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Licensed in:
MD, DC, VA, DE,
PA, NC & FL |
Affiliations:
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Dear Ellen,
We have had a week
of ups and downs in
the mortgage
industry and
following the
mortgage markets is
a full time job so
in an effort to make
this week's changes
understandable
please read the
Market Comment
below.
Recently Teddy
K.asked "can I
deduct my home
improvements on my
taxes?" (great
question!) read
below for the
answer.
As always a BIG
thank you to all of
my clients, referral
partners, friends
and family for their
congratulations on
the
Most Dependable
Mortgage Broker
Award
that I received this
month.
Ellen
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Market Comment
Mortgage Market
Review
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 Mortgage
bond prices remain
positive this morning
erasing the losses from
late yesterday afternoon
following the
bond-friendly data this
morning.
Consumer confidence came
in @ 99.8, considerably
weaker than the expected
104 mark. Existing home
sales fell 4.3%, weaker
than the expected 3.5%
decline.
Traders are looking for
confirmation that the
economy is slowing and
inflation is contained.
Following the Fed's 50
basis point cut, any
data to the contrary may
cause rates to move
higher. Remember, a
reduction in the Fed
Funds rate is intended
to spark economic
activity which is often
inflationary. Inflation
erodes the value of
money received in the
future, which results in
bond buyers demanding
higher yields.
Durable goods orders,
new home sales, personal
income, outlays, and
consumer sentiment data
will follow the latter
portion of the week.
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Can I deduct the cost of
improvements or repairs
I've made to my home?
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Answer:
Generally speaking, you
can deduct neither the
cost of improvements nor
the cost of repairs
you've made to your
principal residence.
(However, improvements
to your home for
necessary medical care
may be deducted as a
medical expense, if all
requirements are met.)
Although the
improvements cannot be
deducted, they do
increase the basis of
your home.
Home improvements add to
the value of your home,
prolong its useful life,
or adapt it to new uses.
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As you know I'm a
big advocate for
giving your time and
money to the
charities that mean
something to
you. Use
the certificate
below for a $300
Donation to the
charity of your
choice when you
purchase or
refinance your home
using my services.
Use it for yourself
or give it to a
friend or family
member.
During the last 3
years my cousin Neil
has battled Multiple
Myeoloma which is a
rare blood cancer,
he lost his kidneys,
was on dialysis for
two years and last
year received a
kidney from his
brother Jon. To read
his story and to
donate to The
Leukemia & Lymphoma
Society which is the
largest voluntary
health organization
dedicated to funding
blood cancer
research please
click here. This
is just one of many
charities that you
can get involved
with.
Please remember that
giving your time is
as valuable as
giving your money.
So please give in
whatever way you
can.
Sincerely,
Ellen Davis
Mortgage Link,
Inc. Web:
www.mortgagelinkhome.com
800 S. Frederick
Avenue Blog:
http://ownyourhome.wordpress.com
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Featured Property
This Week
10 1/2 Myrtle Street
Alexandria, VA 22301
Offered At: $499,900
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Terrific Rosemont
locations, hardwood
floors throughout main
and upper levels.
Updated kitchen with
Corian counters, and
tile floor.
Entertainment size desk
and spacious backyard.
Walk to the Metro.
Open Sunday
September 23rd from
1:00pm - 4:00pm
How do I get an
approval to
purchase this
property? Call
Ellen Davis at
301-728-5505 to
get
pre-approved!
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$300
Donation
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Mention
this certificate when buying or
refinancing your current mortgage
and a $300 donation will be made to
the charity of your choice.
This certificate can be used for
your own financing needs, or you may
give it to a friend or family member
who may be thinking about buying or
refinancing their home. This
certificate may be redeemed only
through services provided by Ellen
Davis or Mortgage Link, Inc.
Call today for
more details 301-728-5505.
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