How Big a Mortgage Can I Afford?
Not only does owning a home give you a haven for yourself and your family, it makes great financial sense, too.
This calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will be, too.
Rent: _________________________
Multiplier: X 1.32
Mortgage payment: __________________
Because of tax deductions, you can make a mortgage payment—including taxes and insurance—that is approximately one-third larger than your current rent payment and end up with the same amount of income.
For more help, use Fannie Mae’s online mortgage calculators at
http://www.fanniemae.com/homebuyers/calculators/index.jhtml?p=Resources&s=Calculators
Page 15
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2005. All rights reserved. www.REALTOR.org/realtormag
Friday, October 21, 2011
Monday, October 17, 2011
Lender Checklist: What You Need for a Mortgage
Lender Checklist: What You Need for a Mortgage
□ W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every
person signing the loan.
□ Copies of at least one pay stub for each person signing the loan.
□ Account numbers of all your credit cards and the amounts for any outstanding balances.
□ Copies of two to four months of bank or credit union statements for both checking and savings
accounts.
□ Lender, loan number, and amount owed on other installment loans, such as student loans and
car loans.
□ Addresses where you’ve lived for the last five to seven years, with names of landlords if
appropriate.
□ Copies of brokerage account statements for two to four months, as well as a list of any other major assets of
value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
□ Copies of your most recent 401(k) or other retirement account statement.
□ Documentation to verify additional income, such as child support or a pension.
□ Copies of personal tax forms for the last two to three years.
□ W-2 forms — or business tax return forms if you're self-employed — for the last two or three years for every
person signing the loan.
□ Copies of at least one pay stub for each person signing the loan.
□ Account numbers of all your credit cards and the amounts for any outstanding balances.
□ Copies of two to four months of bank or credit union statements for both checking and savings
accounts.
□ Lender, loan number, and amount owed on other installment loans, such as student loans and
car loans.
□ Addresses where you’ve lived for the last five to seven years, with names of landlords if
appropriate.
□ Copies of brokerage account statements for two to four months, as well as a list of any other major assets of
value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
□ Copies of your most recent 401(k) or other retirement account statement.
□ Documentation to verify additional income, such as child support or a pension.
□ Copies of personal tax forms for the last two to three years.
Monday, April 4, 2011
100 Safety tips for your home
1.Test each smoke alarm in your home
2.Replace the batteries in each smoke alarm
3.Count how many smoke alarms you have in your house. If you do not have one on every level and near sleeping areas, purchase additional smoke alarms
4.Designate an outside meeting place for your family (for example: the mailbox) in case of a fire or emergency
5.Blow out candles before leaving the room or going to sleep
6.Use a sturdy candle holder or hurricane lamp
7.Turn down your hot water heater to 120 degrees or less to prevent burns
8.Roll up your sleeves before you start cooking
9.Have oven mitts nearby when cooking
10.Turn pot handles toward the back of the stove
11.Store all matches and lighters out of reach of children
12.Put hot food and drinks near the center of the table only
13.Put down your hot drink when carrying your baby
14.Test hot water with an elbow before allowing a child to touch
15.Post your fire escape plan on your refrigerator
16.Put water on cigarette butts before throwing them away
17.Unplug small appliances such as hair dryers and toasters after using them
18.Use flameless candles
19.Move anything that can burn, such as dish towels, at least three feet away from the stove
20.Practice “Stop, Drop and Roll” with your kids
21.Schedule an appointment to have your furnace cleaned and inspected
22.Look for the UL Mark when you buy appliances
23.Tell kids to stay away from the stove/oven
24.Turn space heaters off before going to bed
25.Remove any gasoline from your home
26.Put non-slip strips in your tub and shower
27.Install night lights in the hallway
28.Put a flashlight in each bedroom
29.Wipe up spills as soon as they happen to prevent slips and falls
30.Use a sturdy Christmas tree stand
31.Water your Christmas tree every day
32.Keep your Christmas tree at least three feet away from any heat source
33.Inspect your Christmas lights for signs of damage
34.Flip over large buckets so water cannot accumulate and become a drowning danger
35.Store cleaners and other poisons away from food
36.Post the Poison Control hotline number (1-800-222-1222) next to your phone
37.If you have young children, use cabinet locks on cabinets that have poisons such as antifreeze, cleaners, detergents, etc.
