Fall back: Change clocks, change smoke alarm batteries

We set our clocks back on Sunday November 2, 2014 at 2:00am 

We set our clocks back on Sunday November 2, 2014 at 2:00am - See more at: http://www.dulceridder.com/home.asp#sthash.CWfg9jd2.dpuf

We set our clocks back on Sunday November 2, 2014 at 2:00am - See more at: http://www.dulceridder.com/home.asp#sthash.CWfg9jd2.dpuf

We set our clocks back on Sunday November 2, 2014 at 2:00am - See more at: http://www.dulceridder.com/home.asp#sthash.CWfg9jd2.dpuf

This weekend marks the end of daylight saving time and the beginning of standard time, with residents setting their clocks back one hour. The time change occurs officially at 2 a.m. Sunday, Nov. 2.
It’s that time of year again, time to change your clocks and change the batteries in your smoke alarms. Set your clocks back one hour before you go to bed on Saturday, Nov. 1, and while you’re at it, please take a few minutes and change the batteries in your smoke and carbon monoxide alarms, then you can rest easy knowing your loved ones are being protected.
According to the national statistics, 75 percent of fire deaths in residences occur in homes that either do not have smoke alarms or do not have working smoke alarms.
It is the cheapest insurance to safeguard you and your family in the event your home has a smoke or fire condition. Bottom line, a working smoke alarm greatly increases your chance of surviving a house fire.
Smoke alarm and carbon monoxide alarm tips:
• At a minimum, install a smoke alarm and a carbon monoxide alarm outside each sleeping area.
• It is also prudent to install smoke alarms and carbon monoxide alarms in each bedroom/sleeping area.
• Install smoke alarms on each level of your home including the basement.
• If your alarms are plugged into an electrical outlet, don’t forget to change the back-up batteries if they have them.
• If you have children consider purchasing the smoke alarms with recordable voice announcements.
• If you or someone in your home is hearing impaired, there are specialized smoke alarms systems available.
• Make sure all the alarms are linked so that when one goes off they all go off.
• Test your smoke alarms once a month.
• Clean smoke alarms by vacuuming them. This removes dust and bugs that can cause them to malfunction.

Average US 30-year mortgage rate at 3.97 percent

 Oct. 16, 2014.

WASHINGTON — Average U.S. mortgage rates tumbled this week. The 30-year loan hit its lowest level since June 2013 as Treasury bond yields marked new lows amid concern over global economic weakness.

It was the fourth straight week of declines for mortgage rates, making it more affordable to borrow to buy a home.

Mortgage company Freddie Mac said Thursday that the nationwide average for a 30-year loan dipped to 3.97 percent from 4.12 percent last week. The average for a 15-year mortgage, a popular choice for people who are refinancing, fell to 3.18 percent from 3.30 percent.

Mortgage rates often follow the yield on the 10-year Treasury note. The 10-year note traded at 2.13 percent Wednesday, down from 2.34 percent a week earlier. It traded at 2.11 percent Thursday morning. Bond yields rise when bond prices fall.

Treasury yields have dropped sharply on expectations that the world's economic sluggishness could force the Federal Reserve to delay interest rate increases.

The deepening concern over the health of the world economy, and worries that global weakness could slow the U.S. economy and hurt corporate profits, played into the dizzying swoon Wednesday on Wall Street. Investors fled stocks and poured money into bonds. The Dow Jones industrial average dropped 460 points in afternoon trading, all three U.S. stock indexes were in negative territory for the year, and the so-called fear index spiked.

Mortgage rates have fallen even though the Federal Reserve appears set at the end of this month to end its monthly bond purchases, which are intended to keep long-term borrowing rates low. Yet Fed officials have indicated that they will continue to hold shorter-term rates at near-zero levels until there are signs of rising inflation.

At 3.97 percent, the 30-year rate is down from 4.53 percent at the start of the year and at its lowest point since the week of June 20, 2013, when it was 3.93 percent.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged from last week at 0.5 point. The fee for a 15-year mortgage also remained at 0.5 point.

The average rate on a five-year adjustable-rate mortgage dropped to 2.92 percent from 3.05 percent. The fee was steady at 0.5 point.

