Attached is the latest rate update as of this morning. Notice the rates have
ticked up just a bit from the last time I sent an update. These increases
are not currently justified from market conditions, but rather they are a
symptom of an overly burdened lending environment trying to hold off new
business until they can catch up. Below is a pretty good explanation of the
current situation, as described by Barry Habib from the Mortgage Market
Guide:
"But let's be mindful - and hopefully you are experiencing this as well -
that investors are slammed with the uptick in volume during the past several
weeks. This comes at a time when investors have both shrunk in number and
have depleted head count, in an effort to slash costs. So while the
increase in activity is certainly a good thing, it may be too much too soon
for investors to handle, and the only way to slow down the volume is by an
increase in pricing. And if you're an investor...why not do this, while
being maxed out in capacity anyways? It helps increase profits while making
the workload manageable. As an originator, this can be very frustrating as
you watch the actual markets improve from time to time...but this
improvement is not being reflected in some investors rate sheets. Let's
remember, this is a temporary phenomenon - but during the interim, this is
not a time to cut short your lock-in time frames. In other words, make sure
you have ample or even excess lock-in periods to get your loans closed
during this bottleneck. Be smart and take 60 day locks, rather than trying
to squeeze in a shorter time frame."
LOAN RATE POINTS PYMT ($400,000)
30 yr fixed 5.00% 1.0 $2,138 /mo
5/1 ARM 5.125% 1.0 $2,168 /mo
5/1 Interest Only 5.375% 1.0 $1,791 /mo
30 yr IO 6.00% 2.0 $2,000 /mo
CURRENT RATES – Conforming Plus Loan Amounts $417,001-$546,250
LOAN RATE POINTS PYMT ($500,000)
30 yr fixed 5.625 % 1.0 $2,864 /mo
5/1 ARM 5.50 % 1.5 $2,825 /mo
5/1 Interest Only 5.50% 2.0 $2,291 /mo
CURRENT RATES – Jumbo Loan Amounts > $546,250
LOAN RATE POINTS PYMT ($800,000)
30 yr fixed 7.875 % 2.0 $5,762 /mo
5/1 ARM 6.00% 1.0 $4,772 /mo
5/1 Interest Only 6.125% 1.0 $4,083 /mo
30 yr IO 8.00 % 2.0 $5,333 /mo
Other Related Resources:
Search San Diego Homes
Pre-Qualify Your Mortgage
Real Estate Newsletter
Online Home Value Analysis
Friday, January 23, 2009
Friday, January 9, 2009
Home Security - Better Safe Than Sorry (part 2 of 2)
5 Quick & Easy Crime Deterrents
When Your Home:
Neighborhood Watch - These meeting can be a valuable method for sharing information and spreading the word or recurring incidents. Members are also likely to be much more aware of warning signs that can prevent crimes. It's also a good way to meet your neighbors.
Security Systems - Home monitoring devices can help alert authorities of break-ins and allow response teams to be dispatched quickly. If you cannot afford a security system, placing a security company's sign in your yard is an effective and economical approach.
Dogs - Canines remain one of the most effective ways to prevent crime. Even smaller dogs can be great ways to scare off criminals by barking and laerting you of trouble. If you don't have a dog, simply posting a warning sign or leaving a dog bowl at your doorstep can work.
Exterior Lighting - Bright lighting outside the entraces will prevent most criminals from attempting to enter your home. Motion sensors along your side yards will startle any trespassers and will also alert you by grabbing your attention.
Panic Button - If your car has a car alarm, keep your keys handy. Triggering your car's panic button is a great way to frighten off someone who is lurking on your property or attempting a break-in.
When You're Away:
Short Term
- Leave a radio or TV on
- Have a neighbor park in your driveway
- Give a key to a trusted neighbor or relative and refrain from leaving it under the mat
- Leave lights on for the evening
- Make sure the stove, range top and irons are off
- Have neighbors pick up your mail and newspaper
Long Term
- Use timers on lights, TV's and stereos at random times
- Hire house-sitters to watch your home
- Ask neighbors to remove flyers and packages
- Turn your phone's ringer to low so a burglar will not be alerted of your absence
- Arrange for yard care
- Stop incoming mail and newspaper
I hope you find this useful. Always be conscious of your surroundings and a little extra time preventing a burglary can save you a whole lot of time and heart-ache in the long run!
When Your Home:
Neighborhood Watch - These meeting can be a valuable method for sharing information and spreading the word or recurring incidents. Members are also likely to be much more aware of warning signs that can prevent crimes. It's also a good way to meet your neighbors.
Security Systems - Home monitoring devices can help alert authorities of break-ins and allow response teams to be dispatched quickly. If you cannot afford a security system, placing a security company's sign in your yard is an effective and economical approach.
Dogs - Canines remain one of the most effective ways to prevent crime. Even smaller dogs can be great ways to scare off criminals by barking and laerting you of trouble. If you don't have a dog, simply posting a warning sign or leaving a dog bowl at your doorstep can work.
Exterior Lighting - Bright lighting outside the entraces will prevent most criminals from attempting to enter your home. Motion sensors along your side yards will startle any trespassers and will also alert you by grabbing your attention.
Panic Button - If your car has a car alarm, keep your keys handy. Triggering your car's panic button is a great way to frighten off someone who is lurking on your property or attempting a break-in.
When You're Away:
Short Term
- Leave a radio or TV on
- Have a neighbor park in your driveway
- Give a key to a trusted neighbor or relative and refrain from leaving it under the mat
- Leave lights on for the evening
- Make sure the stove, range top and irons are off
- Have neighbors pick up your mail and newspaper
Long Term
- Use timers on lights, TV's and stereos at random times
- Hire house-sitters to watch your home
- Ask neighbors to remove flyers and packages
- Turn your phone's ringer to low so a burglar will not be alerted of your absence
- Arrange for yard care
- Stop incoming mail and newspaper
I hope you find this useful. Always be conscious of your surroundings and a little extra time preventing a burglary can save you a whole lot of time and heart-ache in the long run!
REASONS FOR TITLE INSURANCE
Title Insurance protects a home owner or lender against any loss or damage they might experience because of liens, encumbrances, or defects in the title to said property. As opposed to your car, life, or health insurance which assumes risk for future events, a title policy insures the past of the real property and the people who owned it for a one time premium paid at the close of escrow. It is extremely important to obtain so that the future home owner is insured against various possible title defects, below are some examples:
1. Title insurance will protect you against a loss on your home or land due to a title defect.
2. A deed or mortgage in hte chain of title may be a forgery
3. Claims constantly arise due to marital status and validity of divorces
4. A deed or mortgage may have been made by an incompetent or under aged person
5. A deed or mortgage made under an expired power of attorney may be void
6. A deed or mortgage may have been made by a person with the same name as the owner
7. A child born after the execution of a will may have interest in the property
8. Title transferred by an heir may be subject to a federal estate tax lien
9. An heir or other person presumed dead may appear and recover the property or an interest
10. A judgement regarding the title may be voidable because of some defect in the proceeding
11. By insuring the title you can eliminate delays when passing your title on to someone else
12. Title insurance reimburses you for the amount of your covered loss
13. Title insurance helps speed negotiations when you're ready to sell or obtain a loan
14. A deed or mortgage may be voidable if signed while the grantor was in bankruptcy
15. Claims have risen dramatically over the last 30 years
16. There may be defect in the recording of a document upon which your title is dependent
17. Title insurance covers attorneys' fees and court costs
18. Many lawyers protect their clients as well as themselves, by procuring title insurance
19. A deed or mortgage may have been procured by fraud or duress
20. A title policy is paid in full by the first premium for as long as you own the property
If you're thinking of buying or selling in the future make sure you hire a professional that is knowledgeable and will have all your interests at hand. To secure you future, call us today! 619-325-4191 Or if you simply have a question don't hesitate to email us nathan-crudogroup@ascentrealestate.net we'd love to hear from you!
