tag:blogger.com,1999:blog-59190389428224303612024-02-20T20:44:50.604-08:00Lori Collins' Vallejo-Benicia Homes NewsFor all the greatest news and events about Vallejo and Benicia real estate.Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.comBlogger305125tag:blogger.com,1999:blog-5919038942822430361.post-42393348008264671852022-09-12T12:56:00.000-07:002022-09-12T12:56:13.777-07:009385 Pawnee Trail, Kelseyville, CA. 95451. Listed for only $310,000.<iframe width="480" height="270" src="https://youtube.com/embed/80C8sy4OphE" frameborder="0"></iframe>Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-69977295915554448472021-01-21T10:11:00.001-08:002021-01-21T10:11:37.840-08:007917 Ruinart Ct, Vallejo, CA 94591 Gorgeous Townhome in gated community ...<iframe width="480" height="270" src="https://youtube.com/embed/m1QPkd4TovQ" frameborder="0"></iframe>Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-61142935675209099842021-01-13T12:21:00.002-08:002021-01-13T12:21:24.280-08:00<p style="background-color: white; border: 0px; box-sizing: border-box; font-family: Lato, sans-serif; font-size: 16px; margin: 0px 0px 20px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"></span></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYvMVlhJgnYuDBDsdriDfB6XwxjqLdKHbwxGjBzS6FJUUwLLUXjW9E-DAbxlTrABN7jJ7xH4NDdxUqpqw9jAjqdqRPGBQ86e1xxQviEcPmoo5N0lYRwnQ5EnsGwgUJwMZ4NNZKqQMa3j8/s1200/January+2021+-+MVP+-+Social+Media+Image.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="628" data-original-width="1200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhYvMVlhJgnYuDBDsdriDfB6XwxjqLdKHbwxGjBzS6FJUUwLLUXjW9E-DAbxlTrABN7jJ7xH4NDdxUqpqw9jAjqdqRPGBQ86e1xxQviEcPmoo5N0lYRwnQ5EnsGwgUJwMZ4NNZKqQMa3j8/s320/January+2021+-+MVP+-+Social+Media+Image.jpg" width="320" /></a></div>Losing weight, saving money, breaking bad habits… At the start of each new year, millions of people vow that January will mark a turning point in their lives.<p></p><p style="background-color: white; border: 0px; box-sizing: border-box; font-family: Lato, sans-serif; font-size: 16px; margin: 0px 0px 20px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">If you’re also committed to making 2021 your year, consider adding a homeownership goal to your new year’s resolutions.</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; font-family: Lato, sans-serif; font-size: 16px; margin: 0px 0px 20px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">What do we mean? You could…</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; font-family: Lato, sans-serif; font-size: 16px; margin: 0px 0px 20px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">💳 Improve your credit score to qualify for the best of historically low mortgage rates</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; font-family: Lato, sans-serif; font-size: 16px; margin: 0px 0px 20px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">🛠️ Tackle a small home repair to capitalize on an ultra-competitive market and sell for top dollar</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; font-family: Lato, sans-serif; font-size: 16px; margin: 0px 0px 20px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">🏝️ Quarantine in style and earn a second income with an investment property</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; font-family: Lato, sans-serif; font-size: 16px; margin: 0px 0px 20px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">With today’s robust market conditions, the time is right to learn how real estate can contribute to your success in 2021.</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; font-family: Lato, sans-serif; font-size: 16px; margin: 0px 0px 20px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;">Check out our latest blog post for more info and ideas:</span></p><p style="background-color: white; border: 0px; box-sizing: border-box; font-family: Lato, sans-serif; font-size: 16px; margin: 0px 0px 20px; outline: 0px; padding: 0px; vertical-align: baseline;"><span style="border: 0px; box-sizing: border-box; margin: 0px; outline: 0px; padding: 0px; vertical-align: baseline;"><br /></span></p>Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-65875087264835508152020-03-12T11:07:00.003-07:002020-03-12T11:07:48.778-07:00How can you tell if you have a cold, the flu, or coronavirus? Local experts weigh in By Amy Graff, SFGATE Updated 6:47 am PST, Tuesday, March 3, 2020<br />
<br />
<br />
<em>For more coverage, visit our complete <a href="https://www.sfgate.com/coronavirus/">coronavirus section here</a>.</em><br />
If you're showing signs of illness — a cough, runny nose
and fever — how do you know whether you have a cold, the flu or
COVID-19, the new coronavirus that originated in China and is spreading
around globe.<br />
The answer is that it's difficult to tell for sure unless you have been tested by a medical professional.<br />
"It’s really hard because in all those things the
spectrum of disease is broad," said Dr. Lee Atkinson-McEvoy, a pediatric
doctor at UC San Francisco. "Even in coronavirus, they’re seeing people
who have milder disease, so just a cough and runny nose, but no fever.
Some people who test positive are asymptomatic, meaning no symptoms at
all."<br />
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</div>
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Coronaviruses are among a group of viruses that cause the
“common cold,” and there are seven known ones that can infect humans.
Four of these (229E, HKU1, OC43 and NL63) are seasonal and typically
cause mild respiratory infection – fever, cough, nasal congestion, and
headache, according to Dr. Charles Chiu, a professor of laboratory
medicine and infectious disease at UC San Francisco.<br />
<br />
<div class="article-breaking-now twelve-9 twelve-12">
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</a>
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</div>
<div class="article-content">
<div class="article-title">
<h1 class="headline entry-title">
How can you tell if you have a cold, the flu, or coronavirus? Local experts weigh in</h1>
<div class="byline">
By <a href="https://www.sfgate.com/author/amy-graff/">Amy Graff</a><span class="local-credit">, SFGATE</span></div>
<span class="timestamp">Updated
<time datetime="2020-03-03T14:47:29Z" itemprop="datePublished">
6:47 am PST, Tuesday, March 3, 2020
</time>
</span>
</div>
</div>
<div class="article-content">
</div>
<em>For more coverage, visit our complete <a href="https://www.sfgate.com/coronavirus/">coronavirus section here</a>.</em><br />
If you're showing signs of illness — a cough, runny nose
and fever — how do you know whether you have a cold, the flu or
COVID-19, the new coronavirus that originated in China and is spreading
around globe.<br />
The answer is that it's difficult to tell for sure unless you have been tested by a medical professional.<br />
"It’s really hard because in all those things the
spectrum of disease is broad," said Dr. Lee Atkinson-McEvoy, a pediatric
doctor at UC San Francisco. "Even in coronavirus, they’re seeing people
who have milder disease, so just a cough and runny nose, but no fever.
