URGENT!! Dont let the media spook you!! You do not have to have 20% down to obtain a home loan, we are financing people with a minimum of 3% down and even 0% down on special programs and areas. Right now is the perfect time to buy a home, it is the largest investment you and your family will make. if you do not own a home or are interested in moving to a new one please call us. We can find a program that will best suit your needs.
by:
Silver Oak Mortgage
Lisa Warren
Branch Manager
751 E Southlake Blvd Ste 100
Southlake, TX 76092
office 817-410-2518
fax 817-410-2519
Tuesday, October 28, 2008
Tuesday, October 7, 2008
Protecting Your Home & Finances in Perilous Times
RISMEDIA, Oct. 2, 2008-With the nation possibly facing the most worst financial crisis since the Great Depression, and as many as 6 million homeowners at risk of foreclosure, we all need to review our finances and make sure we are well positioned for the future. Home values, the stock market, and the economy will eventually recover, so the main goal is to make sure we protect our finances as best as possible in the meantime.
The appropriate action is related to your liquidity. If you have enough cash and liquid assets to cover one year’s worth of living expenses, you’re in pretty good shape for the near term. Liquid assets include things that are often overlooked, such as IRAs, 401Ks, cash surrender or withdrawal value for life insurance and/or annuity funds that are immediately accessible, so you may be in better shape than you think. There may be penalties associated with some of those withdrawals, so tap them only as a last resort.
While regularly reviewing your financial status is a good idea for everyone, there may be no need to modify a thoughtful and balanced long term financial plan if you have sufficient liquidity. Homeowners with minimal liquid reserves need to take action soon to strengthen their ability to access cash if they need it in increasingly uncertain times. Uncertain economic times can threaten even the safest jobs, and jobs take longer to find during a recession. For homeowners with less than a year’s liquid reserves, a top priority should be to protect their limited liquid assets, look for ways to expand liquid assets, and look for ways to improve your ability to get additional cash in the future if you need it.
Here are four important steps smart homeowners should take to protect their financial security:
1. Review your home financing structure and take action if necessary. If you have a 30 year fixed rate loan at current mortgage interest rates or less, no action may be necessary if your have enough cash and liquid assets to cover one year’s worth of living expenses. If not, refinancing your mortgage to reduce payments or prevent future payment increases may be a good idea if you have equity in your home.
If you have sufficient equity and your credit score is sufficient, you may be able to take out cash in the process, which is a particularly good idea if you have little savings and/or you can significantly lower your mortgage interest rate through refinancing. If liquidity is a challenge and you are eligible for a home equity line of credit, apply now so it will be in place in case of a crisis.
Things are trickier for homeowners with mortgages that are “underwater” (the mortgage balance exceeds the home’s current market value). Most lenders won’t forgive the difference unless you’re behind on payments and are out of money, and even then they are far more inclined to a restructuring that would temporarily reduce payments to an affordable amount while maintaining the mortgage balance.
A new “Hope for Homeowners” FHA program going into effect October 1, may enable some homeowners to get part of the mortgage debt forgiven and refinance with a 30-year fixed rate mortgage. Yet other alternatives may emerge out of the current Wall Street rescue effort over the next few months. In most cases a foreclosure should be avoided if possible.
In some cases it is unavoidable and in others may actually be in the homeowner’s best interest. Some financially-pressed homeowners whose mortgage balance far exceeds their home’s value have recognized that it will probably take many years for the home’s market value to catch up with their mortgage balance. In the meantime they are also trapped in their present home and unable to sell and take advantage of better job opportunities in other areas.
By the time home values do catch up, many could have restored the damage done to their credit rating by a foreclosure, and they would have advanced in their career as well.
2. Review the allocation of your other investments. Experts recommend diversification in good times and bad. If you do not have enough liquid assets to cover at least one year’s worth of living expenses, rebalance your investments to minimize the risk of further erosion of their value. Sell individual stocks and mutual funds and buy conservative investments like AAA bonds and federally insured savings accounts and federal, state and local bonds. They will hold their values in declining stock markets. While conservative investments will also trail other investments in appreciation when the market recovers, it’s better for homeowners with liquidity to be safe and miss out on some opportunity for investment growth until the market recovers.
Conversely homeowners who are in good shape financially probably needn’t restructure a well balanced investment portfolio. When recovery begins, appreciation of securities will outstrip growth of more conservative investments. Timing such market changes is notoriously difficult, and homeowners with balanced investment portfolios are usually better advised to stay in the market and benefit from all of that recovery.
