How a Mortgage Can Help Your Finances

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How a Mortgage Can Help Your Finances

These days, the national media is full of stories about foreclosures and homeowners who are “underwater” with their mortgages. Amidst all the doom and gloom, however, there are still countless Americans who enjoy the advantages of responsible homeownership and the financial benefits of having a mortgage. I see this all the time among my many clients and the clients of my colleagues across the country in the Top 5 in Real Estate Network®.

While some fortunate homeowners have the option of paying off their mortgage, others actually benefit from having a mortgage.

For starters, mortgage interest is tax deductible. While this very benefit is being debated in Washington at the moment, traditionally, the mortgage deduction affords those with high-value homes significant tax savings.

Having a mortgage is also one of the best vehicles for bolstering your credit rating—especially during this timeframe when credit-score criteria are so steep. A long-term installment loan in good standing, such as a mortgage, commands respect more than any other form of credit, and will lead to better interest rates on other loans.

Even if you do have the funds to pay off or pay down your mortgage, you need to consider if you’re better off saving that money for future needs that may arise (no one is safe from the prospect of unemployment these days), or investing it in a more lucrative avenue. If you’re in such a fortunate position, speak with a trusted financial advisor about the best course of action for your particular circumstances.

If you’d like more information on securing a mortgage or maximizing your mortgage, please contact me. And feel free to pass this email on to friends, family and colleagues.

Sincerely,

Barbara Corsi BCorsi@Rockcliff.com J. Rockcliff Realtors Office: 925-253-7045 Mobile: 925-788-7589 http://www.BarbaraCorsi.com

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Blog Question

Hello,

I just came across your website, and I wanted to know if I can add it to
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Murris

7 Tips for Decorating on a Budget

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7 Tips for Decorating on a Budget

In today's economy, homeowners are watching their money more closely and going out of their way to give their home a fresh look by working with what they already have.

As a Member of the Top 5 in Real Estate Network®, I have access to many great home improvement resources. Home decorator Lee Evanwood offers the following advice for homeowners who are looking to decorate while staying in budget:

Rub down and stain or repaint old wooden furniture. Take advantage of that old furniture you have sitting in your basement. Simply add new drawer or door handles to achieve a new look.

Can't afford a new sofa? Have the old one recovered. With plenty of fabrics in a wide variety of colors and patterns to choose from, recovering an old sofa is an easy and inexpensive way to create a new look.

Choose rugs. If the floor is already in good shape, you can get it refinished or try area rugs instead of carpeting. Not only are they chic and stylish, but they cost less, too.

Paint with a plan in mind. Try a neutral color on three walls, with a splash of color on the fourth. That splash of color can give you a starting point for further decorating.

Go with soft goods. A few new pillows or cushions that pick up the color on your accent wall can transform the look of a room. Add some inexpensive curtains, draperies or valances to help tie it all together.

Add some accents. Give a room a homey look by using baskets, vases and other small accessories to hold books and magazines, fresh flowers or craft projects.

Finish with artwork or mirrors. A pretty, framed print or two can help finish a room. Keep in mind that a mirror of any size on one wall can add depth and make the room appear larger.

These are just some of the many ways you can transform your home while staying in budget. Feel free to contact me for more ideas and please forward this on to anyone who can use a few inexpensive ways to create a new look in their home.

Sincerely,

Barbara Corsi BCorsi@Rockcliff.com J. Rockcliff Realtors Office: 925-253-7045 Mobile: 925-788-7589 http://www.BarbaraCorsi.com

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Top 5: Answers to 5 Common Questions About Default

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Answers to 5 Common Questions About Default

Unfortunately, in today's slowly recovering economy, many homeowners continue to find themselves in financial trouble. As a Member of the Top 5 in Real Estate Network®, I have worked with many clients over the past few years to help resolve their financial dilemma in the best way possible. There are many options available to distressed homeowners -- unfortunately, most people are not aware of what these options are.

To help clarify confusion and shed light on optimal homeowner options, real estate finance expert Marian Anthony, answers five questions distressed homeowners often have:

1. Should I intentionally default on my home mortgage?
You’ve probably heard of people "intentionally" or "strategically" defaulting on their mortgage, willing to take the hit to their credit in favor of freeing up cash flow in the short-term. Rather than defaulting, however, homeowners should talk with their real estate professional about the potential for a short sale. A short sale could lead toward the debt showing as "settled" on your credit. Walking away and allowing the bank to foreclose still allows the second lender to render a judgment -- and possibly garnish your wages. You may also have to file for bankruptcy to recover from the credit nightmare.