Some people who test positive are asymptomatic, meaning no symptoms at
all."<br />
<div class="asset_zone zoneInlineA" data-config-asset-position="3">
<div class="hst-freeform hdnce-e hdnce-item-92605">
</div>
</div>
Coronaviruses are among a group of viruses that cause the
“common cold,” and there are seven known ones that can infect humans.
Four of these (229E, HKU1, OC43 and NL63) are seasonal and typically
cause mild respiratory infection – fever, cough, nasal congestion, and
headache, according to Dr. Charles Chiu, a professor of laboratory
medicine and infectious disease at UC San Francisco.<br />
<div class="ctpl-duplicated-ad concert">
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</div>
</div>
"The remaining three coronaviruses (MERS, SARS, COVID-19)
are the result of recent zoonotic (animal-to-human) transmission events
and although they are also associated with mild respiratory symptoms,
infection can progress to cause severe, life-threatening pneumonia," Dr.
Chiu shared in an email.<br />
<strong>ALSO: <a href="https://www.sfgate.com/bayarea/article/elderly-seniors-coronavirus-great-risk-death-sick-15089210.php">Are the elderly at a greater risk for coronavirus complications?</a></strong><br />
COVID-19 is the most recently discovered coronavirus and
was unknown before the outbreak began in Wuhan, China in December 2019.
To date, a vaccination or antiviral medication isn't available to treat
it, according to the <a href="https://www.who.int/news-room/q-a-detail/q-a-coronaviruses">World Health Organization</a>. People with serious illness should be hospitalized.<br />
The flu, a.k.a. seasonal influenza, is similar to
COVID-19. It also causes respiratory infection and can also lead severe
pneumonia.<br />
"The symptoms between common cold viruses, COVID-19, and
the flu overlap significantly, at least in the early stages of illness,"
wrote Chiu. "Death from coronavirus in patients with pneumonia is
thought to be a combination of direct damage of the viral infection to
the airways (bronchiolitis and/or pneumonia), an abnormal immune
response (“cytokine storm”), and secondary bacterial infections. This
is similar to the way people die from flu."<br />
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With the flu, the elderly, very young, or those with
compromised immune systems are at the highest risk for severe disease.
The current data available and <a href="https://jamanetwork.com/journals/jama/fullarticle/2762130">research</a> on the novel coronavirus suggests the elderly and immunocompromised are more susceptible to serious complications and <a href="https://www.sfgate.com/bayarea/article/elderly-seniors-coronavirus-great-risk-death-sick-15089210.php">children are at a lower risk</a>, said Atkinson-McEvoy.<br />
The latest estimates based on the reported number of
cases and deaths around the world suggest that the death rate from
COVID-19 infection is about 2 percent, but this may change as the
epidemic progresses. For comparison, SARS had a death rate of about 10
percent and seasonal influenza has a death rate of 0.1%.<br />
That said, Dr. Lee Riley, a UC Berkeley professor and
chair of the Division of Infectious Disease and Vaccinology, adds
mortality rate is frequently higher at the beginning of epidemics
because "we don't know how to deal with them."<br />
"We have vaccines for influenza so this contributes to
its lower rate, but if we didn't have the vaccines, the mortality rates
for influenza will be higher than 0.1%," said Riley. "Also, mortality
rates for influenza varies according to the virus strain causing the
epidemic, which changes every year. So, it's too simplistic to compare
mortality rates of two very different types of virus infections."<br />
The most common symptoms of coronavirus are cough, fever
and shortness of breath. In some cases, the virus causes severe
respiratory illness. If a person develops symptoms and has reason to
believe they may have coronavirus, the California Department of Public
Health recommends you call your health care provider before going into a
clinic or hospital<br />
"Contacting them in advance will make sure that people
can get the care they need without putting others at risk," according to
the health department. "Please be sure to tell your health care
provider about your travel history."<br />
<br />
<br />
My thoughts<br />
There are so many illnesses going around this year with the Coronavirus
at the top of the list. Are you really prepared? Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-79134976001491583822020-03-10T15:33:00.003-07:002020-03-10T15:33:51.802-07:00Here’s why you shouldn’t celebrate that big tax refund by Darla Mercado @darla_mercadoThink twice before celebrating that large refund check from Uncle Sam.The IRS had doled out <a href="https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-february-28-2020" target="_blank">45.5 million refunds</a> as of Feb. 28, with the average refund check totaling $3,064. That amount is just $4 less than last year’s average refund.<br />
Filers have reasons to celebrate their small windfall. Most have <a href="https://www.cnbc.com/2020/03/05/heres-what-people-are-doing-with-their-tax-refunds.html">ambitious plans</a> for their small windfall, including shoring up their savings and paying off debt.<br />
Here’s the downside of getting a large check from the IRS: It means you voluntarily overpaid the taxman last year.<br />
“Most
people are really happy about the refund because it’s money going back
to them,” said Sean Stein Smith, CPA and member of the American
Institute of CPAs’ financial literacy commission.<br />
“But any refund you’re getting back is because you had too much tax withheld from your paycheck during the whole year,” he said.<br />
<h2 class="ArticleBody-subtitle">
Where’s the refund coming from?</h2>
Whether you owe Uncle Sam or get money back in the spring will depend on a document your employer has on file, known as a <a href="https://www.irs.gov/forms-pubs/about-form-w-4" target="_blank">Form W-4</a> or an employee’s withholding certificate.<br />
Employers use this form along with the tax withholding tables to figure out how much income tax to pull from your paycheck.<br />
The
W-4 considers the number of dependents you have in your household, your
filing status, income you generate and whether you’re claiming the
standard or itemized deductions on your tax return.<br />
Arriving at the ideal level of income tax withholding is as much art as it is science.<br />
<br />
If you withhold far too little, you take home more money with each
paycheck, but you run the risk of owing the IRS the following year.<br />
If
you withhold too much, you’re giving Uncle Sam more money than
necessary. This gives you good odds for a large refund in the spring,
but a smaller paycheck in the meantime.<br />
It’s also worth noting
that after the Tax Cuts and Jobs Act took effect in 2018, the IRS
overhauled Form W-4 and its withholding calculator to reflect major
changes to the tax code. These changes include the roughly doubled standard deduction, the
elimination of personal exemptions and new curbs on itemized deductions.<br />
<br />
<div class="group">
The new W-4 and the withholding calculator also account for side-gig or self-employed income you or your spouse may have.<br />
You’re
supposed to pay quarterly estimated taxes on this income — a
requirement that moonlighting “9-to-5ers” may actually overlook.<br />
“There
is an extra line on W-4 where you can enter a flat amount that you want
