Spring Break in Gilbert, Tempe, Chandler, Phoenix & surrounding areas...

Spring break is just around the corner for most here in the east valley. Depending on where your kids go to school, students will be on break March 10-14, March 17-21 or both weeks. There is plenty to do in the valley and won't necessarily break the bank either!

Here is what's happening around the valley:

Poolside - Hamilton Aquatic Center - 3838 S. Arizona Ave - Chandler

Chandler is opening the Hamilton Aquatic Center to the public March 8-22nd, however the pool will be closed on Sundays. The center has heated pools, water slides and a kids' play area. Admission is 50 cents for children 2-17; $1.50 for adults and 75 cents for seniors 55 and older. Hours are noon to 5 p.m. during the week and 1 to 5 p.m. on Saturdays. On March 15, the center is hosting the city's annual water safety fair from 1 to 4 p.m. The event is free and features games, free popcorn and a chance to win free swimming lessons.

Ride the Wave - Kiwanis Park Recreation Center - 6111 S. All-America Way

The Kiwanis Park Recreation Center wave pool in Tempe will open its indoor, heated wave pool to during Tempe's spring break, March 10-15. The pool features waves up to 3 feet and a 15-foot-tall, 127-foot-long spiral water slide.Participants also can rent rafts and inner tubes for $5 to $8. Admission is $3 for children 2-12, $6 for ages 13 and older. The center is open 1 to 5 p.m., with discount admission rates from 3 to 5 p.m.

Journey through Time - Arizona Museum of Natural History -
53 N. Macdonald St. - Mesa

The unique Feathered Dinosaurs are on display at the Arizona Museum of Natural History in Mesa, Arizona. The fossils are part of the "Feathered Dinosaurs and the Origins of Flight" exhibit that started March 1st and runs through Sept. 28th, 2008.The fossils were uncovered in 2002 in a stone quarry in Liaoning Province, China. The exhibition includes 35 fossils on loan from the People's Republic of China, plus life-size reconstructions of the animals. Prices are $4 for ages 3 to 12; $6 for ages 13 to 18; $8 for adults; $7 for seniors 65 and older. Hours are 10 a.m. to 5 p.m. Tuesday-Friday, 11 a.m. to 5 p.m. Saturdays and 1 to 5 p.m. Sunday.

Science Experiment - Kiwanis Recreation Center -
6111 S. All-American Way - Tempe

The magic of electronics comes alive at a two-day science camp for kids ages 7 to 12. Organizers plan 30 science projects and experiments built with reusable electronic circuit boards that students get to keep. The camp is designed to teach students how electronics work.
It runs from 8:30 a.m. to 4 p.m. March 10-11 at the Kiwanis Recreation Center. The class costs $143. Participants must bring a non-perishable sack lunch.

Professional Baseball Camps for little ones - Arizona Diamondbacks

The Arizona Diamondbacks are offering spring baseball camps in Gilbert, Chandler and Tempe. The first camp, March 10-14, is planned from 9 a.m. to noon at Snedigar Sportsplex, 4500 S. Basha Road in Chandler, and the Tempe Sports Complex, 8401 S. Hardy Road in Tempe.Camps will focus on basic hitting, fielding and pitching. Cost: $150. For more Information: www.dbacks.com/camps or call 800-821-7152. The second Diamondbacks camp will run from 9 a.m. to noon March 17-21 at Crossroads Park, 2155 E. Knox Road in Gilbert.Another baseball camp is geared toward older kids, 9-19, for a bigger portion of the day and over several weeks. That camp, planned for Mesa, also costs more money.The camps will be held from 9 a.m. to 3:30 p.m. March 9-14, March 15-20 and March 24-27 at the Red Mountain Park, 8008 E. Brown Road, Mesa.Details: www.baseballcamps.com or call 800-222-8152.

Spring Training in Arizona - Take me out to the ball game - Phoenix area

The Southeast Valley is home to three spring training parks. The Chicago Cubs play at Mesa's Hohokam Stadium, 1235 N. Center St. Saturday and Sunday home games are already sold out, but tickets are still available for weekday games during spring break. Ticket prices range from $6 to $24. For more info click here www.hohokamstadium.com/spring_training.aspx or call 480-644-3337.The Los Angeles Angels of Anaheim, meanwhile, play at Tempe's Diablo Stadium, 2200 W. Alameda Drive. Tickets range from $4 to $20. For more information click here http://angels.mlb.com/ticketing/ or call 480-784-4444.Northwest of Tempe you can catch a spring training game at Phoenix Municipal Stadium, 5999 E. Van Buren St. That's where the Oakland Athletics play. Tickets start at $6 and top out at $25. For more information click here http://oakland.athletics.mlb.com/ spring_training/ or call 877-493-2255.

