Paying Down Your Mortgage Quicker!

What’s more rewarding than being the owner of your home? Perhaps being the owner of your home AND having your home paid off! What portion of your income goes toward your mortgage? Imagine having this money left in your account monthly. Yearly. In 5 years. What could you do with this money? Send a child to college? Create a bigger nest egg for retirement? Perhaps vacation more with your family? Below are a few tips for paying off your mortgage early.

Calculate how paying more each month will effect your payment time:
Sites like Bankrate.com offer mortgage calculators designed to show you how paying a little extra each month change the course of your loan. For instance, if your monthly payment is $644, just round up to $650. If you have a loan for $200,000, paying this extra $6 each month will actually save you 4 payments at the end of your loan!!!!One thing to be careful of when paying extra, is to speak with your mortgage loan holder and ensure the extra payments are being applied to the principal of your loan. If this is not specified, there is a chance that the extra money will just be set aside for the next payment. You’ll also want to ensure there are no prepayment penalties associated with your loan.

Set times each year to “double up”
Set aside four times a year to double up on your monthly payment. Be sure to honor this commitment, and make it a priority to be consistent.

Apply lump sums to your loan
If you receive an annual bonus through your employer, consider applying this towards the principal of your loan. You can also more than double up by applying your next tax refund to the principle of your mortgage.  Be sure to frequently request statements from the bank, so that you are familiar with the amount left on your loan.
 
Apply unexpected funds to your loan
Receive an inheritance or settlement? Earn additional income from investments? Gain a major winning at the poker table. Wherever the extra money may come from, applying it to your mortgage is a great way to allocate additional funds .

How To Sell our Old Home Fast!

Here is a great article from Kiplinger on how to sell your old home quickly:

Focus on Curb Appeal
Admit it: First impressions matter. So a house with chipping paint, overgrown bushes and patchy grass won't make a good impression. So we painted the exterior of our house (because some paint was chipping). We weeded, trimmed bushes, added new mulch and put new flowers in the planters in the front of the house. We actually had sod installed in the spring of 2012, so the grass looked good when we decided to sell in the fall. Yes, you might have to spend some money to make the exterior of your house more appealing, but it's money well spent if it gets potential buyers in the door. Plus, if your house is in good shape on the outside, buyers will see it as one less thing they have to spend money on once they move in.

Make All Necessary Repairs
Even minor things, such as a leaky faucet or chipped paint on a baseboard, can suggest to buyers that you might not be maintaining the house well in other ways, too. So we tackled several small projects that, admittedly, we had been putting off. Luckily, my husband is handy, so we didn't have to hire anyone to make these small repairs. And we had already undertaken two bigger repair projects several months prior to deciding to sell our house. In the spring of 2012, we hired someone to rebuild the portion of the fence in our backyard that was dilapidated and a major eyesore. Around that time, we also hired an electrician to check all the wiring in our 100-year-old home, fix any problems, replace several light fixtures and add outlets to several rooms.

Stage the house
Staging involves deeply cleaning, decluttering, depersonalizing and arranging furnishings to make your house as appealing as possible. According to a survey by the International Association of Home Staging Professionals and StagedHomes.com, 95% of staged homes sell in 23 days or less, on average. So we painted the walls in a stairway that were scuffed and the ceiling of our kitchen and sun room because they had some stains. I packed up most of my family photos that were on shelves, tables and walls. We already had a storage unit, so we were able to clean out closets and put items we weren't regularly using into it. And we turned a kid's craft room (which was cluttered with art supplies, toys and a homemade craft table covered in paint and glitter glue) into a sitting room. My goal was to make my home look like it was ready for a photo shoot for a magazine or catalog.
Our 7 Things Home Buyers Hate slide show will help you pinpoint fixes you might need to make in your home. Also see the home improvement checklist at HomeGain.com. If you lack Martha Stewart's touch to stage your home yourself, you can enlist the help of a professional stager. The bill could run anywhere from a few hundred dollars up to several thousand. StagedHomes.com has a directory of accredited staging professionals.

