What does “value” mean to you? To me, the word “value” means priceless—things money cannot buy.

The problem with the American mentality is that we put such importance on material things and not on things that are valuable.

I cringe when I read inspirational or financial books that encourage people to strive to buy their “dream home.” What kind of message does that send? That people can only be as happy as the size of the home they live in? That they are better parents for providing a bigger home for their children?

The economic and real estate collapse we’ve recently endured should deliver a big message for those people striving to buy their “dream home.” I’m going to tell you: Do not buy your dream home. Learn what you can afford on paper, and then buy a home for half that price.

I know…you’re thinking, “WHAT?”

A client account I recently read about out of Austin, Texas, is a perfect example. After a couple finished school together in 2007, they decided to buy their first home. They went online to a dozen different mortgage calculators, and sat down with a mortgage broker. The mortgage calculators asked about their income and any debt they had.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net.

To find foreclosure Properties, look in the legal notices section of your local newspaper. A notice is also usually posted on the property itself and somewhere in the city where the sale will take place.

However, real estate agents are the best source for information about foreclosures before they begin. Often a property will be listed and the agent will know if it is approaching foreclosure. Perhaps the best way to get the information is to have your agent put the word out that you are looking for properties with pending foreclosures.

Another source can be the bank or financial institution that holds the mortgage. Of course, they generally will not give you the names of those who are facing foreclosure, but they may give the property owner your card or phone number.

Buying foreclosures is not easy. Savvy investors are highly skilled at nabbing these properties. Inexperienced buyers may find themselves surrounded by pretty stiff competition. They will need to get as much information as possible, including a “foreclosure inspection report” and an appraisal from the lender.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net.

Whether your home is on the market or you simply want to maintain its condition, enlist the help of a trustworthy home inspector to ensure that your current or potential home is in optimal condition.

When buying a home, a home inspection determines its structural and mechanical condition. If there are any problems, your inspector will make them known and estimate costs for repair. You can then determine if the cost of dealing with these issues is worth the listed price of the home or if more negotiation is required.

If you are selling your home, a potential buyer is likely to enlist a home inspector, but you can arrange your own home inspection to prepare. They will help you identify any issues that need fixing, so that you can present your home as structurally and mechanically sound home.

Even if you’re not in the process of buying or selling, home inspection is important to the upkeep of your property. Prevention is more affordable than treatment—and a home inspector will help you identify issues before they become a serious problem. For example, a home inspector could identify a hole in your roof; left untreated, you may need an expensive new roof, but caught by a home inspector, you may only require an inexpensive patching service.

A home inspector will examine your home for structural and safety issues. They will determine if your foundation has been damaged by renovations or termites, and verify the condition of support beams. They will also check for safety hazards, including rotting steps, loose railings, and faulty locks.

Your home inspector also knows to look for problems with wiring and electrical boxes, as well as plumbing issues. Water damage can be a deal-breaker in the sale of many homes, and a home inspection can identify potentially costly leaks.

Source: AmeriSpec®

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net.

This is a really important thing to consider before you start shopping and fall in love with a house you can’t afford.

What does “value” mean to you? To me, the word “value” means priceless—things money cannot buy.

The problem with the American mentality is that we put such importance on material things and not on things that are valuable.

I cringe when I read inspirational or financial books that encourage people to strive to buy their “dream home.” What kind of message does that send? That people can only be as happy as the size of the home they live in? That they are better parents for providing a bigger home for their children?

The economic and real estate collapse we’ve recently endured should deliver a big message for those people striving to buy their “dream home.” I’m going to tell you: Do not buy your dream home. Learn what you can afford on paper, and then buy a home for half that price.

I know…you’re thinking, “WHAT?”

A client account I recently read about out of Austin, Texas, is a perfect example. After a couple finished school together in 2007, they decided to buy their first home. They went online to a dozen different mortgage calculators, and sat down with a mortgage broker. The mortgage calculators asked about their income and any debt they had.

They had no debt except car payments, so the average mortgage calculator said they could afford a $450,000 home. They looked online and found some very beautiful homes in that price range around the Austin area. They were excited to see they’d be able to buy a three-thousand square-foot home, with a bonus room, office, four or five bedrooms, island kitchen with granite counter tops and possibly a swimming pool.

They said it was like a giant carrot was dangling in front of them. The couple spent their weekends driving by these homes, and imagined living in one of them very soon. But one thing puzzled them. Each time they “crunched some numbers” and saw what their new budget would be, they never had enough money (or they were stretching their budget too thin). They asked each other, “Why do these mortgage calculators tell us we can afford a $450,000 home when our own calculator tells us otherwise?”