38.Keep medicine in its original containers
39.Purchase a carbon monoxide detector for your home
40.Test your carbon monoxide (CO) alarm
41.Put your infant to sleep on his/her back
42.Remove any soft bedding, stuffed animals and pillows from your infant’s crib
43.Cut your toddler’s food into small bites
44.Use safety straps on high chairs and changing tables
45.Check www.recalls.gov to see if any items in your home (including cribs) have been recalled
46.Move cribs away from windows
47.Use safety covers on unused electrical outlets
48.Test small toys for choking hazards – if it fits in a toilet paper roll, it’s too small
49.Remove all plastic bags from the nursery
50.Pick up any small items, such as coins or buttons, that can be choking hazards for infants and toddlers
51.Write down emergency contact information for your family and make sure everyone has these numbers
52.If young children live in or visit your home, move furniture away from windows so they don’t climb up to look out and accidentally fall
53.Tie window cords out of a child’s reach
54.Check your child’s bath water temperature (use your wrist or elbow) to make sure it is not too hot
55.Remove drawstrings from your baby’s clothing
56.Keep the toilet lid shut to prevent little fingers from getting slammed by a falling lid
57.If you have toddlers, install a toilet seat lock
58.If you have young children, install door knob covers on bathroom doors
59.Use a fireplace screen
60.Put toys away after playing
61.Don’t refer to medicine or vitamins as “candy”
62.Put on safety glasses before any DIY project
63.Put tools away after your DIY project is complete
64.Post emergency numbers near your phone
65.Pick up one new thing for your family’s emergency preparedness kit
66.Use a ladder, not a chair, when climbing to reach something
67.Use plastic instead of glass near the pool
68.Cover any spa or hot tub when it is not in use
69.Purchase a first aid kit
70.Drain the bath tub immediately after bathing
71.Remove clutter from the stairs
72.Use the handrail when you are walking up or down the stairs
73.If the power goes out, use flashlights instead of candles
74.Ask smokers to smoke outside
75.Wear proper shoes when climbing a ladder
76.Check your home for too many plugs in one socket and fix the problem
77.Install baby gates at the top and bottom of stairs if you have young children
78.Never leave food cooking unattended
79.Make sure pools or spas are properly fenced to keep out small children
80.Teach kids to tell you when they see matches or lighters
81.Turn out the lights when you leave the room
82.Unplug appliances that aren’t in use (especially in the kitchen)
83.Take your hair dryer off of the bathroom counter and store it safely
84.Check your electronics for the UL Mark
85.Identify two exits from every room with your kids in case of fire
86.Check your holiday decorations – keep breakable decorations out of reach of young children
87.Replace an old light bulb with a new energy-efficient option
88.Check the walls for loose paint chips and re-paint with low-VOC or VOC-free paint
89.Check all the outlets in your home for overloaded sockets or extension cords
90.Remove any extension cords that are pulled under rugs or tacked up
91.Place fire extinguishers in key areas of your home
92.Place an escape ladder in an upstairs room that might not have an easy exit
93.Remove any painted furniture that is pre-1978 to avoid possible lead exposure
94.Lock medications safely in a cabinet
95.Consider low-flow toilets
96.Check that all major appliances are grounded and test your GFCIs
97.Clean the lint trap and hose on your dryer
98.Check your swing set for sharp edges or dangerous S-hooks
99.Take a tour of your home from your child’s perspective looking for hazards
100.Hold a family fire drill
2.Replace the batteries in each smoke alarm
3.Count how many smoke alarms you have in your house. If you do not have one on every level and near sleeping areas, purchase additional smoke alarms
4.Designate an outside meeting place for your family (for example: the mailbox) in case of a fire or emergency
5.Blow out candles before leaving the room or going to sleep
6.Use a sturdy candle holder or hurricane lamp
7.Turn down your hot water heater to 120 degrees or less to prevent burns
8.Roll up your sleeves before you start cooking
9.Have oven mitts nearby when cooking
10.Turn pot handles toward the back of the stove
11.Store all matches and lighters out of reach of children
12.Put hot food and drinks near the center of the table only
13.Put down your hot drink when carrying your baby
14.Test hot water with an elbow before allowing a child to touch
15.Post your fire escape plan on your refrigerator
16.Put water on cigarette butts before throwing them away
17.Unplug small appliances such as hair dryers and toasters after using them
18.Use flameless candles
19.Move anything that can burn, such as dish towels, at least three feet away from the stove
20.Practice “Stop, Drop and Roll” with your kids
21.Schedule an appointment to have your furnace cleaned and inspected
22.Look for the UL Mark when you buy appliances
23.Tell kids to stay away from the stove/oven
24.Turn space heaters off before going to bed
25.Remove any gasoline from your home
26.Put non-slip strips in your tub and shower
27.Install night lights in the hallway
28.Put a flashlight in each bedroom
29.Wipe up spills as soon as they happen to prevent slips and falls
30.Use a sturdy Christmas tree stand
31.Water your Christmas tree every day
32.Keep your Christmas tree at least three feet away from any heat source
33.Inspect your Christmas lights for signs of damage
34.Flip over large buckets so water cannot accumulate and become a drowning danger
35.Store cleaners and other poisons away from food
36.Post the Poison Control hotline number (1-800-222-1222) next to your phone
37.If you have young children, use cabinet locks on cabinets that have poisons such as antifreeze, cleaners, detergents, etc.
