This week the holidays will officially begin and so has spending.
The holidays have become a season of over indulgence from food to sharing materialistic items. The abundant economic prosperity our country has experienced came to a halt as Americans struggle to stay afloat. It is in time of adversity that we find the true meaning of Thanksgiving, Christmas and New Year.
How to control the holidays and make them the best ever yet:
1. Make gathering with family and friends the focal point of the holidays and give thanks for what you have "each other". Appreciate every minute you share together for this is what makes memories that will last for eternity.
2. Start a tradition of each member of your thanksgiving gathering expressing what they are thankfull for. Have them write it, turn it into a display and after the holidays make a scrapbook to share with them every year. Take pictures to incorporate into the scrapbook.
3. Instead of buying everyone a gift why not exchange names. Decide on a spending minimum and maximum. Have everyone write their name and 3 items they would enjoy receiving whose value are within the agreed amounts.
4. Buy what you can afford today.
5. Put away the plastic whenever possible.
6. Before you go to the stores have a list of names and what you are buying. Do your homework and check the sales.
Remember that material things we give do not last and are often discarded. What matters and last is the love and spiritual meaning we give each other. Those memories last forever.
Enjoy your HOLIDAYS AND GOD BLESS YOU!
11/21/2010
11/18/2010
What Affects The Economy The Most
The economy is affected by a series of inter-related complex factors that has made the recovery very sluggish. In fact the delicate balance of these factors have created a domino effect.
Some of the these factors are:
1. Unsuccessfull governmental programs affecting business community.
2. Job Creation
3. Credit criteria
4. Housing Market still remaining critical
5. Consumer spending
Each one of these factors builds on each other and has created a downward spiral that is still out of control. Although it seems to have slow down the question is how do we revert the situation from a negative to a positive.
Some of the these factors are:
1. Unsuccessfull governmental programs affecting business community.
2. Job Creation
3. Credit criteria
4. Housing Market still remaining critical
5. Consumer spending
Each one of these factors builds on each other and has created a downward spiral that is still out of control. Although it seems to have slow down the question is how do we revert the situation from a negative to a positive.
11/16/2010
What Do You Cut In Tough Economic Times?
Financial advisors recommend cutting back on small things to save lots of money.
As the hard economic times linger a pattern of savings by cutting back expenses seemed to have developed through out the country. Some of the things Americans are cutting back on are:
1. Bringing lunch to work vs eating out
2. Stopped purchasing coffee in the morning
3. Choosing generic brand items vs name brands
4. Cooking vs eating out
5. Refillable water bottles vs buying water bottles
6. Less frequent visits to hairstylist, nail salons, and barber shops.
7. Cancel magazines and newspaper subscription
8. Cut down use of dry cleaning services
9. Driving vs Carpooling or using mass transit services
10. Renting movies vs. going to the movies
11. Cut backs or cancel cable television
12. Using cell phones only and cancelling land lines.
Are you among the ones developing a new life style?
As the hard economic times linger a pattern of savings by cutting back expenses seemed to have developed through out the country. Some of the things Americans are cutting back on are:
1. Bringing lunch to work vs eating out
2. Stopped purchasing coffee in the morning
3. Choosing generic brand items vs name brands
4. Cooking vs eating out
5. Refillable water bottles vs buying water bottles
6. Less frequent visits to hairstylist, nail salons, and barber shops.
7. Cancel magazines and newspaper subscription
8. Cut down use of dry cleaning services
9. Driving vs Carpooling or using mass transit services
10. Renting movies vs. going to the movies
11. Cut backs or cancel cable television
12. Using cell phones only and cancelling land lines.
Are you among the ones developing a new life style?
11/15/2010
What Average Buyers Are Looking For
The home market fluctuate depending on the latest fad and economic condition of the nation.The longer the economic downturn last the bigger the changes people are force to make.
Today's reality has forced people to downsize and choose practical designs when choosing their home.
1. Size: The average buyer is looking for a home with less than 2,000 square feet.
2. Functionality: Flexible spaces that can serve as home offices, guest rooms or dens are in high demand.
3. Energy Efficiency: Homes with energy efficient windows, doors, insulation, and appliances are also in high demand.
Prepare your home and call attention to the assets buyers are looking for.
Today's reality has forced people to downsize and choose practical designs when choosing their home.
1. Size: The average buyer is looking for a home with less than 2,000 square feet.
2. Functionality: Flexible spaces that can serve as home offices, guest rooms or dens are in high demand.
3. Energy Efficiency: Homes with energy efficient windows, doors, insulation, and appliances are also in high demand.
Prepare your home and call attention to the assets buyers are looking for.
11/14/2010
Holiday Staging
Principle concept of staging "less is more". The holidays are upon us so how do you incorporate the warm holiday cheers and maintain the integrity of staging.
1. Keep it elegant and simple
2. Don't clutter - pack same amount of items as you display
3. Small close space - small christmas tree
Large open space - larger christmas tree
Well lighted
Display elegant uniformly color ornaments complementing room colors.
4. Holidays colors use -
poinsettas
greenery on fireplace mantel and dinning tables
candels
pillows and throws
5. Holiday mood - use instrumental music and candle smells
6. Curb appeal - Wreath, poinsiettas, white non blinking lights
Most importantly enjoy the holidays!
1. Keep it elegant and simple
2. Don't clutter - pack same amount of items as you display
3. Small close space - small christmas tree
Large open space - larger christmas tree
Well lighted
Display elegant uniformly color ornaments complementing room colors.
4. Holidays colors use -
poinsettas
greenery on fireplace mantel and dinning tables
candels
pillows and throws
5. Holiday mood - use instrumental music and candle smells
6. Curb appeal - Wreath, poinsiettas, white non blinking lights
Most importantly enjoy the holidays!
11/12/2010
Financial Reform Controversy
A Few months ago Congress passed financial reform through the Dodd-Frank Wall Street reform law.
Included in the bill one reform required lenders to keep a 5 percent interest in the loans they sold to investors. The goal was to keep the lenders from making questionable loans and passing them to investors while selling off the loans in bulk. This common practice contributed to the housing bust.
The Mortgage Bankers Association has requested to have mortgages with adjustable rates and interest-only exempted from the 5 percent rule. They claim that without an exemption to this rule the end result would be fewer customers able to obtain financing.
Apparently we will be seeing a greater degree of financial tightening when applying for a loan.
Included in the bill one reform required lenders to keep a 5 percent interest in the loans they sold to investors. The goal was to keep the lenders from making questionable loans and passing them to investors while selling off the loans in bulk. This common practice contributed to the housing bust.
The Mortgage Bankers Association has requested to have mortgages with adjustable rates and interest-only exempted from the 5 percent rule. They claim that without an exemption to this rule the end result would be fewer customers able to obtain financing.
Apparently we will be seeing a greater degree of financial tightening when applying for a loan.
11/10/2010
Real Estate Owned (REO) Sales Slowed Down
If you are currently navigating the REO/Foreclosure market what does the nation's latest foreclosure disaster have in store for you?
The latest scandal in the foreclosure field is the question of whether banks filed foreclosure documents without confirming their content. As the banking institutions became overwhelmed with the number of foreclosures, questions have arrised with the procedures followed by banking staff. This has caused Attorney Generals in all 50 states to launch an investigation into this practices.
Bank of America, Ally, Wells Fargo and JPMorgan Chase are among the banks announcing a stopped or slowed down of final foreclosure sales in the last month as they investigate internally the procedures currently in place and resubmit documents. In an attempt to protect the fragil housing market Federal Regulators and the White House are considering giving the banks a measure of liability protection as they redo paperwork to prevent a foreclosure sale freeze.
Until the Banks and regulators have figured out the appropriate course correction you must arm yourself with patience. An alternative is to concentrate on the APPROVED shortsale market.
The latest scandal in the foreclosure field is the question of whether banks filed foreclosure documents without confirming their content. As the banking institutions became overwhelmed with the number of foreclosures, questions have arrised with the procedures followed by banking staff. This has caused Attorney Generals in all 50 states to launch an investigation into this practices.
Bank of America, Ally, Wells Fargo and JPMorgan Chase are among the banks announcing a stopped or slowed down of final foreclosure sales in the last month as they investigate internally the procedures currently in place and resubmit documents. In an attempt to protect the fragil housing market Federal Regulators and the White House are considering giving the banks a measure of liability protection as they redo paperwork to prevent a foreclosure sale freeze.
Until the Banks and regulators have figured out the appropriate course correction you must arm yourself with patience. An alternative is to concentrate on the APPROVED shortsale market.
11/09/2010
How To Decorate X-Large Rooms
Huge rooms creates large problems to decorate. X-large rooms with high ceilings, tall doors and windows makes your house look fantastic. So how do you convert these large spaces from feeling cold to warm? Your choice of texture, color and furniture placement are key factors.
Here are a few tips to consider while making your house a home:
1. Whatever colors you choose for your living-room must be complementary repeated in adjacent rooms.
2. Darker colors minimizes the size of a room.
3. Ceiling moldings visually brings down a tall space.
4. Cluster your seating arrangements.
5. Instead of one rug use separate rugs for the seating arrangements.
6. Indulge yourself with extra large furniture.
The most important tip is to enjoy planning the decor and allow yourself expression to dominate the end product. Have fun while making your house your HOME.
Here are a few tips to consider while making your house a home:
1. Whatever colors you choose for your living-room must be complementary repeated in adjacent rooms.
2. Darker colors minimizes the size of a room.
3. Ceiling moldings visually brings down a tall space.
4. Cluster your seating arrangements.
5. Instead of one rug use separate rugs for the seating arrangements.
6. Indulge yourself with extra large furniture.
The most important tip is to enjoy planning the decor and allow yourself expression to dominate the end product. Have fun while making your house your HOME.
9/26/2010
Still Time To Invest
As the market continues to receive foreclosures the amount of inventory available to choose from continues to make this a prime time to invest.
The government programs meant to help stabalize home owners in trouble and under water by modifing mortgages have left many dissapointed. The majority of the homewoners didn't qualify, others did qualify but then fell behind on their modified mortgages.
As unemployment continues to linger foreclosures continues to climb. The biggest trouble spots remains Nevada, Florida, Arizona, and California. If you are looking for a bargain in any of these areas then now is the time to purchase your dream home, an investment property or your vacation property.
Inventories of Bank owned properties are easily accessible by contacting a Realtor to search the Multiple Listing and negotiate the right deal. Another up and coming in popularity is the Auction method. Either way, the time is now for bargain hunters to find the right property.
The government programs meant to help stabalize home owners in trouble and under water by modifing mortgages have left many dissapointed. The majority of the homewoners didn't qualify, others did qualify but then fell behind on their modified mortgages.
As unemployment continues to linger foreclosures continues to climb. The biggest trouble spots remains Nevada, Florida, Arizona, and California. If you are looking for a bargain in any of these areas then now is the time to purchase your dream home, an investment property or your vacation property.
Inventories of Bank owned properties are easily accessible by contacting a Realtor to search the Multiple Listing and negotiate the right deal. Another up and coming in popularity is the Auction method. Either way, the time is now for bargain hunters to find the right property.
9/21/2010
Don't Drain The Bank By Spending
Everyone has at one time or another made an implusive purchase. The danger is when impulsive turns compulsive. Compulsive shopping can destroy finances, careers and relationships. In today's economy this behavior invites disaster.
So how do we overcome compulsive shopping?
Identify triggers
Compulsive shopping fills emotional voids of loneliness, lack of self-confidence and control. The emotional high comes the actual act of shopping.
Remove temptation
The best results comes from staying away from the mall, shopping websites, and putting away credit cards that provides the means by which to shop. You may also unsubscribe to retailer's emails.
Use money tools
By using simple household budget and shopping lists you can maintain focus on what are necessities vs unecessary shopping. Financial goals gives you a reason to save vs spending.
Find substitues for shopping
Since compulsive shopping fills an emotional need you must find a substitute activity such as exercise, volunteering, schedule time with family and friends.
So how do we overcome compulsive shopping?
Identify triggers
Compulsive shopping fills emotional voids of loneliness, lack of self-confidence and control. The emotional high comes the actual act of shopping.
Remove temptation
The best results comes from staying away from the mall, shopping websites, and putting away credit cards that provides the means by which to shop. You may also unsubscribe to retailer's emails.
Use money tools
By using simple household budget and shopping lists you can maintain focus on what are necessities vs unecessary shopping. Financial goals gives you a reason to save vs spending.
Find substitues for shopping
Since compulsive shopping fills an emotional need you must find a substitute activity such as exercise, volunteering, schedule time with family and friends.
9/07/2010
New FHA Reverse Mortgage Option
Starting early October FHA will unveil a variation to their Reverse Mortgage Plan in order to facilitate seniors involvement in the program.
FHA has annouced modifications to its Home Equity Conversion Mortgage HECM product which is a reverse mortgage loan insured by the federal government. HECM enables elderly homeowenrs (62 year or older) to borrow against the equity in their home without having to make traditional monthly payments. Under this program funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells or passes away. If the balance due upon settlement of the loan exceeds the value of the home, the FHA insurance covers the difference. The borrowers may draw down funds as a lump sum, established a line of credit or request fixed monthly payments for as long as they continue to live in the home.
The largest complaint among borrowers has been that the upfront costs were high. HUD responded by creating a variant on the standard HECM product that subtantially lowers those costs. The new product is called the HECM Saver. It provides lower upfront costs by eliminating the Mortgage Insurance Premium required to be paid upfront under the standard HECM option.
FHA has annouced modifications to its Home Equity Conversion Mortgage HECM product which is a reverse mortgage loan insured by the federal government. HECM enables elderly homeowenrs (62 year or older) to borrow against the equity in their home without having to make traditional monthly payments. Under this program funds are advanced to the borrower and interest accrues, but the outstanding balance is not due until the last borrower leaves the home, sells or passes away. If the balance due upon settlement of the loan exceeds the value of the home, the FHA insurance covers the difference. The borrowers may draw down funds as a lump sum, established a line of credit or request fixed monthly payments for as long as they continue to live in the home.
The largest complaint among borrowers has been that the upfront costs were high. HUD responded by creating a variant on the standard HECM product that subtantially lowers those costs. The new product is called the HECM Saver. It provides lower upfront costs by eliminating the Mortgage Insurance Premium required to be paid upfront under the standard HECM option.
8/30/2010
How Should You Choose A Builder
Before hiring a builder consider the following:
Have a Real Estate attorney review the construction contract before signing.
Ask for references and take the time to check them out.
Investigage the Builder and company's name online to make sure there are no complaints.
Negotiate the contract and expect him to be competative.
Obtain several extimates before deciding on any particular builder.
Have a Real Estate attorney review the construction contract before signing.
Ask for references and take the time to check them out.