Set the Price Right
We had our house appraised before selling it, so we knew its market value. We set our price slightly above the appraisal value -- but below the prices of comparable homes nearby that were for sale. And we were selling our house by owner, so we didn't have to factor a real estate agent's commission into the price. Our goal was to sell quickly -- not make a big profit -- because we had an offer on another house and it was contingent on the sale of our home.
It's important to know what your competition looks like when you're selling a home and setting a price. View listings in your area at Realtor.com, Zillow.com or Trulia.com. If most of the homes that are comparable in size, age and location to yours have hardwood floors and granite countertops and yours has carpet and formica, you'll need to set your price lower (or make updates to fetch a higher price). If the reverse is true, you might be able to set your price a little higher and point out to potential buyers that your house has more features than comparable properties. Most importantly, though, you need to be willing to negotiate.

Spread the Word
This was the key to selling our second house before we even put up a "For Sale" sign. I posted on Facebook that we would be putting our house on the market soon. I told other parents as I waited outside my kids' school that we were selling our house. I even mentioned in a Parent-Teacher Organization meeting that I needed to sell my house because the offer I'd made on another house had been accepted. A day after that meeting, I got a call from the mother-in-law of one of the other PTO board members. We showed her the house three days later, on a Friday, and got an offer -- right at the appraisal value -- on Sunday.
Even if you hire a real estate agent, you should let as many people as possible know that your house is for sale. Someone who isn't even in the market for a new house (and not checking real estate listings) may have secretly been longing for your home and might jump at the chance to buy it.

What Kills a Home's Value

We’ve highlighted the things that you, as a homeowner, can do to increase your home’s value before. Upon visiting realestate.msn.com, however, we came across an article that was certainly worth sharing. This article highlights ways that you can actually kill your home's value!

Inconsistency
It’s important to make sure the flow of your house, well….flows. This means spending all of your renovation budget updating one room (a kitchen for instance) while the rest of the house is hugely outdated is not the best approach. This doesn’t mean don’t take the time to update your home. Instead, be sure to fix and update the smaller issues as time goes on rather than completely putting them off for a larger project.
 
Too much ‘you’ in your home
In order to keep the resell value of your home up, it’s important to consider others while making your updates. Although something may seem appealing to you, it may not be practical for the majority. In viewing your home, these sorts of updates could cause potential buyers to turn away. The article gives a great example of a woman who wasn’t very big on cooking.  She removed cabinets and replaced her refrigerator with two smaller dorm size fridges!! This, of course, was not so appealing to others who may have sought to purchase the home.

Above ground pools
Apparently, above ground pools can greatly reduce the resale value of your home! Studies show that most home buyers view them as an inconvenience rather than an  asset to your home. If you currently have an above ground pool, there isn’t any need to worry. Simply remove it and groom your yard back to life before selling your home.

Beware of the trend
Don’t get too caught up in what’s trendy, and what’s not. Keep in mind that trends and fads only last for a certain amount of time. If you are investing money in updating your home, you may want to steer for a look more suited to stand the times, rather than something that will be out of style very quickly “think floral wallpaper”.

Not minding permits
Perhaps, one of the most potentially dangerous money pits you can fall into when remodeling, is not obtaining the proper permits. Not only could this make your home not pass inspection to resale, it could cause you to receive citations and tickets within leading in an even more expensive take-out.
These are just a few of the tips provided. Be sure to read the complete article for more.

More Reasons to Buy New Instead of Used!

Prospective home buyers have the choice of two types of houses on the market: resale or new. Home buyers planning to buy a brand-new house often cite energy-efficiency, open layout, a warranty, and being able to select appliances, flooring, paint colors and other design elements as factors driving their choice. But at White Hat, we know that buyers can be drawn to a new house for reasons that aren’t so obvious.  Below are a few more benefits of  buying a brand-new home that you may not have thought of.

Building a Community Together

A brand-new community is one of the built-in benefits of many new homes. When families move in to a community at the same time, often lasting bonds of friendship and neighborliness are formed right away. Nobody is the “new kid on the block.” 

More Spacious for Entertaining

Throwing a party in an older home can be a challenge because smaller, distinct rooms make it difficult to entertain guests in one large space.  White Hat Homes builds to suit today’s homeowner preferences: layouts featuring more open spaces and rooms that flow into each other more easily, like the popular great room. While you are in the kitchen preparing dinner, you can still interact with guests enjoying conversation in the family room without feeling closed off. The feeling of spaciousness in today’s new-home layouts often is enhanced the higher ceilings and additional windows that bringing in more light than you would find in an older home.

