Saturday, November 7, 2009

Homebuyer Tax Credit Extended

Congress just passed an extended and expanded tax credit for homebuyers. For more information see,,id=204671,00.html

Please give us a call at Keystone Mortgage for more details on the new legislation.

(865) 909-0211

How to Claim the First-Time Homebuyer Tax Credit

The quick answer on how to claim the first-time homebuyer tax credit (up to $8,000) is to file IRS Form 5405 with you 2009 tax return or your amended 2008 tax return. If you bought the home in 2009 and want the credit prior to filing you 2009 taxes, you will need to file an amended 2008 return with Form 5405. Once filed, you should expect a check within 6 to 8 weeks.

If you have further questions, please give us a call at (865) 909-0211.

Wednesday, June 17, 2009

$8,000 Tax Credit for First Time Home Buyers

Traditionally in a housing market recovery, first time home buyers fuel the engine for growth and today’s market is no different. A first time home buyer is someone who has not had ownership in a home in the last three years. Like most prospective buyers, first time buyers have been very cautious about stepping into today’s market.

Although there are risks associated with the purchase of a home, the Economic Reinvestment and Recovery Act of 2009 has provided an incentive that frankly, is too good to pass up. The $8,000 refundable tax credit is available to first time home buyers making less then $75,000 per year for an individual and $150,000 per couple. This credit does NOT have to be paid back.

In simple terms, the government is going to give you, the first time buyer, $8,000. It’s an amazingly strong incentive and at Keystone Mortgage, we are encouraging first time buyers that have been on the fence to take advantage of a "once in lifetime" opportunity!

Monday, January 12, 2009

Refinancing activity continues...

We're seeing a consistent stream of home refinancing. Many of our past customers have called to discuss the low interest rates and ask us to calculate their potential savings with the reduced rates. It's always a great feeling when we can save our customers money. We're also seeing an increase in web traffic at We've had the opportunity to meet many new customers over the past couple of months and look forward to meeting many more in the near future. Hopefully interest rates will remain at historical lows.

Monday, December 22, 2008

Experts Say... Refinance NOW

Interest rates are at their lowest level in over 35 years. Many experts are advising homeowners to refinance now. Follow the link below for more...

Will rates continue to fall or are we at the bottom now?

Monday, December 1, 2008

Mortgage Rates Are Falling

Mortgage rates are back to historical lows after recent government action. The Fed pumped approximately $800 Billion into the financial system over the past two weeks and rates quickly decreased to levels not seen since 2003. The government has three main objectives here: 1) show Wall Street that it's serious about helping the slow economy, 2) give people incentive to buy houses, and 3) help out the people with adjustable rates and those who need to refinance.

It looks like this latest move by the Fed has provided some relief. It's hard to say if rates will stay this low. It should be interesting to watch over the next few months.

Thursday, January 17, 2008

Deja Vu?

Is it deja vu or is 2008 shaping up to look extremely similar to 2001? If you'll recall, in 2001, we'd just gone through the bursting of the Tech Bubble and the economy was sliding into recession. The Federal Reserve started lowering interest rates and the number of home refinances soared. Are we going to see this cycle again?

Well, it's anyone's guess but one thing's for sure, interest rates have been steadily falling over the past two months. Most borrowers with good credit can expect to get a 30-year fixed rate in the mid 5%s. And, as the Fed lowers short-term rates, it's my guess that long-term rates will follow (probably not at the rate we saw in '01, however).

Not to mention that the 5 years after '01 were some of the best years on record for home purchases. If history is any indication, we should start seeing an increase in purchases by the end of 2008.

The real estate industry has been turned upside down over the past 12 months and it's been an interesting ride. I look for 2008 to be just as fun as we deal with the potential recession and I'm interested to see how the government handles it this time.