Jorge Gonzalez, ABR, CDPE, CRS, GRI
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The Virginia Beach city website has been updated with a lot of great info about the homes in the area. You can enter an address of the house you own or are thinking about buying or renting and find out more info about it and the surrounding area.
​Here are a few surprising and simple ways to cut your energy bill this season.
Put lamps in the corners: Did you know you can switch to a lower wattage bulb in a lamp or lower its dimmer switch and not lose a noticeable amount of light? It’s all about placement. When a lamp is placed in a corner, the light reflects off the adjoining walls, which makes the room lighter and brighter.
Switch to a laptop: If you’re reading this article on a laptop, you’re using 1/3 less energy than if you’re reading this on a desktop.
Choose an LCD TV: If you’re among those considering a flat-screen upgrade from your conventional, CRT TV, choose an LCD screen for the biggest energy save.
Give your water heater a blanket: Just like you pile on extra layers in the winter, your hot water heater can use some extra insulation too. A fiberglass insulation blanket is a simple addition that can cut heat loss and save 4% to 9% on the average water-heating bill.
Turn off the burner before you’re done cooking: When you turn off an electric burner, it doesn’t cool off immediately. Use that to your advantage by turning it off early and using the residual heat to finish up your dish.
Add motion sensors: You might be diligent about shutting off unnecessary lights, but your kids? Not so much. Adding motion sensors to playrooms and bedrooms cost only $15 to $50 per light, and ensures you don’t pay for energy that you’re not using.
Spin laundry faster: The faster your washing machine can spin excess water out of your laundry, the less you’ll need to use your dryer. Many newer washers spin clothes so effectively, they cut drying time and energy consumption in half—which results in an equal drop in your dryer’s energy bill.
Use an ice tray: Stop using your automatic icemaker. It increases your fridge’s energy consumption by 14% to 20%. Ice trays, on the other hand, don’t increase your energy costs one iota.
Use the dishwasher: If you think doing your dishes by hand is greener than powering up the dishwasher, you’re wrong. Dishwashers use about 1/3 as much hot water and relieve that much strain from your energy-taxing water heater. Added bonus: you don’t have to wash any dishes.
Getting your home's heating system professionally serviced every year will keep it running smoothly and help keep heating costs under control.
Who does the job?
The simplest way to get the work done is to hire your fuel company to do it. Oil companies and gas utilities usually provide this service, or you can hire the contractor who installed the equipment. Also, some plumbers handle heating systems.
What is involved?
The technician will clean soot and corrosion out of the combustion chamber where the fuel is burned, and check it for leaks or damage. He'll inspect the flue pipe for open seams, clogs, or corrosion that could cause carbon monoxide to backdraft into the house. He'll replace the filters on oil and forced-air systems. Finally, he'll test the exhaust from your cleaned machine and use the information to adjust the burner for maximum efficiency.
How much will it cost?
You'll pay between $100 and $180 for the service, depending largely on whether you have a gas system, which is easier to maintain, or oil, which requires a fair amount of soot removal. Usually the cost is covered by an annual maintenance contract that also provides 24-hour emergency service. While the technician is there, he should also service your water heater, assuming it has a separate oil or gas burner.
When is the best time to do the work?
Ideally, have your system tuned up in the fall so it's in top shape for the start of the heating season. Of course, that's when technicians are the busiest, so if you can't do it when you want, do it when you can—as long as your system is serviced once a year. And don't expect your provider to call to remind you that it's time. Even if you subscribe to an annual service plan, you still need to call to make an appointment. Call in the spring or summer to be sure of getting on the schedule in the fall.
When it comes to a mortgage refinance, it’s less about how much you’ll spend and more about how long you’ll stay.
Do the math
No. 2 above requires some calculation on your part. To figure it out, you’ll need to know:
To simplify these calculations, do a quick search online for various free mortgage refinance calculators, which can be found on many bank sites.
