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Buying a Home with a Family in Mind

admin — Mon, 26 Mar 2012 16:29:44 +0000

For many people, finding a new home is more than a matter of personal taste and individual finance – it’s a family affair. Buying a new home to accommodate a growing family is an exciting step in one’s life, but it can also be a balancing act. Communication and planning are key to any successful home-buying experience. Moving to a new home while expecting a child or preparing for a family down the road makes anticipating your future needs all the more important. What may make a perfect starter home for a couple might not work as well when children come into the picture.

A recent survey released by Coldwell Banker Real Estate LLC found that 65 percent of homeowners who are also parents purchased their first home before becoming pregnant or within one year of their child’s birth. For those consumers who are in a similar position, Coldwell Banker Real Estate LLC offers the following five factors to consider when buying a home with family in mind:

Proximity to family. Nearly half of the homeowner respondents in a recent survey from Coldwell Banker Real Estate LLC reported that they live less than 10 minutes from extended family members, with 72 percent choosing to live within 30 minutes. Buying a home that is close to family members can provide support, help and guidance that can be a great benefit both emotionally and financially. With extended family nearby, families have the opportunity to spend more time together and even save money on occasion. The cost of babysitters and long distance travel to visit relatives can really add up!
Existing floor plan. Each family has its own unique dynamic and should take its distinctive needs into consideration when exploring different floor plans. While having a master bedroom upstairs and the other rooms downstairs may work for some families, others may prefer to have all of the bedrooms on the same level.
Surrounding neighborhood. The neighborhood looks different from the eyes of a parent. It’s wise to get an idea of what the neighborhood offers for children, such as local recreational centers, parks or playgrounds as well as the school system, before deciding on an area to live. Coldwell Banker Real Estate LLC recommends home buyers utilize online tools such as Coldwell Banker On Location that can offer consumers a wealth of local market information.
Future lifestyle needs. They say children grow up in the blink of an eye. Make sure the home you purchase leaves growing room and will still fit your family’s needs a few years down the road, especially if there are plans for more children.
Budget. One of the most important things for all potential homeowners to consider is their personal budget. Growing a family and having children usually means a growing list of expenses as well. Estimate monthly expenses along with a mortgage payment to ensure all financial commitments can be reasonably met.

New Year New Home?

admin — Tue, 17 Jan 2012 18:15:49 +0000

It’s officially 2012 so let me start by wishing you a happy new year. In early January, many of us are planning and setting goals for everything we want to do and achieve in the year to come. While many people think of spring as the primetime home buying season, the winter months often offer an even greater selection, and the opportunity to settle into the new home before warmer months arrive. If buying a house is on your “to do” list this year, now is also the time to begin preparing.

I remember when I bought my home. There were so many things to get in order– it was confusing to decide where to begin! So, even if you plan to buy in the spring, January is a good time to get ready. Here are some tips to help you get on track to reach your 2012 home buying resolution:

Select a qualified and trusted real estate agent: At Coldwell Banker, we have a network of knowledgeable, trustworthy agents. Agents understand the local market and can help you find all the information and resources you need to get started. Researching on your own is important, and using free online tools is a great way to start, but meeting with an agent will ensure you don’t miss any important steps along the way. In fact, the next three tips were sourced from the great advice of our agents.

Create your “must-haves” and “nice-to-haves” list: Easier said than done, right? But it’s next to impossible to find a first home with everything. You’ll need to think about your lifestyle needs and prioritize the non-negotiable home accommodations, such as a bedroom for each family member, over items you may want, but not need, such as a large master suite. Everyone’s list is different, but knowing your “must-haves” in advance will help you stay focused.

Determine your budget: Be realistic about what is affordable. An agent can help you find comparable home prices and hone in on approximately how much the payments will be. You should also plan to get pre-approved for a mortgage. Doing this prior to house hunting will let you know how much money you qualify for, and how much you can afford. You’ll also be able to figure out which mortgage type is best for you.

Identify the perfect “location, location, location”: Everyone has heard this phrase before, and while the surrounding neighborhood and home itself may improve over time, the physical location will remain the same. Determine in advance how close you would like to live to work, schools or extended family. A short commute to work, proximity to family or having easy access to highways and mass transit will often be items for your “must-haves” list.

Hope your 2012 is off to a good start. If you’re starting your home search in 2012, we’d love to hear what you’re doing to get the home search process started.

The Smaller House Movement

admin — Fri, 09 Dec 2011 18:14:08 +0000

In these economic times, people often take a look at ways they can downsize their spending and make less do more. One area that is seeing some growth is what I’ll call “the smaller house” movement. While we love to tour mansions and watch TV shows that showcase extravagant spaces, the opposite side of the real estate spectrum is getting serious attention from home owners across the globe.

One cause for this is the increasing popularity of books like Sara Susanka’s Not So Big Solutions for Your Home which goes into detail on simple ways you can make more out of the small spaces in your home. Having browsed the book myself I can tell you that Susanka’s latest book, More Not So Big Solutions for Your Home, comes with some extremely useful tips on managing the space in your home while keeping these more modest rooms personal and attractive to even the most scrupulous of designers. From tips on where to position your television to rethinking the formal dining room to getting creative with a bathtub and shower, the book has gained attention from home owners everywhere.