withheld form your paycheck,” said Andrea Coombes, tax specialist at
NerdWallet. “That can help you get some of those estimated taxes paid
and avoid a tax bill next year.”</div>
<h2 class="ArticleBody-subtitle">
How to figure out your taxes</h2>
<div class="group">
A common misconception is that if your refund is high, then it must mean you’ve paid less in tax the prior year.<br />
If anything, large refunds mean you’ve overpaid taxes.<br />
However, if you really want to see how your taxes stand from one year to the next, look at line 16 of the <a href="https://www.irs.gov/pub/irs-pdf/f1040.pdf" target="_blank">Form 1040</a> — your income tax return for 2019 (line 15 on 2018′s <a href="https://www.irs.gov/pub/irs-prior/f1040--2018.pdf" target="_blank">1040</a>). This reports your total taxes paid.<br />
Don’t forget to factor in the amount of income you’ve earned that year, too.<br />
<br />
<div class="group">
“It could be that your taxes went up because you
have more income,” said Coombes. “It’s not necessarily bad news, but it
could be something to think about.”<br />
Review your 2019 tax return with your CPA or your tax preparer, as those results can help you strategize for next year.<br />
Steps
to consider might include lowering taxable income in the future by
raising 401(k) plan contributions or socking money into health savings
accounts and flexible spending accounts at work.</div>
<h2 class="ArticleBody-subtitle">
Aiming for zero</h2>
<div class="group">
Zero is the magic number for taxpayers.<br />
The
IRS’s withholding calculator can help you tailor your tax withholding so
that you’re close to matching your federal liability.<br />
The amount
of taxes you pay to your state might be a different story, so talk to
your tax professional to make sure you’re paying just the right amount.<br />
“In
an ideal world, your income taxes withheld from paychecks should cover
your income tax liability for that year,” said Smith. “Ideally your
refund or additional taxes owed should be zero or as close to zero as
possible.”</div>
<h2 class="ArticleBody-subtitle">
</h2>
</div>
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Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-57742856331008819652018-08-28T11:08:00.001-07:002018-08-28T11:08:08.499-07:00Reduce Refinancing Costs<p><span>There is much more than a lower rate and payment to determine whether to refinance a mortgage.<span> </span>Lenders try to make refinancing as attractive as possible by rolling the closing costs into the new mortgage so there isn't any out of pocket cash required.</span></p> <p><span>The closing costs associated with a new loan could add several thousand dollars to your mortgage balance.<span> </span>The following suggestions may help you to reduce the expense to refinance.</span></p> <p><span><span><span>·<span style="font-size: 7pt;"> </span></span></span><span>Tell the lender up-front that you want to have the loan quoted with minimal closing costs.</span></span></p> <p><span><span><span>·<span style="font-size: 7pt;"> </span></span></span><span>Check with your existing lender to see if the rate and closing costs might be cheaper.<span> </span></span></span></p> <p><span><span><span>·<span style="font-size: 7pt;"> </span></span></span><span>Shop around with other lenders and compare rate and closing costs.</span></span></p> <p><span><span><span>·<span style="font-size: 7pt;"> </span></span></span><span>If you're refinancing an FHA or VA loan, consider the streamline refinance.</span></span></p> <p><span><span><span>·<span style="font-size: 7pt;"> </span></span></span><span>Credit unions may have lower closing costs because they are generally loaning deposits and their cost of funds is less.</span></span></p> <p><span><span><span>·<span style="font-size: 7pt;"> </span></span></span><span>Reducing the loan-to-value so mortgage insurance is not required will reduce expenses and lower the payment.</span></span></p> <p><span><span><span>·<span style="font-size: 7pt;"> </span></span></span><span>Ask if the lender can use an AVM, automated valuation model, instead of an appraisal.</span></span></p> <p><span><span><span>·<span style="font-size: 7pt;"> </span></span></span><span>You may not need a new survey if no changes have been made.</span></span></p> <p><span><span><span>·<span style="font-size: 7pt;"> </span></span></span><span>There may be a discount on the mortgagee's title policy available on a refinance.</span></span></p> <p><span><span><span>·<span style="font-size: 7pt;"> </span></span></span><span>Points on refinancing, unlike a purchase, are ratably deductible over the life of the loan ($3,000 in points on a 30-year loan would result in a $100 tax deduction each year.)</span></span></p> <p><span><span><span>·<span style="font-size: 7pt;"> </span></span></span><span>Consider a 15-year loan.<span> </span>If you can afford the higher payments, you can expect a lower interest rate than a 30-year loan and obviously, it will build equity faster and pay off in half the time.</span></span></p> <span style="font-size: 11pt;"><span>A lender must provide you a list of the fees involved with making the loan within 3 days of making a loan application in the form of a </span><span style="text-decoration: underline;"><span><span><a href="https://www.consumerfinance.gov/ask-cfpb/what-is-a-loan-estimate-en-1995/">Loan Estimate </a></span><span></span></span></span><span><span><span>and a </span></span></span><span style="text-decoration: underline;"><span><span><a href="https://www.consumerfinance.gov/ask-cfpb/what-is-a-closing-disclosure-en-1983/">Closing Disclosure Form</a></span><span><span>.</span></span></span></span><span> <span> </span>Every dollar counts, and they belong to you. </span></span><br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-9393832087552072632018-08-21T14:03:00.001-07:002018-08-21T14:03:21.015-07:00Moisture & Mold<p>Moisture is mold's best friend and it thrives between 40 and 100 degrees Fahrenheit which is why it is commonly found in homes.<span> </span>Mold spores float in the air and can grow on virtually any substance with moisture including tile, wood, drywall, paper, carpet, and food.<span> </span></p> <p>Moisture control and eliminating water problems are key to preventing mold. Common sources of moisture can be roof leaks, indoor plumbing leaks, outdoor drainage problems, damp basements or crawl spaces, steam from bathrooms or kitchen, condensation on cool surfaces, humidifiers, wet clothes drying inside, or improper ventilation of heating and cooking appliances. </p> <ul style="list-style-type: disc;"> <li>Control the moisture problem</li> <li>Scrub mold off hard surfaces using soap and water or other cleanser; dry completely</li> <li>Do not paint or caulk moldy surfaces</li> <li>Discard porous materials with extensive mold growth</li> <li>Avoid exposing yourself or others to mold</li> <li>Periodically, inspect the area for signs of moisture and new mold growth</li> </ul> <p>The EPA suggests that if the moldy area is less than ten square feet, you can probably handle the cleanup yourself.<span> </span>If the affected area is larger than that, find a contractor or professional service provider.<span> </span></p> <p>Increasing ventilation in a bathroom by running a fan for at least 30 minutes or opening a window can help remove moisture and control mold growth.<span> </span>After showering, squeegee the walls and doors. Wipe wet areas with dry towels.<span> </span>Cleaning more frequently will also prevent mold from recurring or keep it to a minimum.