LinkedIn Dear Post, This is a reminder that on March 8, Jim Hood sent you an invitation to become part of their professional network at LinkedIn. Follow this link to accept Jim Hood's invitation. https://www.linkedin.com/e/isd/511628932/pyhSty-s/ Signing up is free and takes less than a minute. This is a reminder that on March 8, Jim Hood wrote:
> To: Post Blogspot [jim185.cincyhomes@blogger.com] > From: Jim Hood [jimh@myelitehome.com] > Subject: Invitation to connect on LinkedIn > > Post, > > I'd like to add you to my professional network on LinkedIn. > > - Jim The only way to get access to Jim Hood's professional network is through the following link: https://www.linkedin.com/e/isd/511628932/pyhSty-s/ You can remove yourself from Jim Hood's network at any time. -------------- © 2009, LinkedIn Corporation
| | Cincinnati Mortgage Market Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC Mortgage Market Update: Mortgage rates held to historic lows in February as Congress passed the American Recovery and Reinvestment Act of 2009. Interest rates for a 30-year fixed-rate mortgage have hovered near historic lows and have been offered recently in the low five percent range. For a limited time home buyers can claim a special tax credit worth up to $8,000. The American Recovery and Reinvestment Act offers qualifying homebuyers a tax credit equal to 10 percent of a home's purchase price, up to a maximum of $8,000. The tax credit is offered to first time homebuyers, and those who have not owned a principle residence in the past three years. Homebuyers with annual income of up to $75,000 are eligible for the full credit, as well as couples making $150,000. Partial tax credits are available to home buyers making slightly more. To claim the tax credit, the purchase must be recorded between January 1 through December 1, 2009. The National Association of Realtors anticipates an additional 900,000 home sales will result from the housing stimulus, and expects housing inventory to fall below an 8-month supply by year end. The reduction in inventory points to strengthening conditions in many markets across the country. Finance Q and A: Q: Why do some buyers opt for 15 year fixed rate mortgage when they can get lower payments spread out over 30 years? A: The 15 year fixed rate loan permits you to own your home, debt free, in half the time and for less than half the total interest cost of a 30 year fixed rate mortgage. Because interest rates are often lower on shorter loans, the monthly repayment is only about 25% higher than a comparable 30 year loan. The 15 year mortgage can be a great financial planning tool for many investors. Ask your mortgage planner if this type of loan is right for you! Tip of the Month: With credit markets tightening as financial institutions deal with recent liquidity challenges, it is now more important than ever that home borrowers get their financial house in order when applying for a loan. Be sure to review your credit report with your mortgage professional and get pre-approved for your loan before making an offer on a home. A little preparation goes a long way and can mean all of the difference when it comes to closing on that dream home. | Kim Schieldknecht - LO.002028.000, MB.802245.000 Clermont Financial LLC 726 Mohawk Trail & 5720 gateway blvd #204 Milford and Mason, OH 45150 (513)587-3599 http://www.clermontfinancial.com | |
| National Statistics Updated 3/2/2009 | | |
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| | Cincinnati Mortgage Market Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC Mortgage Market Update: Mortgage rates dropped to historic lows in January as credit markets loosened to stimulate the economy. In January, interest rates for a 30-year fixed-rate mortgage briefly dipped down to the high four percent range before settling to their current level, in the low five percent range. According to the National Association of Realtors, existing home sales activity picked up at the end of 2008, with re-sales up 6.5 percent for the last month of the year. The heightened activity also dropped available existing home inventories by 11.7 percent. Real estate markets across the country are seeing increased activity as people take advantage of today's lower rates and adjusted home prices. The association is currently reporting a 9.3 month supply of existing homes for sale, and predicting an annual existing home sales of 4.74 million units for 2009. Finance Q and A: Q: Are Adjustable Rate Mortgages (ARMs) still considered a viable mortgage option? A: Yes, absolutely! Most ARMs are better suited as short term loans for buyers who are planning to sell in few years. By taking out a low interest ARM, the purchaser pays less interest initially, before their rates adjust and the loan is reamortized. If the homeowner expects to sell in two to three years, an ARM might make sense. HOWEVER, if you plan on staying put for more than a couple of years, a fixed-rate loan is probably a better option. Fixed-rate mortgages are predictable and the payments remain the same throughout he life of the loan. For more information on which loan is right for you, consult your mortgage professional today! Tip of the Month: When figuring out what you can afford, it is important to factor in the additional costs of home ownership, beyond the mortgage principle and interest. Be sure to budget for hazard insurance, association dues, property taxes, as well as monthly utilities and other expenses unique to the property. It's also smart to review your anticipated tax savings and home equity growth as your investment grows. Ask your mortgage professional to help you budget today to get the most out of your next purchase! | Kim Schieldknecht - LO.002028.000, MB.802245.000 Clermont Financial LLC 726 Mohawk Trail & 5720 gateway blvd #204 Milford and Mason, OH 45150 (513)587-3599 http://www.clermontfinancial.com | |
| National Statistics Updated 2/1/2009 | | |