Find your breakeven point
Here’s an example of how a mortgage refinance might play out with a typical 30-year fixed-rate mortgage:
| Amount refinanced | $200,000 |
| Closing costs for new loan | 4%, or $8,000 |
| Current mortgage | 6%, or $1,199 per month |
| New mortgage | 5%, or $1,074 per month |
| Monthly savings | $125 |
But even though you start paying the lower rate right away, you’ve shelled out $8,000 in closing costs, and you aren’t ahead of the game on your mortgage refinance until you’ve paid that off. At $125 in monthly savings you have to stay in your home 64 months—more than five years—to make it worth it ($125 x 64 months = $8,000). Move before then, and you’ve lost on the deal.
However, if you remain for 10 years, for example, you’ll have saved $7,000.
It gets better
Although 1% is the rule-of-thumb minimum for a mortgage refinance, lower rates can make refinancing even more attractive, as the breakeven period becomes shorter.
Consider the above mortgage refinance scenario if you could shave another half-point:
| Amount refinanced | $200,000 |
| Closing costs for new loan | 4%, or $8,000 |
| Current mortgage | 6%, or $1,199 per month |
| New mortgage | 4.5%, or $1,013 per month |
| Monthly savings | $186 |
You now reach the breakeven point in just over 3.5 years.
Another way to improve your position
Two additional factors can make a mortgage refinance an even better option:
Both these factors make you a more desirable candidate in lenders eyes’ for a mortgage refinance, possibly allowing you to negotiate lower interest rates or lower closing costs, further shortening your breakeven period.
The bottom line is that you shouldn’t seek out a mortgage refinance just because “everyone is doing it.” It needs to make financial sense for you.
If you’re trying to raise your credit score to get a good rate for a refinance or HELOC, you might be surprised by what affects—or doesn’t affect—your score.
False. Your level or sources of income don’t affect your credit score, although lenders may look at it when making loan decisions, according to the Fair Isaac Corp., the company that issues the commonly used FICO credit scores.
Mostly false. Having many credit lines isn’t necessarily a bad thing, says credit expert Liz Weston, author of Your Credit Score. Multiple lines give you a favorable debt-to-available-credit ratio. But use them correctly: It’s best to keep any balances below 10% or 20% of the total credit line, she says. Anything more will affect the ratio of debt-to-available-credit, which can decrease your credit score.
True. New credit applications can decrease your credit score, so be careful about applying for new credit cards or personal loans before applying for a HELOC, second mortgage, automobile loan, or other large line of credit.
Surprise: Closing existing credit lines may also hurt your credit score, since it’ll damage your debt-to-available-credit ratio. A good rule is not to make any credit changes in the months leading up to a major credit request, such as for a HELOC.
Mostly false. Although it may seem like a good idea to move all your balances to one card, that can actually hurt your credit score, since your debt-to-available-credit ratio will spike on that card, says Weston.
However, credit expert Harrine Freeman says such a slight decline isn’t necessarily a deal-breaker for a loan, especially if the card has a lower interest rate and will allow you to pay off the balance sooner. Your score will increase as soon as that ratio goes down.
Partly true. Taking a new job or losing your job doesn’t affect your credit score. However, if you have a spotty employment history, lenders may hold that against you in making a loan. Dips in income may signal that it could be difficult to pay bills in a timely manner.
Partly true. Simply co-signing on a loan for someone else may not affect your score, but if that person is late on paying the loan, it’s likely to show up on your report, says Freeman. And that’s a nasty surprise if you didn’t know the person was late.
False. If you’ve had a judgment or lien filed against you, it’s considered in your payment history, which represents 35% of your score.
Similarly, while most utility companies don’t report payment history to credit bureaus, your account will likely be reported if it is seriously delinquent and referred to a collection agency.
Additional details on how to manage your FICO score are available on the FICO site.
Gwen Moran is a freelance business and finance writer from the Jersey shore. She’s the co-author of The Complete Idiot’s Guide to Business Plans and writes frequently about real estate.
Visit Houselogic.com for more articles like this. Reprinted from HouseLogic.com with permission of the NATIONAL ASSOCIATION OF REALTORS®.
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Click on the following link to download the Apple device app and use my agent code 10646 to access all homes listed for sale.
When it comes to private mortgage insurance (MI), there are several myths that exist that make buyers reluctant to consider a conventional loan with MI as an option when purchasing a home. One of the more common misconceptions is that cancelling MI is a difficult—not to mention time-consuming—process.
