Volume 93 Busting First-Time Homebuyer Myths AGENT NAME lives. Without home buying experience, it's hard to separate fact from fiction. Equity Real Estate (555) 555-5555 [email protected] "Buying a first home can be exciting and stressful for most young buyers, especially the Inside This Issue When buying a first home, most people are making one of the biggest purchases of their financing process," says Clete Thompson, vice president at imortgage, a division of loanDepot LLC. "There's a lot of paperwork, many choices, and sometimes budgets don't stretch very far. Our licensed loan officers specialize in helping first-time buyers navigate the 1. 2. home finance process, which can be stressful if you're not working with a seasoned professional." To help first-time buyers, the experts at imortgage are uncovering prevalent myths about 3. financing a home purchase: Myth: It takes a 20 percent down payment to buy a home. Reality: Required down payment amounts vary by type of loan and they are on average much smaller than people think. Last year, the median down payment for all first-time buyers was 6 percent, according to the National Association of Realtors. One reason is that many first-time buyers use FHA loans, which require down payments as low as 3 to 3.5 percent. VA loans require nothing down for qualified veterans or active military personnel. If you want to take out a conventional loan, many lenders do require 20 percent down, but you can lower that percentage with private mortgage insurance. There are also hundreds of down payment assistance programs that eliminate or reduce down payment requirements for qualified borrowers. 4. Busting First-Time Homebuyer Myths Take The Sweat Out of Your DIY Projects This Year The Secret to Mother’s Day Gifting Success: Give Time, Not Stuff Fun Summer Activities For The Whole Family “Our greatest glory is not in never falling but in rising every time we fall” -Confucius 11 Ways you’re giving money away when you buy a house Mortgage lender Fannie Mae Just made a move to make homeownership more affordable, and it’s one of the many things that can help you save some cash when buying a home. 1 Myth: If you owe a lot of student loan debt, there is no way you can get a mortgage. Reality: Don't assume that having a lot of student loan debt automatically disqualifies you from getting a mortgage. The key factor is not necessarily the size of your loan obligation, but the amount of your total monthly debt payments compared to your monthly income. This is called DTI. imortgage, for example, has approved thousands of loans to first-time buyers whose monthly student loan payments were as high as $300, and many more could qualify by increasing their monthly income. Myth: If your credit score is low, you should not even try to get a mortgage. Reality: Millions of potential buyers assume they will not be approved for a mortgage even though many could qualify, according to a national survey commissioned by loanDepot LLC. Today, median FICO scores for mortgages to buy a home are 683 for FHA loans and 754 for conventional loans. But hundreds of thousands of buyers with scores lower than those are getting mortgages if they have good income and low levels of debt. Myth: Buying a home isn't a good investment. Reality: Real estate, like other assets, rises and falls based on supply and demand. Over the past two years, home values in most markets have been rising. While all real estate is local, if you bought a home in March 2012, by August 2014 the national median home price as measured by Case-Shiller had risen 29.6 percent. Myth: The mortgage-interest tax deduction is going away. Reality: Though the deduction has its critics, most observers believe it is unlikely that Congress will eliminate the mortgage interest deduction any time soon. Many states also allow homeowners to write off the interest they pay on their mortgages from their state income taxes. Check with your accountant or CPA on if you can qualify for this type of tax deduction. Myth: I'm about to get married and the wedding is so expensive I won't be able to buy a home. Reality: According to TheKnot, the average wedding has 138 guests who typically give a gift valued at $100 each. That's $13,800 in spatulas, baking pans and other things. If every guest contributed to a Down Payment Fund, you could have enough saved for a down payment on a $276,000 home in San Diego. Should you wait for lower prices or lower interest? Right now, buyers have the best of both worlds- home prices have risen, but they’re still below the bubble of 2005, and mortgage interest rates are just above record lows. Yet, many buyers are still waiting for a sign that it’s the right time to buy. Five landscaping ideas for sellers You’ve probably heard how important curb appeal is when you’re trying to sell your home. The first thing buyers look at when they pull up to your home is the big picture – the house, the yard, the trees, the flowers. It’s the impression that counts, and all it takes is one thing to ruin the effect – a cracked walkway, dead branches in the trees, leggy bushes. http://realtytimes.com/consumeradvice /homeownersadvice1 