For a one-year ARM, the average rate fell to 2.38 percent from 2.42 percent. The fee held at 0.4 point.  Associated Press

Why you need a loan preapproval

Get to know the different between a prequalification and a preapproval and what a lender needs from you.

 By Michele Lerner, realtor.com

Few experiences are more frustrating than falling in love with a home that's for sale and then discovering you can't afford to buy it.

The majority of first-time buyers need to finance their home purchase, and a consultation with a mortgage lender is a crucial step in the home buying process because you need to understand your purchasing power before you begin to look at homes.

Lenders offer borrowers a prequalification letter or a preapproval letter, but most real estate agents recommend that you get a preapproval before shopping for a home. A prequalification letter will state the amount a lender thinks you can borrow based on your income and your credit profile without any actual documentation. Mortgage-lending standards have tightened since the housing crisis, and all loans now require full documentation and verification of income and assets, so most sellers will only accept an offer from a buyer with a full preapproval letter that’s based on verified information.

Sellers aren't the only ones who benefit from you obtaining a loan preapproval, though. You're better off with a preapproval for two reasons:

1. You'll have gone through the credit check and paperwork requirements for a mortgage, so you’ll have clarity about your ability to finalize a home purchase. If the lender finds a problem with your credit or an error on your credit report, you’ll have time to fix it before making an offer.
2. Because your documentation will already be in place, a loan preapproval based on everything other than the actual value of the home you’ll purchase will speed up the process once you make an offer.

How to find a lender
Your real estate agent should be able to recommend a lender or two for you to interview, but you should also ask friends and colleagues for someone they trust. You can check for a loan officer's license and read reviews online to be sure you're working with someone reliable. As a first-time buyer, you should call a few lenders to find someone experienced with first-time buyer needs who can possibly help you identify special loan programs in your area that could help you get into a home.

• 9 must-dos after loan preapproval 

What to expect from your lender
The best lenders take a collaborative approach with borrowers and explain all your loan options. When your lender checks your credit report, you should get feedback about ways to improve your credit profile and recommendations for how to handle your money between the time you apply for a loan and settlement day. Your lender should provide advice about when to lock in your loan rate and discuss the pros and cons of various loan programs.

• What's the best interest rate you can get? 

What your lender expects from you
Your lender needs you to be honest about your finances and responsive to all requests for additional information, no matter how unimportant it may seem to you. The more cooperative you are with a lender, the easier the loan process will be. You should be prepared with tax returns, W-2s, bank statements, employer names and addresses and your current landlord's information.

Your lender will generate a loan approval based on your debt-to-income ratio and credit score, but you should also consider your budget and your own comfort level with a payment. There’s no need to borrow the maximum amount you qualify for, particularly if you know you plan to spend money on items that don’t show up on your credit report such as greens fees or ski trips. Your careful planning and preservation of your emergency fund are important for responsible, long-term home ownership.

