The Kevin Hildebrand Team's Bloghttp://www.kevinh.com/blogMainville OH real estate market news provided by Comey and Shepherd RealtorsMon, 10 Mar 2008 13:30:00 GMTStimulus Package
We all would like to know exactly what is going on with the Stimulus Package and how it may benefit our economy.
 
With the link provided you will find "shovel-ready" projects for which this city submitted in the 2008 U.S. Conference of Mayors report. You can click on a project to read (and add to) its description. You can also discuss the project and vote on whether you believe it is critical or not.
 
All of which will create jobs within the Cincinnati Area. Hopefully we will be seeing more activity in the Real Estate Markets with help of the Low Interest Rates and Local businesses in our area such as Mason, Lebanon, South Lebanon, Loveland, Maineville, Great Wolf Lodge, Deerfield Town Center Etc..... 
The total cost of all the projects submitted by Cincinnati is $434,916,420.

We all agree that the economy is hurting and can we afford to take our family to outback steakhouse, on a vacation or even to Kings ISland???

 

To check out the types of projects and how many jobs they will create, check out

 http://www.stimuluswatch.org/project/by_state

thanks,

Kevin Hildebrand

]]>http://www.kevinh.com/Blog/Stimulus-Packagehttp://www.kevinh.com/Blog/Stimulus-PackageFri, 20 Feb 2009 16:29:00 GMTThe Shocking Difference between Foreclosure & Short SalesThe Shocking Difference Between 

 

FORECLOSURES &  SHORT SALES

 

A Short Sale is a Special Transaction that allows a home owner to sell their property for less than what they owe. It is a negotiated settlement that occurs when a lender agrees to accept less than the amount owed to a payoff of a home loan as an alternative to a foreclosure. .

A Foreclosure is when a homeowner defaults by failing to make payments on his or her mortgage, the bank or financial institution that holds the mortgage note may foreclose on the property. Foreclosure gives the legal ownership of a property to the bank to allow the bank to recoup its investment.

Take a look at these issues within Foreclosure and Short Sales.

Issue: Future Fannie Mae Loan for a Primary Residence

FORECLOSURE: A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 Years.

SHORT SALE: A homeowner that successfully negotiates and closes a Short Sale is eligible for a Fannie Mae backed mortgage after 2 Years.

Issue: Future Fannie Mae Loan for Non-Primary Residence

FORECLOSURE: An Investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed loan for 7 Years.

SHORT SALE: An Investor who successfully negotiates and closes a Short Sale will be eligible for a Fannie Mae backed investment loan after 2 Years.

Issue: Future Loan with any Mortgage Company

 FORECLOSURE: On any future 1003 Application, a prospective borrower will have to answer YES to question C in Section VIII of the Standard 1003 that asks, "Have you had a property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" this will in turn, affect future rates.

SHORT SALE: The is no similar declaration or question regarding a short sale.

Issue: Credit Score

FORECLOSURE: Score may be lowered anywhere from 250 to OVER 300 Points! A Foreclosure will affect your Credit Score for over 3 Years.

SHORT SALE: Only late payments on a mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 Points if all other payments are being made. A Short Sale's affect can be as brief as 12-18 Months.

Issue: Credit History

FORECLOSURE: Foreclosure will remain as a public record on a person's Credit History for 10 Years.

SHORT SALE: IS NOT REPORTED ON A CREDIT HISTORY. There is no specific reporting item for ‘short sale’. The loan is typically reported as ‘paid in full’ or ‘settled’.

These are just some of the Issues that are most important to an individual who wants to move on after choosing what they might do if they are facing this situation.

DON’T LET TIME RUN OUT if you or anyone you know is Facing Foreclosure.

The Kevin Hildebrand Team CAN help.

Click Here if you would like additional Information on our Short Sale Program.

 

This Information is from the Distressed Property Institute, LLC

PLEASE CONSULT LEGAL ADVICE REGARDING ANY TAX QUESTIONS.  

 

 

 

]]>http://www.kevinh.com/Blog/The-Shocking-Difference-between-Foreclosure-Short-Sales-2http://www.kevinh.com/Blog/The-Shocking-Difference-between-Foreclosure-Short-Sales-2Tue, 17 Feb 2009 12:50:00 GMTThe Shocking Difference between Foreclosure & Short SalesThe Shocking Difference Between 

 

FORECLOSURES &  SHORT SALES

 

A Short Sale is a Special Transaction that allows a home owner to sell their property for less than what they owe. It is a negotiated settlement that occurs when a lender agrees to accept less than the amount owed to a payoff of a home loan as an alternative to a foreclosure. .

