Provided By Realty Times
Memorial Day is the day we join together as nation to remember all those who gave their lives defending our nation. It’s also a day that many families travel from far and wide to get together and enjoy good company and good food.
Here are some tried and true Memorial Day recipes that are sure to please the crew.
For starters, serve a festive blue punch!
Blue Punch
1 package blue kool-aid
1 (64 fluid ounce) bottle white cranberry juice
1 (2 liter) bottle lemon-lime soda
8 scoops vanilla ice cream
3/4 cup white sugar
To mix this simple punch, combine all ingredients except ice cream in a large punch bowl. When you are ready to serve, add in the ice cream. You can also substitute other blue drinks for the kool-aid, such as Hawaiian punch. And of course, you can add your choice of alcoholic drink to the mix to liven up your party.
Red, White, and Blue Ambrosia
This is a great make-ahead dish, since its ingredients work best when they’ve had time to marry.
1 pint heavy cream
1 tablespoon confectioners' sugar
2 cups sour cream
1.5 cups flaked coconut
1 pint strawberries, sliced
1 (20 ounce) can crushed pineapple, drained
1 pint fresh blueberries
3 cups miniature marshmallows
First, combine the heavy cream and confectioners' sugar. Whip until creamy and then add the sour cream. Fold in flaked coconut, berries, and marshmallow. Cover and chill before serving.
Barbecue Beef
Memorial Day wouldn’t be complete without barbeque. It’s practically the national summer food of the United States! This great recipe comes from the Food Network’s own Sandra Lee and her show “Semi-Homemade Cooking”
1 rack beef back ribs (about 3 pounds total), cut in 1/2
1 teaspoon seasoning salt
1 cup vegetable broth
1 cup apple juice
2 cups store-bought BBQ sauce
2 tablespoons apple cider vinegar
1 teaspoon molasses
1 teaspoon instant espresso or 2 tablespoons strong brewed coffee
Sliced green apple, to garnish
The key to ribs is patience. First, place the ribs in a large pot. Add seasoning, broth, and apple juice to cover the meat. If you need a little extra liquid, add some water. Bring this mixture to a boil. Reduce heat and simmer until the meat is tender (about 1 hour). Using tongs, remove the rib rack. Now, cut between the bones, forming individual ribs.
The next step is to grill! Mix your sauce in a medium bowl by combining the BBQ sauce, molasses, and coffee. Brush this mixture onto the ribs and then grill them until brown. You can turn them occasionally adding more sauce. Grill time should be about 10 minutes.
Enjoy these quick and easy recipes and have a safe Memorial Day!
Monday, May 30, 2011
Friday, May 27, 2011
Memorial Day
Provided By History.com
Memorial Day, which falls on the last Monday of May, honors the men and women who died while serving in the American military. Originally known as Decoration Day, it originated in the years following the Civil War and became an official federal holiday in 1971. Many Americans observe Memorial Day by visiting cemeteries or memorials, holding family gatherings and participating in parades. Unofficially, at least, it marks the beginning of summer. In 2011, Memorial Day is observed on Monday, May 30.
Memorial Day was originally known as Decoration Day because it was a time set aside to honor the nation's Civil War dead by decorating their graves. It was first widely observed on May 30, 1868, to honor the sacrifices of Civil War soldiers, by proclamation of General John A. Logan of the Grand Army of the Republic, an organization of former sailors and soldiers. On May 5, 1868, Logan declared in General Order No. 11 that:
The 30th of May, 1868, is designated for the purpose of strewing with flowers, or otherwise decorating the graves of comrades who died in defense of their country during the late rebellion, and whose bodies now lie in almost every city, village, and hamlet churchyard in the land. In this observance no form of ceremony is prescribed, but posts and comrades will in their own way arrange such fitting services and testimonials of respect as circumstances may permit.
During the first celebration of Decoration Day, General James Garfield made a speech at Arlington National Cemetery, after which 5,000 participants helped to decorate the graves of the more than 20,000 Union and Confederate soldiers buried in the cemetery.
This 1868 celebration was inspired by local observances of the day in several towns throughout America that had taken place in the three years since the Civil War. In fact, several Northern and Southern cities claim to be the birthplace of Memorial Day, including Columbus, Miss.; Macon, Ga.; Richmond, Va.; Boalsburg, Pa.; and Carbondale, Ill.
In 1966, the federal government, under the direction of President Lyndon Johnson, declared Waterloo, N.Y., the official birthplace of Memorial Day. They chose Waterloo—which had first celebrated the day on May 5, 1866—because the town had made Memorial Day an annual, community-wide event during which businesses closed and residents decorated the graves of soldiers with flowers and flags.
By the late 1800s, many communities across the country had begun to celebrate Memorial Day and, after World War I, observances also began to honor those who had died in all of America's wars. In 1971, Congress declared Memorial Day a national holiday to be celebrated the last Monday in May. (Veterans Day, a day set aside to honor all veterans, living and dead, is celebrated each year on November 11.)
Today, Memorial Day is celebrated at Arlington National Cemetery with a ceremony in which a small American flag is placed on each grave. Also, it is customary for the president or vice-president to give a speech honoring the contributions of the dead and lay a wreath at the Tomb of the Unknown Soldier. About 5,000 people attend the ceremony annually.
Several Southern states continue to set aside a special day for honoring the Confederate dead, which is usually called Confederate Memorial Day.
Memorial Day, which falls on the last Monday of May, honors the men and women who died while serving in the American military. Originally known as Decoration Day, it originated in the years following the Civil War and became an official federal holiday in 1971. Many Americans observe Memorial Day by visiting cemeteries or memorials, holding family gatherings and participating in parades. Unofficially, at least, it marks the beginning of summer. In 2011, Memorial Day is observed on Monday, May 30.
Memorial Day was originally known as Decoration Day because it was a time set aside to honor the nation's Civil War dead by decorating their graves. It was first widely observed on May 30, 1868, to honor the sacrifices of Civil War soldiers, by proclamation of General John A. Logan of the Grand Army of the Republic, an organization of former sailors and soldiers. On May 5, 1868, Logan declared in General Order No. 11 that:
The 30th of May, 1868, is designated for the purpose of strewing with flowers, or otherwise decorating the graves of comrades who died in defense of their country during the late rebellion, and whose bodies now lie in almost every city, village, and hamlet churchyard in the land. In this observance no form of ceremony is prescribed, but posts and comrades will in their own way arrange such fitting services and testimonials of respect as circumstances may permit.
During the first celebration of Decoration Day, General James Garfield made a speech at Arlington National Cemetery, after which 5,000 participants helped to decorate the graves of the more than 20,000 Union and Confederate soldiers buried in the cemetery.
This 1868 celebration was inspired by local observances of the day in several towns throughout America that had taken place in the three years since the Civil War. In fact, several Northern and Southern cities claim to be the birthplace of Memorial Day, including Columbus, Miss.; Macon, Ga.; Richmond, Va.; Boalsburg, Pa.; and Carbondale, Ill.
In 1966, the federal government, under the direction of President Lyndon Johnson, declared Waterloo, N.Y., the official birthplace of Memorial Day. They chose Waterloo—which had first celebrated the day on May 5, 1866—because the town had made Memorial Day an annual, community-wide event during which businesses closed and residents decorated the graves of soldiers with flowers and flags.
By the late 1800s, many communities across the country had begun to celebrate Memorial Day and, after World War I, observances also began to honor those who had died in all of America's wars. In 1971, Congress declared Memorial Day a national holiday to be celebrated the last Monday in May. (Veterans Day, a day set aside to honor all veterans, living and dead, is celebrated each year on November 11.)
