Mortgage Lingo - by Timothy Heyne

Should You Buy or Sell in 2012?

2012-01-16T12:45:00.000-05:00

Depending on who you ask, 2012 could be the year the housing market finally, but slowly, starts climbing back. Or, we could see more of the same—foreclosures and falling home values. Either way, homebuyers and sellers have a lot to consider before they make a move this year.

Buyers: Time for a Commitment
It's been a buyer's market for several years, and 2012 won't be any different. Homes are affordable and mortgage interest rates have never been better. Once the market picks up, though, prices and rates will start to rise—slowly. So while there's no need to rush into a home purchase, there's no need to wait for prices to fall further either.

If you're planning to buy a home, it's important to understand that values will probably rise much more slowly than they did in the boom markets 10 and 20 years ago. Only buy a home if you're willing to stay there for several years. Remember, this is your home, not a short-term investment.

You'll have to comb through a lot of available homes to find one you'll want to stick with for that length of time. A real estate agent can walk with you through that process and help you negotiate a great deal when you're ready to buy.

Sellers: Time to Turn a Corner?
On average, home prices have fallen 31% since 2006. While the decline has been painful for homeowners, it means homes are now more affordable. Home ownership is now within reach of about 2 million boomerang kids and couples who delayed buying a home the last few years.

Pricing will be the key to getting your home sold in 2012. There will still be plenty of foreclosures to compete with, and buyers are looking for deals. Homeowners are not usually good at judging their home's worth, so consult an experienced real estate agent to get the pricing right.

Homebuyer's are Paying More - Starting Right NOW!

2012-01-12T10:59:00.000-05:00

Mortgage Life Insurance - Get it?

2012-01-10T14:33:00.000-05:00

I have been getting this question a lot more over the last few months. Many people have been paying more attention to their insurance needs and after you buy a new home, you are inundated with these offers. My honest opinion, is DO NOT buy it. My only exception is if you are un-insurable. If you go get term life insurance, you will be much better off! The rule of thumb is to have 8-10 times your income in term-life insurance.

I would highly recommend www.zanderins.com - This is where I have purchased my life insurance! They are great.

Four Steps to Refinancing Success

2011-12-15T10:44:00.000-05:00

Refinancing can be easy when you're prepared and patient.

While mortgage rates continue to hang out at bargain lows, many homeowners are scurrying to refinance to lower rates and shorter terms. Here's a step-by-step refinancing guide plus a heads-up about the snags you could encounter along the way.

1. The application. First, you need to answer the two most important refinancing questions: Should I refinance from 30 to 15 years? Will I qualify? If you plan to stay in your home long enough to recoup the costs of refinancing, it may be worth it to refinance. Reducing your term could also increase your monthly payment, so make sure there's room in your budget.

I would love to help you answer these questions and fill out your loan application to get things moving.

2. Credit, income and appraisal. At this point, I would review your credit, verify your income, and schedule an appraisal of your property.

Generally, higher credit scores qualify for the lowest interest rates, so know where your break-even point is.

Tighter lending standards mean lots more paperwork. You'll have to show where your money comes from and that you actually have the funds to close the loan. I will do my best to give you an accurate checklist of what is needed at the beginning of the process.

Lenders are also more picky about some appraisals. An appraisal that doesn't compare your home to another home sold in your area in the last 180 days could be turned down if the value doesn't support what it needed to make the deal happen.

The best advice: Start with good information about the value of your home and be willing to provide whatever documentation necessary to get your loan approved.

3. Wait. At this point, the process is out of your hands. Be ready to answer some questions for clarification or provide even more documentation, and keep tabs on the process with me. I do my best to keep you informed, but if you are unsure what is happening or ever have questions - just call!

4. Closing. If your refinance gets the green light, I will arrange your closing. You'll have three business days after you sign the closing documents to cancel the refinance if there is anything that you don't like.

