This morning after Memorial Day, I arrived into the office to see that my Realtor friends had been busy over the weekend. Five new contracts this morning. (and more under negotiation). I really believe the industry has turned the corner. Of course the first thing the seller’s agent wants from us is updated loan commitment letters. They want to make sure that their clients are protected and that baring unforeseen difficulties their transaction will close. We had already done a lot of work on most of these transactions so we are at work updating things and getting out new letters.
If you know someone in the market for a new home at the great terms available today please give them my number 777-home (4663) or e-mail george.margrave@migonline.com and we will take care of it.
Tuesday, May 26, 2009
Wednesday, May 20, 2009
The $8,000 tax credit and down payment assistance
Some of you may have heard that FHA came out with a new down payment assistance program (besides THDA). That was true, but sadly no longer. Almost as soon as they put it out the powers that be decided that it was going to be abused and they canceled it.
However HUD is working on another plan to change things. The new plan would let approved lenders like MIG provide buyers with the tax credit cash up front so that it could be used for the down payment. This was revealed by Shaun Donovan, HUD secretary in a speech before the National Association of Realtors.
But in the meantime there are still lots of ways to buy a home with no money. Some are VA (you may not know it, but Reservists and Guardsmen can get VA benefits), Rural Housing and FHA/THDA. The FHA THDA option is typically for First time homebuyers (defined as not owning a home in the last three years), but that requirement is waived for Williamson and Sumner Counties. (I believe Rutherford County will be added to that soon.)
I can help. If you or a friend wants help with it, just email me at george.margrave@migonline.com or call 777-HOME (4663).
However HUD is working on another plan to change things. The new plan would let approved lenders like MIG provide buyers with the tax credit cash up front so that it could be used for the down payment. This was revealed by Shaun Donovan, HUD secretary in a speech before the National Association of Realtors.
But in the meantime there are still lots of ways to buy a home with no money. Some are VA (you may not know it, but Reservists and Guardsmen can get VA benefits), Rural Housing and FHA/THDA. The FHA THDA option is typically for First time homebuyers (defined as not owning a home in the last three years), but that requirement is waived for Williamson and Sumner Counties. (I believe Rutherford County will be added to that soon.)
I can help. If you or a friend wants help with it, just email me at george.margrave@migonline.com or call 777-HOME (4663).
Wednesday, May 13, 2009
Asking for too much!
We are starting to see a lot of purchase activity in the market place. The first time buyers almost have too good a situation. This includes people in Williamson and Sumner counties that are not first time buyers
First, the market has lots of home to choose from at great prices (more on that in a minute).
Second, they can buy them with loans that have interest rates not seen in 50 years of keeping records.
Third, in spite of all that has happened in the housing market, they can still buy with no money down.
Fourth with one the exception of one of the groups above there is a federal tax credit of up to $8,000 ( this is just plain and simple free cash) and in other cases there are grants up to $9,040 available with THDA).
So with all this, what is happening? Buyers are having Realtors drive them to multiple homes and making multiple low ball offers, even though in most cases, the seller has been forced to price their home at a price that is right. Maybe people think all this is too good to be true. But we believe pick the best home available, pay a fair price and enjoy.
I can help. If you or a friend wants help with it, just email me at George.margrave@migonline.com or call 777-HOME (4663).
First, the market has lots of home to choose from at great prices (more on that in a minute).
Second, they can buy them with loans that have interest rates not seen in 50 years of keeping records.
Third, in spite of all that has happened in the housing market, they can still buy with no money down.
Fourth with one the exception of one of the groups above there is a federal tax credit of up to $8,000 ( this is just plain and simple free cash) and in other cases there are grants up to $9,040 available with THDA).
So with all this, what is happening? Buyers are having Realtors drive them to multiple homes and making multiple low ball offers, even though in most cases, the seller has been forced to price their home at a price that is right. Maybe people think all this is too good to be true. But we believe pick the best home available, pay a fair price and enjoy.