Today, Memorial Day is celebrated at Arlington National Cemetery with a ceremony in which a small American flag is placed on each grave. Also, it is customary for the president or vice-president to give a speech honoring the contributions of the dead and lay a wreath at the Tomb of the Unknown Soldier. About 5,000 people attend the ceremony annually.
Several Southern states continue to set aside a special day for honoring the Confederate dead, which is usually called Confederate Memorial Day.
Monday, May 23, 2011
Choosing Your Neighborhood
Choosing Your Neighborhood
by Carla Hill
Provided By Realty Times
Choosing a home is about more than just selecting a house. Every neighborhood offers its own unique set of people, activities, and amenities. Which neighborhood is the right fit?
Take a moment to review the following factors that can influence your decision on where to live.
The first consideration of many home buyers is the education of their children. From private, charter, and magnet to public school, there are a wide range of options. Public schools dictate enrollment according to school district boundaries. Keep this in mind when looking at new homes. You may be surprised to find where lines are drawn. Are you trying to move into a highly rated district or are you wanting to avoid uprooting your children? You may wish to visit area schools to get a feel for which place is best for your family.
Next, analyze the data on the local economy. Is there a high rate of long-term employment? It's always good news when new industries are moving into town rather than out of town. Home values should rise alongside demand. Dig a little deeper and find out what industries are holding steady, how long homes are sitting on the market, as well as your local unemployment rate.
Homeownership is at least partially about making an investment. Over time you hope to build equity in your home, allowing you to have not only a large asset, but also the ability to "move up". Be aware of foreclosed homes in neighborhoods, as they tend to pull values down. And understand that some neighborhoods offer higher rates of appreciation than others.
Are home values on the rise? In today's difficult market, many areas are experiencing depreciation. This is not the normal trend, but rather is the consequence of our recent recession. In general, homes increase in value by about 5 percent per year. Ask your local real estate agent for the stats on past appreciation rates.
An additional factor affecting home values is the condition of the prospective neighborhood. Be sure to drive up and down adjacent streets. Are homes and yards in good repair? You want neighborhoods that reflect care and attention.
Additionally, research the local crime rates. Some neighborhoods experience higher levels of crime, both violent and petty. Safety of your person and property are valid considerations when buying a home.
And finally, on a lighter note, entertainment options are another valid consideration for home buyers. From restaurants and parks to neighborhoods with high ratings of walkability, the choices abound. What works best for you? Are there certain stores, clubs, gyms, or churches that you frequent? Choosing a neighborhood means considering all the options. What do you need and want out of your next home?
Choose wisely and you'll end up with a home that fits you now and for years to come.
by Carla Hill
Provided By Realty Times
Choosing a home is about more than just selecting a house. Every neighborhood offers its own unique set of people, activities, and amenities. Which neighborhood is the right fit?
Take a moment to review the following factors that can influence your decision on where to live.
The first consideration of many home buyers is the education of their children. From private, charter, and magnet to public school, there are a wide range of options. Public schools dictate enrollment according to school district boundaries. Keep this in mind when looking at new homes. You may be surprised to find where lines are drawn. Are you trying to move into a highly rated district or are you wanting to avoid uprooting your children? You may wish to visit area schools to get a feel for which place is best for your family.
Next, analyze the data on the local economy. Is there a high rate of long-term employment? It's always good news when new industries are moving into town rather than out of town. Home values should rise alongside demand. Dig a little deeper and find out what industries are holding steady, how long homes are sitting on the market, as well as your local unemployment rate.
Homeownership is at least partially about making an investment. Over time you hope to build equity in your home, allowing you to have not only a large asset, but also the ability to "move up". Be aware of foreclosed homes in neighborhoods, as they tend to pull values down. And understand that some neighborhoods offer higher rates of appreciation than others.
Are home values on the rise? In today's difficult market, many areas are experiencing depreciation. This is not the normal trend, but rather is the consequence of our recent recession. In general, homes increase in value by about 5 percent per year. Ask your local real estate agent for the stats on past appreciation rates.
An additional factor affecting home values is the condition of the prospective neighborhood. Be sure to drive up and down adjacent streets. Are homes and yards in good repair? You want neighborhoods that reflect care and attention.
Additionally, research the local crime rates. Some neighborhoods experience higher levels of crime, both violent and petty. Safety of your person and property are valid considerations when buying a home.
And finally, on a lighter note, entertainment options are another valid consideration for home buyers. From restaurants and parks to neighborhoods with high ratings of walkability, the choices abound. What works best for you? Are there certain stores, clubs, gyms, or churches that you frequent? Choosing a neighborhood means considering all the options. What do you need and want out of your next home?
Choose wisely and you'll end up with a home that fits you now and for years to come.
Friday, May 20, 2011
Green Living: Summer Energy Savings
Provided By Realty Times
Summer heat is a mastermind at emptying our wallets. In today's economy, many families cannot afford large rises in their monthly bills. How can you keep energy costs low this Summer?
Implement these simple tips into your daily routine and you'll find big savings
First, substitute traditional incandescent bulbs with Compact Fluorescent Lights(CFLs). The initial cost may be higher, but CFLs use less energy and last 1,000's of times longer.
The next consideration can save you money now and later. There are numerous tax credits available for energy upgrades, such as insulated windows. You can visit energystar.gov to get the specifics. Insulated windows and doors are a great way to keep cool air in and hot air out. If you are replacing windows, consider using an insulating window wrap around the new install. This will help reduce energy loss from around the window.
Now is also a good time to do a quick home inspection. Check for leaky duct work. There's no reason to pay to cool your attic! Be sure that attic vents are open and have good circulation.
If you live in an old house, you may find that your attic insulation is non-existent or in need of upgrading. Do a thorough inspection of your home to see where it needs some TLC.
Next, embrace fans. They can circulate and move air, requiring less need for air conditioning.
Speaking of air conditioning, there is now a new alternative to traditional window units. Window units are eyesores that lack energy efficiency. For around $300 to $500you can buy portable AC units. These portable units mean you can move them from room to room as needed. They use a no-drip technology that saves money by using an eco-friendly refrigerant gas. They also come with an adjustable thermostat and 24-hour countdown timer -- two more energy-efficient upgrades.
If you have central air, be sure to keep the temperature turned up during the day when you are away from the house. Don't turn the unit off completely, since then it has to work overtime to cool the house when you arrive home. If you can, program your thermostat to turn down 30 to 45 minutes before you return home each day.
To keep your unit working at optimum efficiency, replace your air filter regularly and have it serviced when needed.
Next on the list of ways to reduce your energy bill is keeping appliances unplugged when not in use. Even if an appliance is off, but still plugged in, it will be drawing power. Keep appliances unplugged, or go for a clean-line look and store them whenever they aren't in use.
These are just a few tips that can help you reduce your energy bill. Good luck saving this Summer!
Are you interested in a 'greener' home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Summer heat is a mastermind at emptying our wallets. In today's economy, many families cannot afford large rises in their monthly bills. How can you keep energy costs low this Summer?
Implement these simple tips into your daily routine and you'll find big savings
First, substitute traditional incandescent bulbs with Compact Fluorescent Lights(CFLs). The initial cost may be higher, but CFLs use less energy and last 1,000's of times longer.