Strategic Move for Spring Break - 331 S. Cooper Road, Gilbert

Students in kindergarten through 12th grade can sharpen their chess skills at a camp for beginners to advanced players.The camp runs from 9:30 a.m. to 4 p.m. March 18-20 at Gilbert's Advantage Chess Camp, 331 S. Cooper Road in Gilbert. Cost is $48 per day or $118 for three days if registered by March 17. The student-teacher ratio is 6 to 1. Students need to bring a sack lunch or $5 for pizza. For more information click here www.gpca chess.org or call 480-216-8025.

Kite Flying Festival - Freestone Park - 1045 E. Juniper Rd. Gilbert

Stop by for the 6th Annual Basant Mela Kite Flying Festival, it's a free event, March 22, 2008 from 11:00 am to 6:00 pm. Activities include kite flying, food, arts and crafts, children's activities and music. The event will be at Freestone Park located at 1045 E. Juniper Road on the corner of Lindsey and Juniper Roads - between Guadalupe and Elliot Roads.
For more information click here http://www.pakistaninformation.org/ or call (623) 570-9526 or (480) 586-1840.


Audubon Family Bird Walks - Riparian Preserve -
2757 E. Guadalupe Road, Gilbert

Groups gather throughout the morning on Saturday, March 15th to enjoy free guided bird walks at the Riparian Preserve in Gilbert from 8am-11am. For additional information, please visit the Riparian Institute website.



Candace Robinson is an Licensed Arizona Real Estate agent with HomeSmart Real Estate in Phoenix, Arizona metro area. As a member of our local Arizona Association of REALTORS® and the National Association of REALTORS®. She works with both Buyers and Sellers serving the East Valley and surrounding areas including Gilbert, Chandler, Tempe, Mesa, Fountain Hills, Apache Junction, Ocotillo, Scottsdale, Cave Creek, Phoenix, Queen Creek, Casa Grande, Maricopa, Ahwatukee and more.
Living in Arizona since 1974. She has raised three children in the Town of Gilbert and very familiar with the wonderful lifestyle that Arizona has to offer! If you are looking into buying or selling a home in the Phoenix metropolitan area, hire a REALTOR® like Candace, who wants to win your business and trust. Candace would be honored to share with you an educated idea of what your home's value is based on experience, local knowledge, and comparable actual sales in your neighborhood! To get a FREE no-obligation Home Evaluation specific to your needs be sure to contact Candace Robinson. If you have any general questions about buying or selling real estate in Arizona please don't hesitate to contact her at CRobinson@hsmove.com or call her direct at 602-710-2393.

Copyright © CKRobinson
Candace Robinson http://www.arizonahomecentral.com/ serving all your Real Estate needs in the Phoenix metro area including Gilbert, Chandler, Tempe, Mesa, Fountain Hills, Apache Junction, Ocotillo, Scottsdale, Cave Creek, Phoenix, Queen Creek, Casa Grande, Maricopa, Ahwatukee and more. Call 602-889-3700

MY BLOG > CLICK HERE

Things To Do in Gilbert Arizona

Southeast Regional Library Located on a 127-acre site, the Southeast Regional Library not only offers books, videos, CDs and access to the web, visitors also have spectacular views of the Riparian Preserve at Water Ranch

The 110-acre Riparian Preserve at Water Ranch is located at 2757 E. Guadalupe Road east of Greenfield Road, next to the Southeast Regional Library in Gilbert, Arizona. At the Riparian Preserve over 200 species of birds can be seen throughout the year. There are 4.5 miles of walking trails, and fishing at the recreation lake at Water Ranch. This unique area was designed to utilize recycled water to create community wetland wildlife sanctuaries for recreation, education, and research. The Riparian Institute also offers programs and classes to the public, like birds walks, kids camps and programs, and public viewings at the new observatory. Download Map

Heritage District An officially recognized and established historic area, the Heritage District marks the original Gilbert town site and is still the historic center of the community. The Heritage District includes one-of-a-kind restaurants, shops and offices.

