The Today Show

Will Home Values Rise This Year?

Will your home gain value over the next 12 months? Nobody can know for sure, of course, but should recent housing trends continue, there’s concrete cause for optimism.

The housing economy has suffered since 2007, knocking home values down nearly 20% nationwide. And while some areas have fared better as compared to others but, in general, home values are down. 

Mortgage rates are down, too, and that’s good news for buyers in Schererville Indiana. The combination of low rates and low prices has led home affordability to an all-time high. As you’ll hear in this 4-minute interview with NBC’s The Today Show, carrying a mortgage costs 25% less per month as compared to just 3 years ago.

Some other notes from the interview include:

• There are more buyers out looking for homes today, which leads to more sales
• The housing market is expected to get gradually better, month-by-month, in 2012
• Foreclosures will continue to be a big part of the housing market

With housing supplies shrinking, buyers throughout Northwest Indiana may find their best “deals” today — before the Spring Buying Season begins in February.

However, we can’t forget that housing markets are local — not national. Each town and neighborhood has its own market drivers and prices where you live may have already started to climb.

For accurate, up-to-date data on the local housing market, talk with one of the local real estate agent.

The 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.

The Today Show

Pay or Save? Which Household Bills Should You Pay First?

Morning television can be “light”, but as far as personal finance interviews go, this Suze Orman segment from The Today Show is loaded with practical financial planning advice.

Titled “What Should You Do First?”, Ms. Orman addressed the real-life, money management conundrums households face, such as:

• Should you pay off credit card bills, or create an emergency cash fund?
• Should you pay off student loan debt, or pay off credit card bills?
• Should you save for a child’s college tuition, or save for my retirement?

A half-dozen scenarios like the ones above are included, explaining what to do, and why to do it.

Ms. Orman’s style may not interest you and financial advice is rarely universal, but the piece is worth watching.

Want to discuss other scenarios relevant to your household? Contact me today to review your options.

The 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.

The 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.

The 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!