A Foreclosure is when a homeowner defaults by failing to make payments on his or her mortgage, the bank or financial institution that holds the mortgage note may foreclose on the property. Foreclosure gives the legal ownership of a property to the bank to allow the bank to recoup its investment.

Take a look at these issues within Foreclosure and Short Sales.

Issue: Future Fannie Mae Loan for a Primary Residence

FORECLOSURE: A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 Years.

SHORT SALE: A homeowner that successfully negotiates and closes a Short Sale is eligible for a Fannie Mae backed mortgage after 2 Years.

Issue: Future Fannie Mae Loan for Non-Primary Residence

FORECLOSURE: An Investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed loan for 7 Years.

SHORT SALE: An Investor who successfully negotiates and closes a Short Sale will be eligible for a Fannie Mae backed investment loan after 2 Years.

Issue: Future Loan with any Mortgage Company

 FORECLOSURE: On any future 1003 Application, a prospective borrower will have to answer YES to question C in Section VIII of the Standard 1003 that asks, "Have you had a property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" this will in turn, affect future rates.

SHORT SALE: The is no similar declaration or question regarding a short sale.

Issue: Credit Score

FORECLOSURE: Score may be lowered anywhere from 250 to OVER 300 Points! A Foreclosure will affect your Credit Score for over 3 Years.

SHORT SALE: Only late payments on a mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 Points if all other payments are being made. A Short Sale's affect can be as brief as 12-18 Months.

Issue: Credit History

FORECLOSURE: Foreclosure will remain as a public record on a person's Credit History for 10 Years.

SHORT SALE: IS NOT REPORTED ON A CREDIT HISTORY. There is no specific reporting item for ‘short sale’. The loan is typically reported as ‘paid in full’ or ‘settled’.

These are just some of the Issues that are most important to an individual who wants to move on after choosing what they might do if they are facing this situation.

DON’T LET TIME RUN OUT if you or anyone you know is Facing Foreclosure.

The Kevin Hildebrand Team CAN help.

Click Here if you would like additional Information on our Short Sale Program.

 

This Information is from the Distressed Property Institute, LLC

PLEASE CONSULT LEGAL ADVICE REGARDING ANY TAX QUESTIONS.  

 

 

 

]]>http://www.kevinh.com/Blog/The-Shocking-Difference-between-Foreclosure-Short-Saleshttp://www.kevinh.com/Blog/The-Shocking-Difference-between-Foreclosure-Short-SalesTue, 17 Feb 2009 12:49:00 GMTStimulus Plan for Homebuyers!Today is Stimulus Plan Day.  Congress will vote on the Stimulus Plan this afternoon (between 1:30 and 2:00 pm).  The Senate will vote on it tonight and it will then go to President Obama’s desk this weekend for his signature putting the plan into law.  As you have heard there have been some changes made to the package.  The major part of the “change” hits our industry with the tax credit that homebuyers will be receiving.  We had hoped for ALL homebuyers to receive a $15,000 tax credit but that has been changed.  Here are some of the details regarding the tax credit that have been released so far:

 

The tax credit has been scaled down to $8,000 from $15,000, or 10% of the value of the home for any first time homebuyers who purchase homes from the start of the year until the end of November.  It starts phasing out for couples with incomes above $150,000 and single filers with incomes above $75,000.  Buyers will have to repay the credit if they sell their homes within three years.

 

More details are to come, and I will be sharing with you the impact of the stimulus plan once I go through the final version that is signed into law.

 

Thank you again for allowing me to assist yourself and your clients.  I look forward to working with you in the near future and I greatly appreciate your business.

 

Sincerely,

 Kevin

]]>http://www.kevinh.com/Blog/Stimulus-Plan-for-Homebuyershttp://www.kevinh.com/Blog/Stimulus-Plan-for-HomebuyersFri, 13 Feb 2009 17:27:00 GMTShould You Refinance?My phone has been ringing off the hook from home owners asking me if it is a good time to refinance their existing home.  For many of my clients the answer is YES and they should refinance especially since many of the mortgage loans available offer a fixed interest rate ranging between 4.5% to 5.5%.  However, there is a large segment of clients who should not refinance.  