HARP changes put refinancing in reach of more homeowners

(BPT) - When the federal Home Affordable Refinance Program (HARP) launched in 2009, millions took advantage, but many other homeowners found they couldn't qualify to refinance their underwater mortgages. Today, significant enhancements have made the program more accessible for homeowners and a great opportunity to lower payments or build equity faster.
If you owe as much or more on your home than its current value, you're considered "underwater" or "upside-down" on your mortgage. For some homeowners, the situation has led to foreclosure. Others, however, have stayed current on their mortgage payments, and those are the people HARP is intended to help.
You may be eligible for HARP if:
* You are current on your mortgage.
* Fannie Mae or Freddie Mac backs or owns your mortgage, and they acquired your mortgage on or before May 31, 2009. Use Fannie Mae's and Freddie Mac's online tools to find out.
* The mortgage is for your primary home, a single-family second home or a one- to four-unit investment property.
If you're underwater but still able to afford your current mortgage payment, you may wonder why you would want to refinance. Refinancing a higher interest rate mortgage is a great way to obtain a lower rate that saves you money over the life of the loan. Unfortunately, traditional refinances are not designed to help people whose current home debt exceeds their home's value. For underwater homeowners, qualifying for refinancing is virtually impossible without HARP.
When you refinance through HARP, you'll likely end up with a lower monthly payment, a shorter-loan term or you can even refinance an adjustable rate mortgage into a 30-year fixed rate mortgage. You can invest those savings in other areas, such as home improvements, retirement savings or college funds. Home improvements, in particular, can be a great investment because they can increase your home's value, even as you continue to pay down how much you owe on it.
With mortgage interest rates still historically low - but likely to rise - and the changes to HARP, it's a good time for underwater homeowners to consider applying for the refinancing program. More homeowners will qualify under the new provisions, and some who were previously declined for the program may now be able to qualify for it.
Key HARP changes include:
* No underwater limits - Borrowers will now be able to-refinance-regardless of how far their homes have fallen in value. Previous loan-to-value limits were set at 125 percent. For example, if your home value was $100,000, your mortgage couldn't exceed $125,000 in order for you to qualify for HARP. That limit has been lifted, so now you may qualify even if you owe much more than your home is worth.
* No appraisals or underwriting - Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster.
* Modified fees - Certain risk-based fees have been reduced or eliminated altogether for borrowers who refinance into shorter-term loans.
* Less paperwork - Lenders have the option of qualifying a borrower by documenting that the borrower has at least 12 months of mortgage payments in reserve.
Perhaps most important, the deadline to apply for refinancing through HARP has been extended. Homeowners now have until Dec. 31, 2015 to apply, but take advantage of current low mortgage rates. To learn more about the new HARP and if you may be eligible to participate, visit www.harpprogram.org

Fall back: Change clocks, change smoke alarm batteries

This weekend marks the end of daylight saving time and the beginning of standard time, with residents setting their clocks back one hour. The time change occurs officially at 2 a.m. Sunday, Nov. 3.
It’s that time of year again, time to change your clocks and change the batteries in your smoke alarms. Set your clocks back one hour before you go to bed on Saturday, Nov. 2, and while you’re at it, please take a few minutes and change the batteries in your smoke and carbon monoxide alarms, then you can rest easy knowing your loved ones are being protected.
According to the national statistics, 75 percent of fire deaths in residences occur in homes that either do not have smoke alarms or do not have working smoke alarms.
It is the cheapest insurance to safeguard you and your family in the event your home has a smoke or fire condition. Bottom line, a working smoke alarm greatly increases your chance of surviving a house fire.
Smoke alarm and carbon monoxide alarm tips:
• At a minimum, install a smoke alarm and a carbon monoxide alarm outside each sleeping area.
• It is also prudent to install smoke alarms and carbon monoxide alarms in each bedroom/sleeping area.
• Install smoke alarms on each level of your home including the basement.
• If your alarms are plugged into an electrical outlet, don’t forget to change the back-up batteries if they have them.
• If you have children consider purchasing the smoke alarms with recordable voice announcements.
• If you or someone in your home is hearing impaired, there are specialized smoke alarms systems available.
• Make sure all the alarms are linked so that when one goes off they all go off.
• Test your smoke alarms once a month.
• Clean smoke alarms by vacuuming them. This removes dust and bugs that can cause them to malfunction.

Secrets of a solid home inspection

Nearly two-thirds of surveyed homeowners report that a home inspection during the selling or buying of a house saved them money.

Selling, buying or just putting a house on the market may raise many questions. Can I get a good price? Are there any problems I should fix prior to listing my house? If I buy this house, will I encounter problems that may make me regret my decision?
The sale price of a house depends on many factors, including the market, location, size of the property, age of the house, condition of the structure, what appliances might be included in the sale and even how nicely the property and building were landscaped and decorated – just to name a few.
Having a qualified professional inspect your house prior to putting it on the market – or for prospective buyers, before closing on a sale – can help guide your decision. But many homeowners and prospective buyers are unsure what’s included in a standard home inspection, according to the American Society of Home Inspectors (ASHI). A qualified home inspector will review these aspects of a property:

• Roof, attic and visible insulation
• Foundation, basement and structural components
• Walls, ceilings and floors
• Heating and central air conditioning systems
• Windows and doors
• Water fixtures and faucets
• Decks

