By: David Fielder, Rehab Specialist, NHS of Baltimore
1. Install blown-in insulation or fiberglass insulation in your attic. Also, cut foam insulation to fit in between floor joists if the room is over a crawl space. You will need some adhesive to make the foam stick in place. The insulation keeps the warm air in at winter time and the cool air in at summer time.
2. Close up any air leaks with spray foam or caulk. When the forecast is for wind, check doors, windows and around basement walls for air leaks. You may also want to call Baltimore City’s Weatherization program at 443-984-1066 for assistance in sealing air leaks and other energy saving measures. This is a FREE program to income eligible folks.
3. Install weather stripping around doors and windows. You can find many products at the hardware store to take care of air leaks. These products mostly have adhesive backs that you can peel and stick on windows and doors. Another good product is the sheet of plastic that covers your windows. Applying this to your window takes a little patience but when done correctly no one will know it is there.
4. Wrap hot & cold water pipes with foam insulation & install a hot water tank blanket. The insulation prevents the hot water pipes from losing heat and will keep the cold water pipes from freezing. The hot water tank blanket will prevent the tank from losing heat.
5. Install programmable thermostat. Decrease the thermostat 2 degrees in winter and increase 2 degrees in summer. This will save a few dollars each month that will add up over the year.
6. Have your furnace checked and cleaned each year. Most energy providers provide a maintenance service to customers. If you have a boiler, you should drain water once a week. This keeps the boiler clean and free from rust which shortens the life span of the boiler.
7. If you have a forced air furnace with duct work, insulate the ductwork. The U.S Department of Energy reports that a heating system can lose 60% of the heated air before reaching the vents in your rooms. If you have old ductwork, having the system cleaned will help your indoor air quality.
8. Clean the gutters from leaves and debris. Make sure the water is flowing from the gutter to the downspout an out. In cold weather ice dams can build up at the gutter. Melting ice water has no place to go but in to your house and down your walls. Keeping gutters clean will prevent this from happening. Water damage walls can be costly to fix.
9. Reverse the direction of ceiling fans. There is a switch on the body of the fan to reverse the direction the fan rotates. When you reverse the direction of the fan, it will push the warm air down. Don’t forget to reverse it in the summer.
10. Make this the season to check you smoke detectors and carbon monoxide detectors. Baltimore City has had several large fires recently. This should be enough incentive to make sure all detectors are working and have fresh batteries. Better yet, have a certified electrician install hard-wired detectors in your house one per floor. You will not have to check batteries again.
Tuesday, December 21, 2010
Tuesday, December 7, 2010
Is Buying a Home One of Your New Year's Resolutions?
By: Raevyn Jones, Marketing Coordinator, NHS of Baltimore
Due to the fact that many homebuyers look to purchase in the summer months, there can be many advantages to purchasing at the end of the year. During this time you can take advantage of motivated sellers trying to meet a quota before the end of the year, also you will have readily available moving help because movers are not typically busy during this time.
If you close on your new home by December 31st, you can deduct your equity costs and property taxes on your income tax return. Because you are bound to pay a lot of interest at the beginning of the year, this can save you a lot of money. As the year comes to a close, most builders and realtors off excellent incentives to buyers so that they can sell as many houses as possible. Buyers should definitely take advantage of these types of offers.
Another benefit to home shopping at the end of the year is that many current homeowners sell their homes around this time in an effort to get a tax deduction that will help them purchase a newer home. This is where the prospective homebuyer has to put their negotiation skills into play. Because these current homeowners are so eager to sell their homes, you may be able to get them to go down on the asking price. If you feel that it is risky to handle the deal on your own, you should consult with a HUD certified homeownership advisor or a real estate professional.
If you are seriously considering purchasing a home before the year ends, it is important that you don’t wait until the last minute to start looking into your options. If you wait too late, your choices will be very limited. You should begin looking around September to give yourself enough time to find the right home. Also during the month of September, you should consider attending Live Baltimore’s Homebuying Fair. If you are looking to move into the Baltimore City area, this program offers tours and great incentives.
