Beautifully Worthy

BMS Art Studios presents photography, paintings, and sketches. Beautifully Worthy Photograph was taken on Worth Avenue in Palm Beach by Brian M. Schoedel

Economic Stimulus or Political Robbery?

 

President Obama seems to be making strides everyday he is in office. Is our economy really recovering with the hundreds of billions that have spent? Have we been sold an economic recovery and manipulated by doom and gloom in the media?

We as Americans have endured more in the past few years than much experience in a lifetime. It is only a distant memory that many hard working Americans were living the American dream. Many people had great incomes from their jobs and small businesses. More people were able to buy homes since our economy was thriving at record pace. So many people remember watching their homes double and triple in value over the past 5 years.

It seemed like overnight millions of Americans watched as their homes rapidly decreased in value as their neighbors lost their jobs and foreclosure notices were posted. Suddenly that imaginary retirement fund we call equity evaporated almost overnight. Many people in all facets of the economy and all income levels start losing their jobs. The media blamed it on careless people who purchased luxury homes and expensive cars hey couldn’t afford. Sure there are people who live outside of their means when they are being told to buy larger overpriced homes and sold exotic loans that help you afford the unattainable. The truth is that average American could afford what they were sold when they had loans that were affordable and jobs that’s income were steadily rising. Fast forward to 2009 elections and doom and gloom sold papers.

As for many Americans their home is their single largest investment. We have been robbed of our wealth and sold pipe dreams by irresponsible developers, bankers and politicians. Suddenly our homes became large liabilities worth no more than that overpriced, crappy American automobile. Depreciation and inflation spread like wildfire into our investments and 401k retirement funds. The same people that sold us our American dreams traded and sold  the paper backing our overpriced luxury  homes called Collateralized Debt Obligation (CDO). These repackaged investment funds looked like triple aaa rated investment gold. We watched our investment portfolios on the rise alongside our home values. Americans felt rich many for the first time in their lives. Everything was going well. Then the house of cards fell. No longer were the banks able to peddle their disguised time bomb funds. Suddenly other countries wouldn’t finance our debt lifestyles.

We lost everything. One by one millions have lost their homes, jobs, retirement funds, and savings. We watched our dreams slip away stolen by the very people we trusted. We have lost our confidence and ability to take care of our families.

Now we have politicians selling more doom and gloom. Will the US be able to borrow our way out of this mess? Will jet setting executives keep plundering hundreds of millions of money we as tax payers cannot afford to lose? Are we placing our children in more debt? We are at a critical juncture in American history. Do we allow our government to finance private companies plunder what little we have left while high flying executives making millions retire in style? I ask that as Americans we pull together and keep an eye on our politicians. We keep an eye on the very so called leaders that got us into this mess borrow and give irresponsible executives money they are inevitably going to waste.

Keep an eye on the monthly ATM withdrawal our politicians are making. I ask for you to write to your Congressmen, Senators, and President. Ask them what is the real cost of this crisis? What are the alternatives? Our politicians are asking for more money every month with no accountability. Stand up and say, enough is enough! Check how our money is being spent at: http://www.recovery.gov/

Tiffany and Company Established in 1837

Tiffany & Co. Original Store on Broadway in New York City

Tiffany & Co. was established in 1837 under the name Tiffany & Young. Tiffany & Co. was started by Charles Lewis Tiffany & John B. Young on September 18^th. The original store was opened as a stationary & fancy goods store located on 259 Broadway in New York City. Tiffany & Co’s revolutionary pricing concept of a non negotiable pricing makes headlines and changes retail stores in the United States.

See more posts about Tiffany & Co. a great American jeweler.

Abstract Silver Jewelry

Shop for Sterling Silver

Amethyst Pendant Necklace Features Pearls & Sterling Silver

Amethyst Necklace features cultured freshwater pearls, sterling silver chain and green amethyst pendant.

Sterling silver chain has pearl beads through out the chain. Pearl cluster surrounds the green amethyst pendant. The chain is adjustable and fits 16-18 inches necklines.

Take a closer look at this classic treasure.

Avoid tax escrow shortages on your new construction home purchases!

Are you buying a newly constructed home in Florida? Have you heard horror stories about escrow accounts being shorted for property taxes? This is a big problem with most lenders that they have not fixed the tax loophole for escrow accounts. They also have a hard time fully disclosing what a true estimate of property taxes will be on your new home. It only takes a few moments to ensure this doesn’t happen to you.

Home Loan lenders are notorious for shorting your escrow account that pays your taxes and insurance. Your cash to close on your purchase may be affected when calculating the correct estimated amount for county property taxes.

I have personally felt the impact of a mortgage company improperly estimating the property taxes shorting the escrow account. The actual taxes were much higher and increased my monthly payment by $500 per month for the next year to correct the actual county property taxes. I have seen client’s escrow accounts shorted by thousands. There are a few things that you “the consumer” can do to safe guard this unexpected surprise and avoid a financially upsetting situation.

How does this happen? This shortage generally happens if the newly constructed home was built in the same year that you are closing on your home purchase. The taxes on your HUD1 or settlement statement may only reflect the taxes due on vacant land. The following year you’re taxed on the fully calculated land and improvements. There may also be adjustments based on your occupancy type. Homesteaded owner occupied properties may reduce your county property taxes.

This discount for the first year could be great as long as you are aware that the actual taxes may be significantly higher than the taxes on the land in the first year of ownership.