In addition to these books more small house designers are gaining attention, like Tumbleweed Tiny House Co., who’s XS House is a mere 65 square feetthat somehow manages to boast a queen size bed, a living room with desk and two closets although the kitchen isn’t fit for those aspiring Gordon Ramsey types. Cook+Fox Architects have built what they call the “Live Work Home” in Syracuse, NY which is an energy efficient and environmentally friendly structure with an open design that can double as a home and an office as paying for a mortgage and renting office space can be a burden for many small business owners.

While McMansions may have been the home of choice in the past decades, this current era of homeowners may be looking for more modest living spaces that are more efficient and can still be a personal, comfortable place to live.

Crowded Home for the Holidays?

admin — Wed, 30 Nov 2011 20:21:33 +0000

2011 Coldwell Banker Holiday Commercial

Video: Tips for First Time Home Buyers

admin — Wed, 26 Oct 2011 19:27:11 +0000

The first time home buyer is becoming a bigger part of the real estate market these days. Recently on NBC’s LXTV Open House, we did a segment on some of the key things first time home buyers should know about when they start their search for that first home. Take a look:

Team Lulay Walks for Breast Cancer Awareness

admin — Thu, 20 Oct 2011 15:46:31 +0000

Team Lulay was out in a big way participating in the Annual Walk for
Breast Cancer Awareness, Don Lulay says “It’s really great to see so
many turn out for the cause. So many of us have been affected by
breast cancer, either losing someone or recovery, we’re here to help
support”.

Mortgage Rates are Falling

admin — Sun, 18 Sep 2011 21:41:08 +0000

By Polyana da Costs • Bankrate.com

The benchmark 30-yr fixed rate mortgage fell 4 basis points this week, to 4.37 percent, according to the Bankrate.com national survey of large lenders. A basis point is one-hundredth of 1 percentage point. The mortgages in this week’s survey had an average total of 0.38 discount and origination points. One year ago, the mortgage index was 4.53 percent; four weeks ago, it was 4.54 percent.

The benchmark 15-year fixed-rate mortgage fell 15 basis points, to 3.48 percent. The benchmark 5/1 adjustable-rate mortgage fell 5 basis points, to 3.07 percent, and the 30-year, fixed-rate jumbo fell 5 basis points, to 4.89 percent.

This is the lowest rate on the 30-year fixed since Bankrate started the weekly mortgage survey nearly 26 years ago. The fixed rate hit a previous record last week when it reached 4.41 percent. This week set records for the 15-year fixed, the 5/1 ARM and the jumbo, too. All reached record lows in the history of Bankrate’s weekly surveys.

Common Credit Myths About Buying a Home

admin — Tue, 21 Jun 2011 23:23:51 +0000

(ARA) – Whether your annual earnings range well into six figures or are on the more modest end of national salary averages, you know you’ll probably need credit to buy a home. While you likely know how important credit is to your home-buying plans, you may not be aware of the truth behind some common credit myths.
Myth: If your bills are paid and you’ve never defaulted on a loan, mortgage or credit card bill, you don’t need to worry about your credit report or credit score.
Truth: Many factors influence your credit score, and payment history is just one of them. When calculating your score, credit bureaus also consider length of credit history, types of credit used and ratio of credit available to credit used. Even if your payment history is good, scoring lower on one of the other factors could lower your overall credit score.
Myth: As long as you know your credit score, you don’t need to look at your credit report before applying for a mortgage.
Truth: A lender will certainly look at your credit report, so you should know what’s on it before they do. Errors may occur on a credit report, and if there are any negative marks on your credit history you’ll want to know about them – and address them – before a lender asks.
Myth: Checking your credit score is a hassle, and it can’t really help you manage your credit in the long run.
Truth: Websites like FreeCreditScore.com make it easy to check your credit score. Keep in mind that lenders use a variety of scores when evaluating credit worthiness, and the one you obtain online will vary from what a lender might see. Still, any score can be a valuable educational tool that helps you better understand how lenders view your credit. FreeCreditScore.com’s Credit Score Center can help you understand how your score is calculated, which factors impact it and the best time to apply for credit.
Myth: If your credit is not perfect, you won’t be able to get a mortgage.
Truth: Lenders are more strict than they’ve been in the past and a good credit score and report can certainly make you a more appealing prospect to them. However, a score in the lower range doesn’t mean you can’t get a mortgage at all. But a higher score is likely to net you more options – and better terms.
Myth: When you apply for a mortgage, the lender could share your personal information (including your credit score and history) with other companies.
Truth: The law limits how banks and other financial institutions can use your information and to whom they can disclose it. If you’re not sure how a lender may use your information, ask. Depending on the situation, you may be able to limit disclosure of your information.
Home prices and interest rates are still low across the country, making it a good time to buy a house, real estate experts say. Knowing the truth behind some common credit myths – and understanding your own credit history and score – can help you take advantage of the many opportunities still available for home buyers.