Now you're free to reap the benefits of historically low interest rates and maybe a shorter mortgage term!

Do You Need a Home Inspection?

2011-11-15T07:30:00.001-05:00

No matter how good the deal sounds, don't agree to skip the home inspection.

When you make an offer on a home, it's standard procedure to make that offer contingent on the results of a home inspection. So what happens if the homeowner counteroffers and says he'll give you the home at the price you asked for—but no home inspection. Is this ever a good idea?

"No way," said Larry Aridas, real estate Endorsed Local Provider (ELP). "If the homeowner isn't willing to do a home inspection, they're hiding something. I'll advise my client to walk away every time."

Getting a home inspection doesn't mean the homeowner has to fix the problems it uncovers, Larry explained. It is simply a tool the buyer can use to determine if the home is worth what he's agreed to pay for it. You have to assume that a seller who won't allow an inspection knows there's something wrong with the house that will convince you not to buy it.

In a few rare circumstances, Larry says it could be okay to proceed with a contract to buy a home without the home inspection contingency.

"If you're able to buy the home at least 40% less than market value, and you've done a thorough walk-through, then that would be an example of when you could accept a home without an inspection," he said.

Also, banks usually don't allow inspection contingencies in contracts for properties they own. But Larry has a way around that for his clients.

"Most of the time, a bank will take a few days to return a signed purchase contract," Larry said. "I advise my clients to go ahead and schedule an inspection during that time."

If the inspection turns up significant problems, the buyer simply doesn't sign the contract. This way, the buyer is protected, even though he had to pay for the inspection.

Dear Occupy Wall Street...

2011-11-02T09:42:00.002-04:00

“I’m mad as hell, and I’m not going to take it anymore!” Yeah, that’s great. But what do you want? What are your goals? What are your demands? What result are you looking for?

The beauty of being vague is that anyone who has any emotion can get caught up in the excitement and join your crusade. They’ll just get mad at something and assume that you’re both mad about the same thing. Put a few hundred of these people together, and boom. You’ve got a crowd, a headline and a lot of attention … but no message.

A lot of people on Twitter are saying I totally agree with the Occupy Wall Street (OWS) demands and goals. The only problem is that I have no idea what their demands and goals are. And neither does anyone else. If all you ever do is stomp around, yell and hold up signs protesting a million different things, sure you’ll get some attention, but over time, you’ll just look foolish. You end up coming across like a three-year-old having a temper tantrum.

This is what’s happening to the OWS movement. They’re being discredited because no one has stepped forward and really stated what it is they’re after. The whole group is just coming across like a bunch of jacked-up, jobless, wannabe hippies. That’s not going to change anything in this country. You’ve got to state your goals clearly if you want to accomplish something.

So in the absence of any clear goals, let me comment and offer some helpful advice in some areas that seem to be getting a lot of disorganized OWS attention.

“No Government Bailouts!”

Banks and big companies should not receive taxpayer money for a bailout while their CEOs are making hundreds of millions of dollars. If that’s your gripe, then you’re protesting in the wrong location. Pack up and head to Washington, D.C., to deliver your message to the current administration. Don’t get me wrong—I totally support a company’s freedom to pay their leaders well. I just don’t believe that I, as a taxpayer, should subsidize those huge salaries in the form of taxpayer bailouts. I pay my own team members; I don’t need to pay everyone else’s too.

By the way, you may be shocked to learn that the Tea Party agrees with you on this one—and so do I.

"Down With Corporate Greed!”

Gordon Gekko was wrong. Greed is not good. Greed is bad—very bad. It’s a spiritual disease, and it is a disease that sadly affects a lot of companies across the country. If you believe a specific company is acting purely out of greed, then don’t just get mad—do something. Point out where and how they’re greedy and let the world know. Stop doing business with them. If enough people listen to you, the company will get the message because you’ll hit them where it hurts: the bottom line. If they don’t get their act together, then they’ll go out of business and another business will take their place.

