Tuesday, October 28, 2008
Mortgage Loans
URGENT!! Dont let the media spook you!! You do not have to have 20% down to obtain a home loan, we are financing people with a minimum of 3% down and even 0% down on special programs and areas. Right now is the perfect time to buy a home, it is the largest investment you and your family will make. if you do not own a home or are interested in moving to a new one please call us. We can find a program that will best suit your needs.
by:
Silver Oak Mortgage
Lisa Warren
Branch Manager
751 E Southlake Blvd Ste 100
Southlake, TX 76092
office 817-410-2518
fax 817-410-2519
Tuesday, October 7, 2008
Is My Money Really Safe?
Frank Answers to Your Tough Questions
When IndyMac bank failed this summer, the lines of nervous account holders trying to withdraw their money made headlines everywhere. But that was an anomaly.
The Federal Deposit Insurance Corp. (FDIC) has taken over ten other banks this year without incident. If you are worried about the safety of your money – in banks or brokerages, such as Lehman Brothers, which filed for bankruptcy September 14 – or money you've paid your mortgage servicer for taxes or insurance, here are answers to your pressing questions.
YOUR BANKER
Should I worry about the safety of my bank accounts? In most instances, your money is insured by the FDIC, which is backed by the full faith and credit of the U.S. government, up to a limit of $100,000 at each bank. Add up all the accounts in your name at a bank, including checking, savings and money-market accounts as well as certificates of deposit. If your funds total more than $100,000, move the excess to another bank.
My spouse and I have a joint checking account, and each of us has individual savings accounts at the same bank. How much insurance does each of us have? Each co-owner of a joint account has $100,000 in insurance, and your individual accounts are each insured for $100,000, for a total of $400,000 in this example. If you want to shelter more cash, you can open revocable-trust or payable-on-death (POD) accounts for your spouse, children, grandchildren or siblings. Each beneficiary's account is insured up to $100,000. Or you can just move the excess cash to another bank.
My retirement-savings accounts are with my bank. What is the maximum coverage for them? Certain types of retirement accounts are covered by FDIC insurance, including IRAs, Roth IRAs, SEP IRAs and Keogh plans. All deposits in these types of accounts are added together and insured up to $250,000 per person. If you have both a regular and a Roth IRA, the assets would be added together and insured up to $250,000.
I bank at a credit union. Is my money insured? Yes. The National Credit Union Share Insurance Fund (NCUSIF), which was established by Congress and is backed by the U.S. government, insures individual accounts up to $100,000. As with FDIC insurance, a two-person joint account is insured up to $200,000.
Are my credit-union retirement accounts insured? Yes, the NCUSIF covers retirement accounts, too. The funds in traditional and Roth IRAs are added together and insured up to $250,000; Keogh accounts are insured separately up to $250,000. If you have both IRAs and a Keogh at your credit union, you can have a total of $500,000 in insured retirement assets.
I have a bank money-market account. Are those funds insured? Yes, but your money-market deposit account is lumped with all other accounts bearing your name, and together they are insured up to $100,000. Money that you keep in a money-market mutual fund is not insured. Unlike most mutual funds, however, the share price does not fluctuate -- it usually remains a constant $1. However, the Reserve Primary Fund, which holds securities issued by bankrupt Lehman Brothers, announced September 16 that its share price fell below $1.
If the FDIC takes over my bank, as it recently did with IndyMac Bank, how long will it take for me to have access to my money? IndyMac's depositors had continuous access to their funds through ATM and debit cards. After federal regulators seized the bank on a Friday, some customers did not have online or phone access for a weekend, but everyone had full access to all their insured money by Monday morning.
If the FDIC takes over my bank, will I lose all my uninsured funds? No. IndyMac account holders had access to 50% of their uninsured funds immediately. When Mutual of Omaha Bank took over First National Bank of Nevada and First Heritage Bank of Newport Beach, Cal., in July, depositors had immediate access to both insured and uninsured funds.