Regardless of when you plan on buying a home, you should always make room to take a homebuyer education course and get counseling from a HUD certified homeownership advisor. This will make your process a lot less stressful, and will be beneficial in the long run as well.
Due to the fact that many homebuyers look to purchase in the summer months, there can be many advantages to purchasing at the end of the year. During this time you can take advantage of motivated sellers trying to meet a quota before the end of the year, also you will have readily available moving help because movers are not typically busy during this time.
If you close on your new home by December 31st, you can deduct your equity costs and property taxes on your income tax return. Because you are bound to pay a lot of interest at the beginning of the year, this can save you a lot of money. As the year comes to a close, most builders and realtors off excellent incentives to buyers so that they can sell as many houses as possible. Buyers should definitely take advantage of these types of offers.
Another benefit to home shopping at the end of the year is that many current homeowners sell their homes around this time in an effort to get a tax deduction that will help them purchase a newer home. This is where the prospective homebuyer has to put their negotiation skills into play. Because these current homeowners are so eager to sell their homes, you may be able to get them to go down on the asking price. If you feel that it is risky to handle the deal on your own, you should consult with a HUD certified homeownership advisor or a real estate professional.
If you are seriously considering purchasing a home before the year ends, it is important that you don’t wait until the last minute to start looking into your options. If you wait too late, your choices will be very limited. You should begin looking around September to give yourself enough time to find the right home. Also during the month of September, you should consider attending Live Baltimore’s Homebuying Fair. If you are looking to move into the Baltimore City area, this program offers tours and great incentives.
Regardless of when you plan on buying a home, you should always make room to take a homebuyer education course and get counseling from a HUD certified homeownership advisor. This will make your process a lot less stressful, and will be beneficial in the long run as well.
Tuesday, November 30, 2010
Keep Your Finances In Shape This Holiday Season
By: Raevyn Jones, Marketing Coordinator, NHS of Baltimore
When it comes to holidays many of us sometimes get above ourselves with gift-giving and it takes a hefty toll on our budgets. Many people have a crazy misconception that its “priceless” to create a picture perfect holiday experience. This thinking will put a strain on your budget and the last thing you want to do is start off a new year with your finances in shambles.
All of the financial troubles that come with the holidays can be avoided if you think with your head and not your heart throughout the process. A significant step is making sure that all of your major bills are paid before you start holiday shopping. Things like rent or mortgage, gas, electric, water, and phone bills should be prioritized over a hefty price tag on a gift you brought. Also things like food and any medication you may need should also be kept in mind.
One major “no-no” when it comes to the holidays is spending important bill money because you are depending on a monetary gift that you think you are not guaranteed to get. The first rule of being financially fit is to be smart with your money.
There are some extra things that we use in our day-to-day lives that we may be able to part with for a month. These things include cable, high speed internet, dining out, and monthly memberships and subscriptions. With innovations like Netflix and smartphones, a month without cable and desktop internet is not so bad.
Another way to save money during the holiday season is to make an agreement with friends and family to exchange gifts after Christmas. This may take away some excitement, but the huge savings will be helpful to your pockets.
Most of all we need to all keep in mind that the important thing about the holidays is to create memories that will last a lifetime, not who is giving the best gift. It should not be hard for anyone to understand that we have all been affected in some way by the economy.
With that said,
Happy Holidays to you and your family from NHS of Baltimore!
When it comes to holidays many of us sometimes get above ourselves with gift-giving and it takes a hefty toll on our budgets. Many people have a crazy misconception that its “priceless” to create a picture perfect holiday experience. This thinking will put a strain on your budget and the last thing you want to do is start off a new year with your finances in shambles.
All of the financial troubles that come with the holidays can be avoided if you think with your head and not your heart throughout the process. A significant step is making sure that all of your major bills are paid before you start holiday shopping. Things like rent or mortgage, gas, electric, water, and phone bills should be prioritized over a hefty price tag on a gift you brought. Also things like food and any medication you may need should also be kept in mind.
One major “no-no” when it comes to the holidays is spending important bill money because you are depending on a monetary gift that you think you are not guaranteed to get. The first rule of being financially fit is to be smart with your money.
