Are you ready for the blizzard of 2010?
I am. But the good thing is if we get sent home early, we are still available for you. My cell number is 481-L OAN (4663). And I know you guys will be out in your 4 wheel drive SUV’s writing contracts. If you need numbers or a quick pre-qual just call me.
Well there is another hammer about to fall on the long term lending business. FHA is requiring that there appraisal be handled in a method similar to (do I dare say it) HVCC. And you know what a nightmare that has been. It Starts Feb 8.
Not to worry. We have the answer. You know these types of things tend to punish the good guys (that is us). The crooks don’t abide by the rules anyway. But we know how to avoid the punishment and protect you. We have set up an FHA rotation that only includes good FHA appraisers that we trust. So no matter who it gets assigned to it will be quick and efficient. So there ”take that HUD”.
Friday, January 29, 2010
Thursday, January 21, 2010
RESPA
My team just closed our first loan under the new RESPA laws and it went great. At least it was great for my clients and the Realtor. And to toot our own horn we closed it in 10 days from application. People say that can't be done anymore, but we just did it. Of course, it is probably easier if you (or your friend that hopefully you will refer to us) go to www.mignashville.com so that we can get the pre- approval done first.
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.
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.
Friday, January 15, 2010
Interest Rates
Do you (or someone you would refer to me) want to deal with a person who does not realize how the whole mortgage interest rate thing works? I don't want anyone to think I know what the rate tomorrow will be. But in the short termI would like to be able to advise you if it is it a good time to lock in a loan. I would first tell you that I can probably only give insight for what might happen in the next few hours. Things are even more complicated since the Federal Government is trying to manipulate the market with their purchases of MBS (that is mortgage backed securities). I would first think back on the economic news of the day. If it was upbeat, that would be an indication that rates would increase. If people are buying stocks they are usually selling bonds and vice versa. Then I would check my sources for the movement of the MBS. Most people are told that long term rates follow the 10 year bond. That is not the best indicator but with this and a lot of other info, at the end of the day, it is anyone's guess. I almost always tell someone that if they are happy with their numbers let us lock the rate. I have seen transactions totally slip away and people not able to get their dream home because rates can be so volatile sometimes.
Wednesday, January 6, 2010
Financial Tips for 2010
"Resolve" to Stop Wasting Money
The New Year is the perfect time to take a look at your spending habits and "resolve" to avoid wasting money where you don't have to. Here are some main areas that many of us waste money unnecessarily...and some simple steps to ensure a bright financial 2010.
Meals at the Workplace
Working Americans spend an average of $6 when they buy their lunch at work. The average cost drops to $2 when we bring our lunch from home. That's a difference of $4 a day, or $20 a week, or over $1,000 a year. Consider adding this savings to your savings account, and after just a few months you'll really see the difference add up.
Utilize the Public Library
By obtaining a library card, you can save on books, magazines, and especially DVD rentals. If you average 3 DVD rentals a month, you're spending approximately $144 a year. That's $144 that could be deposited into your bank account. For every book you check out, find out what it would have cost if you'd bought it. Deposit that amount into your account, too.
Don't be Afraid to Ask for Discounts
If you're paying bills or buying items such as airline tickets based solely on the price you're quoted, you could be wasting money. Many companies provide discounts on goods and services but only for those customers who request them. It never hurts to ask so start asking.
Save Gas
Consult the owner's manual of your car and learn about the manufacturer's recommendations for optimal gas mileage. Put the suggestions into action and see what happens. After a month, you should be able to see if you're spending less on fuel. Take the savings and stash it away.
Sell Your Junk
Come Springtime, go through your closets, garage, and CD collection. Figure out which items you no longer use. You can either hold a garage sale or locate stores which buy and sell used merchandise, and sell the items to them.
Do Away with Disposable
From razors and batteries to paper towels and plastic bags, your home is filled with products which are meant to be thrown away. Most of these disposable items have either a permanent or semi-disposable counterpart. Switching over to these more durable items can yield a savings of $4 a week or $200 a year.
Get the Most Out of Your Utilities
Many of us are overspending on our utility bills for no other reason than our own apathy. If you haven't already switched over to low-flow shower heads and toilets it's probably time to do so. Also, get into the habit of turning off lights when not in use. Did you know that most utility companies offer a free online energy audit? This way you can see exactly where you're wasting money.
Here's to a bright financial future in 2010!
From Mortgage Market Guide
The New Year is the perfect time to take a look at your spending habits and "resolve" to avoid wasting money where you don't have to. Here are some main areas that many of us waste money unnecessarily...and some simple steps to ensure a bright financial 2010.