How can I check to see if all my money is insured? Both the FDIC's Web site and the National Credit Union Administration's site have a calculator that allows you to plug in all your accounts and the amounts deposited so you can find out whether any of your money is uninsured. Go to www.fdic.gov and click on the Electronic Deposit Insurance Estimator (EDIE), or go to www.ncua.gov and use its Share Insurance Estimator Report.
YOUR BROKER
What happens to my brokerage account if my firm goes bankrupt? Brokerage firms must follow strict rules about segregating customers' investments from the firm's money, so your accounts should remain intact even if the brokerage goes under and another firm takes over its business. For example, stocks, bonds and mutual funds are physically held by an independent depository, not the brokerage firm.
What if the firm misappropriated my assets? You have another layer of protection in case the firm hasn't followed all of the rules: The Securities Investor Protection Corp. (SIPC) covers stocks, bonds and other assets held at a brokerage firm that goes bust, and nearly every brokerage firm registered with the Securities and Exchange Commission (SEC) must be a member. "We get involved only when a firm has used up its capital and has misappropriated customers' securities," says Stephen Harbeck, president and chief executive of SIPC.
If a brokerage firm fails, SIPC first tries to transfer the investors' securities to another firm. If that doesn't work, it then attempts to rebuild the investors' portfolios, even buying new stocks or bonds to make up for any missing shares. If the investments aren't available, SIPC will give you cash based on their value when the brokerage failed.
How much does SIPC cover? SIPC first returns your share of the broker's remaining assets, then uses its own funds (up to $500,000 per account, including a $100,000 limit on cash) to buy the same shares that you originally owned.
What happens if I have more than $500,000 at that brokerage firm? The $500,000 limit applies only to the maximum amount of its own money SIPC will spend to make up for any missing securities, not the total amount of money you can get back. If the customers' assets remain largely intact at the brokerage firm, then you can get back a lot more than that SIPC limit, which is a key difference between how SIPC protects brokerage customers and how the FDIC covers bank depositors.
In the 38-year history of SIPC, only 349 people have not received the full value of their accounts from their share of the firm's assets plus SIPC coverage -- and most of those instances occurred three decades ago or more.
If an investor's losses exceed SIPC's limits, the difference is usually covered by the broker's supplemental insurance -- often provided by Lloyd's of London or a new firm called Capco, the Customer Asset Protection Co. Capco provides coverage above SIPC limits to 15 major brokerage firms, including Goldman Sachs, Morgan Stanley, Raymond James and Wachovia Securities.
Do I have access to my money after SIPC takes over? That's the most common problem. It tends to take from one week to two or three months to regain control of your account while SIPC sorts everything out. It can take even longer if the brokerage firm kept shoddy records or was involved in fraud. SIPC does not protect against market losses while your account is in limbo.
For more information about how SIPC works, and to make sure your brokerage firm is a member, go to the SIPC Web site.
YOUR LENDER
What if my mortgage lender or servicer goes belly up? The problem is the lender's, not yours. Continue paying your mortgage as before. During the bankruptcy process, your lender will transfer your loan file to a new owner or servicer, and both parties will notify you by letter. If you mistakenly send your payment to the old lender's address, you won't owe a late fee if you're within the federally mandated 60-day grace period after the transfer.
But what happens to my escrowed funds for taxes and insurance? The money belongs to you, held in trust, so it won't become part of the lender's bankruptcy assets. The new servicer will take over making tax and insurance payments from the account. As a backstop, review your monthly mortgage statement and the escrow account analysis that you should receive from the new servicer within 45 days of the transfer. If anything seems awry, call your lender or servicer, the property-tax office or your insurance company.
Article by Joan Goldwasser, Senior Reporter; Kimberly Lankford, Contributing Editor; Pat Mertz Esswein, Associate Editor. Reprinted with permission. All Contents © 2008 The Kiplinger Washington Editors
When IndyMac bank failed this summer, the lines of nervous account holders trying to withdraw their money made headlines everywhere. But that was an anomaly.