Investigage the Builder and company's name online to make sure there are no complaints.
Negotiate the contract and expect him to be competative.
Obtain several extimates before deciding on any particular builder.
Home Ownership vs Rental
Top reasons for choosing homeownership over renting has to do with personal comfort.
Being your own Landlord gives you peace of mind and tranquility.
Reducing the principal serves as a savings account.
Monthly expense does not rise with a fixed rate mortgage which helps you manage your expenses.
Choosing your children schools and location allows you to properly plan according to your family's needs.
Deduction of your expenses in your taxes creates savings.
Being your own Landlord gives you peace of mind and tranquility.
Reducing the principal serves as a savings account.
Monthly expense does not rise with a fixed rate mortgage which helps you manage your expenses.
Choosing your children schools and location allows you to properly plan according to your family's needs.
Deduction of your expenses in your taxes creates savings.
8/17/2010
That Time Of Year Again - Back To School
Back to school anxiety and stress for many children and parents is just around the corner. The first day of a new school year can be difficult for children specially if going to school for the first time or changing schools.
Here are some tips to minimize your child's anxiety:
Friends are the number one concern for children starting in a new school. If you have a young child spend the afternoon at a community park in your new school zone and ecnourage your child to play with someone new. This will help making new friends before school starts. If your child is a teen then encourage participation in a school club or an athletic team.
Don't forget to remind your child that many activities will remain the same even when you change school.
Run-through of the school will show your child how to find their classroom, bathroom, and cafeteria. Define the place where you will be waiting to pick them up at the end of the day. With an older child schedule a school tour with the guidance counselor and map out where their classes are located.
However, the most important thing you can do for your child is to show your positive attitude and outlook.
Here are some tips to minimize your child's anxiety:
Friends are the number one concern for children starting in a new school. If you have a young child spend the afternoon at a community park in your new school zone and ecnourage your child to play with someone new. This will help making new friends before school starts. If your child is a teen then encourage participation in a school club or an athletic team.
Don't forget to remind your child that many activities will remain the same even when you change school.
Run-through of the school will show your child how to find their classroom, bathroom, and cafeteria. Define the place where you will be waiting to pick them up at the end of the day. With an older child schedule a school tour with the guidance counselor and map out where their classes are located.
However, the most important thing you can do for your child is to show your positive attitude and outlook.
8/16/2010
Sellers Making Their Home Ready
In today's Buyer's market and current economic conditions sellers must take extra steps to become competative enough to win a sale. With the growing abundance of shortsale and foreclosure homes, where the price points becomes the most important issue for negotiations, the condition of the property may be the single factor to swing the sale your way.
As-Is contacts make home inpsections an extremely important part of the transaction. This one single issue has the potential to make or break your sale. Therefore, sellers must distinguished between cosmetic home improvements and repairs that prevent or correct safety issues. Most buyers will accept cosmetic or inexpensive repairs because of the initial negotiated price reduction. However, when a major expensive potential problem is detected by the home inspection buyers normally walk away.
So make sure you differentiate between cosmetic and safety issues. Cosmetic are issues that items such as painting, cleaning, floor covering, and cabinet hardware among others can readily fix. Safey Issues are items such as major electrical, plumbing and foundation problems.
Some foundation problems are obvious:
cracks
bowing walls
tilting chimneys
windows or doors that are difficult to open or close
Drywall cracks that commence from corners of windows and doors
If you have any of these signs in your home, use an expert to correct the problem before you place your home on the market. If you cannot correct the problem at this time because of the economic condition, then be knowledgable and prepared to deal with the issue of cost once it comes up.
As-Is contacts make home inpsections an extremely important part of the transaction. This one single issue has the potential to make or break your sale. Therefore, sellers must distinguished between cosmetic home improvements and repairs that prevent or correct safety issues. Most buyers will accept cosmetic or inexpensive repairs because of the initial negotiated price reduction. However, when a major expensive potential problem is detected by the home inspection buyers normally walk away.
So make sure you differentiate between cosmetic and safety issues. Cosmetic are issues that items such as painting, cleaning, floor covering, and cabinet hardware among others can readily fix. Safey Issues are items such as major electrical, plumbing and foundation problems.
Some foundation problems are obvious:
cracks
bowing walls
tilting chimneys
windows or doors that are difficult to open or close
Drywall cracks that commence from corners of windows and doors
If you have any of these signs in your home, use an expert to correct the problem before you place your home on the market. If you cannot correct the problem at this time because of the economic condition, then be knowledgable and prepared to deal with the issue of cost once it comes up.
8/10/2010
FHA Helping Upside Down Owners Refinance
Starting September 7, 2010 FHA will launch a program geared to help owners that are:
1. up to date in their mortgage paymnents
2. experiencing an economic hardship
3. upside down on the value of their primary residence
4. do not currently have an FHA loan on their property
5. Have a current credit score of more than 500
Participation in this program will be voluntary on the part of all the current lien holders. The first lien holder must agree to write off at least 10% of the unpaid principal balance of the first mortgage and the second lien holders must agree to a full or partial extinguisment of the liens in return for which the U.S. Department of Treasury will provide incentives.
1. up to date in their mortgage paymnents
2. experiencing an economic hardship
3. upside down on the value of their primary residence
4. do not currently have an FHA loan on their property
5. Have a current credit score of more than 500
Participation in this program will be voluntary on the part of all the current lien holders. The first lien holder must agree to write off at least 10% of the unpaid principal balance of the first mortgage and the second lien holders must agree to a full or partial extinguisment of the liens in return for which the U.S. Department of Treasury will provide incentives.
8/09/2010
Urgent News If You Are Buying Or Selling
New guidelines effective with applications on or after June 1, 2010 affects APR, Good Faith Estimates, Truth in Lending and condo project approvals.
Fannie Mae has issued new lender mandates on a national basis. The intent is to verify that all applicant information is disclosed honestly and remains accurate as of the moment of closing.
Lenders will be required to:
1. Re-pull credit report information just prior to closing
2. Re-verify employment
3. Validate social security numbers
4. Verify intent to occupy
5. Verify that all parties to the transaction have been checked against the national "excluded party" list managed by HUD and by the General Services Administration.
The worst is the credit report for several reasons:
1. Credit report needs to be done as a soft pull so not to affect a credit score by showing an inquiry.
2. Additional credit or increase balances may change the debt-to-income ration more than 2 %. In which case, it will require suspension of loan and resubmittal to underwriting.
3. Any additional delinquencies will result in a new full credit report being pull and re-underwiriting of the loan uitlizing the new credit report.
4. Any and all inquiries from other lenders or credit suppliers must be verified by the credit bureau and certified that new debt did not occur. If new credit has been extended, the new debt must be included in the borrower's debt-to-income ratio and the loan must be re-underwritten.
Other factors affecting the underwritting:
W-2 employees that own more than 25% of a business will be required to provide business returns and cash flow analysis and full disclosure of child support and alimony. Any changes may render the applicant unqualified or delay the closing.
So What Do You Do Now?
1. Be totaly honest while submitting your loan application
2. Do not use your credit cards until after the closing
3. Do not request or accept any new credit
4. Do not change your job
Many loans will go through an immediate qulity control audit post closing. Any loans identified containing fraudulant information will be investigated by the FBI. Any applicant that signs an erroneous initial or final closing application could be committing fraud.
Fannie Mae has issued new lender mandates on a national basis. The intent is to verify that all applicant information is disclosed honestly and remains accurate as of the moment of closing.
Lenders will be required to:
1. Re-pull credit report information just prior to closing
2. Re-verify employment
3. Validate social security numbers
4. Verify intent to occupy
5. Verify that all parties to the transaction have been checked against the national "excluded party" list managed by HUD and by the General Services Administration.
The worst is the credit report for several reasons:
1. Credit report needs to be done as a soft pull so not to affect a credit score by showing an inquiry.
2. Additional credit or increase balances may change the debt-to-income ration more than 2 %. In which case, it will require suspension of loan and resubmittal to underwriting.
3. Any additional delinquencies will result in a new full credit report being pull and re-underwiriting of the loan uitlizing the new credit report.
4. Any and all inquiries from other lenders or credit suppliers must be verified by the credit bureau and certified that new debt did not occur. If new credit has been extended, the new debt must be included in the borrower's debt-to-income ratio and the loan must be re-underwritten.
Other factors affecting the underwritting:
W-2 employees that own more than 25% of a business will be required to provide business returns and cash flow analysis and full disclosure of child support and alimony. Any changes may render the applicant unqualified or delay the closing.
So What Do You Do Now?
1. Be totaly honest while submitting your loan application
2. Do not use your credit cards until after the closing
3. Do not request or accept any new credit
4. Do not change your job
Many loans will go through an immediate qulity control audit post closing. Any loans identified containing fraudulant information will be investigated by the FBI. Any applicant that signs an erroneous initial or final closing application could be committing fraud.
7/22/2010
Advantage To Seller Financing
If selling your property and are not upside down, consider holding either a first mortgage or a second mortgage in either a residential or a commercial sale. Providing this financing tool in today's market condition can be to your advantage.
The primary advantage is the deferral of taxes due. Sellers are taxed as the principal is received. This allows you to spread the tax bill over several years.
Further advantages can include
· An interest rate that provides a higher return on investment.
· Market position for a higher-than-average price.
The primary advantage is the deferral of taxes due. Sellers are taxed as the principal is received. This allows you to spread the tax bill over several years.
Further advantages can include
· An interest rate that provides a higher return on investment.
· Market position for a higher-than-average price.
7/19/2010
New Financial Reform Will Impact You
The new financial reform law that was just enacted is massive and two of its main components could negatively impact buyers in the future.
It will be harder to qualify for a mortgage and even when the economy improves lenders will find it difficult to loosen their guidelines. The new law requires lenders to document a borrower's income but currently has no specific guidelines for the terms under which loans can be made. This uncertainty will cause the lenders to tighten their guidelines in order to stay in compliance with the law.
Mortgage rates will increase as two sections of the law are implemented. The law requires lenders to keep a 5% stake in the mortgages they originate unless the loans meet a certain criteria. This will cause anyone with less than perfect credit and excellent present economic position will be paying higher rates.
The Fannie Mae and Freddie Mac future is still uncertain. Depending on when and how this issue gets resolve will affect how high the mortgage rates could end up.
Now more than ever is time to purchase your home.
It will be harder to qualify for a mortgage and even when the economy improves lenders will find it difficult to loosen their guidelines. The new law requires lenders to document a borrower's income but currently has no specific guidelines for the terms under which loans can be made. This uncertainty will cause the lenders to tighten their guidelines in order to stay in compliance with the law.
Mortgage rates will increase as two sections of the law are implemented. The law requires lenders to keep a 5% stake in the mortgages they originate unless the loans meet a certain criteria. This will cause anyone with less than perfect credit and excellent present economic position will be paying higher rates.
The Fannie Mae and Freddie Mac future is still uncertain. Depending on when and how this issue gets resolve will affect how high the mortgage rates could end up.
Now more than ever is time to purchase your home.
7/16/2010
Missing 8,000 Dollar Tax Credit Dateline May Have You Coming Out Ahead
If you missed the April 30 dealine for a housing tax credit you may be saving more than the $8,000 you could have received.
Some price range homes and neighborhoods are dropping prices and offering special promotions worth more to the buyers than the missed tax credit.
Interest rates have continue to dropped. Over the life of a loan a homeowner could save more than the value of the tax credit.
Finally, those shopping for new development properties are finding bargains as some builders promote incentives to keep the traffic moving.
Some price range homes and neighborhoods are dropping prices and offering special promotions worth more to the buyers than the missed tax credit.
Interest rates have continue to dropped. Over the life of a loan a homeowner could save more than the value of the tax credit.
Finally, those shopping for new development properties are finding bargains as some builders promote incentives to keep the traffic moving.
7/14/2010
Predatory Lending
Major financial institutions through their lobbiest have control being held accountable for the foreclosure epidemic in our economy. They deflect their responsability by blaming the collapse of the economy on the borrowers that have defaulted. The financial failure of the American households has made the bottom line very profitable for the banks too big to fail.
These banks operate by passing other people's money back and forth among each other, until they reach the right balance of good and bad loans that causes the pool to default and buy insurance that pays off upon default.
They loaned money based on terms that would produce certain failure within any economic fluctuations. Without predatory lending, there would have been far fewer foreclosures and milder economic challenges.
These banks operate by passing other people's money back and forth among each other, until they reach the right balance of good and bad loans that causes the pool to default and buy insurance that pays off upon default.
They loaned money based on terms that would produce certain failure within any economic fluctuations. Without predatory lending, there would have been far fewer foreclosures and milder economic challenges.
7/12/2010
How Does Your Mortgage Affect Your Finances
A debt that is unavoidable to many families is a mortgage. A common question is whether to pay it off as quickly as possible.
The answer depends on each person's financial situation. A mortgage can actually be a blessing to some. Mortgage interest is tax-deductible. The benefit is greater the higher the interest bracket and net worth.
Calcuate your mortgage's effective rate by subtracting your tax rate from 100 and multiplying that number by the interest rate. For example, a 28% tax bracket with a 6% mortgage would result in (.06 X 72) to equal the equivalent of a 4.32% mortgage rate after considering tax savings if itemized.
A situation that makes paying off a mortgage attractive is for someone at risk of bankruptcy. Many states offer protection from creditors seizing a home to pay debts.
Money taken out for a mortgage could reduce net worth later in life at time of retirement. While we can get a loan for a house, there are no loans to finance retirement.
So you need to plan your finances considering the stages of your life.
The answer depends on each person's financial situation. A mortgage can actually be a blessing to some. Mortgage interest is tax-deductible. The benefit is greater the higher the interest bracket and net worth.
Calcuate your mortgage's effective rate by subtracting your tax rate from 100 and multiplying that number by the interest rate. For example, a 28% tax bracket with a 6% mortgage would result in (.06 X 72) to equal the equivalent of a 4.32% mortgage rate after considering tax savings if itemized.
A situation that makes paying off a mortgage attractive is for someone at risk of bankruptcy. Many states offer protection from creditors seizing a home to pay debts.
Money taken out for a mortgage could reduce net worth later in life at time of retirement. While we can get a loan for a house, there are no loans to finance retirement.
So you need to plan your finances considering the stages of your life.
Extension Of Tax Credit Closings And Flood Insurance For Home Buyers
Congress passed two bills that extend the home buyer tax credit closing deadline and reauthorize the National Flood Insurance Program. Both were extended to September 30 which will help provide stability to real estate markets.
HR 5623 the Home Buyer Assistance nd Improvement Act, applies the home buyer tax credit closing deadline extension only to home buyers who have ratified contracts in place as of April 30, 2010 but could not close before June 30.
