Reasons to Burn the Mortgage

Mortgages:


Owning a home with no mortgage is probably the best way to ensure a long-term financially secure retirement, according to a new report on housing and financial security by the Joint Center for Housing Studies at Harvard University. ow.ly/2N0wB3

More Mortgages

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How to Fix Wealth Inequality

Home Ownership:



The ability to transfer wealth from one generation to the next is the driving force behind ending intergenerational poverty. http://t.co/c6H56VaBvP

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9 Steps in Preparing to Buy a Home

Home Buying:


9 Steps in Preparing to Buy a Home - Deciding to become a homeowner is an important, exciting first step... ow.ly/2MuhuO

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Proof of income needed for mortgage

Proof of income needed for mortgage OK - What really qualifies as proof of income when you want approval from a mo... ow.ly/2KaWxx

5 money lessons learned from Monopoly

5 money lessons learned from Monopoly - As with Monopoly, you can overspend in real life. What else can the game t... ow.ly/2KaWxr

Capital Improvements to Increase Value

The addition of a permanent structural improvement or the restoration of some aspect of a property that will either enhance the property's overall value or increases its useful life. Although the scale of the capital improvement can vary, capital improvements can be made by both individual homeowners and large-scale property owners.

For example, if Carlisle buys a new roof and converts the garage to an apartment garage, both would be considered capital improvements to his house. Similarly, the creation of a new public park in the downtown area would also be considered a capital improvement for the city. In both these cases, the new additions would make the properties more valuable.

Homeowners Insurance and 19 States Where You Want Flood Insurance

Homeowners Insurance is a form of property insurance designed to protect an individual's home against damages to the house itself, or to possessions in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.

In the U.S. there are seven forms of homeowners insurance that have become standardized in the industry; they offer various levels of protection depending on the needs of the homeowner.

While homeowners insurance covers most scenarios where loss could occur, some events are typically excluded from policies, namely: earthquakes, floods or other "acts of God" and acts of war.

There are 19 states in the paths of the Atlantic and Gulf storms. Densely populated Florida, with its shallow elevation, is most at risk.

Other vulnerable states are Louisiana, where 750,000 homes are at risk, New York had 466,919 homes, New Jersey 445,928 and Texas 434,421.

For homeowners living in these parts of the country, adding an extra policy for flood insurance can be a good idea to offer further home protection and peace of mind.

San Antonio Mayor Julian Castro Confirmed as HUD Chief

The U.S. Senate on Wednesday confirmed Julian Castro to lead the Department of Housing and Urban Development, placing the San Antonio, Texas mayor at the top of the agency in charge of housing during a sluggish recovery in the sector.

As mayor of the seventh most populous U.S. city when a new mayor is selected by the city council, which should be in the next two weeks.

How Bi-weekly Mortgage Payments Can Save You Money

A bi-weekly mortgage is a mortgage payment plan where payments are made every two weeks, as opposed to the more traditional monthly payment plan. Making mortgage payments every two weeks, as opposed to monthly, will result in the equivalent of one additional monthly payment being made each year.

This extra payment is applied toward the principal balance of the mortgage, and will lead to substantial interest savings over the life of a long-term mortgage.

When a bi-weekly payment plan is set up, most mortgage servicing companies simply hold the first half of the monthly payment until the second half arrives and then make the full monthly payment. If a simple interest bi-weekly mortgage plan can be set up, each payment received is immediately applied toward the principal balance of the mortgage leading to additional interest savings.

Converting an existing mortgage to a bi-weekly plan usually carries some fees. A self-disciplined borrower can gain the same benefits of a bi-weekly plan by making one additional mortgage payment each year, or by paying an extra amount each month equal to 1/12 of the scheduled monthly payment.

Millennials Could Drive Next U.S. Housing Boom

The Millennials who for years have lived with their parents while the economy imploded, now seem poised to move out on their own.

According to a report released Thursday by Harvard's Joint Center for Housing Studies, by 2025 Millennials could form 24 million new households and drive the U.S. real estate market.