2. As a borrower, what are some ways I can gain leverage with my lender?
One way to gain leverage with a lender is to establish a "substitute mortgage" -- a security pledge that is offered to the seller's lender with a third party for a lesser amount of the current payment. Over time, this will result in a significant amount of collected funds that can be used as negotiating leverage to release the borrower from the debt, or dictate terms for a favorable loan modification.

3. Why have loan modifications and foreclosures become the predominant answer for so many in distressed property situations?
The reason why loan modifications and foreclosures have become the answer for so many is because many real estate professionals erroneously consider the short sale process to be too complex. It is essential to work with a real estate professional who is equipped with the right forms and contact information, and who knows how to orchestrate a short sale transaction.

4. Why is a short sale strategy more advantageous than a foreclosure?
The reduced payoff in a short sale can release you from the debt obligation. This often allows you to re-establish your credit faster and re-enter the market much wiser. A foreclosure can ruin a homeowner's credit and take much longer to recover from.

5. I’ve heard borrowers in default need a 'General Public Disclosure?' Why?
Many people are not aware of the alternatives available to them when facing foreclosure. Knowing your options, as detailed on a General Public Disclosure document, can make all the difference in establishing a deal that's in the homeowners' best interest.

Remember that every distressed homeowner's situation is unique; therefore, it is essential to contact a real estate professional -- and often an attorney -- to determine the best possible solution for you. I am happy to assist, so please feel free to contact me, and please pass this important information on to others in need.

Sincerely,

Barbara Corsi BCorsi@Rockcliff.com J. Rockcliff Realtors Office: 925-253-7045 Mobile: 925-788-7589 http://www.BarbaraCorsi.com

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10 Tips to Improve Your Chances of Getting a Mortgage on Favorable Terms

Hello, Valued Member! Top 5 in Real Estate Network® Members are dedicated to providing you with the most up-to-date, helpful real estate information. This monthly newsletter, "Real Estate Matters," offers articles on a range of topics that will inform you in your real estate pursuits. Having trouble seeing this email? Click to view it as a web page. Add newsletter@rismedia.com to your address book to ensure email delivery. Buying Selling Owning Financing Home Improvement My Website My Listings Barbara Corsi GRI, SRES Realtor J. Rockcliff Realtors My Website Member, Top 5 in Real Estate Phone: 925-253-7045 Mobile: 925-788-7589 Fax: 925-402-8022 BCorsi@Rockcliff.com This month’s newsletter offers several detailed tips on how to improve your chances of getting a mortgage on favorable terms. Also, this month, learn about a new law that will help reduce mortage relief scams. Real Estate Matters also offers some timely articles on home staging, "the psychology" of choosing paint colors and advice on choosing senior housing. Top 5 Members are uniquely qualified to not only help you get educated on these matters, but make them as effortless as possible. Only Top 5 Members can provide you with the kind of exclusive information found here in Real Estate Matters - a monthly look at what's really happening in the housing market. It's a privilege to provide you with this important information. Enjoy this monthly e-newsletter, and as always, your feedback is welcomed - call or email any time! This Month's Top Story 10 Tips to Improve Your Chances of Getting a Mortgage on Favorable Terms RISMEDIA, April 8, 2011—Speculative fears by renters who think they can’t afford the costs related to owning a home may cause many first-time home buyers to miss out on the opportunity of a generation to become homeowners this year. According to Fannie Mae’s National Housing Survey, financial fears are the top reasons given by renters for not buying a home, followed closely by purchase and upkeep affordability. More Top Stories New Law Will Help Reduce Mortgage Relief Scams RISMEDIA, April 8, 2011—Homeowners will soon be protected by a new Federal Trade Commission (FTC) rule that bans providers of mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they decide is acceptable. 4 Home-Staging Trends to Help you Compete in Today's Market RISMEDIA, April 8, 2011—Staging a home before listing it on the market is a crucial step that many homeowners often overlook. The International Association of Home Staging Professionals (IAHSPR) offers four home-staging tips to help homeowners compete in today’s market: Color Psychology - The Impact of Paint Color in Your Living Space RISMEDIA, April 8, 2011—The words ‘paint’ and ‘personality’ aren’t often used together, but they certainly could be. “Studies show that paint and room color can have an effect on the body and mind,” states Debbie Zimmer, color and decorating expert with the Rohm and Haas Paint Quality Institute. “By understanding the impact of color, consumers can better incorporate the hues that help create the desired living space mood and setting that best suits their family and personal lifestyle.” 4 Important Tips to Keep in Mind when Seeking Senior Housing RISMEDIA, April 8, 2011—People are living longer today. The century-long expansion in the world’s population that is 65 and older is the product of dramatic advances in medical science and health lifestyles. Currently, 13% of the U.S. population is 65 and older, up from 4% in 1900. As Baby Boomers turn 65 in high and higher annual numbers, it is estimated that one in five Americans will be over age 65 and about 5% over 85. Have You Heard About The Top 5 Real Estate Social Networking SystemSM? Sign up to receive my free, weekly e-Articles - brief, compelling, home-related informational articles that you or your family and friends will find helpful in pursuing your real estate goals! Here are some article samples recently sent out to my Real Estate Social Network: Good News for Second-Home Owners and Buyers How to Qualify for a Mortgage in Today's Credit Crunch Easy Energy-Saving Ideas for Spring Top 5 Ways to Make Moving Less Stressful Top 5 Tips for Tackling Home Improvement Projects Email me for more information. * This monthly newsletter is brought to you by your Top 5 in Real Estate Network® Member Agent and is intended as educational information only. RISMedia's Top 5 Real Estate Network® is a network created by, for, and of "leading real estate professionals" who are dedicated to providing "leading real estate information to consumers." The RISMedia Top 5 in Real Estate Network is backed by the commitment and resources of RISMedia. Top 5 was created to fill a profound void in how high-impact consumer relevant information was presented by leading real estate industry members to increasingly sophisticated, discerning, and demanding consumers, in order to both sustain and elevate the ongoing viability and appeal of the industry's leading professionals. For more information, visit www.top5inrealestate.com RISMedia, publisher of Real Estate magazine, is dedicated to providing real estate professionals with the most up-to-date news, information and business development resources in the industry. To submit questions, comments, suggestion, press releases or story ideas, please e-mail realestatemagazinefeedback@rismedia.com. RISMedia, Inc./Top 5 in Real Estate Network® 69 East Avenue, Norwalk, Connecticut 06851 P (203) 855-1234 F(203) 852-7208 www.top5inrealestate.com © 2010. RISMedia, Inc. All Rights Reserved. This email is intended for: bcorsi3.lizzie17@blogger.com. If you wish to edit your subscription or unsubscribe from Real Estate Matters, please click here.

