Everyone Can’t Be in Your Front Row

Life is a theater – invite your audience carefully.
Not everyone is spiritually healthy and mature enough to have a front
row seat in our lives. There are some people in your life that need
to be loved from a distance.

It’s amazing what you can accomplish when you LET GO,
or at least minimize your time with draining, negative, incompatible,
not-going-anywhere relationships/friendships/fellowships!

Observe the relationships around you. Pay attention
to: Which ones lift and which ones lean? Which ones encourage and which ones
discourage? Which ones are on a path of growth uphill and which ones are
going downhill?

When you leave certain people, do you feel better or feel worse?

Which ones always have DRAMA or don’t really
understand, know and appreciate you and the gift that lies within you?
When you seek growth, peace of mind, love and truth, the easier it will
become for you to decide who gets to sit in the FRONT ROW and who should be
moved to the balcony of your life.

You cannot change the people around you…but you can
change the people you are around! Ask God for godly wisdom and discernment
and choose wisely the people who sit in the front row of your life.

‘Just because no one has shown up who can love you on your level,
doesn’t mean you sink to theirs!’

How can I improve the value of my property?

Outside of a homeowner’s control, the biggest factor is market conditions. Other important issues are:

• condition of the property
• specific home improvements
• neighborhood stability and safety

The greatest rise in home prices occurs when the economy is strong and the number of home sales is increasing. Specific home improvements can increase the value above the cost of the improvements.

• remodeled bathroom returns, 81 percent to the owner
• bathroom addition, 89 percent
• master bedroom suite, 82 percent

Remember, quality pays. Well-planned and well-executed remodeling jobs are a good investment while bad work seldom enhances value or livability.

The safety and security of a neighborhood can affect property values, too. If you live in a high-crime area, an organized community watch program not only will lower the crime rate but give home values a boost, too.

How can I increase the value of my property?

Specific home improvements can increase your property value above the cost of the improvements themselves, such as remodeling a kitchen, adding a bathroom, finishing a basement or upgrading landscaping. Just be sure that quality pays with remodeling. A bad remodeling job will do little to boost your property value.

If you live in a high-crime area, an organized community watch program not only will lower the crime rate but can enhance property values, too. It also helps to live in an area where other homeowners are upgrading their homes, which can help pull up your property value, too.

The bottom line is to measure the cost of any improvements you want to make against the overall values in your neighborhood. If you over improve for the neighborhood, you may not necessarily recover your costs or boost your property value significantly.

Will buying a bigger home increase my profit?

Consider these questions before making a choice between adding on to an existing home or moving up in the market to a bigger house:

• How much money is available, either from cash reserves or through a home improvement loan, to remodel the current house?
• How much additional space is required? Would the foundation support a second floor or does the lot have room to expand on the ground level?
• What do local zoning and building ordinances permit?
• How much equity already exists in the property?
• Are there affordable properties for sale that would satisfy housing needs?

Ultimately, the decision should be based on individual needs, the extent of work involved and what will add the most value.

How do I find out how much my home is worth?

A comparative market analysis and an appraisal are the standard methods for determining a home’s value.

Your real estate agent will be able to provide a comparative market analysis, an informal estimate of value based on comparable sales in the neighborhood. Be sure you get listing prices of current homes on the market as well as those that have sold. You also can research this yourself by checking on recent sales in public records. Be sure that you are researching properties that are similar in size, construction and location. This information is not only available at your local recorder’s or assessor’s office but also through private companies and on the Internet.

An appraisal, which generally costs $200 to $300 to perform, is a certified appraiser’s opinion of the value of a home at any given time. Appraisers review numerous factors including recent comparable sales, location, square footage and construction quality.

What are the differences between market value and appraised value?

The appraised value of a house is a certified appraiser’s opinion of the worth of a home at a given point in time. Lenders require appraisals as part of the loan application process; fees range from $200 to $300.

Market value is what price the house will bring at a given point in time. A comparative market analysis is an informal estimate of market value, based on sales of comparable properties, performed by a real estate agent or broker. Either an appraisal or a comparative market analysis is the most accurate way to determine what your home is worth.

(PMI) PRIVATE MORTGAGE INSURANCE REMOVAL

 

The Homeowners Protection Act of 1998 requires that borrower-purchased mortgage insurance be automatically terminated on the applicable termination date for a mortgage closed on or after 07-29-1999 if the loan proceeds are used for the purchase, initial construction, or refinancing of the borrower’s one-family principal residence – provided the borrower’s payments are current on the termination date.  The Act also requires cancellation of the mortgage insurance for these mortgages at the borrower’s request, if specific conditions are met.

 Fannie Mae Mortgage Insurance Cancellation Policy is more expanded.  For example they allow borrower-initiated cancellation of mortgage insurance based on the current value of the property, and will apply it to all mortgage regardless of their closing date.

 Lender-purchased mortgage insurance is different form borrower-purchased mortgage insurance in that lender-purchased mortgage insurance cannot be canceled by the borrower, while borrower-purchased mortgage insurance can be automatically terminated or canceled at the borrower’s request. Lender-purchased mortgage insurance cancellation usually results in the borrower having to pay a higher interest rate.  Lender-purchased mortgage insurance can only be terminated by refinancing, payoff, or liquidation.  Lender-purchased mortgage may also be tax deductible for federal income tax purposes.

Servicer’s must disclose to the borrowers annually about mortgage termination.  The servicer may choose to disclose those fees for appraisals, broker’s price opinion, or certification of value.

All conventional mortgages serviced for Fannie Mae will be subject to automatic termination of mortgage insurance.  The borrower does not have to take any action to initiate an automatic termination nor may the service impose a charge for processing the termination.

For mortgages closed after July 29, 1999, the applicable termination date is the date that the principal balance of the mortgage is first scheduled to reach a level that is 78% of the original value of the property.  If the scheduled loan-to-value ratios for the mortgage dose not reach 78% before the mid-point of the mortgage amortization period, the first day of the month following the date the mid-point is reached must be used as the termination date. For mortgage closed prior to July 29, 1999 insurance is to be terminated the first day of the month following the dated that is the mid-point of the original mortgage amortization period.

Borrower initiated cancellations based on original property value are done by people who have had their mortgages for some time and have accelerated their amortization by paying additional principle.

A request for borrower-purchased mortgage insurance can be made based on the current appraised value of the property. Borrowers who make this type of request have made improvements which have increased their property values or those who believe that the value of their property has increased due to increasing property values in their neighborhood. 

Evaluating borrower requests for cancellation.

Must have an acceptable payment record

1. No payment 30 days or more past due in the 12 months preceding the applicable cancellation date.
2. No payment 60 days or more past due in the 24 months preceding the applicable cancellation date.
3. The loan to value ratio must be at least 80% (This will vary depending on several factors).