</p> <p>A simple solution to clean most mold is a 1:8 bleach/water mixture. <span> </span>Since homes have thermostatically controlled temperatures and water is used all day long in the kitchen and bathrooms, the environment is conducive to mold.<span> </span></p> <p>See <span><a href="https://www.epa.gov/mold/ten-things-you-should-know-about-mold">Ten things you should know about mold</a></span> written by the EPA.</p> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-19975333159580132952018-08-14T10:00:00.001-07:002018-08-14T10:00:35.543-07:00What to Avoid Before Closing Your New Home<p><span>It’s understandable; you’re excited; you’ve found the right home, negotiated a contract, made a loan application and inspections.<span> </span>Closing is not that far away, and you are making plans to move and put personal touches on your new home.</span></p> <p><span>Even if you have an initial approval on your mortgage, little things can derail the process which isn’t over until the papers are signed at settlement and funds distributed to the seller.<span> </span>The verifications are usually done again just prior to the closing to determine if there have been any material changes to the borrower’s credit or income that might disqualify them.</span></p> <p><span>Most lending and real estate professionals recommend <span style="text-decoration: underline;">NOT</span> to:</span></p> <ul> <li><span>Make any new major purchases that could affect your debt-to-income ratio</span></li> <li><span>Buy things for your new home until after you close</span></li> <li><span>Apply, co-sign or add any new credit</span></li> <li><span>Close or consolidate credit card accounts without advice from your lender</span></li> <li><span>Quit your job or change jobs</span></li> <li><span>Change banks</span></li> <li><span>Talk to the seller without your agent</span></li> </ul> <p>The <span> lender and I are working together to get you into your new home.<span> </span>It’s understandable to be excited and feel you need to be getting ready for the move.</span></p> <p><span>Planning is fine but don’t do anything that would affect your credit or income while you’re waiting to sign the final papers at settlement.</span></p> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-88225895388967820832018-08-07T12:32:00.001-07:002018-08-07T12:32:41.365-07:00Rising Rates Affect the Cost Too<p>Mortgage rates have risen 0.5% in 2018 on 30-year and 15-year fixed rate mortgages and experts expect them to continue to increase. Buyers paying attention to the market understand the relationship that inventory has on pricing; when the supply is low, the price usually goes up. Rising interest rates can affect the cost of homes also. </p> <p>When interest rates go up, fewer people can afford homes. Lower numbers of buyers can affect the demand, which could cause prices of homes to come down. The question is how much do the interest rates have to go up to affect demand? </p> <p>As the rates gradually go up, the affect may not be noticeable at all except for the fact that the payments for the buyer have increased. </p> <p>A ½% change in interest is approximately equal to a 5% change in price. A $300,000 mortgage at 4.5% for a 30-year term will have a $1,520.06 principal and interest payment. If the mortgage rate goes up 0.5%, it would affect the payment the same as if the price had gone up 5%. The difference in payments for the full term of the loan would be $32,547. </p> <p>There are some things beyond buyers’ control, but indecision isn’t one of them. If they haven’t found the “right” home yet, it is understandable. However, when that home does present itself, the buyer needs to be ready to make a decision. If they are preapproved and have done their due diligence in the market, they should be able to contract before significant changes occur in the mortgage rates.</p> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-71281960605931673642018-07-31T11:47:00.001-07:002018-07-31T11:47:53.537-07:00Replace It Anyway<p>If it's not broken, why would a homeowner consider replacing something as expensive as a toilet when there may be other things in the home to replace that provide more aesthetic appeal. Don't be too quick to ignore the functionality and the reliability of this basic convenience.<img src="http://www.betterhomeowners.com/image.ashx/NEzxL-Qlwk25nBMI3rAloA" width="250" height="250" style="width:250px; height:250px; float:right;" alt="toilet.jpg" processed="true" class=" alignright"></p> <p>The first rationalization might take place at the economic level. A water-saving model could easily pay for itself in a few years and then, there is the good feeling of participating in the conservation of our natural resources.</p> <p>Having to plunge a toilet more than once a week could motivate a homeowner to spend money on a replacement especially, if having made repairs to the flapper and fill valve didn't solve the issue.</p> <p>Maybe your existing toilet has ugly scratches that make it difficult to clean. Maybe there are cracks in the tank or bowl that you're concerned will develop into a leak at the worst possible time.</p> <p>The average cost to replace a toilet is around $400 with models ranging more and less based on the features and brands. Round toilet bowls tend to take up less room, are less expensive and better suited for children. Elongated bowls generally take more room, have more powerful flushing action, more comfortable, more stylish and cost more.</p> <p>Replacing the shut-off valve for the toilet could be a good thing to do while you're replacing the toilet. Generally, it is as old as the toilet and having a reliable valve that works could be very convenient in a future repair or emergency.</p> <p>There are a variety of videos on <a href="https://www.youtube.com/results?search_query=toilet+replacement">YouTube</a> that could give you the confidence to do it yourself or simply, to have a better understanding of the scope of the project</p> <br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-51966522873090050232018-07-24T12:31:00.001-07:002018-07-24T12:31:21.068-07:00Before You Leave Town...<p>Along with all the planning of what you're going to do and where you're going to stay, consider this checklist to make you feel more comfortable while you're away from home. </p> <ul> <li>Ask a trusted friend to pick up your mail, newspaper and keep yard picked up to avoid an appearance of not being at home.</li> <li>Stop your mail (<a href="https://holdmail.usps.com/holdmail/request.do">USPS Hold Mail Service</a>) and your newspaper.<img src="http://www.betterhomeowners.com/image.ashx/13z0C65GeEqDJMIMLYKZ_A?s=20" width="250" height="166" style="width:250px; height:166px; float:right;" alt="29938746-250.jpg" processed="true" class=" alignright"> </li> <li><span style="text-decoration: underline;">Don't</span> post about your trip on Facebook and other social media until you return; some burglars look for this type of announcement to schedule their activities.</li> <li><span style="text-decoration: underline;">Do </span>notify police or neighborhood watch - especially if you're going to be gone for more than just a few days. Let your monitoring service know when you'll be gone and if someone will be checking on your home for you.</li> <li>Light timers make it look like someone is home. Set multiple timers for various times to better simulate someone at home. There are plug-in modules for lights and appliances that would allow you to control them from your phone while your out of town.