38.Keep medicine in its original containers
39.Purchase a carbon monoxide detector for your home
40.Test your carbon monoxide (CO) alarm
41.Put your infant to sleep on his/her back
42.Remove any soft bedding, stuffed animals and pillows from your infant’s crib
43.Cut your toddler’s food into small bites
44.Use safety straps on high chairs and changing tables
45.Check www.recalls.gov to see if any items in your home (including cribs) have been recalled
46.Move cribs away from windows
47.Use safety covers on unused electrical outlets
48.Test small toys for choking hazards – if it fits in a toilet paper roll, it’s too small
49.Remove all plastic bags from the nursery
50.Pick up any small items, such as coins or buttons, that can be choking hazards for infants and toddlers
51.Write down emergency contact information for your family and make sure everyone has these numbers
52.If young children live in or visit your home, move furniture away from windows so they don’t climb up to look out and accidentally fall
53.Tie window cords out of a child’s reach
54.Check your child’s bath water temperature (use your wrist or elbow) to make sure it is not too hot
55.Remove drawstrings from your baby’s clothing
56.Keep the toilet lid shut to prevent little fingers from getting slammed by a falling lid
57.If you have toddlers, install a toilet seat lock
58.If you have young children, install door knob covers on bathroom doors
59.Use a fireplace screen
60.Put toys away after playing
61.Don’t refer to medicine or vitamins as “candy”
62.Put on safety glasses before any DIY project
63.Put tools away after your DIY project is complete
64.Post emergency numbers near your phone
65.Pick up one new thing for your family’s emergency preparedness kit
66.Use a ladder, not a chair, when climbing to reach something
67.Use plastic instead of glass near the pool
68.Cover any spa or hot tub when it is not in use
69.Purchase a first aid kit
70.Drain the bath tub immediately after bathing
71.Remove clutter from the stairs
72.Use the handrail when you are walking up or down the stairs
73.If the power goes out, use flashlights instead of candles
74.Ask smokers to smoke outside
75.Wear proper shoes when climbing a ladder
76.Check your home for too many plugs in one socket and fix the problem
77.Install baby gates at the top and bottom of stairs if you have young children
78.Never leave food cooking unattended
79.Make sure pools or spas are properly fenced to keep out small children
80.Teach kids to tell you when they see matches or lighters
81.Turn out the lights when you leave the room
82.Unplug appliances that aren’t in use (especially in the kitchen)
83.Take your hair dryer off of the bathroom counter and store it safely
84.Check your electronics for the UL Mark
85.Identify two exits from every room with your kids in case of fire
86.Check your holiday decorations – keep breakable decorations out of reach of young children
87.Replace an old light bulb with a new energy-efficient option
88.Check the walls for loose paint chips and re-paint with low-VOC or VOC-free paint
89.Check all the outlets in your home for overloaded sockets or extension cords
90.Remove any extension cords that are pulled under rugs or tacked up
91.Place fire extinguishers in key areas of your home
92.Place an escape ladder in an upstairs room that might not have an easy exit
93.Remove any painted furniture that is pre-1978 to avoid possible lead exposure
94.Lock medications safely in a cabinet
95.Consider low-flow toilets
96.Check that all major appliances are grounded and test your GFCIs
97.Clean the lint trap and hose on your dryer
98.Check your swing set for sharp edges or dangerous S-hooks
99.Take a tour of your home from your child’s perspective looking for hazards
100.Hold a family fire drill
Tuesday, March 29, 2011
Spring Market Has Hit!!!
