Displaying blog entries 31-40 of 44
Posted by Bob De Tray:
Good luck to Merritt Whitley, daughter of our very own De Tray Group member, Mary Pat Whitley. Merritt is representing Park Hill high school at the state tennis tournament this weekend in Springfield, Missouri. Last year, as a freshman, Merritt made an unprecedented run to a third place finish at state. According to Tim Kalis, the Park Hill coach, the competition this year will be tougher than last year. Merritt finished the fall season 29-1 in singles matches! Congratulations on all your successes!
A 15-year term lowers the interest rate, reduces total interest payments, and increases principal payments. But it also increases monthly payments. If you can't afford the higher payments now, you might opt for a 30-year mortgage. If there are no prepayment penalties, you can make additional principal payments as your income increases. Making just one extra monthly payment a year will pay off a 30-year mortgage in less than 22 years and can save tens of thousands of dollars in interest costs. If you plan to stay in a home no more than three years, you might want an adjustable-rate mortgage (ARM). ARMs offer initial rates that are lower than fixed mortgages. At some point, usually after the first year, rates are tied to market conditions and are subject to potential rate increases. Most ARMs include a cap on rate increases in any given year, as well as over the life of the loan. Some ARMs offer initial rates at least 2% below fixed rates and limit increases to 1% annually and 5% to 6% over the life of the loan. Many home buyers are attracted by the affordability of an ARM during the initial period. However, you should be confident that your future income will be sufficient if both interest rates and your monthly payments increase.
Another popular mortgage involves a balloon payment. A balloon is a lump-sum payment that pays off the loan in full after a fixed period of time. Generally the rates on balloon mortgages are 1/4% to 3/4% less than on 30-year fixed mortgages, but during an initial period of between 3 and 15 years, payments are similar. After this period, the remaining outstanding principal balance is either due in full or subject to refinancing. This is a good option for home buyers who plan to sell before the final payment is due. But because property values fluctuate, you may not be able to sell when you want. You may also face higher payments if you are forced to refinance at a higher rate, and there is also a risk that you may not be in a position to refinance when the balloon becomes due.
You can set up your own personal consultation with Beth Myers(Plaza Mortgage Services) directly from this website by going to" recommended links", then click on Pre-QualifyforHomeLoanHere then click on Free Consultation.
Beth Myers
HMC
Plaza Mortgage Services
MAC M3416-011
6300 N Lucerne Avenue
Kansas City, MO 64151
Work - (816)746-7335
FAX - 816-584-8973
Cell - 816-289-9645
Beth.D.Myers@wellsfargo.com
Submitted by: Ask Reggie.
Now that you've uncluttered the interior step back and take a second look. Do the rooms appear spacious or are they crowded? Your goal is to make each room as large to the eye as possible. Often we find living areas with too many chairs, tables and lamps. Take out any piece that doesn't work well in the room. Sometimes one item will do the trick. Simply rearranging the room can often do the trick. Today's buyer wants open spaces, rooms that flow one to the other. You also want your home to be as updated as possible. If you have checked the model homes lately, you'll get a good feeing for what is "in" in windows and what is "out." Lace curtains and heavy valances are definitely "out." An inexpensive update is to take em down. Most decorators are using minimal window treatments. More later.
Courtesy of Plaza Mortgage
How Much Mortgage Can You Afford?
The Federal National Mortgage Association (Fannie Mae) is a government-sponsored organization that purchases mortgages from lenders and sells them to investors. Two income-to-debt ratios established by Fannie Mae are standard requirements for conventional mortgages. The first requirement is that monthly mortgage principal and interest payments (P&I), plus insurance and property taxes, cannot exceed 28% of the buyer's gross monthly income (some exceptions may apply to increase this limit to 33%). The second requirement limits total monthly debt payments (housing, credit cards, car payments, etc.) to 36% of gross monthly income (some exceptions may apply to increase this limit to 50% or higher in some loan scenarios). In addition to these requirements, you may have to pay 10% to 20% down on the total purchase price to qualify for a conventional mortgage.
These are just general guidelines and you should seek advice from a qualified professional. You can set up your own personal consultation with Beth Myers(Plaza Mortgage Services) directly from this website by going to" recommended links", then click on Pre-QualifyforHomeLoanHere then click on Free Consultation.
You can also utilize resources for more qualifying and calculation resources.
