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Tuesday, July 17, 2012
Emerald Coast On The Rise
Thursday, July 12, 2012
Home Ownership
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Wednesday, July 11, 2012
Housing Bust Is Over!
NEW YORK (CNNMoney) -- Mortgage rates fell again this week, smashing previous record lows, according to a regular weekly release from mortgage giant Freddie Mac.
The rate for a 30-year, fixed-rate loan, the most popular mortgage product, dropped to 3.62% from 3.66% last week. The rate has matched or hit a new low for 10 of the past 11 weeks, Freddie Mac said. Meanwhile, the 15-year fixed rate fell to 2.89%, down from 2.94%.
"Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week, and allowed fixed mortgage rates to hit new all-time record lows," said Frank Nothaft, Freddie Mac's chief economist.
The 15-year fixed-rate mortgage is popular among homeowners who are seeking to refinance or to trade-up and minimize their total interest payments. At the current rate, a borrower financing $200,000 would pay $1,370 a month and spend a total of just under $47,000 in interest over the 15-year span of the mortgage.
Buyers who want to minimize their monthly payments by opting for a 30-year loan would have payments of just $911 a month on a $200,000 loan. But they would pay $128,000 in interest over the life of the loan.
Monday, July 9, 2012
Mortgage Market Makeover
Agency plans home mortgage market makeover
WASHINGTON – July 9, 2012 – The Consumer Financial Protection Bureau says it’s planning for some major changes to the home mortgage market in the next six months. Its main goal: to improve the fairness and clarity for borrowers applying for home mortgages.
The newly created agency has made the mortgage market its top agenda item.
“It’s the market where consumers have the most at risk, and they have the most at stake,” Richard Cordray, the bureau’s director, told The New York Times. “I expect that the mortgage market in the fairly near term will look different in the sense that, first of all, it will be a clearer and more straightforward place for consumers; and second, it will be a more reliable market.”
As a first step, the agency says it will propose new lender rules later this summer for revising “good faith estimate” forms, the forms which homebuyers receive before closing that lists borrowers’ costs. The agency wants the forms to clearly state the interest rate on the loan that borrowers will pay, how this rate potentially could change over the term of the loan, and exactly how much cash they’ll need at closing.
The agency says the changes will help make often-confusing forms more understandable and complete for buyers.
The agency also has plans to overhaul how mortgage servicers provide services to borrowers facing foreclosure, requiring clearer information and improved service options.
“If we do all of those things from beginning to end, I think the mortgage process will work better,” Cordray said. “And that’s good for the economy.”
Source: “New Agency Plans to Make Over Mortgage Market,” The New York Times (July 5, 2012)
The newly created agency has made the mortgage market its top agenda item.
“It’s the market where consumers have the most at risk, and they have the most at stake,” Richard Cordray, the bureau’s director, told The New York Times. “I expect that the mortgage market in the fairly near term will look different in the sense that, first of all, it will be a clearer and more straightforward place for consumers; and second, it will be a more reliable market.”
As a first step, the agency says it will propose new lender rules later this summer for revising “good faith estimate” forms, the forms which homebuyers receive before closing that lists borrowers’ costs. The agency wants the forms to clearly state the interest rate on the loan that borrowers will pay, how this rate potentially could change over the term of the loan, and exactly how much cash they’ll need at closing.
The agency says the changes will help make often-confusing forms more understandable and complete for buyers.
The agency also has plans to overhaul how mortgage servicers provide services to borrowers facing foreclosure, requiring clearer information and improved service options.
“If we do all of those things from beginning to end, I think the mortgage process will work better,” Cordray said. “And that’s good for the economy.”
Source: “New Agency Plans to Make Over Mortgage Market,” The New York Times (July 5, 2012)
Friday, July 6, 2012
Tuesday, July 3, 2012
Green Clean!
Green Housecleaning Makes a Healthier Home
Green cleaning is on the rise. Many homeowners and professional housecleaners are trading their bleach, pine-scented and other potentially toxic cleaning chemicals in for more environmentally friendly and all-natural cleaners.
"Spraying potentially toxic chemical-based cleaners into the air, pouring them down the sink or dumping them in landfills has a negative effect on both our health and our environment," says Angie's List founder Angie Hicks. "Your home no longer needs to smell like bleach or other chemicals to be considered clean. There are plenty of all-natural cleaning products that do an equally effective job, are easy on your pocketbook and are better for you and your family's health and for Mother Earth."
