How Well Do You Know Your Car?

How well do you know your car? Here is some interesting information.

Premium gasoline is better for my car- in cars that don't require premium gasoline it won't increase the cars power or fuel economy only cost you more money.

Turning your headlights on during cold weather will help start the car- this will only discharge your battery. Have your cars battery tested yearly.

Permanent anti-freeze lasts forever- anti-freeze should be changed every two or three years.

Letting air out of tires in winter will give better traction- less air in tires will close the tread, make the tire less efficient and promote skidding.

Candle wax or soap will quiet a squeaking fan belt- the squeaking may stop, however the belt will slip and could cause other problems including a dead battery.

My car is under warranty, I am required to bring it to the dealer for service- to maintain your cars warranty you are required to service your car in accordance with the owners manual. This could mean a trip to a repair shop or performing the work yourself.

If I purchase a new or used car I have three days to return it to the dealer- there is no three day rule, once you purchase the car you own it.

Starting my car every few days will make the car last longer if I am not driving every day- letting the car idle will cause more damage than just letting it sit. Drive the car 30 minutes every three weeks.

I don't wear my safety belt- you should wear your safety belt, its documented that seat belts save lives.

I must change the oil in my car every 3,000 miles- check your cars owners manual, but today's car can go longer than 3,000 miles between oil changes.

How did you do?

Source AAA

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YOUR Personal Guide to Real Estate

Help for Ohioans

The Ohio Housing Finance Agency will provide refinancing to homeowners facing mortgage foreclosure.

The program will begin in April and is designed to assist those Ohioans whose current mortgage loan is inappropriate for their financial circumstances. $100 million dollars will be available to homeowners who are on the brink of foreclosure.

Participants in the program will have to qualify through one of the OHFA approved lenders which are located in each county throughout the state. The program is for peole who lost their job or who are in mortgages where the interest rate is just to high. People with to much credit card debt won't qualify. Homebuying education and counseling will also be available for participants.

Ohio is 8th among the nations 10 highest states experiencing foreclosure. In 2006 one of every 59 Ohio households were in foreclosure. In 61 of Ohios 88 counties foreclosure filings have quadrupled over the last decade. Cuyahoga County ranked first in foreclosure filings per person. Other counties that were in the top 10 foreclosure filings include Montgomery, Summit, Brown, Highland, Mahoning, Marion, Clark, Lucas and Hamilton.

Ohioans interested in participating in the program should contact an OHFA aproved lender. Visit OHFA's Web Site http://www.ohiohome.org/

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April Events in Stow, Ohio

April 1- Palm Sunday

April 2- Passover
Indians Opening Day

April 4- Mayors Open Hours 5-7 pm

April 6- Good Friday
No school
Indians home opener

April 8- Easter

April 9- No school teacher conference

April 10- Planning Commission 7 pm

April 12- City Council 8 pm

April 14- Book donatoin day SMF Public Library
OPA Car Wash Dairy Queen Fishcreek 10-2 pm

April 15- National Library Week
Akron Symphony Chorus Concert Bernard Catholic Church 2 pm

April 16- 2006 income tax returns due

April 18- OPA Meeting High School Choir Room 7:30 pm

April 22- Family Series Concert Akron Symphony Orchestra E.J. Thomas Hall 3 pm

April 24- Planning Commission 7 pm

April 25- Book Sale SMF Public Library

April 26- Book Sale SMF Public Library
City Councial 8pm

April 27 & 28- Book Sale SMF Public Library

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April Events in Cuyahoga Falls, Ohio

April 1- Palm Sunday April Fools day

April 2- Paint Refunds Available 330-971-8140

April 3- Passover begins at sundown
Mayors First Tuesday 330-971-8200
Household Hazardous Waste Recycle Center Opens

April 6- Good Friday

April 7- Easter Egg Hunt Water Works Park 1pm

April 8- Easter

April 9- City Garden Plots Open to Applicants Thru Utility Billing Office at City Hall

April 16- City of Cuyahoga Falls Income Tax Due

April 20- Ballroom Nights Quirk 7:30pm

April 25- Administrative Professionals Day

April 28- Craft Shoppe Spring Boutique Quirk 9am

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YOUR Personal Guide to Real Estate

Guide For First Time Homebuyers Part 3

In Part 3 of our guide for first time homebuyers we will look at different types of mortgages that are available.

As you search for a mortgage keep in mind that the type of mortgage will often overlap. A mortgage consultant can best determine the loan to fit your home purchasing needs.