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| Visit online at clermontfinancial.com Listen to my webcast | Post, What follows is a summary of the IRS Guidelines regarding the $7,500 'first-time homebuyer credit": General: Congress recently enacted the First-Time Homebuyer Credit which can be claimed on IRS Form 5405; HOWEVER, THE CREDIT IS IN REALITY A NO-INTEREST LOAN THAT MUST BE PAID BACK OVER 15 YEARS. How Much is the Credit?: 10% of the purchase price with a maximum credit of $7,500 for either a single or a married couple filing a joint return. 10% for a married person filing a separate return up to $3,750. The full credit is available for homes costing $75,000 or more. Which Homes Qualify? Must be located in the U.S. Must be purchased after April, 2008, and before July1, 2009. For new construction, the purchase date is the date you first occupy the home. Taxpayers who owned a main home during the three (3) years prior to the date of purchase are NOT eligible for the credit. IF YOU MAKE AN ELIGIBLE PURCHASE IN 2008, YOU CLAIM THE FIRST-TIME HOMEBUYER CREDIT ON YOUR 2008 RETURN. FOR AN ELIGIBLE PURCHASE IN 2009, YOU CAN CHOOSE TO CLAIM THE CREDIT ON EITHER YOUR AMENDED 2008 RETURN OR 2009 RETURN. When Must I Pay Back the Credit?: You must begin paying back the credit/loan the second year after claiming the credit. For example, if you properly claim the maximum available credit of $7,500 on your 2008 return, you must begin repaying the credit by including 1/15th of this amount or $500 as an additional tax on your 2010 federal tax return; thereafter, $500 per year from 2010 through 2024. Exceptions to the Repayment Rule: If you die and are single, any remaining installments are NOT due If you die and are married both claiming the credit, your spouse must repay his/her one-half. If you stop using the home as your main home, all remaining installments become due on the year that occurs. This includes situations where the main homes becomes a vacation home or is converted to business use or rental property. There are some rules for involuntary conversions. If you sell your home, all remaining installments become due on the return for the year of the sale. The repayment is limited to the amount of GAIN on the sale if the home is sold to a unrelated buyer. If the sale results in a loss or there is no gain, the remaining installments may be reduced or even eliminated. (this requires professional assistance). If you get divorced and transfer to your spouse, he/she then become responsible for the remaining installments. Are there income limits? Yes, the credit is reduced or eliminated for high income taxpayers. The credit is phased out based on our modified adjusted gross income (MAG). For a married couple filing a joint return, the phase-out range is from $150,000 to $170,000. For other taxpayers the phase-out range is $75,000 to $95,000.. What if two homebuyers are unmarried? Two unmarried individuals buying a principal residence may allocate the credit among themselves in any reasonable manner. The total amount allocated between the owners may not exceed the lesser of $7,500 or 10% of the purchase price. Resident Aliens with an iTIN are eligible to take this credit. Even if you don't owe taxes and didn't have taxes taken from your pay, you are still eligible. The credit is fully refundable. Who cannot take the credit? Your home financing comes from tax exempt mortgage revenue bonds You buy the home from a close relative, including spouse, parent, grandparent, child or grandchild. I hope this is helpful. Kim Schieldknecht | |
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Kim Schieldknecht, Clermont Financial LLC 726 Mohawk Trail & 5720 gateway blvd #204 Milford and Mason OH 45150 (513)587-3599 Change your email preferences here.
| | Cincinnati Mortgage Market Presented by Kim Schieldknecht - LO.002028.000, MB.802245.000 of Clermont Financial LLC Mortgage Market Update: The United States Federal Reserve pushed the federal funds rate closer to zero percent in late December in a move to loosen up credit markets and stimulate an economic recovery. As a result, mortgage rates dropped to their lowest mark in recent history with conventional 30-year fixed-rate mortgages reported in the low five percent range. This dramatic move has increased lending activity across the country as home buyers and home owners take out new loans to purchase or refinance. According to the National Association of Realtors (NAR), existing home sales activity was down 8.6 percent in November as the market reacted to news on Wall Street. However, real estate markets across the country will likely see increased activity in the months ahead as more people take advantage of today's low rates and larger inventories. NAR is currently reporting an 11 month supply of existing homes for sale, and expecting annual home sales of just under 4.5 million for the year ending in 2008. Finance Q and A: Q: What's the best way to raise a credit score when applying for a mortgage? A: Your credit score is a composite snapshot of your credit history, and is not likely to raise much in a short period of time. Generally speaking, you want to make sure you pay your bills on time, keep outstanding debt levels to a reasonable amount for each account, and avoid closing accounts you've successfully paid-off and managed. Don't lose hope if you have less than perfect credit, there are still good loan programs out there for responsible borrowers. Contact your mortgage planner today to learn which programs might be right for you and take advantage of today's low interest rates! Tip of the Month: Real estate markets in California, Florida, Nevada, and Arizona are seeing renewed activity as bargain hunters snatch up discounted homes. Because of increased housing inventories and historically low interest rates, we find ourselves in the biggest buyer's market our country has ever seen. If you haven't already done so, you owe it to yourself to contact your mortgage planner and real estate agent to make the most out this incredible opportunity! | Kim Schieldknecht - LO.002028.000, MB.802245.000 Clermont Financial LLC 726 Mohawk Trail & 5720 gateway blvd #204 Milford and Mason, OH 45150 (513)587-3599 http://www.clermontfinancial.com | |
| National Statistics Updated 1/5/2008 | | |
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