The next consideration can save you money now and later. There are numerous tax credits available for energy upgrades, such as insulated windows. You can visit energystar.gov to get the specifics. Insulated windows and doors are a great way to keep cool air in and hot air out. If you are replacing windows, consider using an insulating window wrap around the new install. This will help reduce energy loss from around the window.
Now is also a good time to do a quick home inspection. Check for leaky duct work. There's no reason to pay to cool your attic! Be sure that attic vents are open and have good circulation.
If you live in an old house, you may find that your attic insulation is non-existent or in need of upgrading. Do a thorough inspection of your home to see where it needs some TLC.
Next, embrace fans. They can circulate and move air, requiring less need for air conditioning.
Speaking of air conditioning, there is now a new alternative to traditional window units. Window units are eyesores that lack energy efficiency. For around $300 to $500you can buy portable AC units. These portable units mean you can move them from room to room as needed. They use a no-drip technology that saves money by using an eco-friendly refrigerant gas. They also come with an adjustable thermostat and 24-hour countdown timer -- two more energy-efficient upgrades.
If you have central air, be sure to keep the temperature turned up during the day when you are away from the house. Don't turn the unit off completely, since then it has to work overtime to cool the house when you arrive home. If you can, program your thermostat to turn down 30 to 45 minutes before you return home each day.
To keep your unit working at optimum efficiency, replace your air filter regularly and have it serviced when needed.
Next on the list of ways to reduce your energy bill is keeping appliances unplugged when not in use. Even if an appliance is off, but still plugged in, it will be drawing power. Keep appliances unplugged, or go for a clean-line look and store them whenever they aren't in use.
These are just a few tips that can help you reduce your energy bill. Good luck saving this Summer!
Are you interested in a 'greener' home? Give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Wednesday, May 18, 2011
Conventional versus government mortgages
Provided By Trulia.com
It is the most feared phrase in the English language, Ronald Reagan famously said:
"We're from the government, and we're here to help."
If government aid is evil, there are certainly some exceptions. Home mortgages insured by the Federal Housing Administration have helped put more than 34 million Americans into their own homes since the since the 1930s. Millions more have benefited from zero-down VA loans from the U.S. Department of Veterans Affairs and from the Department of Agricultures Rural Development loans. Mortgage guarantees and down payment assistance are also doled out by municipalities and state programs such as California's Housing Finance Agency.
It's hard to generalize about their pros and cons with so many government-enabled loans out there. But when we compare them to conventional (non-government) loans, a few observations arise.
FHA loans normally demand higher interest rates than conventional mortgages because of the increased risk of default. The "spread" between FHA and conventional loans can be as high as a point, or 1 percent, which is a lot. Borrow $200,000 for 30 years at 5 percent fixed and you'll pay $1,073 monthly. Make it 6 percent and you'll pay $1,199. It's an extra $45,360 over 30 years.
Why have so many buyers chosen FHA loans? Not because they like higher interest. It's about lower down payments. An FHA-backed loan today can be had for about 3% percent down, even by someone without stellar credit. The same borrower might be asked for 20 percent down by a lender without the FHA guarantee.
But there are complicating factors. FHA borrowers must pay an upfront fee of 1.5 percent of the loan amount, plus an annual insurance premium of 0.5 percent. That premium is about the same as what's paid by a conventional borrower who must carry Private Mortgage Insurance (PMI).
A higher-interest-rate FHA mortgage may cost less in the long run than a conventional mortgage with PMI, but there is no overarching rule. You have to run the numbers and compare. For many borrowers, the deal "maker" or "breaker" won't be the interest rates or monthly payments. For many, with conventional lenders now demanding 10 or 20 percent down, it's all about down payments.
In theory, it's possible to avoid PMI with a piggyback mortgage structure - by borrowing 80 percent of the property value in one loan and 10 percent on a second for example. (This trick was common in the loose-lending days of old but today (in 2009), it's much harder to find second-position lenders at loan-to-value ratios like these.
Two other brands of government-guaranteed loans are offered by federal agencies. The Department of Veterans Affairs will insure zero-down, 100 percent financing as a benefit to military veterans (even if they served in peacetime). The interest rates are similar to FHA loans.
Zero-down financing is also backed by the U.S. Department of Agriculture under its Rural Development program. The audience for RD loans is limited. They're intended to help low-income people buy, build or renovate homes in rural areas. Houses must be modest in size, design and cost, according to the agency. The interest rates are similar to FHA and VA loans, combined with 100 percent financing. Great terms for the needs of many people if they qualify.
Do you have mortgage questions? Call the experts at 972-772-7000 or email us at frontdesk552@kw.com.
It is the most feared phrase in the English language, Ronald Reagan famously said:
"We're from the government, and we're here to help."
If government aid is evil, there are certainly some exceptions. Home mortgages insured by the Federal Housing Administration have helped put more than 34 million Americans into their own homes since the since the 1930s. Millions more have benefited from zero-down VA loans from the U.S. Department of Veterans Affairs and from the Department of Agricultures Rural Development loans. Mortgage guarantees and down payment assistance are also doled out by municipalities and state programs such as California's Housing Finance Agency.
It's hard to generalize about their pros and cons with so many government-enabled loans out there. But when we compare them to conventional (non-government) loans, a few observations arise.
FHA loans normally demand higher interest rates than conventional mortgages because of the increased risk of default. The "spread" between FHA and conventional loans can be as high as a point, or 1 percent, which is a lot. Borrow $200,000 for 30 years at 5 percent fixed and you'll pay $1,073 monthly. Make it 6 percent and you'll pay $1,199. It's an extra $45,360 over 30 years.
Why have so many buyers chosen FHA loans? Not because they like higher interest. It's about lower down payments. An FHA-backed loan today can be had for about 3% percent down, even by someone without stellar credit. The same borrower might be asked for 20 percent down by a lender without the FHA guarantee.
But there are complicating factors. FHA borrowers must pay an upfront fee of 1.5 percent of the loan amount, plus an annual insurance premium of 0.5 percent. That premium is about the same as what's paid by a conventional borrower who must carry Private Mortgage Insurance (PMI).
A higher-interest-rate FHA mortgage may cost less in the long run than a conventional mortgage with PMI, but there is no overarching rule. You have to run the numbers and compare. For many borrowers, the deal "maker" or "breaker" won't be the interest rates or monthly payments. For many, with conventional lenders now demanding 10 or 20 percent down, it's all about down payments.
In theory, it's possible to avoid PMI with a piggyback mortgage structure - by borrowing 80 percent of the property value in one loan and 10 percent on a second for example. (This trick was common in the loose-lending days of old but today (in 2009), it's much harder to find second-position lenders at loan-to-value ratios like these.
Two other brands of government-guaranteed loans are offered by federal agencies. The Department of Veterans Affairs will insure zero-down, 100 percent financing as a benefit to military veterans (even if they served in peacetime). The interest rates are similar to FHA loans.
Zero-down financing is also backed by the U.S. Department of Agriculture under its Rural Development program. The audience for RD loans is limited. They're intended to help low-income people buy, build or renovate homes in rural areas. Houses must be modest in size, design and cost, according to the agency. The interest rates are similar to FHA and VA loans, combined with 100 percent financing. Great terms for the needs of many people if they qualify.
Do you have mortgage questions? Call the experts at 972-772-7000 or email us at frontdesk552@kw.com.
Monday, May 16, 2011
HOA Sign Language
Provided By Realty Times
One of the bones of contention in homeowner associations is the ability to display signs of various kinds. Free-speechers feel it’s protected speech under the Bill of Rights and that their sign rights should never be infringed, while the community censors advocate “sign free zones”. The ideal is somewhere in the middle.