1. Title insurance will protect you against a loss on your home or land due to a title defect.
2. A deed or mortgage in hte chain of title may be a forgery
3. Claims constantly arise due to marital status and validity of divorces
4. A deed or mortgage may have been made by an incompetent or under aged person
5. A deed or mortgage made under an expired power of attorney may be void
6. A deed or mortgage may have been made by a person with the same name as the owner
7. A child born after the execution of a will may have interest in the property
8. Title transferred by an heir may be subject to a federal estate tax lien
9. An heir or other person presumed dead may appear and recover the property or an interest
10. A judgement regarding the title may be voidable because of some defect in the proceeding
11. By insuring the title you can eliminate delays when passing your title on to someone else
12. Title insurance reimburses you for the amount of your covered loss
13. Title insurance helps speed negotiations when you're ready to sell or obtain a loan
14. A deed or mortgage may be voidable if signed while the grantor was in bankruptcy
15. Claims have risen dramatically over the last 30 years
16. There may be defect in the recording of a document upon which your title is dependent
17. Title insurance covers attorneys' fees and court costs
18. Many lawyers protect their clients as well as themselves, by procuring title insurance
19. A deed or mortgage may have been procured by fraud or duress
20. A title policy is paid in full by the first premium for as long as you own the property
If you're thinking of buying or selling in the future make sure you hire a professional that is knowledgeable and will have all your interests at hand. To secure you future, call us today! 619-325-4191 Or if you simply have a question don't hesitate to email us nathan-crudogroup@ascentrealestate.net we'd love to hear from you!
Investing in HUD Homes
A HUD Home is a home where the current homeowner cannot keep up with their payments, the lender forecloses on the home, HUD pays the lender what is owed and takes ownership of the home. So, in essence it is foreclsure that was secured by HUD who then trys to sell the home at market value typically using a Marketing and Management Company.
Any interested party who can qualify for a loan or who can pay cash may buy a HUD home. Owner occupants must live in the house as their primary residence for at least one year and may not buy another HUD home as an owner occupant for another two years. Buyers must use a broker or agent who is registered with HUD to place a bid on a property.
Once a HUD home has been selected your real estate agent must submit your bid for you. Normally, HUD Homes are sold in an "Offer Period." At the end of the Offer Period, all offers are opened and considered to be received simultaneously, and, basically, the highest acceptable net bid is accepted. If the home isn't sold in the initial Offer Period, you can submit a bid until the home is sold. Bids can be submitted any day of the week, including weekends and holidays. They will be opened the next business day. The results from the review of all accepted bids are posted on our website. It is the responsibility of the real estate agent to check our website for accepted bid information and ensure that all the required forms are properly filled out and sent to us within two business days of acceptance.
Sales transactions shall close within the timeframe as specified on your state/regional Forfeiture and Extension Policy. Closing timeframes in California are 45 days. Properties may close in less than the timeframe specified. However, the amount of days specified above for your state/regional area MUST be entered on the HUD Sales Contract. If closing does not occur within the timeframe then extension fees will apply. The Broker must submit a written request for an extension regardless of the reason for the delay in closing.
Special Programs Offered by HUD:
One of HUD's Special Sales Program under the Good Neighbor Initiatives is the Officer Next Door/Teacher Next Door (OND/TND) program. The OND/TND Programs offers HUD-owned, single family homes that are located in HUD designated Revitalization Areas will be made available to Law Enforcement Officers and Teachers at a 50 percent discount of the last listed price. When a law enforcement officer or teacher chooses to use an FHA-insured mortgage the down payment is $100. When a governmental agency of nonprofit organization is the purchaser, HUD expects that the full discount will be passed on to the law enforcement officer or teacher. Officer Next Door/Teacher Next-Door program participants are required to own and use their property as their sole residence for at least three (3) years. Participants agree to execute a second mortgage and note which will be for the amount of the discount which HUD can call at a later date if the buyer fails to re-certify. During the entire term (3 years), the buyer may NOT own ANY residential real property other than the OND/TND home. Failure to comply with this (or any OND/TND) requirement may result in the remaining balance of the second mortgage becoming immediately due and payable. The officer or teacher must submit a contract bid of 100 percent of the listing price. Winning bidder will be chosen by lottery. The 50 percent discount will be applied at closing. Teachers must be employed in the school district that they purchase a home in under the Teacher Next Door Program. More information on this program can be found at http://www.hud.gov/offices/hsg/sfh/reo/goodn/main.cfm
Effective November 1, 2005, HUD announced the eligibility of firefighters and emergency medical technicians to purchase HUD acquired homes located in HUD designated revitalization areas at a discount, in accordance with HUD's regulations for the Officer/Teacher Next Door (OND/TND) Sales Program. Inclusion in the OND/TND program is designed to help more firefighters and emergency responders become homeowners, and will further the goals of the OND/TND Sales Program to accelerate the revitalization of America's cities by promoting the integration of dedicated role models and mentors into the community. More information can be found at http://www.hudpemco.com/choose_specials.htm
Another one of HUD's Special Sales Program under the Good Neighbor Initiatives is the Direct Sales to Non-Profit Organizations and Government Agencies. This special sales program under which approved non-profit organizations and government agencies may purchase properties at discounted prices for use in local housing or homeless programs. More information on this program can be found at http://www.hud.gov/offices/hsg/sfh/reo/goodn/main.cfm
There are great opportunities to be taken advantage of by buying HUD homes. They are usually priced below market value for quick sales and offer amazing programs for civil servants. If you're interested on a free list of HUD homes for sale in your area, contact us today at nathan-crudogroup@ascentrealestate.net or visit our website at www.NathanCrudoGroup.com
Any interested party who can qualify for a loan or who can pay cash may buy a HUD home. Owner occupants must live in the house as their primary residence for at least one year and may not buy another HUD home as an owner occupant for another two years. Buyers must use a broker or agent who is registered with HUD to place a bid on a property.
Once a HUD home has been selected your real estate agent must submit your bid for you. Normally, HUD Homes are sold in an "Offer Period." At the end of the Offer Period, all offers are opened and considered to be received simultaneously, and, basically, the highest acceptable net bid is accepted. If the home isn't sold in the initial Offer Period, you can submit a bid until the home is sold. Bids can be submitted any day of the week, including weekends and holidays. They will be opened the next business day. The results from the review of all accepted bids are posted on our website. It is the responsibility of the real estate agent to check our website for accepted bid information and ensure that all the required forms are properly filled out and sent to us within two business days of acceptance.
Sales transactions shall close within the timeframe as specified on your state/regional Forfeiture and Extension Policy. Closing timeframes in California are 45 days. Properties may close in less than the timeframe specified. However, the amount of days specified above for your state/regional area MUST be entered on the HUD Sales Contract. If closing does not occur within the timeframe then extension fees will apply. The Broker must submit a written request for an extension regardless of the reason for the delay in closing.
Special Programs Offered by HUD:
One of HUD's Special Sales Program under the Good Neighbor Initiatives is the Officer Next Door/Teacher Next Door (OND/TND) program. The OND/TND Programs offers HUD-owned, single family homes that are located in HUD designated Revitalization Areas will be made available to Law Enforcement Officers and Teachers at a 50 percent discount of the last listed price. When a law enforcement officer or teacher chooses to use an FHA-insured mortgage the down payment is $100. When a governmental agency of nonprofit organization is the purchaser, HUD expects that the full discount will be passed on to the law enforcement officer or teacher. Officer Next Door/Teacher Next-Door program participants are required to own and use their property as their sole residence for at least three (3) years. Participants agree to execute a second mortgage and note which will be for the amount of the discount which HUD can call at a later date if the buyer fails to re-certify. During the entire term (3 years), the buyer may NOT own ANY residential real property other than the OND/TND home. Failure to comply with this (or any OND/TND) requirement may result in the remaining balance of the second mortgage becoming immediately due and payable. The officer or teacher must submit a contract bid of 100 percent of the listing price. Winning bidder will be chosen by lottery. The 50 percent discount will be applied at closing. Teachers must be employed in the school district that they purchase a home in under the Teacher Next Door Program. More information on this program can be found at http://www.hud.gov/offices/hsg/sfh/reo/goodn/main.cfm
Effective November 1, 2005, HUD announced the eligibility of firefighters and emergency medical technicians to purchase HUD acquired homes located in HUD designated revitalization areas at a discount, in accordance with HUD's regulations for the Officer/Teacher Next Door (OND/TND) Sales Program. Inclusion in the OND/TND program is designed to help more firefighters and emergency responders become homeowners, and will further the goals of the OND/TND Sales Program to accelerate the revitalization of America's cities by promoting the integration of dedicated role models and mentors into the community. More information can be found at http://www.hudpemco.com/choose_specials.htm
Another one of HUD's Special Sales Program under the Good Neighbor Initiatives is the Direct Sales to Non-Profit Organizations and Government Agencies. This special sales program under which approved non-profit organizations and government agencies may purchase properties at discounted prices for use in local housing or homeless programs. More information on this program can be found at http://www.hud.gov/offices/hsg/sfh/reo/goodn/main.cfm
There are great opportunities to be taken advantage of by buying HUD homes. They are usually priced below market value for quick sales and offer amazing programs for civil servants. If you're interested on a free list of HUD homes for sale in your area, contact us today at nathan-crudogroup@ascentrealestate.net or visit our website at www.NathanCrudoGroup.com
Preparing Your Home For Sale
In the current buyer's market that we find ourselves in it is very important to take the additional steps to ensure your home shows its best. With tons of homes on the market and competition getting steeper every day considering staging your home for sale will not only help your home stand out from the rest but it can also help it sell faster too. For a minimal investment you can increase the perceived value of your home dramatically which may result in a higher sales price as well. Read on for a few quick and easy tips you can do yourself that can spruce up any home.