Fixed-rate mortgage- the interest rate remains fixed for the life of the loan.

predictable monthly payments of principal and interest throughout the life of the loan
protection from rising rates. as the market rates fluctuate your interest rate stays the same
good for borrowers who plan to stay in their homes for a long period of time

Adjustable-rate mortgage- the interest rate adjusts periodically to reflect market conditions on pre-determined dates.

low introductory rate which will adjust periodically base on a market index
borrowers are protected from steep increases in rates through annual and lifetime adjustment caps
the initial rate is usually locked in for different periods, one three, five, seven or ten years the rate will then readjust annually after the introductory period
due to the introductory periods lower rate, some borrowers may be eligible for a larger loan amount with an ARM than with a fixed-rate mortgage
appropriate for borrowers who may want to sell or refinance early, able to afford larger monthly payments after the rate adjusts

Jumbo loan- loans that exceed a specified size aka conforming loan amount

rates are generally higher on jumbo loans than on smaller comparable loans

FHA loan- Federal Housing Administration (FHA) insures the mortgage. this type of loan is designed to meet the needs of homebuyers with lower moderate incomes

low down payment requirement
loan limit based on geographic location
liberal qualifying guidelines
use of gift funds for down payment and or closing costs

VA loan- Department of Veterans Affairs guarantees mortgage for qualified veterans and active duty military personnel and their spouses who are first or second time homebuyers

low or no down payment requirements
wide range of rate, term and cost options
flexible qualifying guidelines
use of gift funds for closing costs

Alternative financing- programs that are designed for borrowers with less than perfect credit, excessive debt, previous bankruptcy, foreclosure or tax delinquency

No Documentation Loans- programs for borrowers who are self-employed on commission or whose financial situation may be difficult to document. this type of loan allows borrowers to apply for a loan based on their credit history and stated income

While shopping for a mortgage ask about points. A point is 1% of the loan amount. The more pints you can pay the lower your rate will be. Paying points is an option not a requirement.

Ask about the annual percentage rate (APR) and the interest rate. The interest rate determines the amount of your monthly payment, the APR adds in the other costs required to make the loan to determine your loans total finance charge, expressed as a percentage over the scheduled life of your loan.

Locking or floating. A lock will give you a specified period of time 30 to 120 days to protect from financial market fluctuations in interest rates by setting the range of pricing available to you.

A float will make your rate fluctuate with the market. Floating offers an option of locking at a lower level if rates should decrease. However, you could pay a higher interest rate if the interest rates rise before you lock.

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YOUR Personal Guide to Real Estate

Agency Relationships

There are a handful of laws today governing agency relationships designed to help you relax and feel comfortable with your home-buying or -selling transaction. Keep in mind these laws differ from state to state, and agency policies differ among real estate companies. Read on to learn about the basic types of agency relationships.

Buyer or Seller Agency
When you choose to be represented by a real estate brokerage in the purchase or sale of a home, the buyer or seller's agent and the brokerage must act on behalf of and promote your best interests, be loyal and obey your lawful instructions, disclose material facts to you, maintain confidential information (which includes anything that could have an adverse effect on your transaction), act with reasonable skill and care when answering your questions, present all offers in a timely fashion, be accountable for handling funds and paperwork, and execute all other duties as outlined in your buyer's agency contract or listing agreement.

Dual Agency
A dual agency is formed when the same agent and brokerage who represents the seller also represents the buyer. Agents and brokers who become dual agents must maintain a neutral position between the buyer and seller. This means that they may not support the position of one client over the other, or disclose any personal or confidential information to the other party without written consent. Dual agents must also disclose any material defects of the property and prepare and present all offers and counter offers to each party.

In Company Split Agency
On occasion, the buyer and seller will each be represented by two different agents from the same brokerage. In this case, the agents may each represent the best interests of their respective clients. Or, depending on the company policy, the agents may both act as dual agents and remain neutral toward both parties. When either situation occurs, the broker will be considered a dual agent.

A common misconception about agency relationships is that they are automatically established at the first meeting between a brokerage and a homebuyer or seller. However, these relationships are typically established when agents disclose whose interests they are serving, which is usually done through an agency disclosure form. The state law mandates that agents must disclose their representation before they show you any properties.
When considering a home purchase or sale, it's key to understand the differences among the various agency relationships.

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YOUR Personal Guide to Real Estate

Teresa's Columbus Ohio Real Estate Blog

Teresa's Columbus Ohio Real Estate Blog

Guide For First Time Homebuyers Part 2

Part 2 of our guide for first time homebuyers will cover mortgages, credit, down payments and closing costs.