</li> <li><span style="text-decoration: underline;">Do </span>unplug certain appliances - TV, computers, toaster ovens that use electricity even when they're off and to protect them from power surges.</li> <li><span style="text-decoration: underline;">Don't</span> hide a key; burglars know exactly where to look for your key and it only takes them a moment to check under the mat, above the door, in the flower pot or in a fake rock.</li> </ul> <p>These easy-to-handle suggestions may protect your belongings while you're gone while adding a level of serenity to your trip.</p> <br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-70624328179954271052018-07-17T13:29:00.001-07:002018-07-17T13:29:24.788-07:00Owning Makes More Sense<p>When comparing the cost of owning a home to renting, there is more than the difference in house payment against the rent currently being paid. It very well could be lower than the rent but when you consider the other benefits, owning could be much lower than renting.<img src="http://www.betterhomeowners.com/image.ashx/zQ0PBfgsaU6pel88Q8jKXQ?s=20" width="250" height="166" style="width:250px; height:166px; float:right;" alt="31066694-250.jpg" processed="true" class=" alignright"> </p> <p>Each mortgage payment has an amount that is used to pay down the principal which is building equity for the owner. Similarly, the home appreciates over time which also benefits the owner by increasing their equity.</p> <p>There are additional expenses for owning a home that renters don't have like repairs and possibly, a homeowner's association. To get a clear picture, look at the following example of a $300,000 home with a 3.5% down payment on a 4.5%, 30-year mortgage.</p> <p><img src="http://www.betterhomeowners.com/image.ashx/lOsRIxUsPEGBfHWOADAIzA" width="520" height="167" style="width:520px; height:167px; " alt="net cost of housing.jpg" processed="true"></p> <p>The total payment is $2,264 including principal, interest, property taxes, property and mortgage insurance. However, when you consider the monthly principal reduction, appreciation, maintenance and HOA, the net cost of housing is $1,218. It costs $1,282 more to rent at $2,500 a month than to own. In a year's time, it would cost $15,000 more to rent than to own which is more than the down payment and closing costs to buy the home.</p> <p>With normal amortization and 3% annual appreciation, the $10,500 down payment in this example turns into $112,00 in equity in seven years. Check out your own numbers using the <a class="FinApp.RentvsOwn" href="http://www.BetterHomeowners.com/FinancialApps/RentvsOwn.aspx?AccountId=zAmJ__LT80CV_yqD7oVQmg&Auth=1" >Rent vs. Own </a>or call me at (707) 373-9908 Lori. Owning a home makes sense and can be one of the best investments a person will ever make.</p> <br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-37076865520005092002018-07-10T11:19:00.001-07:002018-07-10T11:19:42.261-07:00A Word Homeowners Need to Understand<p>Acquisition Debt is the amount of money borrowed used to buy, build or improve a principal residence or second home. Under the new tax law, mortgages taken after 12/14/17 are limited to a combination of $750,000 on the first and second homes. The mortgage interest on this debt is tax deductible when itemizing deductions.<img width="250" height="202" style="width:250px; height:202px; float:right;" alt="12844696-250.jpg" src="http://www.betterhomeowners.com/image.ashx/ziN-vOmYDUORx6am5fa-Tg" processed="true" class=" alignright"></p> <p>It is a dynamic number that is reduced with each payment as the unpaid balance goes down. The only way to increase acquisition debt is to borrow money to make capital improvements.</p> <p>Prior to the new law, homeowners could additionally borrow up to $100,000 of home equity debt for any purpose and deduct the interest when itemizing deductions. Mortgage interest on home equity debt is no longer deductible unless it is for capital improvements.</p> <p>Acquisition debt cannot be increased by refinancing. Some confusion occurs because mortgage lenders are concerned in making home loans that will be repaid according to the terms of the note and using the home as collateral. That does not include making a tax-deductible mortgage.</p> <p> Another thing that adds confusion to the issue is that the lenders will annually report how much interest was paid in a year but only the amount that is attributable to acquisition debt is deductible.</p> <p>Even if the interest on the cash-out refinance is not deductible, it may be advantageous to pay off higher interest debt such as credit card debt and replacing it with lower mortgage debt.</p> <p>It is the responsibility of the taxpayer to know what part of their mortgage debt is deductible. The challenge becomes more difficult after a cash-out refinance. Homeowners should keep records of all financing and capital improvements and consult with their tax professional.</p> <br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-48410686518336933682018-07-03T14:39:00.001-07:002018-07-03T14:39:07.001-07:00Unexpected Expenses<p>It's common for Sellers to consider offering a home warranty or protection plan to make their home more marketable. A growing number of homeowners are now purchasing this type of protection for themselves to limit the unexpected expenses of repairs and replacements.<img src="http://www.betterhomeowners.com/image.ashx/hNfWdg6500WAGIo4FPrLQg" width="250" height="196" style="width:250px; height:196px; float:right;" alt="34399062-250.png" processed="true" class=" alignright"></p> <p>A home protection plan is a renewable service contract that covers the repair or replacement of many of the components in a home. Some homeowners especially like the convenience that it organizes a qualified service provider as well as the cost of the repairs or replacements.</p> <p>There are a variety of companies that offer home warranties and the coverage may differ but the majority of things will include heating, air conditioning, most built-in and some free-standing appliances, as well as other specific items. Additional specific coverage may be available for other items like pool and spa equipment.</p> <p>Some investors are even placing this coverage on their rental properties to limit the amount of repairs during the year. It is a viable way to manage the financial risk and the stress dealing with unexpected expenses.</p> <p>Call me at (707) 373-9908 Lori if you'd like a recommendation of available programs.</p> <br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-61575263244823528902018-06-26T14:58:00.001-07:002018-06-26T14:58:28.965-07:00Don't Let a Killer In<p>Carbon monoxide is a silent killer you don't want in your home but because it is colorless and odorless; you may not even be aware the deadly condition exists. The Center for Disease Control says more than 400 people in the U.S. die annually from carbon monoxide poisoning and over 10,000 require medical treatment each year.<img src="http://www.betterhomeowners.com/image.ashx/ClKXP51XYE2E2r_Cc5Nbow" width="250" height="350" style="width:250px; height:350px; float:right;" alt="16485740-250.jpg" processed="true" class=" alignright"></p> <p>Unmaintained furnaces, water heaters and appliances can produce the deadly gas. In addition, other sources could be leaking chimneys, unvented kerosene or gas space heaters or exhaust from cars or trucks operating in an attached garage.