What are some common questions to ask your lender when searching for a loan?

Trying to decide what lender to use and what program to apply for can be difficult. Be sure you find a loan that fits your needs with these comprehensive questions:

1. What are the most popular mortgage loans that you offer?

2. Which type of mortgage plan do you think would be best for us? Why?

3. Are your rates, terms, fees, and closing costs negotiable?

4. Will I have to buy private mortgage insurance? If so how much will it cost and how long will it be required? Note: Private mortage inusrance usually is required if you make less than a 20 percent downpayment, but most lenders will let you discontinue the policy when you've acquired a certain amount of equity by paying down the loan.

5. Who will service the loan?

6. What escrow requirements do you have?

7. How long is your loan lock-in period (the time that the quoted interest rate will be honored)? Will I be able to obtain a lower rate if they drop during this period?

8. How long will the loan approval process take?

9. How long will it take to close the loan?

10. Are there any charges or penalties for prepaying the loan?

There are other questions that you could also ask a lender when comparing different financial institutions. These questions were obtained from an Old Colony marketing piece dealing with questions to ask a lender. Feel free to contact a lender for more information and if you should have any other real estate related question feel to free to email me at toddandtaranelson@msn.com.

What should I do when starting to search for a new home?

Starting your search for your new home is exciting. Whether this is your first home or your fifth, there are some tasks to ponder on when beginning your search. The first step that I recommend is contacting a lender to get pre-approved for a loan. Based on the information that you give them concerning your financial situation, the lender can help inform you on the price range of home to view, the amount of closing costs that you will need to pay to purchase the home, the interest rate and terms of your prospective loan, and the estimated payment range on your next home.I recommend this step due to several reasons.

1. It gives you an idea of what price range home to view. This reduces the chance of looking at homes that you can not afford or to inform you that you might afford more of a home than originally thought.

2. You will have an idea of what some of the costs are associated with purchasing a home. This will help if you need to ask for assistance from the seller to help pay some of the associated costs of the purchase. There are limits that a seller can contribute. Check with your lender to find out the limits, requirements, etc.

3. The lender can issue you a pre-approval letter to you that can be given to the seller when you write an offer. This may help strengthen your negotiating position especially if you are in a competitive situation against another buyer who might not have a pre-approval letter.

4. The lender could also help if you do not currently qualify for a loan to purchase a home by giving advice on how to improve your credit situation to be able to qualify in the future. After speaking to a lender and getting pre-approved, now you can search for your new home!

Please feel free to contact me with additional questions about purchasing or the home buying process in general.

The interest rates are beginning to be more and more unpredictable

Interest rates have been all over the place in recent weeks. Most recently interest rates for mortgages have begun to fall again. This week a local mortgage broker was quoting 5.875% on a 30 year fixed interest rate mortgage. 100% financing options are beginning to be harder to find in recent weeks with lending guideline changes. Call your local lender to find out more details. If you were on the fence about buying a home, now might be the time to make a decision. Email me as well if you should have any questions on real estate at todd@toddnelson.com.

10 Stellar Staging Tips Before An Open House or Showing

Preparing your home to sell can be a challenge. The following are some tips to help your home stand out in the competitive market in our area:

Stellar Staging Tips

1. Clean out your closets and the clutter. Have a yard sale or donate unwanted household goods to charity.

2. Pack up extra toys, linens, small kitchen appliances, and the like and store them offsite or in the garage.

3. Be sure the trees are trimmed, the shrubs are pruned, and the lawn is mowed and watered regularly. Turn on the sprinklers for five minutes 30 minutes before the open house. It makes the lawn and driveway sparkle.

4. Refrain from cooking anything that leaves a distinctive odor (fish, garlic, cabbage) and from introducing any other unappealing odors into the home.

5. Have a professional service clean the home, including the carpets and the windows.

6. Set the dining room table with attractive linens, dishes, and stemware.

7. Serve cookies and coffee at an open house; people will linger longer.

8. Arrange fresh flowers throughout the home and have a fire in the fireplace in fall and winter.

9. Add extra lamps in dark rooms or dark corners, and turn on the lights when you show the

home to prospective buyers.

10. Remove stacks of magazines, ashtrays, sports trophies, family photographs, and other distractions.

Three are staging consultants that can help place furniture and accessories in the best locations for making your home stand out. Contact me at todd@toddnelson.com for more information on these type of consultants.

One of Cabell County's Newest Subdivisions, The Breckenridge Subdivision!

Looking for a gated community with a very convenient location right on Route 60 to build your dream home?

An upscale gated community is coming to the Ona area near Cabell Midland High School. The Breckenridge Subdivision will be located on Route 60 just across from the former Kiwana Vista Park in Ona, West Virginia. This is another quality subdivision from developer Scott Wheeler Development who developed Saddlebrooke Estates located off of Yates Crossing in the Milton area. This will be a gated community with concrete streets, underground utilities, and restricted covenants for the owners protection. There will be 25 lots with sizes ranging from a quarter acre to about a half of an acre. Homes being built in Breckenridge will most likely range from $350,000 and up. For more information on becoming one of the first residents of Breckenridge, contact Betty Sargent at Old Colony Realtors at (304) 743-1000 or myself at todd@todddnelson.com. If you are a developer or real estate agent and are currently developing a new subdivision, email me to be highlighted in an upcoming story on the Herald Dispatch Real Estate Blog at todd@toddnelson.com.