The report also found that, the number of young people who buy homes increases as their incomes grow. The hiring of Millennials has recently improved as the economy heals. If the trend continues, these same Milennials could soon become homeowners.

Why Nosey Neighbors Are a Good Thing

Nosey neighbors - we all have at least one don’t we? It seems that every time we go outside, they go outside. They are always there pretending to be doing something in their yard or just coming back from a walk. Don't they have anything better to do?

But here's another way of looking at it...

Nosey neighbors help keep your house from getting broken into. Imagine how many thieves your nosey neighbor has talked to over the years that may have been casing out your home to break into. Oh yes, the thieves are going to think twice because your nosey neighbor is going to be right there asking, "Is there something I can help you with? Are you looking for someone? What are you doing?"

Nosey neighbors can also help keep your kids safe. If you're not outside or look away for a brief moment--no worries they are right there to tell your kids to not cross the street or to answer any questions for the lost stranger walking down the street. And if something does happen (God forbid) your nosey neighbor is going to be right there to give a full and accurate description to the police.

Not only do nosey neighbors help protect your home and family but they know everybody's business. While that might seem like a bad thing at first, look at it as a resource. If you ever need anything don't ask Jeeves, ask your nosey neighbor, more than likely they know.

So the next time you see your nosey neighbor, don't look at them like they're the enemy. Nope, their not your enemy, that's your friend.

Refinance Now Before Rates Rise

(HOUSTON) – There has never been a better time to refinance your home. That’s because of a little-known government program called the Home Affordable Refinance Plan (HARP).

The Home Affordable Refinance Plan allows Americans to refinance their homes at shockingly low rates, and reduce their payments by an average of $3,000 a year.

But here’s the catch – like most government programs, this is likely temporary. Currently the program is set to expire on December 31, 2015. But the good news is, once you’re in, you’re in. If the thought of a lower payment or fewer years on your mortgage sounds appealing, refinance now before rates rise.

4 Things You Need Before You Buy A Home

Many factors go into whether it makes more sense to buy or rent. Here are four things you should have before homeownership. If you have them, buying may be a smart move.

1. An Emergency Fund: If you have avoided or paid off debts, your credit is healthy and you are saving for retirement, you may feel good about your financial situation. Before buying a home though, it's important to go another step further: Focus on building up an emergency savings fund.

4 Things You Need Before You Buy A Home

While everyone should really have an emergency fund to cover unexpected costs, it's especially important to homeowners. This should be in addition to the money you plan to use as a down payment. If you have enough cash to cover three to six months of your living expenses, you are much more prepared for homeownership. This way, in case your steady income is interrupted, you can still afford mortgage payments while you get back on your feet.

2. A Budget: A track record of maintaining a budget can be a good sign. If you already have a budget, try adjusting it to fit your new financial life as a homeowner before you buy. This should include mortgage payment, utility bills, homeowners insurance, property taxes, maintenance and upkeep costs. It's a good idea to even try living on that new mock budget for a few months. If you can do that comfortably, it may be a good time to buy.

3. A Steady Income: With mortgages usually 15 to 30 years in length, buying a home is a serious long-term financial decision. When calculating how much house you can afford a consistent income that covers monthly payments and miscellaneous home expenses is important. You may want to consider your other goals beyond buying a home. This may include how your financial situation will be affected if you plan to go back to school, start a family or change careers in the near future.

4. A Good Credit Score: When you go to a lender to apply for a mortgage, they will also look at your credit score in addition to your income. It's important to know where you stand before you actually apply for the mortgage, since there may be incorrect information on your credit reports that you can correct. And since your credit score will be a major factor in determining not only the interest rate you'll qualify for, but also whether a lender can even lend to you. (You can check your credit reports for free once a year -- here's how -- and you can see two of your credit scores for free on Credit.com.)

U.S. Foreclosures Hit 8 Year Low

Foreclosure activity across the United States dropped to an eight-year low in May as banks reclaimed fewer homes and foreclosure starts saw their lowest levels in years, RealtyTrac said in a report on Tuesday.

