Home Winterizing Tips
January 25, 2010
When the north wind begins to blow, we start putting up all of our spring and summer toys, attire, and other items we will be using for months. One important thing that many of us forget to do is winterize our home for the upcoming season. As soon as the leaves starting turning we should start getting our home ready for the winter. The following tips will ensure that your home will stay in great shape during the winter months even if you put on a few pounds over the holidays.
Of course, not everyone lives where they can expect ten feet of snow and cold north wind blowing most of the time; however, there are still things you will need to do to prepare your home for the upcoming season.
The winterizing tips include:
Inspect your furnace – In most cases, you should contact an HVAC professional to check your furnace to ensure that all is working properly. Your heat/air professional should visit your home before winter and once again before summer each year. Purchase new filters and change them. Ensure that you have not stored any flammable objects nearby the furnace.
If you have a fireplace, now is the time to have it cleaned by a chimney sweep. In the spring, if you have not already, you should have a screen on the top of the fireplace to make sure that mother robin does not choose your fireplace for her new home. Store the wood for the fireplace in a dry area and not up against the home, which can cause mold to grow and even invite snakes and rodents to move in.
Check all the doors and windows for cracks, broken or cracked weather stripping, and cracks in the caulking around the windows. While checking all areas it is a good time to remove the screens and replace with your storm windows and doors.
Check the roof and gutters. Look for any damage to the roof, which should be repaired. A large heavy snow on an already damaged roof can be a catastrophe. Clean out the gutters as well.
Check the foundation and crawl spaces. Move all debris and plants from the foundation. If you see, any cracks no matter how small seal the cracks. Mice can find a way into your home through the smallest cracks. If you have crawl spaces under your home, seal them so as not to invite animals to move in under house to stay warm.
Time to change batteries in your smoke detectors. If you do not have smoke detectors, it is time to buy a few and install them in your home. Carbon monoxide detectors are also great preventive measures to have in your home. You should install this device close to your furnace or hot water heater.
Know where your water main is, you may have to turn off the water in case of a pipe bursting. Drain all water hoses and place in storage. Insulate any water pipes that are exposed to the weather this includes air conditioner pipes.
Check for low limbs that may be too close to your home or to electrical wires, trim if necessary. Now is the time to seal such things as decks, driveways, and patios. Bring in all potted plants that cannot handle the cooler temperatures.
Clean, tune-up, and repair any tools and equipment you will not be using in the winter months such as lawnmowers and gardening equipment. Prepare winter tools such as snow shovels, snow blowers, and purchase salt and sand.
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Tax Credit Nearing the End
January 4, 2010
The looming end of the tax credit that has helped so many Tulsa area buyers is a bit scary especially if you look at mortgage applications and the Tulsa housing market. The Mortgage Bankers Association released a report that stated mortgage applications are at a six-month low and rising rates are also cutting into the good news in the refinance market. Rates on the 30-year fixed mortgage hit 5.18% for the week ended January 1, 2010, which is the highest level seen since August 2009.
This along with the expiration of the homebuyer tax credit in just a few months is sure to weaken profits for Bank of America, Wells Fargo, and other lenders across the board.
As the tax credit is due to expire in the spring home buyers may jump back in the market to get a piece of this credit, however, home sales were falling at the end of the year.
NAR chief economist Lawrence Yun stated, “The fact that pending home sales are comfortably above year-ago levels shows the market has gained sufficient momentum on its own,” and went on to say “We expect another surge in the spring as more home buyers take advantage of affordable housing conditions before the tax credit expires.”
Paul Dales, an economist with Capital Economics stated, “Sales are likely to steadily increase again as the contract-signing deadline for the new extended and expanded tax credit as the end of April approaches,” … “That said, the prospect of a flood of bank-held properties hitting the market at some point will remain a lingering concern for some time.”