The Wonders of Mother Nature Surround Salem

admin — Thu, 09 Jun 2011 17:44:01 +0000

Salem is a city of contrasts.

Within half a day’s drive, the adventurous or even slightly adventurous can experience a variety of landscapes.

Fingers of the famed high and low desert reach into the low foothills on the leeside of the Cascades, while the ocean lies less than an hour’s drive to the west. For the deep woods – and a true Oregon outdoors experience – you need only head about 25 miles to Silver Falls State Park. The park has more than a dozen waterfalls, some with drops of more than 170 feet.

Close to home, Salem is a city of parks. This city is so intent on preservation that it has earned the Tree City USA stamp of approval by the National Arbor Day Foundation. And there are just as many unique spots within Salem as within driving distance – from the 23-acre Riverfront Park to Minto-Brown to the south. The city is also actively exploring the conversion of the Union Street Railroad Bridge into a pedestrian walkway connecting these major greenways.

“What sets Salem apart,” says Chris Havel, who runs the director’s office in the Oregon Parks and Recreation Department, “are nature, history and play.”

Maybe the best place to begin exploring the urban parkland is the state capitol on State Street, which adjoins modest Wilson Park – with its gardens and fountain. Across the street is the green expanse of Willamette University’s campus direct. You can walk down to Mill Street to the Thomas Kay Historical Park, home to the Mission Mill Museum, a window deep back into the early history of Salem when the first pioneers from the Oregon Trail arrived here.

Then, head south on 12th Street to Bush’s Pasture Park – the biggest park within the center city.

“Bush Pasture Park has this tremendous historical con nection – one of the oldest pieces of land in Salem where you can close your eyes and it’s like a hundred and fifty years ago when people were just moving into the Willamette Valley,” Havel says.

Head just a little further south from Bush’s Pasture to Minto-Brown Island Park “where you can take a walk for two or three hours and not see another person,” Havel says. “It’s an urban nature preserve.”

Minto-Brown wraps around the curves and twists of the Willamette River – as does Wallace Park, due north, across from downtown – and comprises the rich river bottomland that was once tilled by farmers. Much of Minto-Brown’s earlier pasture setting has been preserved. There’s a lot of history that’s been preserved too. Named for Isaac “Whiskey” Brown, who cleared the land on the island, raised livestock and grew tobacco, and John Minto, who bought the bulk of a nearby island in 1867. The stage (as well as names) were set for the park that the city of Salem bought in 1970. The urban nature preserve now encompasses all the diversity that existed during the time of Minto and Brown – an old riverbed, sloughs, native timber, dense underbrush and grassy meadows that are a major habitat for birds. In addition, there are dozens of hiking and biking trails in this mostly untouched corner of Salem – the biggest reminder that you don’t even have to leave city limits to enjoy some of the best Oregon has to offer.

Article by: Verne Gay

More articles about Salem can be found at www.imagesofsalem.com

Understanding Mortgage Points

admin — Tue, 31 May 2011 23:26:27 +0000

Mortgage Points Explained

By: Sonia Smith

Mortgage points are charges paid in order to obtain a mortgage for a home. Every point is a fee that is based on one percent of the entire loan amount. The discount points and the origination points are the two types of mortgage points. Keep in mind that lenders vary in charging for these two types of points.

Discount points are paid towards the lender during closing to lower the interest of the mortgage rate. The points are the same as a pre-paid interest of a loan that a borrower will take out for a new home. Each point is equal to one percent of the total amount of loan. The total points that a borrower can choose depends on how much he or she wants to lower the rate of interest. Either the buyer or the seller pays for the discount points or they could split the fee in half.

Origination points are used to pay for the expenses of obtaining a loan. These points are less popular compared to discount points because they do not offer the borrower valuable benefits and they are not tax deductible. It would be better for a borrower to look for a loan that does not require getting these points. Remember that not all loans require points paid. Some mortgages do not require points while others do. The borrower has to decide whether he or she wants to pay the discount points and a lender will determine if origination points are needed so the borrower can obtain a loan.

Several factors will help the lender decide whether to charge points. A borrower’s credit score, which reflects his or her credit worthiness, is a major factor in determining if points are needed. The credit score and other factors reveal the riskiness of a loan for the bank to establish not only if points are required but how many points are assessed. If the lender determines that points are required, these should be properly disclosed to the borrower. In general, costs and points explanation is included in the good faith estimate that the lender provides to the borrower. The borrower will then determine how much is the loan amount and the cost of the points and choose a lender that provides the best deal.

Regardless if paying points make sense depends greatly on how long you intend to keep the loan. A mortgage calculator can help you decide. When using a mortgage calculator, you have to calculate how much the monthly payment at the rate of interest is charged if you are not going to pay mortgage points. Next is to calculate the amount of monthly payment at the lower rate if you will pay for mortgage points. Deduct the lower payment from the higher payment to determine the amount saved each month. Divide the amount charged for the points during closing with the amount saved each month. The result is the number of months you have to keep the loan in order to break even on paying points.

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