Mortgage Rates and Minimum Incomes Needed to Qualify
Interest Rate Monthly Payment Minimum Annual Income
6% $570 $27,340
7% $632 $30,338
8% $697 $33,460
9% $764 $36,691
10% $834 $40,017
11% $905 $43,426
12% $977 $46,905
Mortgage companies use ratios to analyze your mortgage payment. The above example shows the monthly payments of principal and interest, and income needed to qualify for a $95,000 mortgage at various interest rates, amortized on a 30-year schedule, assuming a payment ratio of 25%.
Source: National Association of Home Builders, Economics Division.
Beth Myers
HMC
Plaza Mortgage Services
MAC M3416-011
6300 N Lucerne Avenue
Kansas City, MO 64151
Work - (816)746-7335
FAX - 816-584-8973
Cell - 816-289-9645
Beth.D.Myers@wellsfargo.com
Put Your Own Financial House in Order
Before you go looking for a home, you should determine how much home you can afford. Most lenders will prequalify you to borrow up to a certain amount. Prequalification allows you to focus in on a realistic price range and makes you a more attractive buyer. Whether or not you want to prequalify, eventually you'll need to complete a loan application and it may take some time to gather and assemble the required information.
It's also a good idea to review your credit report for accuracy to ensure that all information is correct. If you have past credit problems, don't lose hope. Be prepared to present a rationale for each slipup, and demonstrate an improvement in your ability to pay bills on time
You can do this prequalification process right on our site, free of charge, by clicking on https://www.homeloans.com/wfhm/beth-myers/index.page
Beth Myers
HMC
Plaza Mortgage Services
MAC M3416-011
6300 N Lucerne Avenue
Kansas City, MO 64151
Work - (816)746-7335
FAX - 816-584-8973
Cell - 816-289-9645
Beth.D.Myers@wellsfargo.com
https://www.homeloans.com/wfhm/beth-myers/index.page
Submitted by: Ask Reggie
Submitted by: Ask Reggie "What can I do to help my home sell quickly and at a good price?"
We've talked about first impressions, what the buyer sees from the curb and at the front door. Now let's talk about the interior and what you need to do to keep that good first impression going. In any market I always advise my sellers to make the home's interior as much like a brand new model home as possible. Neat and clean are musts. Windows, light fixtures, floors, walls, closets, basements, garages...all must be NEAT, CLEAN and TIDY. Declutter. Take down all those refrigerator magnets. Put the bills and last month's mail away. Clean off your office desk, keep the laundry off the floor and in a covered hamper. Scrub everything until it shines. If you have too much "stuff" rent a storage unit and load it up! Enough stuff to do for today. But there's more to come. Stay posted!
By: Beth Myers Plaza Mortgage Services
Financing the American Dream
Buying a home is the biggest financial investment most of us will ever make. As with any large project or goal, it requires dealing with a variety of complex issues. The best approach is to divide the process into manageable tasks. Task 1.gather your records Task2. determine what you can afford Task 3. understand the many mortgage options/programs available.
Watch our site for the next six weeks for great advice on how to prepare for a home purchase from our own in house lending expert, Beth Myers of Plaza Mortgage.
You can prequalify right on our site, free of charge, by clicking on link below
https://www.homeloans.com/wfhm/beth-myers/index.page
Beth Myers
HMC
Plaza Mortgage Services
MAC M3416-011
6300 N Lucerne Avenue
Kansas City, MO 64151
Work - (816)746-7335
FAX - 816-584-8973
Cell - 816-289-9645
Beth.D.Myers@wellsfargo.com
By Lenora (Gigi) De Tray
When my children were just starting school I didn't even think about their children and their children's children. As with all things, time flies and my first grandchild made his appearance. I was so much in love with him; nothing will ever equal that feeling. My next pleasure was a beautiful curly haired grandaughter. Wonder of all wonders we were blessed with another handsome lad. I seemed to take it all in stride, loving them all so very much. At times they seemed like mine and they were going home with that young person that should still be home,going to school.
My number 1 grandson waited a while to marry and we thought perhaps he would be our own inhouse bachelor.
Then before I realized what was really happening I was made a great grandmother or (Gigi) as we decided I would be to him.
He is the most handsome,intelligent,well manored child I have ever known in my lifetime. He shines like a star. I have often said He is the candle that has lighted a dark corner of my heart.
Years ago as I watched my own two children grow up I never thought I would be so blessed with all this love and enjoyment.
Displaying blog entries 31-40 of 44
