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Archive for July 2009

Reliable Mortgage Companies/Compare Interest Rates in Kansas City

Tuesday, July 21st, 2009

There are many reliable mortgage companies ready to help you purchase a home.  It is important to find a couple reliable mortgage companies and then compare interest rates for the best deal.  An interest rate reduction of only .25% can amount to a lot of dollars over the life of your loan.  When looking for a reliable mortgage company in Kansas City contact us as we are your real estate professionals and can guide you in the right direction.

A reliable lender in the Kansas City area is First Bank of Missouri.  Check out their website at www.firstbankmo.com.  No ID or Password are needed – Go to the right side of the page and look for Apply for Mortgage Loans Online – for more information Click Here So click here and the next page will give you a wealth of information such as:

Today’s Featured Rate                     Rates                                 Points

30 yr. fixed rate                            Current rate               Amount of points

15 yr. fixed rate                             Current rate               Amount of points

5 yr. adjustable rate                    Current rate               Amount of points

7 yr. adjustable rate                    Current rate               Amount of points

The best interest rates are for loan over $150,000.  Lower dollar amount of loans are slightly higher.  These interest rates can change daily.  Also on this page you can apply for a loan online and Get a Rate Quote.

There is also a link that states to “Keep an eye on rates via email – Sign up for Rate Watch.”

So do your homework when looking for a home loan – this could save you a lot of money and make your life much easier.

For any assistance through this complex process, contact us as we want to be your real estate professionals in Kansas City for life!

Kansas City New Home Mortgage Loan Processing Regulations

Saturday, July 11th, 2009

Effective July 30. 2008 some new regulations will be in place to insure that home buyers receive better information pertaining to what a mortgage loan will cost them.

These regulations lengthen the loan processing in that you will need at least 30 days from the time the contract is accepted to the closing date.

The Good Faith Estimate (Early Disclosures) that outline the cost of the mortgage must be mailed to the borrowers within 3 business days of when the lender receives the mortgage loan application. The new regulation requires the lender to wait 7 business days after sending out the Early Disclosures to start the loan process. This additional time of 7 days will give the borrowers more time to review the Early Disclosures and decide if they want to proceed with the loan.

The new regulation prohibits a lender from charging a fee, except for a credit report, until after the Early Disclosures have been provided.

The new regulation requires corrected disclosures to be sent at least 3 business days before closing if the interest rate changes more than .125% from the Early Disclosures.

The new regulation informs borrowers that they are not required to close a loan due to being provided with Early Disclosures or applying for a loan.

These regulations are designed to give the borrowers more time to review and understand the loan, closing costs and interest rate that they are applying for. Hopefully this will cut down on mortgage fraud. If you need a lender, contact us as we work with reputable lenders that want to earn your business.

Any questions or comments, feel free to contact us. Thank you.

Kansas City Homes: Water in the Basement?

Wednesday, July 8th, 2009

It is quite common for a home to have some water leak into the basement. What causes this and what can be done to eliminate this problem or to avoid this problem?

A large percentage of problems in Kansas City homes are caused by two items (1) clogged or poor gutters and (2) improper drainage away from the basement walls. If either of these problems exists – it is almost impossible to keep water out of the basement.

Clogged or poor gutters – The gutters and downspouts must be free from leave and debris to work properly. One can see the debris in the gutters but you cannot see the debris in the downspouts. An ideal way to check to see if your gutters are working properly is to grab an umbrella and walk around your home during a rainstorm. It only takes a couple minutes and can avoid some huge problems. The gutters and downspouts must be properly fastened to your home to work properly. Sometimes they need reattached. Trees and limbs need to be kept trimmed and should be at least 4 feet from your house. Screens over the gutters help to keep you gutters working properly.

Improper drainage – Dirt may need to be applied around your basement walls to insure that the water runs away from you home and not towards your home. This is critical. Be careful when landscaping that you do not trap this water by applying landscape timbers, stones, ect. This water must be able to flow away from your home. It is very common for the dirt next to your basement walls to settle. It is important to bring in some dirt to fill these holes.

Contact us for a dirt contractor that will take care of this problem. It costs about $400 to purchase a large load of dirt, have it delivered and spread around your home/yard.

More information on water in the basement, check it out on the web.

Thinking about buying or selling your home North of the River? We would appreciate the opportunity to earn your business. Thank you!

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