News has been circulating recently of the first-time home buyer tax credit. This chart shows who is eligible, how much you get, and the current interest rates.
Call us at Oak Realty today if you’d like more information on this and to see if you qualify.
*Information from the National Association of Realtors.
Whether you are in the process of buying your first home, already in a home paying your mortgage, or shopping around for a new home, you may or may not know what PITI stands for. PITI is what decides your monthly mortgage payment. We decided to give you a break down of the acronym.
P= Principal: The amount of the total payment that goes to reduce the loan that month.
I=Interest: The amount paid that month for the use of the investor’s capital(money). Principal and interest payments are determined by the use of “mortgage factors” (monthly payment per thousand at a given rate over a pre-determined length of time.)
T=Taxes: Annual real estate taxes divided by 12= monthly tax. (Government loans require taxes to be paid monthly to the lender with the payment to protect their interest in the property).
I=(Homeowners) Insurance: Insurance paid annually to protect both the buyer and the lender against loss by fire, etc. With government loans, the lender will require that this be paid monthly (escrowed) to the lender to protect their interest in the property.
I=(Mortgage) Insurance: An insurance premium (PMI on conventional loans) paid by the buyer to protect the lender in the case of buyer default on the loan. Most lenders require this insurance on loans with a down payment less than 20%. FHA (MIP) and VA require mortgage insurance also. DVA refers to as “funding fee.”
We at Oak don’t expect you to be experts on this stuff because let’s face it, it isn’t an easy concept. That is why any of us here would be happy to answer any questions that you may have regarding this topic, or anything else for that matter!
Financial information from DF Institute, Inc.
In 1925 Allen Odell gave his two sons Leonard, and Allan, $200 to purchase some scrap lumber to construct one of the most creative advertising promotions in the history of advertising. He had them make signs 8 inches by 36 inches filled with humorous, whimsical, homespun wisdom, and positioned them at intervals along major highways. For about 40 years these signs were a part of the American landscape until the cars started moving too fast for any one to read them, and the original Burma Shave company was purchased by a large conglomerate that suspended this marketing idea. Yet, most of you that remember this era, also remember the name Burma Shave.
In the last year, or so, Oak Realty started there own Burma Shave ads on the bottom part of its billboard in front of its national headquarters in Annandale. The words of wisdom, and whimsical sayings have changed with the times, but for the countless commuters that drive by and read the sign on a regular basis, it gives them something to ponder as they venture to work in the morning and when they return again in the evening. For others it’s when they drive up on the weekend and return again the following weekend.
People have commented about the sign and say it makes them chuckle, or think for a moment before they say “Oh. I get it.” Sometimes they said they couldn’t read in the first pass so they paid more attention on the return trip. Some are too focused on the hood of their car, or their cup of coffee to even notice where they are at, much less to have the time to look around and read a billboard.
The theme on the billboard changes by a list of “The Top Ten” that is created on a random seasonal pattern. And the entire list of the top ten cannot always be posted because of a lack of space on the billboard. How many times has the sign changed? We’re not even sure of the number. We’ve tried to keep it changing every week or two, depending on the weather, and Steve’s state of mind.
Note: (You see Steve is the one that has the laborious duty to drag the ladder out to the sign and change the lettering.) My job is to just keep a list of Top Ten coming, on regular basis, so there is always something new to post.
Mike
Grady Robert Miller
Oak Realty team member Amy Miller brought Grady Robert Miller into the world on 1/27/09 at 6:03 pm. He weighed 8 lbs., 4 oz. and was 20 inches long.
Amy and her husband Jim also have another son named Weston who no doubtedly is very excited to be a big brother. We are certain that he will be a great helper in looking after Grady. What an amazing blessing a new baby is! The Oak Team wishes the Miller family all of the best in the weeks to come, and would love to formally welcome Grady into the Oak Family!