When it comes to housing, hope springs eternal Housing numbers are looking hopeful for the spring season, according to Clear Capital’s recently released Home Data Index (HDI) Market Report with data through April 2015 Generating Business: Keep It Simple There are many ways to generate business. Some agents thrive on FSBO’s, others expireds. There is geographic farming, open houses, contacting your sphere of influence, and of course there is the internet. Making online lead systems work for you Generating, managing and communicating with leads are vital to your success as a top agent or broker. How do you choose the online lead systems that work best for you? http://rismedia.com/category/homeowner-news "These are just a few of the myths about home buying that surface frequently in our conversations with first-time buyers," says Thompson. "I always advise potential buyers, 2 especially first- time buyers, to get in touch with one of our local imortgage loan officers if they're interested in straight answers to specific questions about financing a home. We are here to help." Take The Sweat Out Of Your DIY Projects This Year Movie Trivia What animated feature film was chosen as a 2009 Golden Globe winner? You've been dreaming about digging in your garden, changing your landscaping or improving your house all winter long. Finally the weather is nice, your yard is clear and dry, and it's time for you to get your hands dirty. With the right tools and equipment, you can get all your DIY tasks done while saving time, money and elbow grease. Look for products that can help make lawn care, gardening, home improvement and other a. Bolt b. Kung Fu Panda c. WALL-E According to the American Film Institute, this is ranked as the “Greatest American Movie of All Time” a. The Godfather b. Citizen Cane c. Gone with the Wind What was the first animated feature film produced in America? DIY projects easier to accomplish. For example, instead of laboring to push an aerator a. Bambi around your lawn, consider a liquid dethatcher. You apply the dethatcher using a sprayer on b. Snow White and the the end of the garden hose and the formula works to aerate soil and break up the layer of thatch that hinders grass growth. Renting tools or equipment you use occasionally or only once a year can save you time and money. Many home improvement stores now offer a wide range of tools for rent, from bench saws and floor sanders to augers and overseeders. By renting, you avoid storage issues and maintenance chores. Seven Dwarfs c. Mighty Mouse What was the Best Picture-winning film in the year that the Academy Awards (Oscars) TV show was the most watched, at 55.2 million viewers? a. American Beauty b. Forrest Gump c. Unforgiven d. Titanic 3 One piece of equipment a DIYer can use all summer long is an off-road vehicle. By using your off-road vehicle for heavy jobs, you can avoid the expense of hiring additional workers for project such as: * Hauling rocks or mulch around your yard. Get more done with the family of versatile What Adam Sandler comedy featured Bob Barker’s screen debut? a. Happy Gilmore b. Big Daddy c. Billy Madison Polaris RANGER side-by-sides. Their rear dump box allows you to move and distribute these materials in different garden beds or around all your trees. * Removing dead branches and towing out bushes and trees. By either using a winch, installed on the front of the vehicle, or a tow strap attached to the rear, you can pull out old brush easily. * Smoothing out fresh dirt with a plow. Raking by hand is messy, and takes a lot of time. Instead, hook up a plow to your off-road vehicle and gently smooth out the dirt with the plow lowered to the level you want. If the dirt is already level, attach a pull-behind rake to Who is the voice behind Woody, the cowboy doll in Toy Story? a. Clint Eastwood b. Eddie Murphy c. Tom Hanks d. Bill Murray Primavera With Prosciutto, Asparagus and Carrots Recipe Courtesy of foodnetwork.com your vehicle to make the dirt perfect for planting or seeding. * Carting lumber from the driveway to the back patio for easier access to the house project you're working on. This will allow you to take fewer trips and saves your muscles from a few aches and pains, and also splinters. You also can reduce the number of helpers you need for the project - just make sure you have another person handy to help you load the vehicle. * If you have a boat dock, use your off-road vehicle to tow it into the water for some summer fun. After all the hard work, take your vehicle out on the trail for a bit of fun. The two-passenger Ingredients: 1. Kosher salt RANGER side-by-sides fit into the bed of most full-sized pickups, making it easy for you and 2. 1 pound penne or farfalle a family member to take a break from the work and hit the trails. 3. 1 pound asparagus spears, stems trimmed, cut into 1 1/2-inch With the right tools, you can accomplish everything on your DIY list this summer, and enjoy the satisfaction of a job well done without the sweat of going it alone. lengths 4. 1 large carrot, cut into matchsticks (Retrieved from brandpointcontent.com 5. 1 cup snap peas 6. 1 tablespoon extra-virgin olive oil 7. 