HR 5569 reauthorizes extension to the National Flood Insurance Program allowing currently stalled transactions to move forward. The bill is retroactive and covers the lapsed period from June 1, 2010 to the date of enactment of the extension. Any new policy applications or renewals that were signed and submitted during the lapsed period will be effective from the date of application. In the case of waiting periods, the waiting period will start from the date of application.
HR 5623 the Home Buyer Assistance nd Improvement Act, applies the home buyer tax credit closing deadline extension only to home buyers who have ratified contracts in place as of April 30, 2010 but could not close before June 30.
HR 5569 reauthorizes extension to the National Flood Insurance Program allowing currently stalled transactions to move forward. The bill is retroactive and covers the lapsed period from June 1, 2010 to the date of enactment of the extension. Any new policy applications or renewals that were signed and submitted during the lapsed period will be effective from the date of application. In the case of waiting periods, the waiting period will start from the date of application.
6/30/2010
July 4th Keep It Safe
Independence Day is the number one holiday for barbecues and outdoor cooking. 80% of adults say they plan to host or attend a cookout this 4th of July, according to results from a new 2010 Hearth, Patio & Barbecue Association (HPBA) national grilling poll.
HPBA tips for grilling:
1. Evaluate your grill.
a. For Gas grills, visually inspect hoses for abrasion, wear and leaks before each use. Use a soap and water solution to test for leaks.
b. For Charcoal grills, use starter specifically made for lighting charcoal briquettes or wood chunks.
c. For Electric grills, make sure to connect to ground fault interrupter (GFI) outlet.
2. Know the cooking heat of a charcoal fire
a. Use barbeque thermometer on the outside of the grill.
b. Carefully hold your hand, palm side down, just above the cooking grid, if you can keep it there for:
i. 5 seconds - the heat is low
ii. 4 seconds - the heat is medium
iii. 3 seconds - the heat is medium hot
iiii. 2 or 1 second - the heat is hot
3. Make sure you have enough propane, cooking wood and/or charcoal for the cookout.
Before you celebrate it is important to properly prepare.
1. Thaw frozen food and marinate foods in the refrigerator and never on the counter.
2. Sanitize cutting boards and counter tops with chlorine bleach.
3. Marinate meats at least 30 minutes in the refrigerator before cooking to add flavor and coat the meat.
4. Position your grill, fryer or smoker in an open area away from buildings and high traffic areas.
5. Use a meat thermometer or an instant read digital thermometer inserted horizontally into the side of meat, poultry and seafood to check doneness.
Make your life easy after the celebration. Tips for easy clean up helps.
1. Before lighting the grill, apply non-stick spray on the grates.
2. For charcoal grills, line the bowl with aluminum foil.
3. Squirt grease-cutting dishwashing detergent on the grill and grates (once cool). Scrub with brush or abrasive pad, then rinse. Repeat as necessary.
For more information visit www.hpba.org
Keep it safe and PROUDLY FLY OUR FLAG. Happy 4th of July!
HPBA tips for grilling:
1. Evaluate your grill.
a. For Gas grills, visually inspect hoses for abrasion, wear and leaks before each use. Use a soap and water solution to test for leaks.
b. For Charcoal grills, use starter specifically made for lighting charcoal briquettes or wood chunks.
c. For Electric grills, make sure to connect to ground fault interrupter (GFI) outlet.
2. Know the cooking heat of a charcoal fire
a. Use barbeque thermometer on the outside of the grill.
b. Carefully hold your hand, palm side down, just above the cooking grid, if you can keep it there for:
i. 5 seconds - the heat is low
ii. 4 seconds - the heat is medium
iii. 3 seconds - the heat is medium hot
iiii. 2 or 1 second - the heat is hot
3. Make sure you have enough propane, cooking wood and/or charcoal for the cookout.
Before you celebrate it is important to properly prepare.
1. Thaw frozen food and marinate foods in the refrigerator and never on the counter.
2. Sanitize cutting boards and counter tops with chlorine bleach.
3. Marinate meats at least 30 minutes in the refrigerator before cooking to add flavor and coat the meat.
4. Position your grill, fryer or smoker in an open area away from buildings and high traffic areas.
5. Use a meat thermometer or an instant read digital thermometer inserted horizontally into the side of meat, poultry and seafood to check doneness.
Make your life easy after the celebration. Tips for easy clean up helps.
1. Before lighting the grill, apply non-stick spray on the grates.
2. For charcoal grills, line the bowl with aluminum foil.
3. Squirt grease-cutting dishwashing detergent on the grill and grates (once cool). Scrub with brush or abrasive pad, then rinse. Repeat as necessary.
For more information visit www.hpba.org
Keep it safe and PROUDLY FLY OUR FLAG. Happy 4th of July!
6/13/2010
Now Is The Time To Buy Vacation Real Estate
The recession producing low prices in just about every location in the nation coupled with mortgage interest rates at the lowest levels in history has open up an investment opportunity not to be passed up.
A vacation property is no longer for the affluent or the retiring generation. The Internet has provided an avenue for young investors to experience success lining up renters.
According to HomeAway, leading online vacation rental, second homeowners who rent their homes to travelers, on average, generate more than $35,000 in rental income each year.
On average, second homeowners are renting their properties to travelers 20 weeks a year and the rental income generated is helping many owners offset mortgage and upkeep costs. In fact, the HomeAway report found 38% of owners generate enough rental income to cover 75-100% of their mortgage. Nearly two-thirds (63%) of owners earn enough to cover at least 50% of their mortgage.
Despite the recession, second homeowners throughout the country find that travelers are continuing to book stays, due in large part to the value afforded by a vacation home compared with a traditional hotel. In choosing between a vacation rental and hotels, 77% of travelers choose a vacation rental over a hotel because of the home-like experience.
So if the mountains or ocean front property is your goal, send me an email at mbracket@hotmail.com. I have the property for you! Don’t let this opportunity pass you by.
A vacation property is no longer for the affluent or the retiring generation. The Internet has provided an avenue for young investors to experience success lining up renters.
According to HomeAway, leading online vacation rental, second homeowners who rent their homes to travelers, on average, generate more than $35,000 in rental income each year.
On average, second homeowners are renting their properties to travelers 20 weeks a year and the rental income generated is helping many owners offset mortgage and upkeep costs. In fact, the HomeAway report found 38% of owners generate enough rental income to cover 75-100% of their mortgage. Nearly two-thirds (63%) of owners earn enough to cover at least 50% of their mortgage.
Despite the recession, second homeowners throughout the country find that travelers are continuing to book stays, due in large part to the value afforded by a vacation home compared with a traditional hotel. In choosing between a vacation rental and hotels, 77% of travelers choose a vacation rental over a hotel because of the home-like experience.
So if the mountains or ocean front property is your goal, send me an email at mbracket@hotmail.com. I have the property for you! Don’t let this opportunity pass you by.
So You Have A Job But Are You Stable?
Many families with jobs but whose income has been reduced are finding they can’t make it. They have to make the difficult choices of spending less within their budget making it a tremendous challenge.
Millions of Americans are earning less. They are the jobless—but also those who can only get part-time work, those who have landed new jobs with lower salaries than what they once earned and others simply getting smaller paychecks in the jobs they’ve had all along.
More than 9 million people are currently in that situation, including workers whose hours had been cut because of slack business conditions.
Nationwide, half of employers froze pay for at least some workers last year and others made salary cuts, according to a survey by World at Work.
The downward pressure on wages caused by the job competition in today’s market, ripples through the economy to grocery stores, retailers and businesses getting less money from reduced-income customers.
This economy still has a long way to go before we see real sustainable relief.
However, not everyone is experiencing these conditions. Some are stable. Those that are will be able to reap the rewards that come with investing in a down market. Look for the treasures and you will find them. For inventory email me at mbracket@hotmail.com
Millions of Americans are earning less. They are the jobless—but also those who can only get part-time work, those who have landed new jobs with lower salaries than what they once earned and others simply getting smaller paychecks in the jobs they’ve had all along.
More than 9 million people are currently in that situation, including workers whose hours had been cut because of slack business conditions.
Nationwide, half of employers froze pay for at least some workers last year and others made salary cuts, according to a survey by World at Work.
The downward pressure on wages caused by the job competition in today’s market, ripples through the economy to grocery stores, retailers and businesses getting less money from reduced-income customers.
This economy still has a long way to go before we see real sustainable relief.
However, not everyone is experiencing these conditions. Some are stable. Those that are will be able to reap the rewards that come with investing in a down market. Look for the treasures and you will find them. For inventory email me at mbracket@hotmail.com
Behind On Your Mortgage? Consult Your Attorney If...
As more and more people lossed their jobs, foreclosures increased which made loan modifications the last best hope for keeping a home. If you tried lender negotiations by yourself you probably ran into a stone wall. Following are a few senerious on what you may have encounter. Please consult an attorney if.....
You may have been the victim of high-tech identity theft if your Social Security Number and credit report were used to legitimize and to showcase the quality of the pool…which was probably loaded with loans designed to fail.
You may be the victim of servicing fraud wherein the servicer falsely states that you haven’t insurance, didn’t pay your property taxes, or missed your payment, and then uses this to extract fees and penalties, and default the loan.
You may be the victim of servicing fraud if you were told that to be eligible for a modification you had to be behind in your payments and your credit was damaged as a result. Or, your home was foreclosed with no notice while you were supposedly awaiting approval of your modification.
You may have been the victim of high-tech identity theft if your Social Security Number and credit report were used to legitimize and to showcase the quality of the pool…which was probably loaded with loans designed to fail.
You may be the victim of servicing fraud wherein the servicer falsely states that you haven’t insurance, didn’t pay your property taxes, or missed your payment, and then uses this to extract fees and penalties, and default the loan.
You may be the victim of servicing fraud if you were told that to be eligible for a modification you had to be behind in your payments and your credit was damaged as a result. Or, your home was foreclosed with no notice while you were supposedly awaiting approval of your modification.
Current Market View
Reductions in property values have many homeowners’ equity position to negative levels, and returning to break-even will require several years. A significant portion of these homeowners will walk away from their homes, even when they have the financial means to make the payments. Most homeowners will take up to at least five years to return to break even value.
Apartment investors are benefiting as residential defaults continues and homeowners become renters. Metropolitan areas undergoing the most severe home price reductions will be subject to the longest delays in a market recovery.
Those that are stable and currently searching for a second home are strategically position to pick up a sound investment. Low prices and interest rates makes current market conditions perfect for purchasing the vacation home that was previously unaffordable.
Apartment investors are benefiting as residential defaults continues and homeowners become renters. Metropolitan areas undergoing the most severe home price reductions will be subject to the longest delays in a market recovery.
Those that are stable and currently searching for a second home are strategically position to pick up a sound investment. Low prices and interest rates makes current market conditions perfect for purchasing the vacation home that was previously unaffordable.
6/06/2010
Home Improvement Easy To Do Maintenance List
Quarterly Maintenance List
Check for leaky faucets, clean aerators and replace washers.
Replace heating and cooling system filters
Clean kitchen exhaust fan, hood and air filters
Test GFI outlets
Test smoke detectors and fire extinguishers
Repair cracks in exterior siding/paint
Clean clothes dryer exhaust duct, lint trap and space under the dryer
Semi-Annual Maintenance List
Drain hot water heater to remove sediment
Check for proper insulation in attic and for evidence of rodents or birds
Check caulking around windows and doors for cracks
Inspect root for leaks
Trim shrubbery around walls; remove tree limbs and debris
Chane batteries in smoke and carbon monoxide detectors
Annual Maintenace List
Exercise circuit breakers
Remember, property maintenance will prevent large repair bills and save you money.
Check for leaky faucets, clean aerators and replace washers.
Replace heating and cooling system filters
Clean kitchen exhaust fan, hood and air filters
Test GFI outlets
Test smoke detectors and fire extinguishers
Repair cracks in exterior siding/paint
Clean clothes dryer exhaust duct, lint trap and space under the dryer
Semi-Annual Maintenance List
Drain hot water heater to remove sediment
Check for proper insulation in attic and for evidence of rodents or birds
Check caulking around windows and doors for cracks
Inspect root for leaks
Trim shrubbery around walls; remove tree limbs and debris
Chane batteries in smoke and carbon monoxide detectors
Annual Maintenace List
Exercise circuit breakers
Remember, property maintenance will prevent large repair bills and save you money.
6/03/2010
Fannie Mae Owned Homes Closing Cost Assistance Deadline Extended
Fannie Mae extended its incentive for buyers of 3.5% who close on Fannie Mae owned homes listed on www.HomePath.com by June 30, 2010. The program is only for owner occupants purchases of either first or second homes. This incentive may be used for:
Closing costs
Purchase of a new Whirlpool appliance
A combination of both
Closing costs
Purchase of a new Whirlpool appliance
A combination of both
6/02/2010
Summer Time Should Equal Vacation Time
During these tough economic times, spending on a vacation can be difficult if not impossible for your finances. So plan a fund-but-affordable vacation and stop it from becoming a budget disaster.
Here are some tips to help you plan within a budget:
Do a budget
Plan a trip you can pay off completely within 3 months.
Transportation
Traveling by car is usually cheaper than flying. Distances can make it impossible to do so. So try picking a place you can drive to. If you need to fly make airline reservations that books flights during off-peak hours or midweek. A website that might save money is airfarewatchdog.com.
Alternative to Hotel Rooms
Hotel rooms are normally pricey. But you can look for vacation cabins, homes, and bed-and-breakfast inns. Vacation homes can be found in sites like VacationRentals.com and Bed & Breakfast at BedandBreakfast.com.
Getting Fuel
GasBuddy.com gives you the cheapest and nearest gas stations throughout the US. Use the AAA website, www.csaa.com, which provides driving routes across the US with the nearest lodgings, restaurants, and gas stations.
Eating
If driving take a cooler stocked with drinks, and cold cuts for sandwhickes. When booking a room try for those that have kitchenette, or complimentary breakfast included. Stock up in the local supermarket on drinks, cereal, breads, and salads. Make your bigger meal lunch where the menu prices are less than dinner.
Staying in Town
Vacationing in your home town is a low-cost way to get away within a budget. Look up free things that the kids will enjoy doing.
Here are some tips to help you plan within a budget:
Do a budget
Plan a trip you can pay off completely within 3 months.
Transportation
Traveling by car is usually cheaper than flying. Distances can make it impossible to do so. So try picking a place you can drive to. If you need to fly make airline reservations that books flights during off-peak hours or midweek. A website that might save money is airfarewatchdog.com.
Alternative to Hotel Rooms
Hotel rooms are normally pricey. But you can look for vacation cabins, homes, and bed-and-breakfast inns. Vacation homes can be found in sites like VacationRentals.com and Bed & Breakfast at BedandBreakfast.com.
