Here's what you need to know about the new credit card legislation and how it may affect you.

Over-limit fees have been banned. Purchases are now denied if there are insufficient funds. And if cardholders want overdraft coverage, they must choose to opt in for this service. This is a huge loss of revenue for credit card companies and they've mounted an aggressive campaign to convince cardholders to opt in. The fees are typically $30 for each time you use your credit card and don't have sufficient funds available.

For the full article please visit http://www.scvrealestatebox.com/

Congress Extends Tax Credit Closing Deadline Until September 30, 2010
President Expected to Sign Measure into Law

The National Association of Realtors estimates that as many as 180,000 homebuyers who met the contract deadline of April 30, 2010, may be affected by the extension. They will now have additional time to close their transactions.

Even if you do not qualify for the homebuyer tax credit, there is still a tremendous opportunity available through the combination of low home prices in Santa Clarita and historically low interest rates. I urge you to act now on this opportunity before market conditions change.

The Renno Lending Team of Prospect Mortgage is available to get a loan application started for you or answer any questions you may have. We're am also available to serve the real estate financing needs of your family members, friends, neighbors or colleagues. Feel free to have them call or email us today!

The above content is for informational purposes only and should not be used as a substitute for consultation with a tax advisor.

Click here to visit my website and apply on line:
http://www.RennoLending.com