The Hale Centre Theatre has a legendary heritage as the longest continuously running, privately owned and operated theater company in America. You can find it now in the Heritage District in downtown Gilbert, presenting a variety of theatrical performances.

Gilbert Town Square, an urban village created by Triple Five Arizona Development, features a 14-screen megaplex theater, retail shops and restaurants.

Gilbert Days November marks Gilbert Days, a unique, three-day celebration that marks the paving of Gilbert Road through downtown. Gilbert Days provides fun-filled activities for the entire family including the Gilbert Days 5K Run and 1 Mile Fun Run, a parade through downtown, and IPRA Rodeo action and carnival that takes places at Gilbert Rodeo Park.

Gilbert Historical Society Museum The town's history has been captured in the Gilbert Historical Society Museum. Located in a building that was once the original Town School at 10 S. Gilbert Road.

Freestone Skate Park From the novice in-line skater to the extreme skateboarder, Gilbert's 22,000 sq. ft. skate park offers features that accommodate all skill levels. The skate park located in Freestone Park offers free, non-supervised skating to visitors.

Freestone Park Gilbert's flagship park truly is a wonderful place to visit and play. Freestone Park features ball fields, sport courts, a train, batting cage concession, playgrounds and picnic ramadas for visitors to enjoy. Located at the park you will also find and amphitheatre, Gilbert's Skate Park and the Freestone Recreation Center.
Crossroads Dog Park This dog park is on the west side of Greenfield Road, south of Warner Road. The dog park hours are 6 a.m.- 10 p.m., seven days per week. 2155 E. Knox Road.

Cosmo Park is located at the northeast corner of Ray Road and the Santan Loop 202 in Gilbert. Hours are 6 a.m. to 10 p.m. The park features a lighted fenced dog park.

SPORTS & RECREATION Outdoor recreation abounds in the area.
Among the offerings are:

The Arizona Cardinals (NFL Football)
Phoenix Suns (NBA Basketball)
Arizona Diamondbacks (Major League Baseball)
Phoenix Coyotes (NHL Hockey)
Arizona Rattlers (Arena Football)
Arizona San Sharks (Indoor Soccer)
Cactus League (professional baseball spring training)
Professional FBR golf tournaments during the season
Phoenix Greyhound Park Racing
Phoenix International Raceway
Golf Courses - 25 within 15 minutes
The Fiesta Bowl

Gilbert's Cosmo Dog Park to Re-Open this Weekend!

UPDATE: Town of Gilbert has postponed the opening until mid-late September! Darn...

Cosmo Park in Gilbert, Arizona (Ray & Greenfield Rd), which is a retention basin that was transformed into a 17 acre park for dogs and their owners, is named after the town's first police dog is scheduled to re-open this weekend!

My daughter and I are so excited since we have spent quite a bit of time there with our dogs and it is with in walking distance of our neighborhood, Greenfield Lakes!
Once I get a little sharper with my computer skills I will show you our video of our first visit to Cosmo Dog Park with "Snickers" our Pomeranian. He was not so sure what to think and spent quite a bit of time avoiding the large dogs. But it was great training ground for him to learn to mingle with other dogs and learn to play!

'Bella', our little mixed long haired chihuahua/pekinese pup loves the park and thinks she's tough stuff! We are so looking forward to the new improvements and repairs to be done to get back to the park and give our little ones a place to run free!

Cosmo Dog Park, 2502 E. Ray Road in Gilbert opened originally in July of 2006 and was a hit from the beginning for dog lovers in Gilbert, Chandler, Mesa and surrounding cities. Cosmo Park dog park has been closed since July 15 for a repair and a renovation project. The project will include expansion of the lake shoreline, and landscape and turf area improvements.

We take our dogs there regularly and enjoy watching the much larger dogs enjoy the lake and doggie obstacle courses. Our little dogs are not much more than an appetizer for the much larger dogs that frequent the park however we love the atmosphere and enjoy the entertainment it provides. The variety of dogs is just amazing that you will encounter and the friendly interaction with other dog owners is so much fun!