</p> <p>The Environmental Protection Agency suggests the following to reduce exposure in the home:</p> <ul> <li>Keep gas appliances properly adjusted</li> <li>Install and use an exhaust fan vented to the outdoors over gas stoves</li> <li>Open flues when fireplaces are in use</li> <li>Do not idle car inside garage</li> <li>Have a trained professional inspect, clean and tune-up central heating systems annually</li> </ul> <p>Headaches, nausea, vomiting, dizziness and feelings of weakness or fatigue are a few of the most common symptoms. Lower levels of exposure to carbon monoxide may be mistaken for the flu.</p> <p>Carbon monoxide alarms should be on every level of a home and especially, in sleeping areas. The alarms can be purchased for as little as $25 and plugged into the wall like a night light.</p> <p>Regardless of the <a href="http://www.ncsl.org/research/environment-and-natural-resources/carbon-monoxide-detectors-state-statutes.aspx">government requirements</a>, no one would want to put their family, guests or themselves at risk for something so deadly. </p> <br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-2408068871018183302018-06-19T12:50:00.001-07:002018-06-19T12:50:42.009-07:00Waiting Will Cost More<p>An economist responded when asked how interest rates would change: “They may fall some and then, rise and after that, they’ll fluctuate.”<img width="250" height="176" style="width:250px; height:176px; float:right;" alt="43276292-250.jpg" src="http://www.betterhomeowners.com/image.ashx/hUl9OwJ0pkWyaLzcEoGzOw?s=20" processed="true" class=" alignright"> </p> <p>Just because interest rates have been low for ten years doesn’t mean they are supposed to be low. The Federal Reserve has raised interest rates twice this year and are expected to go up twice more plus three times next year. Mortgage rates have risen from 3.95% to 4.62% since the first of January. </p> <p>Increased rates directly affect the payments on homes but so does the price. With inventory levels remaining low, the prices will continue to go up. When interest rates and prices rise at the same time, it costs buyers a lot more.</p> <p>If the mortgage rates go up by one percent and prices increase by five percent in the next year, the payment on a $250,000 home could go up by $200 a month. In a seven-year period, the buyer would pay $18,000 more for the home.</p> <p>People planning to buy a home, need to investigate the possibilities of accelerating their timetable to take advantage of lower rates and prices. Use the <a class="FinApp.CostofWaiting" href="http://www.BetterHomeowners.com/FinancialApps/CostofWaiting.aspx?AccountId=zAmJ__LT80CV_yqD7oVQmg&Auth=1" >Cost of Waiting to Buy </a> calculator to see how much more it could cost you to wait. Call (707) 373-9908 Lori if you have questions about what can be done now.</p> <img width="500" height="173" style="width:500px; height:173px; " alt="Cost of Waiting 061818.jpg" src="http://www.betterhomeowners.com/image.ashx/F7Hb7_GIj0amKiYpN9iNnA" processed="true"><br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-67017900752262664262018-06-12T13:23:00.001-07:002018-06-12T13:23:25.567-07:00The Tax Difference in Second Homes<p>A principal residence and a second home have some similar benefits, but they have some key tax differences. A principal residence is the primary home where you live and a second home is used mainly for personal enjoyment while limiting possible rental activity to a maximum of 14 days per year.<img src="http://www.betterhomeowners.com/image.ashx/74rZ68iDDEaKn2ATfuWekA" width="250" height="183" style="width:250px; height:183px; float:right;" alt="10213246-250.jpg" processed="true" class=" alignright"> </p> <p>Under the 2017 Tax Cuts and Jobs Act, the Mortgage Interest Deduction allows a taxpayer to deduct the qualified interest on a principal residence and a second home. The interest is reduced from a maximum of $1,000,000 combined acquisition debt to a maximum of $750,000 combined acquisition debt for both the first and second homes.</p> <p>Property taxes on first and second homes are deductible but limited to a combined maximum of $10,000 together with other state and local taxes paid.</p> <p>The gain on a principal residence retained the exclusion of $250,000/$500,000 for single/married taxpayers meeting the requirements. Unchanged by the new tax law, the gains on second homes must be recognized when sold or disposed. </p> <p>Tax-deferred exchanges are not allowed for property used for personal purposes such as second homes. Gain on second homes owned for more than 12 months is taxed at the lower long-term capital gains rate. </p> <p>This article is intended for informational purposes. Advice from a tax professional for your specific situation should be obtained prior to making a decision that can have tax implications.</p> <br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-83744485608252434382018-06-05T10:18:00.001-07:002018-06-05T10:18:37.563-07:00When Neighbors Don't Seem to Care<p>A home that isn't being maintained like others in the neighborhood can negatively affect your visual sense of appeal and in some extreme cases, even affect property values. It might be an overgrown yard, a fence in need of repair, excessive noise, unruly pets, paint peeling on the home or even a car or boat parked in front of the home that hasn't moved in weeks.<img width="250" height="166" style="width:250px; height:166px; float:right;" alt="2676519-250.jpg" src="http://www.betterhomeowners.com/image.ashx/sz8Aq9zbaEW6SbowZNmqyA" processed="true" class=" alignright"></p> <p>Most people want to be good neighbors and may be willing to correct an issue once it is brought to their attention. A practical, but possibly confrontational, solution is to contact the responsible person and describe your perception of the issue. However, they may not always agree with the same urgency and it might be necessary to seek other remedies.</p> <p>An owner-occupant may be more sympathetic to the neighbors and willing to correct the issue. If you think the home might be a rental property, check with the county tax records to identify the owner. They may be unaware of the situation and welcome the notification to protect their investment.</p> <p>Another alternative might be to notify the homeowner's association, if there is one. One of the benefits of a HOA is to enforce community appearance standards as set in the covenants or bylaws that specify how properties must be maintained. This could be a less personal method of reaching a beneficial outcome.</p> <p>If the source of the problem is a code or housing violation, the city may be the ultimate authority. Most cities have a separate code and neighborhood services division and some cities have 311 for non-emergency assistance. </p> <br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-55273498215802971212018-05-29T11:04:00.001-07:002018-05-29T11:04:45.489-07:00Flag Protocol<p>The American flag is obviously a symbol of our country but it has come to remind us of every man and woman who has fought for the freedom that we enjoy. The emotions that are stirred by images of our flag can run from happiness to sadness to trust and everything in between.<img width="266" height="266" style="width:266px; height:266px; float:right;" alt="flag2.png" src="http://www.betterhomeowners.com/image.ashx/kXfJH6QgZk2EcrMfiVowaw?s=20" processed="true" class=" alignright"></p> <p>Most of us learned American flag etiquette or the Flag Code when we were young but occasionally, it is a good idea to review the guidelines so that the flag is treated with the respect it deserves.