But if you’re saying that all businesses are greedy and that capitalism itself is evil and ineffective, then I’m sorry—you’re just being stupid. You’re being misled and misinformed by some of the louder voices around you. Are you wearing clothes? Have you eaten any food lately? Do you have an iPhone in your pocket to check in with Twitter and Facebook while you’re out marching around? Good. All of those products and services are brought to you by quality companies dedicated to serving you well in a capitalistic system that works just fine.

“Wall Street Is Evil!”

If you have this painted on a sign, well, now you just look ignorant. Wall Street is a street that people drive on. The New York Stock Exchange is a building where people exchange stocks in New York. This is the flea market of the financial world. Don’t turn Wall Street into some terrible monster attacking American citizens. It’s just a road with some buildings on it.

But here’s what happens. Sometimes when people don’t understand something, they start to fear it. And as the fear grows, it turns into anger. But just because you don’t understand something, you shouldn’t see it as bad or frightening or a conspiracy. You should just think of it as an opportunity to learn something new—something that could actually be a blessing to you.

For example, imagine a group of natives out in the jungle in the farthest part of the world. I mean, picture a group of people who have never seen anyone outside of their tribe and have certainly never seen any kind of machine. What would they think if they saw a Red Cross helicopter land near them? And what would they think of the strange-looking men and women who jump out of the chopper and start walking toward them? They’d be freaked out! They wouldn’t know or care if the Red Cross was there to help them with food or medicine. They’d think it was the end of the world or something because their minds would be totally blown!

I hate to say it, but a lot of OWS protestors are just about as uninformed as those jungle natives when it comes to how the American financial system works. A road and an office building. That’s Wall Street.

“Wealth Redistribution Is the Answer!”

I’ve heard a lot about wealth redistribution over the past few years, and I’m sure you’ve heard it too. Call it whatever you want, but this is how it usually sounds to most Americans: “We are the 99% of Americans who don’t have as much as the 1%, so we’re mad and think the government should take their wealth and property away so that I can have a piece of it. Wealth inequality is a moral breakdown! We should all spread the money around so everyone gets a fair share!”

I have my toughest critique for those who believe this: You are a thief. When someone takes my money and gives me no say in the matter, that’s called theft—whether they’re using a gun or the government. At the core of this demand is envy. And that’s not the same as jealousy. Jealousy just says, “I want what you have.” Envy is a different beast. Envy says, “I don’t think I can ever have what you have, so you shouldn’t have it either.” Decades of horrible economic teaching and the politics of envy have kept this monster alive and growing and moving forward.

This way of thinking makes you assume that all rich people are evil and have scammed their way into wealth. That may be true in the tale of Robin Hood, but I choose to live in the real world. Sure, there are some scoundrels, but the vast majority of successful men and women got that way by working hard and serving people—lots of people. Steve Jobs and Bill Gates changed the world in ways we’re just now starting to realize. Their positive impact on the world has helped all of us live better lives, and they made fortunes for themselves by doing so. Why is it that you’re holy if you help one person but evil if you help a million? That’s just stupid.

A good friend of mine is a country music legend. He’s made a bazillion dollars over his career, and he just bought a $400,000 car. He’s worked like a crazy person his whole life, spending decades in tour buses, writing songs in the middle of the night, and entertaining enormous crowds of cheering fans. He paid a price to get there, and I’m happy for his success. Would it be right for me to walk into his house and demand my “fair share” of his wealth? Heck no! I’m a terrible singer! I didn’t do one thing to contribute to his success, so why would I be entitled to a share of his wealth? He’s given me years of entertainment through his music. That’s my fair share of his hard work.

My problems aren’t his fault. And my problems aren’t McDonald’s fault or Home Depot’s fault or Walmart’s fault, either. My problems are my fault! And the more people these companies serve, the more money they make—and that’s none of my business! If you don’t like McDonald’s, then here’s an idea: Don’t eat there. But don’t walk into the restaurant and demand a portion of their proceeds for the day.