Cosmo Park features doggie exercise equipment, a fire-hydrant drinking fountain, basketball court, tot lot, lighted fenced dog park. There is a lake where dogs may swim and two dog wash stations! The park also features a tribute to Cosmo the dog, who served with Gilbert Police from 1993 to 1999 and died in 2002, and more than 1,000 commemorative bricks dedicated to pets.
Cosmo Park is located at the northeast corner of Ray Road and the San Tan Loop 202 in Gilbert. Hours are 6 a.m. to 10 p.m. Timid dogs are directed to use the northern part of the park. Call for information 480-503-6200.

If you live in the Greater Phoenix area, chances are there's a dog park within 20 minutes of your home where you can take your dog for a romp off leash. These are fenced dog parks.

Dog Parks in the Tempe, Mesa, Chandler, and Gilbert Area:

Chandler

• Snedigar Park, 4500 S. Alma School Road
• Shawnee Bark Park, 1400 W. Mesquite Street
• West Chandler Bark Park, 250 S. Kyrene Road

Mesa Dog Park

• Quail Run Park, 4155 E. Virginia

Tempe Dog Parks

• Mitchell Park, 900 S. Mitchell
• Creamery Park, Una Avenue and 8th Street
• Papago Park, 1000 N. College Avenue (College Avenue and Curry Road)
• Jaycee Park, 817 W. 5th Street (5th St and Hardy Drive)
• Tempe Sports Complex, 8401 S. Hardy Drive (Hardy Dr and Carver Rd.)

Gilbert Dog Parks

• Crossroads Dog Park, 2155 E. Knox Road
• Cosmo Dog Park, 2502 E. Ray Road
  

Tips For Avoiding Foreclosure!

Are you having trouble keeping up with your mortgage payments? Have you received a notice from your lender asking you to contact them?

• Don't ignore the letters from your lender
• Contact your lender immediately
• Contact a HUD-approved Housing Counseling Agency
• Toll FREE (800) 569-4287
• TTY (800) 877-8339

If you are unable to make your mortgage payment:

1. Don't ignore the problem.The further behind you become, the harder it will be to reinstate your loan and the more likely that you will lose your house.

2. Contact your lender as soon as you realize that you have a problem.Lenders do not want your house. They have options to help borrowers through difficult financial times.

3. Open and respond to all mail from your lender.The first notices you receive will offer good information about foreclosure prevention options that can help you weather financial problems. Later mail may include important notice of pending legal action. Your failure to open the mail will not be an excuse in foreclosure court.

4. Know your mortgage rights.Find your loan documents and read them so you know what your lender may do if you can't make your payments. Learn about the foreclosure laws and timeframes in your state (as every state is different) by contacting the State Government Housing Office.

5. Understand foreclosure prevention options.Valuable information about foreclosure prevention (also called loss mitigation) options can be found on the internet at www.fha.gov/foreclosure/index.cfm.

6. Contact a HUD-approved housing counselor.The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. Housing counselors can help you understand the law and your options, organize your finances and represent you in negotiations with your lender if you need this assistance. Find a HUD-approved housing counselor near you or call (800) 569-4287 or TTY (800) 877-8339.

7. Prioritize your spending.After healthcare, keeping your house should be your first priority. Review your finances and see where you can cut spending in order to make your mortgage payment. Look for optional expenses-cable TV, memberships, entertainment-that you can eliminate. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.

8. Use your assets. Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for cash to help reinstate your loan? Can anyone in your household get an extra job to bring in additional income? Even if these efforts don't significantly increase your available cash or your income, they demonstrate to your lender that you are willing to make sacrifices to keep your home.

9. Avoid foreclosure prevention companies. You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgage payment) for information and services your lender or a HUD approved housing counselor will provide free if you contact them.

10. Don't lose your house to foreclosure recovery scams!If any firm claims they can stop your foreclosure immediately if you sign a document appointing them to act on your behalf, you may well be signing over the title to your property and becoming a renter in your own home! Never sign a legal document without reading and understanding all the terms and getting professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.

Content updated August 2, 2007

U.S. Department of Housing and Urban Development451 7th Street, S.W., Washington, DC 20410Telephone: (202) 708-1112 Find the address of a HUD office near you

Quick Fixes for Sellers

It is amazing how just a little attention to the details will add that special appeal that the buyer is looking for!

• Clean up the outside.
  Curb appeal is the first impression of your house. Keeping the grass cut and the area tidy will help make a great first impression.
  Paint or wash the exterior of the house (including window casings, shutters, and doors).
  Wash the windows inside and out.
  Check the gutters and chimney.Remove sunscreens from home (especially front elevation) to allow more natural light in and curb appeal.Purchase color potted flowers for entrance or plant some potting plants to add a little color!




