Weekly Mortgage Update

Author: Terra  //  Category: Real Estate

The recent ½% drop in rates gives a buyer 10% MORE HOUSE for the SAME MONTHLY PAYMENT!!!!

The reason for this is still the ‘flight for safety’ as Europe’s troubles aren’t going away.  Money was already pouring into the US bond market as a safe haven from the Euro-zone (which caused rates to fall), but now even MORE money is pouring into the bond market as Europe’s troubles have spooked our stock market and created a sell off.    What this means is that the US bond market (including mortgages) is a giant “parking lot” for the world’s money, which is keeping rates in the 4’s.  But once fears subside, like when the Super bowl ends, the parking lot will empty quickly.  Rates will adjust back up, and that extra 10, 20, or 30 THOUSAND DOLLARS of homes that buyers could have bought for the same payment will be GONE.

It is also a great time to refinance if you are not wanting to buy!

State Bond Authority made an announcement today that they will be reducing the rate on the 2010 A program to 5.25% with 3.5% Down Payment Assistance starting with reservations 5/27 and loan all ready registered can not get this rate.

This week rates ranged between 4.625% to 4.875% depending on program, credit and points.

Ted Clay
Sr. Loan Consultant

Office: 405-341-8644
Cell: 405-826-1320

tclay@wrstarkey.com

www.TedClay.com

The Producers!

Author: Terra  //  Category: Real Estate

At the beginning of May, a group of Keller Williams Realtors, Kiley, Brad(my husband), and myself, started an adventure playing on a coed softball league out at Bickham Field in Edmond.  Our team is named “The Producers” and we started the league with a LONG practice and everything was going smooth. Everyone seemed to be playing well together and we thought we might see some wins. Well, after the first night and double header, we were all proved wrong. We got whooped both games.  And I hurt my neck and the doctor said I could not play anymore. The next week our team did not lose as bad, but we still did not look so good. However week 3 our luck changed and we won late in the last inning on a 3 run inside the park home run!  Following our Tuesday night adventures (or Misadventures!), we head to POPS on Route 66 in Arcadia and have $2 hamburgers (every Tuesday).  This Tuesday was no exception, and the team rallied late and won again, it had to be Kim’s lucky shirt!  Well be on the field next Tuesday night, and if you need a laugh, or just want to come hang out at POPS, come on out!

Red Day Recap

Author: Terra  //  Category: Real Estate

Kim, Kiley and I proudly put on our RED Day t-shirst last Thursday, and headed out into my community for the blessed opportunity to serve alongside other Keller Williams associates.  That morning we started working with associates from our Edmond market center, who met at the Daily Living Center in Edmond to paint, plant potted plants and visit with the elderly participants in the programs there. Daily Living Centers provide adult day health care six days a week in therapeutic programs for senior adults who have a wide range of needs.   It was a true joy to be able to visit with the elderly and spruce up the facility where they spend so much of their time.

Mo Anderson, Keller Williams Vice Chairman,  is in the first picture helping us paint the outside. Mo and the director of the Director of the Daily Living Center are in the middle picture.  And our group of Keller Williams agents from the Edmond office are in the last picture being silly.  It was definitely a successful day and I am so glad I got to be a part of RED DAY 2010!

WEEKLY MORTGAGE UPDATE

Author: Terra  //  Category: Real Estate

This week, it’s STILL about Greece.  Because of Greece and other nations, the Euro zone continues to impact our mortgage market.  Remember, as worries over Europe rise, money runs to the US bond market for safety and rates fall.  When fears subside, the reverse happens and rates go up.

This week the European Central Bank (Europe’s Fed) did what we did with TARP and promised 750 billion  Euros (sound familiar?) to buy the debt of troubled countries.   This fix calmed Euro fears, money flowed back out of the US bond market, and rates ticked up.  But Europe is NOT the US.  It’s a collection of different sovereign nations.  Try as they might to act like one country they are not.  Imagine your typical family.  When the Dad (or Mom) decides something, it happens.  But if the decision was left to the kids, it only happens if they all agree…and when was the last time you saw brothers and sisters all agree for an extended time frame?  So, while the 750 BILLION might pay off the family credit cards, there are concerns  that the kids will run them right back up again once the crisis is over.  This caused fears to return and money flowed back into the US bond market  pushing rates back down.  So, the opportunity remains: The recent ½% drop gives a buyer $20,000 MORE HOUSE for the SAME MONTHLY PAYMENT!!!!  Buyers need to act NOW so they don’t miss out.

