Moving

Step 7: Moving
7 Steps to House Selling Success!


Even the smallest home contains a lot of furniture, clothes, kitchen equipment, pictures and other items. For a short move, it may be worthwhile to transport small goods by yourself, but larger items will likely require a professional mover.

Homestore.com's moving center provides calculators as well as information on moving options, storage, truck rentals and related topics. This information, plus assistance and advice from your REALTOR®, can ease the moving process.

It's ideally best to get rid of excess furniture and other goods by having a sale before you move. This will reduce the volume of goods to be moved and thus lower moving costs. Unwanted furniture which cannot be sold can often be donated to charitable groups, many of which will come to your home to pick up donations. All other unwanted items should be taken to a landfill. You should provide the U.S. Postal Service with a forwarding address, and utility companies should be advised when to end service. Check with utility companies to see if there is deposit money which should be returned.

How do you plan a move? The time to plan your move begins once you've decided to sell your home. Some of the activities required to sell the home can actually help with the moving process. For example, cleaning out closets, basements and attics means there will be less to do once the home is under contract.

Your planning will be guided by a number of things:

Are you moving a long distance? If yes, you'll likely require an interstate mover and the use of a large van.

Moving internationally. Contact the embassy in Washington, D.C., for information. Be aware that items which may be entirely common in the United States can be prohibited in foreign countries. Ask about customs protocols, duties and taxes.

Moving locally? If yes, will you move yourself? You'll need to consider packing boxes, peanuts, blankets or padding and a van rental.

Planning is key. Stock up on boxes, packing materials, tape and markers. Always mark boxes so that movers will know where goods should be placed.

Who should you use? The decision of who to use can begin with a visit to REALTOR.com's® moving center and discussions with the REALTOR® who is marketing your home.

There are a number of factors to consider. Money is one issue: You'll want to spend as little as possible, but choosing only on the basis of cost can be a mistake. Movers must have the right equipment, training and experience to do a good job. A mover, no matter how large or small, should be able to provide recent references for homesellers with a similar volume of goods to transport.

Get mover estimates in writing. Be aware that it's possible to get discounts through membership organizations and, sometimes, on the basis of your profession: Clergy, for example, sometimes qualify for a discount.

Always confirm mover credentials. Movers should be licensed and bonded as required in your state, and employees should have workman's comp insurance.

Get a checklist. Moving is a big job and checklists can make it more organized and easier. Here are some of the major items to consider:

Money. If you're moving more than a few miles then you should have enough cash or credit to cover travel, food, transportation and lodging.

Medicine. Keep medicines and related prescriptions in a place where they will be available during the move.

Number boxes so that all items can be counted on arrival. Make a list of boxes by number and indicate their contents.

If moving with children, make sure that each has a favorite toy or toys, blankets, games, music and other goods.

Moving historic, breakable or valued items? Such goods routinely require special handling and packaging.

Have address books readily available in case you need help.

If you have a laptop computer with a modem, make it accessible during your trip to pick up business and personal e-mail.

credit history

Guarding Your Credit History
You are the first-and best-line of defense in maintaining
an error-free credit report
By Warren Lutz
Homestore.com

It's one thing to have late payments or delinquencies on your credit report. Everybody has forgotten a payment or two. But it's quite different when somebody else's mistakes cause "dings" on your report.

Fixing such errors is important because unfavorable information on your credit report-accurate or not-affects your ability to borrow money.

The three major credit bureaus-Equifax, Experian, and Trans Union-compile information about you into a report that businesses use to evaluate whether you'd make a good borrower or, in some cases, a good employee. Credit reports tell people where you live, how you pay your bills, whether you've filed for bankruptcy and if you've been arrested.

Let's say you made your monthly payment on your department store credit card on time, but for some reason it is reported as a late payment on your credit report. According to the Fair Credit Reporting Act, both the credit bureau and the department store are responsible for correcting mistakes or incomplete information on your report. But you have to let them know.


Step By Step

To correct an error, write a letter to the credit bureau that produced the erroneous report. Be sure to:

• Provide your complete name and address, stating each item in your credit report that you believe is a mistake and why. Stick to the facts and request that errors be corrected or deleted.