A mortgage is a loan secured by real estate. A lender will loan you money which is used to purchase a home with your promise to pay back the funds over a certain period of time at a cost. Mortgages can be broken down as follows: principal+interest+taxes+insurance=PITI.
Principal- the amount of money you borrow based on the sale price of the home.

Interest- the cost of borrowing money. In the early stages of your mortgage your only payment is mostly interest.

Taxes- paid by homeowners to local governments and are charged as a percentage of the assessed property value. Your tax amounts will vary depending where you live.

Insurance- financial protection in the event of a loss insurance can consist two parts.
1) Homeowners or hazard insurance protects you against financial losses on your property as a result of losses from fire, natural disasters or other hazards.
2) Mortgage insurance protects the lender against financial losses should the borrower fail to repay the loan.

Qualifying for a mortgage depends on your income and credit history. The amount you have saved may also be a factor because this can be used as a down payment.

What size loan can I get? There are two guidelines, the housing to expense income ratio and debt to income ratio.

The housing to expense income ratio compares your proposed monthly house payment to your total household gross monthly income. The debt to income ratio compares your anticipated monthly housing payment to your gross monthly earnings and your monthly debt requirements. A common ratio of lenders today is 29/41 which means you can devote up to 29% of your gross monthly income to housing expenses while your monthly housing expenses plus your monthly debt combined could be as high as 41%.

If is important to have a good credit history because this has a large impact on the amount of money you can be approved for. Your credit history can also affect the amount required for a down payment.

Down payments can vary on your personal circumstances. Their are programs available with as little as 3% down up to 20%. However, if you decide to use less than 20% as a down payment your lender may require Private Mortgage Insurance (PMI) which protects the lender in the event of the mortgage default.

Closing costs cover the amount of money you pay to close a mortgage loan aside from the down payment. Closing costs usually fall into one of three categories, out of pocket expenses, pre paid items and points.

Out of pocket expenses cover third party services that are directly charged to you, fees for appraisals, attorneys, credit reports, title and deed recording or tax services. These services will vary on the property location and home financing program.

Prepaid items include homeowners insurance, mortgage insurance and fees associated with establishing an escrow account. Escrow accounts are setup by lenders to pay property tax a insurance premiums. An escrow account is an option not a requirement.

Points are fees, with each point representing 1% of your loan amount, that cover the cost or your mortgage loan. There are origination points and discount points.

Origination points is the amount collected by the lender for making the loan.
Discount points is a fee that allows you to buy down your interest rate. Paying more discount points upfront will enable you to lower your interest rate which will lower your monthly payment.

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St. Patricks Day

St. Patricks Day is March 27th and the annual parade will take place in downtown Akron, Ohio. The route is the same as in previous years, which begins at 12pm at South Main and Cedar proceeding north on South Main and ending at Main and West Bowery Street. There will be an awards presentation at the Spaghetti Warehouse, 510 South Main Street immediately following the parade. There will be an after parade party from 1pm until 12am at the South Akron Knights of Columbus Hall at 2055 Glenmount Avenue. There will be Irish music, food and beverages.

St. Patrick's Day is a national holiday in the Republic of Ireland and a bank holiday in Northern Ireland. While it's not a national holiday in the United States, March 17 is still widely celebrated. The first St. Patrick's day celebration in the U.S. took place in Boston in 1737, and since then the holiday's popularity has boomed. St. Patrick's Day offers fun activities for all ages — so take these ideas and follow the luck of the Irish for an enjoyable day:

Parades and Festivals Many major cities and small towns near your area have a St. Patrick's Day parade or Irish Festival featuring Irish dancers and musicians, marching bands, artists and local community groups. These are great events that the whole family can enjoy — check out the arts or entertainment section of your newspaper for times and locations. If you have young children and can't leave home, watch the parade on TV while making shamrock cookies or a St. Patrick's Day craft.

Visit a Local Pub Visit your local pub for an authentic cuisine of corned beer and cabbage while enjoying live performances from Irish bands or dancers. Top the day off with a Guinness® beer and you'll feel like you're in Ireland! Some bars start the celebration early with green beer and breakfast — so if you're feeling festive, get your mug ready!

Go Green The color green has always been associated with St. Patrick's Day. Not only do people dress in green, but dying food and drink green, particularly beer, is also a popular custom. People will go as far as dying rivers green — for instance the Chicago River in Chicago. Make sure you fill yourself with some St. Patrick's Day spirit and go green!