One of the attractions of living in a homeowner association is the ability to control the look and feel of the community. This is achieved by adopting reasonable standards that all residents must follow. In homeowner associations, uniformity reinforces value while extremes generally detract from value. This principle applies to signs as well. When sign size, subject matter, look and location are not controlled, they detract from the community’s residential character.
When it comes to size, the basic 18" x 24" real estate sign usually passes muster. Smaller is better but bigger is not. There are several types of signs that are generally permitted: For Sale, For Rent and Garage Sale. Where they are placed is an issue. Nailing signs to trees and fences is destructive and shabby looking. Requiring them to be mounted in metal frames like used by real estate agents is a reasonable standard. The numbers of signs should be controlled. In difficult to navigate communities, multiple Burma Shave like directional signs may plot a path through the neighborhood to the goal. One directional sign with the address on a main arterial street will suffice.
Sign type, size and placement restriction is good policy. While free speech has many forums, posting opinions on signs is not proper for homeowner associations. First Amendment advocates may fight the restrictions, but most owners will understand and comply. Establish a reasonable compromise and deal with the rest on a case by case basis.
If you are interested in learning more about HOA's give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
One of the bones of contention in homeowner associations is the ability to display signs of various kinds. Free-speechers feel it’s protected speech under the Bill of Rights and that their sign rights should never be infringed, while the community censors advocate “sign free zones”. The ideal is somewhere in the middle.
One of the attractions of living in a homeowner association is the ability to control the look and feel of the community. This is achieved by adopting reasonable standards that all residents must follow. In homeowner associations, uniformity reinforces value while extremes generally detract from value. This principle applies to signs as well. When sign size, subject matter, look and location are not controlled, they detract from the community’s residential character.
When it comes to size, the basic 18" x 24" real estate sign usually passes muster. Smaller is better but bigger is not. There are several types of signs that are generally permitted: For Sale, For Rent and Garage Sale. Where they are placed is an issue. Nailing signs to trees and fences is destructive and shabby looking. Requiring them to be mounted in metal frames like used by real estate agents is a reasonable standard. The numbers of signs should be controlled. In difficult to navigate communities, multiple Burma Shave like directional signs may plot a path through the neighborhood to the goal. One directional sign with the address on a main arterial street will suffice.
Sign type, size and placement restriction is good policy. While free speech has many forums, posting opinions on signs is not proper for homeowner associations. First Amendment advocates may fight the restrictions, but most owners will understand and comply. Establish a reasonable compromise and deal with the rest on a case by case basis.
If you are interested in learning more about HOA's give us a call at 972-772-7000 or email us at frontdesk552@kw.com.
Friday, May 13, 2011
Four questions to ask before choosing a mortgage broker
Provided By Trulia
Mortgage brokers are engaged in the business of finding you the best home loan. Their true clients are the lenders, and their real "job" is to deliver good, creditworthy borrowers like you.
Mortgage brokers have encountered a formidable competitor in the past decade or so, called the Internet. Borrowers can compare loans through sites like Trulia Mortgage, eloan.com and LendingTree.com. Fill out a credit application and receive several offers. When banks compete, as the slogan says, you win.
That's a good way not only to pit lender against lender (a subject for another chapter), it's also useful keep your broker honest as well. Your job is to monitor the market. Why? Because loan rates change daily. A broker acting in sheer self-interest could bait you with one rate (possibly lower than reality), knowing you can't "lock" that rate until you complete the full application process. It's always a good practice to be skeptical and do you homework.
Why haven't I seen a rate like this elsewhere?
Ask this question only after having done some homework. A similar scenario would be a broker who advertises rates below market to get you in the door, and then lists all the fees necessary to make that rate possible — even including lofty origination fees.
What are the fees and costs associated with the interest rate you've quoted?
(Above-the-board brokers welcome questions like this.)
Fees take many forms. There are charges for your credit report, appraisal, title insurance, deed-recording, overnight deliveries, etc. For a rate quote to meaningful, it should be accompanied by a list of all related fees and costs.
Your broker must supply a Good Faith Estimate of all charges before the closing. The estimated figures aren't set in stone because "third party" costs such as title insurance premiums can change. But it's possible to know the total tab, or a figure pretty close to it, several days in advance.
Ads and other promises aside, you don't really know what you'll be paying until your rate is "locked". Brokers have been known to game this process. For example, a broker might say your rate is locked when it's not, and if rates go down before closing, he could sell you the higher rate you agreed to and pocket the difference. A broker who plays this game and loses (because rates go up) could tell you that your rate wasn't really locked — it was a misunderstanding.
If your rate truly is locked, your broker will have proof of it. Hence this line of inquiry:
May I see the lenders commitment letter that shows my rate is locked in?
Many states have started licensing brokers. This is a positive development, with potential to weed out the few bad apples remaining in the business. In the past, going into business took nothing more than a web site and a shingle. Licensing requirements will prevent scams. Still, one very basic question is always in order:
How long have you been in business?
Longevity is important--time and nature have a way of separating the wheat from the chaff. With the array of available mortgage products more complex than ever, experience is important too. Look for at least five years in the business. With that as a minimum, your broker will have seen good times as well as bad.
Are you ready to buy but need a great mortgage lender? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Mortgage brokers are engaged in the business of finding you the best home loan. Their true clients are the lenders, and their real "job" is to deliver good, creditworthy borrowers like you.
Mortgage brokers have encountered a formidable competitor in the past decade or so, called the Internet. Borrowers can compare loans through sites like Trulia Mortgage, eloan.com and LendingTree.com. Fill out a credit application and receive several offers. When banks compete, as the slogan says, you win.
That's a good way not only to pit lender against lender (a subject for another chapter), it's also useful keep your broker honest as well. Your job is to monitor the market. Why? Because loan rates change daily. A broker acting in sheer self-interest could bait you with one rate (possibly lower than reality), knowing you can't "lock" that rate until you complete the full application process. It's always a good practice to be skeptical and do you homework.
Why haven't I seen a rate like this elsewhere?
Ask this question only after having done some homework. A similar scenario would be a broker who advertises rates below market to get you in the door, and then lists all the fees necessary to make that rate possible — even including lofty origination fees.
What are the fees and costs associated with the interest rate you've quoted?
(Above-the-board brokers welcome questions like this.)
Fees take many forms. There are charges for your credit report, appraisal, title insurance, deed-recording, overnight deliveries, etc. For a rate quote to meaningful, it should be accompanied by a list of all related fees and costs.
Your broker must supply a Good Faith Estimate of all charges before the closing. The estimated figures aren't set in stone because "third party" costs such as title insurance premiums can change. But it's possible to know the total tab, or a figure pretty close to it, several days in advance.
Ads and other promises aside, you don't really know what you'll be paying until your rate is "locked". Brokers have been known to game this process. For example, a broker might say your rate is locked when it's not, and if rates go down before closing, he could sell you the higher rate you agreed to and pocket the difference. A broker who plays this game and loses (because rates go up) could tell you that your rate wasn't really locked — it was a misunderstanding.
If your rate truly is locked, your broker will have proof of it. Hence this line of inquiry:
May I see the lenders commitment letter that shows my rate is locked in?
Many states have started licensing brokers. This is a positive development, with potential to weed out the few bad apples remaining in the business. In the past, going into business took nothing more than a web site and a shingle. Licensing requirements will prevent scams. Still, one very basic question is always in order:
How long have you been in business?