• Include copies-not the originals-of documents that back your claim such as a canceled check or a receipt of payment. Enclose a copy of the credit report and circle items in question.

Next, write a letter to the company or lender where the mistake came from, informing them of your dispute. Remember, include copies of documents that back your claim.

Send both letters by certified mail, return receipt requested, and keep copies for your records. This way you have proof both parties received notice of your dispute.

Credit Bureau Response
The credit bureau must investigate items in question within 30 days (unless they find your dispute is frivolous). They will also forward your dispute to the department store, which must investigate your claim and report back to the credit provider.

If the department store or any other creditor agree there is a mistake, they must notify the other credit bureaus so they can correct the information in their files. If the disputed item cannot be verified, it must be deleted from your files.

When the investigation is done, the credit bureau must give you its results in writing as well as a free copy of your credit report. You can also request that correction notices be sent to anyone having received your report in the prior six months.

Statement of Dispute
If the credit bureau does not resolve your dispute, you can ask them to include a statement (up to 100 words) in your file that says you disputed information in your report. The statement will show up in future credit reports.

If you're not satisfied with how the credit bureau handled your dispute, you can file a complaint with the Federal Trade Commission's Consumer Response Center by phone (877-FTC-HELP) or on the Web.

Rooting out mistakes in your credit report takes time and diligence. But your efforts could make the difference when it's time for you to get the loan terms you want.

Rates

Overnight real estate rates calm
30-year fixed rate at 5.84%; 10-year Treasury yield at 4.82%


Long-term mortgage interest rates were mostly flat Friday, and the benchmark 10-year Treasury bond yield sank to 4.82 percent.

The 30-year fixed-rate average sank to 5.84 percent, and the 15-year fixed rate held at 5.61 percent. The 1-year adjustable dipped to 5.4 percent.

The 30-year Treasury bond yield decreased to 4.92 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.

In other economic news, the Dow Jones Industrial Average lost 20.19 points, or 0.16 percent, finishing at 12,653.49. The Nasdaq was up 7.5 points, or 0.3 percent, closing at 2,475.88.


Article provided by Inman News

Home Staging

HOME STAGING TIPS

Here are 10 quick fixes that make a house more likely to be snagged up by buyers, according to home stager Lori Matzke, founder and president of Centerstagehome.com in Minneapolis:

1. Paint the trim, columns, front door, and the light fixture.

2. Replace the storm door with a full-view one.

3. Clean all the window screens.

4. Add new mulch and a potted plant by the front door.

5. Remove mirrors from over the fireplace so buyers focus on the fireplace.

6. Move furniture 1 1/2 to 2 feet away from the walls to create the illusion of more space.

7. Get rid of any movable storage pieces in the kitchen and take all the clutter off the refrigerator.

8. Clean and regrout the bathroom floor tile.

9. Replace dated bathroom vanities with trendy (and economical) pedestal sinks.

10. Put colorful bedding and matching window treatments in all the bedrooms.

real estate rates

Overnight real estate rates drop
30-year fixed rate at 5.85%; 10-year Treasury yield at 4.84%

Long-term mortgage interest rates fell Thursday, and the benchmark 10-year Treasury bond yield gained to 4.84 percent.

The 30-year fixed-rate average sank to 5.85 percent, and the 15-year fixed rate declined to 5.61 percent. The 1-year adjustable remained at 5.41 percent.

The 30-year Treasury bond yield increased to 4.93 percent.

Rates are current as of 7:15 p.m. Eastern Standard Time.

Mortgage rate figures are according to Bankrate.com, which publishes nightly averages based on its survey of 4,000 banks in 50 states. Points on these mortgages range from zero to 3.5.

In other economic news, the Dow Jones Industrial Average gained 51.99 points, or 0.41 percent, finishing at 12,673.68. The Nasdaq was up 4.45 points, or 0.18 percent, closing at 2,468.38.

Stock and bond figures are current as of 7:30 p.m. Eastern Standard Time.