Your Stuff
Consider what the buyer needs to see in order to fall in love with the home...Try to avoid leaving personal items, such as toothbrushes or bath products on the bathroom counter. Keep it clean and simple and focus on highlighting the best features your home has to offer.
First Impressions
You only have one chance to make a first impression on visitors. Potential buyers may only be in your home for a matter of minutes so you want those moments to be the most positive. Don't forget simple things like mowing the lawn and trimming dead branches. Place pots with colorful flowers on your porch or entryway. Give the front door a fresh coat of paint to give visitors a warm welcome. Just like the bathroom, keep all counterspaces clear of "stuff". You want the buyers to focus on your custom cabinetry rather than you personal pictures or ceramic clown collection. Remember to clean out closets to make them look more spacious, and don't forget to organize drawers and medicinee cabintes because...yes, they open those too.
A Room with Use
It's pivotol to let home buyers see room as they were originally intended. You may have decided to nix a bedroom and turn into a game room with pool table dart boards and Charger memorabilia, but for the sake ofhome shoppers consider turning rooms back to their original state. Perform an inexpensive and quick makeover for these rooms by hanging sheer curtains to let daylight in and replacing aging light fixtures (with energy efficient, of course) and switches.
Freshen Up
Steam clean the carpets, touch up the paint and add emotional warnth with throw pillow, dramatic plants, and candles. For that "Architectural Digest" look, clear off the counters in the kitchen and bathrooms. An inexpensive way to add color is with a vase of vibrnat flowers, neatly folded towels, or a bowl of fruit.
The Nathan Crudo Group is a full service Broker. We take the time to counsel our clients on how to make the home more presentable and attractive to potential buyers. For sellers with a tight budget we work with you giving those little tips and tricks of the trade that add perceived value yet don't put s strain on your wallet. For those sellers with a more flexible budget we enlist the help of our preferred interior decorators. As part of their consultation which helps sellers prepare the home for sale, they'll provide suggestions on different color paint in rooms, rearrange furniture to make each living space appear more spacious and add finishing touches and accents that brighten up a room. For vacant homes we can provide bids which include the rental of minor but crucial furniture needed to help the buyer envision the home the way it was meant to be seen. All these touches from accent pieces to full home furniture rental can really make a difference if your putting your home on a market in a neighborhood with an influx of inventory.
Contact us today if you have any additional questions on preparing your home for sale or would like to know what your home will sell for in today's market.
Your Stuff
Consider what the buyer needs to see in order to fall in love with the home...Try to avoid leaving personal items, such as toothbrushes or bath products on the bathroom counter. Keep it clean and simple and focus on highlighting the best features your home has to offer.
First Impressions
You only have one chance to make a first impression on visitors. Potential buyers may only be in your home for a matter of minutes so you want those moments to be the most positive. Don't forget simple things like mowing the lawn and trimming dead branches. Place pots with colorful flowers on your porch or entryway. Give the front door a fresh coat of paint to give visitors a warm welcome. Just like the bathroom, keep all counterspaces clear of "stuff". You want the buyers to focus on your custom cabinetry rather than you personal pictures or ceramic clown collection. Remember to clean out closets to make them look more spacious, and don't forget to organize drawers and medicinee cabintes because...yes, they open those too.
A Room with Use
It's pivotol to let home buyers see room as they were originally intended. You may have decided to nix a bedroom and turn into a game room with pool table dart boards and Charger memorabilia, but for the sake ofhome shoppers consider turning rooms back to their original state. Perform an inexpensive and quick makeover for these rooms by hanging sheer curtains to let daylight in and replacing aging light fixtures (with energy efficient, of course) and switches.
Freshen Up
Steam clean the carpets, touch up the paint and add emotional warnth with throw pillow, dramatic plants, and candles. For that "Architectural Digest" look, clear off the counters in the kitchen and bathrooms. An inexpensive way to add color is with a vase of vibrnat flowers, neatly folded towels, or a bowl of fruit.
The Nathan Crudo Group is a full service Broker. We take the time to counsel our clients on how to make the home more presentable and attractive to potential buyers. For sellers with a tight budget we work with you giving those little tips and tricks of the trade that add perceived value yet don't put s strain on your wallet. For those sellers with a more flexible budget we enlist the help of our preferred interior decorators. As part of their consultation which helps sellers prepare the home for sale, they'll provide suggestions on different color paint in rooms, rearrange furniture to make each living space appear more spacious and add finishing touches and accents that brighten up a room. For vacant homes we can provide bids which include the rental of minor but crucial furniture needed to help the buyer envision the home the way it was meant to be seen. All these touches from accent pieces to full home furniture rental can really make a difference if your putting your home on a market in a neighborhood with an influx of inventory.
Contact us today if you have any additional questions on preparing your home for sale or would like to know what your home will sell for in today's market.
Avoiding Identity Theft
To reduce or minimize your risk of becoming a victim of identity theft or fraud there are some basic steps you can take.
Tips from the Department of Justice -
Be stingy about giving your personal information to others unless you have a reason to trust them, regardless of where you are:
At Home
1. Start by adopting a "need to know" approach to your personal data. Your credit card might need you mother's maiden name so that it can verify your identity when you call. A person who calls and says there from your bank or credit card company, however, doesn't need to know that information if it's already on file; the only purpose of such a call is to acquire information for that person's personal benefit. Also, the more information that you print on your checks - the more personal data you are routinely handing out to people who may not need that information.
2. If someone cals you on the phone and offers you a chance to receive a major credit card, prize, or other personal valuable item, but asks for personal data such as your Social Security number, credit card number, or mother's maiden name - ask them to send you a written application.
3. If they refuse to send the application form, tell them you're not interested and hang up!
4. If they will send it, review the application carefully when you receive it and make sure it's going to a financial institution that's well known and reputable. The Better Business Bureau can give you information on businesses that have been subject of complaints.
On Travel
1. If you're taveling, have your mail be held at your local post office, or ask someone you trust to collect and hold while you're gone.
2. If you have to telephone someone while traveling, and need to pass on personal financial information, don't do it at an open telephone booth where passerby can listen in on what you're saying; use a telephone booth where you can close the door or wait until you're at a less public location to call.
Check your financial information regularly, and look for what should be there and what shouldn't:
What should be there.
1. If you have bank or credit cards accounts, you should be receiving monthly statements that list transactions for the most recent month or reporting period
2. If you're not receiving monthly statements for the accounts you know you have, call the financial institution or credit card company immediately and ask about it.
3. If you're told that your statements are being mailed to another address that you haven't authorized, tell the financial institution immediately that you did not authorize the change of address and that someone may be improperly using your accounts. in that situation, you should also ask for copies of all statements and debit or charge transaction that have occurred since the last statement you received.
What shouldn't be there.
1. If someone has gotten your financial data and amde unauthorized debits or charges against your financial accounts, checking your monthly statements carefully may be the quickest way for you to find out. Too many of us give those statements or the enclosed checks only a quick glance and don't review them closely to make sure there are no unauthorized withdrawals or charges.