Some individuals have bought homes and are excited about the tax credit while others that jumped in during the first tax credit in 2008 are not as pleased as they must repay their credit. The tax credit at the end of 2008 was deemed a loan from the government to aid the economy. Shortly after this “loan”, another save the economy “tax credit” occurred in the same amount of $8,000.
We hope this information about the Tulsa home buyers Federal Tax Credit was helpful. For this and addition news or updates on the Tulsa housing market please subscribe to our Tulsa Real Estate Mall Blog RSS Feed.
What do you Want in a Home
March 17, 2009
When it comes to purchasing a new Tulsa home for the first time you should prepare a checklist of the items that you know you desire with your new home and things that you can do without but would like to have. If you are purchasing your first new Tulsa home along with a spouse, it would be a great idea for both of you to sit down and prepare the list together to ensure that you both will find the dream home that is perfect for both of you.
Here is a checklist of what you should decide on before searching for a first time new home.
- Where do you wish to live? Do you plan to say in the same area or relocate in another part of the nation?
- What price range can you afford? Set a low and high price.
- Are you concerned about the school system? If you do not have children or do not plan to have any while you are living in this home you can skip this question.
- Do you desire a brand new home or an older home? Specify how old the home can be before being considered if you do have a preference.
- What kind of home do you desire – a one story, two story, condo, mobile home, split foyer, bi-level, or tri-level?
- What style of home do you like – traditional, contemporary, southwestern, and colonial or maybe you do not have a preference at this time.
- Would you be willing to do any type of repairs or remodeling? If so, how much?
- Will you need to live close to public transportation such as a bus line?
- Do you have any type of physical handicap such as using a wheelchair or other family member’s physical needs?
- Do you have a pet, what type of area do you need for them?
- What type of lot do you desire – one acre or larger, less than one acre, fenced yard, garage, carport, patio, pool, extra parking, barns, outdoor spas, view of a lake, etc…?
- How many bedrooms do you want?
- How many bathrooms do you want?
- What square footage do you desire? Set a low and high footage.
- What features do you want – many windows, spa in the master bathroom, no interior steps, work room, fireplace, laundry room, basement, attic, library, family room, great room, formal dining room, formal living room, breakfast nook, ceramic tile, wall to wall carpet, air conditioning, etc…?
- What type of community do you wish to live in?
- What features would you like in the community – public pool, basketball court, tennis court, golf course, clubhouse, gated community?
Any other features that might not be on this list that you wish to add.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.
What Can You Afford in a New Home
February 5, 2009
When it comes to purchasing a Tulsa home for the very first time, you may not be ready for everything the lending company has in store for you. Before you rush out and apply with a lending company, you should do your homework.
Most everyone can be approved for a Tulsa home loan, no matter what their credit rating is however affording the monthly payments is another story. Of course, when you apply, the lending company or realtor is going to tell you they can get you approved for the loan. If you have a house in mind already, this could be a huge mistake. Let’s say the home is $130,000. You talk with the realtor and explain that you have a few bad things on your credit report and they reply do not worry, our lending company can get you in this home. Now, you proceed with all the paperwork and wait to hear what your monthly payments will be.
If you are like others looking to purchase your first home, you will think that you are going to get 8% interest which would bring the total of your home to $140,400 along with other fees. Now, divide that up by 30 years and your base payment would be per year $4,680. However, nothing is, as it seems. In some cases, the interest is compounded monthly or in other various ways. This changes the payment and if you do have any problems on your credit report you will be looking at a much higher interest rate up to 21% which would raise the price of the home at least $27,300 according to how they add the interest. In addition, if your credit is not perfect they will not give you a loan for 30 years you may be looking at only 20 years. All of a sudden now, your low monthly payment has reached near $2,000 per month all because of the interest rate.
You may still be able to get the loan however, your mortgage payments may be very hard for you to achieve each and every month. This can become a major problem down the road if you go ahead and purchase the home if you do not believe you can afford the payment.