Mortgage calculators don’t ask you about the valuable and priceless things you want and need to do for your family. If you buy a home at the maximum you qualify for (which most Americans do), then you’ll have very little left for the most valuable things in life, or you’ll pay for the valuable things anyway and end up in credit card debt.

Here’s an example list of valuable expenses that may be of importance that the mortgage calculator never asked about:

Pre-school for 2 children: $10,000 per year
College fund for both kids: $233 per month
Retirement planning, IRA, investments: $650 per month
Life insurance (for both spouces): $120 per month
Health insurance: $820 per month
Disability and catastrophic insurance: $225 per month
Sponsoring three children in Africa: $105 per month
Tithing and charitable contributions: $550 per month
Gym membership: $49 per month
Soccer classes for 2 kids: $110 per month
Ballet class: $54 per month
Gymnastics class: $48 per month
Swimming lessons: $300 per year
Tickets to professional sports games: $500 per year
Tickets to concerts and theater performances: $500 per year
Sea World/Entertainment: $1,000 per year
Organic groceries: $4,000 per year
Doctor visits, co-payments: $600 per year
Landscaping, home upgrades: $3,000 per year
Birthday, baby shower gifts, etc.: $600 per year

If this was the Texas couple’s list, how in the world would they have been able to afford a $450,000 home and still pay for pre-school for both children, soccer/ballet classes, summer camp, Sea World, health insurance, doctor visits, organic groceries and donations to charity? Right, they couldn’t have afforded it without using credit cards.

So, they chose to buy a modest home for $215,000—half of what they’d qualified to buy! Their house doesn’t have granite countertops, and they don’t have a swimming pool. They converted one of the bedrooms into an office and their landscaping is sparse. But by buying a house for half of what they  qualified for on paper, they have the ability and freedom to invest in their future, donate to charity, start a business, send their children to the best schools in town, eat quality food and travel the world—all without incurring a nickel of debt.

Sure, it was a bit deflating to their ego to go shopping for a 5,000 square-foot home with all the bells and whistles and end up buying a home half that size. But now that they’ve lived in their home for almost four years, they realize it was the best decision they ever made. If they had bought a $450,000 home, would they be happier than we are now? Of course not. Would their friends respect us and cherish their  friendship more? I hope not (if so, then they weren’t really friends anyway). Would their parents be more proud of them? I don’t think so.

So why do it? Why feel pressured to go too far and buy the most house possible—and then live under constant stress to pay for it all.

“Money does not buy happiness; Scripture asserts this, research confirms it. Once you reach the median level of income, roughly $50,000 per year, wealth and contentment go their separate ways, and studies find that a millionaire is no more likely to be happy than someone earning one-twentieth as much.” — Nancy Gibbs, Time magazine, April 27, 2009

What’s valuable to you and your family? What is priceless? Budget for these things first, and then see what you have to spend on a home. In five, ten or twenty years when you look back on your life, what do you want to see? That you barely made your payments on your home each month, or that you were able to do everything you ever wanted to do with your family stress and debt-free? Picture your family in a smaller, more manageable home. Would your marriage be any different? Would your friends abandon you? Of course not.

What kind of home can you afford—really afford?

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net.

When it comes to painting the interior of your house, many people are intimidated by color. “Going beige, or off-white, or some neutral color just seems safer,” says HGTV decorator Candice Olsen. “But a splash of vibrant color, whether on all four walls or in a major accessory or furniture piece, can add zest and interest to your rooms as well as insight into your mood and personality.”

It isn’t easy to choose the right color when you are working from tiny paint chip samples, Olsen observed. Before you go bold on a wall or walls, try a broad swath of your chosen color to be sure it is exactly what you want – and remember that paint is not permanent. If the look you aspired to is not quite right, try another.

Olsen offers tips on choosing – and using – bold color to help your home make a statement to be proud of:

Think palette – You can have different colors in different rooms, but think in terms of broad palette choices that look well together; a range of pastels, for example, or bright primary colors, or a spectrum of deep jewel tones.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net.

Yes you can. HARP loans are not restricted to the primary residence. This is extremely good news for investors who may have a property with a negative cash flow. A second home and an investment property are eligible for a refinance under the HARP program. It could be the answer to your prayers.

The occupancy status is simply determined by how the property is being used at the time of application.

This does not mean though that second homes and investment properties enjoy all the same advantages that primary residences do under the HARP program. Even though all occupancy types do not need equity to refinance, HARP refinance rates are more favorable for owner occupied properties.