Longevity is important--time and nature have a way of separating the wheat from the chaff. With the array of available mortgage products more complex than ever, experience is important too. Look for at least five years in the business. With that as a minimum, your broker will have seen good times as well as bad.
Are you ready to buy but need a great mortgage lender? Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Tuesday, May 10, 2011
Home Safety
Provided By SafeKids.org
Protecting Your Family
There are two steps everyone can take to protect children at home.
Childproof your home and Supervise your children at all times.
First, childproof your home. The best way to find dangers your child might encounter is to explore your home at her level - by getting down on your hands and knees. Cover every room, asking yourself what looks tempting and what is within reach (between the floor and about 40 inches above). Also, check carpets for buried dangers like pins or coins.
Second, understand that childproofing can never be 100 percent effective. That's why it's so important to supervise your children at all times, especially around water, in the kitchen and bathroom, and wherever known hazards exist.
Childproofing Basics
In the Kitchen:
Keep hot foods and liquids away from young children. The vast majority (95 percent) of microwave burns among children are scald burns. Microwave burns are typically caused by spilling hot liquids or food, and injuries are primarily associated with the trunk or the face. Use the back burners on the stove and turn pot handles toward the back of the stove. Keep glassware, knives, appliance cords, placemats and tablecloths out of reach and away from the edge of counters and tables. If your child is visiting someone else's home, ensure dangerous items are stored out of reach during your child's stay.
In the Bathroom:
Set the thermostat of your hot water heater no higher than 120 degrees Fahrenheit to reduce the chance of scald burns. It takes just three seconds for a child to sustain a third degree burn from water at 140 degrees Fahrenheit.
Lock medicine cabinets. Even items as seemingly harmless as iron pills and mouthwash can be dangerous for a young child. Install toilet locks. Unlike adults, children's weight is concentrated in the top half of their bodies. When they lean into a toilet bowl, they may lose their balance, fall forward and drown in as little as 1 inch of water. Request child-resistant packaging. But keep in mind that child-resistant containers are not childproof. These medicines still need to be locked up out of a child's reach. Remove sharp utensils and appliances. Razors, scissors and blow dryers are better kept in an adult's bedroom, locked out of children's reach.
In the Bedroom:
Beware of old cribs. Baby furniture built even a decade ago might not meet some of today's safety standards. Sharp edges, corner post protrusions and dangerously spaced slats can be deadly. Keep cribs and low-standing furniture (beds, bookshelves, toy boxes, chairs) away from windows, preferably against another wall.
Infants and toddlers can pull on inner or "lift" cords of window blinds creating loops large enough to pull around their necks and strangle. The problem occurs when a corded window blind or shade is lowered but not locked into position. This leaves a small amount of slack on the inner cord and the child can pull it around her neck. Always lock blinds wh ether they are up or down.
Window blinds sold after November 2000 have attachments on the pull cord so the inner cords can't form a loop. If you purchased your blinds before that date or are not sure, install cord stops on the outer pull cord to prevent the child from pulling on the inner blind cord (click on the web link below to see pictures).
Window blinds made before 1995 have outer pull cords that end in a loop. If you have cords that are attached at the bottom that form a loop, cut the cord above the tassel, remove the buckle, and add a safety tassel at the end of each cord (click on the web link below to see pictures). Looped pull cords on vertical blinds and some draperies cannot be cut and still operate. A tie-down device or cleat must be used to reduce a child's access to the loop. When purchasing new window coverings make sure they meet current safety standards and do not have looped pull cords or inner cords that can be pulled to form a loop. Consider purchasing cordless window coverings. Free window safety kits that include safety tassels tie-down devices and cord stops are available for consumers. Click on the link below for the Window Covering Safety Council. The web site has simple pictures and instructions for installing safety devices to make your window cords safe. You can also call the WCSC at 1-800-506-4636.
Around the House:
Check for fire hazards. Look for frayed electrical wires or flammable materials near heat sources such as space heaters. Never run electrical cords under rugs. Make sure that your home, and any home your child visits, has working smoke alarms in every sleeping area and on every level.
Install carbon monoxide detectors in every sleeping area and check batteries often. Exposure to even low levels of this poisonous gas can be fatal to a small child.
Use safety gates. Stair falls tend to result in severe injuries. Use safety gates at the top and bottom of stairs to keep infants and toddlers out of harm's way.
Cover all unused electrical outlets.
If firearms are kept in the house, keep them locked, unloaded and stored out of reach. Secure ammunition in a separate, locked location.
Install window guards on all windows that are not emergency exits. Window guards can be purchased at your local hardware store.
Young children love to climb on furniture and use drawers and shelves as steps. However, children can sustain crush injuries as furniture can easily tip over on them. Secure bookcases, shelving, and heavy furniture to walls with brackets and anchors. When storing items, put heavier items on bottom shelves and in bottom drawers.
Large items such as TV's, microwaves, fish tanks and appliances can topple off stands and fall on children. Use broad-based carts for TV's and appliances. Secure carts and appliances to walls. Avoid using pedestal tables to hold heavy items.
Supervise children and toddlers at all times around furniture.
For Emergencies:
Post emergency numbers by telephones. Post phone numbers for the poison control center, pediatrician, police, fire department, emergency medical services and a neighbor by every telephone. Also, clearly post the home address so that parents, caregivers, and children can easily tell emergency personnel how to locate the home.
Keep first aid supplies on hand.
Protecting Your Family
There are two steps everyone can take to protect children at home.
Childproof your home and Supervise your children at all times.
First, childproof your home. The best way to find dangers your child might encounter is to explore your home at her level - by getting down on your hands and knees. Cover every room, asking yourself what looks tempting and what is within reach (between the floor and about 40 inches above). Also, check carpets for buried dangers like pins or coins.
Second, understand that childproofing can never be 100 percent effective. That's why it's so important to supervise your children at all times, especially around water, in the kitchen and bathroom, and wherever known hazards exist.
Childproofing Basics
In the Kitchen:
Keep hot foods and liquids away from young children. The vast majority (95 percent) of microwave burns among children are scald burns. Microwave burns are typically caused by spilling hot liquids or food, and injuries are primarily associated with the trunk or the face. Use the back burners on the stove and turn pot handles toward the back of the stove. Keep glassware, knives, appliance cords, placemats and tablecloths out of reach and away from the edge of counters and tables. If your child is visiting someone else's home, ensure dangerous items are stored out of reach during your child's stay.
In the Bathroom:
Set the thermostat of your hot water heater no higher than 120 degrees Fahrenheit to reduce the chance of scald burns. It takes just three seconds for a child to sustain a third degree burn from water at 140 degrees Fahrenheit.
Lock medicine cabinets. Even items as seemingly harmless as iron pills and mouthwash can be dangerous for a young child. Install toilet locks. Unlike adults, children's weight is concentrated in the top half of their bodies. When they lean into a toilet bowl, they may lose their balance, fall forward and drown in as little as 1 inch of water. Request child-resistant packaging. But keep in mind that child-resistant containers are not childproof. These medicines still need to be locked up out of a child's reach. Remove sharp utensils and appliances. Razors, scissors and blow dryers are better kept in an adult's bedroom, locked out of children's reach.
In the Bedroom:
Beware of old cribs. Baby furniture built even a decade ago might not meet some of today's safety standards. Sharp edges, corner post protrusions and dangerously spaced slats can be deadly. Keep cribs and low-standing furniture (beds, bookshelves, toy boxes, chairs) away from windows, preferably against another wall.