3. Make sure your investments, insurance policies, IRAs, and/or annuities are adequately insured. Bank deposits are covered by the Federal Deposit Insurance Corporation (FDIC), which guarantees bank account balances of up to $100,000 in a single bank ($200,000 for joint accounts). If you have accounts in more than one bank, each account is covered by those limits. FDIC protects IRAs kept in bank accounts up to $250,000. Make sure that any other investments through stockbrokers or other financial service firms are insured by the Securities Investor Protection Corporation (SIPC). SIPC protects the assets in your investment account from losses due to a financial services firm’s bankruptcy, but it does not protect you from losses due to stock market declines. SIPC covers up $500,000 per customer, including up to $100,000 for money market funds.
With the failure of giant insurer AIG, many homeowners are concerned about the status of their life insurance and/or annuities. Life insurance policies are insured by each state’s guaranty association. Typical coverage is $100,000 in cash surrender or withdrawal value for life insurance and $100,000 in withdrawal and cash values for annuities.
4. If you need to improve your liquidity reduce unnecessary personal expenses, and stop making any extra payments on your mortgage. To build your savings, cut back on expensive vacations and non-essential activities like hobbies and expensive restaurants. Look for other ways to save money as well (never a bad idea even if your finances are strong).
The American Homeowners Foundation (AHF) is an independent nonprofit consumer organization serving the nation’s 75 million homeowners since 1984. AHF is dedicated to helping them make the wisest and most well informed decisions regarding what for most Americans is their single greatest financial investment. For more information, go to www.AmericanHomeowners.org.
Courtesy of the American Homeowners Foundation and the American Homeowners Grassroots Alliance, www.AmericanHomeowners.org.
For more information, visit www.AmericanHomeowners.org.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com
The appropriate action is related to your liquidity. If you have enough cash and liquid assets to cover one year’s worth of living expenses, you’re in pretty good shape for the near term. Liquid assets include things that are often overlooked, such as IRAs, 401Ks, cash surrender or withdrawal value for life insurance and/or annuity funds that are immediately accessible, so you may be in better shape than you think. There may be penalties associated with some of those withdrawals, so tap them only as a last resort.
While regularly reviewing your financial status is a good idea for everyone, there may be no need to modify a thoughtful and balanced long term financial plan if you have sufficient liquidity. Homeowners with minimal liquid reserves need to take action soon to strengthen their ability to access cash if they need it in increasingly uncertain times. Uncertain economic times can threaten even the safest jobs, and jobs take longer to find during a recession. For homeowners with less than a year’s liquid reserves, a top priority should be to protect their limited liquid assets, look for ways to expand liquid assets, and look for ways to improve your ability to get additional cash in the future if you need it.
Here are four important steps smart homeowners should take to protect their financial security:
1. Review your home financing structure and take action if necessary. If you have a 30 year fixed rate loan at current mortgage interest rates or less, no action may be necessary if your have enough cash and liquid assets to cover one year’s worth of living expenses. If not, refinancing your mortgage to reduce payments or prevent future payment increases may be a good idea if you have equity in your home.
If you have sufficient equity and your credit score is sufficient, you may be able to take out cash in the process, which is a particularly good idea if you have little savings and/or you can significantly lower your mortgage interest rate through refinancing. If liquidity is a challenge and you are eligible for a home equity line of credit, apply now so it will be in place in case of a crisis.
Things are trickier for homeowners with mortgages that are “underwater” (the mortgage balance exceeds the home’s current market value). Most lenders won’t forgive the difference unless you’re behind on payments and are out of money, and even then they are far more inclined to a restructuring that would temporarily reduce payments to an affordable amount while maintaining the mortgage balance.
A new “Hope for Homeowners” FHA program going into effect October 1, may enable some homeowners to get part of the mortgage debt forgiven and refinance with a 30-year fixed rate mortgage. Yet other alternatives may emerge out of the current Wall Street rescue effort over the next few months. In most cases a foreclosure should be avoided if possible.
In some cases it is unavoidable and in others may actually be in the homeowner’s best interest. Some financially-pressed homeowners whose mortgage balance far exceeds their home’s value have recognized that it will probably take many years for the home’s market value to catch up with their mortgage balance. In the meantime they are also trapped in their present home and unable to sell and take advantage of better job opportunities in other areas.