A Clean Slate

For some buyers, parking the car in a sparkling-clean garage or being the first to cook a dinner in a brand-new kitchen is part of the appeal of new construction. In addition, you won’t have to spend time stripping dated wallpaper or repainting to suit your own sense of style. You can create your own home décor from the get-go!

The advantages of being the first owner of a home extend to the outdoors. Instead of inheriting inconveniently or precariously placed trees, or having to tear up overgrown shrubs, you can design and plant the lawn and garden you want.

Outlets, Outlets Everywhere 

Homes built in the 1960’s and earlier were wired much differently than houses today. Builders had no way of anticipating the invention of high-definition televisions, DVRs and computers that we enjoy today — and the very different electrical requirements they would introduce. New homes can accommodate advanced technologies like structured wiring, security systems and sophisticated lighting plans, and can be tailored to meet the individual home owner’s needs.

Anyone who has ever lived in an older home can also attest to the fact that there are never enough outlets, inside or out! New-home builders plan for the increased number and type of electronics and appliances used by today’s families, so you can safely operate a media room, Christmas lights and your computer at the same time!

Routine Home Maintenance

As a new home owner, you are excited about getting your house in order — setting up furnishings, rearranging and decorating.  But once everything is in its place, it’s time to get a handle on the routine maintenance you’ll need to perform to help ensure that you and your family live comfortably in your new home for years to come. Maintaining a clean home is one way to ensure its longevity. Here are some tips for properly maintaining some of the systems in your new home:

Heating and Cooling Systems
Late summer or early fall are the ideal times to do an annual inspection and cleaning of these systems.
Change or wash the filters every three months.
If you have a gas furnace, keep your pilot light burning during the summer to help keep the furnace dry and prevent corrosion.
Registers help regulate the flow of air and maintain the desired temperature in your home.  Keep registers closed in rooms you don’t use to save on cooling/heating costs. 

Plumbing
Every member of your family should know where the intake valves are located.  Label each one.
If any of your appliances develop a leak, inspect your drain trap.  A partially clogged drain can cause overflow. Use a plunger or a plumber’s snake to unclog the drain. If you need to, use boiling water to help unclog a partially opened drain. Call a plumber if these techniques don’t work.
A worn washer, a loose part in a faucet or steam in a hot water pipe are generally the causes of a noisy pipe.  Do not hesitate to repair the noise — vibrations can follow the noise and lead to leaks.

Gutters and Downspouts
Clear away leaves, tree limbs and other debris from gutters and downspouts.
Turn the downspouts away from your home’s foundation.
Every four to six years, paint gutters that are not made of aluminum or vinyl to help prevent rust.

Remember to read the instruction manual for every appliance in your new home.  The manuals provide recommended cleaning and maintenance schedules. Also familiarize yourself with any warranties you have on both the house and its systems. Some warranties may be voided if problems arise because of failure to perform routine maintenance.

Why Buy New?