</p> <ul> <li>The U.S. flag should not be flown at night unless a light is shown on it.</li> <li>The U.S. flag should not be flown upside down except as a distress signal.</li> <li>The flag should never touch the ground.</li> <li>A U.S. flag should be displayed at the peak of the staff unless the flag is at half-staff in mourning.</li> <li>When displaying multiple flags of a state, community or society on the same flagpole, the U.S. flag must always be on top.</li> <li>When flown with flags of states, communities, or societies on separate flag poles which are of the same height and in a straight line, the flag of the United States is always placed in the position of honor - to its own right. No flag should be higher or larger than the U.S. flag. The U.S. flag is always the first flag raised and the last to be lowered.</li> <li>When the U.S. flag is flown with those of other countries, each flag should be the same size and must be on separate poles of the same height. Ideally, the flags should be raised and lowered simultaneously.</li> </ul> <p>More information on flag etiquette can be found at the <a href="https://www.vfw.org/Flag">Veterans of Foreign Wars website</a>. </p> <br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-20861729296542892252018-05-22T15:27:00.001-07:002018-05-22T15:27:18.705-07:00Second Guessing Price<p>Imagine a homeowner consulting with their agent about the price to place on their home. The agent suggests that the market data indicates that $200,000 to 210,000 would produce a quick sale by pricing it properly. The owner puts a $210,000 price on the home.<img src="http://www.betterhomeowners.com/image.ashx/qtpWtPxxrUSMh7XBdUI3uA?s=20" width="250" height="166" style="width:250px; height:166px; float:right;" alt="76605908-250.jpg" processed="true" class=" alignright"> </p> <p>The first person who looks at the home offers $205,000. When the seller receives the offer, he comments that he thinks he priced the home too low and counters for full price. The counter-offer is rejected, the home stays on the market and at the end of the first month when based on market conditions, the home should be sold, no other offers have been made.</p> <p>It may be human nature that when an offer is received so quickly, the first thought to come to mind is that it was priced too low. A more appropriate thought might be that it was priced correctly. In some cases, when a home comes on the market, there is increased competition (real or perceived) among the buyers waiting for the "right" home to come on the market. The home can sell for a higher price than if it sits on the market for several months.</p> <p>There may be stories of sellers who turned down the first offer and ended up receiving a better offer that would net more money. However, real estate professionals say the first scenario occurs frequently.</p> <p>The wisdom of experience advises owners to find a real estate professional that they trust and have confidence. Allow that professional to become familiar with your home and compare it to similar homes in the market that have sold recently and ones currently on the market. Determine the demand for homes in the area compared to the inventory. Decide on a price that will allow the home to sell within a relatively short period of time. And lastly, be satisfied if your home sells quickly near the price you put on it.</p> <br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-61257877826659820192018-05-15T13:45:00.001-07:002018-05-15T13:45:26.700-07:00A Home for Tomorrow<p>As people near or enter retirement, one of the decisions that typically comes up is whether to sell their "big" home and buy a smaller one. If you know anyone who has been faced with that situation, selling one home and buying a smaller one may not save enough money to make it worthwhile.<img width="250" height="147" style="width:250px; height:147px; float:right;" alt="79996505-250.jpg" src="http://www.betterhomeowners.com/image.ashx/2N4xKLqTxECdtnOmsIfPXQ?s=20" processed="true" class=" alignright"> </p> <p>There are sales expenses on the property being sold and acquisition costs on the replacement home. Generally speaking, homeowners may not mind a home with less square footage, but they usually don't want to give up amenities or locations that they've become accustomed.</p> <p>After a little number crunching, the move may not make enough difference in savings and they end up staying in their current home even if it doesn't fit their needs anymore.</p> <p>What if while this couple were still in their peak earning years, they acquired a home in an area where they would consider retiring and rent it during the interim. They could put it on a 15-year mortgage and possibly, even accelerate the principal payments to have it paid off by their anticipated move.</p> <p>In the meantime, they could continue living in the "big" home until it is time to make the transition. Sell the "big" home that may be paid for by then and avoid up to $500,000 of capital gain. Take part of the proceeds and remodel the rental/transitional home and invest the proceeds for retirement income.</p> <p>Ideally, the former rental would be mortgage free by this point, so the retirees would not have a house payment. Even if at this point, they changed their mind about retiring to this particular home, they still have a property that acted as a hedge against rising prices and have sufficient equity to purchase something else without using the proceeds from the "big" home.</p> <p>It is difficult to know what the situation will be years from now when a person retires. It is clearly advantageous to have a plan that allows for options and choices. To find out more about purchasing your retirement home today, give me a call at (707) 373-9908 Lori.</p> <br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-18970631103970340572018-05-08T11:22:00.001-07:002018-05-08T11:22:40.000-07:00Assumptions May be an Alternative <p>For the last 25 years, most buyers have gotten a new mortgage or paid cash when purchasing a home. For a practical reason, owner-occupant buyers have another alternative: assuming a lower interest rate existing FHA or VA mortgage.<img src="http://www.betterhomeowners.com/image.ashx/fZj-5i8GgkaTfqafkm6AHg?s=20" width="250" height="166" style="width:250px; height:166px; float:right;" alt="29377293-250.jpg" processed="true" class=" alignright"></p> <p>In the late 80’s, both FHA and VA began requiring buyers to qualify to assume their mortgages. Prior to that, good credit or even a job wasn’t required. The real reason there haven’t been significant numbers of assumptions in the past 25 years is that interest rates have been steadily going down. If a person had to qualify, they might as well do it on a new loan and get a lower interest rate.</p> <p>Even though mortgage money is currently attractive and available, it is at a four-year high. When interest rates on new mortgages are higher than the rates of assumable FHA and VA mortgages originated in the recent past, it may be more advantageous to assume the existing mortgages. Conventional loans have due on sale clauses that prevent them from being assumed at the existing rate.</p> <p>FHA loans that originated with lower than current interest rates have great advantages for buyers and sellers.