Thursday, September 29, 2011

What Credit Score Gets the Lowest Interest Rates

Courtesy of The Mortgage Experts


Question: As a buyer you can get the best interest rate if you have a good credit score. What is the lowest credit score necessary to get the best interest rate?

Here's the answer: For a conventional loan, a borrower needs a 740 credit score to get the lowest interest rates. For every 20 points lower than 740, Fannie Mae charges a fee, which in turn raises the interest rate (or lowers the credit the lender gives the borrower). The fee that Fannie Mae charges also depends on the size of the down payment, so it is impossible to say exactly how much the interest rate will go up, just by knowing the credit score.

For government loans (FHA and VA loans), everyone with a score above 660 gets the lowest interest rate. If the borrower’s score is between 640 and 660, they will pay a higher rate, and if the score is below a 640, they will pay the highest rate.

It’s also important to note that for conventional loans, the mortgage insurance payment gets higher as the scores go down. For FHA loans, mortgage insurance does not depend on credit scores. For VA loans, there is no mortgage insurance.


Getting a loan approved is easy - if you know what to do. The Mortgage Experts know what to do!!!

Make sure you check out our web site:
www.mtgsupportservices.com


By the way, don't forget to refinance your current mortgage. Rates are very, very low right now. Don't miss out! Call us today to get the details for your particular situation.

Tuesday, September 27, 2011

5 Ways to Lower Your Lighting Costs


Do Your Part: 5 Ways to Lower your Lighting Costs
(Courtesy of RisMedia)
By Terri Bennett
RISMEDIA, Tuesday, September 27, 2011— (MCT)—Looking for ways to lower your utility bills? Lowering the amount of energy you use to light your home is one place to start. About 20 percent of your monthly energy usage goes toward illuminating your home, and slashing that bill takes a little more effort than simply turning off the lights. Here are my top five ways to cut your lighting costs so you can Do Your Part and turn on instant savings.

1. Pick the Best Bulb

There are more energy-efficient light bulbs to choose from than ever. Start by migrating to more efficient bulbs as your old ones burn out. Newer bulbs can outlast traditional ones by up to 10 times and can save you up to 75 percent in lighting costs. However, you really need to know which kind of bulb is best for the various fixtures throughout your home. For example, Compact Fluorescent Light bulbs (CFLs) shouldn’t be used in a dimmable or 3-way fixture unless it is specifically designed for that use. Choosing the wrong bulb will drastically shorten its lifespan and ultimately waste your money.

2. Turn It Off

You always heard it growing up—“Turn off the lights when you leave the room.” This is clearly an easy way to lower your energy costs but it’s not always true. If you are using fluorescent bulbs and only plan to leave the room for a few minutes, it’s best to leave the lights on. Frequent on/off cycling can reduce the lifespan of fluorescent bulbs.

3. Use a Timer
Sometimes there’s a need to leave the light on, but not continuously. In that case, opt for a timer and then you won’t have to remember to flick the switch— ever! Choose a mechanical timer over electronic or digital timers, which can shorten the lifespan of some CFL bulbs.

4. Turn the Lights Down Low
Putting dimmers on your lights not only lets you control the mood in any room, it can also save money and extend the life of the bulb. Just be sure the label states that the bulb is intended to be used with a dimmer.

5. Let Motion Sensors Do the Work

Finally, consider motion sensors. This way, lights come on when motion is detected and turn off when no activity is detected over a selected period of time. This is ideal for security lights outside but you can also install motion sensors indoors.

There are more ways than one to light your home for less. Whether you decide on different bulbs or other ways to conserve electricity, you will Do Your Part to use less energy and keep money in your wallet—without being left in the dark.

Terri Bennett is a veteran TV meteorologist, syndicated columnist, and host of DoYourPart.com.

© 2011, Terri Bennett Enterprises, LLC. ALL RIGHTS RESERVED.