When you scream, “I’m in the 99%!” you just look like a whiner. Those of us willing to pay the price to win look at you and shrug. Heck, when it comes to the music business, I’m in the 99% myself! But that doesn’t mean I have to tear Toby Keith, Brad Paisley or even Kanye down. Oh, and a special note just for Kanye: Capitalism has been pretty good to you. I celebrate your success, but you look a little hypocritical protesting capitalism while wearing a $50,000 watch.

Celebrate the Land of Opportunity

This is the greatest country on the planet, but even here, you’re not guaranteed wealth, talent, fame, a full head of hair or six-pack abs. Those things are not in the Constitution. You are, however, guaranteed the freedom to make your life what you want it to be. And when you do that, when you build your life around your dreams and passions and hard work, you’re guaranteed the right to keep it. No one has the right to take it away from you.

So to summarize, I’m not very impressed at the moment. I’m not impressed by your temper fit. I’m not impressed at your lack of goals and focus. I’m not impressed by the fact that the only thing I see about your movement is ignorance, immaturity and envy. Grow up—and get a job.

Yes, there are jobs out there. There are jobs out there that haven’t even been invented yet. Go create the next Facebook or Weed Eater. Go pick up so much dog poop that you can start your own fertilizer company. And stop complaining that companies are TOO RICH while also complaining that they aren’t RICH ENOUGH to hire you! I’ve seen a lot of you guys. I wouldn’t hire you, either. But if you take all of that energy and excitement and pour it into something new and creative, you’ll get the chance to serve a whole lot of people really well, and over a decade or two, you’ll get to become the very thing you’re now protesting: rich people who actually earned their money.

By Dave Ramsey - The link to this story is HERE.

"Why you can’t always get the lowest mortgage rates"

2011-11-01T12:59:00.001-04:00

Here is a really good article breaking down some of the reasons the rates you see online (or hear in ads) are different than the ones I quote to you. Sometimes my quote is better, other times it can be higher...

I hope this helps!

Shocking Truth Behind BofA’s Trillion Dollar Derivatives Move!

2011-10-21T09:59:00.000-04:00

I don't even know what to add to this...

Bernanke and Paulson can break the law if they think it 'makes sense', but I think it makes sense to go 85 on the highway... One of us will get in trouble and one won't... Hmmm What is wrong with this? The safety of a few people on the highway or the economic disaster of the entire country?

Rates Are So Low!

2011-10-06T13:26:00.000-04:00

Check out this article about mortgage rates. You may be tired of hearing this, but every time it has been said, it is 100% accurate - "Rates are at historical lows". It is true once again...

Homeowners Saving Thousands With This One Tip!

2011-09-20T11:14:00.000-04:00

The Big Tip:

Homeowners are taking advantage of today's record-low interest rates and refinancing to 15-year mortgages, saving thousands and banishing debt even sooner!

In the first quarter of this year, 34% of mortgage refinancers reduced their mortgage term to 15 or 20 years. Online mortgage brokers are reporting a 30% increase in requests for 15-year mortgages.

That's proof more homeowners are realizing today's low rates combined with shorter mortgage terms equals huge savings!

Here is what many people have said;
"For just $100 more a month, we shaved off 12 years of debt," Kendra said. "[It] saves us probably $140,000 in interest costs over the life of the loan. It was a no-brainer for us!"

Valerie jumped on the current low rates to get out of her adjustable rate mortgage. "We have saved in the neighborhood of $240,000 in interest payments," she said.

Folks who've switched to a 15-year mortgage from a 30-year notice an immediate difference. "We instantaneously saw light at the end of the tunnel," Mark said. "Fifteen years from now is much easier to see than 30 years from now."

By refinancing now, these homeowners will save thousands in interest, and they'll be out of debt even sooner. That will make a huge difference for these families.

