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Ron Fredette

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The Mortgage Disclosure Improvement Act

08-25-09
Ron Fredette
MDIA (The Mortgage Disclosure Improvement Act) went into effect on July 30th 2009. How this effects you as a consumer is very important to your process in purchasing a home. The MDIA affects those who are preparing to finance their purchase through a home loan. First, The MDIA amends the Truth in Lending Act. The bank that is financing your loan can only require a reasonable fee for a credit-report check before your Truth in Lending is received. After the TIL is received they can accept payment for any other fees (ex. Property appraisals). The Lender is obligated to send you initial disclosures within 3 business days (Monday through Friday, not including Holidays). Moreover, 7 business days (including Saturday not Holidays) must pass before the loan can go to closing. In addition, if the loan APR increases or decreases by more than .125% another re-disclosure must be sent to the customer and 3 business days must go by before the loan can go to closing (includes Saturdays not Holidays). Furthermore, all 7 day and 3 day can be cleared by a waiver that demonstrates a 'Bona fide financial emergency.' The financial emergency clause is not clearly defined in the MDIA, but all borrows must sign the waiver in order to process the request. To help explain what can cause the APR to increase or decrease here are some examples:Origination Fee, Loan Discount Fee (a change in interest rate might require an increase or decrease in this fee), Credit Report, Final Inspection Fee, Mortgage Broker Fee, Tax Service Fee, Processing Fee, Underwriting Fee, Wire Transfer Fee, Flood Certification, Automated Underwriting Fee, Doc Prep Fee, Closing or Escrow Fee, Attorney Fee (Lender only), Pest Inspection, Private Mortgage Insurance/ Mortgage Insurance Premium/ Funding Fee and, of course any change in Loan Amount. Did I leave anything out? Any other questions? Please post them here so I can respond.
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Hardwood flooring vs. laminate

08-24-09
Ron Fredette
How can you tell the difference? Laminate is basically a picture of wood flooring. Hardwood flooring will most likely show the grooves of its installation. There are two types of hardwood flooring options: Solid hardwood and Engineered hardwood. Solid hardwood flooring is comprised of a cut from a single piece of wood. Engineered wood is multiple thin layers of hardwood laminated together. The Engineered Hardwood option is more popular now, since longer planks of wood seem to crack easier due to changes in environment. Laminate is an inexpensive alternative to hardwood and usually holds up better to moister. Although if hardwood is properly taken care of then it can last much longer than that of laminate wood, which typically has a lifespan of 20 years. Some important things to note hardwood floors are sensitive to moisture and it is not recommended to have them installed in wet areas of the home, nor mop them with a wet mop. Hardwood is also sensitive to extended direct sunlight and will change the color of the wood if exposed for a long period of time. Be advised hardwood scratches easily (as some may know when moving furniture). Hardwood is a great addition to a home and definitely adds some value. Hardwood flooring can look very attractive to a buyer if properly treated and built to shine. So shine those floors for your next showing. Did I leave anything out? Any questions? Leave a post or comment and I'll respond back.
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The NH Housing Market Beat!

08-16-09
Ron Fredette

Long-term fixed mortgage rates rose slightly over the past week while rates on adjustable-rate mortgages (ARMs) were little changed. Last week's release of July’s employment report showed a slight improvement in the declining labor market. The unemployment rate ticked down to 9.4 percent in July, representing the first monthly decline since April 2008. Approximately 247,000 jobs were lost, fewer than the market consensus and the smallest loss since August 2008. Declines in some local housing markets may be nearing an end as well. Median existing home prices rose among 17 of the major metropolitan areas in the second quarter from the same period last year, up from gains in only 12 of the areas during the first quarter, according to the National Association of Realtors®. This represents the greatest number of areas experiencing annual growth since the third quarter of 2008. Moreover, 81 percent of major cities had house prices rise between the first quarter and second quarter of this year. With this nice weather ahead of us, we should see good Real Estate traffic over the weekend. Never hesitate to call on me for assistance, I’m always available and happy to take your call.

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Ways to beat the heat

07-15-09
Ron Fredette
I'm a pretty frequent runner and with the recent spike in weather thought this would be a good discussion to demonstrate how one can 'Beat the heat.' First, try running in the morning since it is cooler, but the humidity is going to be higher. If you run in the afternoon the pavement holds the heat from the day. If you can run in the shade. Some trails in the area with lots of trees provide cover from the sun. Try running around Massabesic lake in Manchester or Auburn. Also, the more you run in the heat you're going to sweat and that sweat will serve as a facilitator for the sun and will generate sun burn and possible skin disease. In addition, one can wear a hat to protect your face, a runner's hat features a breathable liner with dri-rite material that lifts the sweat from your head. When it comes to running in the heat I like to carry water with me by hand or on what we runners' call a fuel belt. Typically you want to hydrate a lot before a run, but give yourself an hour before your run with reduced hydration to let things settle in (I can go into more detail if you would like, just ask). To hydrate correctly while running most experts recommend 6 to 8 fl. ounces every 30 minutes, of course you can survive 30 minutes without water, but anything longer you should bring water. Moreover, when running in the heat you want to slow the pace 10 to 15 seconds slower than normal comfortable pace. Now post-run you want to drink some water and some powerade/gatorade to get the electrolytes back in your system. The best thing to do is take a cold shower or and ice bath (this may be too much for some, but the longer distance runners it's recommended). While putting the cold water or ice on your body remember that heat exacerbates swelling thus the cool ice or water drives the blood away from your muscles and back to your core giving your muscles a break. I highly recommend this technique. Any questions just ask? Can you think of any extra tips?
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Don't miss out on the $8,000 tax credit

07-13-09
Ron Fredette
Recently the IRS was given the ability to grant first time home buyers $8,000 credit or 10% of the purchase price ($8,000 being the max) on their tax return. You must be a first time home buyer and use the home as your primary residence. To qualify as a first time home buyer you must have not owned a property in the previous 3 years. If you are purchasing with a spouse they must not have purchased a home in the past 3 years to qualify. You must close on the property before Dec. 1st 2009. The tax credit doesn't need to be repaid (as was once the course of action in prior years tax credits). There are some great resources out there to help you with how to credit this on your tax return. You can always look at www.irs.gov for more information. So lets set up an appointment. Give me a call or an email with anything you may need to better service you. Do you have any questions?
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