Many professional housecleaners are relying on biodegradable, non-toxic cleaners like baking soda, white distilled vinegar and some essential oils with disinfectant qualities (lemon, tea tree oil and eucalyptus, for example) to clean and disinfect. Distilled vinegar, for example, will kill nearly all bacteria with which it comes into contact, while baking soda is great for scrubbing out stains and even freshening up carpets and sink drains. Some cleaning companies make a concerted effort to find other ways to further reduce their environmental impact, like cleaning and reusing towels and rags instead of using and throwing away power towels or sponges.
"As awareness for eco-friendly cleaning increases, many cleaning companies are turning exclusively to non-toxic products or are willing to supply them at a customer's request," Hicks says. "Homeowners interested in hiring an eco-friendly housecleaner should still do their research before they hire and ask what products the housecleaner plans to use. Also check that the housecleaner is licensed, insured and bonded. That protects the company and the homeowner in the event an employee is injured on the job or damages property.
Consumers interested in purchasing eco-friendly cleaning products should always read the ingredient list to determine what the product is really made from. Many over-the-counter cleaning products are touted by the manufacturer as being green but still contain chemicals.
"It's never too late to go green when you clean," Hicks says. "Box up all those chemicals you no longer want and take them to a local hazardous waste center. Replace them with all-natural cleaning products or by using an eco-friendly cleaning service. Your home will still smell and look great."
Professional housecleaners are often a great value for busy homeowners, as they are often able to do the job in a fraction of the time it would take the average homeowner. Some professionals offer one-time cleans or can set you up on a less frequent rotation.
A typical cleaning includes dusting, vacuuming, mopping, cleaning of bathrooms and wiping down of all hard surfaces. There are projects many cleaners won't take on or will charge extra for, like doing dishes, laundry, washing windows; or deeper cleans, like refrigerators, cabinets and stoves.
Always spell out your expectations before you hire and make sure you are clear on how the company bills its customers.
To keep your home cleaner longer, professional housecleaners recommend minimizing clutter and sweeping and vacuuming between cleanings.
Copyright© 2012 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.
Summer Renovations
Getting Ready for Summer Renovations?
Remember - a home is a system of electrical, heating, lighting networks which work together to create a warm and safe abode. So, an important part of all summer renovations is the careful consideration of the electrical wiring in your home.
If you're planning on building a recreation room, enhancing your kitchen or making over your living room, you should design your layouts around each room's key features. So, keep in mind where all electrical outlets will need to be for lights, appliances and electronics. Considering heated floors or ceiling fans? You will need a reliable, well-trained electrician to plan out the installation of these features and determine how to best install electrical wiring.
Wall plans are also required in order to lay out your house wiring. You'll have to ensure that you enlist the help of a professional electrician to help you draw out the plans in advance so that you can get the necessary permits without delay. You may find your electrical wiring needs upgrading to maintain safety in your home and meet housing standards. As such, renovation jobs can take longer than originally planned; so, always add extra time to allow for setbacks.
If you are tearing down any walls in your home, make sure that an electrician determines where all electrical wiring is located. Once you begin the process, it may be too late to employ a quick fix if something goes wrong.
Extra-Low Mortgage Rates
3 Reasons Not to Refinance at Extra-Low Rates
Here are 3 warning signs for not refinancing your home at a lower rate:
-You're one of the many homeowners who owe more than what the home is worth. Lenders may ask you to pay a higher rate of interest, perhaps a quarter or half percent more than the average national home loan interest rate, mortgage brokers say. Even worse, a prospective lender may ask you to pay property mortgage insurance, which will add thousands of dollars to the cost of your loan, says Deerfield Beach, Fla., financial planner Blair Shein.
-There's a chance you might move to take a new job. If you don't stay in your home for at least two years then you may actually lose money on refinancing, says Plantation, Fla., financial planner Matt Saneholtz, who is president of the Financial Planning Association of Greater Fort Lauderdale. That's because you won't have time to recoup the closing costs, he said.
-You will end up paying more. If you have less than five years to pay, then you will generally pay more if you take out a longer loan, even if it offers a much lower interest rate, Shein said. That's because the longer loan length means more interest costs although your monthly payment will be smaller, he says. You only come out ahead if you continue making your existing loan's bigger payments on the new loan. That will ensure you will pay less interest - and pay off the loan even quicker, he said. "But the reality is that most people don't that," Shein says.
Homeowners should examine all the costs before signing up for a new loan. "Do the math," financial planner Saneholtz says. And beware of the hidden closing costs: You may not have to pay any when you sign for the mortgage, but those costs will be added to your new loan - often involving thousands of dollars, he says.
©2012 Sun Sentinel (Fort Lauderdale, Fla.) Distributed by MCT Information Services and RISMedia
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