"Our payment went up a little bit, but the hundreds of thousands we get to keep just might put a couple of babies through college," Raymond said. "Our family tree looks a lot more fruitful."

One Step at a Time

Before you jump on the refinance bandwagon, make sure it's worthwhile for you. You'll need to stay in your home long enough to recoup the costs of the refinance, which can range from 3–6% of the loan amount.

Also, if you owe more than your home is worth, there are still loan programs out there designed just for you. So still give the refinance a shot. "I'm upside down in my mortgage, but my lender worked with me and got me a fixed rate (on a 15-year mortgage)," said Becky.

USDA Loan Changes - Beginning October 1st, 2011

2011-09-19T14:15:00.001-04:00

I have the official release from USDA listed below. The quick summary is that the up-front fee will go from 3.5% to 2%. Then an annual fee of 0.30% of the loan balance will be paid monthly (Just like PMI).

USDA - Rural Housing

Did the government have this all planned out from the beginning?

2011-09-06T09:18:00.000-04:00

Mortgage Applications

2011-08-24T11:55:00.000-04:00

THIS story is crazy... Why aren't more people buying homes? The prices are so low and the rates are even lower?

Did you know that it is cheaper to own than rent in more than 74% of the country?!!

Call me today to apply!!!

Three Options for Dealing with an Underwater Mortgage

2011-08-17T08:30:00.000-04:00

An underwater mortgage is no excuse to bail out! Wait out the market, increase your income, or consider a short sale to protect your credit score and keep your integrity.

Across the nation, homeowners are dealing with underwater mortgages—mortgages that are more than the homes are worth. Instead of making payments on an asset that's losing value, some homeowners have chosen strategic default. They stop making their payments and allow the banks to foreclose on them, even though they can afford to make the payments. They don't know it, but they're wrecking their future.
If you can pay a bill you promised to pay, pay it—even if it's unpleasant, inconvenient and the vacation fund doesn't get funded. You have options that will allow you to save your credit score and keep your integrity.

(1) Wait It Out

Don't fall for the myth that America is never going to recover. Yes, the housing market is suffering and will continue to for a while with short sales and foreclosures dragging home values down. I still believe that home values will recover, and so can you.

If you are in a position to continue making your payments, you should do it, regardless of your home's current value. Stop watching the news and look to the future.

(2) Increase Your Income

With unemployment above 9% and holding, many homeowners are dealing with job loss. Without a substantial savings cushion, you may think dumping your home is your best chance at survival.

But you've got to be willing to do what it takes to hold on to your home. Cut your budget to the four walls: food, utilities, transportation and, yes, shelter. Some part-time work may be all you need to cover your house payment until you land a full-time position.

(3) Short Sale

If you truly can't pay your bill, you'll need to sell your home in a short sale before you're foreclosed on. Get with a real estate agent who's experienced in short sales to help you, so when you get an offer, you're ready to move ahead as quickly as possible.

Because a short sale means you're selling your home for less than the mortgage amount, get the bank to agree to a short sale without recourse, which means they won't come after you for the remaining amount. This option will damage your credit, so be prepared to rent for a few years.

Groupon for Churches!

2011-07-20T09:27:00.000-04:00

Hey Everyone,

I know this blog has been dedicated to Mortgage Lingo and Mortgage News, but today I have something even better! You have heard of GROUPON, and I am sure you get the emails from them... But now there is www.only144.com! It is the same idea, but it is exclusive to church ministry resources!

Go to the site today and sign up for the emails so you don't miss anything, and go tell your friends! The next deal starts on July 29th at noon. Here is a clip with more info;

I hope you think this deal is as awesome as I do!!!

Tips to Sell Your Home for Top Dollar

2011-07-14T15:33:00.000-04:00

We've all heard the tried-and-true advice for selling a home. It still works, but if you're going to get your home noticed in today's market, you've got to take things up a notch.
Ask anyone who's tried to sell their home lately, and they'll tell you how tough it is. The days of putting your home on the market in the morning and having three offers by afternoon won't return for several years, so sellers must amplify their efforts to get their homes sold at a good price.