There are some extra things that we use in our day-to-day lives that we may be able to part with for a month. These things include cable, high speed internet, dining out, and monthly memberships and subscriptions. With innovations like Netflix and smartphones, a month without cable and desktop internet is not so bad.
Another way to save money during the holiday season is to make an agreement with friends and family to exchange gifts after Christmas. This may take away some excitement, but the huge savings will be helpful to your pockets.
Most of all we need to all keep in mind that the important thing about the holidays is to create memories that will last a lifetime, not who is giving the best gift. It should not be hard for anyone to understand that we have all been affected in some way by the economy.
With that said,
Happy Holidays to you and your family from NHS of Baltimore!
Tuesday, November 16, 2010
Being Prepared When "Life Comes At You Fast..."
By: Jacqueline Wilson, Loan Processor, NHS of Baltimore
State Farm insurance company has a commercial that depicts mayhem coming upon a person with a slogan “life comes at you fast.” When we see this commercial we can relate because we all have experienced unexpected mishaps from time to time. We try to have “rainy day funds" but we all know that these are very hard economic times and the amounts put away for the rainy day funds seem to get smaller and smaller. As a result, the extra funds to resolve these emergencies and continue to function are not available.
Such mishaps as when the car gets towed and you need it right away to get to work, or the car dies never to be revived and a down payment is needed to purchase a new one. Perhaps you receive a large utility bill or some other unexpected event occurs, there are no savings and the regular bills have to get paid, there is no extra. These are the unexpected occurrences that cause people to consider payday loans as a way out because “life indeed does come at you fast”.
In the past, the payday loan companies went unnoticed and this industry really grew. Nationwide there are 25,000 of these companies ranging from small mom and pop shops to large chains. In Missouri alone there are about 1500 payday loan stores and many of the loans have an 422% APR. Check into Cash in Cleveland Tennessee has an APR of a massive 459 %. What this means is that the consumer writes a check for $300.00 and actually gets $255.00 in cash, the difference of $45.00 goes to fees, it is reported that some of these loans are flipped as many as 8 times and escalate from $325.00 to as high as $793.00 before it is paid. In California alone (a place that has been hit hard by the recession) consumers borrow 2.5 billion dollars a year from payday loan lenders. In an attempt to curve these practices some credit unions and lenders have begun to offer small dollars loans at annual rates as low as 12%.
Taking into account the numbers stated above, the residents of Baltimore City that utilize payday loan services can really appreciate the Borrow and Save Program which is offered by Neighborhood Housing Services of Baltimore, Inc., The program was originally offered in the East Baltimore region – however, due to high demand the program has now been expanded to accomodate consumers citywide. The program was launched in August 2009 to help borrowers break the perpetual short-term borrowing cycle, establish healthy banking relationships, gain personal money management skills, and learn the benefit of savings and asset building.
The program provides loans between $ 300.00 and $ 1,000.00 with repayment terms of six months to a year at an APR of 7.99%. Borrowers who currently do not have a banking relationship are required to open a bank or credit union account to receive the loan. Borrowers are also expected to take a financial literacy course, this course is offered free of charge by NHS of Baltimore in an effort to educate consumers so that they do not have to resort to loans at all.
For information about the Borrow and Save program, please contact Jacqueline Wilson at 410-327-1200 ext. 117.
State Farm insurance company has a commercial that depicts mayhem coming upon a person with a slogan “life comes at you fast.” When we see this commercial we can relate because we all have experienced unexpected mishaps from time to time. We try to have “rainy day funds" but we all know that these are very hard economic times and the amounts put away for the rainy day funds seem to get smaller and smaller. As a result, the extra funds to resolve these emergencies and continue to function are not available.
Such mishaps as when the car gets towed and you need it right away to get to work, or the car dies never to be revived and a down payment is needed to purchase a new one. Perhaps you receive a large utility bill or some other unexpected event occurs, there are no savings and the regular bills have to get paid, there is no extra. These are the unexpected occurrences that cause people to consider payday loans as a way out because “life indeed does come at you fast”.