The best thing to do before finding the home of dreams is to get pre-qualified for a home loan that you know you can afford. To learn what you can afford, sit down, make a list of all of your total income per month, all of your payments including credit cards, etc, and then see what you have left. Now, out of this amount what can you comfortably afford to pay to own a home? When you talk with a lending company stick to your guns – have a low and high figure for your monthly mortgage payment and do not go over what you know you can afford. If you do, you may default on the loan and not only lose your home but any good credit that you now have on your credit report.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.
Home Owner Tips – Garbage Disposals
January 3, 2009
Every now and then, the garbage disposal goes on the blink and we surely do not want to pay those outrageous prices to have a plumber come out for simple problems.
Before we get started, you must know there are two types of garbage disposals, which are batch feed and continuous feed. Batch feed is activated by a turning a stopper and continuous feed is activated by a wall switch. The major problems seen with both types of garbage disposals involved leaks, clogs, or jams.
For any problem with your garbage disposal, the most important thing to remember is that you should put your hand in the disposal and always use tongs or pliers that might be stuck in the disposal. The second rule is never use a commercial drain cleaner such as Drano in a garbage disposal. The third rule is shut off power at the main electrical connector prior to working on any electrical connections.
Whirring noise or if the disposal stops working all of a sudden – the disposal is jammed. To fix the problem, turn off the garbage disposal and wait a few minutes. Next, press the reset button found on the bottom of the motor housing. This should do the trick.
If the above did not work, you should look at the disposal under the sink. Do you see a small crank or socket? If so, you can use an Allen wrench and turn the flywheel. Alternately, for the crank you can turn the crank to do the same thing.
If your disposal has neither, you can use a broom handle. Place the broom handle at an angle against the blade and move the blade back and forth until it moves freely. Now, press the reset button again and you are done.
If you have a clog in the garbage disposal, you will need to dismantle the trap. Once you have it ready you will need to use a snake to clean out the clog.
If you notice water dripping, under the sink from your garbage disposal it is more than likely a seal is worn and will need to be replaced.
Other common problems with garbage disposals:
Will not turn on – If this happens, you need to check and make sure power is going to the disposal. You should also check the fuse or breaker box, make sure the wall switch is working, or for batch feed disposals, and check the stopper switch.
If the motor on your disposal is humming but it is not grinding the flywheel could be jammed or you could have frozen bearings. If after freeing up the jam, you still have the same problem, you will more than likely need a new disposal.
If you cannot find the problem or are unable to fix the problem, it will be time to call an expert plumber.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.
Understanding Mortgage Rates
December 7, 2008
So, you are thinking about purchasing a Tulsa home and need some information on a mortgage. Let’s define a mortgage. Usually a mortgage means a long term loan which the borrower (that’s you) acquires by completing an application offered by a bank, online mortgage broker , wholesale mortgage company, independent mortgage broker, lender or sometimes the seller of real estate. Finance mortgage companies hold a claim to property until debt is paid off. These loans are usually typed in the way of a contract.
How do you know what the mortgage rates will be?
Mortgage rates are figured by dividing the amount of interest by the amount of money borrowed. An example would be: If the lending company charges $60 per year for you to borrow $1,000, the mortgage rate would be 6%. You will find mortgage rates posted at most lending companies.
What types of things determine what mortgage rates will be?
- Inflation affects mortgage rates. When inflation rises so does mortgage rates. This happens because lending companies will lose money that will be paid back to them in the future.
- How much credit people are seeking and how much is available.
- The rate that other institutions charge each other for their short-term loans. (Federal funds rate)
Are mortgage rates different for different types of loans?
Yes, the higher the credit risks of the loan, the higher the mortgage rate. Loans that are determined to be high risks are ones that the lending company believes will probably not be repaid.
Therefore, mortgage rates can be a big factor when you are looking for a loan. This may not be a big difference but when you are talking about several thousand dollars, it does become an important deciding factor. Mortgage rates vary from state to state and from lending companies to lending companies. They can also very according to the length of the loan and the amount of money borrowed.
