By Cameron Huddleston, Kiplinger.com
If you've been thinking about refinancing your mortgage, now is the time to act. The 30-year fixed-rate mortgage is at a 25-year low of 4.35%, according to Bankrate.com.
Refinancing is a great way to put more cash back into your budget. My husband and I are in the process of refinancing our mortgage, which will lower our monthly payment by $400 because our new rate will be about 2 percentage points lower than our current one. However, if you have a fixed rate that is only slightly higher than current rates, refinancing might not make sense for you.
Remember, you have to pay closing costs when you refinance. If you don't plan to stay in your home much longer, you might not recoup the cost of refinancing before you sell. To figure out the number of months it will take to break even, divide the amount of estimated closing costs (usually 3% to 6% of the mortgage) by the amount of monthly savings you expect. You also can use our Am I Better Off Refinancing? calculator for help.
If you want to refinance, you also need to consider these things:
-- To get the best rate, your credit score must exceed 720. (You can check your score at myFICO, which now is offering free scores when you sign up for a trial membership in Score Watch. You must cancel your membership in 10 days if you want to avoid being charged $12.95 each month.)
-- Your debt needs to be under control. To get a mortgage or refinance, your monthly housing expenses shouldn't exceed 28% of your gross monthly income, and your total debt shouldn't top 36% of gross income (but lenders stretch it to 45% in some cases).
For more information about what about you need to get a loan and how to get the lowest rate, see What It Takes to Get a Mortgage.
Are you ready to purchase a home with a low mortgage rate? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, September 15, 2010
Monday, September 13, 2010
Foreclosures' impact on kids and communities weighed
Published By Ruth Mantell, MarketWatch
WASHINGTON (MarketWatch) -- Children could be prevented from realizing their potential in school and, eventually, the labor force as consequences from the problem of home foreclosures last for years, a Federal Reserve official said Thursday.
"A foreclosure is likely to mean not only a loss of home, but also a disruption in where, or whether, kids are in school," said Eric Rosengren, president of the Federal Reserve Bank of Boston, at a Fed conference in Washington about neighborhood stabilization. "Since foreclosure is often related to unemployment, marital stress, or physical ailments, the foreclosure is likely to make it difficult for even the most determined student to excel."
Rosengren added that he is encouraging staff to look at how children are affected by foreclosures. Read more about the conference.
Foreclosures may be a symptom of "broader problems" having effects on neighborhoods, such as high rates of unemployment and property crime, Rosengren said. He noted that higher foreclosure rates could exacerbate such problems.
"My own view is that too little focus has been on community problems because the focus has been more targeted to housing and foreclosures," Rosengren said.
Areas with high concentrations of real estate owned properties -- properties held on the books of banks typically after failing to sell at foreclosure auctions -- have also been associated with greater incidence of babies with low birth weight, higher high-school dropout rates and more frequent failures on statewide math tests.
States and the federal government may need to examine how to address the broader problems in these communities, Rosengren said, including "potentially looking at revenue sharing that provides a flexible way to address the fiscal gap faced by many of our hard-pressed communities."
Also speaking Thursday at the neighborhood stabilization event, Sandra Pianalto, president of the Cleveland Fed, said "decades of progress" have been wiped away in the past few years in many low-income communities.
'Collateral damage'
"The longer properties remain vacant, the more collateral damage is done to property values nearby, and it doesn't take long for neighborhoods to suffer from increased crime, arson, and blight," Pianalto said. "We are still far from a recovery in the housing markets in our region. The losses and hardship that our neighborhoods have experienced is staggering."
The housing-market collapse resulted from "a destructive cycle that feeds on itself," Pianalto said.
"In our region, mortgage delinquencies led to a high number of foreclosures, which led to an oversupply of housing, which led to home prices depreciating and borrowers and financial institutions taking on big losses," Pianalto said. "To break this cycle, a coordinated set of policies is needed to target multiple points of the breakdown in the housing market."
She said loan modifications alone won't be enough to address the housing crisis, noting that the main reason that most borrowers cite for needing assistance is income loss due to the weak economy.
"We have learned that numerous interventions are required to address the multiple causes and consequences of the foreclosure crisis, and we will continue to focus our outreach and analysis on understanding and contributing to solutions in real time," Pianalto said. "A healthy housing sector is critical both to the overall economy and to a sustainable economic recovery."
Facing foreclosure? There are other options, to learn what you can do to avoid foreclosure call us at 972-772-7000 or email us at rockwall@kw.com.
WASHINGTON (MarketWatch) -- Children could be prevented from realizing their potential in school and, eventually, the labor force as consequences from the problem of home foreclosures last for years, a Federal Reserve official said Thursday.