Getting Fuel
GasBuddy.com gives you the cheapest and nearest gas stations throughout the US. Use the AAA website, www.csaa.com, which provides driving routes across the US with the nearest lodgings, restaurants, and gas stations.
Eating
If driving take a cooler stocked with drinks, and cold cuts for sandwhickes. When booking a room try for those that have kitchenette, or complimentary breakfast included. Stock up in the local supermarket on drinks, cereal, breads, and salads. Make your bigger meal lunch where the menu prices are less than dinner.
Staying in Town
Vacationing in your home town is a low-cost way to get away within a budget. Look up free things that the kids will enjoy doing.
5/31/2010
Tips For Making Your Small Room Look Larger
You normally find at least one small room in every home. Following are tips that will create more room within a small space.
1. Use similar colors and textures
Use continuous color including the blind so it doesn't distract from the openness the window provides. Blinds with neutral colors that blends into wall colors work the best.
2. Mirrors give the allusion of space
A large mirror on a wall reflects light which will make the room look larger by creating the illution of doubling the room.
3. Use window treatments to frame a scenic photo or piece of art
Do not use several small pieces of art as they tend to break up the room while making it feel smaller.
4. Use window blinds to control light
The brighter the room the spacious it feels. Windows make a small room feel big. Use a window blind that allows light in during sunny times and conserve energy when temperature cools down. Translucent cellular shades or sheer roller shades allows diffuse light to pass through.
5. Think Clean
The more clutter you have in a room the smaller it feels. Keep only what is essential in a small room.
1. Use similar colors and textures
Use continuous color including the blind so it doesn't distract from the openness the window provides. Blinds with neutral colors that blends into wall colors work the best.
2. Mirrors give the allusion of space
A large mirror on a wall reflects light which will make the room look larger by creating the illution of doubling the room.
3. Use window treatments to frame a scenic photo or piece of art
Do not use several small pieces of art as they tend to break up the room while making it feel smaller.
4. Use window blinds to control light
The brighter the room the spacious it feels. Windows make a small room feel big. Use a window blind that allows light in during sunny times and conserve energy when temperature cools down. Translucent cellular shades or sheer roller shades allows diffuse light to pass through.
5. Think Clean
The more clutter you have in a room the smaller it feels. Keep only what is essential in a small room.
5/26/2010
Tips In Saving Money For First Time Home Buyers
Those who are planning the purchase of their first home are experiencing in today's marketplace a wealth of opportunity to do so. Some of the steps that can save you thousands of dollars are:
1. Don't buy if you don't plan to stay
When prices are falling, because of the transaction costs of buying and selling a property, you can easily end up loosing money unless you can commit to keeping the property for a few years. This allows for property value to stabalize and appreciation to occur.
2. Check your credit
Unless you are buying cash, make sure your credit history is as clean as possible before you start the process.
3. Choose carefully between points and rate
If you stay in the house for 5 years or more paying some points to obtain a lower interest rate will save you more money at the end.
4. Hire a home inspector
A home inspector can let you know ahead of time what you will be facing in repair bills. The inspection could allow you to negotiate a home price to account for necessary repairs costs.
5. Get help from a Real Estate professional
Buyers are better off using a professional agent who is up to date with today's market place and transactions.
6. Be patient
The key to obtaining the best deal is to be completely comfortable before signing the contract. In today's marketplace there are multiple choices at any one time to choose from.
1. Don't buy if you don't plan to stay
When prices are falling, because of the transaction costs of buying and selling a property, you can easily end up loosing money unless you can commit to keeping the property for a few years. This allows for property value to stabalize and appreciation to occur.
2. Check your credit
Unless you are buying cash, make sure your credit history is as clean as possible before you start the process.
3. Choose carefully between points and rate
If you stay in the house for 5 years or more paying some points to obtain a lower interest rate will save you more money at the end.
4. Hire a home inspector
A home inspector can let you know ahead of time what you will be facing in repair bills. The inspection could allow you to negotiate a home price to account for necessary repairs costs.
5. Get help from a Real Estate professional
Buyers are better off using a professional agent who is up to date with today's market place and transactions.
6. Be patient
The key to obtaining the best deal is to be completely comfortable before signing the contract. In today's marketplace there are multiple choices at any one time to choose from.
5/25/2010
Save On Insurance Discount Offered By Fema
After modernizing the flood maps for the last six years, FEMA has run into resistance form legislators and citizens that disagree with its changes.
The Preferred Risk Policy will be offered as a two years of eligibility progam. It will provide the cheapest option to home owners and small business whose properties are located in the newly-designated special flood hazard area.
The program will be available after the new maps take effect by the fall or next winter, depending on the location. The Preferred Risk plan discounts the full rate by 75 to 80 percent. So keep checking and save, save, save!!!
The Preferred Risk Policy will be offered as a two years of eligibility progam. It will provide the cheapest option to home owners and small business whose properties are located in the newly-designated special flood hazard area.
The program will be available after the new maps take effect by the fall or next winter, depending on the location. The Preferred Risk plan discounts the full rate by 75 to 80 percent. So keep checking and save, save, save!!!
5/24/2010
Financial Reform Bill Passed by Senate
The most extensive legislation since 1930 is waiting reconciliation with the House Bill passed in December, after being passed by the Senate last Thursday.
Both Bills have measures directly affecting property transactions that include:
Limits on the ability of mortgage lenders to penalize borrowers who pay off their loans early.
Elimination of Stated-income loans.
Lenders are required to obtain proof that borrowers can pay the mortgage payments by requiring buyers to provide tax returns, payroll receipts or bank documents.
Brokers and lenders will not be able to push borrowers to take loans containing higher interest rates or with risky feature.
Both Bills have measures directly affecting property transactions that include:
Limits on the ability of mortgage lenders to penalize borrowers who pay off their loans early.
Elimination of Stated-income loans.
Lenders are required to obtain proof that borrowers can pay the mortgage payments by requiring buyers to provide tax returns, payroll receipts or bank documents.
Brokers and lenders will not be able to push borrowers to take loans containing higher interest rates or with risky feature.
5/14/2010
How Do You Choose A Teen Friendly Vacation
Summer time is upon us and parents once again confront the process of choosing the destination for their family vacation. When the kids are small is easy to secure a spot that lights up the faces of the smallest family members. But when the teen years arrive it becomes a feat to make it a success.
So how do you plan a successful family vacation that transforms your teenagers into happy participants? The simple answer to keeping teens happy is to give them the freedom to choose their own fun activities. With today technological age the answer to finding such a place is only a few clicks away. The answer to making your teen happy participants is involvement in the choosing part of the project. A simple way to cut down research time is dealing through an expert on "what teens wants".
According to the experts of http://www.familyvacactioncritic.com there are 10 best resorts for Teens.
1. Atlantis Paradise Island - Bahamas
This resorts offers aquatic water park, teen spa treatments and "no adults" hangout.
2. Smuggler's Notch - Vermont
For teens that enjoy the pristine outdoors activities this resort even has activities levels appealing to different age groups. Ages 11 to 15 "The Notch Squad" full of active games and ages 15 to 17 "Mountain Explorers" gives them the freedom to choose their own itineraries.
3. Universal Orlando Resort - Florida
Two popular theme parks offering areas for teen entertainment with both day and night activities.
4. Walt Disney World Resort - Florida
Teens enjoy rides, water parks, and countless day and night time activities specifically designed to satisfy any teen's desire.
5. Beaches Turks & Caicos - Turks and Caicos
This resort offers sailing, water-skiing, windsurfing, scuba diving, teen lounge and dance club.
6. Triangle C Dude Ranch - Wyoming
Teen activities for ages 13 to 19 that has the option of including parents. Some of which are overnight mountain-bike trips, disco nights, excursions to Yellowstone National Part and Grand Teton National Park (water rafting).
7. Grand Palladium Kantenah Resort and Spa - Mexico
All inclusive resort offer water activites and teen clubs with 24 hrs beach/snack bar to keep them happy all night long.
8. The Tyler Place Family Resort - Vermont
Activities include water skiing, wakeboarding, tubing, hiking and climbing,and many others. Teens are provided with their own resort bikes.
9. Fairmont Scottsdale - Arizona
This resort offers golf, tennis, water activities, teen lounges, hot air balloon flights, horseback riding, mountain bike and ATV.
10. Four Seasons Costa Rica at Papagayo Peninsula - Costa Rica
Activities such as surf, snorkel sea kayak, hike horseback riding, pools, beaches, teen lounges, salsa lessons and spa provides more than enough diversions to keep your teens happy.
Or you can make it a family project and google resorts offering the activities that will keep your teens occupied and eager to go.
So how do you plan a successful family vacation that transforms your teenagers into happy participants? The simple answer to keeping teens happy is to give them the freedom to choose their own fun activities. With today technological age the answer to finding such a place is only a few clicks away. The answer to making your teen happy participants is involvement in the choosing part of the project. A simple way to cut down research time is dealing through an expert on "what teens wants".
According to the experts of http://www.familyvacactioncritic.com there are 10 best resorts for Teens.
1. Atlantis Paradise Island - Bahamas
This resorts offers aquatic water park, teen spa treatments and "no adults" hangout.
2. Smuggler's Notch - Vermont
For teens that enjoy the pristine outdoors activities this resort even has activities levels appealing to different age groups. Ages 11 to 15 "The Notch Squad" full of active games and ages 15 to 17 "Mountain Explorers" gives them the freedom to choose their own itineraries.
3. Universal Orlando Resort - Florida
Two popular theme parks offering areas for teen entertainment with both day and night activities.
4. Walt Disney World Resort - Florida
Teens enjoy rides, water parks, and countless day and night time activities specifically designed to satisfy any teen's desire.
5. Beaches Turks & Caicos - Turks and Caicos
This resort offers sailing, water-skiing, windsurfing, scuba diving, teen lounge and dance club.
6. Triangle C Dude Ranch - Wyoming
Teen activities for ages 13 to 19 that has the option of including parents. Some of which are overnight mountain-bike trips, disco nights, excursions to Yellowstone National Part and Grand Teton National Park (water rafting).
7. Grand Palladium Kantenah Resort and Spa - Mexico
All inclusive resort offer water activites and teen clubs with 24 hrs beach/snack bar to keep them happy all night long.
8. The Tyler Place Family Resort - Vermont
Activities include water skiing, wakeboarding, tubing, hiking and climbing,and many others. Teens are provided with their own resort bikes.
9. Fairmont Scottsdale - Arizona
This resort offers golf, tennis, water activities, teen lounges, hot air balloon flights, horseback riding, mountain bike and ATV.
10. Four Seasons Costa Rica at Papagayo Peninsula - Costa Rica
Activities such as surf, snorkel sea kayak, hike horseback riding, pools, beaches, teen lounges, salsa lessons and spa provides more than enough diversions to keep your teens happy.
Or you can make it a family project and google resorts offering the activities that will keep your teens occupied and eager to go.
5/13/2010
Confusion Over Drywall Fixes for Chinese Drywall
In dealing with the aftermath of the Chinese Drywall problem there are competing and conflicting guidelines on fixing the homes containing the corrosive Chinese Drywall.
Landmark decision by a federal judge in New Orleans ruling in a recent case forces the removal of all drywall, regardless of whether it's Chinese.
Under the guidelines of the U.S. Consumer Product Safety Commission taking out the drywall that has been determined to be "problematic" and leaving the rest behind if practical is recommended.
Same problem is occuring on how to deal with the electrical system. Both the federal judge and the federal agency says to replace the whole electrical system. However, the National Association of Homebuilders advocates replacing all low-voltage wiring and only the damaged ends of high voltage wiring.
These are very real differences among the various remediation protocols in dealing with the aftermath consequences. It seems it will be quite a while before a consensus is reach as to what the standard will be leaving the consumer with real uncertainty as to which course of corrective action they should insist upon. If you find yourself in this situation make sure you obtain legal council and protect your rights, until they can figure out the safe method to be followed.
Landmark decision by a federal judge in New Orleans ruling in a recent case forces the removal of all drywall, regardless of whether it's Chinese.
Under the guidelines of the U.S. Consumer Product Safety Commission taking out the drywall that has been determined to be "problematic" and leaving the rest behind if practical is recommended.
Same problem is occuring on how to deal with the electrical system. Both the federal judge and the federal agency says to replace the whole electrical system. However, the National Association of Homebuilders advocates replacing all low-voltage wiring and only the damaged ends of high voltage wiring.
These are very real differences among the various remediation protocols in dealing with the aftermath consequences. It seems it will be quite a while before a consensus is reach as to what the standard will be leaving the consumer with real uncertainty as to which course of corrective action they should insist upon. If you find yourself in this situation make sure you obtain legal council and protect your rights, until they can figure out the safe method to be followed.
5/06/2010
Taking Advantage Of Memorial Day Sales
Spring cleaning seems to be turning into spring remodeling for many homeowners.
With the retailers and contractors continuing to offer good deals, homeowners are sprucing up their homes appeal and value by remodeling and picking up the maintenance that has been postponed during the last 2 years. The most popular items are:
painting, installing new floors and carpets and upgrading kitchens and bathrooms.
In their recent earnings reports, Lowe's and Home Depot's posted better-than-expected fourth-quarter results and said consumers seemed to be more willing to take on costlier projects.
So take advantage of the Memorial Day Sales and SAVE by doing the projects that give you the biggest Bang for your Bucks. Paint, re-carpet, upgrade floors, change appliances and fixtures. As the economy improves prices will once again rise.
With the retailers and contractors continuing to offer good deals, homeowners are sprucing up their homes appeal and value by remodeling and picking up the maintenance that has been postponed during the last 2 years. The most popular items are:
painting, installing new floors and carpets and upgrading kitchens and bathrooms.
In their recent earnings reports, Lowe's and Home Depot's posted better-than-expected fourth-quarter results and said consumers seemed to be more willing to take on costlier projects.
So take advantage of the Memorial Day Sales and SAVE by doing the projects that give you the biggest Bang for your Bucks. Paint, re-carpet, upgrade floors, change appliances and fixtures. As the economy improves prices will once again rise.
5/05/2010
Memorial Day Weekend Fix Up Time
As Memorial Day approaches we find an abundance of home-improvement items on sale. Spring time brings the opportunity for the do-it yourselves to pick up the materials needed to fix home problems. One that should be checked and fixed are gutter problems.
Buyers are drawn to homes that are well-maintained and one that has a gutter problem can cause you the sale.
Clearing clogged gutters:
This is the most common problem of all with an easy fix. All you need is a tall ladder and a garden hose. The fix includes clearing the muck from gutters and then flushing them with a garden hose to make sure the water drains properly.
Straighten sagging gutters:
Replacing broken or missing hangers that secure the gutters is also inexpensive. All you need is a tall ladder and new hangers and fasteners. It's an easy install.