I can help. If you or a friend wants help with it, just email me at George.margrave@migonline.com or call 777-HOME (4663).
Thursday, May 7, 2009
66 Ways to Save Money on Everyday Expenses
For most kinds of purchases, you can get valuable advice and comparisons on the Internet. Ask a librarian or friends which Internet sites they think are helpful, or you can use a search engine like Google or Yahoo. Be aware that information you find is often biased. At many websites, the only products or sellers listed are ones that pay to advertise. Before buying anything on the Internet, check several websites and make sure you deal with reputable dealers.Here is a list of 30 ways to save money on common purchases (the next 33 will come next week):
1. Compare low-cost carriers with major carriers that fly to your destination. Remember, the best fares may not be out of the airport closest to you.
2. Include a Saturday evening stay-over or purchase the ticket at least 14 days in advance. Ask which days of the week and times of the day have the lowest fare.
3. Even if you are using a travel agent, check airline and Internet travel sites, and look for special deals. If you call, always ask for the lowest fare to your destination.
4. Since car rental rates can vary greatly, compare total price (including taxes and surcharge) and take advantage of any special offers and membership discounts.
5. Rental car companies offer various insurance and waiver options. Check with your automobile insurance agent and credit card companies in advance to avoid duplicating any coverage you may already have.
6. You can save thousands of dollars over the life- time of a car by selecting a model that combines a low purchase price with low depreciation, financing, insurance, gasoline, maintenance, and repair costs. Ask your local librarian for new car guides that contain this information.
7. Having selected a model and options you are interested in, you can save hundreds of dollars by comparison shopping. Get price quotes from several dealers (over the phone or Internet) and let each know you are contacting the others.
8. Remember there is no "cooling off" period on new car sales. Once you have signed a contract, you are obligated to buy the car.
9. Before buying any used car: Compare the seller's asking price with the average retail price in a "bluebook" or other guide to car prices which can be found at many libraries, banks, and credit unions; Have a mechanic you trust check the car, especially if the car is sold "as is."
10. Consider purchasing a used car from an individual you know and trust. They are more likely than other sellers to charge a lower price and point out any problems with the car.
11. Don't decide to lease a car just because the payments are lower than on a traditional auto loan. The leasing payments are lower because you don't actually own the car.
12. Leasing a car is very complicated. When shopping, consider the price of the car (known as the capitalized cost), your trade-in allowance, any down payment, monthly payments, various fees (excess mileage, excess "wear and tear," end-of- lease), and the cost of buying the car at the end of the lease. A valuable source of information about auto leasing can be found in Keys to Vehicle Leasing: A Consumer Guide, which is published by the Federal Reserve Board and Federal Trade Commission.
13. You can save hundreds of dollars a year by comparing prices at different stations, pumping gas yourself, and using the lowest-octane called for in your owner's manual.
14. You can save up to $100 a year on gas by keeping your engine tuned & your tires inflated to their proper pressure.
15. Consumers lose billions of dollars each year on unneeded or poorly done car repairs. The most important step that you can take to save money on these repairs is to find a skilled, honest mechanic. Before you need repairs, look for a mechanic who: is certified and well established; has done good work for someone you know; and communicates well about repair options and costs.
16. Talk to your agent or insurer about raising your deductibles on collision and comprehensive coverage to at least $500 or, if you have an old car, dropping this coverage altogether. This can save you hundreds of dollars on insurance premiums.
17. Make certain that your new policy is in effect before dropping your old one.
18. You can save several hundred dollars a year on homeowner insurance and up to $50 a year on renter insurance by purchasing insurance from a low-price, licensed insurer. Ask your state insurance department for a publication showing typical prices charged by different licensed companies. Then call at least four of the lowest priced insurers to learn what they would charge you. If such a publication is not available, it is even more important to call at least four insurers for price quotes.
19. Make certain you purchase enough coverage to replace the house and its contents. "Replacement" on the house means rebuilding to its current condition.