By the time home values do catch up, many could have restored the damage done to their credit rating by a foreclosure, and they would have advanced in their career as well.
2. Review the allocation of your other investments. Experts recommend diversification in good times and bad. If you do not have enough liquid assets to cover at least one year’s worth of living expenses, rebalance your investments to minimize the risk of further erosion of their value. Sell individual stocks and mutual funds and buy conservative investments like AAA bonds and federally insured savings accounts and federal, state and local bonds. They will hold their values in declining stock markets. While conservative investments will also trail other investments in appreciation when the market recovers, it’s better for homeowners with liquidity to be safe and miss out on some opportunity for investment growth until the market recovers.
Conversely homeowners who are in good shape financially probably needn’t restructure a well balanced investment portfolio. When recovery begins, appreciation of securities will outstrip growth of more conservative investments. Timing such market changes is notoriously difficult, and homeowners with balanced investment portfolios are usually better advised to stay in the market and benefit from all of that recovery.
3. Make sure your investments, insurance policies, IRAs, and/or annuities are adequately insured. Bank deposits are covered by the Federal Deposit Insurance Corporation (FDIC), which guarantees bank account balances of up to $100,000 in a single bank ($200,000 for joint accounts). If you have accounts in more than one bank, each account is covered by those limits. FDIC protects IRAs kept in bank accounts up to $250,000. Make sure that any other investments through stockbrokers or other financial service firms are insured by the Securities Investor Protection Corporation (SIPC). SIPC protects the assets in your investment account from losses due to a financial services firm’s bankruptcy, but it does not protect you from losses due to stock market declines. SIPC covers up $500,000 per customer, including up to $100,000 for money market funds.
With the failure of giant insurer AIG, many homeowners are concerned about the status of their life insurance and/or annuities. Life insurance policies are insured by each state’s guaranty association. Typical coverage is $100,000 in cash surrender or withdrawal value for life insurance and $100,000 in withdrawal and cash values for annuities.
4. If you need to improve your liquidity reduce unnecessary personal expenses, and stop making any extra payments on your mortgage. To build your savings, cut back on expensive vacations and non-essential activities like hobbies and expensive restaurants. Look for other ways to save money as well (never a bad idea even if your finances are strong).
The American Homeowners Foundation (AHF) is an independent nonprofit consumer organization serving the nation’s 75 million homeowners since 1984. AHF is dedicated to helping them make the wisest and most well informed decisions regarding what for most Americans is their single greatest financial investment. For more information, go to www.AmericanHomeowners.org.
Courtesy of the American Homeowners Foundation and the American Homeowners Grassroots Alliance, www.AmericanHomeowners.org.
For more information, visit www.AmericanHomeowners.org.
RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com
Thursday, October 2, 2008
Real Estate Update
Rates Tick Up
In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage (FRM) averaged 6.09% for the week ending September 25, 2008, up from the previous week when it averaged 5.78%. Last year at this time, the 30-year FRM averaged 6.42%.
"Mortgage rates followed Treasury bond yields higher this week amid market uncertainty over the current state of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist.
Mortgage Rates
Source: Realty Times
U.S. averages as of September 25, 2008:
30 yr. fixed: 6.09%
15 yr. fixed: 5.77%
1 yr. adj: 5.16%
And while up, interest rates for 30-year FRMs are still more than 0.5 percentage points below this year's peak of 6.63 percent set the week of July 24th.
Where Are Lenders Getting Credit Scores?
Consumers often mistakenly believe that mortgage lenders use only credit scores from Equifax, Experian, TransUnion, and Fair Isaac's myfico.com to gauge creditworthiness. However, Consumer Reports recently found that lenders also use NextGen FICO scores, FICO Expansion Scores, and Industry Option FICO scores — which take car loans into consideration — as well as custom formulas. Given that these scoring models are not available to consumers, experts say that consumers should not rely solely on available credit scores to determine their likelihood of getting a loan. They would be wise to make timely bill payments, make more than the minimum payment, and hold down credit card balances.
Buyers Crave Green More Than Extra Space
Buyers of custom homes are increasingly interested in money-saving features like extra insulation and energy-efficient furnaces, rather than game rooms and space for in-laws, according to a Home Design Trend Survey by the American Institute of Architects. Sixty-eight percent of the survey's respondents said customers were requesting extra insulation in the attic compared with 56% a year ago. Two-thirds of respondents said green products such as tankless water heaters, double or triple-glazed windows, and sustainable flooring products such as bamboo or cork were gaining in popularity.