2. If someone has managed to get access to your mail or other personal data, and aopened any credit cards in your name or taken any funds from your bank account, caontact your financial institution or credit card company immediately to report those transactions and request further action.
Ask periodically for a copy of your credit report.
Your credit report should list all bank and financial accounts under your name, and will provide other indications of whether someone has wrongfully opened or used any accounts in your name.
Maintain careful records of your banking and financial accounts.
Even though financial institutions are required to maintain copies of your checks, debit transactions, and similar transactions for five years, you should retain your monthly statements and checks for at least one year, if not more.
Even if you take all of these steps, however, it's still possible that you can become a victim of identity theft. Records containing your personal data - credit card receipts or car rental agreements, for example may be found by or shared with someone who decides to use your data for fraudulent purposes.
I hope you enjoy this information and find it useful, I know I did. Don't forget that consistency is key as well. Don't just start maintaining your records and throughly review your records one month and the next you slack off. It's important to be dilligent and consciously protect yourself, your identity, and your money. In case your interested in a free credit report please read my pervious blog called Suit Results in Free Credit Servicing and sign up to receive your free report and servicing.
Tips from the Department of Justice -
Be stingy about giving your personal information to others unless you have a reason to trust them, regardless of where you are:
At Home
1. Start by adopting a "need to know" approach to your personal data. Your credit card might need you mother's maiden name so that it can verify your identity when you call. A person who calls and says there from your bank or credit card company, however, doesn't need to know that information if it's already on file; the only purpose of such a call is to acquire information for that person's personal benefit. Also, the more information that you print on your checks - the more personal data you are routinely handing out to people who may not need that information.
2. If someone cals you on the phone and offers you a chance to receive a major credit card, prize, or other personal valuable item, but asks for personal data such as your Social Security number, credit card number, or mother's maiden name - ask them to send you a written application.
3. If they refuse to send the application form, tell them you're not interested and hang up!
4. If they will send it, review the application carefully when you receive it and make sure it's going to a financial institution that's well known and reputable. The Better Business Bureau can give you information on businesses that have been subject of complaints.
On Travel
1. If you're taveling, have your mail be held at your local post office, or ask someone you trust to collect and hold while you're gone.
2. If you have to telephone someone while traveling, and need to pass on personal financial information, don't do it at an open telephone booth where passerby can listen in on what you're saying; use a telephone booth where you can close the door or wait until you're at a less public location to call.
Check your financial information regularly, and look for what should be there and what shouldn't:
What should be there.
1. If you have bank or credit cards accounts, you should be receiving monthly statements that list transactions for the most recent month or reporting period
2. If you're not receiving monthly statements for the accounts you know you have, call the financial institution or credit card company immediately and ask about it.
3. If you're told that your statements are being mailed to another address that you haven't authorized, tell the financial institution immediately that you did not authorize the change of address and that someone may be improperly using your accounts. in that situation, you should also ask for copies of all statements and debit or charge transaction that have occurred since the last statement you received.
What shouldn't be there.
1. If someone has gotten your financial data and amde unauthorized debits or charges against your financial accounts, checking your monthly statements carefully may be the quickest way for you to find out. Too many of us give those statements or the enclosed checks only a quick glance and don't review them closely to make sure there are no unauthorized withdrawals or charges.
2. If someone has managed to get access to your mail or other personal data, and aopened any credit cards in your name or taken any funds from your bank account, caontact your financial institution or credit card company immediately to report those transactions and request further action.
Ask periodically for a copy of your credit report.
Your credit report should list all bank and financial accounts under your name, and will provide other indications of whether someone has wrongfully opened or used any accounts in your name.
Maintain careful records of your banking and financial accounts.
Even though financial institutions are required to maintain copies of your checks, debit transactions, and similar transactions for five years, you should retain your monthly statements and checks for at least one year, if not more.
Even if you take all of these steps, however, it's still possible that you can become a victim of identity theft. Records containing your personal data - credit card receipts or car rental agreements, for example may be found by or shared with someone who decides to use your data for fraudulent purposes.
I hope you enjoy this information and find it useful, I know I did. Don't forget that consistency is key as well. Don't just start maintaining your records and throughly review your records one month and the next you slack off. It's important to be dilligent and consciously protect yourself, your identity, and your money. In case your interested in a free credit report please read my pervious blog called Suit Results in Free Credit Servicing and sign up to receive your free report and servicing.
Home Insurance... Are you Covered?
Everyone can benefit from doing a home inventory. Whether you're an apartment renter, a high-rise condo owner, or a home dweller, everyone is subject to theft, fire, or natural disaster. No matter how great your memory might be, trying to remember everything you own after it's all gone is a monumental task. Getting started is the hardest part. Use these tips to make the most of your efforts.
Everything Counts
Include any item of value, not just large appliances and electronics. Don't forget to document toys, the contents of your closets and anything in your kitchen cabinets.
Get Organized
Taking the time to record serial numbers, collect receipts and take photographs now can save you a lot of time later. Insurance claims are processed more quickly and are more likely to receive full compensation when they are supported with visual evidence of ownership.
Schedule a Photo Shoot
In addition to making a list of items, take pictures of rooms and large important items. On the back of each photo, make a note of what is shown, its value, make and any serial numbers or special identifiers.
Round Up the Troops
Enlist the help of the entire family. Assign a room to each family member, or use a camcorder and have each person take turns describing items for the camera.
Move It!
Conduct a home inventory when you move. As you pack your items from each room, take photographs and note the serial numbers. This way, you'll also have detailed information in the case that something is lost or damaged during the move.
Keep Duplicates
Make a copy of your inventory to keep in a fire proof safe at home, but most importantly, keep another copy in a safe-deposit box, at your office, or any safe location away from home.
Consider Extra Coverage
If you have special items such as expensive jewelry, fine art or rare antique collections, you may wish to purchase extra coverage called an endorsement to protect those items.
Also, a variety of personal finance software packages now include home inventory features, and a number of free or inexpensive programs are available for download. Just make sure that you burn a copy of the file to CD for off-site storage. A couple of available programs are:
Everything I own - www.mycroftcomputing.com/eiown.html
My Stuff Deluxe - www.contactplus.com/products/freestuff/mystuff
Home Manager - www.kzsoftware.com/products/homemanager (free trial)
Get Started Today!
Going Green... green techniques to use at the office.
A recent article in Real Estate Magazine reported how more and more companies are finding ways to help the environment. Almost 60% of the top decision makers in America's leading corporations are seeing value in sustainability concepts, with that number expected increase dramatically to 88% in just 3 years. If you haven't gone "green" at your business, maybe its time to find out how you can.
1. Reduce, Recycle, Reuse, and Buy Recycled - by placing a blue bin by the copy machine, it'll be easy for employees to recycle paper. Another way you can save on paper is by reusing it by copying on both sides. To start off on the right foot you should buy recycled paper as well.
2. Turn Off Your Computer - According to the Wall Street Journal, " A recent report estimated that American businesses could save $1.72 billion each year merely by getting more employees to shut off their computers at night or allow the machines to enter an energy-saving mode.
3. Install Organic Carpet - Many synthetic carpets are made with chemicals such as volatile organic compunds (VOC's), which are emmitted into your office air; whereas organic fibers are grown without synthetic chemicals. When choosing a carpet, determine what the top and back of the carpet are mad of; many industrial carpets are now made with recycled materials.
4. Donate Food Leftovers - With many offices holding numerous office meetings/conferences, Association meetings, and Broker's and Public Open Houses, instead of throwing away the leftovers, donate any food to your local shelter in addition to other donations.
5. Use RELAY - Relay is an internet based tool (www.rebt.com) that, in simple terms, allows both the agent and client to do a transaction online, thus alleviating the need for paper. The savings on paper are extraordinary and the need for locating storage for paper files is diminished. Digital storage is a money, storage saver, and reliability saver.
6. Recycle Ink Cartridges - Ask your office supplier if they accept recycled ink cartridges: most do and will give you credit toward your office supply order.
7. Replace Standard Light Bulbs - ENERGY STAR-qualified compact fluorescent light bulbs (CKL's) use about 75% less energy than standard incandescent bulbs and last up to 10 times longer.
8. Open the Blinds - If you're in an office, most likely you have a lot of natural light streaming in through the window. Turn off the lights in your office, and open the blinds.