In the past, the payday loan companies went unnoticed and this industry really grew. Nationwide there are 25,000 of these companies ranging from small mom and pop shops to large chains. In Missouri alone there are about 1500 payday loan stores and many of the loans have an 422% APR. Check into Cash in Cleveland Tennessee has an APR of a massive 459 %. What this means is that the consumer writes a check for $300.00 and actually gets $255.00 in cash, the difference of $45.00 goes to fees, it is reported that some of these loans are flipped as many as 8 times and escalate from $325.00 to as high as $793.00 before it is paid. In California alone (a place that has been hit hard by the recession) consumers borrow 2.5 billion dollars a year from payday loan lenders. In an attempt to curve these practices some credit unions and lenders have begun to offer small dollars loans at annual rates as low as 12%.
Taking into account the numbers stated above, the residents of Baltimore City that utilize payday loan services can really appreciate the Borrow and Save Program which is offered by Neighborhood Housing Services of Baltimore, Inc., The program was originally offered in the East Baltimore region – however, due to high demand the program has now been expanded to accomodate consumers citywide. The program was launched in August 2009 to help borrowers break the perpetual short-term borrowing cycle, establish healthy banking relationships, gain personal money management skills, and learn the benefit of savings and asset building.
The program provides loans between $ 300.00 and $ 1,000.00 with repayment terms of six months to a year at an APR of 7.99%. Borrowers who currently do not have a banking relationship are required to open a bank or credit union account to receive the loan. Borrowers are also expected to take a financial literacy course, this course is offered free of charge by NHS of Baltimore in an effort to educate consumers so that they do not have to resort to loans at all.
For information about the Borrow and Save program, please contact Jacqueline Wilson at 410-327-1200 ext. 117.
Friday, October 29, 2010
Fear of Homeownership
By: Raevyn Jones, Marketing Coordinator, NHS of Baltimore
Despite President Obama’s recent veto to a bill that could speed up foreclosure and Maryland’s new home loan interest rate being at an all-time low of 3.875 percent; many Marylanders are still in fear of becoming a homeowner. With the nations foreclosure rate still growing, I must admit that not a day goes by without me worried about foreclosure affecting me or a family member in the future.
I think most people’s perception of homeownership is that it is very hard to buy a home yet so easy to lose it. In essence, homeownership is perceived as a goal you work so hard for and it can be taken away in an instant. However, this perception could not be further from the truth. Of course there are challenges along the process to homeownership, as there are with every major decision we have to make in our lives.
In most cases of foreclosure, the person has lost their home for reasons that could have easily been avoided. For example, many people looking to own a home fail to receive proper housing counseling at the beginning of the homeownership process. Lack of appropriate knowledge about homeownership that is acquired through housing counseling has caused many people to enter bad mortgages, buy homes they cannot afford, and make crucial mistakes in the loan modification process etc. Also a main factor in foreclosure is people waiting too long to seek help. If you are facing foreclosure, you should seek help before feeling sorry for yourself.
Although homeownership is something you have to work hard for, the goal of sustainable homeownership is not far-fetched. There are an overwhelming amount of programs and incentives that assist with down payment and closing costs. Through the Down Payment and Settlement Expense Loan program, buyers are eligible for $5000 to help with costs. Other homebuying incentives are listed on the Live Baltimore website.
I still have my worries but the knowledge of various counseling, homebuyer education, and foreclosure prevention has eased some of my worries. I believe that if the right steps to homeownership are taken from the beginning, the foreclosure rate would not be as high as it is today. When I am ready to buy my first home, the first thing I will do is make sure I have a homeownership advisor by my side in the process.
Despite President Obama’s recent veto to a bill that could speed up foreclosure and Maryland’s new home loan interest rate being at an all-time low of 3.875 percent; many Marylanders are still in fear of becoming a homeowner. With the nations foreclosure rate still growing, I must admit that not a day goes by without me worried about foreclosure affecting me or a family member in the future.
I think most people’s perception of homeownership is that it is very hard to buy a home yet so easy to lose it. In essence, homeownership is perceived as a goal you work so hard for and it can be taken away in an instant. However, this perception could not be further from the truth. Of course there are challenges along the process to homeownership, as there are with every major decision we have to make in our lives.
