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Buying

Home Buyer Seminar

Join us at our office on March 20, 2012  for our next Home Buyer Seminar. The Crye-Leike office is located at 118 Fairfield Dr., directly behind the Shell station on Hwy 98.

Topics of discussion  include:

  • Credit
  • Loans
  • Home Inspections
  • The Closing Process

Please call Crye-Leike (601 336 6941) today to reserve your seat. We look forward to seeing you there.

Buying

9 Remodeling Tips to Make Your Home Feel Bigger

1. Multitask the dining room …

Cost: $500 to $2,000

If you have an eat-in kitchen, your dining room is probably used for special occasions only.

“Why have a prime spot sit vacant except for two or three holidays a year?” says Susanka.

Use it every day as an office or homework room without giving up dinner-party capabilities. Install doors ($300 to $500 each, with labor); add shelves or a cabinet for supplies; and invest in fitted pads to protect the tabletop.

For more flexibility, try a table like homedecorator.com’s $629 Mission Table Cabinet, a sideboard that — amazingly — telescopes into a full-size dining table.

2. … and the guest room

Cost: $100 to $3,000

Stop dedicating a whole room to infrequent out-of-town visitors.

With a decent air mattress, futon, or pull-out couch, you can lose the spare bed and use the room for day-to-day needs. (If you go with an air mattress, make sure to choose one with a built-in reversible motor to simplify the inflating and deflating.)

Add furniture, and what was only a guest room can double as a media or game room or home office.

3. Add a powder room

Cost: $3,000 to $6,000

Adding a first-floor powder room is simple if you have an unfinished basement or crawlspace for running the new pipes. Look for an existing room — a coat closet, say — and you won’t have to build walls.

To save more, forgo the tile. The minimum space required by code is typically 2½ by 4½ feet, but you can often get an exemption to go even smaller.

4. Build a home office closet

Cost: $100 to $3,000

If your family is already bursting the seams of your abode, a home office might seem out of the question. But every household needs at least a small desk for paying bills and to anchor a wireless Internet system — and you can often fit it all in a closet or armoire.

At its simplest, all you need are five or six deep, sturdy shelves made from wood or a composite product, which can total less than $40 at a home center. In a closet, set the lowest shelf at 30 inches high so you can wheel up a chair.

5. Bring the laundry upstairs

Cost: $5,000 to $7,000

Hiking up and down the stairs with laundry is enough to make anyone wish she could trade up. Instead, just move the machines.

Today’s full-size high-efficiency washers and dryers are all designed to stack. You can steal the space — a little more than four square feet — from a closet, hallway, or nook.

You’ll need to run new pipes and wiring, so being near an existing bathroom helps keep costs down, says Raleigh, N.C., architect Tina Govan. Make sure to include a drain pan to collect overflows or spills.

6. Open the floor plan

Cost: $2,000 to $4,000

A choppy layout of undersize rooms can make any house feel claustrophobic.

“People like the look of older homes, but not the way they function,” says Seattle architect Thomas Lawrence.

To open your floor plan without major expense, remove doors from rooms that don’t need them. Interior walls can come out for $2,000 to $4,000, unless they support the building or contain pipes — in which case a window or pass-through may be a more feasible solution.

7. Use built-ins to replace a closet

Cost: $4,500 to $6,000

If you choose to eliminate a closet to expand or enhance your living space, create some built-ins to get back the lost storage. A run of four- to 10-inch-deep shelving along a wall has almost no effect on the size of a room, says Corvalis, Ore., architect Lori Stephens.

And it can handle many times the capacity of a closet. You might spend $4,000 removing the closet and another $2,000 on new built-in cabinetry, or just $500 if you use assemble-it-yourself home-center cabinetry, such as the Billy collection from Ikea.

8. Build a bump-out

Cost: $6,000 to $12,000

Another trick to expand a home without a full-blown addition is called a bump-out. You hang extra space off the side of the house, sort of like an oversize bay window.

Structurally, it can’t extend more than about three feet from the existing exterior wall, but it can run nearly the whole length of the building — enough space to add an eating area to your kitchen or a closet to your master bedroom suite.

Because there’s no foundation work, a bump-out costs about $150 a square foot — or just $100 if you can tuck it under an existing roof overhang.

9. Finish non-living spaces

Cost: $15,000 to $30,000

Converting a full-height basement or garage into living space gets you an addition at half price. You’ll need a floor, ceiling, walls and more, but no structural work, no foundation, and no roof, so it’ll cost $50 to $100 a square foot — vs. about $200 for a true addition.

Attics are fair game, too, but more complicated because you may need to add a stairway and probably extend the plumbing, heating, and cooling systems a flight up. Doing all that brings the cost to around $150 a square foot.