There are many companies online today that can give you the current mortgage rates for the city and state that you live in. Without even leaving home you will be able to check the current rates and find lending companies in your area that have the lowest mortgage rates available. You can even find companies online where you can apply for loans when you find a good mortgage rate.
Do not apply with a company just because their mortgage rates are lower than the last one you checked out. Be sure you check every option in every loan package to insure that you are in fact getting the best type of loan with the options that you need.
Be sure when you talk with different lending companies concerning mortgage rates, be sure you have all of your information together and that you know what you want. You will be able to check out the mortgage rates and other loan options from different loan companies. Be sure you shop around as each loan company may be different in the options or their mortgage rate charges they have available.
Remember that mortgage rates can change from day to day, be prepared to apply for a loan when the mortgage rate is where you want it to be. Check the mortgage rates often by visiting the sites online that keep accurate records or have an updated feed available with the current prices of mortgage rates in your area. Be sure you are up to date on what mortgage rates are when you talk with a lending company. If they seem to be a lot higher than you expected then ask them why they are in fact higher than you found on the internet. If they cannot give you a good explanation, find another lending company.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.
Types of Mortgage Lenders
November 2, 2008
Okay you have decided to buy a new Tulsa home and you are wondering where to start. The first place to start is to understand the different types of mortgage lenders available. There are many different types of mortgage lenders.
Mortgage Bankers
A mortgage banker is a mortgage lender that is big enough to sell loans to places like Fannie Mae, Ginny Mae, Freddie Mac, and other loan companies. Some will in fact service the loans that originate while others may not. These mortgage bankers have wholesale lending divisions to mortgage bankers.
Mortgage Brokers
Mortgage brokers are mortgage lenders that originate loans to sell them to wholesale lending companies. The mortgage broker has been doing business with these wholesale companies for a while. Mortgage brokers do not do any underwriting or funding. They also only work with wholesale lending companies that have a wholesale loan department within their company structure.
Wholesale Lenders
Wholesale lenders are a type of mortgage lenders that may not have their own retail branch; they may only work with mortgage brokers. Wholesale lenders offer their loans to mortgage brokers at a lower cost that is available at the retail branch to the general public. The mortgage broker can then add his own fee. To you that would mean that you are paying around the same that you would if you went to the retail branch of the wholesale mortgage lender.
Portfolio Lenders
This mortgage lender is lending money and originating loans on their own behalf. They do not sell them on the secondary market quickly. Because of this, they do not have to go by the guidelines set forth in the Fannie May or Freddie May guidelines. A portfolio lender can determine their own rules for their loans based on your credit. Most of the time portfolio lenders are large banks and savings & loan companies. If you pay your payments on time for a year it becomes known as seasoned, after it becomes seasoned it is then marketable even if your loan does not meet the guidelines set forth by Fannie Mae. When the portfolio lender sells your seasoned loan it then frees up their money so they can make more loans.
Direct Lenders
Direct lenders are mortgage lenders that fund their own money. This can be large or small lending companies. They usually have a credit line where they can draw money to fund all of these loans. Most of the time direct lenders draw up the loan in their own company name.
Correspondents
Correspondents are mortgage lenders that do their own loans and instead of selling them into pools, they sell these loans to a sponsor, which is a larger lending company. The sponsor then sells these loans like they were a mortgage banker to companies like Ginny Mae, Fannie Mae, or Freddie Mac. Sometimes, correspondents fund the loan themselves or the funding may come from a larger lending company.
Banks and Savings & Loans
These mortgage lenders are similar to portfolio lenders
Credit Unions
Credit Unions are similar in operation to correspondents, although a large one could act as a portfolio lender or a mortgage banker.
Now you understand what mortgage lenders are and how they work, you may be able to understand where to find a mortgage loan. Be sure to check with all kinds of lending companies before you make a choice for your mortgage loan.
