I truly believe that now is an unbelievable time to buy a home. First I will address a first home (defined as the first in three years).
1. The Federal Government is going to send you a check for up to $8,000.
2. THDA will give you a grant for up to $8876,
3. The Realtor can usually get the seller to pay up to $7239. This leaves you with zero out of pocket.
4. Interest rates are at historic lows.
5. Real Estate is on sale. Prices are often as low as they were five years ago.
Now for an existing home owner (defined as having lived in your present home for 5 years).
1. The Federal Government is going to send you a check for up to $6,500.
2. The Realtor can usually get the seller to pay up to $8152 ( on an example of a $226,000 home).
3. Interest rates are at historic lows.
4. Real Estate is on sale. Prices are often as low as they were five years ago.
5. If you have to take a loss on your present home, you should be able to more than make it up with the bargain you get on the new one.
Call me at 777-HOME (4663) or e-mail me for details by hitting the reply button.
Wednesday, February 24, 2010
Thursday, February 18, 2010
The Credit CARD Act of 2009
On May 22, 2009, President Obama signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, marking a turning point for American consumers and ending the days of unfair rate hikes and hidden fees. Every year, Americans pay around $15 billion in penalty fees. Nearly 80 percent of American families have a credit card, and 44 percent of families carry a balance on their credit cards.
Key Elements of the Credit CARD Act of 2009
Bans Unfair Rate Increases: Financial institutions will no longer raise rates unfairly, and consumers will have confidence that the interest rates on their existing balances will not be hiked.
Bans Retroactive Rate Increases: Bans rate increases on existing balances due to "any time, any reason" or "universal default" and severely restricts retroactive rate increases due to late payment.
First Year Protection: Contract terms must be clearly spelled out and stable for the entirety of the first year. Firms may continue to offer promotional rates with new accounts or during the life of an account, but these rates must be clearly disclosed and last at least 6 months.
Bans Unfair Fee Traps:
Ends Late Fee Traps: Institutions will have to give card holders a reasonable time to pay the monthly bill at least 21 calendar days from time of mailing. The act also ends late fee traps such as weekend deadlines, due dates that change each month, and deadlines that fall in the middle of the day.
Enforces Fair Interest Calculation: Credit card companies will be required to apply excess payments to the highest interest balance first, as consumers expect them to do. The act also ends the confusing and unfair practice by which issuers use the balance in a previous month to calculate interest charges on the current month, so called "double-cycle" billing.
Requires Opt-In to Over-Limit Fees: Consumers will find it easier to avoid over-limit fees because institutions will have to obtain a consumer s permission to process transactions that would place the account over the limit.
Restrains Unfair Sub-Prime Fees: Fees on subprime, low-limit credit cards will be substantially restricted.
Limits Fees on Gift and Stored Value Cards: The act enhances disclosure on fees for gift and stored value cards and restricts inactivity fees unless the card has been inactive for at least 12 months.
Plain Sight /Plain Language Disclosures: Credit card contract terms will be disclosed in language that consumers can see and understand so they can avoid unnecessary costs and manage their finances.
Plain Language in Plain Sight: Creditors will give consumers clear disclosures of account terms before consumers open an account, and clear statements of the activity on consumers accounts afterwards.
Real Information about the Financial Consequences of Decisions: Issuers will be required to show the consequences to consumers of their credit decisions.
Issuers will need to display on periodic statements how long it would take to pay off the existing balance and the total interest cost if the consumer paid only the minimum due.
Issuers will also have to display the payment amount and total interest cost to pay off the existing balance in 36 months.
Accountability: The act will help ensure accountability from both credit card issuers and regulators who are responsible for preventing unfair practices and enforcing protections.
Public posting of credit card contracts: Today credit card contracts are usually available only in hard copy and not in plain language. Now issuers will be required to make contracts available on the Internet in a usable format. Regulators and consumer advocates will be better able to monitor changes in credit card terms and evaluate whether current disclosures and protections are adequate.
Holds regulators accountable to enforce the law: Regulators will be required to report annually to the Congress on their enforcement of credit card protections.
Holds regulators accountable to keep protections current:
Regulators will be required to request public input on trends in the credit card market and potential consumer protection issues on a biennial basis to determine what new regulations or disclosures might be needed.
Regulators will be required either to update the applicable rules, or to publish findings if they deem further regulation unnecessary.
Increases penalties: Card issuers that violate these new restrictions will face significantly higher penalties than under current law, which should make violations less likely in the first place.
Cleans Up Credit Card Practices For Young People at Universities. The act contains new protections for college students and young adults, including a requirement that card issuers and universities disclose agreements with respect to the marketing or distribution of credit cards to students.
http://www.whitehouse.gov/the_press_office /Fact-Sheet-Reforms-to-Protect-American-Credit-Card- Holders/
George says: Too bad these companies got a year to stick everybody before the rules changed.
Sent by Jennifer Hamby
Key Elements of the Credit CARD Act of 2009
Bans Unfair Rate Increases: Financial institutions will no longer raise rates unfairly, and consumers will have confidence that the interest rates on their existing balances will not be hiked.
Bans Retroactive Rate Increases: Bans rate increases on existing balances due to "any time, any reason" or "universal default" and severely restricts retroactive rate increases due to late payment.
First Year Protection: Contract terms must be clearly spelled out and stable for the entirety of the first year. Firms may continue to offer promotional rates with new accounts or during the life of an account, but these rates must be clearly disclosed and last at least 6 months.