RealtyTrac, which tracks and maintains housing market data, said 109,824 properties across the country were at some stage of the foreclosure process in May. That marked a 5 percent decline from April and left foreclosure activity -- foreclosure notices, scheduled auctions and bank repossessions -- 26 percent below the year-ago level.

Investing in Short Sales

Short sales are purchases negotiated with the owner and lender(s) before foreclosure. Typically the purchase price negotiated is less than the balance owed on the property.

For investors, short sales present an opportunity to buy real estate below market value and help borrowers avoid foreclosure.

For more information about investing in short sales visit us online at Carlisle Mitchell - Real Estate Tips for Investors

Carlisle Mitchell - Houston - Judicial Foreclosures

Carlisle Mitchell - Houston - Judicial Foreclosures.
Judicial Foreclosure is a foreclosure proceedings in which a mortgage lacks the power of sale clause. In such an instance, many states require the foreclosure to be processed through the state's courts. If the court confirms that the debt is in default, an auction is held for the sale of the property in order to acquire funds to repay the lender.

This differs from non-judicial foreclosures, which are processed without court intervention.
Many states require judicial foreclosure to protect equity the debtor may have in the property. Judicial foreclosure also serves to prevent "strategic disclosures" by unscrupulous lenders.

In instances where the sale of the property through the auction does not generate enough funds to repay the mortgage lender, the former homeowner will still be held liable for the remaining balance.

Carlisle Mitchell - Houston - Homeowners Insurance

Carlisle Mitchell - Houston -
Homeowners Insurance. Homeowners Insurance is a form of property insurance designed to protect an individual's home against damages to the house itself, or to possessions in the home. Homeowners insurance also provides liability coverage against accidents in the home or on the property.

In the U.S. there are seven forms of homeowners insurance that have become standardized in the industry; they range in name from HO-1 through HO-8 and offer various levels of protection depending on the needs of the homeowner.

While homeowners insurance covers most scenarios where loss could occur, some events are typically excluded from policies, namely: earthquakes, floods or other "acts of God" and acts of war.

For people who live in certain parts of the country, adding an extra policy for earthquake insurance or flood insurance can be a good idea to offer further home protection and peace of mind. Some homeowners insurance is designed for renters, typically HO-4 or "renters insurance", and only covers possessions within the home and isolated events not covered in the property insurance held by the owner.

Renter's Insurance

Renter's insurance is a form of property insurance that provides coverage for a policy holder's belongings and liability within a rental property. Renter's insurance applies to persons renting or subletting a single family home, apartment, duplex, condo, studio, loft or townhome. The policy protects against losses to the tenant's personal property within the rented property. In addition, a renter's insurance policy protects against losses resulting from liability claims, such as injuries occurring on the premises that are not due to a structural problem with the property (in this case, the owner's - not renter's - policy would apply).

Increasingly, proof of renter's insurance is required by many landlords. Personal belongings within a rented property are typically not covered under the owner's or landlord's property insurance. For example, if a flood or fire destroys all the personal property within a rented apartment, the structure would be covered under the landlord's policy, but the personal property would only be covered through a renter's insurance policy. Without this coverage, the tenant would be responsible for the loss out-of-pocket.

Short Sales

Short Sales
A home that is listed for sale at a price lower than the amount owed on the mortgage. Homeowners hope to sell their home as a short sale to avoid penalties associated with going into foreclosure. What can make it difficult to buy a short sale is that there are often two mortgages on the home and both lenders must approve the sale. The ownership of the mortgages on a short sale home usually belong to more than one party, so you'll likely have to convince multiple banks and lenders to take a loss on their original loan. This is why it often takes so long to approve a short sale offer. If the short sale fails and the homeowner can't afford to pay his mortgage, then the bank forecloses on the home.

Yellow on White Greek Kitchen Interior Design

Yellow on White Greek Kitchen Interior Design
Consider home improvements that not only look good but can increase the value of your home.