• Touch up the interior.
  Put a fresh coat of paint in the most used areas of the home. This will clean as well as brighten up the rooms.
  Wash the walls where paint is not appropriate (i.e. wall paper, paneling).
  Wash all floors and bathroom tiles.
  Shampoo dirty carpets.
  Get rid of clutter. Clean out your closets, garage, basement and attic. Use self storage if necessary.
  Replacing air filters will help keep the dust down.

• Replace bathroom and kitchen fixtures that are worn or leaking.
  People will notice a leaking or worn-out faucet. By replacing these items, you will give a new look to the room.
  Clean under the sinks. If there is any leaks fix them. Then clean up the damage using contact paper or paint. Find and research local contractors, get free no obligation quotes on your home improvement projects.

• Get rid of any bad smells in your home.
  Pay attention to pet or cigarette odors.
  Place scented potpourri around the house.
  On the day you're expecting a potential buyer, pop a batch of frozen cinnamon rolls or home-made bread into the oven for a great aroma.

Consider a Pre-Listing Inspection

Having your home inspected by a professional home inspector before you list is a recommendation from Ron Kohatsu of World Inspection Network (WIN). Eventually your buyers are going to conduct a home inspection. You may as well know what they are going to find by getting there first.
One way to make your home appeal to all buyers is to conduct a pre-listing inspection. A pre-listing inspection helps sellers discover flaws in their home that they might want to address before sale. Since the buyer will use his or her inspection to gain information on issues that could justify renegotiation or even abandonment of the purchase, it's important for you to know your home's condition -- even if you don't plan to do work on the property. A pre-listing inspection also creates a positive marketing tool that you or your agent can use to promote your home. Each WIN pre-listing inspection includes marketing materials alerting potential buyers that your home has been pre-inspected and is move-in ready.
Pre-Listing inspections also help you prepare your home for the best possible results during a buyer's inspection. Some inspectors complain that sellers often don't think about how to best present a home to the buyer's inspector, who may draw conclusions about a home's structure based on minor issues the seller could easily address. Gestures as simple as changing burned-out indoor and outdoor light bulbs or scraping windows that have been painted shut could prevent the mistaken impression that the house has electrical flaws or outages or that none of its windows open. Replacing filters in furnaces and air conditioners, cleaning ducts, and adjusting door knobs and locks can all help with your buyer's inspection. You'll also need to provide keys to exterior structures, and unblock access to attics, and crawl spaces.

Having an inspection performed ahead of time helps in many other ways:

• It allows you to see your home through the eyes of a critical third-party.


• It helps you to price your home realistically.


• It permits you to make repairs ahead of time so that ...


• Defects won't become negotiating stumbling blocks later.


• You have the time to get reasonably priced contractors or make the repairs yourself, if you are qualified.


• It may encourage the buyer to waive the inspection contingency.


• It may alert you of items of immediate personal concern, such as radon gas or active termite infestation (not all inspectors offer these extra services, you can check for radon yourself).


• It may relieve buying prospect's concerns and suspicions.


• It reduces your liability by adding professional supporting documentation to your disclosure statement.


• Alerting you to immediate safety issues before agents and visitors tour your home.

Copies of the inspection report along with receipts for any repairs should be made available to potential buyers. Be sure the inspector you use is insured and licensed or certified (if your state requires) or at least belongs to a professional organization such as NACHI, ASHI, NIBI.

What's in a WIN Home Inspection? View Tour



WIN Gateway

Ron Kohatsu
Phone: (480) 844-2882Fax: (480) 833-7287

E-mail: rkohatsu@wini.com
Schedule a Home Inspection

Is Homeownership Right for You?

Buying a home is the largest purchase most people will ever make. Homeownership has great benefits. Homeownership also comes with certain responsibilities.
Are you ready for homeownership? Look at your current situation and determine if:

• You have a continuing and reliable source of income prior to applying for the loan.


• You have a credit history that shows you're ready for homeownership.


• Your total debt is manageable and you can afford to take on the costs associated with homeownership.


• You have money saved or a down payment and closing costs.


• Once you fully understand your current situation, it's important to look at the pros and cons of homeownership to make the best decision for you and your family.