Plug leaks:
All that is needed is a tall ladder, caulking and a tube of gutter sealant.
This type of maintenance is inexpensive but will provide a huge return in the prevention of costly home deterioration caused by clogged, sagging and pluged gutters.
Buyers are drawn to homes that are well-maintained and one that has a gutter problem can cause you the sale.
Clearing clogged gutters:
This is the most common problem of all with an easy fix. All you need is a tall ladder and a garden hose. The fix includes clearing the muck from gutters and then flushing them with a garden hose to make sure the water drains properly.
Straighten sagging gutters:
Replacing broken or missing hangers that secure the gutters is also inexpensive. All you need is a tall ladder and new hangers and fasteners. It's an easy install.
Plug leaks:
All that is needed is a tall ladder, caulking and a tube of gutter sealant.
This type of maintenance is inexpensive but will provide a huge return in the prevention of costly home deterioration caused by clogged, sagging and pluged gutters.
5/02/2010
As Lenders Tighten Standards What Should You Expect
In todays market the number of mortgage products offered to consumers are far less than previously offered. But the amount of income documentation required of borrowers has increased.
The three government entities that currently dominate the mortagage market underwriting standards for borrowers are The Federal Housing Administration, Fannie Mae and Freddie Mac. It is highly unlikely that a bank will issue a mortgagge that is not guaranteed by on of the three entities. Therefore, If you are looking to purchase it is imperative that you get pre-qualified for a loan. This should be your number one step in the purchasing process. Keep in mind that there are good loans available for qualified buyers and interest rates are at historic lows as well as properties prices.
FHA Loans requires borrowers to put down just 3.5% if they have a credit score of 580 or above. In contrast a conventional loan require a credit score of 740 or above.
You will need the Documentation of a borrower's income for at least the last two years plus information about total debt, which includes any assessmnets, credit card balances and auto loans as well as how much cash is available for a down paymnet.
You must be organized and provide copies of your tax records, bank statements, W-2's and be prepared that lenders will take into account what their loan-to-value ratio is. The banks today are looking the debt to be in the 40-45% range, which is in line with historical lending standards.
The three government entities that currently dominate the mortagage market underwriting standards for borrowers are The Federal Housing Administration, Fannie Mae and Freddie Mac. It is highly unlikely that a bank will issue a mortgagge that is not guaranteed by on of the three entities. Therefore, If you are looking to purchase it is imperative that you get pre-qualified for a loan. This should be your number one step in the purchasing process. Keep in mind that there are good loans available for qualified buyers and interest rates are at historic lows as well as properties prices.
FHA Loans requires borrowers to put down just 3.5% if they have a credit score of 580 or above. In contrast a conventional loan require a credit score of 740 or above.
You will need the Documentation of a borrower's income for at least the last two years plus information about total debt, which includes any assessmnets, credit card balances and auto loans as well as how much cash is available for a down paymnet.
You must be organized and provide copies of your tax records, bank statements, W-2's and be prepared that lenders will take into account what their loan-to-value ratio is. The banks today are looking the debt to be in the 40-45% range, which is in line with historical lending standards.
4/29/2010
Investment Bank Braclays Predicting A Rise In Foreclosures
Braclays Capital Investment Bank conducted a study that shows foreclosed homes owned by banks, Fannie Mae, Fredie Mac, and other mortgage investors topped a the end of February 2010 at 480,000.
The same study also shows that housing inventory will rise further over the next 20 months and should peak at 536,000 homes in January 2012. It also expects 1.6 million sales of distressed properties in 2010 and 2011. Foreclosures should start declining to 1.5 million in 2010, with about 30 percent of all home sales this year and next year to be foreclosure related. In a normal market only 6 percent of sales are realted to foreclosures.
Assuming unemployment declines to 8 percent within the next two years homeprices should also fall another 3 to 5 percent over the same period of time.
The same study also shows that housing inventory will rise further over the next 20 months and should peak at 536,000 homes in January 2012. It also expects 1.6 million sales of distressed properties in 2010 and 2011. Foreclosures should start declining to 1.5 million in 2010, with about 30 percent of all home sales this year and next year to be foreclosure related. In a normal market only 6 percent of sales are realted to foreclosures.
Assuming unemployment declines to 8 percent within the next two years homeprices should also fall another 3 to 5 percent over the same period of time.
Foreclosure Stats Are Showing Decline In Most Markets That Were Hard-Hit
Of the 20 metropolitan areas that led the nation in foreclosure rates, 14 of them are showing declining rates. However, this decline is the result of government intervention geared to stall the foreclosures with a variety of programs and not a signal of a recuperating market.
Top 10 Cities leading in foreclosure:
1. Las Vegas-Paradise, Nevada
2. Modesto, California
3. Cape Coral-Fort Myers, Florida
4. Riverside-San Bernardino-Ontario, California
5. Stockton, California
6. Merced, California
7. Phoenix-Mesa-Scottsdale, Arizona
8. Vallejo-Fairfield, California
9. Bakersfield, California
10. Orlando-Kissimmee, Florida
Top 10 Cities leading in foreclosure:
1. Las Vegas-Paradise, Nevada
2. Modesto, California
3. Cape Coral-Fort Myers, Florida
4. Riverside-San Bernardino-Ontario, California
5. Stockton, California
6. Merced, California
7. Phoenix-Mesa-Scottsdale, Arizona
8. Vallejo-Fairfield, California
9. Bakersfield, California
10. Orlando-Kissimmee, Florida
The Federal Government Continues Interest Rates At Near-Zero
On Wednesday the Federal Reserve stated its intention to maintain interest rates near zero for "an extended period".
The Federal Statement said "Economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period".
The Federal Statement said "Economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period".
4/28/2010
Florida Prepares New Program For Stressed Owners
Florida along with Arizona and Michigan have proposed using federal funds to pay down loan balances for struggling borrowers and to subsidize mortgage payments for those who remain out of work.
The plans are in response to a federal plan that allocated $1.5 billion in foreclosure-prevention effort championed by the White House. The Treasury Department is currently reviewing the proposals. They expect to be finalized next month.
The plans are in response to a federal plan that allocated $1.5 billion in foreclosure-prevention effort championed by the White House. The Treasury Department is currently reviewing the proposals. They expect to be finalized next month.
Fannie Extends Distressed Property Deal
Fannie Mae is extending an incentive program through June 30 which gives buyers of distressed properties a 3.5 percent rebate of the final sales price. The money may be used for closing costs or selected appliances.
Fannie's current inventory of homes listed on Homepath.com are more than 62,000. The company reported owning 86,000 properties at the end of 2009.
If you are on the market to purchase look for properties listed as having been placed on Homepath.com and take advantage of the rebate as an extra bonus on the sale price. Send me an email if you need help.
Fannie's current inventory of homes listed on Homepath.com are more than 62,000. The company reported owning 86,000 properties at the end of 2009.
If you are on the market to purchase look for properties listed as having been placed on Homepath.com and take advantage of the rebate as an extra bonus on the sale price. Send me an email if you need help.
4/26/2010
What Items Affect The Cost Of Your Home Insurance
Home insurance can significantly increase the cost of home ownership.
Several factors that affect the cost of insuring your home:
· Location. A home near a fire hydrant or protected by a professional fire department, as opposed to volunteers, is less expensive to insure.
· History of claims. Previous claims push up the cost of insurance. This information is available at: The CLUE report cost is $19.50 and can be purchased at: http://tinyurl.com/26m57uo. The A-Plus report is $9 by mail and $13 by fax and available at: http://tinyurl.com/293slq7.
· Flood or Earthquake insurance? Policies for both of these perils are sold separately at a higher cost.
· How old are the home systems? Electrical and plumbing systems that are less than 10 years old cost less to insure.So planning upgrades should always consider the reduction effect on the home owners insurance costs.
Several factors that affect the cost of insuring your home:
· Location. A home near a fire hydrant or protected by a professional fire department, as opposed to volunteers, is less expensive to insure.
· History of claims. Previous claims push up the cost of insurance. This information is available at: The CLUE report cost is $19.50 and can be purchased at: http://tinyurl.com/26m57uo. The A-Plus report is $9 by mail and $13 by fax and available at: http://tinyurl.com/293slq7.
· Flood or Earthquake insurance? Policies for both of these perils are sold separately at a higher cost.
· How old are the home systems? Electrical and plumbing systems that are less than 10 years old cost less to insure.So planning upgrades should always consider the reduction effect on the home owners insurance costs.
4/13/2010
Update for Second-Homes Buyers Taxes Rules
If you own a second home be aware that according to the IRS taxpayers who are married and filing jointly can't deduct interest on more than a combined total of $1 million of "home acquisition debt" for a primary and a secondary home.
You may also deduct up to a combined total of $100,000 of home-equity debt on your first and second homes.
If you refinance IRS will allow deduction of interest on the original amount of the loan at the time you refinanced, plus $100,000.
You will also be allowed to deduct loan fees or "points" if the money was used to buy or improve your home. You may not deduct them if you refinanced to lower the interest rate.
Make sure you consult your accountant as IRS rules are frequently modified.
You may also deduct up to a combined total of $100,000 of home-equity debt on your first and second homes.
If you refinance IRS will allow deduction of interest on the original amount of the loan at the time you refinanced, plus $100,000.
You will also be allowed to deduct loan fees or "points" if the money was used to buy or improve your home. You may not deduct them if you refinanced to lower the interest rate.
Make sure you consult your accountant as IRS rules are frequently modified.
4/12/2010
How You Can Tell If The Property Has Potential
The best properties to purchase in today's market are properties that need repairs.
So which of these properties have potential?
In answering the question these are the factors to consider:
Location - You are better off to buy a lesser home in a better neighborhood.
Age - property to be less than 50 years old. Unless they are remodeled you will be dealing with old wiring, sagging foundation and plumbing problems.
Livable floor plan - A home with basic deisgn is the most economical. If you have to move walls it will become very expensive.
Light - The property with the most natural light will have the most potential.
Good Storage - Additional storage is very expensive. You save money with a property that already has storage space.
So which of these properties have potential?
In answering the question these are the factors to consider:
Location - You are better off to buy a lesser home in a better neighborhood.
Age - property to be less than 50 years old. Unless they are remodeled you will be dealing with old wiring, sagging foundation and plumbing problems.
Livable floor plan - A home with basic deisgn is the most economical. If you have to move walls it will become very expensive.
Light - The property with the most natural light will have the most potential.
Good Storage - Additional storage is very expensive. You save money with a property that already has storage space.
Beware of Landlord Scams
According to the Associated Press an increasingly common scan involves crooks posing as landlords for property they don't own. They take deposit from people trying to become their tenants and then disappear with the money.
Some states are introducing legislation that would make impersonating a landlord in order to collect money a charge of felony grand theft.
Beware if you are in the market to lease!
Some states are introducing legislation that would make impersonating a landlord in order to collect money a charge of felony grand theft.
Beware if you are in the market to lease!
New Statistics for 2010 Troubled Banks
Year to date 42 federally insured banks have failed compared to 21 that failed in 2009.
Mortgage related closings are 55 year to date. They include credit unions, banks, and non-bank lenders. Last year there were a total of 50.
Mortgage related closings are 55 year to date. They include credit unions, banks, and non-bank lenders. Last year there were a total of 50.
4/11/2010
Loan Officers Compensation Tied to Quality Control
GMAC, a lender who lost more than $7 billion last year on bad loans and who was taken over by the Federal Government, its asking their loan officers to concentrate on the quality of loans they make.
The Loan Officers are being encouraged to approved qualified home owners by having their compensation tied to a goal. The ones who are successful indentifying good prospects will be compensated more. A total of approximately 150 are currently enrolled in this program.
The Loan Officers are being encouraged to approved qualified home owners by having their compensation tied to a goal. The ones who are successful indentifying good prospects will be compensated more. A total of approximately 150 are currently enrolled in this program.
Study Reveals New Statistics On Foreclosures
Homeowners facing foreclosure are showing multiple factors contributing to their situation. The majority experience a job loss together with other circumstances such as divorce or health problems that led to homeowner distress, according to a study for the Florida Realtors.
Other findings:
20% had incomes between $50,000 and $75,000
20% had incomes greated than $100,000
55% had attended college or graduated
92% were married
35% had lived in their homes for 10 years or more
40% had lived in their homes 5 years or less
Other findings:
20% had incomes between $50,000 and $75,000
20% had incomes greated than $100,000
55% had attended college or graduated
92% were married
35% had lived in their homes for 10 years or more
40% had lived in their homes 5 years or less
4/09/2010
If You Refinanced You May Owe IRS
Owners who cashed out refinances, or had part of their mortgage debt forgiven when they sold their homes through short sales, will probably owe the irs a big paychek.
In 2007, Congress passed the Mortgage Forgiveness Debt Act,however, this law does not let everyone off the hook.
The exceptions to the rule are:
Anyone who did a cash-out refinance and spent the money on something not housing related, then got in trouble and lost their home to a foreclosure or short sale , will owe the IRS as if the money from the refinance were earned income.
The IRS will forgive tax liability only on money from home-equity loans that was spent to improve the property.
Anyone who lost a vacation home or investment property to foreclosure or short sale will owe Uncle Sam.
Multi-million dollar homes-lost or sold- are always subject to tax.
It's important to check with your Accountant to find out where you stand.
In 2007, Congress passed the Mortgage Forgiveness Debt Act,however, this law does not let everyone off the hook.
The exceptions to the rule are:
Anyone who did a cash-out refinance and spent the money on something not housing related, then got in trouble and lost their home to a foreclosure or short sale , will owe the IRS as if the money from the refinance were earned income.
The IRS will forgive tax liability only on money from home-equity loans that was spent to improve the property.
Anyone who lost a vacation home or investment property to foreclosure or short sale will owe Uncle Sam.
Multi-million dollar homes-lost or sold- are always subject to tax.
It's important to check with your Accountant to find out where you stand.
This Week's Mortgage Stats
The 30-year fixed mortgage rate is currently 5.08% up from last week's 4.93%.
The rate for 15-year fixed home loans is currently 4.37%.
The rate for 5-1 adjustable-rate mortgages (ARM) is 3.68%
The Total volume of mortgage requests in the past week at Zillow Mortgage Marketplace was down 11% from the prior week.
First American CoreLogic reports that distressed properties accounted for 29% of all US home sales in January.
Real estate-owned sales rose to 22% of home sales from 19% in December and short sales rose to 8% from 7%.
The rate for 15-year fixed home loans is currently 4.37%.
The rate for 5-1 adjustable-rate mortgages (ARM) is 3.68%
The Total volume of mortgage requests in the past week at Zillow Mortgage Marketplace was down 11% from the prior week.