"A foreclosure is likely to mean not only a loss of home, but also a disruption in where, or whether, kids are in school," said Eric Rosengren, president of the Federal Reserve Bank of Boston, at a Fed conference in Washington about neighborhood stabilization. "Since foreclosure is often related to unemployment, marital stress, or physical ailments, the foreclosure is likely to make it difficult for even the most determined student to excel."
Rosengren added that he is encouraging staff to look at how children are affected by foreclosures. Read more about the conference.
Foreclosures may be a symptom of "broader problems" having effects on neighborhoods, such as high rates of unemployment and property crime, Rosengren said. He noted that higher foreclosure rates could exacerbate such problems.
"My own view is that too little focus has been on community problems because the focus has been more targeted to housing and foreclosures," Rosengren said.
Areas with high concentrations of real estate owned properties -- properties held on the books of banks typically after failing to sell at foreclosure auctions -- have also been associated with greater incidence of babies with low birth weight, higher high-school dropout rates and more frequent failures on statewide math tests.
States and the federal government may need to examine how to address the broader problems in these communities, Rosengren said, including "potentially looking at revenue sharing that provides a flexible way to address the fiscal gap faced by many of our hard-pressed communities."
Also speaking Thursday at the neighborhood stabilization event, Sandra Pianalto, president of the Cleveland Fed, said "decades of progress" have been wiped away in the past few years in many low-income communities.
'Collateral damage'
"The longer properties remain vacant, the more collateral damage is done to property values nearby, and it doesn't take long for neighborhoods to suffer from increased crime, arson, and blight," Pianalto said. "We are still far from a recovery in the housing markets in our region. The losses and hardship that our neighborhoods have experienced is staggering."
The housing-market collapse resulted from "a destructive cycle that feeds on itself," Pianalto said.
"In our region, mortgage delinquencies led to a high number of foreclosures, which led to an oversupply of housing, which led to home prices depreciating and borrowers and financial institutions taking on big losses," Pianalto said. "To break this cycle, a coordinated set of policies is needed to target multiple points of the breakdown in the housing market."
She said loan modifications alone won't be enough to address the housing crisis, noting that the main reason that most borrowers cite for needing assistance is income loss due to the weak economy.
"We have learned that numerous interventions are required to address the multiple causes and consequences of the foreclosure crisis, and we will continue to focus our outreach and analysis on understanding and contributing to solutions in real time," Pianalto said. "A healthy housing sector is critical both to the overall economy and to a sustainable economic recovery."
Facing foreclosure? There are other options, to learn what you can do to avoid foreclosure call us at 972-772-7000 or email us at rockwall@kw.com.
Friday, September 10, 2010
Maintain an Organized Entryway
Published By Realty Times
Written By Carla Hill
The goal of homeowners everywhere should be to have not only functional, but beautiful entryways.
The reasoning is simple. For most families, entryways see a lot of traffic. And it can easily become a dumping ground. They house shoes, coats, purses, and keys, as well as often used toys and tools.
And for every home, the entryway is the very spot where guests and buyers will form their first impression. This means disorganized is out and clean is in. Let's look at a few simple design and organization tips that can take your entryway from shab to fab.
The key to a clutter-free entry is storage. Option one would be built-in cabinetry. Pick materials and colors that follow the design ascetic of your home. Traditional homes look great with clean, white cabinetry and simple pulls. A more eclectic home can dare to use colorful patterns and bold hardware. Hang and fold your items and then shut away the clutter.
If you don't have room for built-ins, then consider a free-standing shelving unit with cubbies. Baskets are an attractive way to keep everything from mittens and hats to ball gloves and racquets organized. And use smaller cubbies for shoes!
Have even less space? Even simple hooks can have a great organizing effect.
The next tip is to have some sort of seating. Make an inviting spot for children to sit while removing winter boots. Bench seating with storage underneath can be a perfect combination of functionality and looks, and you can add a pop of color with a colorful cushion.
Pay careful attention to flooring choices in your entryway. You want something that is durable and hides dirt easily. A popular trend in today's home is slate tile, with its dark hues doing wonders for masking dirt.
If your entryway is more formal and you choose not to have any cabinets, then be sure to hide away coats and clutter in the nearest closet. A simple console table with drawers can be used to hold keys and phones. Consider installing a docking station in the drawers of the table to hide chargers and cables for iPods and phones.
These simple tips can make a big difference in keeping your entry organized.
Looking for more simple tips and tricks to organize your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Written By Carla Hill
The goal of homeowners everywhere should be to have not only functional, but beautiful entryways.
The reasoning is simple. For most families, entryways see a lot of traffic. And it can easily become a dumping ground. They house shoes, coats, purses, and keys, as well as often used toys and tools.
And for every home, the entryway is the very spot where guests and buyers will form their first impression. This means disorganized is out and clean is in. Let's look at a few simple design and organization tips that can take your entryway from shab to fab.