BOND MONEY STILL AVAILABLE WITH A RATE OF 5.65% AND 3.5% DOWN PAYMENT ASSISTANCE.

Last weeks rates ranged between 4.75% and  5.0%, depending on program, credit and points.

Ted Clay
Sr. Loan Consultant

Office: 405-341-8644
Cell: 405-826-1320

tclay@wrstarkey.com

www.TedClay.com

Oklahoma is #1 in home equity

Author: Terra  //  Category: Real Estate

Did you know Oklahoma has fewer borrowers than any other state that are upside down in their mortgages? I think that is something that Oklahomans can brag about.   Many people around the world owe more on their mortgages than they are worth. The economy is definitely getting better, but aren’t you proud to live in Oklahoma? In my opinion, the real estate market never really got “bad” here.

States with lowest negative equity
1. Oklahoma: 5.9 percent
2. New York: 7 percent
3. Montana: 7.3 percent
4. Pennsylvania: 7.4 percent
5. North Dakota: 8 percent

Stats from Tulsa World

Red Day 2010

Author: admin  //  Category: Real Estate

As most of you know, in April we supported the American Heart Association Heart Walk as our major RED DAY activity.  However, we wanted to have a project that we actually completed on RED DAY.  So, this morning, we are headed to the Daily Living Center located at 3414 South Wynn Drive.  If you are interested in helping, call me!   We will be painting the front of the building and maybe even some lawn furniture.  We will also be planting some flowers to put in front of the building to brighten it up. Later, we are headed to help clean up in OKC after the tornadoes on Monday. If we are lucky, Mo Anderson(Keller Williams Vice Chairman) may come by and help out! Just a side note, RED DAY is in honor of Mo Anderson’s birthday.  I will update you later with how the day goes!

10 Safety Tips from a police officer

Author: Terra  //  Category: Real Estate

After I got broken into this weekend a friend of mine sent this to me by email so I would be more aware and not get myself in any bad situations. Thankfully this weekend, no one was hurt.

Email…

Everyone should take 5 minutes to read this. It may save your life or a loved one’s life.

In daylight hours, refresh yourself

of these things to do

in an emergency situation…

This is for you,

and for you to share

with your wife,

your children,

everyone you know.

After reading these 9 crucial tips,

forward them to someone you care about.

It never hurts to be careful

in this crazy world we live in.


1. Tip from Tae Kwon Do :

The elbow is the strongest point

on your body.

If you are close enough to use it, do!
2.. Learned this from a tourist guide.

If a robber asks for your wallet and/or purse,

DO NOT HAND IT TO HIM.

Toss it away from you….

Chances are that he is more interested

in your wallet and/or purse than you,

and he will go for the wallet/purse.

RUN LIKE MAD IN THE OTHER DIRECTION!

3. If you are ever thrown into the trunk of a car,

kick out the back tail lights and stick your arm out the hole

and start waving like crazy..

The driver won’t see you, but everybody else will.

This has saved lives.

4. Women have a tendency to get into their cars

after shopping, eating, working, etc., and just sit

(doing their checkbook, or making a list, etc.

DON’T DO THIS!)

The predator will be watching you, and this

is the perfect opportunity for him to get in

on the passenger side, put a gun to your head,

and tell you where to go.

AS SOON AS YOU GET INTO YOUR CAR ,

LOCK THE DOORS AND LEAVE..

If someone

is in the car

with a gun

to your head

DO NOT DRIVE OFF,

Repeat:

DO NOT DRIVE OFF!

Instead gun the engine

and speed into anything, wrecking the car.

Your Air Bag will save you.

If the person is in the back seat

they will get the worst of it .

As soon as the car crashes

bail out and run.

It is better than having them find your body

in a remote location.

5. A few notes about getting

into your car in a parking lot,

or parking garage:

A.) Be aware:

look around you,

look into your car,

at the passenger side floor ,

and in the back seat.

B.) If you are parked next to a big van,

enter your car from the passenger door.

Most serial killers attack their victims

by pulling them into their vans while the women

are attempting to get into their cars.