Pricing
Pricing has always been one of the trickiest parts of selling a home. But in today's market, if you don't price your home correctly, buyers won't even take a second look.

If you price too high, then you chase the market down and will always be at a disadvantage. Instead of only looking at what homes in your neighborhood are listing for, ask your real estate agent to show you what similar homes have sold for in the past six months, including any foreclosures or short sales in move-in condition. You'll get a better idea of what your home will sell for.

Also
When people look at a house, they always ask why the owners are moving. It's best if the homeowners themselves address that question in a short letter.

Homeowners should also highlight their home's positives, like a newly upgraded kitchen, as well as any potential negatives, like an empty lot across the street that's actually going to be made into a park.

When sellers want the RE Agent to tell the potential buyers 'this or that' about their home or neighborhood, but the agent can't always be there to tell them. The sellers can just write all that in their letter and leave it on the kitchen counter for the prospects to take with them.

A Breath Of Fresh Air
We all know the advice about making your home attractive to potential buyers: spiff up the lawn, clean out closets, declutter and keep things spick and span for showings.

One more suggestion; In the summer, it's imperative to set your air conditioner a little lower than normal so new buyers are hit with cold, refreshing air as they walk in your home, "They will stay longer!"

Another HUD – Barney Frank Disaster on the Way!

2011-06-22T09:19:00.004-04:00

Inside Job

2011-04-27T12:58:00.000-04:00

This is a must see movie! There is a lot of information in this documentary (Not a boring one!) that will blow your mind. Also, keep in mind that not everything about the crisis is in here either. While working for First Commonwealth Mortgage since July '05, I have had a lot of people ask a lot of questions about "What in the World Happened?". From now on, my answer will be, "Watch Inside Job". I hope you enjoy, if so, please share and spread the word! Thanks!

Homeownership Can Pay Off At Tax Time

2011-03-30T16:14:00.000-04:00

If you have a home and a mortgage, be sure you take advantage of the tax savings they bring! As the clock ticks toward the deadline to file your income taxes, don't forget to check out these deductions and credits specifically for homeowners.

Mortgage Interest
It's estimated that 60% of homeowners miss out on their deductions for mortgage interest each year, resulting in billions of dollars in overpaid taxes. The IRS allows you to deduct 100% of the mortgage interest you paid in 2010, but you'll have to itemize your return to claim it.

Real Estate Taxes
You can also deduct up to $1,000 in real estate taxes, even if you don't itemize your return!

Mortgage Debt Forgiveness
It's been a tough few years for many homeowners, with foreclosures, short sales and loan modifications becoming more and more common. Normally, any mortgage debt that is "forgiven" under these circumstances has been taxed as Cancellation of Debt Income, or CODI. But for 2010 through 2012, the IRS will not tax CODI on most primary residences.

First-Time Homebuyer's Credit
To qualify for this credit, first-time homebuyers had to either buy a home or enter into a binding contract to buy a home by April 30, and close on that purchase by September 30 to receive a tax credit of $8,000 (or 10% of the purchase price up to $8,000).

Move-up or longtime homeowners who closed on a new home by September 30 qualify for a $6,500 tax credit as long as they lived in the same principal residence for five of the last eight years before they bought their new home. These are tax credits, which we love because they lower your tax bill dollar for dollar!

Home Improvements
This is the last year to claim your $1,500 tax credit for certain energy-saving home improvements such as high-efficiency heating and air conditioning systems, water heaters and skylights. You'll get a break on up to 30% of the costs of these improvements made in 2009 or 2010.

Even More... There are more tax breaks for homeowners, such as deductions for your home office, origination fees or discount points, and mortgage insurance. Be sure to ask your tax preparer if there are any additional deductions you qualify for.