Only 8% of the survey's respondents said game rooms were increasingly popular among their customers, down from 23% last year.
Eight Ways To Help a Home Sell Faster
Simple fixes and staging practices can focus buyers' attention in the right places and keep them from getting sidetracked by personal items in the home.
Here are some staging suggestions from Deborah Ehrlich-Layne of Staging Plus in Tampa, Fla., Handyman Matters, and HGTV's The Stagers.
Eliminate countertop clutter. A countertop covered with small appliances and utensils looks crowded, not spacious.
Pack up the too-personal. Don't leave toiletries on the counter. Stash family photos.
Be prepared for snoops. Prospective buyers pull open drawers, look in closets and peek behind the shower curtain.
Make sure things work. Dripping faucets, burned-out light bulbs, and squeaking hinges detract from the home's appeal.
Think "white-glove clean." Mop, dust, vacuum, clean baseboards, wash windows. Make sure the house looks fresh and smells neutral.
Make sure the front door is clean and the hardware polished. Power-wash walkways.
Store furniture that makes rooms feel crowded.
Show every room for the kind of room it is. Maybe you've turned your formal dining room into a home office. Get rid of the desk and computer, and bring back the dining table and chairs.
Copyright 2008 Realty Times
All Rights Reserved
In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage (FRM) averaged 6.09% for the week ending September 25, 2008, up from the previous week when it averaged 5.78%. Last year at this time, the 30-year FRM averaged 6.42%.
"Mortgage rates followed Treasury bond yields higher this week amid market uncertainty over the current state of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist.
Mortgage Rates
Source: Realty Times
U.S. averages as of September 25, 2008:
30 yr. fixed: 6.09%
15 yr. fixed: 5.77%
1 yr. adj: 5.16%
And while up, interest rates for 30-year FRMs are still more than 0.5 percentage points below this year's peak of 6.63 percent set the week of July 24th.
Where Are Lenders Getting Credit Scores?
Consumers often mistakenly believe that mortgage lenders use only credit scores from Equifax, Experian, TransUnion, and Fair Isaac's myfico.com to gauge creditworthiness. However, Consumer Reports recently found that lenders also use NextGen FICO scores, FICO Expansion Scores, and Industry Option FICO scores — which take car loans into consideration — as well as custom formulas. Given that these scoring models are not available to consumers, experts say that consumers should not rely solely on available credit scores to determine their likelihood of getting a loan. They would be wise to make timely bill payments, make more than the minimum payment, and hold down credit card balances.
Buyers Crave Green More Than Extra Space
Buyers of custom homes are increasingly interested in money-saving features like extra insulation and energy-efficient furnaces, rather than game rooms and space for in-laws, according to a Home Design Trend Survey by the American Institute of Architects. Sixty-eight percent of the survey's respondents said customers were requesting extra insulation in the attic compared with 56% a year ago. Two-thirds of respondents said green products such as tankless water heaters, double or triple-glazed windows, and sustainable flooring products such as bamboo or cork were gaining in popularity.
Only 8% of the survey's respondents said game rooms were increasingly popular among their customers, down from 23% last year.
Eight Ways To Help a Home Sell Faster
Simple fixes and staging practices can focus buyers' attention in the right places and keep them from getting sidetracked by personal items in the home.
Here are some staging suggestions from Deborah Ehrlich-Layne of Staging Plus in Tampa, Fla., Handyman Matters, and HGTV's The Stagers.
Eliminate countertop clutter. A countertop covered with small appliances and utensils looks crowded, not spacious.
Pack up the too-personal. Don't leave toiletries on the counter. Stash family photos.
Be prepared for snoops. Prospective buyers pull open drawers, look in closets and peek behind the shower curtain.
Make sure things work. Dripping faucets, burned-out light bulbs, and squeaking hinges detract from the home's appeal.
Think "white-glove clean." Mop, dust, vacuum, clean baseboards, wash windows. Make sure the house looks fresh and smells neutral.
Make sure the front door is clean and the hardware polished. Power-wash walkways.
Store furniture that makes rooms feel crowded.
Show every room for the kind of room it is. Maybe you've turned your formal dining room into a home office. Get rid of the desk and computer, and bring back the dining table and chairs.
