I have had numerous calls this week from members regarding a solicitation letter they’ve received with their Property Tax bill. I received the same letter! It states that for a small fee of $189 they can get your property taxes reduced saving hundreds of dollars!

Here’s what you need to know

If you bought your home within the last 2 or 4 years, it is likely that your current assessed property value – the basis for your property taxes – is higher than the current market value of your home. (more…)

Loan modifications have been described as the great savior of our current crisis. Whether this is true or not is a matter of debate. However there appears to be considerable confusion regarding loan modifications.

There is a ton of information whirling around the media and internet. But what exactly is a loan modification? Hopefully the information below will add clarity! It’s really important that a homeowner understands their options. (more…)

With home interest rates at historic lows and home values continuing to decline are you dreaming of buying a home but unsure of the first steps to take?

Getting your credit score in line (see March 2009’s “How to Build a Killer Credit Score”) is key; however, debt-to-income ratio ( DTI ) is considered one of the most important qualification requirements when getting a home loan approved. Simply put, DTI is a calculation of your monthly debt obligations compared to your adjusted gross income. (more…)

With the current housing/mortgage environment it’s more important than ever to have a great credit score particularly if you are considering purchasing or refinancing.

“Credit Crunch”, 2 words we hear often in the news. Interestingly enough with rates at a historical low it is becoming more and more difficult to obtain home loan financing!
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My sister, a new homeowner (see my post – The American Dream), called me regarding a letter she received offering assistance to get her property taxes reduced. The letter stated that she could save hundreds of dollars in property taxes and it would cost her less than $200. She was so excited and thought “what a deal!”
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Anyone who doesn’t know about the current problems facing the housing and mortgage markets in the U.S. economy might be hanging out on Mars with NASA’s Polar Lander.

Here on Earth the subject is hard to avoid and the result is a lot of worried consumers, including home buyers.

Here are five important questions on buyer’s minds, and five reassuring answers:
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Buy low and sell high – what a great concept and a great formula for accumulating wealth! The trouble is, how do we know when the high is high and the low is low?

Trying to time the real estate market is a difficult if not impossible proposition. The only formula I have found that truly works is to invest in homeownership for the long term.
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Before I answer, I will give a piece of home mortgage advice that will sound so obvious and yet you probably haven’t even considered it:

You should only refinance if doing so benefits you financially over the long run.

Tada! Earth-shattering tidbit, right?

Well, you would be surprised just how many homeowners forgot this painfully obvious advice the last time they refinanced.
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Every day I get calls from desperate homeowners facing enormous payment increases on their home loans. They were caught in the recent “buying” and “refinance” frenzy and accepted a subprime or Alt-A loan, not realizing there may have been other loan choices available. Ouch!

What can you do to ensure that doesn’t happen to you? The best defense is an educated offense: learn what you need to know before shopping for a loan. Here are five tips that will send you safely on your way:
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There has been a tremendous amount of anticipation awaiting the increase in conforming loan limits. On February 13, President Bush signed into law a $152 billion economic stimulus bill that temporarily allows Fannie Mae and Freddie Mac and the Federal Housing Administration (FHA) to guarantee mortgages as large $729, 750 in some high-cost markets.

Since that time I have received numerous calls from members asking, when will this take place? What will the rates be? When will the credit union offer higher limits on conforming loans?? Can I start a refinance now? Can I refinance my jumbo loan to reduce my interest rate? How about cash out? Am I in a high-cost area?
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Part 2: Yes, Virginia, there is good news in today’s real estate market!

(See my explanation of the current crisis in lending in “Part 1: Let’s get the bad news out of the way.”)

While it’s easy to get caught up in the current panic, there may be a silver lining in all the doom and gloom.
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Part 1: Let’s get the bad news out of the way

Watch the local or national news, or pick up a paper, and you are bombarded – almost daily it seems – with negativity about the mortgage and housing markets. It’s all over the news – mortgage lenders laying off hundreds and closing their doors, others cutting services.

But what does it all mean? Is this just a crisis, or is there opportunity to be had, too?

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I know, I know, the topic of homeowners insurance is not the most interesting or engaging one out there.

But when my brother and his family were evacuated from their home in San Diego, I wondered if they were up-to-date on their coverage. Then it dawned on me that I hadn’t given any thought recently to my coverage. I do what most of us do: pay the bill every year and promptly forget about it.

Those Southern California fires are an excellent reminder to every homeowner: you should check your coverage once a year. You don’t want to discover you’ve got gaps in your coverage after your home is in ashes.

So let’s quickly review Four Basic Rules of Homeowners Insurance: (more…)

At the beginning of the year one of my sisters, decided it was time to become a homeowner. She was tired of being killed on income taxes and finally agreed she needed the write-off.

She called to get my opinion, but did she listen to her big sister Sus? Of course not! She had already made a decision and started the process by visiting model homes in new sub-divisions. Need I say more?
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