Ask Realty Times

Question: I’m a first time home buyer. Earlier this month I locked in a 3/1 adjustable-rate mortgage (ARM) with the mortgage broker. Because of delays (on my part) it is highly possible that the paperwork will not get completed within the 30 day lock. I’ve tried to educate myself in regard to ARMs vs. fixed-rate mortgages. Sometimes I’m completely comfortable with my decision to go ARM and other times I don’t feel as confident. During the lending process, can I change my mind and go with a fixed-rate loan instead of an ARM? What about if the rate lock expires?

Answer: You locked in a particular loan with a given set of rates and terms. A fixed-rate loan, in your case, would be a different mortgage. This is somewhat like going to a car dealer, ordering a red sedan, and then seeking to buy a red coupe before the first car is delivered.

If the lock runs out and the loan cannot be delivered, then you might want to go for a fixed-rate mortgage.

You could cancel the ARM — federal rules give you three business days to cancel a mortgage — however, this is an extremely unwise choice because you may further delay closing, you may not qualify for the loan you want or you may face higher rates due to changing market conditions.

A larger issue may be this: Can you close on the home under the terms of the sale agreement? The loan delay may lead to a closing delay — and that may lead to an assortment of problems and costs. Speak with your broker regarding the sale agreement and the status of your loan application

Online Mortgage Shopping “Annoying”

ihugOnline mortgage shopping at major mortgage Web sites comes with delays, misleading claims, pressure tactics and unnecessary risks to your personal financial information.What’s more, it’s easier to find lower rates at traditional brick and mortar lenders with local offices.

“Rates, in fact, remain one of the disappointments with online mortgages overall,” said Consumer Reports after its testers went shopping for mortgages online.

“If you don’t mind sending a lot of personal financial information through cyberspace and fielding phone calls from salespeople, online mortgage shopping can be a good way to get a feel for what’s out there,” the report found.

“But if you’re like us, you probably do mind. What’s more, when we checked the Web sites of local banks to find out what they offered, we discovered that it is possible to find rates in your own backyard that are lower than or comparable to those advertised on the major mortgage Web sites,” according to “Getting A Line On An Online Loan,” a recent Consumer Reports Money Adviser test of six mortgage Web sites.

The April report is in line with other recent studies that reveal big hopes for online mortgage shopping were dashed along with the dot com bust. Mortgage information online has been a boon to consumers, but when it comes to mortgage shopping, the Internet has effectively given consumers little more than a new way to face some of the same old problems.

Here’s what Consumer Reports discovered when test shopping three lenders, a broker and two mortgage information Web sites for a zero-point, 15-year fixed-rate refinancing for a $99,000 balance on a single-family house in suburban New York:

Ditech (a lender), a GMAC Mortgage business unit, revealed that sales pitches are just that, pitches. Consumer Reports discovered that Ditech’s televised advertising — a flat closing cost fee of $395 — was often attached to loans that are more expensive over the life of the loan than those with higher closing costs. Unfortunately, an online applicant won’t discover that until he or she has submitted their Social Security number and other financial information in an application. Without that information the online application process refuses to proceed.

E-LOAN (a lender) which promises an “instant decision” took several hours to send the Consumer Reports tester an email promising “you will hear from us shortly,” but after 48 hours the tester was still waiting. Consumer Reports otherwise had favorable comments about E-Loan’s mortgage calculators and privacy policy.

Quicken Loans (a lender) received favorable Consumer Reports comments for knowledge, courteousness, online tools and an accessible Web site staff, but unfavorable comments for sharing applicants’ information with partners. The tester also found that Quicken’s quote “wasn’t particularly low.”

HSH (an information Web site) lists lenders by state and their rates and provides links to lenders’ Web site where applicants can further check rates and apply for a loan. The bank Consumer Reports tester found through HSH, a regional lender in New Jersey and New York City, offered the best overall rate found in the magazine’s test of online mortgage shopping Web sites. Closing costs, however, were “hefty.”

Bankrate (an information Web site) allows applicants to choose loans by city or county instead of by state, but like HSH “Some of the mortgage providers listed on the two Web sites aren’t banks but brokers, who could prod you into a higher-priced mortgage to collect a fee from the lender called a yield-spread premium, which translates into a higher interest rate for you,” Consumer Reports reported.

LendingTree (a broker) offers an extensive, 79-question application it sends to up to four lenders. Applicants have no way to examine a given lender’s privacy policies until after the application is complete and then only if the lender contacts the applicant.
“Sales reps trying to close the deal barraged us with so many phone calls that it felt as if they really were on the doorstep,” Consumer Reports wrote.

The magazine said the online mortgage process initially was supposed to be a painless alternative to brick and mortar loan shopping making comparing lenders and loans easy.

“We found that applying for a loan online could sometimes be more annoying than using a bank,” Consumer Reports concluded.

3 Services a Handyman Provides

gjftYou pride yourself on being able to complete DIY tasks around your home. While it is commendable, there are some tasks that are best left to the professionals. When you are not sure if you can handle a repair in your home alone, or if it does require the attention of someone who is technically trained, consider consulting with a handyman services baltimore md, first. The same professionals are often able to handle the needs of commercial properties, too.

Here are three services a handyman provides.

Installation

A handyman is trained to handle home and commercial property installations. When you are ready for new flooring, windows or doors, this professional ensures that the items are not damaged when they are set in place. He will measure, adjust and fit so that the life of the materials is long. If any unforeseen circumstances are encountered, like uneven floors, warped frames or mold, he is equipped to make the situation work.