</p> <ol> <li>Interest rate won't change for qualified buyer</li> <li>Lower interest rate means lower payments</li> <li>Lower closing costs than originating a new mortgage</li> <li>Easier to qualify for an assumption than a new loan</li> <li>Lower interest rate loans amortize faster than higher ones</li> <li>Equity grows faster because loan is further along the amortization schedule</li> <li>Assumable mortgage could make the home more marketable</li> </ol> <p>This financing alternative can save money for the buyer in closing costs and monthly payments. While the equity may be more than the down payment on a new mortgage, second mortgages are available to make up the difference. Call us at (707) 373-9908 Lori to find out if this may be an option for you. </p> <br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-88147767798761948472018-05-01T13:01:00.001-07:002018-05-01T13:01:37.302-07:00Overlooked Recordkeeping<p>Homeowners are familiar that they can deduct the interest and property taxes from their income tax returns. They also understand that there is a substantial capital gains exclusion for qualified sales of up to $250,000 if single and $500,000 for married filing jointly. However, ongoing recordkeeping tends to be overlooked. <img width="250" height="196" style="width:250px; height:196px; float:right;" alt="38285944-250.jpg" src="http://www.betterhomeowners.com/image.ashx/PLsWnBKsPEmbbOCJw9fB5g" processed="true" class=" alignright"></p> <p>New homeowners should get in the habit of keeping all receipts and paperwork for any improvements or repairs to the home. Existing homeowners need to be reminded as well, in case they have become lax in doing so.</p> <p>These expenditures won't necessarily benefit in the annual tax filing but may become valuable when it is time to sell the home because it raises the basis or cost of the home.</p> <p>For instance, let's say a single person buys a $350,000 home that appreciates at 6% a year. Twelve years from now, the home will be worth $700,000. $250,000 of the gain will be exempt with no taxes due but the other $100,000 will be taxed at long-term capital gains rate. At 15%, that would be $15,000 in taxes due.</p> <p>Assume during the time the home was owned that a variety of improvements totaling $100,000 had been made. The adjusted basis in the home would be $450,000 and the gain would only be $250,000. No capital gains tax would be due.</p> <p>Some repairs may not qualify as improvements but if the homeowner has receipts for all the money spent on the home, the tax preparer can decide at the time of sale. Small dollar items can really add up to substantial amounts over many years of homeownership.</p> <p>You can download a <a class="Doc.Vqn2ztsUJE-EcypkTjk25Q" href="http://www.BetterHomeowners.com/document.ashx?d=TAxLHb_elk6TapmF5jYyiw&c={Contact.Id}" > Homeowner's Tax Worksheet</a> that can help you with this recordkeeping. The important thing is to establish a habit of putting receipts for home expenditures in an envelope, so you'll have it when you are ready to sell.</p> <br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-84817816011499318812018-04-17T10:47:00.001-07:002018-04-17T10:47:54.718-07:00Case Study - Housing Decision During Retirement<p>A couple is planning to tour the United States in a travel trailer during their first few years of retirement. They are going to sell their current home now and purchase another home when they finish their travels. <img width="250" height="166" style="width:250px; height:166px; float:right;" alt="30349530-250.jpg" src="http://www.betterhomeowners.com/image.ashx/Gw42xlUTl0q-CNu0i88dcA" processed="true" class=" alignright"></p> <p>An interesting exercise is to determine the optimum time of selling the home: now or when they're ready to buy their replacement home.</p> <p>If they intend on traveling for more than three years, then, it may be a good decision to sell prior to the sojourn to avoid paying taxes on the gain in their home. IRS allows for a temporary rental of a principal residence while still keeping the $250,000/$500,000 capital gains exclusion intact. A homeowner must own and use a home for two out of the previous five years which means that it could be rented for up to three years, but it would need to be sold and closed before that three-year window expires.</p> <p>If the travel will be less than three years, there is an option of selling now or later. Using the example below, the homeowner sold the home, paid their expenses and invested the proceeds in a three-year certificate of deposit until the replacement home was purchased.<br> <br> <img width="500" height="86" style="width:500px; height:86px; " alt="case study retirement-1.jpg" src="http://www.betterhomeowners.com/image.ashx/y6ustA_AYUqjUt15mAh8BA" processed="true"><br> As an alternative, if the homeowner rented the home, not only would they have income, the home would continue to appreciate and the unpaid balance would go down resulting in larger net proceeds. Based on a 5% appreciation and continued amortization of the mortgage, the net proceeds could easily be $40,000 more.<br> <br> <img width="500" height="88" style="width:500px; height:88px; " alt="case study retirement-2.jpg" src="http://www.betterhomeowners.com/image.ashx/wUV1y6CdWUemBFicGL5z3A" processed="true"><br> Obviously, there are a lot of considerations that affect the decision to sell now or later but in an appreciating real estate environment, being without a home for several years could affect the financial position of the owner in the replacement property. It is certainly reasonable to look at various alternatives before making a decision. Call me at (707) 373-9908 Lori to help you look at the different possibilities and talk to your tax professional.</p> <br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0tag:blogger.com,1999:blog-5919038942822430361.post-19484797162323377422018-04-10T13:36:00.001-07:002018-04-10T13:36:28.981-07:00Waiting Period After Distressed Sale<p><span style="font-family: Arial;">"How long do we have to wait to qualify for another mortgage" is the question concerning people who've had a foreclosure, short sale or bankruptcy. The loan types for the new loan will differ in amounts of time to heal credit scores based on the event.<img width="250" height="166" style="width:250px; height:166px; float:right;" alt="43296989-250.jpg" src="http://www.betterhomeowners.com/image.ashx/sKs01eODhUSlmQUQH58IeA?s=20" processed="true" class=" alignright"> </span></p> <p><span style="font-family: Arial;">The following chart is meant to be a general guide for how long a person might have to wait. During this waiting period, it's important that the person be current on all payments and maintains a history of good credit.</span></p> <p><span style="font-family: Arial;">A recommended lender can give you specific information regarding your individual situation and can make suggestions that will improve your ability to qualify for a mortgage. This process should be started before looking at homes because of the time constraints listed here can vary based on current requirements and possible extenuating circumstances of your case.</span><br> </p> <p><img width="500" height="245" style="width:500px; height:245px; " alt="Waiting periods Distressed sales 2.png" src="http://www.betterhomeowners.com/image.ashx/dB3Zm7aNc0GBFBswGmMHkQ" processed="true"></p> <p><span style="font-family: Arial;">We want to be your personal source of real estate information and we're committed to helping from purchase to sale and all the years in between. Call us at (707) 373-9908 Lori for lender recommendations.</span></p> <br> Lori Collinshttp://www.blogger.com/profile/13953549633004191232noreply@blogger.com0