Reasons to Own a Home #1
Author: jedmisten From http://fredericksburgrealestateblog.com • Oct 27th, 2014Category: Blog Entries.Local, RealEstate.Local
You are paying a mortgage. The question is are you paying your own, or your landlord’s?
Archives for the ‘RealEstate.Local’ Category
Category: Blog Entries.Local, RealEstate.Local
What’s Your Favorite Thing About This Kitchen?
Author: jedmisten From http://fredericksburgrealestateblog.com • Oct 27th, 2014Category: Blog Entries.Local, RealEstate.Local
How about that center island?
7 BANNON LN, STAFFORD, VA
Author: jedmisten From http://fredericksburgrealestateblog.com • Oct 16th, 2014Category: Blog Entries.Local, RealEstate.Local
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
121 VALDOSTA DR, STAFFORD, VA 22554
Author: jedmisten From http://fredericksburgrealestateblog.com • Oct 8th, 2014Category: Blog Entries.Local, RealEstate.Local
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1004 Century Oak Dr, Fredericksburg, VA
Author: jedmisten From http://fredericksburgrealestateblog.com • Sep 26th, 2014Category: Blog Entries.Local, RealEstate.Local
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
11606 Woodland View Dr, Fredericksburg, VA 22407
Author: jedmisten From http://fredericksburgrealestateblog.com • Sep 25th, 2014Category: Blog Entries.Local, RealEstate.Local
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
3814 Townsley St, Fredericksburg, VA 22408
Author: jedmisten From http://fredericksburgrealestateblog.com • Sep 20th, 2014Category: Blog Entries.Local, RealEstate.Local
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
14109 Houses Sold Yesterday. Did Yours?
Author: jedmisten From http://fredericksburgrealestateblog.com • Aug 26th, 2014Category: Blog Entries.Local, RealEstate.Local
Which Filter to Use?
Author: jedmisten From http://fredericksburgrealestateblog.com • Aug 25th, 2014Category: Blog Entries.Local, RealEstate.Local
A dirty air filter decreases the effectiveness of your HVAC system
because it inhibits airflow and allows dirt, dust, pollen and other materials to blow through the system.
The challenge is how often it should be changed to keep the system working efficiently and extend the equipment life. Too often and you’re wasting money and not often enough and your increasing the operating and maintenance costs.
Fiberglass panel filters are inexpensive and easy to find but they’re not very efficient and they allow most dust to pass through. They were popular years ago but there are much better products available currently.
Pleated air filters are available in MERV ratings from 5 to 12. As these filters collect dirt and other particles, they become less efficient to the point of impacting air flow. Allergy sufferers can benefit from this type of filter. These should be changed every two to three months based on local conditions.
HEPA filters stand for High Efficiency Particulate Arrestance. They are very efficient and more expensive than previously described filters. Since they are very efficient, they require changing more frequently; possibly, every month.
Electrostatic air filters are permanent and washable. They generally cost more initially but the savings will be based on how long they last. This type does not add to landfill issues or produce ozone.
Improperly maintained filters will lower the quality of the air in the home, have a negative impact on air flow, cause it to use more electricity and eventually require maintenance to the systems.
In an attempt to easily compare filters, a rating system was created called MERV, an acronym for Minimum Efficiency Reporting Value. The rating from 1 to 16 indicates the efficiency of a filter based on standards set by ASHRAE. Higher ratings indicate a greater percentage of particles are being captured in the filter.
To create a system to remind you when to change your filters, set a reminder on your electronic calendar to recur for whatever frequency you determine is best for you. Be sure to keep a supply of filters on hand to be ready to change them out when the time comes.
Reverse Mortgage
Author: jedmisten From http://fredericksburgrealestateblog.com • Aug 11th, 2014Category: Blog Entries.Local, RealEstate.Local
With all of the encouragement from celebrity spokespersons like Fred Thompson, Robert Wagner and Henry Winkler, there is a growing awareness of reverse mortgages. The fact is that our population is getting older and more than 25 million homeowners meet the age requirement.
A reverse mortgage will allow homeowners age 62 or older currently living in their home to tap into their equity. The amount available is determined by the borrower’s age, the home’s current value and current interest rates. The loan proceeds can be received in a single, lump-sum or periodic payments. The closing costs can be paid in cash or rolled into the loan amount.
There are no payments on a reverse mortgage but the homeowner is still responsible for property taxes, insurance, maintenance and other home costs.
When the borrower dies, moves or fails to fulfill the terms of the loan, the lender is paid from the sale of the home. The borrower or their estate is not responsible for more than the proceeds of the sale. However, if the proceeds are greater than the amount owed to the lender, the remainder goes to the homeowner or their heirs.
Unlike normal mortgage requirements, the borrower’s income and credit are not used to determine the amount of the loan. The homeowner must occupy the home as their principal residence and it must be free and clear of encumbrances or have substantial equity.
Reverse mortgages are an opportunity to generate income or funds for capital expenditures but they can pose risks to homeowners. HUD, the largest insurer of reverse mortgages, is concerned about misleading or deceptive program descriptions encouraging borrowers to obtain HUD reverse mortgages also known as the HECM (Home Equity Conversion Mortgage). As of June 18, 2014, FHA will only insure fixed rate reverse mortgages where the homeowner is limited to a single, full draw made at closing.
A reverse mortgage, like any financial decision involving a home, is an important decision that deserves careful consideration, due diligence and expert advice.
For more information, check out The National Association of REALTORS® Field Guide to Reverse Mortgages, FAQs about HUD’s Reverse Mortgages and Reverse Mortgages – Alternative Home Equity Funding by Real Estate Center at Texas A & M.