Repairs

Maybe you are not ready for new floors, windows or doors, but you have noticed the currents ones are not looking their best and are in need of repairs. In this situation, a handyman is trained to complete the fixes, as necessary. Whether it is custom painting, drywall or crown molding and trims, some handymen are able to offer same-day service. The same person may be trained to make electrical, plumbing and HVAC repairs, too.

Cleaning

Keeping your home and commercial property clean on the outside is essential. You are probably already keeping the inside clean, but are you also being thorough with the hard to reach areas? A handyman is equipped to clean hard to reach areas of a property, including the gutters. Keeping the gutters free of waste throughout the year prevents expensive damage down the road, especially if your region experiences extreme weather during the warm and cold months.

By hiring the services of a handyman, like handyman services baltimore md, you are employing a professional who can handle multiple types of tasks from routine maintenance to electrical repairs, installations and cleaning.

The Warning Signs That You Need to Call a Siding Contractor

tttruUsing the services of a siding contractor to install or replace your siding will greatly increase the value of your home. However, failing to contact a contractor when siding repairs or replacement is needed will probably result in severe damage to your residential or commercial places. But how can you know when it is time to replace your the siding of your home? The following warning signs will force you to find siding contractors to deal with your home siding replacement.

Visible Signs of Deterioration– The siding of your home may eventually start to deteriorate. And typically it is quite obvious. Perhaps your siding is getting old or the materials of the siding were poor quality or even the man who performed the original job didn’t install the siding properly. No matter what the case might be, you will start to see visible edges on the siding. The paint starts to flake and chip or pieces of the siding are flaking off. All those edges will even be losing chunks of material. Another noticeable signs of wear and tear include some spots together with discoloration. When you notice any of these warning signs, your siding is in trouble. Get the phone and contact a siding contractor.

Swollen bowed boards and panels – When you take a look down the side of your house, you can see a perfect flat surface. If you don’t, you certainly get the problems with your siding. The panels might swell, and boards may bow- all the results of exposure to moisture content. So when moisture damages your siding, next, check the inside of the walls. When you see warped siding on the exterior of your property, call a siding contractor quickly before the issue becomes unable to cope. Otherwise, you are seeing larger issues in the long run.

Peeling caulk– caulk lines are quite commonplace in a properly completed siding replacement installation. As time passes, caulk undoubtedly starts to peel. Do not be confused. Peeling caulk is not merely a visual issue, but leaving your caulk to peel may lead to water intrusion. And this intrusion can result in bigger issues, like mold. So when you see peeling caulk, let a siding contractor visit your home and check it. They will most certainly tell you when you only need some recaulking, or if perhaps you want to replace the whole siding.

Peeling paint– Coated and painted siding can last longer when compared with unpainted siding, . The paint can be a protective coating, protecting your siding from moisture content. When your paint starts to peel, the siding’s protection is decreased. If you contact a siding contractor, they will check the problems and let you know when you only require a repainting or if the siding must be replaced. The need, they will handle it for you.

When you see any of the above warning signs, don’t wait. This puts your house at risk. And who wants to bet what is certainly the biggest investment they will ever make? Save your house by contacting a reliable siding contractor right away.
 

Luxury living at the Wentworth Estate

jkjdeVirginia Water, a rural village, is situated in the Surrey and Berkshire borders and features the Wentworth Estate, home of the popular Wentworth Club and internationally famous golf courses. The property is home to a lot of the village’s residences, which are huge detached properties and probably the most exclusive within the Home Counties.

If you are trying to find wonderful houses for sale in Wentworth, a small family house or even and more luxurious apartment, the real estate agents can find the property or home which is perfect for you.

The properties in the Wentworth Estate are one of the most expensive in the world. Each and every house is really worth more than a million pounds sterling. Most properties certainly come with security guards that monitor the property 24 hours 7 days.

So, usually, when individuals hear “Wentworth Estate”, another thing that usually cross their mind is wealth. It is undeniably a place in which the very rich and highly successful people live from Ernie Els to Sir Bruce Forsyth.

The neighborhood of Wentworth is much like a sophisticated display of fancy architecture. Infrastructure in the estate will always be maintained clean and the landscaping is nicely polished. The neighborhood gives the feeling which has never found dirt. Perfectly clean benches and large front yards are normal sights.

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You can also find renowned golf courses nearby, including the Sunningdale and also Windlesham golf courses. Similar to the Wentworth Golf club, these golf clubs have been used for various international golf tournaments.

In case you want the sights to explore, the options are countless such as the Windsor Great Park, the Savill Gardens, and the Virginia Water Lake. And they are not far from the village.

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Nowadays Wentworth offers everything right from ultra-prime modern mansions to more classic townhouses. It is most valued for its lively social scene along with the open parkland atmosphere belongs to the 3 golf courses, while still keeping up with care.

It is perfectly logical that this first-class estate is well-known through all parts of the world and is home of everyone from musicians to athletes and royalty to financial figures. Even so, another highlight is a lot of interest from families, both for people who live locally and from other countries.

Many people are also trying to find houses for sale in Virginia Water and Wentworth for their retirement living. This place is also is good for retirees, especially for those who want to maintain their freedom with the comfort which help is available every time. This new advancement really must be seen to be highly valued.