9. Install Motion Sensor Lights - Installing motion sensor light switches and timers reduces energy by automatically shutting off when offices are not in use.
10. Install Energy-efficient Windows - Energy-efficient windows are designed to protect the inside environment from the outside by using special glass and framing. You'll feel the benefits in your power bill.
11. Buy ENERGY STAR Office Equipment - According to ENERGY STAR, its qualified office and imaging products use 30%-75% less electricity than standard equipment. These include copiers, fax machines, and printers.
12. Recycle Company Cell Phones - Many companies give out new cell phones every time the latest model is released. Check with your office manager to see if they plan to recycle the old cell phones. If not, find out how you can.
13. Get E-Savy - Create an online e-newsletter and do interoffice memos through e-mail, eliminating the use of paper. With newsletters you can also hyperlink to Web sites. The use or RELAY conserves paper and incorporating the use of tablet PCs with dashboard software enables them to convert documents electronically and obtain signatures directly on the tablet PC itself.
14. Use Natural Resources for Energy - Both solar panels and wind turbines use nature to create the energy needed for electricity. Yes, it can be done.
15. Install Low-Flow Toilets in the Company Bathroom - low flow toilets use 20% less water than standard toilets.
16. Replace Old Computers - Dell now makes a computer that releases less toxins and energy. Its OptiPlex Energy Smart computer meets ENERGY STAR standards.
17. Recycle Cans and Bottles - by recycling nearly seven billion beverage containers from January to June 2007, Californians saved the equivalent of 2.5 million barrels of oil.
18. Use Your Notepad Wisely - It's easy to write one thing on a notepad, toss it, and then use another piece of paper for a seperate thought. Use the entire page, then turn it over and use that side too.
19. Watch What You Print - Don't just hit the print button when printing out documents. You might print out more pages than you need. Take the time to scan a document before printing to avoid wasting paper. Some office include at the end of eah email: "Please consider the environment before printing this email."
20. Do It Yourself - If your office doesn't recycle? Then lead the way. Take advantage of what's already in your community and then put it to work for yourself.
If you haven't gone "green" yet... there's no time like the present. Try incorparting one of these tips into your daily routine. Once it becomes a habit incorporate the next and before you know it you'll be able to consider yourself "Eco-friendly".
I personally recycle, buy organic, use energy efficient products, but learned a great deal of other techniques to implement. I will be including the tag line mentioned on Tip 19 today, "consider the environment before printing this email". If you have any other suggestions please email me and I will gladly pass along to my entire office (over 100 agents + staff).
Every little bit helps and I know I am committed to becoming a more Eco-friendly person and broker. Every single person can make an impact on the environment and their immediate surroundings. Please share this bit of knowledge with anyone you know to help conserve our most valluable asset... Mother Earth.
1. Reduce, Recycle, Reuse, and Buy Recycled - by placing a blue bin by the copy machine, it'll be easy for employees to recycle paper. Another way you can save on paper is by reusing it by copying on both sides. To start off on the right foot you should buy recycled paper as well.
2. Turn Off Your Computer - According to the Wall Street Journal, " A recent report estimated that American businesses could save $1.72 billion each year merely by getting more employees to shut off their computers at night or allow the machines to enter an energy-saving mode.
3. Install Organic Carpet - Many synthetic carpets are made with chemicals such as volatile organic compunds (VOC's), which are emmitted into your office air; whereas organic fibers are grown without synthetic chemicals. When choosing a carpet, determine what the top and back of the carpet are mad of; many industrial carpets are now made with recycled materials.
4. Donate Food Leftovers - With many offices holding numerous office meetings/conferences, Association meetings, and Broker's and Public Open Houses, instead of throwing away the leftovers, donate any food to your local shelter in addition to other donations.
5. Use RELAY - Relay is an internet based tool (www.rebt.com) that, in simple terms, allows both the agent and client to do a transaction online, thus alleviating the need for paper. The savings on paper are extraordinary and the need for locating storage for paper files is diminished. Digital storage is a money, storage saver, and reliability saver.
6. Recycle Ink Cartridges - Ask your office supplier if they accept recycled ink cartridges: most do and will give you credit toward your office supply order.
7. Replace Standard Light Bulbs - ENERGY STAR-qualified compact fluorescent light bulbs (CKL's) use about 75% less energy than standard incandescent bulbs and last up to 10 times longer.
8. Open the Blinds - If you're in an office, most likely you have a lot of natural light streaming in through the window. Turn off the lights in your office, and open the blinds.
9. Install Motion Sensor Lights - Installing motion sensor light switches and timers reduces energy by automatically shutting off when offices are not in use.
10. Install Energy-efficient Windows - Energy-efficient windows are designed to protect the inside environment from the outside by using special glass and framing. You'll feel the benefits in your power bill.
11. Buy ENERGY STAR Office Equipment - According to ENERGY STAR, its qualified office and imaging products use 30%-75% less electricity than standard equipment. These include copiers, fax machines, and printers.
12. Recycle Company Cell Phones - Many companies give out new cell phones every time the latest model is released. Check with your office manager to see if they plan to recycle the old cell phones. If not, find out how you can.
13. Get E-Savy - Create an online e-newsletter and do interoffice memos through e-mail, eliminating the use of paper. With newsletters you can also hyperlink to Web sites. The use or RELAY conserves paper and incorporating the use of tablet PCs with dashboard software enables them to convert documents electronically and obtain signatures directly on the tablet PC itself.
14. Use Natural Resources for Energy - Both solar panels and wind turbines use nature to create the energy needed for electricity. Yes, it can be done.
15. Install Low-Flow Toilets in the Company Bathroom - low flow toilets use 20% less water than standard toilets.
16. Replace Old Computers - Dell now makes a computer that releases less toxins and energy. Its OptiPlex Energy Smart computer meets ENERGY STAR standards.
17. Recycle Cans and Bottles - by recycling nearly seven billion beverage containers from January to June 2007, Californians saved the equivalent of 2.5 million barrels of oil.
18. Use Your Notepad Wisely - It's easy to write one thing on a notepad, toss it, and then use another piece of paper for a seperate thought. Use the entire page, then turn it over and use that side too.
19. Watch What You Print - Don't just hit the print button when printing out documents. You might print out more pages than you need. Take the time to scan a document before printing to avoid wasting paper. Some office include at the end of eah email: "Please consider the environment before printing this email."
20. Do It Yourself - If your office doesn't recycle? Then lead the way. Take advantage of what's already in your community and then put it to work for yourself.
If you haven't gone "green" yet... there's no time like the present. Try incorparting one of these tips into your daily routine. Once it becomes a habit incorporate the next and before you know it you'll be able to consider yourself "Eco-friendly".
I personally recycle, buy organic, use energy efficient products, but learned a great deal of other techniques to implement. I will be including the tag line mentioned on Tip 19 today, "consider the environment before printing this email". If you have any other suggestions please email me and I will gladly pass along to my entire office (over 100 agents + staff).
Every little bit helps and I know I am committed to becoming a more Eco-friendly person and broker. Every single person can make an impact on the environment and their immediate surroundings. Please share this bit of knowledge with anyone you know to help conserve our most valluable asset... Mother Earth.
Updating Your Kitchen on a Budget
I don't know about you but I seem to spend most of my family time in the kitchen. Whether its cooking, eating, or just hanging out your kitchen is a huge focal point of your home. So, why not make it look its best whether you're thinking of selling or just wanting to update it for your own pleasure. Below are a few thrifty soltutions or suggestions that could make a big difference in your kitchen's aesthetic appeal.
1. Add space an light by removing a wall. Instead of shelling out thousands of dollars to build additional floor space for a cramped kitchen, replace the partition walls with a single supporting beam. For more light add a skylight or a garden window
2. Don't move the plumbing. By working around where your appliances already stand, you could potentially save you thousands in having to re-route gas and electricity lines.
3. Unclutter the countertops. Limited counterspace doesn't mean limited workspace. Mounting appliances such as a mixer or food processor on a heavy duty appliance lift can keep the clutter to a minimum yet still be very accessible. The bracket which only costs $90 creates an instant workstation.
4. Buy ready to assemble cabinets. Companies such as CabParts and Drawer Box Specialists lets you order and install yourself with careful planning and precise measurements, but the payoff is major savings.
