Real Estate Information

The Global Elementary Model United Nations was held on May 14 and 15th, 2010 in Dallas Texas.  This event is held for elementary and middle school students who take on the different roles of delegates to the United Nations.  This event has been held since 1990 it provides these young students to broaden their educational experiences.  They have the opportunity to learn about other countries people and their cultures along with the utility to gain an understanding about how these countries interact.  This in itself provides the opportunity for many awesome achievements.
 
There is a lot of preparation that students do before the conference.  Students who are participating from each school are assigned a particular country.  Throughout the school year, they are involved in preparing themselves for the United Nations event.  They have to do research to begin to understand all of the facets of their assigned country.  The purpose of the project is to give the students a better understanding about how the UN really works and the information is relevant to today's global environment.  Once they arrived at the conference, they perform the various roles of delegates at the UN.  Relevant topics are debated and discussed.  This model UN even includes the entire delegation voting on numerous referendums.  For individuals or schools to score points, they must convince their fellow participants to vote for their particular agenda.

Some of the awesome achievements include three students from the Duke School delegation.  Noah Mlyn, Ethan Fox and Joseph McGuire , each one the best delegate and peace prize awards.  These are prestigious awards and was based on their ability to get their resolutions passed.  The additional members of this team include Zack Balleisen, Aliza Gersing, Caroline Manson, Claudia Sollee, Issac Lutz, Jose Lopez, Joshua McClain, Zain Clapacs, Eli Rice, Nancy Sullivan, Kevin Quinn, Miranda Turner and Nadia Parashkeovova.  Congratulations go out to all of the delegates who participated and got a chance to learn a little bit more about global issues of today.

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If you have found a home you want to purchase and are applying for a mortgage, your lender will look at what is called a debt-to-income ratio. If you are not familiar with this, below you can find more information as well as why is it important to you and how it effects your financing.

Debt-to-income ratio is simply a comparison of the money you earn to the money you owe. It includes credit card debt, existing mortgages, auto loans, and any other personal debt.

Your mortgage lender will look at your Debt-To-Income (DTI) to evaluate your ability to afford your new mortgage. You should have a good idea of what your DTI ratio is before you approach a lender or consider buying a new home.

You ultimately want to achieve a low DTI ratio. A high number means that you have less disposable income and less ability to maintain the home once you purchase it. With foreclosures at an all time high, lenders are not willing to assume any additional risk in lending.

Most lenders seek DTI ratios in the 20-36% range or lower, with no more than 28% of debt dedicated to the mortgage itself. While some lenders will consider higher ratios, DTIs in the upper 30% range are considered high risk.

There are several different calculators available online to help you determine your ratio, and you can always check with your financial institution for guidance on determining your DTI ratio.

Here’s a simple formula:

1. Add all your monthly payments (mortgage or rent, car, credit cards, any other debt payments)
2. Add your gross income (before taxes), bonuses, alimony, or any other outside income and divide by 12
3. Then divide the total number in (1) by the final number in (2)
4. The result is your DTI ratio

Whether you are ready to buy, considering a home purchase, or are just interested in your financial health, it’s a good idea to know your DTI and understand the steps to lower your ratio and become as close to debt-free as you can.

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Warmer weather has arrived and many homeowners are starting to think about making some home repairs or improvements. However with the current economy, these projects may not be in the budget. The good news is there an option, the FHA 203(k) program loan. This program allows homeowners to secure a loan for home improvements, provided the property has adequate value to secure the loan.

In order to qualify for an FHA home improvement loan, the property must be a residental home, one-to-four-unit dwelling that is older than one year. Condominiums can also qualify, but only for interior improvements.

Many additional costs can be financed into the 203(k) loan, including permits, inspection costs, work write-ups, and supplemental fees. Other expenses that can be rolled into the loan include the escrow for contingency costs and up to six months worth of the proposed mortgage payment.

It is important to know that these FHA home improvement loans cannot be used for anything other than home improvement or repairs. The loan recipient cannot use the funds for other expenses like debt or other purchases. Specific improvement of the property such as roof repair or other major repairs/improvements are the only purchases that may be used with the funds.

FHA loans are typically easy to apply and qualify for.  The FHA guidelines for loan qualification are very flexible and typically require less than 5% down payment. This allows homeowners quick and easy access to home improvement funds at some of the lowest interest rates available.

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If you are ready to buy your first home or move up to your dream home, do you know what to avoid before you even start to look at properties? Below are some some important lessons from homebuyers who wish they had not made these mistakes:

1. Don’t make any major purchases – at least not on credit. If even you are pre-approved, do not make any large credit purchases or take out any loans before you close on your new home. For example:

• Autos, boats or other vehicles
• Furniture
• Appliances
• Electronics
• Student loans
• Refinanced property
• Personal loans

2. Don’t wait to get your approval from your mortgage lender – the more up front work you do before you are ready to sign, the better. This includes making sure your credit is in good shape, with no mistakes or surprises on your credit report.