The Federal Deposit Insurance Corp. (FDIC) has taken over ten other banks this year without incident. If you are worried about the safety of your money – in banks or brokerages, such as Lehman Brothers, which filed for bankruptcy September 14 – or money you've paid your mortgage servicer for taxes or insurance, here are answers to your pressing questions.
YOUR BANKER
Should I worry about the safety of my bank accounts? In most instances, your money is insured by the FDIC, which is backed by the full faith and credit of the U.S. government, up to a limit of $100,000 at each bank. Add up all the accounts in your name at a bank, including checking, savings and money-market accounts as well as certificates of deposit. If your funds total more than $100,000, move the excess to another bank.
My spouse and I have a joint checking account, and each of us has individual savings accounts at the same bank. How much insurance does each of us have? Each co-owner of a joint account has $100,000 in insurance, and your individual accounts are each insured for $100,000, for a total of $400,000 in this example. If you want to shelter more cash, you can open revocable-trust or payable-on-death (POD) accounts for your spouse, children, grandchildren or siblings. Each beneficiary's account is insured up to $100,000. Or you can just move the excess cash to another bank.
My retirement-savings accounts are with my bank. What is the maximum coverage for them? Certain types of retirement accounts are covered by FDIC insurance, including IRAs, Roth IRAs, SEP IRAs and Keogh plans. All deposits in these types of accounts are added together and insured up to $250,000 per person. If you have both a regular and a Roth IRA, the assets would be added together and insured up to $250,000.
I bank at a credit union. Is my money insured? Yes. The National Credit Union Share Insurance Fund (NCUSIF), which was established by Congress and is backed by the U.S. government, insures individual accounts up to $100,000. As with FDIC insurance, a two-person joint account is insured up to $200,000.
Are my credit-union retirement accounts insured? Yes, the NCUSIF covers retirement accounts, too. The funds in traditional and Roth IRAs are added together and insured up to $250,000; Keogh accounts are insured separately up to $250,000. If you have both IRAs and a Keogh at your credit union, you can have a total of $500,000 in insured retirement assets.
I have a bank money-market account. Are those funds insured? Yes, but your money-market deposit account is lumped with all other accounts bearing your name, and together they are insured up to $100,000. Money that you keep in a money-market mutual fund is not insured. Unlike most mutual funds, however, the share price does not fluctuate -- it usually remains a constant $1. However, the Reserve Primary Fund, which holds securities issued by bankrupt Lehman Brothers, announced September 16 that its share price fell below $1.
If the FDIC takes over my bank, as it recently did with IndyMac Bank, how long will it take for me to have access to my money? IndyMac's depositors had continuous access to their funds through ATM and debit cards. After federal regulators seized the bank on a Friday, some customers did not have online or phone access for a weekend, but everyone had full access to all their insured money by Monday morning.
If the FDIC takes over my bank, will I lose all my uninsured funds? No. IndyMac account holders had access to 50% of their uninsured funds immediately. When Mutual of Omaha Bank took over First National Bank of Nevada and First Heritage Bank of Newport Beach, Cal., in July, depositors had immediate access to both insured and uninsured funds.
How can I check to see if all my money is insured? Both the FDIC's Web site and the National Credit Union Administration's site have a calculator that allows you to plug in all your accounts and the amounts deposited so you can find out whether any of your money is uninsured. Go to www.fdic.gov and click on the Electronic Deposit Insurance Estimator (EDIE), or go to www.ncua.gov and use its Share Insurance Estimator Report.
YOUR BROKER
What happens to my brokerage account if my firm goes bankrupt? Brokerage firms must follow strict rules about segregating customers' investments from the firm's money, so your accounts should remain intact even if the brokerage goes under and another firm takes over its business. For example, stocks, bonds and mutual funds are physically held by an independent depository, not the brokerage firm.
