debrashultz.com » The Today Show

Will Home Values Rise This Year?

Deb — Fri, 13 Jan 2012 13:45:00 +0000

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 New York. 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 NJ 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 housing market, talk with a local real estate agent.

Should I Refinance My Home?

Deb — Tue, 11 Oct 2011 12:46:28 +0000

With mortgage rates at all-time lows, you may be asking “Is now a good time to refinance?”. This short interview from NBC’s The Today Show offers good insight.

Refinancing a mortgage is about more than just “low rates”. For example, there are costs associated with giving a new mortgage and even with the average, 30-year fixed rate mortgage near 4 percent, the costs of a such a move can outweigh the benefits — both in the short- and long-term.

The video originally ran in September when mortgage rates averaged 4.09%. Rates are different today, but the offered advice remains relevant.

Some of the key points raised include :

The lowest rates come with the highest costs. Consider a slightly higher-rate option from your bank.
Falling home values may make it harder to qualify for a refinance in the future. Your best time to act may be now.
If you’re many years into a 30-year loan, you can consider switching to a 15-year mortgage to avoid “resetting” your term.

And, lastly, the interviewee makes a strong point that your refinance should save you enough money to make paying the closing costs “worth it”. Make sure the break-even point on your closing costs versus your monthly savings occurs within a reasonable time frame.

At 4 minutes, the The Today Show video is short, but dense with quality information. For follow-up on whether a refinance makes sense for your situation, be sure to talk with your loan officer.

Capitalize On Low Interest Rates In Overlooked Places

Deb — Wed, 14 Sep 2011 12:45:33 +0000

It’s no secret. Rates are low right now. And, it’s not just mortgage rates, either — all types of rates are scraping rock-bottom. Borrowing rates, lending rates and savings rates are at or near their all-time lowest levels.

As a homeowner in New York , one way to take capitalize on today’s low rates is to apply to refinance your home. But there are other ways to take advantage, too.

In this 5-minute piece from NBC’s The Today Show, you’ll learn of a half-dozen ways to exploit the current rate environment, including:

Refinance a car loan from a high rate to a low rate, for cheap, in an hour
Balance transfers between credit cards with teaser rates lasting up to 20 months
Move some savings to an “online” bank where savings rates are higher

The interview’s theme is to examine both where you’re spending and saving your money, and make sure you’re doing what’s best for your budget.

Federal Reserve Chairman Ben Bernanke has pledged to hold the Fed Funds Rate near 0.000% until at least 2013. So long as the Fed Funds Rate is low, there will be places you can save.

What Perks Does Your Favorite Credit Card Offer?

Deb — Thu, 18 Aug 2011 12:45:40 +0000

Last week, the Federal Reserve pledged to leave the Fed Funds Rate near 0.000 percent until at least mid-2013. For credit card holders in NY who carry a monthly balance, this is good news. Because of the Fed’s call, credit card rates are unlikely to rise before mid-2013.

But cardholders can save on more than just interest costs, as you’ll learn from this two-and-a-half minute piece with NBC’s The Today Show. In the interview, you’ll hear about “built-in” perks offered by most credit cards and ways by which you can save on everyday goods and services.

For example, did you know your everyday credit card might offer:

Travel perks : Automatic trip cancellation protection and car rental insurance.
Shopping perks : Discount admission to concerts and museums; free shipping from overseas.
Consumer perks : Price protection against a drop in price; insurance against theft; extended warranties.

And it’s not just “high end” cards that offer these options, either. Credit cards of all types do what they can to improve consumer loyalty. Offering free perks is just one way in which they try.

Most credit cards offer websites detailing cardmember perks and benefits. Visit the site of your favorite card and see where you might save on everyday items.

How To Properly Screen A Prospective Tenant

Deb — Wed, 03 Mar 2010 13:45:24 +0000

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 in New York and around the country are taking advantage of good deals on cheap property. 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 and will offer interesting opportunities to bona fide real estate investors. Before 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.

7 Ways To Protect Your Credit Score For Better Mortgage Rates

Deb — Fri, 05 Feb 2010 13:45:14 +0000

As mortgage lenders tighten approval standards in CT and nationwide, 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 balances 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.