There are 36 Broker Open Houses in Norwalk today. That signals the beginning of the Spring Market. If you're looking to buy, or looking to sell, and you're already not in the market. Now's the time to contact Norwalk's Realtor (www.norwalksrealtor.com) and get the process rolling.
Wednesday, December 29, 2010
Housing Starts Predicted to Hit 3-Year High
Housing starts will probably reach a three-year high of 739,000 in 2010, creating about 500,000 jobs and helping trim the unemployment rate to 9.1 percent, said David Crowe, chief economist for the National Association of Home Builders, in an interview with Bloomberg.
“This is an ugly economic cycle,” he said. “We need job creation to get people comfortable with buying a home. If they do that, we’ll create jobs that will reinforce that home buying and fuel additional job growth.”
Job growth in other sectors, as well as population growth, will also likely have an effect. The number of U.S. households will rise 0.7 percent to 118.7 million in 2011, the largest annual gain since the beginning of the housing crisis in 2007. Charles Lieberman, chief investment officer at Advisors Capital Management LLC in Hasbrouck Heights, N.J., expects jobs to rise by an average of 200,000 per month in 2011.
The CEO of luxury home builder Toll Brothers is optimistic. “The recovery is here to stay,” said Douglas Yearley. “I think 2011 will be an improving year, but I think 2012 will be a big year for us.”
Source: Bloomberg, Joshua Zumbrun and Kathleen M. Howley (12/28/2010)
“This is an ugly economic cycle,” he said. “We need job creation to get people comfortable with buying a home. If they do that, we’ll create jobs that will reinforce that home buying and fuel additional job growth.”
Job growth in other sectors, as well as population growth, will also likely have an effect. The number of U.S. households will rise 0.7 percent to 118.7 million in 2011, the largest annual gain since the beginning of the housing crisis in 2007. Charles Lieberman, chief investment officer at Advisors Capital Management LLC in Hasbrouck Heights, N.J., expects jobs to rise by an average of 200,000 per month in 2011.
The CEO of luxury home builder Toll Brothers is optimistic. “The recovery is here to stay,” said Douglas Yearley. “I think 2011 will be an improving year, but I think 2012 will be a big year for us.”
Source: Bloomberg, Joshua Zumbrun and Kathleen M. Howley (12/28/2010)
Saturday, October 30, 2010
Low-Cost Ways to Spruce Up Your Home's Exterior
Low-Cost Ways to Spruce Up Your Home’s Exterior
In the spirit of the beginning of Spring, enjoy these tips.
Make your home more appealing for yourself and potential buyers with these quick and easy tips:
1. Trim bushes so they don’t block windows or architectural details.
2. Mow your lawn, and turn on the sprinklers for 30 minutes before the showing to make the lawn sparkle.
3. Put a pot of bright flowers (or a small evergreen in winter) on your porch.
4. Install new doorknobs on your front door.
5. Repair any cracks in the driveway.
6. Edge the grass around walkways and trees.
7. Keep your garden tools and hoses out of sight.
8. Clear toys from the lawn.
9. Buy a new mailbox.
10. Upgrade your outside lighting.
11. Buy a new doormat for the outside of your front door.
12. Clean your windows, inside and outside.
13. Polish or replace your house numbers.
14. Place a seasonal wreath on your door.
In the spirit of the beginning of Spring, enjoy these tips.
Make your home more appealing for yourself and potential buyers with these quick and easy tips:
1. Trim bushes so they don’t block windows or architectural details.
2. Mow your lawn, and turn on the sprinklers for 30 minutes before the showing to make the lawn sparkle.
3. Put a pot of bright flowers (or a small evergreen in winter) on your porch.
4. Install new doorknobs on your front door.
5. Repair any cracks in the driveway.
6. Edge the grass around walkways and trees.
7. Keep your garden tools and hoses out of sight.
8. Clear toys from the lawn.
9. Buy a new mailbox.
10. Upgrade your outside lighting.
11. Buy a new doormat for the outside of your front door.
12. Clean your windows, inside and outside.
13. Polish or replace your house numbers.
14. Place a seasonal wreath on your door.
Simple Tips for Better Home Showings
Simple Tips for Better Home Showings
1. Remove clutter and clear off counters. Throw out stacks of newspapers and magazines and stow away most of your small decorative items. Put excess furniture in storage, and remove out-of-season clothing items that are cramping closet space. Don’t forget to clean out the garage, too.
