NBC Today Show

You Can Still Get A Mortgage If You’re Pregnant – No Kidding

The New York Times ran an important story this week concerning pregnancy and mortgage approvals. Titled “Need a Mortgage? Don’t Get Pregnant“, the article discussed the difficulties that expecting and recently-expanded families are having with their mortgage financing.

NBC’s The Today Show picked up the story as well, as shown in the 3-minute clip above.

The crux of the issue is that maternity/paternity leave often leads to a change in household income and mortgage lenders will no longer assume one or both parents will go back to work full-time.  The loss of income can raise a household’s debt-to-income ratio to unacceptable levels.

Your mortgage loan originator cannot ask you about a pregnancy. Such questions would be in violation of Equal Credit Opportunity Act. But he can ask if whether you expect your future employment and income situation to change. This would be a perfect time to discuss the topic. And you should. If you’re found to have withheld employment and income information from your lender at a later date, it could result in an immediate loan denial plus a loss of earnest monies paid.

The prevailing message across both pieces is that families concurrently planning to (1) have a baby and (2) buy a home should be up-front and forthcoming with their mortgage loan originator. Financing is often still available for families expecting a new addition — there’s just some extra paperwork though which to work.

Be prepared for that paperwork and you’re more likely to get your home loan.

NBC Today Show

Shopping Online? Quick Tips to Protect Your Identity

In May 2010, Retail Sales at non-store retailers — a category that includes Amazon and eBay — topped $29 billion, up 16 percent from May 2009. Clearly, Indiana and Illinois residents are doing an increasing amount of shopping online.  And we’re paying our bills online, too.

But how well are we protecting our identities?

In this 5-minute piece from NBC’s The Today Show, you’ll learn the basics of online fraud and methods to minimize the likelihood of identity theft.  Furthermore, the tips go beyond the basic “choose a challenging password”.  For example, you’ll hear about:

• Why you shouldn’t pay bills from a coffee shop
• Who might be hiding behind an unprotected public wifi network
• The dangers of storing credit card numbers with an online retailer

Although the interviewee goes over the top at one point with respect to spyware and anti-phishing prevention, the point being made is a good one — you can’t be too careful with your online financials and common sense goes a long way.

Do you have any other tips on protecting your online identity? If so, share them in the comment section.

NBC Today Show

Clock is Ticking – Should You Refinance Your Home Loan?

Because of strife in Greece, Spain and North Korea, conforming mortgage rates are back to all-time lows. They’re at levels not seen in 50 years.  For Indiana homeowners that missed the Refi Boom of November 2009, it’s a second chance.

In this well-presented, 3-minute video from NBC’s The Today Show, you’ll get tips getting low rates and choosing the best time to lock in.

Some of the topics covered include:

• Why were the experts wrong about rates moving higher this summer?
• How much money can you save with a 1 point drop in your interest rate?
• Should you buy a bigger home now that rates have fallen?

The advice in the piece is matter-of-fact and centered.  There is no cheerleading and the message is honest. Mortgage rates are low and they likely won’t stay that way.  If you’ve been thinking about a refinance, talk to your loan officer as soon as possible.

NBC Today Show

Fight Your Real Estate Property Tax Bill Without A Lawyer

More than 60 percent of U.S. homes are “over-assessed”, says an industry trade group. Homeowners in Valparaiso pay more in property taxes than they otherwise should have to.  You might be one of them.

Have you considered fighting your real estate tax bill?

In this 4-minute piece from The Today Show, you’ll learn:

• When to file your tax bill dispute for the best chances of winning
• How to pull your “property card” and check for tax bill-raising errors
• What to do if the taxing authority turns down your request

Most importantly, you’ll learn that don’t need to hire an attorney to fight your tax bill.  You just need to be prepared.  Do your research and make your case. It’s estimated that nearly half of all contesting homeowners are successful.

Contact James K Barath in Valparaiso Indiana to Qualify for Your FREE FHA Home Loan Approval Today!

NBC Today Show

How To Get Tax Credits Back Even If You Already Filed

Taxes are due April 15 and if you’re among the millions of Americans who wait until the last week to file, here’s a video interview that could help you reduce your federal tax liability. 

Originally broadcast by NBC’s The Today Show, the 4-minute piece reviews various tax credits and deductions, plus some recent tax law changes.  A few of the topics covered include:

• Tax filers receiving larger “personal exemptions” in 2009 versus 2008
• Unemployment income recipients being required pay taxes beyond the first $2,400 received
• The “first time” home buyer credit being extended to non-first time home buyers for up to $6,500

The interview also talks about how taking a parent, child or other family member into your home may change your tax filing status and reduce your tax liability.