Here are the steps to prepare for the proper estimated county property taxes on your new home:

• File for Florida’s homestead exemption as soon a possible. Owner occupied home owners may help reduce your tax liability, and prevent substantial tax increases on your new home. Visit your Florida’s county tax collector’s website for more details. This may save you thousands of dollars in property taxes as your home’s value increases over time.
• Calculate the estimated taxes based on purchase price available on the website. Review the current property tax bill in order to see the estimated increased amount. This will allow you to plan for the proper county property taxes.
• Review your HUD1 or settlement statement before closing to make sure the lender and Title Company has properly estimated the fully taxed amounts for your escrow reserves. Keep in mind they will not be able to show the actual taxes paid to reflect the increase. They may only increase the reserves needed for you to properly fund your escrow account. Make sure you ask your lender or loan officer to increase the required to escrow reserves to keep your escrow account in the black and avoid a substantial monthly payment increase.
• Review the following lines on your settlement statement: Buyer’s side, 210. City taxes, 211. County Taxes, 216. Proration of Taxes, 1000. Reserves with Lender, 1003. City Taxes and 1004. County Property Taxes.

I have dealt with hundreds of people purchasing newly constructed homes. They are so excited about buying the home that there are many things they do not consider before buying. All prospective home buyers really want to comfortably afford their new home. Keep a comfortable cushion of cash savings for any unexpected expenses or increased payments due to either tax or insurance increases.

A little time spent to review and know all the estimates before closing will ensure that you are fully prepared for home ownership, and any unforeseen expenses. Consult with your Real Estate Agent, Mortgage loan officer, Broker, Lender, or Title Company, to ensure that your taxes are properly escrowed for your home purchase.

Call Brian Schoedel for free advice on correcting your escrow shortage on your current home loan. You have several options available to get your monthly payment into a manageable monthly payment and correct your escrow shortage.

Review your finances and home loan on-line now!

Or call me anytime. No Obligation consultation!

Home America Mortgage, Inc.

Brian M. Schoedel

Naples, Florida

P: 239.298.1335

E-mail: briansellsmortgages@gmail.com

Website: http://www.briansellsmortgages.com/

Home Owner’s Insurance 10 minute review saved me $1,200 this year!

Review home owner’s insurance policies (including flood policies)- This especially applies to people living in Florida and coastal states where insurance premiums have skyrocketed by 25-50% in the past few years due to increased property damage due to hurricanes. Review your declarations page which explains your coverage and reflects your premium (1-3 page policy of coverage). I personally saved $1,200 hundred dollars this year in October on my home owner’s insurance by using these steps.

This is especially important for those who pay their insurance escrowed into their home loan. You may not be aware of the amount you are actually paying for your home owner’s insurance since it is wrapped into your monthly mortgage payment. If you house payment has increased over the past few years it may be from insurance premium increases.

Review your policy (declarations page). Call your current agent and ask them to shop your policy around to other insurance companies. Many insurance agents do have access to several companies and may be able to save you hundreds or more off your yearly insurance premiums. The best part is that they already have your information on file making it easy. If you are not happy with your agent’s quote shop around to at least 2 other agents. You would be surprised how much an agent will save you to gain your business. I personally saved $1,200 off my policy. I was amazed that my 10 minute discussion with my agent produced such great results. She shopped around and found a new company that was able to offer the same coverage for much less.

I paid the premium faxed in the new insurance declarations page (proof of insurance and paid receipt) to my current mortgage company and cancelled my old policy. I received my refund in about 2 weeks and stuck the $1,200 savings in the bank!

Steps to saving money on home owner’s insurance:

1.       Gather Home Owner’s declarations pages2.       Review your current policy and shop for lower quotes3.       Pay for new policy, cancel old policy

4.       Cash your refund check 2 weeks later

What if I have recently replaced my roof? You may qualify for a discount. Many insurers will ask for a roof certification from a roof inspector. Most inspections run $200-300 and could save you even more money off your policy. Check for any recent hurricane protection upgrades such as shutters, or hurricane glass. The insurance company doesn’t know unless you tell them. This step may save you an additional 10-15% off your home owner’s policy.

What if I have lender forced placed insurance? I would do this as quickly as possible. Your savings will be slightly less for the first year. Forced place lender insurance only covers the lender of loss and is extremely expensive. Many homeowner’s don’t realize that they are overpaying, and getting “forced place” insurance. It is similar to obtaining car insurance without prior coverage. You will generally be charged a 10% premium for no prior coverage (12 months prior). The following year your premium should drop or you may shop around to obtain an additional 10% savings.

Does this work if I escrow my insurance? You can still save this money if you currently escrow with your mortgage company. Contact your mortgage company’s escrow department and ask them for their fax number. They will pay for the new policy. You will sign over the refund check to your mortgage company to fund your escrow account. You may request the savings to be refunded to you within a few weeks.

What if I don’t have the money to pay thousands up-front or don’t want to use my own money? I used a credit card for my premium. I received my refund before my credit card payment was due. I paid the credit card in full and kept my $1,200 savings. The key is to use a card that doesn’t have a balance and you will receive 30 days without interest. Using the bank’s money to save me money is fun!

I pay it on my own but, what if I don’t have credit cards, or the cash to pay for this now! You may have just paid this premium recently making it tough to come out of pocket for thousands more. I suggest reviewing your home owner’s insurance policy the month before it renews. That way you are prepared to pay it as usual. At worse borrow the money from a relative or take a free no cost line of credit to save the money. See how much the savings is, then find a way to get the money to pay for the premium and refund the extra savings.

Review your savings in your complete financial picture.

$100/ month

$1,200 per year

Over a 30 year home loan I will save $36,000!

Check out more of Brian Schoedel’s posts/ articles on saving money!

Brian M. Schoedel

E-Mail: briansellsmortgages@gmail.com

www.briansellsmortgages.com

www.briansellsmortgages.com

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