In most cases of foreclosure, the person has lost their home for reasons that could have easily been avoided. For example, many people looking to own a home fail to receive proper housing counseling at the beginning of the homeownership process. Lack of appropriate knowledge about homeownership that is acquired through housing counseling has caused many people to enter bad mortgages, buy homes they cannot afford, and make crucial mistakes in the loan modification process etc. Also a main factor in foreclosure is people waiting too long to seek help. If you are facing foreclosure, you should seek help before feeling sorry for yourself.
Although homeownership is something you have to work hard for, the goal of sustainable homeownership is not far-fetched. There are an overwhelming amount of programs and incentives that assist with down payment and closing costs. Through the Down Payment and Settlement Expense Loan program, buyers are eligible for $5000 to help with costs. Other homebuying incentives are listed on the Live Baltimore website.
I still have my worries but the knowledge of various counseling, homebuyer education, and foreclosure prevention has eased some of my worries. I believe that if the right steps to homeownership are taken from the beginning, the foreclosure rate would not be as high as it is today. When I am ready to buy my first home, the first thing I will do is make sure I have a homeownership advisor by my side in the process.
Monday, October 18, 2010
So you've decided to buy a home....now what?
By: Julienne Joseph, Homeownership Advisor, NHS of Baltimore
Buying a home is one of the largest investments you will ever make. Once you have made the decision to purchase a home, there are steps that need to be taken. Being informed and prepared for the process alleviates the anxiety and stress of the process.
Step 1: Getting Your Ducks In a Row
Once you have determined that this is the time to buy, start gathering the documentation your lender may need in order to secure your financing.
- Homebuyer Certificate. Enroll and Complete a Homebuyer Education Course. Certification may be required (prior to submitting an offer) in order to receive incentives offered by City or State Organizations.
- Your Last Three Years Tax Returns and w-2's
-Most recent 30 days of pay stubs
- 2 most recent statements for all checking, savings, 401k, IRA and investment accounts
These documents will help your Loan Officer accurately evaluate your ability to repay your mortgage and to determine how much of a sales price you can afford.
Step 2: Contact a Lender
A lender is the professional who will provide you with the products and programs a particular bank offers to suit your particular financing needs. Speaking with a lender in the beginning of the process saves time, gas, and money by letting you know just how much buying power you have before you start your search.
Step 3: Consult A Real Estate Professional
Your real estate professional is a key player in the home buying process. They will help you search for the property you wish to buy and represent you in the negotiations of sales price, closing costs, repairs, etc. After receiving your pre-approval from the lender, a letter is issued and given to the real estate professional of your choice to show them that you have secured financing. A pre-approval tells your real estate agent/realtor how much home you can afford. The letter is essential because it narrows your search so the real estate professional won't waste time searching for homes that are over or under your approval limit. At this phase, you will tell your real estate professional all that you are looking for in a home (i.e. number of bedrooms, bathrooms, square footage, etc.). Based on the criteria you provide, they will search their database of available properties and present the homes that meet your needs. Once selected, you and your agent will set an appointment to actually view the property.
Step 4: Make an Offer
You have found a property that you would like to purchase. You and your agent will now submit a contract to the seller proposing the price you are willing to pay for the property. It is common that upon the submission of the contract to the seller, you will provide an Earnest Money Deposit or an “EMD”. The “EMD” is a sign to the seller that you’re serious about purchasing that home. This deposit is held by the broker of your real estate professional until closing and credited towards your closing costs. If the offer is accepted by the seller, the contract is then deemed “ratified”. “Ratification” means that you are now in a legally binding contract that states that you agree to buy the property from the seller and the seller agrees to sell the property to you.
Step 5: Choose An Attorney or Title Company
The title company will be responsible for preparing the documents on your closing day (i.e. The deed, mortgage note, etc.) If you do not have an attorney your lender or real estate professional can recommend one.