5. Consider a variety of countertop materials. Shop around, for budget conscious buyers you might want to consider 3/4 inch thick granite vs. 1 1/4. Also mixing the countertop materials where certain sections have granite while others use butcher block countertop is an easy, cost effective, and popular way of updating and adding different textures to your kitchen.
We help our clients with remodeling ideas from kitchens, to decks, to full story additions. We work with qualified contractors that we trust and provide great service. For a list of reputable contractors we use on a consistent basis and feel comfortable enough to recommend to our friends and clients, please visit our website at www.HousingSD.com under the Resources section. Please feel free to contact me with any questions or concerns. The Nathan-CrudoGroup is always here to help and secure your future investment.
Alida CrudoAscent Real Estate
619-990-2365
acrudo@ascentrealestate.net
www.HousingSD.com
1. Add space an light by removing a wall. Instead of shelling out thousands of dollars to build additional floor space for a cramped kitchen, replace the partition walls with a single supporting beam. For more light add a skylight or a garden window
2. Don't move the plumbing. By working around where your appliances already stand, you could potentially save you thousands in having to re-route gas and electricity lines.
3. Unclutter the countertops. Limited counterspace doesn't mean limited workspace. Mounting appliances such as a mixer or food processor on a heavy duty appliance lift can keep the clutter to a minimum yet still be very accessible. The bracket which only costs $90 creates an instant workstation.
4. Buy ready to assemble cabinets. Companies such as CabParts and Drawer Box Specialists lets you order and install yourself with careful planning and precise measurements, but the payoff is major savings.
5. Consider a variety of countertop materials. Shop around, for budget conscious buyers you might want to consider 3/4 inch thick granite vs. 1 1/4. Also mixing the countertop materials where certain sections have granite while others use butcher block countertop is an easy, cost effective, and popular way of updating and adding different textures to your kitchen.
We help our clients with remodeling ideas from kitchens, to decks, to full story additions. We work with qualified contractors that we trust and provide great service. For a list of reputable contractors we use on a consistent basis and feel comfortable enough to recommend to our friends and clients, please visit our website at www.HousingSD.com under the Resources section. Please feel free to contact me with any questions or concerns. The Nathan-CrudoGroup is always here to help and secure your future investment.
Alida CrudoAscent Real Estate
619-990-2365
acrudo@ascentrealestate.net
www.HousingSD.com
Home Security - Better Safe Than Sorry...part 1 of 2
The most common threat to your homme is burglary. Fortunately, burglars will move on if they see you have taken preemptive measures.
Think most burglaries happen at night? Think again.
Statistically, most home thefts happen during the day, when people are away at work or school. July & august are prime time for burglars, when families are away on vacation. Thefts also increase during hard financial time, wen its more difficult to find work. Thieves use force to enter your home 70% of the time but are caught only 13% of the time. There are more than 1 million burglaries a year, and the number is rising.
Eliminate Easy Entry.
Sliding glass doors and windows are easy fixes. Close the door or window and measure the length of the exposed sliding track. Cut a piece of wood a half inch shorter than the track. When you close up, lock the door or window, then place the wood in the slide track-it prevents opening. Small, inexpensive track locks accomplish the same thing. Secutrity screen doors can prevent theives from having access to your entry doors and can be painted to blend with your home.
Close Windows of Opportunity
Open windows are used by burglars because often they are visible from the street or alley and no force entry is required. Windows can be locked partially open for ventilation with a track lock or length of wood 2" shorter than the exposed sliding track (when the window is totally closed). This allows the window to remain 2" open but no more. Take this precaution with all windows when leaving, even those that are difficult to reach.
Honor Thy Neighbors
Neighbors can be good allies toward a common purpose. Offer to keep a look out on their home when they are away and ask them to reciprocate. When going away for a period, remove signs of vacancy-put mail and newspaper deliveries on hold and ask neighbors to remove fliers left at the front door. Establish trust with your neighbors so you can leave spare keys with them (experienced burglars know where to look for hidden spare keys.)
Keep Records of Your Belongings
In case of theft, your homeowner's insurance may be of little value if you cannot sustantiate your loss. Take photos of your possessions (especially jewelry and electronics), write down serial numbers and keep receipts in case you need to file an insurance claim. Keep important documents in a home safe and give copies to your relatives to keep in case the originals are lost. There are also companies that perofrm a home inventory service.
Please stay tuned, next week I'll provide 5 Quick & Easy Crime Deterrents and how to prepare your home before going on vacation. Visit the National Crime Prevention Council which provides training and guides to establishing your own Neighborhood Watch chapter. The National Neighborhood Watch Institute includes information on Neighborhood Watch and offers popular crime deterring signs for homes and communities.
Think most burglaries happen at night? Think again.
Statistically, most home thefts happen during the day, when people are away at work or school. July & august are prime time for burglars, when families are away on vacation. Thefts also increase during hard financial time, wen its more difficult to find work. Thieves use force to enter your home 70% of the time but are caught only 13% of the time. There are more than 1 million burglaries a year, and the number is rising.
Eliminate Easy Entry.
Sliding glass doors and windows are easy fixes. Close the door or window and measure the length of the exposed sliding track. Cut a piece of wood a half inch shorter than the track. When you close up, lock the door or window, then place the wood in the slide track-it prevents opening. Small, inexpensive track locks accomplish the same thing. Secutrity screen doors can prevent theives from having access to your entry doors and can be painted to blend with your home.
Close Windows of Opportunity
Open windows are used by burglars because often they are visible from the street or alley and no force entry is required. Windows can be locked partially open for ventilation with a track lock or length of wood 2" shorter than the exposed sliding track (when the window is totally closed). This allows the window to remain 2" open but no more. Take this precaution with all windows when leaving, even those that are difficult to reach.
Honor Thy Neighbors
Neighbors can be good allies toward a common purpose. Offer to keep a look out on their home when they are away and ask them to reciprocate. When going away for a period, remove signs of vacancy-put mail and newspaper deliveries on hold and ask neighbors to remove fliers left at the front door. Establish trust with your neighbors so you can leave spare keys with them (experienced burglars know where to look for hidden spare keys.)
Keep Records of Your Belongings
In case of theft, your homeowner's insurance may be of little value if you cannot sustantiate your loss. Take photos of your possessions (especially jewelry and electronics), write down serial numbers and keep receipts in case you need to file an insurance claim. Keep important documents in a home safe and give copies to your relatives to keep in case the originals are lost. There are also companies that perofrm a home inventory service.
Please stay tuned, next week I'll provide 5 Quick & Easy Crime Deterrents and how to prepare your home before going on vacation. Visit the National Crime Prevention Council which provides training and guides to establishing your own Neighborhood Watch chapter. The National Neighborhood Watch Institute includes information on Neighborhood Watch and offers popular crime deterring signs for homes and communities.
First-time Home Buyer Tax Credit
With having had the opportunity to help a great deal of First-time homebuyers into a new home this year, I figured it was my responsibility to research the tax credit and see if my clients could benefit from it. What I found was that even with all the negative hipe surrounding this tax credit... beggers can't be choosers. The fact is that this is an interest free loan. But now-a-days, what is negative about that? Of course the tax credit would be more attractive if you didn't have to repay it, but it's all in all a great perk when you purchase.
In summation the tax credit applies to first-time buyer home purchases of a principal residence between April 9, 2008 and July 1, 2009. So, when a buyer files their income taxes for the year the home was purchased, they may be able to subtract $7500 from the amount of federal income tax liability, which will either increase their tax refund or reduce the amount of tax still owed.
The total credit is equal to 10% of the purchase price up to $7500. There is also a income limit where as a single person your adjusted gross income must be $75,000 or less and individuals who file jointly may have an income of no more than $150,000.
However, this tax credit has to be paid back. Repayment begins 2 years after the credit is claimed and must be repaid within 15 years. That's roughly around $500 per year without interest. That's right, interest free! Not so bad, right?