 

http://money.cnn.com/2012/01/20/real_estate/home_remodeling.moneymag/index.htm

Buying

Petal Real Estate- Price REDUCTION

120 JACKSON St. Petal , MS  39465  $87,500

3 Bedroom, 2 Bath home. Clean as a whistle.  Conveniently located-close to shopping, schools, downtown, everything!

Call Crye-Leike for details on this listing and many more!

Buying

Mortgage Terms A to Z

  • Adjustable rate:

An interest rate that that may change over the life of the loan, and the essence of an Adjustable Rate Mortgage or ARM. Some rates vary according to an established financial index such as COFI—the Cost of Funds Index—typically adding a set “margin” of percentage points.

  • Appraisal:

A report expressing the estimated value of a property based on a comparison of similar saleable properties. Also, the act of appraising a property.

  • Assumable mortgage:

A loan that can be transferred with a sold property to a new buyer.

  • Balloon payment:

A final lump sum payment, typically larger than previous payments, due at the end of balloon-type loan.

  • Collateral:

Property pledged as security for a debt, such as real estate that secures a mortgage. Collateral can be repossessed if the loan is not repaid.

  • Conventional loan:

A mortgage loan not insured or guaranteed by a federal government entity such as the Federal Housing Administration.

  • Deed:

A document that legally transfers ownership of property from one person to another. The deed is recorded on public record with the property description.

  • Deed of trust:

Used in some states, it serves the same purpose as a mortgage. It conveys “title” to a real estate property to a disinterested third (a trustee), who holds the title until the owner of the property has repaid the debt.

  • Escrow:

A third-party financial instrument to hold funds on behalf of the other two parties in a transaction. In a real estate transaction, if there are conditions to the sale such as passing an inspection, the buyer and seller may agree to use an escrow account. Once the conditions are met, the escrow transfers the payment to the seller and title is transferred to the buyer.

  • Fixed-rate mortgage:

A mortgage with payments that remain the same throughout the life of the loan. The interest rate is fixed (unlike an adjustable rate).

  • Good faith:

Refers to settlement charges paid by a by the borrower at closing. A Good Faith Estimate of the charges is required by The Real Estate Settlement Procedures Act.

  • HELOC:

Home Equity Line of Credit—usually a second mortgage allowing the borrower to obtain cash against the equity of a home up to a predetermined amount.

  • HUD:

The U.S. Department of Housing and Urban Development, created to address public housing needs, improve and develop American communities, and enforce fair housing laws.

  • HUD-1:

Also known as the “settlement sheet,” it itemizes all closing costs such as real estate commissions, loan fees, points, and escrow amounts.

  • Interest-only mortgage:

A mortgage in which, for period of time, the monthly mortgage payment consists of interest only. During that period, the loan balance remains unchanged.

  • Jumbo loan:

Also called a non-conforming loan, it is a loan above a certain dollar amount. In 2009, the amount for single-family homes in most states was $417,000. Above that limit, the loan is ineligible to be purchased by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac).

  • Lien:

A legal claim against a property that must be paid off when the property is sold. A lien is created when you borrow money and use your home as collateral for the loan.

  • Loan-to-value ratio:

Expressed as a percentage, the amount of the loan divided by the value of a property. For example, if you have a $120,000 mortgage against a $200,000 home, the LTV is 60 percent.

  • Mortgage:

The instrument used to pledge title to a property as security for repayment of a debt.

  • Owner-occupied:

Used to describe a home occupied by a borrower or a member of the immediate family as a primary residence—as opposed to a rental property. The distinction significantly affects mortgage rates.

  • PITI:

Principal, Interest, Taxes, and Insurance—the four elements of a monthly mortgage payment.

  • Points:

Mortgage industry synonym for “one percent,” typically of the principal loan amount. To pay an origination fee of two points on a $100,000 loan, for example, you’d pay $2,000 to the lender.

  • Quitclaim deed:

An instrument transferring ownership of a property, typically with no guarantee of an unencumbered “clear” title.

  • Realtor®:

A real estate broker or associate with an active membership in the National Association of Realtors®. Not all brokers are Realtors®.

  • Reverse mortgage:

An instrument used by senior homeowners age 62 and older to convert the equity in their home into a monthly stream of income.

  • Survey:

A measurement description of land prepared by a registered land surveyor. Typically it shows the property’s dimensions and its location relative to known landmarks, plus the location and dimensions of any improvements.

  • Title:

The evidence to the right to, or ownership of, property.

  • Title insurance:

A policy that guarantees the accuracy of a title search and protects against errors. Most lenders require the buyer to purchase title insurance to protect the lender against loss in the event of a title defect. This charge is included in the closing costs.

  • Underwriting:

The process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrower’s credit history and a judgment of the property value.

  • VA loan:

A loan guaranteed by the U.S. Department of Veterans Affairs as a benefit to military veterans.