3. Don’t change jobs – unless you absolutely have to or you are making a major step UP the career ladder. A steady and stable employment history is another important piece to getting approved and getting a good rate on your mortgage.

4. Don’t skip the home inspection or rely on the seller’s inspector. Get an objective third party home inspection (your agent should be able to recommend one) and make sure that any repairs or problems are not on your contract.

6. Don’t buy a home you can’t afford – this sounds simple, but don’t forget to take into account the property taxes, utility bills, HOA expenses, insurance and maintenance. The price of your home is much more than the mortgage payment!

Don’t let your dream turn into a nightmare – get pre-approved, be prepared and avoid these home buying mistakes!

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April showers may bring May flowers, but for many homeowners, springtime storms can also bring flooded and wet basements. Walls and flooring can be damaged as well as personal items and can cost thousands to repair the damage. Below aer some of the causes to wet basements and some information on how to prevent water damage.

The first step is to locate where the water is coming from in order to treat and prevent the problem. Most wet basements or crawl spaces tend to be caused by surface water which is not adequately drained away from the foundation wall. Backup from sewer water sources can also cause problems as well as flooding from rain storms or nearby sources of water such as ponds or lakes.

The following tips are suggested to avoid water problems when building or buying a home:

• If a flowing stream or dry ditch borders your lot, check with local planning agency authorities or a hydrologic engineer for potential flooding, whether in a designated 100-year flood hazard zone or in an area where lesser but more frequent flooding could occur or has occurred.
• When househunting, pay special attention around the outside and the basement or crawl space for backsloping lawns and landscaping toward foundation walls. Also look for depressions around the foundation that can collect surface water and cause seepage into the ground.
• Visit the house during or shortly after a prolonged or heavy storm. Check for water in the basement or crawl space. Ask the realtor about any known water problems--inside or outside--by the previous owner.
• For houses with basements, carefully check for stain signs of standing water around the walls or seepage coming through the walls, especially along the wall(s) having the highest outside ground level. Look for whitish salt deposits on inside foundation walls left from moisture seepage and evaporation. For houses with crawl spaces use a flashlight and check for current or previous water ponding, mud, mildew, condensation on various surfaces, or sagging or wet insulation.
• Check the basement and crawl space for musty odors and signs of mildew, condensation on surfaces, and unusually heavy rust deposits. Try to determine the source of the moisture--foundation wall seepage; capillary moisture from the crawl space ground; water or sanitary pipe leakage; poor crawl space ventilation; or combination of problems. Check the inside corners for cracks and separation of blocks at the joints from foundation settlement

If you have specific questions about construction or drainage matters, be sure to refer to applicable building codes and inspection/permit requirements; local subdivision and zoning ordinances and local flood damage protection ordinances and maps required by the National Flood Insurance Administration (NFIA). These sources are available at your local planning office, building inspector’s office, or library.

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If you are relocating to a new home that is a good distance away you may need to make a decision about how you will move your car.  If you are relocating across country, you may not want to get behind the steering wheel for thousands of miles as well as put the mileage and wear on your vehicle.  Fortunately, there are some excellent options for you and your vehicle.

Some people who have older cars find that it is easier to sell their cars or donate them to charity for a tax deduction before they move.  If you are like most people, however, you will want to keep your car rather than going to the expense and trouble of purchasing a new vehicle once you reach your new home. 

Many businesses specialize in transporting your vehicle for you.   There are three basic methods of getting your car to your new home if you are not going to drive it yourself:

• Moving your car in the same van that will haul your household goods
• Using a professional auto mover
• Hiring someone to drive your car for you

Moving your car in the same van as your household goods is as easy as driving it up a ramp and into the van, where it is secured in a separate compartment from your furniture and other goods.  A reputable moving company that provides this service will give an accurate estimate and references long before you drive your car on board.  Cars are heavy, though, so this can be an expensive method.  However, it is the method most guaranteed to put you back behind the wheel as soon as the moving van unloads.

Professional auto movers specialize in transporting vehicles on an open or in a closed truck.  Some provide hub-to-hub service (you will have to go to a central location near your new home to pick up your vehicle) while others provide door-to-door service (they pick up your car at your old home and deliver it to your new address).   Professional auto movers are highly expert at getting cars and other vehicles safely from one place to another.  The cost might be lower than the moving van method.  However, unless your car mover coordinates perfectly with your household goods mover, you may find that you reach your destination before your vehicle does.