More often than not first time buyers close their new home purchase having exhausted most if not all of their savings. As they are confronted with a mortgag payment that exceeds what their accustomed to paying in rent. They may have a home to furnish, possible redecorating costs, and not to mention homes that require repairs or improvements (roof, flooring, windows, etc). The tax credit would help alleviate the burden of having to put it on a credit card and pay interest rates of 15%+
Other savings include using the tax credit to pay down your mortgage. $7500 will not reduce your monthly payment but the real benefit is: the outstanding balance reduced by $7500 and each future mortgage payment results in savings in mortgage interest and increased mortgage reduction. With each monthly payment more money goes to reducing the mortgage balance and less is applied in interest. The benefit over the term of the mortgage in interest savings and mortgage reduction will be quite surprising.
So whether your using the credit towards repairs or paying down your mortgage, this tax credit is another great reason why it's such a great time to buy. For more information on the tax credit please read the links below for other frequently asked questions!
In summation the tax credit applies to first-time buyer home purchases of a principal residence between April 9, 2008 and July 1, 2009. So, when a buyer files their income taxes for the year the home was purchased, they may be able to subtract $7500 from the amount of federal income tax liability, which will either increase their tax refund or reduce the amount of tax still owed.
The total credit is equal to 10% of the purchase price up to $7500. There is also a income limit where as a single person your adjusted gross income must be $75,000 or less and individuals who file jointly may have an income of no more than $150,000.
However, this tax credit has to be paid back. Repayment begins 2 years after the credit is claimed and must be repaid within 15 years. That's roughly around $500 per year without interest. That's right, interest free! Not so bad, right?
More often than not first time buyers close their new home purchase having exhausted most if not all of their savings. As they are confronted with a mortgag payment that exceeds what their accustomed to paying in rent. They may have a home to furnish, possible redecorating costs, and not to mention homes that require repairs or improvements (roof, flooring, windows, etc). The tax credit would help alleviate the burden of having to put it on a credit card and pay interest rates of 15%+
Other savings include using the tax credit to pay down your mortgage. $7500 will not reduce your monthly payment but the real benefit is: the outstanding balance reduced by $7500 and each future mortgage payment results in savings in mortgage interest and increased mortgage reduction. With each monthly payment more money goes to reducing the mortgage balance and less is applied in interest. The benefit over the term of the mortgage in interest savings and mortgage reduction will be quite surprising.
So whether your using the credit towards repairs or paying down your mortgage, this tax credit is another great reason why it's such a great time to buy. For more information on the tax credit please read the links below for other frequently asked questions!
Buying a Home - 10 Deadly Buyer Mistakes
If you're consdering purchasing a home in the near future keep reading and make sure to protect your self from these common pitfalls.
1. Making an offer on a home without being prequalified. Prequalification will make your life easier - so take the time to speak with a lender. Their specific questions in regard to income, debt, etc., will help you determine the price range you can afford. It is an important step on the path to home ownership.
2. Not having a home inpsection. Trying to save money today can end up costing you tomorrow. A qualified home inspector will detect issues that many buyers can overlook.
3. Limiting your search to open houses, ads, or the internet. Many homes listed in magazines or on the internet have already been sold. Your best course of action is to contact a Realtor. They have up-to-date information that is unavailable to the general public and are the best resource to help find the home you want.
4. Choosing a real estate agent who is not committed to forming a strong business relationship with you. Making a connection with the right Realtor is crucial. Choose a professional who is dedicated to serving your needs-before, during, and after the sale.
5. Thinking there is only one perfect house out there. Buying a home is a process of elimination, not selection. New properties arrive on the market daily, so be open to all possibilities. Ask your Realtor for a comparative market analysis. This compares similar homes that have recently sold, or are still for sale.
6. Not considering long-term needs. It is important to think ahead. Will the home suit your needs 3-5 years from now.
7. Not examining insurance issues. Purchase adequate insurance agent can provide you with answers to any concerns you may have.
8. Not buying a home protection plan. This is essentially a mini insurance policy that usually lasts one year from the close of escrow. It usually covers basic repairs you may encounter and can be purchased for a nominal fee. Talk to your agent to help you find the protection plan you need.
9. Not knowing total costs involved. Early in the buying process, ask your Realtor or lender for an estimate of closing costs. Title company and attorney fees should be considered. Pre-pay responsibilities such as Homeowner Association fees and insurance must also be taken into account. Remember to examine your settlement statement prior to closing.
10. Not following through on due dilligence. Buyers should make a list of concerns they have relating to issues such as; crime rates, schools, power lines, neighbors, environmental conditions, etc. Ask the important questions before you make an offer on a home. Be diligent so that you can have confidence in your purchase.
1. Making an offer on a home without being prequalified. Prequalification will make your life easier - so take the time to speak with a lender. Their specific questions in regard to income, debt, etc., will help you determine the price range you can afford. It is an important step on the path to home ownership.
2. Not having a home inpsection. Trying to save money today can end up costing you tomorrow. A qualified home inspector will detect issues that many buyers can overlook.
3. Limiting your search to open houses, ads, or the internet. Many homes listed in magazines or on the internet have already been sold. Your best course of action is to contact a Realtor. They have up-to-date information that is unavailable to the general public and are the best resource to help find the home you want.
4. Choosing a real estate agent who is not committed to forming a strong business relationship with you. Making a connection with the right Realtor is crucial. Choose a professional who is dedicated to serving your needs-before, during, and after the sale.
5. Thinking there is only one perfect house out there. Buying a home is a process of elimination, not selection. New properties arrive on the market daily, so be open to all possibilities. Ask your Realtor for a comparative market analysis. This compares similar homes that have recently sold, or are still for sale.
6. Not considering long-term needs. It is important to think ahead. Will the home suit your needs 3-5 years from now.
7. Not examining insurance issues. Purchase adequate insurance agent can provide you with answers to any concerns you may have.
8. Not buying a home protection plan. This is essentially a mini insurance policy that usually lasts one year from the close of escrow. It usually covers basic repairs you may encounter and can be purchased for a nominal fee. Talk to your agent to help you find the protection plan you need.
9. Not knowing total costs involved. Early in the buying process, ask your Realtor or lender for an estimate of closing costs. Title company and attorney fees should be considered. Pre-pay responsibilities such as Homeowner Association fees and insurance must also be taken into account. Remember to examine your settlement statement prior to closing.
10. Not following through on due dilligence. Buyers should make a list of concerns they have relating to issues such as; crime rates, schools, power lines, neighbors, environmental conditions, etc. Ask the important questions before you make an offer on a home. Be diligent so that you can have confidence in your purchase.
Thursday, January 8, 2009
If home prices drop, so should property taxes, right? I would strongly suggest any and all homeowners who are living in a declining area to initiate a property tax appeal. I've done it for several clients. Its really quite simple, it just takes the County some time (I'm talking months) to review and respond. So, what are you waiting for?
Below is an article I found on Realtor Magazine pertaining to the assessment.
Time to Appeal That Tax Bill?
In these uncertain times, many home owners have had to face the fact that the current market value of their homes is less than they once thought. Yet, most of these home owners continue to pay property taxes based on that higher value.
Higher taxes may also make a property less appealing and affordable to buyers, since higher taxes will increase their overall costs, at least until the property is reassessed. That’s why it’s a smart strategy to advise past clients who might be considering a sale to appeal their property taxes at the next opportunity.
Evaluating Your Assessment
The vast majority of taxing jurisdictions throughout the United States assess residential property based on market value: the amount a willing buyer would pay a willing seller without duress. However, assessments are generally not reviewed on an annual basis, so a property’s assessment will never be 100 percent of market value.
To compensate, taxing bodies apply an equalization ratio, which is designed to ensure that assessments are relatively equal among different taxing districts to all assessed values. For example, a property worth $100,000 with an equalization ratio of 50 percent would be assessed at $50,000. Home owners can obtain their equalization ratio from local taxing authorities.
If, after a review with a residential broker or appraiser, a home’s assessed value seems out of line with current market values, the home owner should undertake an investigation to determine what might have caused the incorrect valuation. Here are some steps for your client to follow.
1. Arrange a visit with the local tax assessor and request a complete copy of the home’s tax records. Property record cards are public records and are universally available.
2. Pay particular attention to the market comparables listed on the property record card. These recently sold homes are the basis for the assessor’s valuation of your client’s home. Visit those houses or view them online, and compare them to the client’s house.
3. Take the appropriate equalization ratio and multiply the market value you believe appropriate for the home by that rate. If the number is lower than the current assessment, your client should file a tax appeal.