Maximizing Value When Remodeling Your Home

Thinking about remodeling projects for your home?

Before beginning a significant remodeling project, think about what project investments would have a greater return if selling the home may be in the future. Some people may think that they never will sell, but later because of circumstances, decide to sell their home.

Some of the best returns of investment come from remodeling the kitchen or bath. Believe it or not, Remodeling Magazine’s 2005 Cost Versus Value Report illustrates that doing a midrange remodel of a bathroom can translate into a national average of 102.2% recoup on the initial investment.

A minor kitchen remodel consisting of such things as replacing the appliances, adding new fixtures, countertop, new flooring, painting, and changing cabinet fronts and drawers could translate into a national average of 98.5% recoup on the investment. Other ideas for remodeling and their national average recoup of investment include roofing replacement (84.7% recoup), siding replacement (95.5% recoup), window replacement (89.6% recoup), and basement remodel (90.1% recoup).

Certain remodeling projects such as additions should seriously be evaluated. The cost of additions can possibly price your home out of the market as compared to homes in your area. It may be cheaper to sell your home and buy a home that already has what you want.

According to the Cost versus Value Report a bathroom addition could translate into an 86.4% recoup, a family room addition (83% recoup), and a main bedroom suite addition (82.4% Recoup). Consulting with a Realtor or licensed appraiser before such additions are added is highly recommended.

Adding nice landscaping also can increase curb appeal and translate into more money when selling a home.

First impressions of a home are often made from the exterior upkeep of the home so improving what buyers see first can improve the outlook of selling a home. Inexpensive ways to improve the condition and appeal of a home include such items as painting, changing hardware on kitchen cabinets, replacing certain light fixtures and faucets, and an overall good cleaning of the home.

For more detailed information on Remodeling Magazine’s 2005 Cost Versus Value Report, feel free to contact me for a free copy at todd@toddnelson.com or by calling (304) 733-7158.

Watch the interest rates, they keep falling!

Interest rates have been all over the place in recent weeks. Most recently interest rates for mortgages have begun to fall again. Last Friday a local mortgage broker was quoting 5.875% on a 30 year fixed interest rate mortgage. The West Virginia Housing Fund released $20 million to be loaned out at a 4.99% fixed interest rate on a 30 year loan. There is about $13 million left. If you are a first time home buyer who qualifies for this program, you can get this rate and even with no down payment, 100% financing. Closing costs can be financed as well up to a certain amount at a reduced rate as well. Call your local lender to find out more details. If you were on the fence about buying a home, now might be the time to make a decision. Email me as well if you should have any questions on real estate at todd@toddnelson.com.

Do you know some of the names of the neighborhoods in the Huntington?

As with many cities there are neighborhoods within its boundaries. Huntington has various neighborhoods within its boundaries.

One such neighborhood surrounds the Ritter Park area. It is called the Southside area. It is made up of typically older two story homes, apartment buildings, and beautiful estate type homes.

Another neighborhood surrounds St. Mary's Medical Center. It is called the Highlawn area. There is an elementary that carries the name as well, Highlawn Elementary School.

The West End area of Huntington most likely would include the Central City part of town and areas around Washington Ave, Jefferson Ave, and St. Cloud Commons.

Westmoreland is a neighborhood that actually is in Wayne County and includes the area starting around the Wayne County line to about Camden Park.

There are several other neighborhoods in Huntington. Can you name more? I purposely left some neighborhood names off to see if anyone can respond with other neighborhoods and their characteristics.

If you have a real estate or a topic that you would like covered in the Real Estate Blog. Email me at todd@toddnelson.com.

15 Benefits Of Working With a Buyer's Representative

The specialty of buyer’s representation not only requires knowledge of real estate markets and transactions, but insight into consumer behavior. The goal of a buyer’s representative is to find the perfect point of connection between the homes available in the market and the needs and financial capacity of the buyers. Organizations such as the NATIONAL ASSOCIATION OF REALTOR®'s Real Estate Buyer’s Agency Council, which has more than 40,000 members, offer specialized training and designations for those who work with buyers.

15 BENEFITS OF WORKING WITH A BUYER’S REPRESENTATIVE

Let your buyer-clients know how you can save them time by:

1. Locating suitable properties.
2. Previewing properties.
3. Verifying the properties’ condition.
4. Suggesting necessary inspections by experts.
5. Helping buyers determine what they can afford.
6. Helping to verify property taxes and utilities.
7. Helping to determine the value of the property.
8. Advising clients on structuring an offer.
9. Presenting the offer to the sellers’ representative.
10. Negotiating favorable contract terms for the buyer.
11. Explaining legal documents needed for closing and helping secure them. (Obtaining the current owner's deed to give to the closing attorney for the title search could help with a smoother transaction)
12. Assisting in securing financing.
13. Assisting buyers and their attorney in clarifying title, zoning, building codes, and access easements.
14. Referring them to qualified vendors.
15. Analyzing the future salability of the property.