What if the firm misappropriated my assets? You have another layer of protection in case the firm hasn't followed all of the rules: The Securities Investor Protection Corp. (SIPC) covers stocks, bonds and other assets held at a brokerage firm that goes bust, and nearly every brokerage firm registered with the Securities and Exchange Commission (SEC) must be a member. "We get involved only when a firm has used up its capital and has misappropriated customers' securities," says Stephen Harbeck, president and chief executive of SIPC.
If a brokerage firm fails, SIPC first tries to transfer the investors' securities to another firm. If that doesn't work, it then attempts to rebuild the investors' portfolios, even buying new stocks or bonds to make up for any missing shares. If the investments aren't available, SIPC will give you cash based on their value when the brokerage failed.
How much does SIPC cover? SIPC first returns your share of the broker's remaining assets, then uses its own funds (up to $500,000 per account, including a $100,000 limit on cash) to buy the same shares that you originally owned.
What happens if I have more than $500,000 at that brokerage firm? The $500,000 limit applies only to the maximum amount of its own money SIPC will spend to make up for any missing securities, not the total amount of money you can get back. If the customers' assets remain largely intact at the brokerage firm, then you can get back a lot more than that SIPC limit, which is a key difference between how SIPC protects brokerage customers and how the FDIC covers bank depositors.
In the 38-year history of SIPC, only 349 people have not received the full value of their accounts from their share of the firm's assets plus SIPC coverage -- and most of those instances occurred three decades ago or more.
If an investor's losses exceed SIPC's limits, the difference is usually covered by the broker's supplemental insurance -- often provided by Lloyd's of London or a new firm called Capco, the Customer Asset Protection Co. Capco provides coverage above SIPC limits to 15 major brokerage firms, including Goldman Sachs, Morgan Stanley, Raymond James and Wachovia Securities.
Do I have access to my money after SIPC takes over? That's the most common problem. It tends to take from one week to two or three months to regain control of your account while SIPC sorts everything out. It can take even longer if the brokerage firm kept shoddy records or was involved in fraud. SIPC does not protect against market losses while your account is in limbo.
For more information about how SIPC works, and to make sure your brokerage firm is a member, go to the SIPC Web site.
YOUR LENDER
What if my mortgage lender or servicer goes belly up? The problem is the lender's, not yours. Continue paying your mortgage as before. During the bankruptcy process, your lender will transfer your loan file to a new owner or servicer, and both parties will notify you by letter. If you mistakenly send your payment to the old lender's address, you won't owe a late fee if you're within the federally mandated 60-day grace period after the transfer.
But what happens to my escrowed funds for taxes and insurance? The money belongs to you, held in trust, so it won't become part of the lender's bankruptcy assets. The new servicer will take over making tax and insurance payments from the account. As a backstop, review your monthly mortgage statement and the escrow account analysis that you should receive from the new servicer within 45 days of the transfer. If anything seems awry, call your lender or servicer, the property-tax office or your insurance company.
Article by Joan Goldwasser, Senior Reporter; Kimberly Lankford, Contributing Editor; Pat Mertz Esswein, Associate Editor. Reprinted with permission. All Contents © 2008 The Kiplinger Washington Editors
Thursday, October 2, 2008
Real Estate Update
Rates Tick Up
In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage (FRM) averaged 6.09% for the week ending September 25, 2008, up from the previous week when it averaged 5.78%. Last year at this time, the 30-year FRM averaged 6.42%.
"Mortgage rates followed Treasury bond yields higher this week amid market uncertainty over the current state of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist.
Mortgage Rates
Source: Realty Times
U.S. averages as of September 25, 2008:
30 yr. fixed: 6.09%
15 yr. fixed: 5.77%
1 yr. adj: 5.16%
And while up, interest rates for 30-year FRMs are still more than 0.5 percentage points below this year's peak of 6.63 percent set the week of July 24th.