Infants and toddlers can pull on inner or "lift" cords of window blinds creating loops large enough to pull around their necks and strangle. The problem occurs when a corded window blind or shade is lowered but not locked into position. This leaves a small amount of slack on the inner cord and the child can pull it around her neck. Always lock blinds wh ether they are up or down.
Window blinds sold after November 2000 have attachments on the pull cord so the inner cords can't form a loop. If you purchased your blinds before that date or are not sure, install cord stops on the outer pull cord to prevent the child from pulling on the inner blind cord (click on the web link below to see pictures).
Window blinds made before 1995 have outer pull cords that end in a loop. If you have cords that are attached at the bottom that form a loop, cut the cord above the tassel, remove the buckle, and add a safety tassel at the end of each cord (click on the web link below to see pictures). Looped pull cords on vertical blinds and some draperies cannot be cut and still operate. A tie-down device or cleat must be used to reduce a child's access to the loop. When purchasing new window coverings make sure they meet current safety standards and do not have looped pull cords or inner cords that can be pulled to form a loop. Consider purchasing cordless window coverings. Free window safety kits that include safety tassels tie-down devices and cord stops are available for consumers. Click on the link below for the Window Covering Safety Council. The web site has simple pictures and instructions for installing safety devices to make your window cords safe. You can also call the WCSC at 1-800-506-4636.
Around the House:
Check for fire hazards. Look for frayed electrical wires or flammable materials near heat sources such as space heaters. Never run electrical cords under rugs. Make sure that your home, and any home your child visits, has working smoke alarms in every sleeping area and on every level.
Install carbon monoxide detectors in every sleeping area and check batteries often. Exposure to even low levels of this poisonous gas can be fatal to a small child.
Use safety gates. Stair falls tend to result in severe injuries. Use safety gates at the top and bottom of stairs to keep infants and toddlers out of harm's way.
Cover all unused electrical outlets.
If firearms are kept in the house, keep them locked, unloaded and stored out of reach. Secure ammunition in a separate, locked location.
Install window guards on all windows that are not emergency exits. Window guards can be purchased at your local hardware store.
Young children love to climb on furniture and use drawers and shelves as steps. However, children can sustain crush injuries as furniture can easily tip over on them. Secure bookcases, shelving, and heavy furniture to walls with brackets and anchors. When storing items, put heavier items on bottom shelves and in bottom drawers.
Large items such as TV's, microwaves, fish tanks and appliances can topple off stands and fall on children. Use broad-based carts for TV's and appliances. Secure carts and appliances to walls. Avoid using pedestal tables to hold heavy items.
Supervise children and toddlers at all times around furniture.
For Emergencies:
Post emergency numbers by telephones. Post phone numbers for the poison control center, pediatrician, police, fire department, emergency medical services and a neighbor by every telephone. Also, clearly post the home address so that parents, caregivers, and children can easily tell emergency personnel how to locate the home.
Keep first aid supplies on hand.
Monday, May 9, 2011
Are you Ready to Buy?
Provided By Realty Times
Making the move from renter to homeowner can be a big step. While homeownership comes with a lot of perks, it's also a huge financial responsibility. How do you know if you're ready to buy?
Are you ready for a more stable home? Rental rates vary year to year, and as a renter you are at the mercy of your apartment's management. Are they good at addressing problems, or are you left with a dwelling full of needed repairs.
Owning a home with a fixed-rate mortgage, the form of mortgage our experts recommend, means you know exactly what your monthly payment will be for the life of the loan. When a problem arises, you have the ability to fix it without having to jump through red management tape.
Stability goes further than just a fixed monthly payment. Studies have shown that owning a home brings stability to both your family (higher graduation rates, lower crime rates) and your community (more civic involvement). And you can't put a price on the privacy and space a home affords you. Single-family detached homes generally comes with yards and bigger square footage than apartments.
Now that you've thought about the dynamics of homeownership, it's time to consider the financial logistics. Does buying a home make financial sense right now? This answer depends on a few important factors.
First, do you have steady employment? There is no backup for making your payments. When you sign a mortgage loan, you are agreeing to make a payment every month. Do you expect your job to continue well into the future. If not, do you have marketable skills that are needed in today's economy?
Second, do you have an 8-month emergency fund? Savings and downpayment aren't enough to ensure security for your family. You must have at least 8-months worth of bill money saved away. If your monthly expenses add up to $3,000 a month, then you need $24,000 in an emergency fund that you don't touch.
Third, do you have good credit? Interest rates are at historic lows, but lending is tight. You must have an excellent credit score to get the best rates. And a sub-par credit score may have you sitting on the sidelines altogether.
Fourth, do you have savings for a downpayment? Financial experts recommend having at least 20 percent to put down. That means on a $200,000 house you'll need $40,000 for a downpayment. If you don't have the money, will family be contributing?
Consider these issues when you deciding whether or not now is the time to buy. If you have all your "ducks in a row," then now is a great time to buy.
If you are interested in buying and need answers to your questions. Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Making the move from renter to homeowner can be a big step. While homeownership comes with a lot of perks, it's also a huge financial responsibility. How do you know if you're ready to buy?
Are you ready for a more stable home? Rental rates vary year to year, and as a renter you are at the mercy of your apartment's management. Are they good at addressing problems, or are you left with a dwelling full of needed repairs.
Owning a home with a fixed-rate mortgage, the form of mortgage our experts recommend, means you know exactly what your monthly payment will be for the life of the loan. When a problem arises, you have the ability to fix it without having to jump through red management tape.
Stability goes further than just a fixed monthly payment. Studies have shown that owning a home brings stability to both your family (higher graduation rates, lower crime rates) and your community (more civic involvement). And you can't put a price on the privacy and space a home affords you. Single-family detached homes generally comes with yards and bigger square footage than apartments.
Now that you've thought about the dynamics of homeownership, it's time to consider the financial logistics. Does buying a home make financial sense right now? This answer depends on a few important factors.
First, do you have steady employment? There is no backup for making your payments. When you sign a mortgage loan, you are agreeing to make a payment every month. Do you expect your job to continue well into the future. If not, do you have marketable skills that are needed in today's economy?
Second, do you have an 8-month emergency fund? Savings and downpayment aren't enough to ensure security for your family. You must have at least 8-months worth of bill money saved away. If your monthly expenses add up to $3,000 a month, then you need $24,000 in an emergency fund that you don't touch.
Third, do you have good credit? Interest rates are at historic lows, but lending is tight. You must have an excellent credit score to get the best rates. And a sub-par credit score may have you sitting on the sidelines altogether.
Fourth, do you have savings for a downpayment? Financial experts recommend having at least 20 percent to put down. That means on a $200,000 house you'll need $40,000 for a downpayment. If you don't have the money, will family be contributing?
Consider these issues when you deciding whether or not now is the time to buy. If you have all your "ducks in a row," then now is a great time to buy.
If you are interested in buying and need answers to your questions. Give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Friday, May 6, 2011
Moving tips for homeowners
Provided By Trulia
Transporting belongings from one home to another is a big task that's often fraught with anxiety, even when a move is efficiently planned and coordinated. Follow these tips from Trulia to make your next move as stress-free as possible:
Get recommendations
Ask for the names of reputable and reliable moving companies from friends, co-workers and family. Inquire about their experiences, and note what worked and didn't work, as well as how much they paid. Seek out their advice on how to make your move a smooth one.