Friday, September 16, 2011


Traditional investments are delivering low returns, and home prices are at bargain levels. Is it time to consider buying some rental housing?
Illustration by Scott Pollack
Investing in real estate right now can be surprisingly profitable, if everything goes well. Rents are climbing in many areas, and more properties may be coming on the market. Last month, the Obama administration asked for proposals on how to convert at least some of Fannie Mae's and Freddie Mac's bulging inventories of foreclosed homes into affordable rentals.
Investors used to aim for rents that were 1% of the purchase price, or $1,000 a month for a $100,000 home—an annual gross return of 12%—says Michael McCreary. His firm, McCreary Realty, manages about 300 properties in the Atlanta area. Today, he says, some of his investors are getting as much as 2% of the purchase price.
In general, though, average returns after expenses are far less, more like 5% to 6% of the property value, says Ingo Winzer, president of Local Market Monitor, a real-estate forecasting firm. But that still is well above what many other investments yield.
Before you start scouring for deals, keep in mind that owning rental properties is time-consuming, expensive and fraught with challenges, and many investors lose money. You will want to avoid falling into one of these common traps.
• Mistake 1: Confusing a cheap deal for a good deal.
It is true that you can buy some homes for ridiculously low prices—but that doesn't mean you can rent them out. Homes in deserted subdivisions aren't any more appealing to renters than they are to buyers. The same is true for less-attractive properties or those in less-desirable school districts.
Investors from the San Francisco area often look at the Sacramento market assuming they can get Bay Area-like rents, and end up overpaying, says Robert A. Machado of HomePointe Property Management. He uses several resources, including the website FinestExpert.com, to estimate rents. Other experts suggest canvassing apartments nearby to see not just their rates, but whether they are offering special deals, like a couple of months of free rent.
• Mistake 2: Overlooking key costs.
Knowing the potential rent isn't enough. Before you buy a property, you should also factor in closing costs of 3% to 6%, the costs to fix up the place and maintain it, and your holding costs. Then add the profit you expect to make (and more closing costs, if you intend to turn around and sell it). Only then can you figure out what you can afford to pay.
• Mistake 3: Forgetting that time is money.
In real estate, "time is your biggest enemy," says David Hicks, co-president of HomeVestors of America, a franchiser whose motto is "We Buy Ugly Houses." You lose money when your property is empty, whether you are painting it or between tenants. You also lose if you buy in the fall and can't replace the roof until spring. You may be better off accepting a lower rent than waiting for a higher-paying tenant.
• Mistake 4: Assuming you will sit back and watch the rent roll in.
"When you become a landlord, you become a rent collector," says Mark Kreditor of Get There First Realty, which manages 1,600 rentals in the Dallas-Fort Worth area.
Just like homeowners who can't pay the mortgage, tenants lose their jobs and stop paying the rent. Evicting them can take several weeks, and some steal appliances or other property. Mr. Kreditor says that once or twice a month, a tenant removes a home's copper tubing on the way out the door to sell the copper for its meltdown value.
You will need to screen prospective tenants carefully—or pay someone to do it for you.
• Mistake 5: Underestimating repair costs.
As with all homes, you will be making lots of repairs. You may find wood rot or mold when you remove that cracked bathtub. Carpet in rental homes typically must be replaced every five years, and you may have to repaint after every tenant. Tony A. Drost, president of the National Association of Residential Property Managers, or Narpm, suggests setting aside six months of expenses so that you will have funds if a major repair is needed.
• Mistake 6: Assuming that owning a rental is the same as owning a home.
You might put up with flaws in a home that a renter wouldn't tolerate. In addition, many states and communities have strict (and complex) laws for landlords, even if you own only one property. A property manager can handle most of the headaches, but you should expect to pay one up to a month of rent for finding and screening tenants—and up to 10% of the monthly rent for management fees.
You can find property managers through the websites of trade groups Narpm and the Institute of Real Estate Management. In addition, many communities have local Real Estate Investor Associations, which can provide support.
Write to Karen Blumenthal at karen.blumenthal@wsj.com

Wednesday, September 14, 2011

We are honored that Re/Max is ranked highest among buyers and sellers by J.D. Powers. What an honor!!

Tuesday, September 6, 2011

Moving Your Pet

(courtesy of Relocating in KC Magazine)

Your new home wouldn't be the same without your family pet, yet he or she might not be the same without some special attention during the stress of moving. Here's what you can do.

Pets - like people - react to change much the same way humans do, and in some ways, a pet's needs are not terribly different from those of their owners.