20. Make certain your new policy is in effect before dropping your old one.
21. If you want insurance protection only, and not a savings and investment product, buy a term life insurance policy.
22. If you want to buy a whole life, universal life, or other cash value policy, plan to hold it for at least 15 years. Canceling these policies after only a few years can more than double your life insurance costs.
23. Check the National Association of Insurance Commissioners website (www.naic.org/cis) or your local library for information on the financial soundness of insurance companies.
24. You can save more than $100 a year in fees by selecting a free checking account or one with no minimum balance requirement. Request a complete list of fees that are charged on these accounts, including ATM and debit card fees.
25. See if you can get free or lower cost checking through direct deposit or agreeing to ATM only use. Be aware of charges for using an ATM not associated with your financial institution.
26. Before opening a savings account, find out whether the account is insured by the federal government (FDIC for banks or NCUA for credit unions). Financial institutions offer a number of products, such as mutual funds and annuities, which are not insured.
27. Once you select a type of savings account, use the telephone, newspaper, and Internet to compare rates and fees offered by different financial institutions, including those outside your city. These rates can vary a lot and, over time, can significantly affect interest earnings.
28. To earn the highest return on savings (annual percentage yield) with little or no risk, consider certificates of deposit (CDs) or U.S. Savings Bonds (Series I or EE).
29. To avoid late payment fees and possible interest rate increases on your credit cards, make sure you send in your payment a week to ten days before the statement due date. Late payments on one card can increase fees and interest rates on other cards.
30. You can avoid interest charges, which may be considerable, by paying off your entire bill each month. If you are unable to pay off a large balance, pay as much as you can. Try to shift the remaining balance to a credit card with a lower annual percentage rate (APR). You can find listings of credit card plans, rates, and terms on the Internet, in personal finance magazines, and in newspapers.
31. Be aware that credit cards with rebates, cash back, travel awards, or other perks may carry higher rates or fees.
32. To save as much as several thousand dollars in finance charges, pay for the car in cash or make a large down payment. Always get the shortest term loan possible as this will lower your interest rate.
33. Make certain to get a rate quote (or pre- approved loan) from your bank or credit union before seeking dealer financing. You can save as much as $1000 in finance charges by shopping for the cheapest loan.
http://www.creditunionsonline.com/news/2009/66- Ways-To-Save.php
Sent by Jennifer Hamby
1. Compare low-cost carriers with major carriers that fly to your destination. Remember, the best fares may not be out of the airport closest to you.
2. Include a Saturday evening stay-over or purchase the ticket at least 14 days in advance. Ask which days of the week and times of the day have the lowest fare.
3. Even if you are using a travel agent, check airline and Internet travel sites, and look for special deals. If you call, always ask for the lowest fare to your destination.
4. Since car rental rates can vary greatly, compare total price (including taxes and surcharge) and take advantage of any special offers and membership discounts.
5. Rental car companies offer various insurance and waiver options. Check with your automobile insurance agent and credit card companies in advance to avoid duplicating any coverage you may already have.
6. You can save thousands of dollars over the life- time of a car by selecting a model that combines a low purchase price with low depreciation, financing, insurance, gasoline, maintenance, and repair costs. Ask your local librarian for new car guides that contain this information.
7. Having selected a model and options you are interested in, you can save hundreds of dollars by comparison shopping. Get price quotes from several dealers (over the phone or Internet) and let each know you are contacting the others.
8. Remember there is no "cooling off" period on new car sales. Once you have signed a contract, you are obligated to buy the car.
9. Before buying any used car: Compare the seller's asking price with the average retail price in a "bluebook" or other guide to car prices which can be found at many libraries, banks, and credit unions; Have a mechanic you trust check the car, especially if the car is sold "as is."
10. Consider purchasing a used car from an individual you know and trust. They are more likely than other sellers to charge a lower price and point out any problems with the car.
11. Don't decide to lease a car just because the payments are lower than on a traditional auto loan. The leasing payments are lower because you don't actually own the car.