Enjoy shopping for your new home and finding a mortgage lender that will help your dreams of owning a new home become a reality.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.
What is Interest Only Mortgage
October 2, 2008
An interest only mortgage is a wonderful way for buying more home at a cheaper rate.
You can get the lowest monthly payment possible because you are not paying any money toward your principal. Your monthly payments are paying interest only. You can make other payments to your loan for the principal if you desire.
Usually interest only mortgages are for a term of 30 years, the first 5 to 20 years are the interest only years and the last 20 to 25 years is everything combined.
Before you talk with lending companies concerning interest only mortgage you need to understand the basics in mortgage/interest rates.
Why do you pay interest anyway?
Interest rates are a fee that is charged for using the lending company’s money for a specific time period for your interest only mortgage.
How do you know what the interest rates will be?
Interest only mortgage rates are figured by dividing the amount of interest by the amount of money borrowed. An example would be: If the lending company charges $60 per year for you to borrow $1,000, the mortgage rate would be 6%. You will find mortgage rates posted at most lending companies.
Are interest only mortgage rates different for different types of loans?
Yes, the higher the credit risks of the loan, the higher the mortgage rate. Loans that are determined to be high risks are ones that the lending company believes will probably not be repaid.
Interest only mortgages are you still interested?
With their usually less than fixed rates, along with interest only payments, an a short-term ARM a interest only mortgage could represent a way to have the lowest possible monthly payment and still be able to own your own home. However, all that flexibility comes with risks.
Some mortgage products, allow you to have your choice of payment plan, including interest only, fully amortizing or accelerating amortizing. These pick a price and pick a payment arms are gaining in usage, because they allow you to determine how best to apply your income to your mortgage.
If you are already qualified for an interest only mortgage, and if you have college, retirement or investment needs to take care of, you might consider adding interest only payments to your arm in order to more fully fund the other financial needs in your life. You can invest the money better elsewhere than paying down your mortgage balance. As far as maximizing your tax deduction, remember that not only is that vast majority of your payment already comprised of interest, but that only a fraction of every dollar in interest you spend is tax deductible, anyway.
Please consider that interest only mortgage will rise just like a river, complicating things for borrowers who do not have fixed loans. Whatever happens, it is crazy to assume that house prices and appreciation will continue indefinitely.
Most Tulsa home prices can keep rising only as long as there are Tulsa home buyers willing to pay more than the last one did. Buyers who want to use an interest only mortgage to best advantage must be ready to welcome one more problems in their life. People who choose a conventional fixed mortgage over an interest only mortgage select it just for the security and the knowing what their payments will be now and 20 years from now.
Deciding on the interest only mortgage with all the many investment to choose from, really depends on what your priority in life is to live better now in a hope that later your income will rise or buy less home for your money and feel more secure.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.
Understanding Tulsa Home Equity Loans
September 19, 2008
Home equity loans are loans that is against the equity you have in your Tulsa home. You can use the money from this loan for any reason you want. It does not have a specified requirement. Interest rates a major consideration when applying for a home equity loan so let’s check out interest rates.
Why do you pay interest rates on home equity loans?
Interest rates are a fee that is charged for using the lending company’s money for a specific time period.
How do you know what the interest rates will be for home equity loans?
Interest rates are figured by dividing the amount of interest by the amount of money borrowed. An example would be: If the lending company charges $60 per year for you to borrow $1,000, the interest rate would be 6%. You will find interest rates posted at most lending companies.
What types of things determine what interest rates will be when you apply for home equity loans?
Inflation affects interest rates. When inflation rises so does interest rates. This happens because lending companies will lose money that will be paid back to them in the future.
How much credit people are seeking and how much is available.
The rate that other institutions charge each other for their short-term loans. (Federal funds rate)
Are interest rates different for different types of home equity loans?
Yes, the higher the credit risks of the loan, the higher the interest rate. Loans that are determined to be high risks are ones that the lending company believes will probably not be repaid.