Check background
If you are ready to move and find your perfect home give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
For movers you are considering, check whether each is a licensed member of the American Moving and Storage Association (AMSA), a trade group.
AMSA has a ProMover service in which they've checked the credentials of all the movers registered with their program. You can search for movers by moving date and your to and from locations on the AMSA website.
Referral websites like Yelp and Angie's List (subscription required) can also help you find reputable movers.
Verify whether there have been any complaints filed against the moving company with the Better Business Bureau.
Seek estimates
Get "not to exceed" estimates -- binding estimates that cap how much you'll be charged -- from movers. Ask for "in-home" estimates, as they are more accurate than ones conducted over the phone.
Watch for hidden fees. Know what you'll be expected to pay and what services will be covered -- some movers charge by weight and distance, while others charge by the number of man hours it'll take to transport your stuff.
The more you own, the more you most likely will be charged; if you ask that your belongings be boxed for you, that will come at an extra cost.
Think insurance
Take an inventory and dollar amount of the belongings you're moving and check what kind and how much liability coverage the mover provides.
Is it enough to cover the value of the belongings? Research the procedures for submitting a claim with each company in the event something happens.
Your homeowner's insurance may cover some of your belongings' value -- check your policy.
Know the rules
If you are being relocated by your employer, check with their moving policy to understand their rules and regulations and exactly what part of the bill will be footed by them.
Reduce
Donate or sell as much stuff as you can -- it may lessen the cost of your move and will make packing and unpacking easier. Try hosting a garage sale, or selling your items online through websites like Ebay or Craigslist. The Vietnam Veterans of America offers a great pick-up service for donated items, and will come right to your door. Other charities offer similar services.
Plan ahead
Book a mover six to eight weeks before your move. Plan which items will go where and pack by room. Color code the boxes and wrap fragile items in crumpled paper or bubble wrap before boxing, placing them on top. Mark "fragile" in bold letters on boxes with breakable items. Seal the boxes well -- so nothing may fall out while being transported and to protect the items should they be placed in professional storage -- or your basement.
Set aside essential items you'll need right away (toiletries, clothing, etc.) and move them yourself so they can be easily relocated the day of your move. It's also a good idea to move important documents (birth certificates, bank records, closing papers, etc.) and valuable jewelry yourself so you won't loose track of them.
Keep in touch
Make a list of all those who need to know of your move -- friends, family, utilities, businesses and the United States Postal Service -- and give them your new contact information and the date that it will be in effect.
Transporting belongings from one home to another is a big task that's often fraught with anxiety, even when a move is efficiently planned and coordinated. Follow these tips from Trulia to make your next move as stress-free as possible:
Get recommendations
Ask for the names of reputable and reliable moving companies from friends, co-workers and family. Inquire about their experiences, and note what worked and didn't work, as well as how much they paid. Seek out their advice on how to make your move a smooth one.
Check background
If you are ready to move and find your perfect home give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
For movers you are considering, check whether each is a licensed member of the American Moving and Storage Association (AMSA), a trade group.
AMSA has a ProMover service in which they've checked the credentials of all the movers registered with their program. You can search for movers by moving date and your to and from locations on the AMSA website.
Referral websites like Yelp and Angie's List (subscription required) can also help you find reputable movers.
Verify whether there have been any complaints filed against the moving company with the Better Business Bureau.
Seek estimates
Get "not to exceed" estimates -- binding estimates that cap how much you'll be charged -- from movers. Ask for "in-home" estimates, as they are more accurate than ones conducted over the phone.
Watch for hidden fees. Know what you'll be expected to pay and what services will be covered -- some movers charge by weight and distance, while others charge by the number of man hours it'll take to transport your stuff.
The more you own, the more you most likely will be charged; if you ask that your belongings be boxed for you, that will come at an extra cost.
Think insurance
Take an inventory and dollar amount of the belongings you're moving and check what kind and how much liability coverage the mover provides.
Is it enough to cover the value of the belongings? Research the procedures for submitting a claim with each company in the event something happens.
Your homeowner's insurance may cover some of your belongings' value -- check your policy.
Know the rules
If you are being relocated by your employer, check with their moving policy to understand their rules and regulations and exactly what part of the bill will be footed by them.
Reduce
Donate or sell as much stuff as you can -- it may lessen the cost of your move and will make packing and unpacking easier. Try hosting a garage sale, or selling your items online through websites like Ebay or Craigslist. The Vietnam Veterans of America offers a great pick-up service for donated items, and will come right to your door. Other charities offer similar services.
Plan ahead
Book a mover six to eight weeks before your move. Plan which items will go where and pack by room. Color code the boxes and wrap fragile items in crumpled paper or bubble wrap before boxing, placing them on top. Mark "fragile" in bold letters on boxes with breakable items. Seal the boxes well -- so nothing may fall out while being transported and to protect the items should they be placed in professional storage -- or your basement.
Set aside essential items you'll need right away (toiletries, clothing, etc.) and move them yourself so they can be easily relocated the day of your move. It's also a good idea to move important documents (birth certificates, bank records, closing papers, etc.) and valuable jewelry yourself so you won't loose track of them.
Keep in touch
Make a list of all those who need to know of your move -- friends, family, utilities, businesses and the United States Postal Service -- and give them your new contact information and the date that it will be in effect.
Wednesday, May 4, 2011
Five ways to avoid foreclosure
Provided By Trulia
Over the last few years, as real estate values have plummeted and the overall economy has slipped into recession, foreclosures have been on the rise. Perhaps you or someone you know is facing the imminent threat of losing their home. Don't despair - in this economy every income class has been affected. These are good people; they aren't deadbeats or irresponsible borrowers. They simply got caught in a financial storm that has become impossible to escape.
So are there ways to avoid a foreclosure and escape becoming a casualty of the current economic Tsunami? Yes! Let's take a look at five ways to avoid a foreclosure:
Be proactive
The best way to avoid foreclosure is to take control of your financial destiny before a problem presents itself. For instance, if you know that you have one of the tens of thousands of loans with adjustable rate mortgages getting ready to reset to a higher rate, act now to refinance the loan at a lower fixed rate. Often your current lender will be willing to refinance your current mortgage quickly and easily, but be sure to shop rates by exploring local lenders and banks. You can view comprehensive comparisons of many national lenders at Trulia Mortgage.
Apply for hope
If your current lender is unwilling to refinance the loan and other lenders have turned you down, you may wish to consider the HOPE program. This is a government sponsored program for borrowers at risk of default and foreclosure. The program provides new 30-year fixed rate mortgages that are insured by the Federal Housing Administration (FHA). But be aware that these loans come at prevailing interest rates and borrowers must agree to share in any equity appreciation when the home is sold or refinanced at a later date.
Request forbearance
If your financial situation has changed, perhaps you lost your job or had a medical emergency and you cannot make your payment, you may want to request forbearance from your lender. Forbearance simply means that the lender allows you to skip one or more payments while you get your financial house in order again. This doesn't mean they give you a free ride however. Missed payments are generally tacked back on to the end of the loan and the interest on the note continues to accrue during the deferment.
Request loan modification
One key item to remember when facing foreclosure is that your bank or lender does not want your home back. Because of this, if you have any reasonable chance of repaying the debt, they will often work with you to create a plan that will meet your financial needs. One way to kick start this process is to request a loan modification. A loan modification means that your lender agrees to change the terms of your current mortgage to fit your current financial situation. Often this can include a reduction in the interest rate, extension of the term of the note, or even a principle balance adjustment.