The irony is that the majority of buyers don’t harbor those same beliefs or reservations about an FHA insured loan when, in reality, FHA coverage may be less easily cancelled, or take longer to cancel, than MI.
HPA Makes Cancellation Clearer
When it went into effect as a new federal law, the Homeowners Protection Act (HPA) of 1998—which applies to both FHA and MI insured loans—required lenders and servicers to provide disclosures regarding MI for residential loans obtained on or after July 29, 1999. Prior to this, consumers were responsible for requesting MI cancellation if they met two factors: one, their loan balance was paid down to 80 percent of the property; and two, they had a good payment history.
While many lenders obliged consumer requests to drop MI coverage, consumers had sole responsibility for keeping track of their loan balance.
The HPA established three different times when a lender or servicer must notify consumers of their rights.
At loan closing, lenders must disclose:
• The right to request MI cancellation and the date on which the request can be made
• The requirement that MI be automatically terminated and the date on which this will occur
• Any exemptions to the right to cancellation or automatic termination
• A written initial amortization schedule for fixed-rate loans only
Each year, loan servicers must send borrowers a written statement that discloses:
• The right to cancel or terminate MI
• An address and telephone number to contact the loan servicer for determining when MI may be cancelled
When MI coverage is cancelled or terminated, lenders must send a notification to borrowers stating:
• MI has been terminated, and the borrower no longer has MI coverage
• No further MI premiums are due
Termination of Coverage
Under the terms of the HPA, mortgage lenders or servicers must automatically cancel borrower-paid MI coverage when the mortgage has amortized to 78 percent of the original property value, with all unearned premiums returned to the borrower within 45 days of the cancellation or termination date. This provision also requires that the borrower be current on mortgage payments required by the terms of the loan, and if the loan is delinquent on the date of automatic termination, a lender must terminate the coverage as soon as the loan becomes current.
Cancellation of Coverage
Also under the HPA, a homeowner has the right to request MI cancellation when the mortgage balance reaches 80 percent of the original property value. All payments must be current, meaning a homeowner must not be 30 days late on a mortgage payment within one year of their request, or 60 days late within two years.
However, a borrower can only initiate a cancellation request for FHA based on their prepayment of the loan, and even then, it can only be requested beginning five years after the loan origination date.
With MI, homeowners can request cancellation based on prepayment of the loan, as well as an appraisal. Despite falling property values, it’s possible for homeowners to gain enough equity in their home to request cancellation in less than five years based on a home appraisal.
Why this Matters to Agents
By understanding these rules and what they mean for homeowners, real estate agents can educate their buyers to help them better evaluate all of their home financing options based on facts rather than myths.
This is even more important considering the FHA’s recent price increase, which has reduced buyers’ purchasing power and increased monthly mortgage payments.
RISMedia Article
Replacing old, inefficient appliances is a simple way to make a difference in both your energy bill and the environment. As part of the American Recovery and Reinvestment Act (ARRA), the U.S. Department of Energy (DOE) provided nearly $300 million for states to set up appliance rebate programs. Virginia’s allocation is $7.45 million.
Virginia’s Energy Efficient Appliance Rebate Program offers Virginians up to $300 on certain ENERGY STAR qualified appliances. The eligible appliances were selected to best accomplish the rebate program’s goals of increasing residential energy conservation through more efficient appliances and stimulating the Commonwealth’s economy and job growth through additional retail sales of ENERGY STAR products.
After nearly 20 years at our Independence Office location, we have moved to our new modern office in Loehman's Plaza (next to Dress Barn). My new office address is:
Jorge Gonzalez
RE/MAX Allegiance
4000 Virginia Beach Blvd, Suite 164
Virginia Beach, VA 23452-1743
It is with great pleasure that we announce that RE/MAX agents and offices have reached an astounding $100 million in donations to Children’s Miracle Network. This is an accomplishment that every RE/MAX Affiliate can take pride in.
A sponsor since 1992, RE/MAX stands as one of only three companies to reach this milestone for Children’s Miracle Network. Because of you, thousands of children each year receive life-changing and lifesaving care at more than 170 participating Children’s Hospitals.
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