Meals at the Workplace
Working Americans spend an average of $6 when they buy their lunch at work. The average cost drops to $2 when we bring our lunch from home. That's a difference of $4 a day, or $20 a week, or over $1,000 a year. Consider adding this savings to your savings account, and after just a few months you'll really see the difference add up.
Utilize the Public Library
By obtaining a library card, you can save on books, magazines, and especially DVD rentals. If you average 3 DVD rentals a month, you're spending approximately $144 a year. That's $144 that could be deposited into your bank account. For every book you check out, find out what it would have cost if you'd bought it. Deposit that amount into your account, too.
Don't be Afraid to Ask for Discounts
If you're paying bills or buying items such as airline tickets based solely on the price you're quoted, you could be wasting money. Many companies provide discounts on goods and services but only for those customers who request them. It never hurts to ask so start asking.
Save Gas
Consult the owner's manual of your car and learn about the manufacturer's recommendations for optimal gas mileage. Put the suggestions into action and see what happens. After a month, you should be able to see if you're spending less on fuel. Take the savings and stash it away.
Sell Your Junk
Come Springtime, go through your closets, garage, and CD collection. Figure out which items you no longer use. You can either hold a garage sale or locate stores which buy and sell used merchandise, and sell the items to them.
Do Away with Disposable
From razors and batteries to paper towels and plastic bags, your home is filled with products which are meant to be thrown away. Most of these disposable items have either a permanent or semi-disposable counterpart. Switching over to these more durable items can yield a savings of $4 a week or $200 a year.
Get the Most Out of Your Utilities
Many of us are overspending on our utility bills for no other reason than our own apathy. If you haven't already switched over to low-flow shower heads and toilets it's probably time to do so. Also, get into the habit of turning off lights when not in use. Did you know that most utility companies offer a free online energy audit? This way you can see exactly where you're wasting money.
Here's to a bright financial future in 2010!
From Mortgage Market Guide
Monday, January 4, 2010
Although I did not put this together, it is a good thing to keep. It came from Mortgage Market Guide and Kiplinger.
Your 2010 Money Calendar
Key dates to bookmark for the year ahead. By Jessica L. Anderson, Associate Editor of Kiplinger's Personal Finance magazine.
JANUARY
1 - Parents of college-bound high school seniors: Fill out Free Application for Federal Student Aid (FAFSA).
4 - First trading day of 2010.
7 - Set financial goals, update your budget and resolve to pay off holiday debt (see "Four Ways to Trim Your Spending").
8 - Convert traditional IRA to a Roth; income limits for conversions are gone.
15 - Estimated federal taxes for the fourth quarter of 2009 are due.
20 - Consult with a financial planner: Your Money Bus stops in Greensboro, N.C.
21 - Seniors: If you're over 70½, talk to your IRA administrators about resuming regular required minimum distribution payments.
26 - Federal Open Market Committee meets to review interest rates.
FEBRUARY
2 - Think taxes: Your 1098, 1099 and W-2 statements should arrive by today. Finish gathering tax documents and put them in a folder for later.
4 - Your Money Bus stops in Charleston, S.C.
7 - Billions of dollars in bets will be riding on Super Bowl XLIV.
12 - Investors: Standard & Poor's 500-stock index has gone down 15 of the past 18 years on the day before Presidents Day weekend. You could pick up some cheap shares.
15 - Presidents Day. Before you hit the sales, take our quiz to find out what kind of spender you are.22 - New credit-card rules go into effect.
22 - Your Money Bus stops in Palm Beach, Fla.
MARCH
1 - Shoulder season starts today and runs through May. Look for bargains on travel.
3 - Keep an eye out for proxy forms. They'll let you vote on shareholder issues without being present at the annual meeting.
6 - Think taxes: Assign value to stuff you donated to charity if you itemize deductions.
9 - Your Money Bus stops in Birmingham, Ala.
14 - Daylight Savings Time begins. Spring forward.
15 - Deadline to empty your 2009 health-care flexible spending account (if your plan allows the 2½-month grace period).
16 - Federal Open Market Committee meets to review interest rates.
19 - Triple Witching Day for the stock market: Contracts for stock-index futures, stock-index options and stock options all expire together. Brace for volatile trading.
APRIL
1 - It's Financial Literacy Month. Take the Kiplinger quiz on your financial know-how.
1 - Seniors: Deadline for taking your first required minimum distribution from IRAs and other retirement accounts.
2 - Your Money Bus stops in Cleveland.
3 - Prepare your income-tax return this weekend.
12 - First-quarter earnings announcements for the Dow Jones industrials begin with Alcoa.