If you decide to have someone drive your car for you, consider a company that matches drivers with vehicles needing transport.  In this case, the company should screen drivers carefully and assumes all insurance liability for the trip.  Drivers usually pay their own expenses after the first tank of gas, so the cost of transporting this way tends to be reasonable.  However, if you don’t like other people driving your car in general, this is definitely not the method for you.   Coordinating arrival time with your move-in date may also be a little more difficult. 

Be certain that your car will be inspected carefully.  Any pre-existing damage, marks, and wear should be noted.  The company you hire will provide insurance coverage for your car, so this pre-trip inspection is an important step.  It is a good idea to take pictures or shoot a video of your car before the move for your own records.

Here are a few tips for the move:

• Disclose any mechanical problems your car is having, especially if you are going to work with a company that provides a driver to get behind the wheel for you.
• Deactivate your car alarm if you are shipping your car in a van or on a truck.  This prevents the draining of your battery if the alarm is triggered while the car is being moved.
• Make sure there is fuel in your car so you can drive it at your destination.  A quarter of a tank should be plenty.  If you are using a driver, you will probable be expected to deliver your vehicle with a full tank of gas.
• Roof racks, bicycle racks and other non-permanent accessories should be removed if transporting in a van or on a truck. 
• Remove valuables from the car.  If you have an automatic pass for commuting on toll roads, take it out of the car too so you do not receive any unintentional charges during the trip.

Moving your car is easy with the range of choices available today.   Compare costs and pay attention to the level of customer service that each company provides.  Choose a company that will transport your vehicle securely and on time, and you will be that much closer to a stress-free move.

Whether you are selling a home or buying one, the property will need to be appraised and the value of the home is a major part in the process. The appraisal serves various purposes in a transaction for both buyer and seller.  It acts protect everyone who is involved in the sale; the seller, the buyer, the lender, and the insurance company.

At times, buyers who are find a home they want but are competing with other purchasers, may waive the appraisal contingency.  However, most all lenders however will still require an appraisal before any financing will be finalized.

Waiving the appraisal is a dangerous way to buy a house. Buyers can loose some of their earnest money if the appraisal does not come in high enough for them to obtain financing. Sellers can demand that some of the earnest money be used to compensate them for money lost due to financial losses as well as having to put the property back on the market because the buyer wrote a contract they can't fulfill.

If you are buying a home, it is important to remember that you wouldn't buy a car or even invest in stock without determining the true value of the object of your purchase. Purchasing a home should not be any different and failing to do so can cost you thousands of dollars.

If you are updating your home for sale or just want to make your current kitchen more modern, changing or replacing the look of kitchen counters can make a big difference. If replacing the countertops are not in your budget you may want to consider countertop resurfacing. This is a much more economical and easier option for homeowners and can give you the same benefits without the cost and effort of a complete kitchen overhaul.

This is a much simpler process than completely replacing the counter tops because you will avoid the mess and time involved with removing and replacing them, not to mention you can save up to 70% off the cost of replacing your kitchen countertops. A refinished countertop is durable and can extend the useful life of your counters for 10-15 years or more with basic care and maintenance. 

The changing of the counter top surface can help to give your kitchen a fresh new, updated appearance that can help your home to sell. Homeowners have many options for materials, from simple laminates to granite and even 'faux' stone.

Kitchen countertops are an important part of a kitchen not only because of their functionality but it also sets the style. Kitchens are an important when selling your home as buyers look for updated and functional kitchens that are move in ready.  

If you are shopping for a new home and are a veteran and in need of financing, a VA housing loan might be for you. A VA loan is a mortgage that is guaranteed (insured by) the Veterans Administration. There are millions of veterans in the United States that are eligible for a VA housing loan.

The VA Loan became known in 1944 through the original Servicemen's Readjustment Act also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment.

The VA Home Loan program allows veterans with qualifying income and credit to purchase a primary residence without putting any money down towards the sale price of the home, as long as that sale price does not exceed the appraised value of the home. Veterans are eligible for loans without down payments until 2011. Veterans do need money towards closing costs as well as earnest money, which the seller generally requires when a sales contract is signed. Closing costs may be paid by the seller, which can be negotiated. Below are some important facts and information if you are a veteran considering a home purchase.

• To be eligible for a VA housing loan, you must be a veteran that has served on active duty. A total of ninety days of service are required during wartime. The requirement is 181 consecutive days during times of peace. Click here for more information on eligibility.
• Any itemized fees and charges related to the purchase of a property, such as inspections and appraisals may or may not be the responsibility of the veteran. It is a goof idea to check with your local VA office for a list of reasonable and customary fees veterans are allowed to pay.
• While poor credit within the last 12 months may be a deterrent in loan approval, VA housing loans have been given to veterans who lack established credit.
• Veterans can prepay their VA Home Loans without a penalty.