8 ounces sliced prosciutto, jamon iberico or other high-quality ham, diced 8. 1 large shallot, sliced 1/8 inch thick 9. 1 clove garlic, minced 10. 1/2 teaspoon red pepper flakes 4 11. 1 cup heavy cream 12. 1 cup chicken stock, preferably homemade or low-sodium store-bought The Secret to Mother’s Day Gifting Success: Give Time, Not Stuff Directions: Bring a pot of water to a boil, salt it generously and cook the pasta for 8 minutes; add the asparagus, carrot and snap peas and cook for 3 minutes. Check the pasta and vegetables to make sure they're cooked through but still have texture, then drain. While the pasta is cooking, heat the olive oil in a large sauté pan, add the ham and shallot and cook until lightly browned, 3 minutes or so. Add the garlic and pepper flakes and cook until fragrant, 1 minute. Add the cream, stock and mustard and simmer for a minute or two, scraping up any brown bits. She nursed you through countless cases of childhood sniffles, taught you to tie your shoes and make a mean omelet, and she's still your go-to source for good advice and your favorite Add the pasta and vegetables to the pan. Toss and cook for another 2 minutes, until cooked through and the pasta is coated. Taste for seasoning, add salt if necessary and serve immediately in warm bowls. home-baked cookies. Are you really going to just give Mom a pair of socks and some flowers for Mother's Day? You can do better than that. In the tradition of a current pop-culture meme, here's a "give this, not that" list of Mother's Day ideas: Give: Your time. Last year, 44 percent of mothers surveyed by online deal site PriceGrabber said they wanted quality time with their family for Mother's Day. Whether your family includes adult children who live and work far from their childhood home (and Mom) or a busy family with young children, it can be hard to find time to spend with each other on a regular basis. On Mother's Day, make a point of devoting the day to Mom. Whatever you 5 choose to do together - dine out, visit a botanical garden or just hang out at home - you'll be giving her the gift she wants most: time with you. Don't give: Stuff. There's a difference between a thoughtful gift that has meaning to the recipient, and something clearly bought out of desperation just so the giver has something to hand over on Mother's Day. Moms know the difference. Things like cowboy boots, sunglasses and even designer purses were among the items mothers said they didn't want in a survey by Ebates. Don't wait until the last minute to buy something she may not want. Put some thought into the gift a week or two before the big day so you can be sure you're giving her something she really wants, like a piece of unique jewelry, her favorite bath products, or an attractive scarf. Give: A great meal out. It's easy to understand why dining out was on the list of mostwanted gifts for mothers in every geographic area surveyed by Ebates. What could make Mom happier than enjoying a great meal with her family? Not having to cook it herself or clean up afterward! Taking Mom out for meal is a time-honored Mother's Day tradition and restaurants can be busy on the first Sunday of May. In fact, Chris Ciavarra, senior vice president of marketing for Cracker Barrel Old Country Store, reports that Mother's Day is one of the busiest days of the year for their restaurant locations across the country. When choosing a place to take Mom, look for a place that will please her palate with familiar flavors, good food and the kind of warm, comforting ambience she creates in her own dining room or kitchen. Family-style restaurants like Cracker Barrel are a good choice for Mother's Day because there's something on the menu for everyone. Plus, when Mom's done with her meal, she can pick out the perfect gift from the store's collection of nostalgic items. Don't give: Practical kitchen items. No matter how much Mom says she wants a new electric can opener or how much she needs a new set of pots and pans, don't give these items on Mother's Day. Moms are more than just the sum of the time they spend in the kitchen. If she really needs and wants those things, why not give them to her at some other time of year, for no other reason than she's a great mother? Or, if you must give something kitchenrelated for Mother's Day, consider something that's pretty and fun, too, like decorative serve ware. Buy from a store that offers free gift wrapping services - like Cracker Barrel - and it's even easier to give a good-looking gift. Give: Gift cards. A gift card to her favorite store was another popular selection of moms surveyed by Ebates. But don't think giving her a gift card is all you have to do. Research to find just the right card for her, and then offer to accompany her on a shopping excursion to her favorite store. That way, you'll be giving her two things she wants most - a gift card and time spent with you. Don't give: Technology. Do you really want to give Mom a smartphone that will be obsolete by next Mother's Day? Or a tablet so complicated she'll never figure out how to use it on her own? If your mother's digitally inclined, chances are she already has the tech she