Credit and Homeownership

If you're thinking about buying a home, you should also be thinking about your credit. The first step in the homebuying process is understanding your credit.
When you apply for a mortgage, lenders will review your credit report. Your credit report is a history of how you've managed your finances: it's a record of money you've borrowed and your history of paying it back.
Your credit report is a record of all your credit transactions whenever and wherever you've used credit to purchase goods and services. Your credit will have a big influence on whether or not you can get a mortgage, the terms of that loan, and the interest rate. If you have good credit, you may have a much wider range of mortgage offers with lower rates.
So how do you better understand credit?

• Be aware of how important your credit history is to the process.


• Establish good credit and protect your credit.


• Look at your credit report and credit scores.


• Make sure you correct any mistakes on your credit report right away.

What Are the Risks?

Overall, homeownership is a good investment for most people, but there are risks. If you understand the benefits and risks of homeownership, you can make the best decision about when to buy a home.

So what are the risks of homeownership?

Monthly housing expenses can increase.Your monthly mortgage payment may be larger than your rent. These higher monthly payments may be offset by a tax benefit at the end of the year. Talk to a tax professional to understand your particular situation.

You become your own landlord.If an appliance breaks, you will have to pay for its repair or replacement. You are also responsible for the maintenance and upkeep of your home and your property.

You must sell your house to move.Depending on the local real estate market, you might not be able to sell your home quickly. You should also factor in the likely expense of hiring a real estate professional. Fees can be negotiated and vary across regions. They also vary from professional to professional.

Property values can depreciate.You can lose value in your home for a number of reasons, such as a recession, the condition of your home not being kept up, or a drop in a neighborhood's home values. If your home loses value and you have to sell it for less than you owe, you will be required to repay the full mortgage.

Down Payments and Closing Costs

When you buy a home, there are several up-front costs you should be aware of, particularly down payments and closing costs.

Down Payments

A down payment is usually between 3% and 20% of the total cost of the home. The amount of the down payment depends on your credit history, income, the cost of the home, and the type of mortgage you choose. Some lenders also have loan options that allow for no down payment at all.If your down payment is less than 20%, you will need private mortgage insurance (PMI). This is insurance you pay to protect the bank if you don't repay your loan in full. PMI is added to your closing and monthly mortgage costs. When you apply for a home loan, many mortgages require you to also have at least two month's worth of mortgage payments saved, called reserves. However, there are mortgages that do not require reserves.Most lenders want to know the source of your down payment and have restrictions about how much can come from gifts from your relatives. In most cases, these gifts will need to be documented. Ask your lender for more information.

Closing Costs

Closing, or settlement, costs are fees you pay when you actually get your loan from your financial institution. These include points, taxes, title insurance, financing costs, items that must be prepaid or escrowed, and other settlement costs.Closing costs generally range between 1.5-7% of the loan value. You'll receive an estimate from your lender after you apply for a mortgage. You must pay these costs at the time you close on your loan.

Get the Best Mortgage Loan For You...

The following are several questions I have been asked over the past few days:

Are there still 100% loans?

Yes, for fully documented incomes and decent credit under $417,000 loan amounts. Ratio's (income vs.. debt with new house payment) have gotten stricter. (no more 68% ratios!) And interest only loans are difficult to get approved. Is it harder to qualify for a "vanilla loan" if you have good credit, income, some savings and putting at least 5% down on a loan amount under $417,000? No, the guidelines have not changed.

Can you do 100% FHA loans?

Yes, with Ameridream or Grant America

Have the loan guidelines changed on FHA/VA?

No, they have stayed the same.

What are "agency" loans?

Loans that follow Fannie Mae or Freddie Mac guidelines. Loan amounts under $417,000 (conforming) And FHA, loan amount of $263,150 or VA $417,000. (government)

Which loans have been affected by the changes?

Any loan amounts over $417,000 will now have a higher interest rate since they are not insured by "agencies". Adjustable rate mortgages have changed to require borrowers to qualify at the fully amortized rate rather than the start rate with a much stricter qualifying process. Any loan with less than 20% down may require mortgage insurance instead of the purchase money seconds. Interest only loans, 40 year loans are available but at higher rates.

What is mortgage insurance?

It's back..........Mortgage Insurance could be added to all conventional loans with less than a 20% down payment. Mortgage Insurance companies take part of the "hit" if a loan goes bad. Mortgage insurance is now tax deductible with combined family incomes under $100,000. And M. I. amounts are determined by credit score. The lower the score the higher the mortgage insurance.

