The Homebuyer Tax Credit is being extended to April 30, 2010 with different guidelines and provisions:
First-time Buyer

Amount of Credit
$8000 ($4000 married filing separate)

First-time Buyer Definition for Eligibility
May not have had an interest in a principal residence for 3 years prior to purchase

Current Homeowner Amount of Credit
$6500 ($3250 married filing separate)

Effective Date Current Owner
November 7, 2009

Current Homeowner Definition for Eligibility
Must have used the home sold or being sold as a principal residence consecutively for 5 of the previous 8 years

Termination of Credit
Purchases after April 30, 2010

Binding Contract Rule
So long as a written binding contract to purchase is in effect on April 30, 2010, the purchaser will have until
July 1, 2010 to close.

Income Limits (Note: Increased income limits are effective as of date of enactment of bill)
$125,000 – single
$225,000 – married
Additional $20,000 phase out

Limitation on Cost of Purchased Home
$800,000

Purchase by a Dependent
Ineligible

Anti-fraud Rule
Purchaser must attach documentation of purchase to tax return

If the near record low mortgage rates being advertised everywhere has you wondering whether now might be the time to consider refinancing your mortgage, here are some things to keep in mind:

First, use a good mortgage calculator to see how much you might save by refinancing to a lower rate. If you can save a significant amount each month, then consider how much you’ll have to pay in closing costs to refinance. If you find that you’ll save a considerable amount on the monthly payment in addition to factoring in your closing costs, then proceed with the type of mortgage you might want to consider.

Keep in mind if you currently have an FHA loan, FHA Streamline guidelines have changed, so you may have to do an FHA inspection whereas previously it was not required.

The next thing you have to consider is how long you’ve been in your current home. Lenders review your record of payment and the length of stay before approving your mortgage refinance. Also, keep in mind that the more you owe, the higher your refinance cost may be, due to fees, interest, and possible penalties.

Finally, don’t forget about the appraisal process. Many property values have dropped recently, so make sure this won’t affect your refinance amount.

If you still have quite some time left before your home is paid off, refinancing now and locking in a lower rate can easily save you thousands in the long run.

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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.

We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.

We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com