Nearly two out of three homeowners recently surveyed by ASHI reported they saved a lot of money as a result of having a home inspection during the selling/buying of a house. Sellers use inspections to help determine potential problems that can be repaired or replaced prior to listing – potentially getting them a higher sale price. And buyers use the inspections to determine if they want to invest in the property, or help negotiate for a better price that would include the repair and replacement of potential problems.
Not all home inspectors are certified and licensed. ASHI’s “Find an Inspector” tool allows homeowners to locate an inspector in their area. Always check with your local inspector for a complete list of services provided.
“It’s important for homeowners to do their homework before hiring an inspector,” says Kurt Salomon, ASHI president. “Look for a home inspector certified through the ASHI Certified Inspector Program, which is the only home inspection association program approved by the National Commission for Certifying Agencies.”
The following elements are not included in a standard home inspection:

• Septic system
• Electrical wiring and plumbing that is not readily accessible (for example, behind drywall or plaster)
• Water conditioning or softening system
• Swimming pool
• Backyard fences
• Lawn irrigation system
• Household appliances
• Compliance with local codes
• Appraisal to determine market value

Before hiring a home inspector, inquire about what is covered in the inspection and ask to see a sample report. Although some inspectors provide ancillary services, it may be necessary to consult a specialist for concerns that extend beyond a standard inspection. Often your inspector will help you make this determination.
Hiring a certified home inspector and having questions answered before putting your house up for sale – or before finalizing a purchase price – can not only help save money, but also allow you to go through the process with more peace of mind.
Courtesy of BPT

10 tips to help you save home energy

Before you spend money on the latest energy-efficient gizmo that’s supposed to save you money let’s look at some energy saving ideas that will really help you save home energy. The strategies that we will look at maximize the effort you put in and help reduce your home energy consumption.
First sit down and think about all the different ways your family uses energy around the house. Now put an approximate type and cost of energy used. You may have trouble breaking down the cost but try to do it. Now all you have to do is find ways to save on your resources at the same time cut your costs. You may have to think creatively but it can be done.
So here are some tips to get you started:
- Turn the lights off when you’re not using them. This is really simple and easy to do. Do you really need your bedroom light on when you’re in the living room? Do you leave lights on when you leave the house? Do you even need more than one light on in a room for what you are doing? Believe it or not it makes a big difference.
- Turn all electronics and other appliances off when you’re not using them. No one can do everything at the same time. Can you really listen to a radio watch television and use your computer all at the same time?
- Set your thermostat down a couple of degrees in winter or up in summer, to conserve energy. And dress appropriately indoors for the time of year it is. For instance in winter, put on a sweater or some extra clothing, or may snuggle under a blanket to stay warm. In the summer, wear less and stay cooler naturally.
- Only turn an appliance on when you have a full load. This is true especially for the washing machine, dryer and even the dishwasher. It is amazing how much extra energy is used doing multiple small loads in comparison to one full load.
- Do regular maintenance on your appliances. Keeping them clean means they don’t have to work as hard. Changing filters reduces the energy needed to accomplish a task. Regular care will also mean any maintenance bills that you might come up against may well be cheaper.
- Be careful how you use your water. Like when brushing your teeth or washing your hands, use only the water you need. Don’t let the water run the entire time. Also, try and use less water if you take a bath, or control your shower times.
- Simply let your hair air dry, instead of using a blow drier every day.
- Lower the temperature on your water heater to 120 degrees F.
Don’t forget the bigger projects as well.
- Seal the cracks around your doors and windows. You are paying for your hot air that escapes through cracks all around your house. You need to make sure you are doing all you can to keep the warm air you’re paying for inside your house.
- You also need to check your house’s insulation. Though this has been done by many homeowners nevertheless you still need to do it before you pass it over. It is probably the biggest thing in reducing heating costs.
Now some of these things may seem trivial to you but let me assure you that even the small things add up over time. And really most of them you won’t even notice the difference to your life except your bills.
These tips and suggestions will make your home more affordable, and take some strain off of our world’s resources. Just think if all of us would just made a few of these changes to how we do things on a daily basis it would make a huge difference.
By: Dave McIntosh