15 - File your tax return or request an extension. Estimated federal taxes for the first quarter are due.
16 - Expect a big tax refund? Adjust your withholding.
22 - Earth Day. Save money and the planet by switching to compact fluorescent bulbs.
27 - Federal Open Market Committee meets to review interest rates.
MAY
1 - Berkshire Hathaway annual shareholders meeting, in Omaha. Treasury announces semiannual I-bond rates.
2 - Mother's Day is May 9. Find a gift deal at www.dodtracker.com.
6 - Your Money Bus stops in Fort Worth.
11 - Celebrate the 100th anniversary of Glacier National Park. A visit to one of the 58 national parks is a great idea for an inexpensive summer getaway.
12 - Book a tune-up for your air-conditioning or sprinkler system before summer sets in.
19 - Start planning your summer vacation (use a booking site such as Kayak.com).
27 - College-bound high school grads: Complete student-loan applications, including those for federal Stafford loans and federal PLUS loans for parents.
30 - Use your tax refund to pay down credit-card balances or seed an emergency fund.
JUNE
1 - Investors: The stock market historically dips the week after Memorial Day. Look for cheap buys.
3 - Your Money Bus stops in San Diego.
7 - Recent college grads: Consolidate student loans. Make a money-smart plan for what to do with your graduation cash (start an IRA, create an emergency fund).
12 - Shop for Father's Day on June 20.
15 - Estimated federal taxes for the second quarter are due.
17 - Your Money Bus stops in Portland, Ore.
21 - Investors: Dow down 17 of the past 19 years-don't sell this week.
22 - Federal Open Market Committee meets to review interest rates.
JULY
2 - Midyear financial checkup: Update the goals you set in January and rebalance your portfolio, if necessary.
4 - Independence Day. Break free from debt by tallying up what you owe and making a plan to pay it off.
7 - Your Money Bus stops in Colorado Springs.
12 - Second-quarter earnings announcements for the Dow Jones industrials begin with Alcoa.
21 - Reshop your auto insurance (www.insweb.com), homeowners coverage (www.accucoverage.com) and life insurance (www.accuquote.com).
26 - If you're over 50, find out about long-term-care insurance: Take our quiz to learn more.
AUGUST
1 - Shop early for an end-of-the-model-year car deal. You'll get the best combination of price and selection as dealers clear inventory.
3 - This is the month for statewide sales-tax holidays for back-to-school shopping. Find out whether your state has one.
5 - Your Money Bus stops in Omaha.
9 - Investors: Prepare to hunker down. From 1988 to 2005, August was the worst month for the Dow and the S&P 500.10 - Federal Open Market Committee meets to review interest rates.
24 - Investors: Look for the market to gain strength. The end of the month has been strong for the past five years.
26 - Renegotiate the rate on your credit card.
SEPTEMBER
1 - Fall marks open-enrollment season for employer health-insurance plans. Review your options, even if you can keep the same coverage.
2 - Start scouting for deals for holiday travel. Wednesday is the cheapest day to fly, with the exception of the Wednesday before Thanksgiving.
3 - Investors: Watch for stock-market instability. Triple- digit Dow moves are commonplace leading up to Labor Day.
9 - Your Money Bus stops in Milwaukee.
15 - Estimated tax payments for the third quarter are due. Deadline for submitting corrections to your FAFSA.
21 - Federal Open Market Committee meets to review interest rates.
30 - Your Money Bus stops in Washington, D.C.
OCTOBER
1 - If you're self-employed, deadline to establish a Simple IRA.
2 - Financial Fitness Workshop, in New York City.
7 - Third-quarter earnings announcements for the Dow Jones industrials begin with Alcoa.
8 - If you've lost money on a Roth IRA conversion, you can still recharacterize. Contact your Roth sponsor ASAP.
15 - Deadline to file your tax return if you requested an extension in April.
21 - Get Smart About Credit Day. Buy your FICO scores at www.myfico.com.
22 - Investors: Look for good buys on depressed stocks; October has marked the end of 11 post-World War II bear markets.
NOVEMBER
1 - Treasury announces semiannual I-bond rates. Buy candy on the cheap after Halloween.
2 - Federal Open Market Committee meets to review interest rates.
7 - Daylight Savings Time ends.
8 - New college grads: First student-loan payments are due this month.
15 - Open enrollment begins for Medicare Part D and Medicare Advantage plans, and continues through December 31. (See "Choose the Right Medicare Plan for Your Needs".)
17 - Investors: Time to sell? The Dow has been up 13 of the past 16 years in the week before Thanksgiving.