Are subprime loans gone?

100% are no longer available. And the companies that do subprime may not be around in the next 5 minutes. Keep in mind FHA and VA are great alternatives and even some Fannie Mae and Freddie Mac programs are designed for lower credit scores. But the rates will be higher and there is mortgage insurance if the client is putting less that 20% down.

What about an 80/20, 80/15/5's,80/10/10's or any purchase money second?

Still available, sort of. But the rates are high and they are much harder to qualify for. And doing a loan with "mortgage insurance" actually may bring the payment lower.

Home Equity Lines of credit or second mortgages are they available?

Yes, but the criteria has changed and "loan to values" or appraised value vs. loan amounts are much less than they were a few months ago. Higher credit scores may be required.

Can Investors still finance homes?

You bet! Underwriting is a little stricter and your investor will need 10% down. They may not have the option of an adjustable rate loan, just 30 year fixed. Oh, yeah, good credit and reserves. Lower credit scores and recent late payments could kick them out of getting a loan.

I need a "stated income" loan. What are the guidelines?

10% down, good credit score, and money left over (reserves) after the loan closes. Lenders may need as much as 6 months worth of payments or three months of the "stated" income. The income will have to make sense for the type of employment. By the way, there is a web site underwriters now use to determine pay for every type of employment.

Keep in mind, there are a lot of great loan programs available.

Got questions? Give me a call!

MaryEllen Kohut
1720 East Warner Road Suite 1
Tempe, AZ 85284
Phone: 602-329-3437 ~ Fax: 480-831-5223

www.azhomeloan.com

Why An Accurate Value Is So Important

Before the torrid real estate market of recent years, a common pricing strategy was to list your home for between 2.5 to 5 percent more than the expected sale price. This way, you would have room to negotiate with the buyer.

If you used this approach today, you'd be lucky to receive any offers. Recently, listings that were priced at or under market value received offer--sometimes multiple offers. Over-priced listings sat on the market unsold.

One risk of pricing too high for the market is that you won't receive offers. Sellers often find this hard to believe. Why won't buyers just make an offer if they think a listing is priced too high?

The answer is two-fold. First of all, if a listing is priced too high in a market where well-priced listings are selling, this may indicate that the seller has unrealistic expectations. Making an offer involves a big emotional commitment and it takes a lot of time. Most buyers don't want to waste their time offering on a listing that's over-priced for the market, particularly when there are other listings to choose from.

Secondly, even though buyers might prefer to buy without competition, the fact that a listing is popular is a stamp of approval. A property that is in high-demand is one that is likely to have good resale value.

Another risk of over-pricing is that you could end up in downward price spiral. Here’s how this can happen: You bring your home on the market listed at a price that you're sure is right. After all, your home is better--in your estimation--than anything else on the market. Your agent cautions against this, but you're intent on getting your price. After a month or two, you aren't even getting a nibble from an interested buyer. Even so, other listings similar to yours are coming on the market and selling. In fact, buyer's agents are using your over-priced listing to help them sell the well-priced listings that come on the market.

The longer your home stays on the market unsold, the bigger the risk that it will develop a negative stigma. Your home becomes the white elephant on the market. Buyers wonder if there's something wrong with the property. In most cases, the only thing wrong is the price.

So, you reluctantly agree to lower the price. Your efforts could be fruitless if you reduce too little, too late. Meanwhile, more well-priced listings come on the market and sell.

If the market softens, as it has in many areas around the country, you might have to make further price reductions. Buyers tend to gravitate to the newer listings, not the ones that have been on the market for months. You'll have to offer a cut-rate price to be competitive.

HOME SELLER TIP: It's difficult for sellers to be objective about the value of their home. Although most sellers estimate high, some sellers, who can't believe how much their home has appreciated, underestimate the value. For best results, rely on a real estate professional for a realistic price assessment. The dynamic is changing in many real estate markets around the country. Sellers, in many cases, are no longer in the driver's seat. Keep this in mind when you select a list price for your home.

Comparable sales from a few months ago may be out of date for the current market. Even though your neighbor's home sold for an exceptional price, it may have been the only game in town at the time.

THE CLOSING: Today, you're much more likely to find competition from other sellers who want to cash in on the recent extraordinary home price appreciation.

Author: Dian Hymer

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