    - Maintain your pet's routine as much as possible. Feed, exercise and play with it at the same times as usual.
    - Consider keeping your pet at a friend's home while you're packing and moving so it doesn't become upset.
    - Minimize digestive upsets with special foods. Pheromones might also calm stressed pets. Use dog- and cat-appeasing pheromones in an outlet for two weeks before and after your move.
    - Don't use sedatives, especially on planes, but Dramamine can help them combat motion sickness.
    - Prepare your animal for flight a month before by getting it used to its carrier. Make it a familiar, comfortable place by keeping treats or a favorite blanket or toy inside.
    - Keep your pet under your plane seat if it meets weight requirements, or you can choose to stow it in the cargo compartment, which is air-conditioned and pressurized. You must have a health certificate from your vet to transport an animal this way.
    - Put your pet in an insulated carrier to minimize large temperature shirts, especially during plane travel.
    - Check to see if your airline provides a personal hand-carrying service. Be sure to leave instructions and include the last time your pet ate and drank or had a bathroom break.
    - If you're driving to your new location with your pet, make sure it has access to water and be prepared to stop regularly. Never leave your animal in a car in hot weather, but if you must, purchase grills to put up in place of windows so air can move through the car.
    - Before leaving town, get your pet one last check-up, including vaccinations, medications and records.
    - Drive to the nearest 24-hour emergency vet clinic immediately after your move so you are prepared should a situation arise.

    Sunday, September 4, 2011

    30-Year Mortgage Rates Hit Record Low

    Mortgage rates posted mixed results this week, but the benchmark conforming 30-year fixed mortgage rate fell to a record low of 4.41 percent, according to Bankrate.com’s weekly national survey. The average 30-year fixed mortgage has an average of 0.43 discount and origination points. The previous record low of 4.42 percent was set in October and November of 2010.

    The average 15-year fixed mortgage increased to 3.63 percent while the larger jumbo 30-year fixed rate bounced to 4.94 percent. Adjustable rate mortgages were mostly lower, with the average five-year ARM dropping to 3.12 percent and the 7-year ARM sinking to 3.27 percent. Both are record lows.

    Prevailing economic concerns have kept mortgage rates at historically low levels. The average 30-year fixed mortgage rate has been below five percent in all but 11 weeks during the past year, and never as low as this week. A widely anticipated speech by Fed Chairman Ben Bernanke and a full slate of economic data in the next 10 days will steer perceptions about the economy as well as the direction of mortgage rates.

    The last time mortgage rates were above six percent was Nov. 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now 4.41 percent, the monthly payment for the same size loan would be $1,002.70, a difference of $239 per month for anyone refinancing now.

    Survey Results
    • 30-year fixed: 4.41% — down from 4.45% last week (avg. points: 0.43)
    • 15-year fixed: 3.63% — up from 3.58% last week (avg. points: 0.32)
    • 5/1 ARM: 3.12% — down from 3.15% last week (avg. points: 0.36)

    Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

    For a full analysis of this week’s move in mortgage rates, go to http://www.bankrate.com.

    Friday, September 2, 2011

    The Best Established Neighborhoods

    According to Relocating in KC (Magazine)

    Live life comfortably in one of these 12 Kansas City favorites

    Brookside
    The charm of older homes is proudly maintained along well-manicure streets; just one of the hallmarks of Brookside - one of Kansas City's best-kept secrets. Brookside is a neighborhood celebrating diversity coupled with a solid reputation. May proud residents who grew up here have either never left or returned to raise their families.
    Built in the late 1920s by J.C. Nichols, this neighborhood appeals to many with distinctly different housing options, shopping, restaurants, and multiple subdivisions including Armour Hills, Astor Place, Morningside, Oak Meyer Garden, Rockhill Gardens, Rockhill Ridge & Tower Homes. The neighborhood's close proximity to the Country Club Plaza, the Nelson-Atkins Museum of Art & Kemper Museum of Contemporary Art further enhances the desirability of this friendly midtown Kansas City community.

    Waldo
    When it comes to convenience, count the Waldo neighborhood at the top of the list. nestled just south of Brookside, this attractive area is filled with local shopping and dining district, block after block of beautiful older two-and three-story homes, plus the Trolley exercise trail runs right through the center of this community. When you think of affordability with a high real-estate resale value a close-knit neighborhood, think Waldo.

    Hyde Park
    If you're looking for distinction, century-old Hyde Park is one of Kansas City's oldest, most unique neighborhoods. Today, the brass fixtures are shining, the leaded glass is sparkling, and the woodwork is glowing. Rejuvenated with a strong neighborhood association, stately homes featuring the grand craftsmanship of Victorian, Colonial Revival, Prairie and bungalows line the lush confines of this area.
    The Hyde Park Neighborhood Association cares about its citizens with committees ranging from beautification, crime watch, social planning and history. Neighbors work together to make this neighborhood a truly great place to live.

