Looking for some ideas? Here’s a few things to do up North!

~ Tall Ships Festival in Duluth – Eight tall ships, replicas of old schooners and other sailing vessels, sail into the port of Duluth July 29-August 2nd. 

~ Split Rock Lighthouse 100th Anniversay: July 31st

~ Bayfront Blues Festival, Duluth: August 6-8th

~ Iron Range ideas: visit ironrange.org

You’d like to buy a home and take advantage of today’s low rates, but you do not have enough money saved for the down payment.  What can you do?

1. Ask a parent or grandparent to “gift” you the funds.  Some programs allow your employer to “gift” you money too.

2. Take a loan againsts your retirement account – you will pay yourself back every month tax free and the debt is not used against you in qualifying. 

3. See if the community you’d like to live in has a down payment assistance program.  Currently the City of St. Paul/Mpls and Dakota County have down payment assistance loans. 

4. If you are a Veteran – you do not need a down payment.  Ever!

Money, low rates and added tax incentives for new windows makes this a win-win-win solution.  Some income and loan size restrictions apply.  Check out the details.  Here’s a link to Shoreview’s website.  http://www.shoreviewmn.gov/news/new-home-improvement-loan

City of Saint Paul just expired their program offering up to $6500 to home owners making energy improvements. 

Here’s what to do…google your City’s name.  Look under their “resources” tab and see if they have a home improvement program available in your area. 

In the future, I’ll keep you posted here too.

China is stepping in to rescue Europe – providing a stabilization to the market and a decreased need for US Treasuries means higher rates. 

Glad we were able to lock in so many clients yesterday, and take advantage of the nice dip in the market.  It was fun while it lasted.

When someone asks me if they should refinance we compare the current rate to the new rate, determine the cost savings per month compared to the cost to refinance and the total interest saved by refinancing.  I can do this in a few short minutes over the phone. No appointment necessary.

Next…Is there enough equity left in the property to refinance? For some people if they refinanced today they would need to pay mortgage insurance where previously they did not (thank you, housing crisis).  Adding monthly PMI could skew the need to refi. 

I’m always happy to provide people with an honest assessment to their question, “should I refinance?”  Their options, costs, and the pros and cons presented so they can make an informed decision.  My opinion is free.

If you’ve been a victim of identity theft here’s a few tips of what you need to do immediately to protect yourself:

1. Report it!  Contact the three major credit bureaus and place a”fraud alert” on your file.  Also, request no new lines of credit be established without your approval (see below for credit bureau information)

2. Close accounts: We contacted our bank and asked them to close our existing accounts.  They easily mirrored each account with a new number.

3. Call the police: File a report with your local police.  Keep a copy of the police report – you may need it if your credit or bank accounts are impacted.

4. Tattletale! file a complaint with the FTC (Federal Trade Commission).  They maintain a database of identity theft cases used by law enforcement agencies for investigations.

www.equifax.com

www.experian.com

www.transunion.com

Nothing! But this is prom week in our house and I feel a need to chat about it; dress alterations, up-do, manicure, pedicure, massage, flowers, make-up.  It’s a little excessive, yet I’m right with my daughter scheduling appointments and going along with all the fun, or madness.  Why? because she saved so much money on her dress purchase we have money left over to do the extra perks. 

Several of her friends purchased dresses for $400-500 (ridiculous! I think that’s what I paid for my wedding dress in ‘92). We paid less than $100 – for a lovely black formal she’s sure to wear the next two years, (at least that’s the story I’m selling myself).

If other parents are buying dresses for $400+, buying shoes, undergarments, manicures, up do’s etc…surely this surge of Spring income will help the economy.  Right? What I’m really doing is helping the economy, (or at least that’s the story I’m selling to myself).

If your son or daughter is going to prom – I share your pocket-book pain.  Let’s hope all the kids have a great time and come home safe.

If you are thinking of refinancing or writing an offer to purchase a house this week – enjoy this dip in the market and consider locking in.  It probably won’t last too long.  Greece will eventually pull their act together -after-all, as Americans we are part of their solution plan via the International Monetary Fund (IMF).

You’ve been scammed!

Your current lender did not send the letter.  It’s a company pretending to be and hopes you will pick up the phone and call to inquire.  BEWARE!  Do not call!  The initial offer is false.  They may ask for money over the phone to get your application started. DON’T.  Never pay an application fee over the phone or via the internet.  You may never get the money back.  Usually the final closing costs or interest rate worsen and unsuspecting consumers find the final mortgage is not what was promised.

How do you determine which offer is legitimate or not? Here’s a clue…if it arrived via phone, internet or in the mail in a different envelope than your monthly mortgage statement – it’s a scam.