24 - Log on to www.gottadeal.com to plan your Black Friday/Cyber Monday shopping strategy.
29 - Cyber Monday: Save on sales at most online retailers.
DECEMBER
1 - Investors: Before you buy a mutual fund in a taxable account, check the fund's Web site for its ex-dividend date and purchase shares after that date to avoid a tax bill.
5 - Make year-end donations to a charity or your alma mater and lock in a tax deduction (see "Five Ways to Check a Charity").
13 - End of 2010 is your last chance to make energy- efficient home improvements and get a 30% tax credit up to $1,500 (deadline: December 31).
14 - Federal Open Market Committee meets to review interest rates.
18 - Best time of the year to buy a computer-deals range from 15% to 50% off, or you could score a free printer or software package.
31 - Deadline for taking annual required minimum distributions from your retirement accounts, setting up a solo 401(k) plan and enrolling in a Medicare prescription-drug plan.
Reprinted with permission. All Contents c 2009 The Kiplinger Washington Editors. www.kiplinger.com
Your 2010 Money Calendar
Key dates to bookmark for the year ahead. By Jessica L. Anderson, Associate Editor of Kiplinger's Personal Finance magazine.
JANUARY
1 - Parents of college-bound high school seniors: Fill out Free Application for Federal Student Aid (FAFSA).
4 - First trading day of 2010.
7 - Set financial goals, update your budget and resolve to pay off holiday debt (see "Four Ways to Trim Your Spending").
8 - Convert traditional IRA to a Roth; income limits for conversions are gone.
15 - Estimated federal taxes for the fourth quarter of 2009 are due.
20 - Consult with a financial planner: Your Money Bus stops in Greensboro, N.C.
21 - Seniors: If you're over 70½, talk to your IRA administrators about resuming regular required minimum distribution payments.
26 - Federal Open Market Committee meets to review interest rates.
FEBRUARY
2 - Think taxes: Your 1098, 1099 and W-2 statements should arrive by today. Finish gathering tax documents and put them in a folder for later.
4 - Your Money Bus stops in Charleston, S.C.
7 - Billions of dollars in bets will be riding on Super Bowl XLIV.
12 - Investors: Standard & Poor's 500-stock index has gone down 15 of the past 18 years on the day before Presidents Day weekend. You could pick up some cheap shares.
15 - Presidents Day. Before you hit the sales, take our quiz to find out what kind of spender you are.22 - New credit-card rules go into effect.
22 - Your Money Bus stops in Palm Beach, Fla.
MARCH
1 - Shoulder season starts today and runs through May. Look for bargains on travel.
3 - Keep an eye out for proxy forms. They'll let you vote on shareholder issues without being present at the annual meeting.
6 - Think taxes: Assign value to stuff you donated to charity if you itemize deductions.
9 - Your Money Bus stops in Birmingham, Ala.
14 - Daylight Savings Time begins. Spring forward.
15 - Deadline to empty your 2009 health-care flexible spending account (if your plan allows the 2½-month grace period).
16 - Federal Open Market Committee meets to review interest rates.
19 - Triple Witching Day for the stock market: Contracts for stock-index futures, stock-index options and stock options all expire together. Brace for volatile trading.
APRIL
1 - It's Financial Literacy Month. Take the Kiplinger quiz on your financial know-how.
1 - Seniors: Deadline for taking your first required minimum distribution from IRAs and other retirement accounts.
2 - Your Money Bus stops in Cleveland.
3 - Prepare your income-tax return this weekend.
12 - First-quarter earnings announcements for the Dow Jones industrials begin with Alcoa.
15 - File your tax return or request an extension. Estimated federal taxes for the first quarter are due.
16 - Expect a big tax refund? Adjust your withholding.
22 - Earth Day. Save money and the planet by switching to compact fluorescent bulbs.
27 - Federal Open Market Committee meets to review interest rates.
MAY
1 - Berkshire Hathaway annual shareholders meeting, in Omaha. Treasury announces semiannual I-bond rates.
2 - Mother's Day is May 9. Find a gift deal at www.dodtracker.com.
6 - Your Money Bus stops in Fort Worth.
11 - Celebrate the 100th anniversary of Glacier National Park. A visit to one of the 58 national parks is a great idea for an inexpensive summer getaway.
12 - Book a tune-up for your air-conditioning or sprinkler system before summer sets in.
19 - Start planning your summer vacation (use a booking site such as Kayak.com).
27 - College-bound high school grads: Complete student-loan applications, including those for federal Stafford loans and federal PLUS loans for parents.
30 - Use your tax refund to pay down credit-card balances or seed an emergency fund.