Bans Unfair Fee Traps:
Ends Late Fee Traps: Institutions will have to give card holders a reasonable time to pay the monthly bill at least 21 calendar days from time of mailing. The act also ends late fee traps such as weekend deadlines, due dates that change each month, and deadlines that fall in the middle of the day.
Enforces Fair Interest Calculation: Credit card companies will be required to apply excess payments to the highest interest balance first, as consumers expect them to do. The act also ends the confusing and unfair practice by which issuers use the balance in a previous month to calculate interest charges on the current month, so called "double-cycle" billing.
Requires Opt-In to Over-Limit Fees: Consumers will find it easier to avoid over-limit fees because institutions will have to obtain a consumer s permission to process transactions that would place the account over the limit.
Restrains Unfair Sub-Prime Fees: Fees on subprime, low-limit credit cards will be substantially restricted.
Limits Fees on Gift and Stored Value Cards: The act enhances disclosure on fees for gift and stored value cards and restricts inactivity fees unless the card has been inactive for at least 12 months.
Plain Sight /Plain Language Disclosures: Credit card contract terms will be disclosed in language that consumers can see and understand so they can avoid unnecessary costs and manage their finances.
Plain Language in Plain Sight: Creditors will give consumers clear disclosures of account terms before consumers open an account, and clear statements of the activity on consumers accounts afterwards.
Real Information about the Financial Consequences of Decisions: Issuers will be required to show the consequences to consumers of their credit decisions.
Issuers will need to display on periodic statements how long it would take to pay off the existing balance and the total interest cost if the consumer paid only the minimum due.
Issuers will also have to display the payment amount and total interest cost to pay off the existing balance in 36 months.
Accountability: The act will help ensure accountability from both credit card issuers and regulators who are responsible for preventing unfair practices and enforcing protections.
Public posting of credit card contracts: Today credit card contracts are usually available only in hard copy and not in plain language. Now issuers will be required to make contracts available on the Internet in a usable format. Regulators and consumer advocates will be better able to monitor changes in credit card terms and evaluate whether current disclosures and protections are adequate.
Holds regulators accountable to enforce the law: Regulators will be required to report annually to the Congress on their enforcement of credit card protections.
Holds regulators accountable to keep protections current:
Regulators will be required to request public input on trends in the credit card market and potential consumer protection issues on a biennial basis to determine what new regulations or disclosures might be needed.
Regulators will be required either to update the applicable rules, or to publish findings if they deem further regulation unnecessary.
Increases penalties: Card issuers that violate these new restrictions will face significantly higher penalties than under current law, which should make violations less likely in the first place.
Cleans Up Credit Card Practices For Young People at Universities. The act contains new protections for college students and young adults, including a requirement that card issuers and universities disclose agreements with respect to the marketing or distribution of credit cards to students.
http://www.whitehouse.gov/the_press_office /Fact-Sheet-Reforms-to-Protect-American-Credit-Card- Holders/
George says: Too bad these companies got a year to stick everybody before the rules changed.
Sent by Jennifer Hamby
Wednesday, February 10, 2010
Refinancing...
A lot of folks that could refinance have not refinanced. The rates are still really good. Many probably wonder if they qualify. If they would call me at 777-home (4663) OR Daniel, we can determine that quickly. There is no embarrassment if it won't work. We just try to give constructive hints. Also some people worry that their home won t appraise and that is true very often. However if someone currently has an FHA loan there is a way that it can be done without an appraisal. There is not always a benefit, but very often it works out well. Just give us a shout or reply to this e-mail and we can take a look.
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.
Wednesday, February 3, 2010
Endorsements...
We just wanted to pat ourselves on the back a little. We received a couple of great endorsements this week. Here they are;
"George and Daniel-Just wanted to say thanks for all your efforts with Margaret's loan. I was so proud for her because she has had some hardships the past few years and was excited when you said you could get her qualified because it gave her hope. The closing was smooth and no problems. "
"My son, Jacob Kennedy recently purchased a home in Chapmansboro, TN, and I wanted to let you know how much I appreciate all the work you did to make this an easy process for him. He is a first time buyer and it was important to have someone who would take the time to answer all the questions we had about the process. You surely made the process painless for him. Your firm was recommended to us by friends, and I would recommend anyone who is buying a house in the Nashville area to call you. Again, a BIG THANKS to you and your firm for your help."
This week the rankings came out for the loans closed State wide and MIG finished 4th. Pretty good since all of the other 9 in the top ten were banks. We also finished as THDA s number one lender for the 7th straight year.
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.
"George and Daniel-Just wanted to say thanks for all your efforts with Margaret's loan. I was so proud for her because she has had some hardships the past few years and was excited when you said you could get her qualified because it gave her hope. The closing was smooth and no problems. "
"My son, Jacob Kennedy recently purchased a home in Chapmansboro, TN, and I wanted to let you know how much I appreciate all the work you did to make this an easy process for him. He is a first time buyer and it was important to have someone who would take the time to answer all the questions we had about the process. You surely made the process painless for him. Your firm was recommended to us by friends, and I would recommend anyone who is buying a house in the Nashville area to call you. Again, a BIG THANKS to you and your firm for your help."
This week the rankings came out for the loans closed State wide and MIG finished 4th. Pretty good since all of the other 9 in the top ten were banks. We also finished as THDA s number one lender for the 7th straight year.
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.
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