The kitchen is the heart of the home.
* Sand the butcher block and re-oil.
* Caulk the backsplash if there are gaps.
* For wood cabinets, you can strip the finish and re-staining or painting
* Buy new knobs for the cabinet doors. New hardware will transform the appearance of your cabinets.
* Replace an old kitchen faucet.
* Remember to trade out the fluorescent bulbs they have a funny look in some fixtures.
Thursday, February 25, 2010
Monday, February 22, 2010
One reason to buy now.
One reason to buy now.
A factor to consider is that FHA is tightening their guidelines. FHA is a loan program that has become increasingly popular over the last year. Buyers only need a 3.5% down payment and minimum 620 credit score. The Up Front mortgage insurance that is required is currently 1.75% of the loan amount, but will be increasing to 2.25% of the loan amount on April 5th. That’s a significant difference when looking at a mortgage! Along with the home buyers credits now is the time to make your move to home ownership.
A factor to consider is that FHA is tightening their guidelines. FHA is a loan program that has become increasingly popular over the last year. Buyers only need a 3.5% down payment and minimum 620 credit score. The Up Front mortgage insurance that is required is currently 1.75% of the loan amount, but will be increasing to 2.25% of the loan amount on April 5th. That’s a significant difference when looking at a mortgage! Along with the home buyers credits now is the time to make your move to home ownership.
Monday, February 15, 2010
Repeat Home Buyers Credit $6500
Did You Know?
The $6,500 Move-Up / Repeat Home Buyer Tax Credit summary
* To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
* The tax credit does not have to be repaid.
* The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
* The tax credit applies only to homes priced at $800,000 or less.
* The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
* Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
The $6,500 Move-Up / Repeat Home Buyer Tax Credit summary
* To be eligible to claim the tax credit, buyers must have owned and lived in their previous home for five consecutive years out of the last eight years.
* The tax credit does not have to be repaid.
* The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $6,500.
* The tax credit applies only to homes priced at $800,000 or less.
* The credit is available for homes purchased after November 6, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, the home purchase qualifies provided it is completed by June 30, 2010.
* Single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
Friday, February 12, 2010
$8000 First Time Home Buyers Credit
$8,000 First-time Home Buyer Tax Credit at a Glance
• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
• The $8,000 tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
• The tax credit does not have to be repaid.
• The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
• The tax credit applies only to homes priced at $800,000 or less.
• The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.
• For homes purchased on or after January 1, 2009 and on or before November 6, 2009, the income limits are $75,000 for single taxpayers and $150,000 for married couples filing jointly.
• For homes purchased after November 6, 2009 and on or before April 30, 2010, single taxpayers with incomes up to $125,000 and married couples with incomes up to $225,000 qualify for the full tax credit.
Here is the site to get information in the home buyers credits, or call me. 608-214-9844
http://ping.fm/pXRcR
http://ping.fm/pXRcR
Thursday, February 11, 2010
What is an Appraisal?
What is an Appraisal??
Real estate appraisal, of property is the service of developing the value of real property, usually its market value. The need for appraisals arises from the unique nature of property, whereas no two properties are identical, and all properties differ from each other in their location. This is the most important determinants of their value. So there does not exist a standard setting for the trading of property. The absence of a market-based pricing mechanism determines the need for an appraisal. Although some areas require no license, a real estate appraisal is generally performed by a licensed appraiser. If the appraiser's opinion is based on market value, then it must also be based on the highest and best use of the property. For mortgage valuations of improved residential property in the US, the appraisal is most often reported on a standardized form. Most consumers have their first contact with an appraiser when they seek financing on their home purchase. The property they desire must appraise to a certain value in order for the lender to approve the buyer’s loan.
Real estate appraisal, of property is the service of developing the value of real property, usually its market value. The need for appraisals arises from the unique nature of property, whereas no two properties are identical, and all properties differ from each other in their location. This is the most important determinants of their value. So there does not exist a standard setting for the trading of property. The absence of a market-based pricing mechanism determines the need for an appraisal. Although some areas require no license, a real estate appraisal is generally performed by a licensed appraiser. If the appraiser's opinion is based on market value, then it must also be based on the highest and best use of the property. For mortgage valuations of improved residential property in the US, the appraisal is most often reported on a standardized form. Most consumers have their first contact with an appraiser when they seek financing on their home purchase. The property they desire must appraise to a certain value in order for the lender to approve the buyer’s loan.
Wednesday, February 3, 2010
Home Buying, What’s Escrow
Home Buying, What’s Escrow
You'll probably hear the word escrow many times during your home buying transaction, and the term can be confusing, because it is used to describe different events that take place before and after the real estate settlement, the day of closing when the property becomes yours.
Let's take a look at the definition of the term escrow.
Escrow: Documents or something else of value, often money, held by a neutral third party in order to be used at a later date to fulfill an obligation.
Escrow During the Home Buying Process
Earnest Money Deposits If you are buying a home, your first exposure to escrow was probably associated with the earnest money deposits that accompanied your offer to purchase the house. That money likely went into someone's trust account, where it will remain , protected by that neutral third party, until it is credited to you when the transaction closes (or is dispersed in other ways if the transaction fails to close).
Escrow Agent You'll hear the term escrow used to describe the title company, attorney or another person who is hired to handle your closing transaction. That person is often called an escrow agent, because she maintains all documents and funds related to the transaction until the day of closing.
Lender Escrow Accounts The term escrow is used again to describe accounts your lender sets up in order to pay your home insurance and property taxes when they become due. Remember the initials PITI? You saw them when the lender calculated your projected monthly payment. Those letters stand for the components of each payment:
o P, Principal
o I, Interest
o T, Taxes
o I, Insurance
Tax and insurance bills are typically sent directly to your lender. Both of those bills are paid annually, but most lenders require you to pay 1/12th of the annual bill each month. The lender deposits the partial payments in an escrow account, where they'll accumulate until it's time to pay your taxes and insurance the following year.
You'll begin funding your your escrow accounts by making a payment into them at closing.
You'll probably hear the word escrow many times during your home buying transaction, and the term can be confusing, because it is used to describe different events that take place before and after the real estate settlement, the day of closing when the property becomes yours.
Let's take a look at the definition of the term escrow.
Escrow: Documents or something else of value, often money, held by a neutral third party in order to be used at a later date to fulfill an obligation.
Escrow During the Home Buying Process
Earnest Money Deposits If you are buying a home, your first exposure to escrow was probably associated with the earnest money deposits that accompanied your offer to purchase the house. That money likely went into someone's trust account, where it will remain , protected by that neutral third party, until it is credited to you when the transaction closes (or is dispersed in other ways if the transaction fails to close).
Escrow Agent You'll hear the term escrow used to describe the title company, attorney or another person who is hired to handle your closing transaction. That person is often called an escrow agent, because she maintains all documents and funds related to the transaction until the day of closing.
Lender Escrow Accounts The term escrow is used again to describe accounts your lender sets up in order to pay your home insurance and property taxes when they become due. Remember the initials PITI? You saw them when the lender calculated your projected monthly payment. Those letters stand for the components of each payment:
o P, Principal
o I, Interest
o T, Taxes
o I, Insurance
Tax and insurance bills are typically sent directly to your lender. Both of those bills are paid annually, but most lenders require you to pay 1/12th of the annual bill each month. The lender deposits the partial payments in an escrow account, where they'll accumulate until it's time to pay your taxes and insurance the following year.
You'll begin funding your your escrow accounts by making a payment into them at closing.
Monday, February 1, 2010
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