2. Wash your windows and screens. This will help get more light into the interior of the home.
3. Keep everything extra clean. A clean house will make a strong first impression and send a message to buyers that the home has been well-cared for. Wash fingerprints from light switch plates, mop and wax floors, and clean the stove and refrigerator. Polish your doorknobs and address numbers. It’s worth hiring a cleaning service if you can afford it.
4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows to air out the house. Potpourri or scented candles will help.
5. Brighten your rooms. Put higher wattage bulbs in light fixtures to brighten up rooms and basements. Replace any burned-out bulbs in closets. Clean the walls, or better yet, brush on a fresh coat of neutral color paint.
6. Don’t disregard minor repairs. Small problems such as sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well-maintained.
7. Tidy your yard. Cut the grass, rake the leaves, add new mulch, trim the bushes, edge the walkways, and clean the gutters. For added curb appeal, place a pot of bright flowers near the entryway.
8. Patch holes. Repair any holes in your driveway and reapply sealant, if applicable.
9. Add a touch of color in the living room. A colored afghan or throw on the couch will jazz up a dull room. Buy new accent pillows for the sofa.
10. Buy a flowering plant and put it near a window you pass by frequently.
11. Make centerpieces for your tables. Use brightly colored fruit or flowers.
12. Set the scene. Set the table with fancy dishes and candles, and create other vignettes throughout the home to help buyers picture living there. For example, in the basement you might display a chess game in progress.
13. Replace heavy curtains with sheer ones that let in more light. Show off the view if you have one.
14. Accentuate the fireplace. Lay fresh logs in the fireplace or put a basket of flowers there if it’s not in use.
15. Make the bathrooms feel luxurious. Put away those old towels and toothbrushes. When buyers enter your bathroom, they should feel pampered. Add a new shower curtain, new towels, and fancy guest soaps. Make sure your personal toiletry items are out of sight.
16. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (ideally in the basement), and let the real estate practitioner know where they’ll be to eliminate surprises.
17. Lock up valuables, jewelry, and money. While a real estate salesperson will be on site during the showing or open house, it’s impossible to watch everyone all the time.
18. Leave the home. It’s usually best if the sellers are not at home. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.
1. Remove clutter and clear off counters. Throw out stacks of newspapers and magazines and stow away most of your small decorative items. Put excess furniture in storage, and remove out-of-season clothing items that are cramping closet space. Don’t forget to clean out the garage, too.
2. Wash your windows and screens. This will help get more light into the interior of the home.
3. Keep everything extra clean. A clean house will make a strong first impression and send a message to buyers that the home has been well-cared for. Wash fingerprints from light switch plates, mop and wax floors, and clean the stove and refrigerator. Polish your doorknobs and address numbers. It’s worth hiring a cleaning service if you can afford it.
4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows to air out the house. Potpourri or scented candles will help.
5. Brighten your rooms. Put higher wattage bulbs in light fixtures to brighten up rooms and basements. Replace any burned-out bulbs in closets. Clean the walls, or better yet, brush on a fresh coat of neutral color paint.
6. Don’t disregard minor repairs. Small problems such as sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well-maintained.
7. Tidy your yard. Cut the grass, rake the leaves, add new mulch, trim the bushes, edge the walkways, and clean the gutters. For added curb appeal, place a pot of bright flowers near the entryway.
8. Patch holes. Repair any holes in your driveway and reapply sealant, if applicable.
9. Add a touch of color in the living room. A colored afghan or throw on the couch will jazz up a dull room. Buy new accent pillows for the sofa.
10. Buy a flowering plant and put it near a window you pass by frequently.
11. Make centerpieces for your tables. Use brightly colored fruit or flowers.
12. Set the scene. Set the table with fancy dishes and candles, and create other vignettes throughout the home to help buyers picture living there. For example, in the basement you might display a chess game in progress.
13. Replace heavy curtains with sheer ones that let in more light. Show off the view if you have one.
14. Accentuate the fireplace. Lay fresh logs in the fireplace or put a basket of flowers there if it’s not in use.
15. Make the bathrooms feel luxurious. Put away those old towels and toothbrushes. When buyers enter your bathroom, they should feel pampered. Add a new shower curtain, new towels, and fancy guest soaps. Make sure your personal toiletry items are out of sight.
16. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (ideally in the basement), and let the real estate practitioner know where they’ll be to eliminate surprises.
17. Lock up valuables, jewelry, and money. While a real estate salesperson will be on site during the showing or open house, it’s impossible to watch everyone all the time.
18. Leave the home. It’s usually best if the sellers are not at home. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.
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