First American CoreLogic reports that distressed properties accounted for 29% of all US home sales in January.
Real estate-owned sales rose to 22% of home sales from 19% in December and short sales rose to 8% from 7%.
4/07/2010
What Are The 10 Most Popular Features In Homes Today
American society is moving towards smaller houses in order to accommodate changing lifestyles and current economic reality.
Today's buyers want cost-effective architecture, plans that focus on spaces and not rooms and homes that are designed "green" from the beginning. Large kitchens that are open to the main family living area bring about family togetherness- casual living, entertaining and flexible spaces.
Large kitchens with islands and granite countertops are a must for buyer's moving up.
Energy efficient appliances and high-efficiency insulation and high window efficiency without question ranks at the top.
Home office/study is another area of high desirability brought about by today's economy.
Main-floor master suite is a must feature for empty-nesters.
Outdoor living roomis more popular than an outdoor cooking area.
Master suite soaker tubs Whirlpools are still desirable but oversize showers with seating areas are moving upin popularity.
Stone and brick exteriors are impacting most homes.
Community landscaping are the most popular when they have walking paths and playgrounds.
Two-car garagesIt's popular at all levels. But three car garages in which the third bay is more often than not used for additional storage and not automobiles.
Today's buyers want cost-effective architecture, plans that focus on spaces and not rooms and homes that are designed "green" from the beginning. Large kitchens that are open to the main family living area bring about family togetherness- casual living, entertaining and flexible spaces.
Large kitchens with islands and granite countertops are a must for buyer's moving up.
Energy efficient appliances and high-efficiency insulation and high window efficiency without question ranks at the top.
Home office/study is another area of high desirability brought about by today's economy.
Main-floor master suite is a must feature for empty-nesters.
Outdoor living roomis more popular than an outdoor cooking area.
Master suite soaker tubs Whirlpools are still desirable but oversize showers with seating areas are moving upin popularity.
Stone and brick exteriors are impacting most homes.
Community landscaping are the most popular when they have walking paths and playgrounds.
Two-car garagesIt's popular at all levels. But three car garages in which the third bay is more often than not used for additional storage and not automobiles.
4/06/2010
Home Maintenance Creates Value
Proactive maintenance is essential to preserving the value of your home. Without it your home could lose 10% of its value. Regular routine maintenance enhances curb appeal, ensures safety and prevents neglected upkeep from turning into costly major repairs.
Home maintenance affects your property value. Outright damage to your house is just one of the consequences of neglected maintenance. Without regular upkeep, your overall property value is affected. If your selling your house with chipped, fading paint, sagging gutters and worn carpeting you will be looking at an uphill battle in accomplishing your goal. Shaggy apperance will turn off prospective buyers and reduce the selling price.
Prolonging the economic age of your property is money in your pocket. Good maintenance does affect an appraiser's estimate of a property's economic age. The economic age is a key factor in helping appraisers determine depreciation of your home.
The value of maintenance has been established. A study by researchers at the University of Connecticut and Syracuse University suggests that maintenance actually increases the value of a house by about 1% each year. Which means that keeping up with regular maintenance actually makes you money.
How much will your maintenance cost varies. Some years your total expenditures may be a few hundred dollars. Other years may include major replacements, such as a new roof.
There are proactive maintenance strategies available to home owners. Knowing the average costs of your regular maintenance schedule can help you be prepared. You need to set up a reserve account for replacements. This is a cash reserve set aside that is used strictly for home repair and maintenance.
Always play offense, not defense. By making a schedule for regular maintenance you prevent small problems from becoming big issues.
Plan a room per year to redo and make it fun as well as cost effective. Every year you pick a room in your home to fix, and improve. This will keep your home from being dated without breaking the bank.
Keeping track of regular maintenance is very important. Having a notebook of all your maintenance and upgrades, along with receipts, is a powerful tool when it comes to time to sell your home.
Home maintenance affects your property value. Outright damage to your house is just one of the consequences of neglected maintenance. Without regular upkeep, your overall property value is affected. If your selling your house with chipped, fading paint, sagging gutters and worn carpeting you will be looking at an uphill battle in accomplishing your goal. Shaggy apperance will turn off prospective buyers and reduce the selling price.
Prolonging the economic age of your property is money in your pocket. Good maintenance does affect an appraiser's estimate of a property's economic age. The economic age is a key factor in helping appraisers determine depreciation of your home.
The value of maintenance has been established. A study by researchers at the University of Connecticut and Syracuse University suggests that maintenance actually increases the value of a house by about 1% each year. Which means that keeping up with regular maintenance actually makes you money.
How much will your maintenance cost varies. Some years your total expenditures may be a few hundred dollars. Other years may include major replacements, such as a new roof.
There are proactive maintenance strategies available to home owners. Knowing the average costs of your regular maintenance schedule can help you be prepared. You need to set up a reserve account for replacements. This is a cash reserve set aside that is used strictly for home repair and maintenance.
Always play offense, not defense. By making a schedule for regular maintenance you prevent small problems from becoming big issues.
Plan a room per year to redo and make it fun as well as cost effective. Every year you pick a room in your home to fix, and improve. This will keep your home from being dated without breaking the bank.
Keeping track of regular maintenance is very important. Having a notebook of all your maintenance and upgrades, along with receipts, is a powerful tool when it comes to time to sell your home.
4/04/2010
Spring Cleaning Unwanted Items The Green Way
Once you start Spring Cleaning do your part to create a second life for your extra and outgrown stuff and clean the Green Way.
Clothing:
An easy thing to do with clothing in good condition is to donate it to Goodwill. You will get a tax deduction and the resale of the items pays for job training programs.
Shoes:
Consider donating them to SolesForSouls.org. This organization gives your shoes to kids and adults around the world who need them most.
Toys:
When its time to get rid of the ones that no longer get attention, many local charities accept them, as do certain battered women's shelters.
Electronics:
Old cell phones, charges, mp3 players and other electronic devices you don't longer need can be turned in to NextWorth.com or Gazelle.com. These two websites pay you to send in your electronics. Some police departments use old donated cell phones for emergency contact for low income people.If you want to get rid of a computer, a good option is to drop it off at Goodwill.
Cabinetry:
If you are going to remodel the kitchen or bathroom, Habitat for Humanity's restores old cabinets. They sell these and other donated household goods to fund building local Habitat for Humanity homes.
Hazardous Waste:
Household hazardous waste, includes things like paints, bug killers, antifreeze, most batteries, and even used CFL's because they contain mercury. Go to Earch911.com and search by zip code to find locations near you that will recycle or dispose of the proudcts safely.
Cleaning and organizing is a chore, but when you go green you can feel good knowing that you're helping others and protecting the planet.
Clothing:
An easy thing to do with clothing in good condition is to donate it to Goodwill. You will get a tax deduction and the resale of the items pays for job training programs.
Shoes:
Consider donating them to SolesForSouls.org. This organization gives your shoes to kids and adults around the world who need them most.
Toys:
When its time to get rid of the ones that no longer get attention, many local charities accept them, as do certain battered women's shelters.
Electronics:
Old cell phones, charges, mp3 players and other electronic devices you don't longer need can be turned in to NextWorth.com or Gazelle.com. These two websites pay you to send in your electronics. Some police departments use old donated cell phones for emergency contact for low income people.If you want to get rid of a computer, a good option is to drop it off at Goodwill.
Cabinetry:
If you are going to remodel the kitchen or bathroom, Habitat for Humanity's restores old cabinets. They sell these and other donated household goods to fund building local Habitat for Humanity homes.
Hazardous Waste:
Household hazardous waste, includes things like paints, bug killers, antifreeze, most batteries, and even used CFL's because they contain mercury. Go to Earch911.com and search by zip code to find locations near you that will recycle or dispose of the proudcts safely.
Cleaning and organizing is a chore, but when you go green you can feel good knowing that you're helping others and protecting the planet.
Spring Is Arriving Welcome It !
When Spring arrives there is always work to do around the house.It is the best time to clean, organize and update your home.
As Spring Cleaning starts, your projects range from polishing floors and moving furniture to organizing and sorting through your cabinets. So how do you start?
Target the mess:
Survey each room and jot down a list of problem areas of each room.
Diagnose the mess:
Usually there are several reasons why an area is consistently messy. Figure out the reason why it happens.
Fix the mess:
Think about tools that can make those messes disappear.
Make it happen:
Buy and install the tools you need to better organize your home.
As Spring Cleaning starts, your projects range from polishing floors and moving furniture to organizing and sorting through your cabinets. So how do you start?
Target the mess:
Survey each room and jot down a list of problem areas of each room.
Diagnose the mess:
Usually there are several reasons why an area is consistently messy. Figure out the reason why it happens.
Fix the mess:
Think about tools that can make those messes disappear.
Make it happen:
Buy and install the tools you need to better organize your home.
3/31/2010
Home Buyer Tax Credit Time Running Out
Two versions of tax credit are running out. The Maximum credit of $8,000 for first-time buyers or the $6,500 credit for current homeowners. These credits applies only to the purchase of a new principal residence costing $800,000 or less but you must be under contract by April 30, 2010 and close the transaction by July 1, 2010.
Streamlining the purchase process is a must in order to meet the time requirements. So what should you do?
1. Get to know your market - Use my website property search to narrow down your choices currently on the market.
2. Line up your financing - If you need help send me an email and I will referred you to a loan officer ready to facilitate your loan.
3. Start narrowing your search - Decide specifically where you want to live and how much do you want to invest.
4. Separate needs from wants - Decide what features you must have vs. the ones you can live without.
5. Consider condition - Can you tackle or have the resources to fix up a home that needs repairs.
6. Keep things in perspective - Don't make the wrong decision just because you desire to take advantage of the tax credit.
7. Leave time to handle standard contingencies - Contingencies take time, the more you have in your contract the longer the time required to close the transaction.
8. Be careful of short sales - Short sales requires approvals of the contract by different parties and the time frame to obtain those approvals are normally very long and require a lot of patience and knowledge.
If you need help and require specific information about the tax credit program send your questions and concerns to mbracket@hotmail.com
Streamlining the purchase process is a must in order to meet the time requirements. So what should you do?
1. Get to know your market - Use my website property search to narrow down your choices currently on the market.
2. Line up your financing - If you need help send me an email and I will referred you to a loan officer ready to facilitate your loan.
3. Start narrowing your search - Decide specifically where you want to live and how much do you want to invest.
4. Separate needs from wants - Decide what features you must have vs. the ones you can live without.
5. Consider condition - Can you tackle or have the resources to fix up a home that needs repairs.
6. Keep things in perspective - Don't make the wrong decision just because you desire to take advantage of the tax credit.
7. Leave time to handle standard contingencies - Contingencies take time, the more you have in your contract the longer the time required to close the transaction.
8. Be careful of short sales - Short sales requires approvals of the contract by different parties and the time frame to obtain those approvals are normally very long and require a lot of patience and knowledge.
If you need help and require specific information about the tax credit program send your questions and concerns to mbracket@hotmail.com
3/28/2010
New Foreclosure Prevention Plan Going Into Effect
New foreclosure-prevent tactics, including a plan to reduce principal balances and special aid for unemployed borrowers is going into effect.
The Federal Housing Administration FHA, which will insure lenders against part of the losses, will be administering the program.
The Banks would have to write down loan balances to less than the value of the home. In cases where there are first and second mortgage, the combined total would have to be no more than 115 percent of the home’s value.
The Treasury would pay part of unemployed homeowners’ loans for three months while they job hunt.
The Federal Housing Administration FHA, which will insure lenders against part of the losses, will be administering the program.
The Banks would have to write down loan balances to less than the value of the home. In cases where there are first and second mortgage, the combined total would have to be no more than 115 percent of the home’s value.
The Treasury would pay part of unemployed homeowners’ loans for three months while they job hunt.
30-Year Rates Just Below 5 Percent
Freddie Mac reports slightly higher mortgage rates this week, with the average interest on a 30-year fixed loan topping off at 4.99 percent from the previous week's 4.96 percent and from 4.85 percent a year ago.
Other rates:
• 15-year fixed loans bumped up to 4.34 percent from 4.33 percent a week earlier but remained down from 4.58 percent a year ago.
• Five-year adjustable-rate mortgages averaged 4.14 percent, climbing from 4.09 percent a week earlier but declining from 4.98 percent a year earlier.
• One-year ARMs were 4.20 percent versus 4.12 percent and 4.85 percent, respectively.
Low rates are showing that this is definitely the time to buy. For a consultation on how to take advantage in this market email me at: mbracket@hotmail.com
Other rates:
• 15-year fixed loans bumped up to 4.34 percent from 4.33 percent a week earlier but remained down from 4.58 percent a year ago.
• Five-year adjustable-rate mortgages averaged 4.14 percent, climbing from 4.09 percent a week earlier but declining from 4.98 percent a year earlier.
• One-year ARMs were 4.20 percent versus 4.12 percent and 4.85 percent, respectively.
Low rates are showing that this is definitely the time to buy. For a consultation on how to take advantage in this market email me at: mbracket@hotmail.com
3/26/2010
How To Keep Safe While On Line - Mobile Banking
The widespread use of on line and mobile banking means more convenience for consumers. Unfortunately, it also means more opportunities for consumer fraud.
The largest threat to its security is not the technology but the fact that many consumers are ignorant of the fraudulent applications that exist online and on mobile platforms.
You can minimize the risk of fraud and help protect your identity while using mobile banking services by following these common-sense tips offered by Technology Credit Union.
Password-protect your device and lock your device when it's not in use.
Delete text messages from your financial institution frequently.
Personal information about your accounts should never be disclosed via text message.
If you change or loose your mobile number contact your financial institution to change the details of your mobile baning profile
Don't hack or modify your device.
Don't download applications onto your phone without checking them out first.
Report any banking application that appears to be malicious to your financial institution.
Monitor your financial records on a regular basis.
Finally, if you become a victim of identity theft, contact your financial insitution immediately.
The largest threat to its security is not the technology but the fact that many consumers are ignorant of the fraudulent applications that exist online and on mobile platforms.
You can minimize the risk of fraud and help protect your identity while using mobile banking services by following these common-sense tips offered by Technology Credit Union.
Password-protect your device and lock your device when it's not in use.
Delete text messages from your financial institution frequently.
Personal information about your accounts should never be disclosed via text message.
If you change or loose your mobile number contact your financial institution to change the details of your mobile baning profile
Don't hack or modify your device.
Don't download applications onto your phone without checking them out first.
Report any banking application that appears to be malicious to your financial institution.
Monitor your financial records on a regular basis.
Finally, if you become a victim of identity theft, contact your financial insitution immediately.