By checking with different lending companies, you will find that interest rates are not the same for each company. As an example:
The interest rate for a 30 year fixed mortgage in:
- San Diego, California varies from 5.386% to 6.27%
- Bloomington, Indiana varies from 5.391% to 6.071%
The interest rate for a 10 year fixed mortgage in:
- Daytona Beach, Florida varies from 4.557% to 6.105%
- Memphis, Tennessee varies from 4.557% to 5.026%
Therefore, interest rates can be a big factor when you are looking for a Tulsa home equity loan. This may not be a big difference but when you are talking about several thousand dollars, it does become an important deciding factor. Interest rates vary from state to state and from lending companies to lending companies. They can also very according to the length of the loan and the amount of money borrowed.
Many people are now applying online for all types of home equity loans. This can be very convenient for many of us. There are also many companies online today that can give you the current mortgage rates for home equity loans for the city and state that you live in. Without even leaving home you will be able to check the current rates and find lending companies in your area that have the lowest mortgage rates available.
Do not apply for your Tulsa home equity loans with a company just because their mortgage rates are lower than the last one you checked out. Be sure you check every option in every loan package to insure that you are in fact getting the best type of loan with the options that you need.
If you decide to apply online for a home equity loans; check to be sure that the website is secure. You never want to give out personal information online unless the website has a secure server in which to submit your personal information. You can tell if the page that submits the information is using a secure protocol by checking the URL, if the URL looks like https:// then it is secure and all information submitted will be encrypted and will not be able to be read until it reaches its destination.
Before submitting information for a home equity loans, be sure that the lending company is a real company. If they are, in fact, legitimate they will have their physical address and telephone number posted in clear viewing somewhere on their website. You do not want to give out personal information concerning your bank account if you cannot be sure the company receiving the information is legit.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.
Showing Your Tulsa Home
September 16, 2008
You may believe that after you have cleaned up the inside and outside of your Tulsa home, you only have to sit back and let the agent show your home. This is not necessarily true if you are still living in the home. You will have to keep your home ready for the agent to show all the time and in some cases; you may only be given a short notice before potential buyers will be in your home. The worst thing you can do is put off potential buyers if you do can avoid it.
The kitchen is one room that must look clean at all times. Do not even leave a few dirty dishes in the sink. Take the time to place them in the dishwasher. Keep your countertops clean as well. If a potential buyer sees dirty dishes, that is a turn off no matter how clean the kitchen might be.
Before the showing, open up the blinds, curtains, and shades. You want your home to look bright and inviting. If the showing is in the evening, then turn on the lights in each room. Be sure that each room has enough for the buyer to see the entire room. Check the light bulbs in the closets as well. If a buyer cannot see into a room or closet, they will not be able to envision their belongings in that area.
If it is warm outside, be sure to have the air conditioner turned on and at a desirable temperature. The same goes for if it is cold outside. You want the buyer to feel comfortable. If you have a fireplace, you could always light it to give them a cozy feel.
Indoor pets should be placed in cages or taken to a friend’s house during the showing. Sorry, to say, but in some cases, the kids should go next door if you cannot get them to sit quietly.
You may not believe this, but if you can be gone while the agent is showing your home, it would be best. A potential buyer may talk to one another about the possibilities of your home, but if you are in the room, they may be afraid to talk to each other due to hurting your feelings.
If you cannot leave, stay in one room of the house, but not in the major areas such as the kitchen, bedrooms, or bathrooms. Stay in the study, family room, basement, or even outside on your patio or front porch. The potential buyers need to be able to walk around the entire house without worrying about hurting your feelings or feeling they are intruding.
Instead of waiting around for the agent to call for a showing and then jumping up to clean and vacuum, do this every day so you are ready for that buyer to walk through your door.
We will work hard to be YOUR Tulsa Real Estate Agent! We are the Tulsa Homes experts and will work hard to find the home of your dreams. Call Toll Free Direct at 1 (877) 738-8572 today.