needs and 6 wants. And if she doesn't, trying to choose it for her can be like trying to pick a pet for someone else - never a good idea. Instead, keep gift items simple, personal and nostalgic. For more Mother's Day gift ideas, gift cards and to learn about special menus for Mother's Day, visit www.crackerbarrel.com. (Retrieved from brandpointcontent.com) 6 Things You Should Never Do When Renovating a Kitchen Whether you've heard it in the office, a classroom or a soccer field, that old saying about mistakes being valuable learning tools really rings true, doesn't it? If those mistakes occur during the course of a kitchen renovation, however, it may be difficult to be philosophical about them. Bungle a kitchen redesign, and you'll either have to live with the consequences for a long time or invest even more money to correct them.\It's better by far to avoid making a big mistake when renovating a kitchen. Here are six totally wrong moves that you should never make when improving the most-used room in your home: 1. Give up cabinets. Maybe you long for a window over the kitchen sink. Perhaps replacing or upgrading all the cabinets in the kitchen will take too big a bite out of your budget. Or maybe you intend to become a minimalist and need storage space for only two plates, two mugs and two wine glasses. Whatever you think your "reason" is for reducing the number of cabinets in your kitchen - don't do it. Cabinet storage space is a top priority in any kitchen; it can help keep clutter off your countertops, and improve the room's appeal to potential buyers. Never give up cabinet space unless you have a ridiculous number of cabinets, in which case, see move No. 2 .... 7 2. Cover every inch of wall with cabinets. The only thing worse than not enough cabinets is having too many. We've all seen kitchens where the cabinets visually overwhelm the space. Sometimes they're too large for the scale of the room. Other times there are just too many of them. Keep in mind the need for visual balance, and turn to online calculators to help you understand how much cabinetry is appropriate for your kitchen. 3. Cheap out on appliances. New appliances can be a large part of your kitchen renovation budget, and the temptation to cut costs by buying cheaper quality products can be compelling. Yet kitchen appliances are among the most-used in any home. When you consider how often you'll use them, how much wear and tear they'll endure, and how great their impact is on the usability of the room, it makes sense to invest in the best appliances you can afford. What's more, if you choose cheaper models - or worse yet, keep old, inefficient appliances - you may miss out on the energy savings that new appliances can deliver. 4. Give up even a single ray of sunlight or breath of fresh air. More than one kitchen renovator has chosen to solve the problem of too little cabinet space by covering up a window. Not a smart move, especially when you consider the value of natural light and fresh air in a kitchen. If you have no wall space to spare for windows, adding Energy Star-qualified no-leak fresh-air skylights, like those from Velux America, can solve the problem. Modern skylights are as dependable as high quality vertical windows and they admit much more natural light. Solar powered fresh air skylights passively vent humidity and cooking fumes from the kitchen while bringing in light. Pair them with solar-powered designer blinds, and your skylights become not just more energy efficient, but more functional, since both are operated by a programmable remote control. As an added plus, solar powered skylights, blinds and installation costs are eligible for a 30 percent federal tax credit for energy-efficient home improvements. 5. Pick materials that are too fragile for life in the kitchen. Just as you never pick a partner or a vehicle based on their looks alone, choosing kitchen materials based on beauty is doomed to disappoint. For example, recycled glass countertops can chip, scratch or crack more easily than other options, and may not stand up to rigorous use. Limestone has a lovely, luminous look but is vulnerable to stains. Before you choose a material for its looks, find out its durability and weigh that against your tolerance for cleaning and repairs, as well as how brutal you're likely to be on the surfaces in your kitchen. And in that vein .... 8 6. Let looks trump practicality. Choosing an overall design or materials that look great and are fashionable, but that aren't practical for your lifestyle, is a recipe for regrets. Whether it's buying a refrigerator that's too big for the scale of the room, or opting for a countertop color that's too unusual to be universally appealing, conceding practicality to appearance will make the kitchen harder to work in and harder to sell down the road. A well-executed kitchen renovation can boost home value and improve your enjoyment of the kitchen, which is the heart of the home. With planning and care, it's possible to avoid the kind of renovation mistakes that no one wants to live with. (Retrieved from brandpointcontent.com) 9 10
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