JUNE
1 - Investors: The stock market historically dips the week after Memorial Day. Look for cheap buys.
3 - Your Money Bus stops in San Diego.
7 - Recent college grads: Consolidate student loans. Make a money-smart plan for what to do with your graduation cash (start an IRA, create an emergency fund).
12 - Shop for Father's Day on June 20.
15 - Estimated federal taxes for the second quarter are due.
17 - Your Money Bus stops in Portland, Ore.
21 - Investors: Dow down 17 of the past 19 years-don't sell this week.
22 - Federal Open Market Committee meets to review interest rates.
JULY
2 - Midyear financial checkup: Update the goals you set in January and rebalance your portfolio, if necessary.
4 - Independence Day. Break free from debt by tallying up what you owe and making a plan to pay it off.
7 - Your Money Bus stops in Colorado Springs.
12 - Second-quarter earnings announcements for the Dow Jones industrials begin with Alcoa.
21 - Reshop your auto insurance (www.insweb.com), homeowners coverage (www.accucoverage.com) and life insurance (www.accuquote.com).
26 - If you're over 50, find out about long-term-care insurance: Take our quiz to learn more.
AUGUST
1 - Shop early for an end-of-the-model-year car deal. You'll get the best combination of price and selection as dealers clear inventory.
3 - This is the month for statewide sales-tax holidays for back-to-school shopping. Find out whether your state has one.
5 - Your Money Bus stops in Omaha.
9 - Investors: Prepare to hunker down. From 1988 to 2005, August was the worst month for the Dow and the S&P 500.10 - Federal Open Market Committee meets to review interest rates.
24 - Investors: Look for the market to gain strength. The end of the month has been strong for the past five years.
26 - Renegotiate the rate on your credit card.
SEPTEMBER
1 - Fall marks open-enrollment season for employer health-insurance plans. Review your options, even if you can keep the same coverage.
2 - Start scouting for deals for holiday travel. Wednesday is the cheapest day to fly, with the exception of the Wednesday before Thanksgiving.
3 - Investors: Watch for stock-market instability. Triple- digit Dow moves are commonplace leading up to Labor Day.
9 - Your Money Bus stops in Milwaukee.
15 - Estimated tax payments for the third quarter are due. Deadline for submitting corrections to your FAFSA.
21 - Federal Open Market Committee meets to review interest rates.
30 - Your Money Bus stops in Washington, D.C.
OCTOBER
1 - If you're self-employed, deadline to establish a Simple IRA.
2 - Financial Fitness Workshop, in New York City.
7 - Third-quarter earnings announcements for the Dow Jones industrials begin with Alcoa.
8 - If you've lost money on a Roth IRA conversion, you can still recharacterize. Contact your Roth sponsor ASAP.
15 - Deadline to file your tax return if you requested an extension in April.
21 - Get Smart About Credit Day. Buy your FICO scores at www.myfico.com.
22 - Investors: Look for good buys on depressed stocks; October has marked the end of 11 post-World War II bear markets.
NOVEMBER
1 - Treasury announces semiannual I-bond rates. Buy candy on the cheap after Halloween.
2 - Federal Open Market Committee meets to review interest rates.
7 - Daylight Savings Time ends.
8 - New college grads: First student-loan payments are due this month.
15 - Open enrollment begins for Medicare Part D and Medicare Advantage plans, and continues through December 31. (See "Choose the Right Medicare Plan for Your Needs".)
17 - Investors: Time to sell? The Dow has been up 13 of the past 16 years in the week before Thanksgiving.
24 - Log on to www.gottadeal.com to plan your Black Friday/Cyber Monday shopping strategy.
29 - Cyber Monday: Save on sales at most online retailers.
DECEMBER
1 - Investors: Before you buy a mutual fund in a taxable account, check the fund's Web site for its ex-dividend date and purchase shares after that date to avoid a tax bill.
5 - Make year-end donations to a charity or your alma mater and lock in a tax deduction (see "Five Ways to Check a Charity").
13 - End of 2010 is your last chance to make energy- efficient home improvements and get a 30% tax credit up to $1,500 (deadline: December 31).
14 - Federal Open Market Committee meets to review interest rates.
18 - Best time of the year to buy a computer-deals range from 15% to 50% off, or you could score a free printer or software package.
31 - Deadline for taking annual required minimum distributions from your retirement accounts, setting up a solo 401(k) plan and enrolling in a Medicare prescription-drug plan.
Reprinted with permission. All Contents c 2009 The Kiplinger Washington Editors. www.kiplinger.com
Subscribe to:
Posts (Atom)