Top 5: Good News for Second-Home Owners and Buyers

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Good News for Second-Home Owners and Buyers

According to a recent survey from the National Association of REALTORS® (NAR), the market share of vacation- and investment-home sales held steady in 2010. Although sales volume declined with the overall market, vacation-home sales accounted for 10% of transactions last year while the portion of investment sales was 17%, both unchanged from 2009.

As a Member of the Top 5 in Real Estate Network®, I am committed to keeping my community informed on market statistics that will affect their real estate investment decisions. NAR's "2011 Investment and Vacation Home Buyers Survey" -- covering existing- and new-home transactions in 2010 -- revealed that foreclosure or trustee sales accounted for 17% of investment purchases and 11% of vacation-home sales in 2010, compared with 5% of primary purchases. In other words, second-home buyers purchased more distressed homes at discount than did buyers of primary residences.

Also worth noting, all-cash purchases have become prevalent in the second-home market in recent years; 59% of investment buyers paid cash in 2010, as did 36% of vacation-home buyers.

These statistics clearly indicate that there are buyers out there taking advantage of today's market opportunities to buy second homes, either as once-in-a-lifetime investment opportunities or to make a long-desired lifestyle change. According to the survey, the median vacation-home price was $150,000 in 2010, down 11.2% from $169,000 in 2009, while the median investment-home price was $94,000, which is 10.5% below the $105,000 median in 2009.

As NAR Chief Economist Lawrence Yun explains, "The fall in home prices has opened opportunities for more families to enter the second-home market. Even if purchases are delayed due to economic circumstances, the underlying long-term demand -- the desire for purchasing second homes -- remains because people in their 30s and 40s will reach the prime age for buying and will drive the second-home market in coming decades as conditions permit."

The NAR survey reveals that lifestyle factors continue to be the primary motivation for vacation-home buyers while the desire for rental income drives investment purchases. Vacation homes were more likely to be located in a rural area while investment homes were more likely to be in a suburban location.

Whether looking to buy or sell a vacation home or investment property, today's market may be the optimal time to do so. If you'd like a closer look at second-home opportunities in our area, please contact me. Be sure to forward these informative statistics to others who may be interested as well.

Sincerely,

Barbara Corsi BCorsi@Rockcliff.com J. Rockcliff Realtors Office: 925-253-7045 Mobile: 925-788-7589 http://www.BarbaraCorsi.com

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