Proposed Loan Officer Compensation

2011-03-16T10:36:00.001-04:00

Here is a great video that is created by the marketing geniuses at tbwsdailyshow.com. This video does a great job at explaining the proposed compensation for loan officers AND how it affects the consumer.
Senators Rally to Delay LO Compensation Fed Rule

61% of Homeowners Overpay the IRS!

2011-03-03T11:38:00.001-05:00

Homeowners should always plan for tax season and seek expert advice. Failure to do so can cost you thousands of dollars.

We recently came across a tax statistic that blew us away. In 2002 (the only year the study was conducted), 61% of homeowners did not claim their homeowner's tax deductions on their income taxes.

Let's make that really clear. It doesn't mean that 61% of homeowners didn't pay enough in mortgage interest and property taxes to take the deductions. It means that 61% of homeowners who were eligible to take the deductions and would have saved on their income taxes took the standard deduction (and paid a higher tax bill) instead.

That's right! Those folks said "No thanks" when Uncle Sam tried to give them back some of their own money—on a silver platter!

A Few Minutes Could Save Hundreds

Lots of taxpayers take the easy way and choose to take the standard deduction on their federal income taxes, which the IRS has set at $11,400 this year for married couples filing jointly. That's fine if your individual deductions don't exceed that amount.

If you have a mortgage, though, it's worth checking to see if your homeowner's tax breaks exceed or at least put you within reach of the standard deduction. If they do, then you can add on tax breaks for other expenses such as charitable donations and local sales or income tax that are only available if you itemize.

For example, a married couple filing jointly makes $75,000 and paid:

$8,700 in mortgage interest

$1,400 in property taxes

$10,100

That's not enough yet to make itemizing worthwhile, but once you add their $3,000 in charitable contributions and $1,750 in local sales tax, the total comes to $14,850—exceeding the standard deduction by $3,450 and saving the couple $860 on their taxes!

Ask a Pro About Past and Future Savings

Don't miss any more tax savings by automatically taking the standard deduction. Consult a tax pro to see how much you could save by taking advantage of your homeowner's tax breaks.

And, if you suspect you've overpaid your taxes in the past, a tax pro can review your past returns and help you file an amended return to reclaim your cash and help you make sure you don't overpay again.

This information was provided to me by Real Estate Minute.

Toxic Chinese Drywall

2011-02-24T15:48:00.000-05:00

Here is a story (I know it is a little older) about the Chinese Drywall that seems to be toxic. I have tried to do some research about these issues, but most reports seem to be all opinion. I was hoping that someone would come across this blog entry and fill us in on what the real issue is with this drywall. Can you help me?

I have seen more and more listings/foreclosures with this disclosed and the home prices are significantly lower. Are the health risks really there? Does the drywall really corrode copper pipes? Is there any chance that there is something else wrong with the product? If you can get a home for half off, is it worth the expense of replacing all of the drywall in the home?

Thanks for your help on this!

Beware Of Bears - Relationships and Money

2011-02-18T09:43:00.001-05:00

Beware Of Bears - Relationships and Money

30% of mortgages are underwater...

2011-02-09T10:44:00.000-05:00

Some people will read this with 'doom and gloom' type of attitudes, but I see this as one of the best opportunities for anyone who wants to buy a home! You have sellers that are desperately trying to get out of their homes at any cost, and banks with a gluttony of homes that they are trying to dump ASAP. Mortgage rates and home prices are both low. Haven't you always heard; "Buy low, Sell high"... This is the time to do exactly that - Buy Low!!!

To read the story, click here.

First-Time Homebuyer Credit - Info from the IRS

2011-02-08T11:56:00.000-05:00

I hope that this will help those of you that were able to qualify for this credit. If you want or need more info about the First-Time Homebuyer Credit, please search this blog (Top right of this page) for more info.

Facts about Claiming the First-Time Homebuyer Credit