Even if you’ve filed your taxes already, watch the video above. You may find that you missed a potential deduction. If that’s the case, consider filing an amended return with the IRS to recapture the credits you left on the table.  Most times, the benefits of re-filing will outweigh the costs of doing it.

Be sure to talk with your tax professional for personal tax advice.

Contact James K Barath in Northwest Indiana to Qualify for Your FREE FHA Home Loan Approval Today!

NBC Today Show

Average Household Gets $2,800 IRS Tax Refund. Will You?

April 15 is Tax Day and the IRS estimates that the average U.S. household will receive a $2,800 tax refund this year.  If you’re among the Americans expecting a refund, this 4-minute piece from NBC’s The Today Show may be helpful. It’s a talk about how to receive a refund and what to do with it.

Some of the key points discussed include:

1. Why state-issued tax refunds may be delayed this year
2. How wage-earning people can claim their “Making Work Pay” tax credit of up to $800
3. How to direct a tax refund to a 529 college savings plan for an even bigger tax refund

There’s also some sensible pointers on using tax refunds to pay down credit card debt, and to fund retirement plans, among other purposes.

If you haven’t started your tax planning yet, try to avoid leaving it for the last weekend.  Not only will your tax preparer have more time for you now, but you’ll leave yourself more time to track down important statements and receipts that can boost your federal and state tax deductions.

Taxes are due in 21 days.

I would appreciate any thoughts or comments you might have on this subject. If you are in need of a Certified Public Accountant and/or Certified Bookkeeper in Northwest Indiana, please feel free to give me a call so that I can recommend a trusted professional.

Contact James K Barath in Northwest Indiana to Qualify for Your FREE FHA Home Loan Approval Today!

NBC Today Show

Practical Home Buying Tips for Real Estate Investors

According to the the National Association of Realtors®, “distressed homes” represented nearly 2 of every fifth home sold in January 2010.  Clearly, real estate investors are taking advantage of good deals on cheap property even here locally in Northwest Indiana.  But there’s risk involved.

This NBC Today Show interview first ran in March 2009, featuring real estate expert Barbara Corcoran. Despite its age, the message remains relevant. Today may be a terrific time to buy a bank-owned home — just make sure you do your research first.  There’s plenty of ways for investors to get burned.

Some of the tips in the video include:

• Buy in your own backyard
• Start small, then build to a bigger portfolio
• Watch receipts — rent rolls don’t matter if tenants aren’t paying rent

Corcoran also gives pointers on how to evaluate a prospective tenant.

Foreclosures should represent a large number of 2010′s total home sales in Northwest Indiana and will offer interesting opportunities to bona fide real estate investors. be you jump in, make sure to watch the video. The rents you save may be your own. 

Remember, the stats and the data are from 12 months ago, but the advice stays meaningful.

Contact James K Barath in Northwest Indiana to Qualify for Your FREE FHA Home Loan Approval Today!

NBC Today Show

7 Ways to Improve Your Credit & Your Home Loan Rate

As mortgage lenders tighten approval standards nationwide and in Northwest Indiana, the importance of a good credit score is rising.  Credit scores not only make the difference between a mortgage approval and mortgage turn-down, but they also play a large role in determining your actual mortgage note rate.

In the 3-minute piece, the NBC Today Show talks about 7 ways that homebuyers ruin their credit — often by accident.  Some of the highlighted mistakes include:

• Closing open credit cards
• Making appliance buys on credit prior to closing
• Asking creditors to lower credit limits prior to closing

In general, a 740 FICO will insulate a borrower from the higher costs and/or rates associated with low credit scores.  Below 740, though, every 20 points adds to the damage.  Watch the video and apply what you can to your own situation.  The more you know, the more you can save.

Contact Benchmark Mortgage in Northwest Indiana to Qualify for Your FREE FHA Home Loan Approval Today!

NBC Today Show

Top 10 Cities for Bargain Homes

As the housing market improves across the country, certain cities are emerging as relative bargains.  Some areas, like Miami, were hit hard by the recession, and other areas are buoyed by good school systems and strong labor markets.

In this 5-minute video from The Today Show, 10 cities are highlighted for their bargain home prices based on size, value, local job growth and home value appreciation.  And they’re not “small towns”, either.

Among the featured cities:

• Miami, Florida
• Akron, Ohio
• Tuscon, Arizona
• Minneapolis, Minnesota
• Trenton, New Jersey

Although this video clip is about finding gems on a national scale, did you know that home bargains also exist locally in Northwest Indiana. You just need to know what to look for.

With mortgage rates low and tax credits available, it’s not likely that bargains will last.

Need more expert advice? Ask the team of Certified Mortgage Planning Specialists at Benchmark Mortgage.

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