Home Affordable Foreclosure Alternatives Program Starts April 5
The Home Affordable Foreclosure Alternatives (HAFA) program is expected to stabalize the residential real estate market by moving the short sale process forward at a rapid pace.
On April 5, 2010, HAFA will go into effect. The law expires at the end of 2012.
Under HAFA, borrowers receive pre-approved short sale terms before listing the property, as well as $1,500 in relocation assistance. In addition, they will be fully released from any future liability for the first mortgage debt. Qualification for HAMP are: property must be the principal residence, the first lien originated before 2009, the unpaid balance must not exceed $729,750 and the borrower’s total monthly payment exceeds 31% of their gross income.
HAFA will offer up to $1,000 in investor reimbursements for allowing up to $3,000 in short sale proceeds to be paid to subordinate lien holders. If a subordinate lien holder receives financial incentives from HAFA, they must agree not to pursue any deficiency judgments. This is a solution to the problems many sellers will be facing with their equity line of credit comming after them after the sale of their property.
The intent of this program is that the streamlined process for short sales now being put into place should render fewer foreclosures, helping to stabilize the housing market. The joining of most major lenders to Bank of America and Wells Fargo Bank practices for equity lending mortgages disposition during the short sale process should releif a major problem for sellers.
On April 5, 2010, HAFA will go into effect. The law expires at the end of 2012.
Under HAFA, borrowers receive pre-approved short sale terms before listing the property, as well as $1,500 in relocation assistance. In addition, they will be fully released from any future liability for the first mortgage debt. Qualification for HAMP are: property must be the principal residence, the first lien originated before 2009, the unpaid balance must not exceed $729,750 and the borrower’s total monthly payment exceeds 31% of their gross income.
HAFA will offer up to $1,000 in investor reimbursements for allowing up to $3,000 in short sale proceeds to be paid to subordinate lien holders. If a subordinate lien holder receives financial incentives from HAFA, they must agree not to pursue any deficiency judgments. This is a solution to the problems many sellers will be facing with their equity line of credit comming after them after the sale of their property.
The intent of this program is that the streamlined process for short sales now being put into place should render fewer foreclosures, helping to stabilize the housing market. The joining of most major lenders to Bank of America and Wells Fargo Bank practices for equity lending mortgages disposition during the short sale process should releif a major problem for sellers.
3/24/2010
How To Deal With Negative Home Equity
Principal Reductions would require banks to modify loans and write down the principal owed to reflect a home's value on the current market. Lenders would face large losses if they wrote down large portions of their loans creating decapitalization for the banks.
Stabilize Home Prices some lenders are leasing homes they foreclosed on back to the original owners to help stabilize homeprices and neighborhoods. Another method to stabilize prices is to control the release of distressed inventory onto the market. Many lenders are doing this to slow the erosion of home prices and minimize the losses they record on their books.
Help for Unemployed Workers The Mortgage Bankers Association announced that it was considering a program to help qualified borrowers who have lost their jobs so they can stay in their homes while they seek new employment. The foreberance program would have loan servicers reducing the borrower's mortgage payment for up to nine months. The payment would be reduced to an affordable level based on household income. The association has asked the government to add this tool to the Home Affordable Modification Program.
Freeze Foreclosures under this program judges would be given the power to temporarily suspend foreclosures for up to two years in order to stabalized the market. Currently, the foreclosure process and evaluation process generally are happening at the same time.
Stabilize Home Prices some lenders are leasing homes they foreclosed on back to the original owners to help stabilize homeprices and neighborhoods. Another method to stabilize prices is to control the release of distressed inventory onto the market. Many lenders are doing this to slow the erosion of home prices and minimize the losses they record on their books.
Help for Unemployed Workers The Mortgage Bankers Association announced that it was considering a program to help qualified borrowers who have lost their jobs so they can stay in their homes while they seek new employment. The foreberance program would have loan servicers reducing the borrower's mortgage payment for up to nine months. The payment would be reduced to an affordable level based on household income. The association has asked the government to add this tool to the Home Affordable Modification Program.
Freeze Foreclosures under this program judges would be given the power to temporarily suspend foreclosures for up to two years in order to stabalized the market. Currently, the foreclosure process and evaluation process generally are happening at the same time.
Two Giants Agrees to Second Mortgages Modification
In January Bank of America agreed to modify home-equity loans in cases where borrowers had already qualified for relief under the U.S. Treasury's mortgage-modification program.
On March 23, 2010 Wells Fargo agreed to do the same.
Under pressure from criticism over the slow progress of its foreclosure-prevention efforts, the administration struck deals with the two giant banks that would extend mortgage relief to homeowners with second mortgages. Together the two banks account for 25% of the second-mortgage market.
A weakness with the government's foreclosure-prevention program is that mortgage modifications leave second loans unchanged. Some of the second mortgage are larger than the first. This leaves borrowers that qualify for lower mortgage payments on the first mortgages at risk of default because of larger payments on the home equity loan. This is a considerable step in fixing one of the major problems facing the mortgage-modification program.
On March 23, 2010 Wells Fargo agreed to do the same.
Under pressure from criticism over the slow progress of its foreclosure-prevention efforts, the administration struck deals with the two giant banks that would extend mortgage relief to homeowners with second mortgages. Together the two banks account for 25% of the second-mortgage market.
A weakness with the government's foreclosure-prevention program is that mortgage modifications leave second loans unchanged. Some of the second mortgage are larger than the first. This leaves borrowers that qualify for lower mortgage payments on the first mortgages at risk of default because of larger payments on the home equity loan. This is a considerable step in fixing one of the major problems facing the mortgage-modification program.
3/23/2010
What Defaulting On Your Loan May Mean To You
Homeowners defaulting on mortgages today may be surprised to learn years from now that a collection agency is coming after them.
Why would that be? It is because lenders have been selling second mortgages and home equity lines left unpaid, after foreclosures and short sales to collection agencies, that in some states have years to make a claim. Obtaining a judgement against you they have years to pursue borrowers with repayment plans, and even garnish your wages.
Most people are stressed out as they try to save their homes and are not aware they could face another problem later on. That is why it is of paramount importance that you obtained the necessary advice to prevent future problems comming your way. Consult a professional.
A new short sale program is dealing with preventing banks that hold second-lien loans from pursuing collections from homeowners after the short sale. This program goes into effect April 5, 2010. In this program Sellers will receive notice that their servicer has steered part of the sales proceeds to secondary lien holders "in exchange for release and full satisfaction of their lines". This release would apply only to short slaes done through the administration's Home Affordable Foreclosure Alternatives program.
Why would that be? It is because lenders have been selling second mortgages and home equity lines left unpaid, after foreclosures and short sales to collection agencies, that in some states have years to make a claim. Obtaining a judgement against you they have years to pursue borrowers with repayment plans, and even garnish your wages.
Most people are stressed out as they try to save their homes and are not aware they could face another problem later on. That is why it is of paramount importance that you obtained the necessary advice to prevent future problems comming your way. Consult a professional.
A new short sale program is dealing with preventing banks that hold second-lien loans from pursuing collections from homeowners after the short sale. This program goes into effect April 5, 2010. In this program Sellers will receive notice that their servicer has steered part of the sales proceeds to secondary lien holders "in exchange for release and full satisfaction of their lines". This release would apply only to short slaes done through the administration's Home Affordable Foreclosure Alternatives program.
Email Account For Condominium Approval Questions For FHA
FHA has set up an on-line mailbox created for all condominium inquires. Lenders, trade associations, industry professionals and other interested parties are now able to send inquiries to www.CondoProjectApprvoalInquiries@hud.gov
According to FHA, questions will be answered within 24-48 hrs unless additional research is required. If additional time is required, the inquirer will be advised that there is a delayed response forthcoming.
This will go a long way in answering questions that are arising from their efforts to open up financing of Condominium Projects in today's market.
According to FHA, questions will be answered within 24-48 hrs unless additional research is required. If additional time is required, the inquirer will be advised that there is a delayed response forthcoming.
This will go a long way in answering questions that are arising from their efforts to open up financing of Condominium Projects in today's market.
USDOT Adopts Complete Streets Policy Development
The Obama administration has annouced the concept of "complete streets" which accounts for the needs of all transportation users, including pedestrians, bicyclists and transit users for all new transportation projects.
On March 16,2010 Secretary of the US Department of Transportation released the new guidance for state and city transportation departments. According to the USDOT "establishment of well-connected walking and bicycling networks is an important component for livable communities, and their design should be part of Federal-aid project development".
HUD, USDOT and EPA are coordinating an integrated approach to planning for housing, transportation and environmental protection. "The undelying objectives are to conserve energy, reduce greenhouse gas emissions and other pollution, reduce reliance on the foreign suppliers of oil, and produce jobs in a clean energy economy".
How will this eventually affect you? Will you be using it?
On March 16,2010 Secretary of the US Department of Transportation released the new guidance for state and city transportation departments. According to the USDOT "establishment of well-connected walking and bicycling networks is an important component for livable communities, and their design should be part of Federal-aid project development".
HUD, USDOT and EPA are coordinating an integrated approach to planning for housing, transportation and environmental protection. "The undelying objectives are to conserve energy, reduce greenhouse gas emissions and other pollution, reduce reliance on the foreign suppliers of oil, and produce jobs in a clean energy economy".
How will this eventually affect you? Will you be using it?
3/19/2010
Evaluate Your House for a Home Office
As you look around your home and try to decide where to put a home office consider the following.
A spare bedroom is the most common place for an office, but it’s not the only adaptable space in the house. The formal living room and dining room in many older homes are often unused and make a great office. These rooms are close to the front door, which is an important consideration if your business brings visitors into the home. However, attics, basements, dens, sunrooms, garages, even laundry rooms are similarly convertible.
Another important question is whether you’ll be taking the home office deduction on your taxes. If so, your work area can’t be used for any other purpose; the IRS bases the deduction on square footage used “exclusively and regularly” for business activities. Consult your accountant about whether the deduction makes sense for you.
Not everyone has a spare room to devote to an office. In that case, you need to find creative ways to carve out space.
Offices can often be tucked into little-used locations, such as under stairs, in dormers, and on second-floor landings. Closets offer a good compromise because you can close the doors on your job at the end of the day. Another option is a computer armoire or if budget is a concern, set off a corner of the living room or family room with a room divider, bookcases, or a folding screen.
A spare bedroom is the most common place for an office, but it’s not the only adaptable space in the house. The formal living room and dining room in many older homes are often unused and make a great office. These rooms are close to the front door, which is an important consideration if your business brings visitors into the home. However, attics, basements, dens, sunrooms, garages, even laundry rooms are similarly convertible.
Another important question is whether you’ll be taking the home office deduction on your taxes. If so, your work area can’t be used for any other purpose; the IRS bases the deduction on square footage used “exclusively and regularly” for business activities. Consult your accountant about whether the deduction makes sense for you.
Not everyone has a spare room to devote to an office. In that case, you need to find creative ways to carve out space.
Offices can often be tucked into little-used locations, such as under stairs, in dormers, and on second-floor landings. Closets offer a good compromise because you can close the doors on your job at the end of the day. Another option is a computer armoire or if budget is a concern, set off a corner of the living room or family room with a room divider, bookcases, or a folding screen.
Home Office: Top Features
If you decide that a home office is a must there are certain features important to consider. While every business has a unique set of needs, all home offices share a few basic requirements.
The top features to incorporate for maximum comfort and functionality are:
A proper work surface
The surface should be large enough for you to work, plus a place to set up a computer, printer, and phone
A comfortable chair
Consider the amount of time you’ll be sitting.
Customized storage
Consider the specific needs of your business.
Sufficient lighting
An office should have three kinds of light; natural daylight, ambient and task lighting. The specific business tasks will dictate which type of light is the most important.
Appropriate flooring
When choosing flooring, your first consideration should be its effect on sound quality.
Adequate power
You need to provide sufficient power for always-on electronics and high-speed Internet connection.
Noise control
Controlling sound is a necessity not only to concentrate but also while conducting business on the phone.
An entry point
It is important to separate out the home life from the work life.
The top features to incorporate for maximum comfort and functionality are:
A proper work surface
The surface should be large enough for you to work, plus a place to set up a computer, printer, and phone
A comfortable chair
Consider the amount of time you’ll be sitting.
Customized storage
Consider the specific needs of your business.
Sufficient lighting
An office should have three kinds of light; natural daylight, ambient and task lighting. The specific business tasks will dictate which type of light is the most important.
Appropriate flooring
When choosing flooring, your first consideration should be its effect on sound quality.
Adequate power
You need to provide sufficient power for always-on electronics and high-speed Internet connection.
Noise control
Controlling sound is a necessity not only to concentrate but also while conducting business on the phone.
An entry point
It is important to separate out the home life from the work life.
Building A Home Office: Return on Investment
20% of Americans do some or all of their work at home. For them a comfortable, functional home office is a must-have. It is a feature that’s growing in popularity. The National Association of Home Builders conducted a study which yielded 94% of respondents said that a home office would be “critical” or “very critical” as a feature in their home buying.
However, even though a home office adds comfort, convenience, and salability it is not among the top projects for adding home value. It ranks last among the 21 midrange projects analyzed in Remodeling Magazine’s annual Cost vs. Value report recouping only 48% return on investment.
Therefore if you are planning to sell, analyze well the importance of the space to be use for a return on your investment. For more information email me at: mbracket@hotmail.com
However, even though a home office adds comfort, convenience, and salability it is not among the top projects for adding home value. It ranks last among the 21 midrange projects analyzed in Remodeling Magazine’s annual Cost vs. Value report recouping only 48% return on investment.
Therefore if you are planning to sell, analyze well the importance of the space to be use for a return on your investment. For more information email me at: mbracket@hotmail.com
3/15/2010
Have Cap Rates Peaked?
According to analysis of FDIC data by the Mortgage Bankers Association, banks reduced their holdings of almost all assest class in the loan and lease category, except for loans on multifamily and commercial properties. Banks are more reluctant to charge off their multifamily and commercial mortgages.
It is expected that the default rate for multifamily will continue to climb this year before starting a slow decline. The commercial property default rate will continue to climb till the end of next year before declining.
Cap rates for those assets with stabilized income in the multifamily and commercial retail property have started to declined in eight of the the 14 Eastern markets,held flats in two and increased in four; Miami, Philadelphia, Jacksonville (Fl), and Raleigh (NC).
To receive property information with stabilized income send request to: mbracket@hotmail.com
It is expected that the default rate for multifamily will continue to climb this year before starting a slow decline. The commercial property default rate will continue to climb till the end of next year before declining.
Cap rates for those assets with stabilized income in the multifamily and commercial retail property have started to declined in eight of the the 14 Eastern markets,held flats in two and increased in four; Miami, Philadelphia, Jacksonville (Fl), and Raleigh (NC).