Filing an Appeal
Most home owners should be able to properly file the appeal without counsel, but most jurisdictions require a licensed real estate appraiser to prepare an expert analysis of local market values for the local tax board.
Home owners should work closely with the appraiser to review all the amenities and issues that might affect the valuation of their home. Many times an appraiser may not be aware of construction, zoning, or general neighborhood issues that negatively affect value.
Real estate brokers familiar with the property and the area may also be a valuable resource for this type of information. They may also be able to assist the appraiser in determining which properties are the best comparables for a particular home. All of the appraiser’s conclusions need to be properly documented with supporting evidence in the appraisal report that will be submitted with other supporting paperwork prior to the hearing.
In addition to compiling evidence, the taxpayer should take care to learn and follow the rules of the local board of assessment review. Each taxing jurisdiction has appropriate appeal forms. It is also critical to determine the deadline for filing an appeal.
The final step in an appeal is a hearing before the assessment appeal board. Proper preparation is the key to a successful hearing. The home owners and the appraiser should prepare a script detailing the important points that need to be made during the appraiser’s testimony in order to prove a lower market value and assessment.
The key focus should be comparing the home in question with every presented comparable. The appraiser should be prepared to analyze each important amenity and discuss how it positively or negatively affects value.
During uncertain economic times, the effort of appealing a property tax bill reduction may prove well worth the time and effort involved.
Tax Assessment Application
Below is an article I found on Realtor Magazine pertaining to the assessment.
Time to Appeal That Tax Bill?
In these uncertain times, many home owners have had to face the fact that the current market value of their homes is less than they once thought. Yet, most of these home owners continue to pay property taxes based on that higher value.
Higher taxes may also make a property less appealing and affordable to buyers, since higher taxes will increase their overall costs, at least until the property is reassessed. That’s why it’s a smart strategy to advise past clients who might be considering a sale to appeal their property taxes at the next opportunity.
Evaluating Your Assessment
The vast majority of taxing jurisdictions throughout the United States assess residential property based on market value: the amount a willing buyer would pay a willing seller without duress. However, assessments are generally not reviewed on an annual basis, so a property’s assessment will never be 100 percent of market value.
To compensate, taxing bodies apply an equalization ratio, which is designed to ensure that assessments are relatively equal among different taxing districts to all assessed values. For example, a property worth $100,000 with an equalization ratio of 50 percent would be assessed at $50,000. Home owners can obtain their equalization ratio from local taxing authorities.
If, after a review with a residential broker or appraiser, a home’s assessed value seems out of line with current market values, the home owner should undertake an investigation to determine what might have caused the incorrect valuation. Here are some steps for your client to follow.
1. Arrange a visit with the local tax assessor and request a complete copy of the home’s tax records. Property record cards are public records and are universally available.
2. Pay particular attention to the market comparables listed on the property record card. These recently sold homes are the basis for the assessor’s valuation of your client’s home. Visit those houses or view them online, and compare them to the client’s house.
3. Take the appropriate equalization ratio and multiply the market value you believe appropriate for the home by that rate. If the number is lower than the current assessment, your client should file a tax appeal.
Filing an Appeal
Most home owners should be able to properly file the appeal without counsel, but most jurisdictions require a licensed real estate appraiser to prepare an expert analysis of local market values for the local tax board.
Home owners should work closely with the appraiser to review all the amenities and issues that might affect the valuation of their home. Many times an appraiser may not be aware of construction, zoning, or general neighborhood issues that negatively affect value.
Real estate brokers familiar with the property and the area may also be a valuable resource for this type of information. They may also be able to assist the appraiser in determining which properties are the best comparables for a particular home. All of the appraiser’s conclusions need to be properly documented with supporting evidence in the appraisal report that will be submitted with other supporting paperwork prior to the hearing.
In addition to compiling evidence, the taxpayer should take care to learn and follow the rules of the local board of assessment review. Each taxing jurisdiction has appropriate appeal forms. It is also critical to determine the deadline for filing an appeal.
The final step in an appeal is a hearing before the assessment appeal board. Proper preparation is the key to a successful hearing. The home owners and the appraiser should prepare a script detailing the important points that need to be made during the appraiser’s testimony in order to prove a lower market value and assessment.
The key focus should be comparing the home in question with every presented comparable. The appraiser should be prepared to analyze each important amenity and discuss how it positively or negatively affects value.
During uncertain economic times, the effort of appealing a property tax bill reduction may prove well worth the time and effort involved.
Tax Assessment Application
Rates have hit a 4 year low!!! As of yesterday...as of yesterday rates for a 30 year fixed were as low as 4.875%. Now that's something to smile about Get off that fence and take advantage of these rates while we can, not to mention the still declining property values in certain areas. Now is time for people to look into building their real estate portfolio. If you don't have an income property you should be looking into it now, who knows how long this buyer's market will last. Signs of an upward shift are evident in areas such as Mission Hills, Bay Park, Pacific Beach, and La Jolla. For those people that are waiting for the market to bottom out, I ask, how will you know once the market has hit it's bottom? In my opinion, the only way to really know the market has bottomed out is by seeing it bounce back and by that time you've missed the boat.
Below is an article posted by InMan News on the amazing recent decline in interest rates.
Mortgage rates hit 4-year low
Purchase applications down in latest survey
Rates for 30-year fixed-rate mortgages are at a four-year low this week after a government report of massive layoffs in November pushed bond yields down, Freddie Mac reported.
The 30-year fixed-rate mortgage averaged 5.47 percent with an average 0.7 point for the week ending Dec. 11, down from 5.53 percent last week and 6.11 percent a year ago. The rate hasn't been lower since March 25, 2004, when it averaged 5.4 percent.
The 15-year fixed-rate mortgage averaged 5.2 percent with an average 0.7 point, down from 5.33 last week and 5.78 percent a year ago.
"Following the release of the November employment report, which showed the largest monthly decline in jobs since December 1974, bond yields fell slightly this week allowing fixed-rate mortgage rates room to ease back a little further," said Frank Nothaft, Freddie Mac vice president and chief economist.
Rates on adjustable-rate mortgages, however, headed in the opposite direction.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.82 percent with an average 0.6 point, up from 5.77 last week but down from 5.89 percent a year ago.
One-year Treasury-indexed ARMs averaged 5.09 percent with an average 0.4 point, up from 5.02 percent last week but down 5.5 percent from a year ago.
Looking back to the week ending Dec. 5, the Mortgage Bankers Association said applications for mortgages fell 7.1 percent on a seasonally adjusted basis, with applications for purchase loans falling 17.4 percent. Applications for refinance loans were essentially flat, declining by 0.9 percent from the previous week, the MBA said in releasing the results of its weekly survey.
Below is an article posted by InMan News on the amazing recent decline in interest rates.
Mortgage rates hit 4-year low
Purchase applications down in latest survey
Rates for 30-year fixed-rate mortgages are at a four-year low this week after a government report of massive layoffs in November pushed bond yields down, Freddie Mac reported.
The 30-year fixed-rate mortgage averaged 5.47 percent with an average 0.7 point for the week ending Dec. 11, down from 5.53 percent last week and 6.11 percent a year ago. The rate hasn't been lower since March 25, 2004, when it averaged 5.4 percent.
The 15-year fixed-rate mortgage averaged 5.2 percent with an average 0.7 point, down from 5.33 last week and 5.78 percent a year ago.
"Following the release of the November employment report, which showed the largest monthly decline in jobs since December 1974, bond yields fell slightly this week allowing fixed-rate mortgage rates room to ease back a little further," said Frank Nothaft, Freddie Mac vice president and chief economist.
Rates on adjustable-rate mortgages, however, headed in the opposite direction.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.82 percent with an average 0.6 point, up from 5.77 last week but down from 5.89 percent a year ago.
One-year Treasury-indexed ARMs averaged 5.09 percent with an average 0.4 point, up from 5.02 percent last week but down 5.5 percent from a year ago.
Looking back to the week ending Dec. 5, the Mortgage Bankers Association said applications for mortgages fell 7.1 percent on a seasonally adjusted basis, with applications for purchase loans falling 17.4 percent. Applications for refinance loans were essentially flat, declining by 0.9 percent from the previous week, the MBA said in releasing the results of its weekly survey.
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