Copyright 2008 Realty Times
All Rights Reserved
Wednesday, October 1, 2008
What's At Stake?
Pass the Emergency Economic Stability Act
A SUMMARY OF THE PROPOSED ECONOMIC STABILIZATION ACT
Click here:
http://takeaction.realtoractioncenter.com/campaign/eesa/explanation
A SUMMARY OF THE PROPOSED ECONOMIC STABILIZATION ACT
Click here:
http://takeaction.realtoractioncenter.com/campaign/eesa/explanation
Varsity Football Schedule for 2008
DATE TEAM SITE TIME
Aug. 22 (scrim) Arlington Martin Arlington Martin 7:00
Aug. 29 Longview Eagle Stadium 7:30
Sept. 4 (Thurs.) Monterrey Tech (Mexico) Eagle Stadium 7:30
Sept. 12 Rockwall Rockwall 7:30
Sept. 19 Euless Trinity Eagle Stadium 7:30
Sept. 26 Plano West Kimbrough Stadium 7:30
Oct. 3 OPEN
Oct. 10 McKinney Boyd (Homecoming) Eagle Stadium 7:30
Oct. 17 Plano Clark Stadium 7:30
Oct. 24 Jesuit Eagle Stadium 7:30
Oct. 31 Plano East Kimbrough Stadium 7:30
Nov. 7 Wylie (Senior Night) Eagle Stadium 7:30
Junior Varsity I & II Football Schedule for 2008
DATE TEAM SITE TIME JV2/JV1
Aug 22 (scrim) Arlington Martin Arlington Martin 6:00
Aug 30 Duncanville Eagle Stadium 8:30 / 10:30 am
Sept. 6 (Sat ) Cedar Hill Cedar Hill 9:00 / 11:00 am
Sept. 11 Rockwall Eagle Stadium 5:30 / 7:00
Sept. 18 Trinity Pennington Field 5:30 / 7:00
Sept. 25 Plano West Eagle Stadium 5:30 / 7:00
Oct. 3 OPEN
Oct. 9 McKinney Boyd Boyd High School 5:30 / 7:00
Oct. 16 Plano Eagle Stadium 5:30 / 7:00
Oct. 23 Jesuit Jesuit 5:30 / 7:00
Oct. 30 Plano East Eagle Stadium 5:30 / 7:00
Nov. 6 Wylie Wylie 5:30 / 7:00
http://www.allenisd.org/Web/New%20Athletics/FootballHome.html
Aug. 22 (scrim) Arlington Martin Arlington Martin 7:00
Aug. 29 Longview Eagle Stadium 7:30
Sept. 4 (Thurs.) Monterrey Tech (Mexico) Eagle Stadium 7:30
Sept. 12 Rockwall Rockwall 7:30
Sept. 19 Euless Trinity Eagle Stadium 7:30
Sept. 26 Plano West Kimbrough Stadium 7:30
Oct. 3 OPEN
Oct. 10 McKinney Boyd (Homecoming) Eagle Stadium 7:30
Oct. 17 Plano Clark Stadium 7:30
Oct. 24 Jesuit Eagle Stadium 7:30
Oct. 31 Plano East Kimbrough Stadium 7:30
Nov. 7 Wylie (Senior Night) Eagle Stadium 7:30
Junior Varsity I & II Football Schedule for 2008
DATE TEAM SITE TIME JV2/JV1
Aug 22 (scrim) Arlington Martin Arlington Martin 6:00
Aug 30 Duncanville Eagle Stadium 8:30 / 10:30 am
Sept. 6 (Sat ) Cedar Hill Cedar Hill 9:00 / 11:00 am
Sept. 11 Rockwall Eagle Stadium 5:30 / 7:00
Sept. 18 Trinity Pennington Field 5:30 / 7:00
Sept. 25 Plano West Eagle Stadium 5:30 / 7:00
Oct. 3 OPEN
Oct. 9 McKinney Boyd Boyd High School 5:30 / 7:00
Oct. 16 Plano Eagle Stadium 5:30 / 7:00
Oct. 23 Jesuit Jesuit 5:30 / 7:00
Oct. 30 Plano East Eagle Stadium 5:30 / 7:00
Nov. 6 Wylie Wylie 5:30 / 7:00
http://www.allenisd.org/Web/New%20Athletics/FootballHome.html
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