Specifically, Fannie Mae only provides the best rates for primary residences whereas Freddie Mac extends the best terms for both primary residences and 2nd homes. Investment properties refinanced under HARP 2.0 are subject to the highest mortgages rates from both Fannie Mae and Freddie Mac.

If you are a Florida homeowner, you can use the Florida Home Affordable Refinance Program and you will get a lower monthly principal and interest payment. You will have a lower rate, and a lesser amortization period. This is a limited time program, so call Ruth Schoenherr right away.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net.

Look in the legal notices section of your local newspaper. A notice is also usually posted on the property itself and somewhere in the city where the sale will take place.

However, real estate agents are the best source for information about foreclosures before they begin. Often a property will be listed and the agent will know if it is approaching foreclosure. Perhaps the best way to get the information is to have your agent put the word out that you are looking for properties with pending foreclosures.

Another source can be the bank or financial institution that holds the mortgage. Of course, they generally will not give you the names of those who are facing foreclosure, but they may give the property owner your card or phone number.

Buying foreclosures is not easy. Savvy investors are highly skilled at nabbing these properties. Inexperienced buyers may find themselves surrounded by pretty stiff competition. They will need to get as much information as possible, including a “foreclosure inspection report” and an appraisal from the lender.

Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net.

According to CNBC News, Atlanta Federal Reserve President Dennis Lockhart said on Friday he expects the U.S. central bank to raise interest rates at either its June, July or September policy meetings, barring a significant downturn in the U.S. economy.

The lower economic forecasts issued by the Fed this week reflect mostly “transient” issues that neither fundamentally change its outlook for continued U.S. growth nor are likely to push back an initial rate hike, Lockhart told reporters after a speech at a University of Georgia Law School symposium.

“I continue to believe that mid-year or a little later is appropriate timing. That would allow the June meeting to clearly be taken seriously as a meeting for the ‘lift-off’ decision. I would add to that July … And, of course, September,” Lockhart said.

“I can’t be certain it is going to happen in those three months … But I think it is realistic to assume that is the period in which we will be taking on this decision with a high likelihood of pulling the trigger,” said Lockhart, a Fed centrist.

He could prove to be an important swing voice on issues like the progress of inflation and the strength of labor markets, and has consistently said he wanted more evidence that the economic recovery would continue before committing to a rate increase.

On Wednesday, the Fed moved a step closer to hiking rates for the first time since 2006, but downgraded its economic growth and inflation projections, signaling it is in no rush to push borrowing costs to more normal levels.

Lockhart’s comments on Friday, in which he highlighted the “accumulated progress” of the U.S. economic recovery, put a firmer timeline on his view of the Fed’s rate lift-off decision.

Since interest rates are going up, perhaps you should buy a home or refinance your mortgage before they do. Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net.

The US economy has been doing better, and the one thing that we were hoping  for is increased jobs. It looks like that might be happening this year, at least according to Bloomberg Business.

Housing-related employment — anemic throughout much of the current expansion  — got a jolt in January. That’s unusual, since bad weather tends to make it one of the weaker months for construction hiring.

But last month the number of residential construction workers rose 12,500, a gain of 1.8 percent, the biggest one-month jump in percentage terms since 2002.

Other categories related to housing jobs also showed strength. Specialty trade contractors, who’ve been in short supply, increased by 7,600 to the highest level since 2009. Wood products manufacturers added 4,100 employees, building materials stores another 3,700.

Architectural and engineering employment, which includes home designers, increased by 7,800 to the highest level since 2008. And as more homes get built, more realtors will be there to help sell them. Real estate employment rose by 4,400.

“If there is an industry that has an opportunity to surprise” in 2015, “it is residential real estate,” said Neil Dutta, head of U.S. economics at Renaissance Macro Research in New York. “We see strong growth in housing and construction-related industries for both white-collar and blue-collar workers.”

With the improving economy, you might be thinking about purchasing a home. Before you start the process, you should discuss home loans with Ruth Schoenheer. Ruth Schoenherr is a mortgage broker who will help you find home loans in the Clearwater, Palm Harbor, Largo, Safety Harbor, St Petersburg and Tampa Bay area. For more information, go to her web site at www.ClearwaterMortgageBroker.net.

When I first heard of HARP, I thought it was too good to be true. Why would a lender agree to refinance a loan and give you a better interest rate when the house was under water? Well, obviously the only reason is that the government was behind it.

HARP — the Home Affordable Refinance Program, was designed to ease refinancing for homeowners who are underwater or have little equity on their homes, may sound like a good opportunity on the surface. But is it worth the time, hassle and money you will need to spend on closing costs?