A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

N

NATIONAL ASSOCIATION OF REALTORS® (NAR)	A real estate trade organization that sets the standards for integrity and honesty within the real estate profession nationwide
Negative amortization	A gradual increase in the balance of a loan or mortgage which occurs because the monthly payments made are too small to cover the entire principal and interest charges; this shortfall amount is added to the remaining balance, resulting in negative amortization
Net listing	The advertisement of the price of property for sale in terms of the net price the seller will receive, once the property is sold, a type of listing which is illegal in many states
Net worth	The total value of all of an individual's assets, minus all liabilities or debts
No cash-out refinance	A transaction for refinancing a mortgage in which the new mortgage amount is limited to the sum total of the remaining balance of the first mortgage, points, closing costs, whatever is required to satisfy any liens that are more than one year old and other funds for the borrower's use (as long as the amount is one percent or less of the principal amount of the new mortgage)
Notary	An individual authorized by law to certify documents and signatures
Note	A legal document that obligates a borrower to repay a loan or owed sum of money at a stated interest rate over a designated period of time

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

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Real Estate Tips

Tax Considerations >Tax Breaks

      Most homeowners are keenly aware of the interest tax deduction on their home loan, but there are many other tax breaks which are often overlooked at income tax time. Pro-rated property taxes and mortgage interest in the year of sale are deductible. You will find these amounts listed on your closing settlement statement. If you paid off your mortgage and had to pay a pre-payment penalty, it qualifies as tax deductible interest. If you paid an "acquisition mortgage loan fee" on a home loan, this fee can be deducted as itemized interest. Home improvement loan fees are also deductible. Any remaining loan fees from re-financed or paid-off mortgages are fully deductible at the time of the mortgage payoff.
      Certain items don't qualify as deductions, but can be added to the cost basis of your home, such as transfer taxes, recording and title fees, and special local property tax assessments for new sidewalks, streets, or sewers.
      Don't be intimidated by the tax code! A little research or consultation with an expert can help you maximize your real estate tax advantages.
     

	See All Tips In The "Tax Considerations" Category >
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Real Estate Trivia

Q	Which estate has two pools--one on the east side for the morning sun and one on the west for afternoon enjoyment?
A	The former estate of John Lennon in Palm Beach has two pools plus guest quarters.
See More Real Estate Trivia >

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Pam & Barry's Team RE/MAX Professional Realtors 3908 NW Elm Ave. Lawton, OK. 73505 Office: 580-248-8800 Toll Free: 800-294-8118 Cell: 580-591-2900 Fax: 580-248-8818 Email: pammarion-homes@NUMBER1EXPERT.com homes@homes-lawton.com As two of America's NUMBER1EXPERTS™ in the Lawton / Ft. Sill area, Pam and Barry and their team are well equipped to guide you through all your real estate needs. Honesty, integrity, loyalty and professionalism are what makes them the TOP RANKED agents and team in the state of Oklahoma and the midhwest United States. Pam and Barry are both members of the RE/MAX Platinum Club and Hall of Fame members, and also are members of Who's Who Among American Business professionals. Pam and Barry have more training and experience than the average real estate agent, and don’t cost a penny more. In fact, their expertise may actually save you time and money when you're buying a home, and maximize your profit when you are selling one. Call or email them today!

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