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Turn Your Clocks

We are observing daylight savings time early this year. Saturday 03-11-07 2am we turn our clocks ahead one hour. This is due to a bill passed last year by the energy department. This is temporary and will be reevaluated at years end.

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Fannie May and Freddie Mac

Federal Reserve Chairman Ben Bernanke said yesterday he feels Fannie May and Freddie Mac should reduce their assets and concentrate on providing mortgages to low income Americans. Fannie May and Freddie Mac have combined assets of $1.4 billion.

Bernankes main concern is if the two companies fail to hedge themselves from risks, most importantly interest rates, this would create a destabilization of financial markets.

The two mortgage companies account for about 40% of the $10.5 trillion residential mortgage market. The assets of Fannie May generated 43% of profits in 2004, Freddie Mac doesn't release that data.

It will ultimately be up to congress if Bernankes recommendations are enacted. Since 2003 the Bush Administration has failed to persuade congress to enact the recommendations to have Fannie May and Freddie Mac reduce their assets.

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YOUR Personal Guide to Real Estate

Cuyahoga Falls, Ohio Landlords

It was a close call for landlords in Cuyahoga Falls, Ohio this past week. City council was proposing legislation that would require landlords to pay for tenants delinquent utility bills. The legislation has been delayed for now, but will go back to the finance committee for a rewrite. Under the proposed bill only landlords, not tenants could register for utilities. Any delinquencies would be attached as liens to the property. Much to the surprise of the landlords the utility department does not run a credit check on new customers and landlords are not notified when tenants are delinquent. A large part of the rewrite would require a credit check for tenants. If the tenant shows a past of not paying utilities, the landlord will be notified and if they still want to rent to them the landlord will have to be responsible for the utilities.

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YOUR Personal Guide to Real Estate

Selling or Purchasing a Home?

If you are selling or purchasing a home it is a good idea to understand the different relationships that exist between a real estate agent and the consumer.

There are a handful of laws today governing agency relationships designed to help you relax and feel comfortable with your home-buying or -selling transaction. Keep in mind these laws differ from state to state, and agency policies differ among real estate companies. Read on to learn about the basic types of agency relationships.

Buyer or Seller Agency When you choose to be represented by a real estate brokerage in the purchase or sale of a home, the buyer or seller's agent and the brokerage must act on behalf of and promote your best interests, be loyal and obey your lawful instructions, disclose material facts to you, maintain confidential information (which includes anything that could have an adverse effect on your transaction), act with reasonable skill and care when answering your questions, present all offers in a timely fashion, be accountable for handling funds and paperwork, and execute all other duties as outlined in your buyer's agency contract or listing agreement.

Dual Agency A dual agency is formed when the same agent and brokerage who represents the seller also represents the buyer. Agents and brokers who become dual agents must maintain a neutral position between the buyer and seller. This means that they may not support the position of one client over the other, or disclose any personal or confidential information to the other party without written consent. Dual agents must also disclose any material defects of the property and prepare and present all offers and counter offers to each party.

In Company Split Agency On occasion, the buyer and seller will each be represented by two different agents from the same brokerage. In this case, the agents may each represent the best interests of their respective clients. Or, depending on the company policy, the agents may both act as dual agents and remain neutral toward both parties. When either situation occurs, the broker will be considered a dual agent.

A common misconception about agency relationships is that they are automatically established at the first meeting between a brokerage and a homebuyer or seller. However, these relationships are typically established when agents disclose whose interests they are serving, which is usually done through an agency disclosure form. The state law mandates that agents must disclose their representation before they show you any properties.

When considering a home purchase or sale, it's key to understand the differences among the various agency

Household

Questions or comments write or email:
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YOUR Personal Guide to Real Estate

Home Loans

If you are shopping for a home loan here is some information to help you avoid predatory lending.

According to Policy Matters, a non-profit research institute, one in every 71 households in Ohio filed for foreclosure in 2005 — quite an astounding statistic. Predatory lending is especially prevalent among first-time homebuyers and consumers unfamiliar with home financing. How can you avoid the pitfalls of predatory lending as a prospective homebuyer?

According to the National Association of Realtors® (NAR), homebuyers need to ask the right questions when shopping for the least expensive loan. Questions such as:

What is my credit score? Can I have a copy of my credit report?

What is the best interest rate today? Do I qualify?

Is the loan's interest rate fixed or adjustable?

What is the term (length) of the loan?