C.) Look at the car

parked on the driver’s side of your vehicle,

and the passenger side… If a male is sitting alone

in the seat nearest your car, you may want to walk back

into the mall, or work, and get a

guard/policeman to walk you back out.

IT IS ALWAYS BETTER TO BE SAFE THAN SORRY. (And better paranoid than dead.)

6. ALWAYS take the elevator

instead of the stairs.

Stairwells are horrible places to be alone

and the perfect crime spot.

This is especially true at NIGHT!)

7. If the predator has a gun

and you are not under his control,

ALWAYS RUN!

The predator will only hit you (a running target)

4 in 100 times; and even then,

it most likely WILL NOT be a vital organ.

RUN, Preferably in a zig -zag pattern!

8. As women, we are always trying

to be sympathetic:

STOP

It may get you raped, or killed.

Ted Bundy, the serial killer, was a good-looking,

well educated man, who ALWAYS played

on the sympathies of unsuspecting women.

He walked with a cane, or a limp, and often

asked ‘for help’ into his vehicle or with his vehicle,

which is when he abducted
his next victim.

9. Another Safety Point:

Someone just told me that her friend heard

a crying baby on her porch the night before last,

and she called the police because it was late

and she thought it was weird.. The police told her

‘Whatever you do, DO NOT

open the door..’

The lady then said that it sounded like the baby

had crawled near a window, and she was worried

that it would crawl to the street and get run over.

The policeman said, ‘We already have a unit on the way,

whatever you do, DO NOT open the door.’

He told her that they think a serial killer

has a baby’s cry recorded and uses it to coax

women out of their homes thinking that someone

dropped off a baby.. He said they have not verified it,

but have had several calls by women saying that

they hear baby’s cries outside their doors

when they’re home alone at night.


10. Water scam!

If you wake up in the middle
of the night to hear all your taps outside running or what you think is a
burst pipe, DO NOT GO OUT TO INVESTIGATE! These people turn on all your
outside taps full ball so that you will go out to investigate and
then attack.

Stay alert, keep safe, and look out for your neighbors!

Please pass this on

This e-mail should probably be taken seriously because

the Crying Baby Theory was mentioned on

America ‘s Most Wanted when they profiled

the serial killer in Louisiana

I’d like you to forward this to all the women you know.

It may save a life. A candle is not dimmed by lighting another candle..

I was going to send this to the ladies only,

but guys, if you love your mothers, wives, sisters, daughters, etc.,

you may want to pass it onto them, as well.



Best Real Estate Company- Keller Williams

Author: Terra  //  Category: Real Estate

Keller Williams was recently chosen by their readers in THE EDMOND SUN Sunshine Awards Recognizing Excellence in Business as the “BEST REAL ESTATE COMPANY”.  Ya-hoo!!! I am so glad I work at Keller Williams Realty in Edmond.

Weekly Mortgage Update

Author: Terra  //  Category: Real Estate

The world runs on emotion. It’s the most efficient decision making system we humans have. It’s also the most dangerous. Emotions assimilate thousands of bits of data in a split second and distill it down to an action. The global money markets are no different…and you saw that this week. Once there is enough data to create fear, emotions take over. And computer programs have ‘fear’ as well because when a trigger point is reached, a market (or ‘sell at any price’) order is issued. ‘Sell at any price’ has fear written all over it. BUT the upside of this fear is the BOND market, which includes mortgages. The bond market benefitted as traders ran from the 1000 point drop and the concerns over Greece, Spain and Portugal and dumped their money into the US bond market for safety.

Remember, when investors are going to put their money in the bond market anyway, they will accept a lower interest rate because they need the safety. The result is that you and buyers benefit as rates drop. BUT IT’S TEMPORARY. Fears will subside AND the economy will improve. Just today the jobs report showed that non-farm payrolls have increased by 570,000 since December – that is VERY strong. As safety returns, money will flow out of bonds and rates will go back up. Better economic news will fuel inflation fears and that will trigger another emotional response that sends rates the other direction. So you should grab this tremendous opportunity before it’s gone.

There is plenty of State Bond Money out there so if you need assistance with a down payment we can grab this money with a contract. Call me if questions!!

This week rates ranged between 4.75% and 5.0%, depending on program, credit and points.