The key to a clutter-free entry is storage. Option one would be built-in cabinetry. Pick materials and colors that follow the design ascetic of your home. Traditional homes look great with clean, white cabinetry and simple pulls. A more eclectic home can dare to use colorful patterns and bold hardware. Hang and fold your items and then shut away the clutter.
If you don't have room for built-ins, then consider a free-standing shelving unit with cubbies. Baskets are an attractive way to keep everything from mittens and hats to ball gloves and racquets organized. And use smaller cubbies for shoes!
Have even less space? Even simple hooks can have a great organizing effect.
The next tip is to have some sort of seating. Make an inviting spot for children to sit while removing winter boots. Bench seating with storage underneath can be a perfect combination of functionality and looks, and you can add a pop of color with a colorful cushion.
Pay careful attention to flooring choices in your entryway. You want something that is durable and hides dirt easily. A popular trend in today's home is slate tile, with its dark hues doing wonders for masking dirt.
If your entryway is more formal and you choose not to have any cabinets, then be sure to hide away coats and clutter in the nearest closet. A simple console table with drawers can be used to hold keys and phones. Consider installing a docking station in the drawers of the table to hide chargers and cables for iPods and phones.
These simple tips can make a big difference in keeping your entry organized.
Looking for more simple tips and tricks to organize your home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, September 8, 2010
What is it like to live in Rockwall?
Provided By Nelida Spurell
Source YouTube
Are you looking for your perfect Rockwall home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Source YouTube
Are you looking for your perfect Rockwall home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Monday, September 6, 2010
10 Tips to Help You Save $1,000 By The Holidays
Written By Stacy Johnson of Money Talks News
Provided By Shelley Dudley
If you're like many people, at the beginning of every year you resolve to get your finances in better shape by paying off debt and adding to your savings. But like many resolutions, the reality often doesn't meet the goal.
All is not lost. There are still five full months left in the year -- time for a quick review of simple ways to save. The goal? To set aside at least an extra thousand dollars by Christmas, without sacrificing your quality of life. Going on a "dollar-diet" is no way to get the job done -- painless savings are the only kind you should attempt because they're the only kind that work.
Simple Savings
Lower your cell phone bill. Potential savings: $100. If you're not using minutes you're paying for, switch to a cheaper plan. That could save you $20 a month, or $100 by Christmas.
Lose your land line. Potential savings: $140. If you find that your land line is gathering dust, lose it. And even if you want to keep your land line, if you have a broadband internet connection, get your phone service through it rather the phone company. A service like Magic Jack will give you unlimited calling for $2/month rather than the $30 you might be paying for traditional phone service providers.
Staycation instead of vacation. Potential savings: $1,000+. The savings from staying home vs. traveling for vacation are obvious. The trick is to maintain your quality of life while you do it. No working allowed. Turn off the computer and the phone. Relax, have fun, and take day trips exploring your local area.
Raise your insurance deductibles. Potential savings: $250. Raising your car and home insurance deductibles could have zero impact on your quality of life, but it could have a big impact on your savings. Decide what you can afford to pay out of pocket, spend a few minutes on the phone and see what you can save. Another way to save: shop your insurance and see if you can get a better deal.
Drop the gym. Potential savings: $150. Unless you're training for competition, a gym can be expensive overkill. You can buy cheap weights at yard sales or places like Play It Again Sports. Better yet, find them free at sites like craigslist or Freecycle. You can buy cheap workout videos and exercise in front of the TV, or get both exercise and fresh air by walking, jogging or biking in your neighborhood.
Drop premium cable channels -- or drop cable altogether. Potential savings: $50 - $600. One of the most popular stories we've done this year was "You Don't Have to Pay for Cable," a step-by-step guide to bypassing your cable company while still watching your favorite shows. Even if you decide against that, however, consider dropping premium channels. They're expensive and often filled with lousy fare anyway.
Sell Stuff. Potential earnings: $400+. If you're like most people, you've got clothes you don't wear, CDs you don't listen to, books you don't read, DVDs you don't watch, furniture you don't sit in -- you get the picture. Take it to a consignment shop or a swap meet; sell it online at or craigslist; have a yard sale. If nothing else, donate it and create a tax deduction. But don't mess up your quality of life by stressing out and trying to do everything at once. Pick one thing (or room) every month from now until the holidays, clear out the clutter and make some money!
Save on Food. Potential savings: $300+. The web is full of tips to save on food. Some will be obvious (use a list), but some might surprise you. For example, did you know that you might find groceries at 50% off at a salvage grocery store?
Haggle. Potential savings: $500+. According to this survey by Consumer Reports, negotiating a lower price is not only possible, it's likely. What can you negotiate? Pretty much everything. You can call your credit card company and ask for a better interest rate. You can ask for a lower price from your doctor. You can negotiate a lower price on your cable bill. The fact is, you can negotiate a lower price on anything from home electronics to hotel rooms.