What are the total loan fees?

What is the total monthly payment? Does this include property taxes and insurance? If not, how much more will I need to pay for taxes and insurance?

Is there an application fee? How much is refundable if I don't qualify?

Are there any prepayment penalties? If so, what are they and how long do they last?
It's important to understand all the details of your loan before signing anything — and ask questions! Also, the NAR offers these other strategies that homebuyers can follow to protect themselves from predatory lending:

Check out lenders with the Better Business Bureau®, government Web sites or other consumer groups. How long has the lender been in business? Have consumers filed many complaints? Does the lender belong to a trade association with ethics requirements for its members?

Ask for an estimate and compare with other lenders.

Refuse to participate in transactions that may be fraudulent.

Avoid unnecessary contract extensions that could cause your loan commitment to lapse.

Get educated on the value of your home by asking your Real Living agent for a comparative market analysis.

Review the HUD-1 closing settlement statement before closing. This statement itemizes all charges imposed upon a borrower and seller for a real estate transaction. Upon request, homebuyers have the right to see this information 24 hours before the loan closing.

Report possible violations to appropriate federal, state and local officials.

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New Ohio Predatory Lending Law

Effective January 1st 2007 the state of Ohio passed a law that requires title companies to provide buyers with closing or settlement protection paperwork at the time of closing.

Senate Bill 185, Ohio Revised Code Section 3953.32 states "Title insurance companies offer closing or settlement protection to the lender, borrower, sell of the property and to any other applicant for title insurance." The purpose of the protection is to indemnify the lender, borrower, seller and applicant that has requested the protection, against the loss of settlement funds as a result of the actions of the title insurance agent. Those actions include theft, misappropriations fraud or any other failure to property disburse settlement, closing or escrow funds.

Questions or comments write or email:
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YOUR Personal Guide to Real Estate

Guide for First Time Homebuyers Part 1

Purchasing your first home can be a rewarding and challenging experience. Real estate agents, mortgages, title insurance, closing all aspects of the buying process. In this five part series we will attempt to provide information that will assist you in purchasing your first home.

Part One:
Buying instead of Renting
Buying a home is considered a wise investment because, typically homes appreciate in value over the long term. Owning a home entitles you to tax breaks that aren't available if you are renting. Mortgage interest is almost always tax deductible.

Here are some good questions we will explore.
What is a mortgage?

What does a mortgage payment include?

How do I qualify for a mortgage?

How much home can I afford?

What size loan can I be approved for?

What about my credit history?

What will I need for a down payment?

Closing costs?

What types of mortgages are available?

Do I have financing options?

What type of loan is good for me?

What should I consider when shopping for a loan?

What about pre-approval?

Who approves my application?

After I apply then what?

Questions or comments write or email:
eugene.dougherty@realliving.com
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YOUR Personal Guide to Real Estate

March Events in Cuyahoga Falls, Ohio

March 6th- Mayors First Tuesday 330-971-8200

March 9th- St. Patricks Benefit Card party @ Quirk 1pm

March 10th- Middle School Dance @ Quirk 7:30pm

March 11th- Daylight savings time begins, turn clocks ahead one hour.

March 23rd- Ballroom Nights @ Quirk 7:30pm

March 24th- 2007 Community EXPO @ the Natatorium 9am- 4pm

March 26th- Spring break begins for Cuyahoga Falls and Woodridge Schools

March 29th- Akron Pops Orchestra @ Quirk 7:30pm

March 30th Spring break ends for Cuyahoga Falls and Woodridge Schools

Questions or comments write or email:

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March Events in Stow,Ohio

March 7th- Mayors Open Hours 5pm-7pm

March 8th- City Council Meeting 8pm

March 11th- Daylight Savings Time Begins, turn clocks ahead one hour

March 13th- Planning Commission Meeting 7pm

March 17th- Akron Symphony Orchestra Classic Concert Series E.J. Thomas Hall 8pm http://akronsymphony.org/

March 19th- Kimpton String Orchestra Concert Kimpton Auditorium 7pm

March 21st- OPA Meeting High School Choir Room 7:30pm

March 22nd- City Council Meeting 8pm

March 23rd- Grading Period Ends Early Dismissal

March 26th- Spring Break Begins Daily Spring Break Activities for Children at SMF Public Library begins

March 30th- Spring Break Ends Daily Spring Break Activities for Children at SMF Public Library ends

Questions or comments write or email:

eugene.dougherty@realliving.com

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YOUR Personal Guide to Real Estate