Where Are Lenders Getting Credit Scores?
Consumers often mistakenly believe that mortgage lenders use only credit scores from Equifax, Experian, TransUnion, and Fair Isaac's myfico.com to gauge creditworthiness. However, Consumer Reports recently found that lenders also use NextGen FICO scores, FICO Expansion Scores, and Industry Option FICO scores — which take car loans into consideration — as well as custom formulas. Given that these scoring models are not available to consumers, experts say that consumers should not rely solely on available credit scores to determine their likelihood of getting a loan. They would be wise to make timely bill payments, make more than the minimum payment, and hold down credit card balances.
Buyers Crave Green More Than Extra Space
Buyers of custom homes are increasingly interested in money-saving features like extra insulation and energy-efficient furnaces, rather than game rooms and space for in-laws, according to a Home Design Trend Survey by the American Institute of Architects. Sixty-eight percent of the survey's respondents said customers were requesting extra insulation in the attic compared with 56% a year ago. Two-thirds of respondents said green products such as tankless water heaters, double or triple-glazed windows, and sustainable flooring products such as bamboo or cork were gaining in popularity.
Only 8% of the survey's respondents said game rooms were increasingly popular among their customers, down from 23% last year.
Eight Ways To Help a Home Sell Faster
Simple fixes and staging practices can focus buyers' attention in the right places and keep them from getting sidetracked by personal items in the home.
Here are some staging suggestions from Deborah Ehrlich-Layne of Staging Plus in Tampa, Fla., Handyman Matters, and HGTV's The Stagers.
Eliminate countertop clutter. A countertop covered with small appliances and utensils looks crowded, not spacious.
Pack up the too-personal. Don't leave toiletries on the counter. Stash family photos.
Be prepared for snoops. Prospective buyers pull open drawers, look in closets and peek behind the shower curtain.
Make sure things work. Dripping faucets, burned-out light bulbs, and squeaking hinges detract from the home's appeal.
Think "white-glove clean." Mop, dust, vacuum, clean baseboards, wash windows. Make sure the house looks fresh and smells neutral.
Make sure the front door is clean and the hardware polished. Power-wash walkways.
Store furniture that makes rooms feel crowded.
Show every room for the kind of room it is. Maybe you've turned your formal dining room into a home office. Get rid of the desk and computer, and bring back the dining table and chairs.
Copyright 2008 Realty Times
All Rights Reserved
In Freddie Mac's results of its Primary Mortgage Market Survey the 30-year fixed-rate mortgage (FRM) averaged 6.09% for the week ending September 25, 2008, up from the previous week when it averaged 5.78%. Last year at this time, the 30-year FRM averaged 6.42%.
"Mortgage rates followed Treasury bond yields higher this week amid market uncertainty over the current state of the economy," said Frank Nothaft, Freddie Mac vice president and chief economist.
Mortgage Rates
Source: Realty Times
U.S. averages as of September 25, 2008:
30 yr. fixed: 6.09%
15 yr. fixed: 5.77%
1 yr. adj: 5.16%
And while up, interest rates for 30-year FRMs are still more than 0.5 percentage points below this year's peak of 6.63 percent set the week of July 24th.
Where Are Lenders Getting Credit Scores?
Consumers often mistakenly believe that mortgage lenders use only credit scores from Equifax, Experian, TransUnion, and Fair Isaac's myfico.com to gauge creditworthiness. However, Consumer Reports recently found that lenders also use NextGen FICO scores, FICO Expansion Scores, and Industry Option FICO scores — which take car loans into consideration — as well as custom formulas. Given that these scoring models are not available to consumers, experts say that consumers should not rely solely on available credit scores to determine their likelihood of getting a loan. They would be wise to make timely bill payments, make more than the minimum payment, and hold down credit card balances.