To receive property information with stabilized income send request to: mbracket@hotmail.com
3/11/2010
Current Market Conditions Frustrates Both Seller and Buyers
Loan modifications are implemented at extremely low pace. Government reports are showing that in 2009 only 66,000 loans were permanently modified, a minimum portion of over 900,000 submitted for consideration.
Short Sales will be impacted starting April 5, 2010 when a new law goes into effect requiring lender that participate in the Home Affordable Foreclosure Alternatives (HAFA) program to have a compliant short sale plan in place. The new rules include a 10-day window to accept or reject offers and a $1,000 incentive for each closed short sale.
A major ingredient in both Loan Modification or Short Sales approvals are the BPO (Broker Price Opinion). They are use to determine the value of properties to establish a minimum offer of a short sale or loan modification.
A second ingredient is having a competitive offer and a complete, well-organized short sale document packet for the servicer. Even after submitting a perfect package we still see reluctancy with the lenders. The reason is because accounting rules allow holders to carry the loans at artificially high values, and therefore many refuse to acknowledge the losses and write down the loans not affecting their capitalization.
The market inventory will continue to run sluggish and high making it the best time to Buy. To take advantage of this market go to my web site and search for properties or email me at mbracket@hotmail.com.
Short Sales will be impacted starting April 5, 2010 when a new law goes into effect requiring lender that participate in the Home Affordable Foreclosure Alternatives (HAFA) program to have a compliant short sale plan in place. The new rules include a 10-day window to accept or reject offers and a $1,000 incentive for each closed short sale.
A major ingredient in both Loan Modification or Short Sales approvals are the BPO (Broker Price Opinion). They are use to determine the value of properties to establish a minimum offer of a short sale or loan modification.
A second ingredient is having a competitive offer and a complete, well-organized short sale document packet for the servicer. Even after submitting a perfect package we still see reluctancy with the lenders. The reason is because accounting rules allow holders to carry the loans at artificially high values, and therefore many refuse to acknowledge the losses and write down the loans not affecting their capitalization.
The market inventory will continue to run sluggish and high making it the best time to Buy. To take advantage of this market go to my web site and search for properties or email me at mbracket@hotmail.com.
3/09/2010
Is This Winter Pushing You Into Retirement ?
Where do you want to live in retirement?
The harsh winter this nation has been experiencing definitely place retirement into many people's mind. A large number of retirees look for a location in the Sun Belt States. The most popular locations are occupied by warm-climate places. Florida dominates the list making the State an import of people.
Florida offers a diversity of communities which offers many type of activities a retiree is looking for. From High end to affordable housing South Florida accomodates everyone's need. Even if you are still a few years away from retirering now is the time to take advantage of low interest rates, low prices, and high inventory of a perfect Buyer's market. A second home today can be your retirement home when you are ready. For information on what's available you may search my web site for available properties or email me at: mbracket@hotmail.com.
The harsh winter this nation has been experiencing definitely place retirement into many people's mind. A large number of retirees look for a location in the Sun Belt States. The most popular locations are occupied by warm-climate places. Florida dominates the list making the State an import of people.
Florida offers a diversity of communities which offers many type of activities a retiree is looking for. From High end to affordable housing South Florida accomodates everyone's need. Even if you are still a few years away from retirering now is the time to take advantage of low interest rates, low prices, and high inventory of a perfect Buyer's market. A second home today can be your retirement home when you are ready. For information on what's available you may search my web site for available properties or email me at: mbracket@hotmail.com.
3/08/2010
Home Improvement Projects
Searching for a home means finding a property that fits our personality. Is the home exactly what we need or does it require changes to make it home? The majority of the time the answer is home improvement projects are needed. Do we do it ourselves or should we hire an expert to get the job done?
So when should you hire an expert? Number one reason to hire an expert is when it involves a safety issue.
A home's electric system can cause electrocution or create a safety hazard within the home's structure such as fire.
Working on a gas line can lead to an explosion or carbon-monoxide poisoning if done incorrectly.
Projects that require power tools that we don't own or know how to use them. The cost of buying the power tools and the consequences of using them improperly leading to serious injury most of the time will far outweight hiring a professional.
Water issues created by installing incorrect plumbing or roof repairs can definitely lead to costly repairs due to water damage and mold.
Lastly if the project is too big.
Therefore, as you search for your dream home and you picture yourself enjoying the property make sure to outline the projects and their cost. Remember, if a property needs repairs you should consider a HUD 203k plan. For further info email me at: mbracket@hotmail.com
So when should you hire an expert? Number one reason to hire an expert is when it involves a safety issue.
A home's electric system can cause electrocution or create a safety hazard within the home's structure such as fire.
Working on a gas line can lead to an explosion or carbon-monoxide poisoning if done incorrectly.
Projects that require power tools that we don't own or know how to use them. The cost of buying the power tools and the consequences of using them improperly leading to serious injury most of the time will far outweight hiring a professional.
Water issues created by installing incorrect plumbing or roof repairs can definitely lead to costly repairs due to water damage and mold.
Lastly if the project is too big.
Therefore, as you search for your dream home and you picture yourself enjoying the property make sure to outline the projects and their cost. Remember, if a property needs repairs you should consider a HUD 203k plan. For further info email me at: mbracket@hotmail.com
3/06/2010
HUD 203k Program Makes Properties Competative
What is a HUD 203k program and why should you take advantage of it? The 203k program is specifically designed to rehabilitate and repair single-family homes. The 203k is a single family mortgage loan that provides funds to purchase a home and make repairs and improvements.
A large portion of homes currently in the market need repairs that keeps them out of reach from buyers lacking the resources to tackle those repairs. By taking advantage of this program you will be opening a large inventory to choose from that less informed buyers are not considering. For more information on how to take advantage of this opportunity email me at: mbracket@hotmail.com. You may also search properties on my web site. Follow the links!
A large portion of homes currently in the market need repairs that keeps them out of reach from buyers lacking the resources to tackle those repairs. By taking advantage of this program you will be opening a large inventory to choose from that less informed buyers are not considering. For more information on how to take advantage of this opportunity email me at: mbracket@hotmail.com. You may also search properties on my web site. Follow the links!
3/05/2010
Mortgage Interest Deduction Affects Housing Market
Mortgage interest deduction not only saves the homeowners money but is also an integral part of the housing market. A tax deduction for mortgage interest makes owning a home more affordable because the deduction lowers the amount of tax you pay. Generally, homeowners who pay U.S. taxes and who itemize their taxes can deduct mortgage interest attributable to primary residence and second-home debt totaling $1 million, and interest paid on home equity debt of as much as $100,000.
People buy homes to satisfy social, family and personal goals. The cornerstone of a healthy community makes homeownership the basis for positive community involvement. Thus mortgage interest deduction ranks as a top ingredient to affordability of the American Dream.
People buy homes to satisfy social, family and personal goals. The cornerstone of a healthy community makes homeownership the basis for positive community involvement. Thus mortgage interest deduction ranks as a top ingredient to affordability of the American Dream.
How Foreclosures in Your Neighborhood Affects You
Your neighbor’s foreclosure directly impacts you. According to a Center for Responsible Lending report, foreclosures lower the property values of nearby homes by $7,200 on average. Some neighborhoods with high number of foreclosed property may be impacted by much higher decline in value.
Vacant homes invite crime and public services suffer as revenue from property taxes dries up. Foreclosure means lost revenue for local governments. A foreclosure process can drag out for months or even years. Homes can sit unoccupied during this time, especially in neighborhoods experiencing high volume of foreclosures. The result can be a collection of homes with overgrown lawns, and closed windows that depresses residential sales activity in the neighborhood.
You might not be able to prevent foreclosures in your community, but you can take steps to minimize some of the impact. Consider starting a neighborhood watch to rally residents, engage local law enforcement, and discourage criminals. Call your local government to find out how to get involved!
Vacant homes invite crime and public services suffer as revenue from property taxes dries up. Foreclosure means lost revenue for local governments. A foreclosure process can drag out for months or even years. Homes can sit unoccupied during this time, especially in neighborhoods experiencing high volume of foreclosures. The result can be a collection of homes with overgrown lawns, and closed windows that depresses residential sales activity in the neighborhood.
You might not be able to prevent foreclosures in your community, but you can take steps to minimize some of the impact. Consider starting a neighborhood watch to rally residents, engage local law enforcement, and discourage criminals. Call your local government to find out how to get involved!
2/23/2010
Alternatives When You Can’t Pay the Mortgage
The Federal Government is geared to offer two options to struggling homeowners: Refinance and Loan Modification
Refinance is offered to qualifying homeowners that are going through hardship in which refinancing their first mortgage at a lower rate allows them to bring down the monthly payments with no costs attached to the refinance.
Modification Options: pays lenders to re-work loan terms and lower monthly payments.
Home Affordable Modification Program, or HAMP, is designed for homeowners who are likely to lose their homes because they can’t keep up with mortgage payments.
Qualification is based: your primary residence with the first mortgage being less than $729,750; which had to be originated on or before Jan1, 2009. Your monthly payment on your first mortgage must be greater than 31% of your monthly gross income. A second mortgage or a line of credit does not count and is not taken into consideration for the ratio. You must demonstrate financial hardship such as a jump in mortgage payment or a drop in income. This program is schedule to expire at the end of 2012.
Process: lower your interest rate, reduce your principal, or extend the term of the loan. Interest rate may be reduced as low as 2%.
Home Affordable Foreclosure Alternatives program, or HAFA offers lenders financial incentives to opt for a short sale or deed-in-lieu rather than a foreclosure. This program goes into effect on April 5, 2010.
If you need further info email me at: mbracket@hotmail.com
Refinance is offered to qualifying homeowners that are going through hardship in which refinancing their first mortgage at a lower rate allows them to bring down the monthly payments with no costs attached to the refinance.
Modification Options: pays lenders to re-work loan terms and lower monthly payments.
Home Affordable Modification Program, or HAMP, is designed for homeowners who are likely to lose their homes because they can’t keep up with mortgage payments.
Qualification is based: your primary residence with the first mortgage being less than $729,750; which had to be originated on or before Jan1, 2009. Your monthly payment on your first mortgage must be greater than 31% of your monthly gross income. A second mortgage or a line of credit does not count and is not taken into consideration for the ratio. You must demonstrate financial hardship such as a jump in mortgage payment or a drop in income. This program is schedule to expire at the end of 2012.
Process: lower your interest rate, reduce your principal, or extend the term of the loan. Interest rate may be reduced as low as 2%.
Home Affordable Foreclosure Alternatives program, or HAFA offers lenders financial incentives to opt for a short sale or deed-in-lieu rather than a foreclosure. This program goes into effect on April 5, 2010.
If you need further info email me at: mbracket@hotmail.com
2/22/2010
Commercial Retail Real Estate
Even though distress of commercial properties is high, not all-retail real estate is created equal. Unanchored strip centers in regions with high unemployment and deep housing trouble, as well as loans originated in 2006 and 2007, are disproportionately in distress.
Retail centers with loans originated before 2006 are better positioned to lowering rental rates and therefore avoiding a high amount of vacancies and mortgage default.
Unanchored strip centers are experiencing bigger problems than grocery-anchored strip centers and regional malls. These properties have problems carrying smaller vacancy rates and erosion of property income due to vacancy increases with the prolonging economic state.
Look at Anchored strip centers for a solid investment base that will grow as the economy eventually recovers. For information email me at: mbracket@hotmail.com
Retail centers with loans originated before 2006 are better positioned to lowering rental rates and therefore avoiding a high amount of vacancies and mortgage default.
Unanchored strip centers are experiencing bigger problems than grocery-anchored strip centers and regional malls. These properties have problems carrying smaller vacancy rates and erosion of property income due to vacancy increases with the prolonging economic state.
Look at Anchored strip centers for a solid investment base that will grow as the economy eventually recovers. For information email me at: mbracket@hotmail.com
2/20/2010
Financing Changes Makes This The Time To BUY.
In an attempt to clean up the national economic state, new financing regulations and programs are being brought on line at a rate hard to keep up with. Keeping informed will give you the opportunity to capitalize your financial gains. Two new changes to pay attention to are the Miami Dade Housing Financing Authority Bond Program and the upcoming FHA guidelines being consider going into effect during the summer.
Miami Dade Housing Financing Authority highlights:
Interest rate 4.95% with zero points or 4.82% with one discount point, 30 year fixed.
Owner occupied only, does not have to be first time homebuyer.
Mid credit score 600 FHA (620 conforming)
Down Payment assistance $7,500
Homebuyer Education required for all parties on the note/deed
Income limits – family 1-2 $80,880 3 or more $94,360
Sales price for single-family $452,548, property must be located in Miami Dade
Loan must close within 50 days of locking interest rate
Real Estate company transaction fees not allowed
This program will be available through the end of 2010 or until the money runs out. Regarding homebuyer education, go to www.ehousing.cc for a list of “Approved Homebuyer Education Providers”. If you need help in finding a participating lender send me an email to mbracket@hotmail.com. In order to not waist time, I suggest obtaining pre-qualification before searching the available inventory.
New FHA Guidelines Posted in February Effective Early Summer:
New borrowers required minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program.
New borrowers with less than FICO score of 580 will be required at least a 10% down payment.
Reduce allowable seller concessions from 6% to 3%
Miami Dade Housing Financing Authority highlights:
Interest rate 4.95% with zero points or 4.82% with one discount point, 30 year fixed.
Owner occupied only, does not have to be first time homebuyer.
Mid credit score 600 FHA (620 conforming)
Down Payment assistance $7,500
Homebuyer Education required for all parties on the note/deed
Income limits – family 1-2 $80,880 3 or more $94,360
Sales price for single-family $452,548, property must be located in Miami Dade
Loan must close within 50 days of locking interest rate
Real Estate company transaction fees not allowed
This program will be available through the end of 2010 or until the money runs out. Regarding homebuyer education, go to www.ehousing.cc for a list of “Approved Homebuyer Education Providers”. If you need help in finding a participating lender send me an email to mbracket@hotmail.com. In order to not waist time, I suggest obtaining pre-qualification before searching the available inventory.
New FHA Guidelines Posted in February Effective Early Summer:
New borrowers required minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program.
New borrowers with less than FICO score of 580 will be required at least a 10% down payment.
Reduce allowable seller concessions from 6% to 3%
Financing the Condo Market
Due to the current financing crunch many qualified buyers have been prohibited from picking up a good investment out of the large inventory of today's market. The good news is that on January 7, 2010 Fannie Mae issued a special approval designation which has provided financing opportunities for many of the condominium buildings that up to now have been off limits other than to Cash Buyers. For a full detail list of all the buildings in South Florida you may visit efanniemae.com. If you need assistance in locating one of these properties and a participating lender I may be reached at mbracket@hotmail.com
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