Article provided by Inman News

Fed Leaves Key Short-Term Rate at 5.25 Percent
Elaine Barr, Financial News Editor


WASHINGTON –- In a much expected move, the Federal Open Market Committee decided today to keep its target for the federal funds rate at 5.25 percent.

That makes the fifth consecutive meeting the Fed has left the rate unchanged.

[Editor's Note: Protect yourself from rising inflation. The Fed won`t do it for you!]

The widely expected decision keeps the overnight federal funds rate target at the level it was set last June after 17 straight quarter-percentage point increases.

Voting for the FOMC monetary policy action were: Ben Bernanke, chairman; Timothy Geithner, vice chairman; Susan Bies; Thomas Hoenig; Donald Kohn; Randall Kroszner; Cathy Minehan; Frederic Mishkin; Michael Moskow; William Poole; and Kevin Warsh.

Despite the agency's decision to keep the rate unchanged, the Fed indicated it continues to focus on inflation risks.

In a release, the Fed stated that, "Recent indicators have suggested somewhat firmer economic growth and some tentative signs of stabilization have appeared in the housing market. Overall the economy seems likely to expand at a moderate pace over coming quarters.

"Readings on core inflation have improved modestly in recent months, and inflation pressures seem likely to moderate over time. However, the high level of resource utilization has the potential to sustain inflation pressures," the release continued.

It further stated that, "The Committee judges that some inflation risks remain. The extent and timing of any additional firming that may be needed to address these risks will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information."

© 2007 NewsMax Media, Inc. All Rights Reserved.

Steps to obtaining a mortgage

The Loan Process - Seven Steps To A Mortgage


Pre-qualification

"Pre-qualification" occurs before the loan process actually begins, and is usually the first step after initial contact is made. In a pre-qualification, the lender gathers information about the income and debts of the borrower and makes a financial determination about how much house the borrower may be able to afford. Different loan programs may lead to different values, depending on whether you are qualified for them, so be sure to get a pre-qualification for each type of program you are suited for.

Application

The "application" is actually the beginning of the loan process and usually occurs between days one and five of the loan. The buyer, now referred to as a "borrower", completes a mortgage application with the loan officer and supplies all of the required documentation for processing. Various fees and down payments are discussed at this time and the borrower will receive a Good Faith Estimate (GFE) and a Truth-In-Lending statement (TIL) within three days which itemizes the rates and associated costs for obtaining the loan.

Opening The File

This occurs between days 3 and 10. At this time the lender orders a property appraisal, property survey and credit reports, mails out requests for verifications, if necessary, for employment (VOE) and bank deposits (VOD) and any other documents needed for processing of the loan. All information supplied by the borrower is reviewed at this time and a list of items not yet received is compiled.

Processing

Processing occurs between days 5 and 25 of the loan. The "processor" reviews the credit reports and verifies the borrower's debts and payment histories as the VODs and VOEs are returned. If there are unacceptable late payments, collections for judgment, etc., a written explanation is required from the borrower. The processor also reviews the appraisal and survey and checks for property issues that may require further discernment. The processor's job is to put together an entire package that may be underwritten by the lender.

Underwriting

"Lender underwriting" occurs between days 15 and 25. The underwriter is responsible for determining whether the combined package passed over by the processor is deemed as an acceptable loan. If more information is needed, the loan is put into "suspense" and the borrower is contacted to supply more documentation.

"Mortgage insurance underwriting" occurs when the borrower has less than 20% of the loan amount to put towards a down payment. At this time, the loan is submitted to a private mortgage guaranty insurer, who provides extra insurance to the lender in case of default. As above, if more information is needed the loan goes into suspense. Otherwise it is usually returned back to the mortgage company within 48 hours.

Pre-Closing

"Pre-Closing" occurs between days 20 and 30. During this time the title insurance is ordered, all approval contingencies, if any, are met, and a closing time is scheduled for the loan.


Closing

Closing usually occurs between days 30 and 45 of the loan. At the closing, the lender "funds" the loan with a cashier's check, draft or wire to the selling party in exchange for the title to the property. This is the point at which the borrower finishes the loan process and actually buys the house.

Closings occur at different places in different states. For instance, some states require that the closing take place at a closing attorney's office while others use a title or escrow company.