Ted Clay
Sr. Loan Consultant

Office: 405-341-8644
Cell: 405-826-1320

tclay@wrstarkey.com

www.TedClay.com

Renting Out Your Home? Get Landlord Insurance

Author: Terra  //  Category: Real Estate

Article From HouseLogic.com
By: G. M. Filisko?Published: May 03, 2010

If you’re renting out your home, it might not be covered by homeowners insurance, so look into landlord insurance instead.
Maybe you’re moving up to a bigger home and holding on to your former residence as a rental property. Or maybe you’ve tried to sell your home without success. Whatever the reason, if you’re thinking about renting out your home, you need to look into landlord insurance.??Homeowners insurance covers your house if it burns down, your possessions if there’s a break-in, and medical and legal bills if someone gets hurt on your property. Problem is, homeowners insurance might not offer protection if you decide to rent out your home. Landlord insurance does. Set aside half a day to research policies.
Renting out your home raises risks

Homeowners insurance typically covers owner-occupied, single-family residences, says John W. Saunders, president of Slemp Brant Saunders, an independent insurance brokerage in Marion, Va. When your home doesn’t meet that definition because it’s being rented out regularly, it’s no longer covered.

Most homeowners policies will cover an occasional short-term rental if, say, you’re going away for a few weeks, says Dave Millar, a partner at Riley Insurance Agency in Brunswick, Me. “But if you have a summer home you’ve decided to use as an income property and are putting different people in there every week,” he explains, “that’s a lot higher risk for the insurance company.”

The risk is also higher for both you and your insurer when you rent out your home on a full-time basis. You have an increased responsibility for injuries on the property, whether to your tenants or your tenants’ guests, says Bob O’Brien, vice president of Noyes Hall & Allen Insurance in South Portland, Me.??Insurers also experience more claims on tenant-occupied properties because tenants typically don’t care for properties as well as owners would. Renters are less likely to either identify or report maintenance needs, says O’Brien, and may be unfamiliar with a home’s systems like the location of the water shut-off.


Look into landlord insurance

When you decide to become a landlord, inform your insurer and ask about a specific landlord insurance policy, sometimes known as a dwelling fire policy or special perils policy. Coverage from a basic landlord policy isn’t quite as broad as a homeowners policy, says O’Brien, but it includes big risks like fire, wind, theft, and ice damage.

There are several levels of dwelling fire policies: DP-1, DP-2, and DP-3. The higher the number, the better the coverage. “A DP-3 policy might provide replacement cost on the house and theft of contents coverage for your belongings,” says Millar.

Expect to pay about 25% more for landlord insurance than you did for homeowners insurance, according to the Insurance Information Institute. In recent years the average cost of homeowners insurance (http://www.iii.org/media/facts/statsbyissue/homeowners/) was $822 a year. Tack on 25%, and that would put the average annual premium on landlord insurance at about $1,025.

A landlord policy covering a one-year rental for a home in Maine insured for $370,000 and personal property for $10,000 would cost $1,170, for example, says Millar. Expect to pay even more if you allow short-term rentals. The same insurance for the home if rented by the week for 12 weeks during a year would be $2,170.

Other insurance policies to consider
Landlord insurance typically covers the house itself, other structures on the property such as sheds, the owner’s possessions (but not the tenant’s possessions), lost rental income if the house is damaged and uninhabitable, and some liability protection for the owner in case of injury or a lawsuit. Policies vary, however, so read the fine print. If lost rental income isn’t included, you might be able to add the coverage for an additional $50 a year, says Saunders.

Also consider an umbrella policy (http://www.houselogic.com/articles/whats-covered-umbrella-insurance/) that provides additional liability protection beyond the limits of your landlord policy. “If you’re talking about owning more than one house, and your net worth is starting to build up, then you should consider an umbrella policy,” says O’Brien. You can usually get an additional $1 million worth of liability coverage for $250 to $300 a year.

Finally, O’Brien advises that you require tenants to buy renters insurance (http://www2.iii.org/index.cfm?instanceID=242793) that protects their own property. Remember, landlord insurance only covers the owner’s property. In recent years, the average cost of renters insurance has run $182 annually.

G.M. Filisko is an attorney and award-winning writer who has been both a landlord and involved in insurance litigation. A frequent contributor to many national publications including Bankrate.com, REALTOR; Magazine, and the American Bar Association Journal, she specializes in real estate, personal finance, and legal topics.