If you are thinking about refinancing I would like for you to consider a few questions BEFORE you contact a mortgage lender:

  1. Do you plan on staying in your home long enough to see the long term benefit of refinancing?
  2. Do you have the necessary equity and will your home appraise high enough to support refinancing?
  3. Do you have the cash in savings for the closing costs that are associated with refinancing?
  4. If you are planning on adding the refinance closing costs on top of your existing loan balance, how long will it take for you to recoup these added costs and get your loan balance back to where it is today?  
Most people want to refinance for one of two reasons:
  1. They want to shorten their loan balance and pay the home off sooner which is a great reason.  Taking your existing 30 year amortization and refinancing to pay it off in 15 years is a powerful way to build equity quickly.
  2. They want to reduce their monthly payment at the cost of starting a 30 year loan all over again.  You can reduce your monthly payment with this method but typically you are going backwards and lose equity for at least a couple of years until the savings from the refinance get you back to where you were prior to the refinance.
Here is one of the quickest ways to determine how many months it will take before the cost of refinancing is beneficial and I have created a basic example: 

  1. If you are refinancing a fairly new home loan that has an existing 6.5% fixed rate 30 year mortgage with a loan balance of $100,000 and the current principal and interest monthly payment is $632.07.  
  2. The new interest rate you can obtain by doing the refinance is 5% fixed interest rate for 30 year and that would give you a new payment of $536.82.
  3. The closing costs to complete the refinance would be $2,500. (this amount is different in each market).
  4. The monthly payment savings would be $95.25 which is the difference from $632.07 less $536.82 = $95.25.
  5. Based on this $95.25 monthly savings it would take a little over 26 months of making the monthly payment at the new lower 5% interest rate before you would recoup your $2,500 closing costs.
Before any of my friends, customers or clients contact a lender to discuss refinancing PLEASE contact me by e-mail or phone me at (513)677-5333.  

For those of you who are not planning on living in your current home much longer you may want to visit a few of the links below:
Kevin Hildebrand
RE/MAX Unlimited, Realtors
513-677-5333  888-852-0014 Toll Free  513-297-0788 Fax
www.kevinh.com
 
To search all Realtor MLS listings www.kevinh.com
 
Free email home search www.cincinnatiohiomls.com
 
Whats my home worth? www.cincinnatihomevalues.com
]]>http://www.kevinh.com/Blog/Should-You-Refinancehttp://www.kevinh.com/Blog/Should-You-RefinanceFri, 30 Jan 2009 17:05:00 GMTGoing Green

Going Green doesn't have to be difficult and it doesn't have to be expensive.  With just a little added planning and by making some very small changes we can make a difference.  I will keep the "Going Green" ideas coming.  It is amazing that once I have started thinking about trying to live a little greener how you start noticing things that never stood out before.  

Here are 5 tips you can easily use in the coming week.

 

  1. When boiling water or heating up anything on your stove top always place a lid on your pot to retain the heat. This will bring the temperature up faster which will help you also conserve energy.
  2. During the winter months when you are turning on your furnace and setting the thermostat consider setting the temperature just 2 or 3 degrees lower than you did last year.  Put on a sweater or sweat shirt and you will more than likely never notice the difference in temperature.  This will conserve energy and help you reduce your heating bills.
  3. If you regularly utilize a kitchen dishwasher consider running a single cycle each day rather than one in the morning and one after dinner.  This will conserve water and electricity.
  4. On sunny winter days open up your drapes and window blinds to let the sun add additional warmth to your home.  Not only does this help reduce your heating bills but sunshine energizes people.  It is hard to feel depressed on a bright sunny day.
  5. Every 6 months or so it is a good idea to gently vacuum or lightly brush off the refrigerator condenser coils which are located on the bottom or the back of your refrigerator.  This will help your refrigerator last longer and not require it to kick on and off nearly as much.  
To visit our real estate website home page Click Here and to view our active real estate listings for sale Click Here

 

]]>http://www.kevinh.com/Blog/Going-Greenhttp://www.kevinh.com/Blog/Going-GreenSat, 06 Dec 2008 13:44:00 GMTWhy do we live here?Last Monday it was  sunny and 65 degrees out and this Monday I am looking out the window in my office and there is 12 inches of snow. The first day of spring is around the corner. The longer winter drags out the more people I meet that are in a bad mood. We are all tired of winter.

It was funny because on Friday when all the bad weather was coming I had 3 people ask me, Why do we live here?

For most of us we were born here and its a great place to live and raise a family. In the summer we can go to Kings Island, Loveland Bike trail, Ceasars Creek and the Cincinnati Zoo. In the winter we have the Great Wolf Lodge, sled riding, american idol and many days off school.

Housing is also affordable in the Cincinnati area unlike other parts of the country. Homes for sale in Mason Ohio, Maineville Ohio and the whole Cincinnati area are a great value. Real Estate in our market is down right now but if you sell your home at wholesale you should be able to buy at wholesale so its still a great time to move with rates being around 6-6.25%. Yes you may sell your home for less than you were hoping but you may save even more money on what you buy.

There are many great reasons to live here!!! Florida is too hot in the summer anyway!!!!!

 

 

 

 

 

]]>http://www.kevinh.com/Blog/Why-do-we-live-herehttp://www.kevinh.com/Blog/Why-do-we-live-hereMon, 10 Mar 2008 13:30:00 GMT