Carry only cash: Potential savings: $250+. Try an experiment between now and the holidays. Carry only cash -- no plastic. This simple idea can easily result in major savings. The reasons are simple: If you carry only the cash you need to buy what you went out for, you'll avoid impulse buys. Plus, it's psychologically more difficult to spend actual money than "plastic" money.
Combine those ideas and you'll have at least an extra $1,000 by the time the holidays roll around. And if you need more ideas to make it work, the web is overflowing with hundreds, if not thousands, more.
The key is to carve out a little time, check out some resources, decide what you're willing to try, and get on with it. But remember to avoid anything that might make your life less enjoyable. The key to making it is making it easy on yourself. So if you want an extra grand by the time the holidays roll around, start today!
Are you saving to buy your perfect home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Provided By Shelley Dudley
If you're like many people, at the beginning of every year you resolve to get your finances in better shape by paying off debt and adding to your savings. But like many resolutions, the reality often doesn't meet the goal.
All is not lost. There are still five full months left in the year -- time for a quick review of simple ways to save. The goal? To set aside at least an extra thousand dollars by Christmas, without sacrificing your quality of life. Going on a "dollar-diet" is no way to get the job done -- painless savings are the only kind you should attempt because they're the only kind that work.
Simple Savings
Lower your cell phone bill. Potential savings: $100. If you're not using minutes you're paying for, switch to a cheaper plan. That could save you $20 a month, or $100 by Christmas.
Lose your land line. Potential savings: $140. If you find that your land line is gathering dust, lose it. And even if you want to keep your land line, if you have a broadband internet connection, get your phone service through it rather the phone company. A service like Magic Jack will give you unlimited calling for $2/month rather than the $30 you might be paying for traditional phone service providers.
Staycation instead of vacation. Potential savings: $1,000+. The savings from staying home vs. traveling for vacation are obvious. The trick is to maintain your quality of life while you do it. No working allowed. Turn off the computer and the phone. Relax, have fun, and take day trips exploring your local area.
Raise your insurance deductibles. Potential savings: $250. Raising your car and home insurance deductibles could have zero impact on your quality of life, but it could have a big impact on your savings. Decide what you can afford to pay out of pocket, spend a few minutes on the phone and see what you can save. Another way to save: shop your insurance and see if you can get a better deal.
Drop the gym. Potential savings: $150. Unless you're training for competition, a gym can be expensive overkill. You can buy cheap weights at yard sales or places like Play It Again Sports. Better yet, find them free at sites like craigslist or Freecycle. You can buy cheap workout videos and exercise in front of the TV, or get both exercise and fresh air by walking, jogging or biking in your neighborhood.
Drop premium cable channels -- or drop cable altogether. Potential savings: $50 - $600. One of the most popular stories we've done this year was "You Don't Have to Pay for Cable," a step-by-step guide to bypassing your cable company while still watching your favorite shows. Even if you decide against that, however, consider dropping premium channels. They're expensive and often filled with lousy fare anyway.
Sell Stuff. Potential earnings: $400+. If you're like most people, you've got clothes you don't wear, CDs you don't listen to, books you don't read, DVDs you don't watch, furniture you don't sit in -- you get the picture. Take it to a consignment shop or a swap meet; sell it online at or craigslist; have a yard sale. If nothing else, donate it and create a tax deduction. But don't mess up your quality of life by stressing out and trying to do everything at once. Pick one thing (or room) every month from now until the holidays, clear out the clutter and make some money!
Save on Food. Potential savings: $300+. The web is full of tips to save on food. Some will be obvious (use a list), but some might surprise you. For example, did you know that you might find groceries at 50% off at a salvage grocery store?
Haggle. Potential savings: $500+. According to this survey by Consumer Reports, negotiating a lower price is not only possible, it's likely. What can you negotiate? Pretty much everything. You can call your credit card company and ask for a better interest rate. You can ask for a lower price from your doctor. You can negotiate a lower price on your cable bill. The fact is, you can negotiate a lower price on anything from home electronics to hotel rooms.
Carry only cash: Potential savings: $250+. Try an experiment between now and the holidays. Carry only cash -- no plastic. This simple idea can easily result in major savings. The reasons are simple: If you carry only the cash you need to buy what you went out for, you'll avoid impulse buys. Plus, it's psychologically more difficult to spend actual money than "plastic" money.
Combine those ideas and you'll have at least an extra $1,000 by the time the holidays roll around. And if you need more ideas to make it work, the web is overflowing with hundreds, if not thousands, more.
The key is to carve out a little time, check out some resources, decide what you're willing to try, and get on with it. But remember to avoid anything that might make your life less enjoyable. The key to making it is making it easy on yourself. So if you want an extra grand by the time the holidays roll around, start today!
Are you saving to buy your perfect home? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
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