The above suggestions were obtained from Old Colony Realtors website. For more helpful tips, email me or stay tuned for another future entry in my real estate blog.

New Withholding Requirements for Sales of Real Property by Nonresidents in West Virginia Takes Effect

Are you a nonresident of West Virginia who owns property in West Virginia and are about to sell your property? You may want to look into a new law that took effect January 1, 2008. It was
W Va. Code 11-21-71b which was part of Senate Bill 2009 enacted during the November 2006 special legislative session.

The following link deals with the subject matter: www.state.wv.us/taxrev/taxdoc/tsd389.pdf . Please check with an attorney for more details or contact the West Virginia Tax Commission at (304) 558-3333 or 800-982-8297. Visit them on the web at www.state.wv.us/taxdiv.

In The Process Of Moving? Some Helpful Tips To Reduce Stress!

Making the last days before the closing as stress-free as possible for all parties will work to ensure a smooth closing.

Moving Checklist

The trauma of moving can be an added stress for buyers and sellers. The following is advice to make things calmer before closing.

1. Weed out items you won’t be moving; hold a garage sale or donate them to charity.
2. Get estimates from moving companies.
3. Make a list of people and organizations—credit cards, magazines, college alumni associations—that will need to be notified of the move.
4. Look at schools and day care facilities in new area. Forward school records.
5. Complete change-of-address forms.
6. Contact doctors and ask for referrals if you’re moving to a new city. Forward medical records.
7. Check homeowners’ policy to see if possessions are covered during the move.
8. Decide how you’ll move valuables.
9. Get information on driver's license, insurance policy, license plates, and auto stickers if you’re moving to a new city.
10. Contact utility companies—gas and electric—in both cities.
11. Register with an Internet service provider.
12. Contact phone service—see if your long distance, cellular, and pager carriers operate in the area.
13. Contact satellite and cable TV providers.
14. Empty and defrost refrigerator.
15. Map out driving route to new city.TIP: Pack one or two boxes of must-haves—children’s toys, toilet articles and towels, can opener, flashlight, light bulbs, paper plates and cups—and carry it with you so you can find it fast after the move.

Tips of Handling Moving Trauma

1. Recognize that regardless of the reason for a move—an exciting job transfer or a great new house—moving can elicit feelings of bereavement.
2. There are practical suggestions about reducing stress—eating and sleeping properly and using stress management techniques, such as yoga or breathing exercises.
3. Don’t use panaceas like, “There, there, everything will be fine.”

The above suggestions were obtained from Old Colony Realtors website. For more helpful tips, email me or stay tuned for another future entry in my real estate blog.

Interest Rates Have Dropped Dramatically!

Have you been thinking about buying a home recently? Now might be the right time with the falling interest rates this week. The 30 year fixed interest rate for a home mortgage was at 5.75% at a local lender Friday with a small down payment. The fixed interest rates have dropped dramatically this week. The fixed interest rate had been hovering around 6.25% before the drop. What does that mean to you? For example, on a $100,000 loan financed for 30 years at a fixed interest rate of 6.25% including only the principle and interest the payment would be $615.72 a month. At the new fixed rate of 5.75% for 30 years on the same amount the payment would be $583.57 a month. This translates into a savings of $32.15 a month, $385.80 a year, and $11,574 over 30 years. Call your local realtor and lender for more details or email me at todd@toddnelson.com.

Where do you think is the best place to live in our area?

The tri-state area is an awesome place to live. From our convenient downtown neighborhoods to our beautiful countrysides, there are numerous options for each resident to choose when settling in our area. As the holiday season is upon us, fond memories of the area come to mind. Do you think the southside of Huntington, Salt Rock, the Martha area of Barboursville, Applewood in Proctorville, or your neighborhood is the greatest place to live? Respond to this blog and explain what area you reside in (subdivision name, town, etc.) and why you think it is the greatest place to live. Email pictures to me at todd@toddnelson.com for posting on the blog. Have a very Merry Christmas!

How are the interest rates?

Fixed interest rates continue to remain steady in recent dayds. A local mortgage broker quoted around 6.25% on a 30 year mortgage. Fixed interest rates actually dropped recently below 6% on a 30 year fixed interest rate mortgage before edging back up to around 6.25%. Check with your local lender about their interest rates and various programs for more details.

What exactly is a "patio" home?

A patio home is a term that is used somewhat generically by the real estate industry. This type of home tends to imply a suburban setting and a unit of several houses attached to each, typically with shared walls between units. Maintenance and landscaping may or may not be provided in an association fee. It can be a condo if the owner does not own the land.