12. Leasing a car is very complicated. When shopping, consider the price of the car (known as the capitalized cost), your trade-in allowance, any down payment, monthly payments, various fees (excess mileage, excess "wear and tear," end-of- lease), and the cost of buying the car at the end of the lease. A valuable source of information about auto leasing can be found in Keys to Vehicle Leasing: A Consumer Guide, which is published by the Federal Reserve Board and Federal Trade Commission.
13. You can save hundreds of dollars a year by comparing prices at different stations, pumping gas yourself, and using the lowest-octane called for in your owner's manual.
14. You can save up to $100 a year on gas by keeping your engine tuned & your tires inflated to their proper pressure.
15. Consumers lose billions of dollars each year on unneeded or poorly done car repairs. The most important step that you can take to save money on these repairs is to find a skilled, honest mechanic. Before you need repairs, look for a mechanic who: is certified and well established; has done good work for someone you know; and communicates well about repair options and costs.
16. Talk to your agent or insurer about raising your deductibles on collision and comprehensive coverage to at least $500 or, if you have an old car, dropping this coverage altogether. This can save you hundreds of dollars on insurance premiums.
17. Make certain that your new policy is in effect before dropping your old one.
18. You can save several hundred dollars a year on homeowner insurance and up to $50 a year on renter insurance by purchasing insurance from a low-price, licensed insurer. Ask your state insurance department for a publication showing typical prices charged by different licensed companies. Then call at least four of the lowest priced insurers to learn what they would charge you. If such a publication is not available, it is even more important to call at least four insurers for price quotes.
19. Make certain you purchase enough coverage to replace the house and its contents. "Replacement" on the house means rebuilding to its current condition.
20. Make certain your new policy is in effect before dropping your old one.
21. If you want insurance protection only, and not a savings and investment product, buy a term life insurance policy.
22. If you want to buy a whole life, universal life, or other cash value policy, plan to hold it for at least 15 years. Canceling these policies after only a few years can more than double your life insurance costs.
23. Check the National Association of Insurance Commissioners website (www.naic.org/cis) or your local library for information on the financial soundness of insurance companies.
24. You can save more than $100 a year in fees by selecting a free checking account or one with no minimum balance requirement. Request a complete list of fees that are charged on these accounts, including ATM and debit card fees.
25. See if you can get free or lower cost checking through direct deposit or agreeing to ATM only use. Be aware of charges for using an ATM not associated with your financial institution.
26. Before opening a savings account, find out whether the account is insured by the federal government (FDIC for banks or NCUA for credit unions). Financial institutions offer a number of products, such as mutual funds and annuities, which are not insured.
27. Once you select a type of savings account, use the telephone, newspaper, and Internet to compare rates and fees offered by different financial institutions, including those outside your city. These rates can vary a lot and, over time, can significantly affect interest earnings.
28. To earn the highest return on savings (annual percentage yield) with little or no risk, consider certificates of deposit (CDs) or U.S. Savings Bonds (Series I or EE).
29. To avoid late payment fees and possible interest rate increases on your credit cards, make sure you send in your payment a week to ten days before the statement due date. Late payments on one card can increase fees and interest rates on other cards.
30. You can avoid interest charges, which may be considerable, by paying off your entire bill each month. If you are unable to pay off a large balance, pay as much as you can. Try to shift the remaining balance to a credit card with a lower annual percentage rate (APR). You can find listings of credit card plans, rates, and terms on the Internet, in personal finance magazines, and in newspapers.
31. Be aware that credit cards with rebates, cash back, travel awards, or other perks may carry higher rates or fees.
32. To save as much as several thousand dollars in finance charges, pay for the car in cash or make a large down payment. Always get the shortest term loan possible as this will lower your interest rate.
33. Make certain to get a rate quote (or pre- approved loan) from your bank or credit union before seeking dealer financing. You can save as much as $1000 in finance charges by shopping for the cheapest loan.
http://www.creditunionsonline.com/news/2009/66- Ways-To-Save.php
Sent by Jennifer Hamby
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