  • Warranty deed:

A legal document which guarantees that the seller is the true owner of the property and has the right to sell the property.

  • Yield curve:

A graph that compares long-term lending rates to short-term rates. Lenders “borrow short” at lower rates to “lend long” at higher rates. A “steep” curve spells bigger profits for lenders.

  • Zero-down mortgage:

A loan that finances 100 percent of the purchase price.

 

http://www.trulia.com/guide/financing/mortgages_101/mortgage_terms_a_to_z/

Buying

The Vote is In: Americans Place High Value on Homeownership

By an overwhelming margin, American voters strongly value homeownership and would oppose efforts to weaken or eliminate the mortgage interest deduction or diminish a federal role to help qualified home buyers obtain affordable 30-year mortgages, according to a new nationwide survey gauging likely voters’ attitudes towards homeownership and housing policy issues.

“The American electorate is sending a clear message that owning a home remains a cornerstone of the American Dream and preserving a federal commitment to homeownership is essential to maintain a thriving middle class and get housing and the economy back on track,” says Neil Newhouse, a partner and co-founder of Public Opinion Strategies.

Conducted on Jan. 2-5 on behalf of the National Association of Home Builders by the Republican and Democratic polling firms of Public Opinion Strategies in Alexandria, Va., and Lake Research Partners in Washington, D.C., the comprehensive survey of 1,500 likely voters includes data from key political “swing areas,” including National Journal political analyst Charlie Cook’s swing House and Senate seats and Stuart Rothenberg’s presidential swing states. The survey, which has a margin of error of ±2.5 percent, is a follow-up to a similar national poll conducted last May.

The poll shows that three out of four voters—both owners and renters—believe it is appropriate and reasonable for the federal government to provide tax incentives to promote homeownership. This sentiment cuts across regional and party lines, with 84 percent of Democrats, 71 percent of Republicans and 71 percent of Independents agreeing with this statement.

Also, two-thirds of respondents say that the federal government should help home buyers to afford a long-term or 30-year, fixed-rate mortgage.

Moreover, 73 percent of voters oppose eliminating the mortgage interest deduction. These figures held firm across the political spectrum, with 77 percent of Republicans, 71 percent of Democrats and 71 percent of Independents against doing away with the mortgage interest deduction.

Meanwhile, 68 percent would be less likely to vote for a congressional candidate who proposed to abolish the deduction, a figure that was virtually identical across all party affiliations (69 percent of Independents and 68 percent of Democrats and Republicans).

A majority of voters are also against proposals to reduce the mortgage interest deduction, eliminate the deduction for interest paid for a second home, limit the deduction for those earning more than $250,000 per year, scale back the deduction for home owners with mortgages above $500,000 and do away with the deduction for interest paid on home equity loans.

“With the 2012 election season in full swing, candidates running for the White House and Congress would be wise to heed the will of the American voters, who have expressed broad support for government policies that encourage homeownership and oppose efforts to make it more difficult to get a home loan and to tamper with the mortgage interest deduction,” says Celinda Lake, president of Lake Research Partners.

Among the poll’s other key findings:

• 96 percent of homeowners are happy with their decision to own and 84 percent who are “underwater,” or owe more on their mortgages than their home is worth, expressed the same sentiment.

• 79 percent of home owners would advise a family member or close friend just starting out to buy a home, and 69 percent of those who are underwater on their mortgage would offer the same advice.

• 74 percent said that despite the ups and downs in the housing market, owning a home is the best long-term investment they can make.

• Homeownership and a retirement savings program are considered by voters to be their best long-term investments.

• 78 percent of respondents said that owning their own home is very important to them.

• Nearly seven out of 10 voters who are not currently home owners (68 percent) said it was a goal of theirs to buy a home.

• Job uncertainty and saving for a downpayment and closing costs are the biggest barriers to buying a home.

The survey findings are consistent with the results of other public opinion surveys. In a New York Times/CBS News poll conducted in June, 89 percent said that homeownership is an important part of the American Dream and more than 90 percent indicated that it is important for the federal government to continue the mortgage interest deduction.

According to a Pew Research Study conducted last March, 81 percent of respondents agree that buying a home is the best long-term investment a person can make and 81 percent of renters surveyed said they would like to buy a house.

“Even in a down housing market, homeownership remains a core American value, with the vast majority of citizens who do not currently own a home saying they want to buy a home,” said Bob Nielsen, president of the National Association of Home Builders and a home builder from Reno, Nev. “Those running for office in November need to understand that voters will not look kindly on any candidates who seek to dismantle the nation’s long-term commitment to homeownership.”

For more information, visit www.nahb.org/homeownershippoll [2].

http://rismedia.com/2012-01-14/the-vote-is-in-americans-place-high-value-on-homeownership/?utm_source=twitterfeed&utm_medium=twitter