Mike’s Real Estate Show

You Say Tomato…
Making the Most of the Summer Harvest
By Kirk Leins
 
 
For tomato lovers everywhere, the summer months mark the time of year when this wonderful fruit is at its absolute tastiest. Whether a summertime tomato is harvested from a backyard garden or purchased from a quality purveyor, it is simply one of the finest fresh ingredients available to nearly every home chef.

What is a Tomato?
Scientifically speaking, a tomato is a fruit and not a vegetable. This is because a true fruit is developed from the ovary in the base of the plant’s flower and contains the edible seeds of the plant. Carrots, broccoli, and lettuce develop differently as they do not have seeds within the part we eat and are therefore considered vegetables. Read the rest of this entry »

Passport Perplexities

One of my clients, with a trip to France scheduled with his family and children for next week, JUST got his passport after over 3 months of nail biting and conversations (some nasty) with our overwrought and overworked Passport folks! So if you’re anticipating leaving the country get your passport at least 4 months before exiting!!

 In January, the Western Hemisphere Travel Initiative (WHTI) imposed new passport requirements on American travelers visiting Mexico, the Caribbean, and Canada. In June, the new initiative was revised temporarily, but only for those travelers with passport applications in place. If you think this is confusing, just wait. This was just the first phase of new border security measures the State Department will introduce in the next few years.

If you’re planning to travel any time in the near future, save yourself the time, money, and hassle and get your passport application or renewal in early. According to the US Postal Service, applicants can expect to wait at least 10 to 12 weeks to get through the entire process. And, considering the fact that less than 20% of Americans actually have valid passports, this problem isn’t likely to go away any time soon. Even expedited service at the Post Office, which adds $60 to the current $97 price tag, may not result in your passport being processed in time to make your flight. Although private expediting services do exist and can produce passports relatively quickly, expect to pay up to $300 or more!
 

New Law Encourages Saving
  
In late 2006, The Pension Protection Act was signed into law, making saving money a whole lot easier for many Americans. Well over 900 pages in length, the law not only protects pensions, it makes permanent many features introduced in the Economic Growth and Tax Relief Act of 2001 (EGTRRA), which were set to expire in January, 2011. This includes enhancements to 403(b), 457(b), and 401(k) plans, IRAs, and 529 college savings plans. With pension plans becoming more and more rare, and the uncertainty surrounding the viability of Social Security, consumers need to take advantage of what many financial experts call “generous” benefits designed to hold Americans accountable for their own retirement planning.

For instance, maximum 2007 contributions to 401(k) plans and IRAs not only increase to $15,500 and $4,000 respectively, these limits will be linked to an inflation index and could increase significantly in the future. For taxpayers fifty years and older, the contributions limits to their 401(k)s and IRAs increased to $20,500 and $5,000, respectively (That’s me!!) There’s still plenty of time to make the most of the new tax laws for 2007. Schedule an appointment with a CPA or a Certified Financial Planner, and start preparing for your retirement today.

Rates as of 7/20/07    

Just a reminder… I can provide financing options beyond what is quoted on this rate update!  This is just a taste, a sampling, a bite or nibble of the smorgasbord of loan options I can provide you and your clients including:

~  Lot Loans  ~  Construction loans  Stated Income    ~  No Doc ~ No Ratio

~ Option ARMS ~ Flexible Hybrid ARMS

Give me a call for more information about different loan products and requirements!        

Conforming                 fully amortized                        interest only

30 year fixed               6.50%                                      6.75%

3/1 ARM                     6.25%                                      6.375%

5/1 ARM                     6.375%                                     6.50%

7/1 ARM                     6.50%                                      6.625%

10/1 ARM                    6.75%                                      6.875%

                                                           fully amortized                        interest only

JUMBO – up to $1million

30 year fixed               6.875%                                    6.875%

3/1 ARM                     7.00%                                     7.00% 
5/1 ARM                     7.00%                                     7.00% 

7/1 ARM                     7.00%                                     7.00%

10/1 ARM                    7.125%                                    7.125%

100% financing: Mortgage Insurance may also be an option – here are some possibilities without MI.
 

30 year fixed – 80/20  - Conforming loan amount on the first 6.875% 1st / 10.375% 2nd – assumes 680 credit score and full document loan for 2nd pricing – better score, better pricing on the 2nd

30 year fixed – 75/25 – Conforming loan amount on the first 6.75% 1st / 10.375% 2nd – assumes 680 credit score and full document loan for 2nd pricing – better score, better pricing on the 2nd

Call for information on Blended rate 100% options with No MI. I will evaluate and consult with client whether mortgage insurance is a better option.

Other loan options… I can provide additional loan options, including Alt-A loan products, Option ARMS, the Flexible Hybrid ARMS, Commercial loans, Home Ownership Accelerator Program, Construction Loans, Loans for Investment Property, Community Lending Program for those who might not qualify for traditional loans and much, much more!

 Here’s the fine print:

Conforming limit is $417,000.00.  Rates assume impound account set up and except for 100% financing, assumes loan to value (LTV) no more than 80%.  Funds to be used for purchase.  Cash out refinances may incur higher rates.  Rates quoted with a 30 day lock.  Subject to qualifying borrowers and properties.  Rates quoted for fully documented loans.  Rates are as of 7/20/07 and are subject to change.  Rates are quoted WITHOUT points.  Borrowers may buy down the rate.  Each application is evaluated on an individual basis.  There may be better suited programs for borrowers the may offer better rates/terms as well as options for non-qualifying borrowers. 

Alicia Hodenfield

Investors Trust Mortgage

(707) 284-2718 direct line

alicia@investorstrust.com

www.aliciahodenfield.com
 

Here’s a link to www.bankrate.com and their “rent versus own” calculator. Check it out and see where you fall. If you want to buy then give me a call! 800-959-7244.

For some people, buying their home makes the most sense, and for others, renting is best. To determine which is right for you, you first need to determine whether you can afford to buy. Then you need to consider other factors, including the time you’ll stay in your new home, the home’s prospects for appreciation and taxes.

http://www.bankrate.com/baw/Calsystem2/Calculators/RentVsBuy/default.aspx

Listeners,

http://www.Obeo.com/388996

  This list appeared in Forbes magazine online editon (www.forbes.com) and demonstrates once and for all that the rich have “too much money!”. But they are kinda fun! Love the auto toilet! Check them out! Read the rest of this entry »

Give me a call to get information for your sellers about offering buy downs for buyers!  It could be a great incentive for buyers.  To buy down the rate, the seller would be needs to pay about 2% of the loan amount to get the rate down to 6%, as of today’s conforming rates.  A Sampling of today’s rates follows – all rates are quoted without points.  Buyers can buy down their own rate buy paying points (1 point = 1% of the loan amount; 1 point will not buy down the rate one percentage point.  Please contact me for details and actual buy down rates)

  Read the rest of this entry »

Sales of High-End Homes Are Booming
Sales of high-end homes are doing better than the rest of the market in many areas, according to DataQuick Information Systems, which tracks home prices. Read the rest of this entry »