    Mission Hills
    Affluent Mission Hills is defined by 2.1 square miles of wooded hills, winding streams, stately homes and magnificently landscaped gardens. This area's small0town feel and tight neighborhood bond epitomizes upscale residential living at its finest.
    Known for well-maintained homes, this neighborhood of approximately 3,500 residents is perhaps one of Kansas City's most sought-after locations to live. Excellent schools and wide, tree-lined streets, many with golf-course frontage, bloom with a varied collection of architectural styles including French Colonial, Modern and Tudor.

    Union Hill
    Urban living is at the core of Union Hill's residential area. Older, single-family homes, many built around the turn of the century, mingle easily with newer lofts and condos.
    If urban living, with close proximity to downtown, Westport and the Plaza, is appealing, Union Hill offers a desirable location. This enclave of decorative "Painted Lady" Victorians and tidy rows of new condos, such as Founders at Union Hill and Gillham Row, entices residents to stay and become involved in the neighborhood renaissance.

    Parkville
    Here's a delightful riverfront community that flirts with a historic past. Built on limestone bluffs, wooded vistas and the Missouri River, the winding hills provide an enchanting backdrop for Kansas City's bedroom community.
    The shopping and dining district features a mix of mid-1800 to 1900 architecture, blending traditional homes with trendy new venues. Exceptional dining and shopping are complemented by a delightful historic downtown sidling right up to the mighty Missouri River.
    Visit the English Landing scenic waterfront park, stay and play a round of golf at The National, or visit Park University's eclectic cultural events. It's easy to become captivated with this small-town community's exceptional quality of life.

    Old Leawood
    An abundance of character is just part of the "City of Trees," otherwise known as Leawood. Picturesque stone houses and equally impressive large single-family developments highlight this city; one of the fastest-growing in Kansas. In the past 30 years, the city has grown dramatically to more than 32,000 residents.
    Leawood maintains its inviting tree-lined neighborhoods and distinctive, well-through-out retail and commercial development incorporated with a first-class park system, highly rated schools and superior housing. The city boasts one of the metro area's highest real estate values, translating into an industrious, affluent demographic that values an upwardly mobile lifestyle.

    Prairie Village
    Affectionately known as "The Village," this charming city has that quintessential small-town American feel. Construction in Prairie Village started in 1941, and by 1949, Mr. Nichols' dream became a reality when the city was named the best-planned community in America by the National Association of Home Builders.
    Prairie Village is the sixth largest in population in Johnson County with a residential population of approximately 21,700 within its 6.7-square-mile city limits. Today, Prairie Village preserves the ambiance of a village with livability of a neighborhood. the "village" lifestyle is enhanced by award-winning schools, multiple housing options, recreation and local commerce in pedestrian-friendly centers.

    Strawberry Hill
    Slovak and Croatian culture is deeply rooted in northeastern Wyandotte County's Strawberry Hill neighborhood. Within a 60-block area, new life is being pumped into this historic district. Strawberry hill's advantageous location, just minutes from downtown Kansas City, MO., is attracting new faces, sparking affordable residential and commercial building. Strawberry Hill's redevelopment is on the upswing. Nearly everything is within walking distance, from quaint storefronts and mom-and-pop shops to new townhouses mingling with stone-faced one- and two-story homes.

    Lake Lotawana
    Lakeside living is a mere 30 minutes from the city at Lake Lotawana, one of the area's oldest communities. Experience the pleasures of this deep and clear lakeside enclave located in eastern Jackson County, just off I-470. Approximately 2,000 residents enjoy a broad selection of activities including numerous boating groups and garden club. Housing ranges from small, second-home fishing cabins to million-dollar estates. This self-contained area is its own municipality with AAA-rated schools with a professional police and fire department.

    Lake Quivira
    On the Kansas side of the state line, another lakeside community spanning across 900 acres is hidden in gentle, rolling hills. Lake Quivira homes range from modest one- and two-story homes to multimillion-dollar residences. This private community boasts its own country club, 18-hole golf course and a variety of organized social activities. A flank of tennis courts, a sand beach fronting the 200-acre spring-fed lake, boating and fishing give you reason enough to never leave. If you do, however, there's easy access to nearby cultural and commercial centers. A family-friendly environment appeals to young families, retirees and singles.

    Sunset Hill
    The lush sanctuary just south of the Country Club Plaza is one of Kansas City's most beautiful neighborhoods. Sunset Hill captures the fancy of its residents who are devoted to maintaining their well-tended properties. Graced with unique homes located throughout the winding streets, the neighborhood prides itself on distinctive architecture. Nestled snugly against Loose Park, Sunset Hill is a hidden gem.