During an educational seminar at the 2012 International Builders’ Show in Orlando, Jay McKenzie, vice president of Builder Digital Experience, LLC, offered a number of advantages of purchasing a brand new home, and hidden costs of foreclosed homes that buyers need to consider:
Peace of Mind
Many foreclosures are sold “as is” with no disclosure requirements. You could be surprised with major repair bills for issues such as foundation faults or other structural defects, mold, hidden water damage, unsafe wiring, rodent infestations and more. A foreclosed home that appears to have been renovated may not have been done so with the proper permits and inspections. A brand new home provides peace of mind for your family’s safety because it has passed inspections and conforms to current building codes. A new home is also under warranty and any issues that arise during the warranty term will be fixed at no cost to the home owner.
Personalized
New homes can be personalized with appliances, cabinets, counter tops, carpets, floor coverings, paint color and other design elements to meet your family’s needs and tastes. They also come designed for modern lifestyles, with open space floor plans, walk-in closets, creative storage solutions and conveniently-located laundry facilities. With a foreclosure, you’ll have to spend time and money to knock out walls, re-paint, and make other renovations to change the previous owner’s tastes to your own.
Efficiency
Newly built homes are highly energy-efficient, saving the buyer money and helping the environment. New windows, doors and insulation better control the home’s interior climate, and Energy Star-rated appliances and other modern components will help save costs on utility bills. With a foreclosure, if the appliances, water heater or HVAC are in working order, depending on their age, they may not be for long. And they certainly aren’t as energy-efficient as new ones.
Automation
New homes come outfitted with the latest home automation and wiring components that provide state-of-the-art technology capabilities to accommodate modern home appliances and entertainment resources such as high-definition televisions, full-house sound systems, hard-wired fire and security alarms and more. Foreclosures probably don’t have updated wiring, and old wiring not only may not be able to handle modern resources—it may be unsafe and a fire hazard, and will cost a lot to update to current standards.
Financing
Financing a new home is easier than financing a foreclosed home. Many builders offer incentives to reduce closing costs and can complete the closing quickly, unlike banks that just want to get foreclosed homes off their books and may have a backlog of homes to process, which can take months or years.

Maximize Your Home Storage!

As people shed their layers of clothing from the cooler months, many want to also lighten the load their homes are carrying—or at least make it look neater. Before you toss the tools in a garage corner or stuff the down jackets into a box and toss it in the attic, why not evaluate your needs and make your storage both effective and attractive?
The first thing you should do is make a list of everything you want to store. This list will both help you determine how much storage space you need and ensure that nothing gets lost once you start putting things away.
Shelving is one of the easiest ways to create more storage. It can be portable in the form of free-standing units, or permanent that is attached to your walls. Easy-to-install, heavy-duty shelving can be purchased at just about any major home supply store. Many of these units are designed so that you can leave as much room between the shelves as you like, making it easy to get larger and smaller items onto the same unit and saving you space.
Heavy winter clothing can take up lots of closet space, leaving you with little room for your entire four-season wardrobe. One solution for storing out-of-season clothing is under the bed.    Under-the-bed storage containers come in a variety of sizes and styles, including ones with wheels for easy access and to protect hardwood floors from scratches when you pull them out. You can also buy simple risers that elevate your bed off the floor additional inches to create even more space.
Garage storage has also gotten much more efficient. You can get built-in storage cabinets with doors so the space looks clean and orderly. There are also modular systems that enable you to choose what features are best for your needs; including hanging racks for sports equipment, hooks for tools, and more.
Most garages have pitched roofs to keep rainwater or snow from collecting on top, and this space is ideal for items you don’t use on a daily or weekly basis. Store these things on platforms or racks that lower and raise either electronically at the touch of a button, or with an easy-to-use pulley system.
In newer or renovated homes, a mudroom or drop zone is a popular feature. This area often has built-in benches, hooks and bins to neatly tuck away boots, jackets, gardening equipment and other items your family uses frequently.
Finally, if your family is as tied to their portable internet and communications devices as many modern families, get rid of the tangle of charger cords on your counters by buying or building a home charging station with multiple outlets and pockets for storing and charging cell phones, tablets, laptops and more.

Tulsa Metro - A Great Place to Live!

In a recent survey, Tulsa makes the grade as a great place to live and work!

Tulsa Metro ranks 4th out of the Top 100 Metros in terms of Economic Security according to a study released by the Urban Institute.  Tulsa was praised for its low unemployment, steady housing prices, average earnings that afford a median standard of living, and our ability to keep foreclosures to a minimum.

Oklahoma is recognized for its diverse economy.  Such things as government, universities, energy, and high tech firms have held up well since the Great Recession of 2008.  We didn’t fall victim to the vast swells of the housing boom and then bust, so mortgage prices today are remarkably affordable.  When you couple that with the all time low mortgage loan rate of 3.93% (30 year fixed) recently reported by Yahoo today, Tulsa makes an ideal place to work and raise a family.

The Tulsa area continues to rank high on multiple survey lists – most affordable (Forbes), most recession-proof (Forbes), and best place to start a small business (Fortune Small Business).  For more information on what makes the Tulsa Metro a great place to live and work, visit www.urban.org.