Consider a short sale
It's likely that if you are facing foreclosure you have considered selling your home. The problem comes if you owe more than the home is worth. To deal with this challenge, many homeowners request a short sale from their lender. A short sale means that the lender agrees to accept less than what is owed on the home in exchange for not being forced to foreclose on the property. However, be aware that the timeline for accepting an offer subject to a short sale can last from a few weeks to a few months as lenders are swamped with similar requests from thousands of borrowers nationwide.
The best advice, as hard as it might be to follow, is to remain calm and unemotional when talking with your lender to. Remember the person you are talking to isn't the bank, they are an employee of the bank. To achieve the best results, write down the points you want to cover during each call, take notes of the conversation, and always record the date and time you called. In many cases your hard work will save you from being a foreclosure casualty.
To learn more about foreclosure options give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Over the last few years, as real estate values have plummeted and the overall economy has slipped into recession, foreclosures have been on the rise. Perhaps you or someone you know is facing the imminent threat of losing their home. Don't despair - in this economy every income class has been affected. These are good people; they aren't deadbeats or irresponsible borrowers. They simply got caught in a financial storm that has become impossible to escape.
So are there ways to avoid a foreclosure and escape becoming a casualty of the current economic Tsunami? Yes! Let's take a look at five ways to avoid a foreclosure:
Be proactive
The best way to avoid foreclosure is to take control of your financial destiny before a problem presents itself. For instance, if you know that you have one of the tens of thousands of loans with adjustable rate mortgages getting ready to reset to a higher rate, act now to refinance the loan at a lower fixed rate. Often your current lender will be willing to refinance your current mortgage quickly and easily, but be sure to shop rates by exploring local lenders and banks. You can view comprehensive comparisons of many national lenders at Trulia Mortgage.
Apply for hope
If your current lender is unwilling to refinance the loan and other lenders have turned you down, you may wish to consider the HOPE program. This is a government sponsored program for borrowers at risk of default and foreclosure. The program provides new 30-year fixed rate mortgages that are insured by the Federal Housing Administration (FHA). But be aware that these loans come at prevailing interest rates and borrowers must agree to share in any equity appreciation when the home is sold or refinanced at a later date.
Request forbearance
If your financial situation has changed, perhaps you lost your job or had a medical emergency and you cannot make your payment, you may want to request forbearance from your lender. Forbearance simply means that the lender allows you to skip one or more payments while you get your financial house in order again. This doesn't mean they give you a free ride however. Missed payments are generally tacked back on to the end of the loan and the interest on the note continues to accrue during the deferment.
Request loan modification
One key item to remember when facing foreclosure is that your bank or lender does not want your home back. Because of this, if you have any reasonable chance of repaying the debt, they will often work with you to create a plan that will meet your financial needs. One way to kick start this process is to request a loan modification. A loan modification means that your lender agrees to change the terms of your current mortgage to fit your current financial situation. Often this can include a reduction in the interest rate, extension of the term of the note, or even a principle balance adjustment.
Consider a short sale
It's likely that if you are facing foreclosure you have considered selling your home. The problem comes if you owe more than the home is worth. To deal with this challenge, many homeowners request a short sale from their lender. A short sale means that the lender agrees to accept less than what is owed on the home in exchange for not being forced to foreclose on the property. However, be aware that the timeline for accepting an offer subject to a short sale can last from a few weeks to a few months as lenders are swamped with similar requests from thousands of borrowers nationwide.
The best advice, as hard as it might be to follow, is to remain calm and unemotional when talking with your lender to. Remember the person you are talking to isn't the bank, they are an employee of the bank. To achieve the best results, write down the points you want to cover during each call, take notes of the conversation, and always record the date and time you called. In many cases your hard work will save you from being a foreclosure casualty.
To learn more about foreclosure options give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Monday, May 2, 2011
Green Living: Buying Local
Provided By Realty Times
Now is prime time to turn your focus to your local community. The reason is simple. When you keep your attention and dollars in your local economy, it helps stabilize both the job market and home values. There's no reason to send your hard-earned money out of your community. You can help to build commerce in your town by buying local.
First, start by buying local produce. As the price of oil surges, the cost of transporting foods and goods will follow suite. This cost increase in turn is translated down to you, the consumer. Seek out local farmers' markets, farms, and buy "local" produce from your grocery store. The money you spend in your community has a way of being spent again in your community. And when you buy local, you take an active roll in reducing the environmental impact of your spending. Fewer fossil fuels are used to transport goods.
The next step in eating local can be to research local "Community Supported Agriculture" (CSA) groups. How does a CSA work? You pay a certain amount per growing season to be a part of the group, and then during each week's harvest, you stop by to pick up your "share" of the goodies! It's a great way to support a local farm, as well as get fresh vegetables all season long.
If you have a green thumb, consider adding a vegetable garden to your yard or a potted garden to your patio. Even the White House has its own garden, where the first lady grows some of her favorite treats.
The next step is to begin reading "made in" labels. Check the labels on all your products. Support your local region first, then American brands over foreign. Our economy must be reinvigorated from within. Choosing to buy American helps create jobs all across our nation, and with an unemployment rate near 10 percent, this is a great time to start label checking.
When you buy local and American, you're more likely to get better customer service. It's far easier to contact a company a state over, than to contact a country on the other side of the world. There's also more accountability when it comes to regulations and production laws.
And finally, consider keeping your vacations local. Staycations can save you big on travel costs, and those savings can in turn be spent in hotels and attraction in your own local area. Live in your city like a visitor!
Buying local and hiring local craftsman is an investment in your community. That's an investment worth making.
If you are interested in learning more about the Rockwall community, give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Now is prime time to turn your focus to your local community. The reason is simple. When you keep your attention and dollars in your local economy, it helps stabilize both the job market and home values. There's no reason to send your hard-earned money out of your community. You can help to build commerce in your town by buying local.
First, start by buying local produce. As the price of oil surges, the cost of transporting foods and goods will follow suite. This cost increase in turn is translated down to you, the consumer. Seek out local farmers' markets, farms, and buy "local" produce from your grocery store. The money you spend in your community has a way of being spent again in your community. And when you buy local, you take an active roll in reducing the environmental impact of your spending. Fewer fossil fuels are used to transport goods.
The next step in eating local can be to research local "Community Supported Agriculture" (CSA) groups. How does a CSA work? You pay a certain amount per growing season to be a part of the group, and then during each week's harvest, you stop by to pick up your "share" of the goodies! It's a great way to support a local farm, as well as get fresh vegetables all season long.
If you have a green thumb, consider adding a vegetable garden to your yard or a potted garden to your patio. Even the White House has its own garden, where the first lady grows some of her favorite treats.
The next step is to begin reading "made in" labels. Check the labels on all your products. Support your local region first, then American brands over foreign. Our economy must be reinvigorated from within. Choosing to buy American helps create jobs all across our nation, and with an unemployment rate near 10 percent, this is a great time to start label checking.
When you buy local and American, you're more likely to get better customer service. It's far easier to contact a company a state over, than to contact a country on the other side of the world. There's also more accountability when it comes to regulations and production laws.
And finally, consider keeping your vacations local. Staycations can save you big on travel costs, and those savings can in turn be spent in hotels and attraction in your own local area. Live in your city like a visitor!
Buying local and hiring local craftsman is an investment in your community. That's an investment worth making.
If you are interested in learning more about the Rockwall community, give us a call at 972.772.7000 or email us at frontdesk552@kw.com.
Subscribe to:
Posts (Atom)