Buyers Crave Green More Than Extra Space
Buyers of custom homes are increasingly interested in money-saving features like extra insulation and energy-efficient furnaces, rather than game rooms and space for in-laws, according to a Home Design Trend Survey by the American Institute of Architects. Sixty-eight percent of the survey's respondents said customers were requesting extra insulation in the attic compared with 56% a year ago. Two-thirds of respondents said green products such as tankless water heaters, double or triple-glazed windows, and sustainable flooring products such as bamboo or cork were gaining in popularity.
Only 8% of the survey's respondents said game rooms were increasingly popular among their customers, down from 23% last year.
Eight Ways To Help a Home Sell Faster
Simple fixes and staging practices can focus buyers' attention in the right places and keep them from getting sidetracked by personal items in the home.
Here are some staging suggestions from Deborah Ehrlich-Layne of Staging Plus in Tampa, Fla., Handyman Matters, and HGTV's The Stagers.
Eliminate countertop clutter. A countertop covered with small appliances and utensils looks crowded, not spacious.
Pack up the too-personal. Don't leave toiletries on the counter. Stash family photos.
Be prepared for snoops. Prospective buyers pull open drawers, look in closets and peek behind the shower curtain.
Make sure things work. Dripping faucets, burned-out light bulbs, and squeaking hinges detract from the home's appeal.
Think "white-glove clean." Mop, dust, vacuum, clean baseboards, wash windows. Make sure the house looks fresh and smells neutral.
Make sure the front door is clean and the hardware polished. Power-wash walkways.
Store furniture that makes rooms feel crowded.
Show every room for the kind of room it is. Maybe you've turned your formal dining room into a home office. Get rid of the desk and computer, and bring back the dining table and chairs.
Copyright 2008 Realty Times
All Rights Reserved
Wednesday, October 1, 2008
What's At Stake?
What's At Stake?
Pass the Emergency Economic Stability Act
A SUMMARY OF THE PROPOSED ECONOMIC STABILIZATION ACT
Click Here:
http://takeaction.realtoractioncenter.com/campaign/eesa/explanation
Pass the Emergency Economic Stability Act
A SUMMARY OF THE PROPOSED ECONOMIC STABILIZATION ACT
Click Here:
http://takeaction.realtoractioncenter.com/campaign/eesa/explanation
Duncanvulle Panthers Football Schedule 2008
Date Time Opponent Location Results
(W/L, Score)
Regular-Season
8/28 - @ Permian HS Shotwell Stadium L 22-28
9/5 - Garland HS Duncanville High School L 20-23
9/12 - North Mesquite HS Duncanville High School L 24-30
9/19 - @ Desoto HS TBA W 27-20
9/26 - Macarthur HS Duncanville High School W 31-21
10/3 7:30 PM @ Grand Prairie HS TBA -
--------------------------------------------------------------------------------
Overall Record: 2 - 3 - 0
Winning Percentage: 40%
Home Record: 1 - 2 - 0
Away Record: 1 - 1 - 0
Points For: 124
Points Against: 122
--------------------------------------------------------------------------------
Clickable Results - Statistics available for game
TBA - To Be Announced
- Notes
http://www.duncanvillefootball.com/schedules/default.asp?t=27092
(W/L, Score)
Regular-Season
8/28 - @ Permian HS Shotwell Stadium L 22-28
9/5 - Garland HS Duncanville High School L 20-23
9/12 - North Mesquite HS Duncanville High School L 24-30
9/19 - @ Desoto HS TBA W 27-20
9/26 - Macarthur HS Duncanville High School W 31-21
10/3 7:30 PM @ Grand Prairie HS TBA -
--------------------------------------------------------------------------------
Overall Record: 2 - 3 - 0
Winning Percentage: 40%
Home Record: 1 - 2 - 0
Away Record: 1 - 1 - 0
Points For: 124
Points Against: 122
--------------------------------------------------------------------------------
Clickable Results - Statistics available for game
TBA - To Be Announced
- Notes
http://www.duncanvillefootball.com/schedules/default.asp?t=27092
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