Mortgage - Herman & Co. CPA

Westchester NY accountant Paul Herman of Herman & Company CPA’s is here for all your financial needs. Please contact us if you have questions, and to receive your free personal finance consultation! Which Type of Mortgage Loan Meets Your Needs? Few purchases during your lifetime will be as expensive as buying a home. Whether it’s your primary residence, a vacation home or an…

Tax and Finance Tips for Buying a Home in Westchester County

As a homeowner in Westchester County, Westchester accountant and personal finance expert, Paul Herman knows first hand how to help ease the stress on your home buying experience in Westchester, and of course save money in the process!

Getting a Loan 101

It is highly recommended that you prepay as much of your mortgage as possible every month, which will drastically reduce the total amount that you pay. However there are times where this could be disadvantageous. If you are in a situation where you don’t have funds to cover three to six months of expenses, it is recommended that you save that amount before you pay additional amounts on your mortgage.

Loan FAQ’s

What are the possible implications if I co-sign for a loan? The co-signer enters an agreement to be responsible for the repayment of the loan if the borrower defaults. A lender will usually not go after the co-signer until the borrower defaults, but they can lawfully go after the co-signer at any time.

Risks of Interest-Only Loans

Not repaying principal, and therefore not building equity through debt retirement, means that an interest-only borrower is counting on market appreciation (price inflation) to help them own more of their home. Of course, this requires that prices increase while they hold the mortgage.

Using Reverse Mortgage as a Cash Resource

When an older homeowner has significant equity in his or her residence and needs funds, but lacks the resources to make monthly payments on a conventional mortgage, a reverse mortgage might provide a solution.