Step 6: Get A Home Inspection
After ratification, you will want to get a home inspection. A home inspection will inform you of any repairs that need to be made to the property. It's always wise to get an inspection to ensure that you are aware of the condition of the property.
Step 7: Order an Appraisal
An appraisal will always be ordered by your lender. The appraisal is ordered on your behalf in the name of the bank to make sure that the collateral (the property in this case) is worth what the contract has stated.
*Rule of thumb*. Hold off on ordering the appraisal until you receive the home inspection report. Doing so will avoid you having to pay for an appraisal on a property that you may determine is too damaged to purchase. If the appraiser comes out, before or during your home inspection, you may be responsible for covering the cost of the appraisal even if you choose not to buy the property.
Step 8: Perform the Final Walk-Thru
The inspections are done and your financing is secure. The day of (or the day prior) to closing, you and your agent will take a final look at your property to ensure that it is in satisfactory condition. Once the final walk-thru is done, you are ready to close.
Step 9: Prepare to Close
The title company or attorney has completed your closing package and the final figures are generated. Your attorney will provide you with the amount you will need to bring to closing.
Step 10: Receive Your Keys
All of the documents are signed and you are now a proud homeowner. The real estate agent or attorney will be in possession of your keys until the signing is completed. At that point, they will present you with your keys and the home is now yours!
Buying a home is one of the largest investments you will ever make. Once you have made the decision to purchase a home, there are steps that need to be taken. Being informed and prepared for the process alleviates the anxiety and stress of the process.
Step 1: Getting Your Ducks In a Row
Once you have determined that this is the time to buy, start gathering the documentation your lender may need in order to secure your financing.
- Homebuyer Certificate. Enroll and Complete a Homebuyer Education Course. Certification may be required (prior to submitting an offer) in order to receive incentives offered by City or State Organizations.
- Your Last Three Years Tax Returns and w-2's
-Most recent 30 days of pay stubs
- 2 most recent statements for all checking, savings, 401k, IRA and investment accounts
These documents will help your Loan Officer accurately evaluate your ability to repay your mortgage and to determine how much of a sales price you can afford.
Step 2: Contact a Lender
A lender is the professional who will provide you with the products and programs a particular bank offers to suit your particular financing needs. Speaking with a lender in the beginning of the process saves time, gas, and money by letting you know just how much buying power you have before you start your search.
Step 3: Consult A Real Estate Professional
Your real estate professional is a key player in the home buying process. They will help you search for the property you wish to buy and represent you in the negotiations of sales price, closing costs, repairs, etc. After receiving your pre-approval from the lender, a letter is issued and given to the real estate professional of your choice to show them that you have secured financing. A pre-approval tells your real estate agent/realtor how much home you can afford. The letter is essential because it narrows your search so the real estate professional won't waste time searching for homes that are over or under your approval limit. At this phase, you will tell your real estate professional all that you are looking for in a home (i.e. number of bedrooms, bathrooms, square footage, etc.). Based on the criteria you provide, they will search their database of available properties and present the homes that meet your needs. Once selected, you and your agent will set an appointment to actually view the property.
Step 4: Make an Offer
You have found a property that you would like to purchase. You and your agent will now submit a contract to the seller proposing the price you are willing to pay for the property. It is common that upon the submission of the contract to the seller, you will provide an Earnest Money Deposit or an “EMD”. The “EMD” is a sign to the seller that you’re serious about purchasing that home. This deposit is held by the broker of your real estate professional until closing and credited towards your closing costs. If the offer is accepted by the seller, the contract is then deemed “ratified”. “Ratification” means that you are now in a legally binding contract that states that you agree to buy the property from the seller and the seller agrees to sell the property to you.
Step 5: Choose An Attorney or Title Company
The title company will be responsible for preparing the documents on your closing day (i.e. The deed, mortgage note, etc.) If you do not have an attorney your lender or real estate professional can recommend one.
Step 6: Get A Home Inspection
After ratification, you will want to get a home inspection. A home inspection will inform you of any repairs that need to be made to the property. It's always wise to get an inspection to ensure that you are aware of the condition of the property.
Step 7: Order an Appraisal
An appraisal will always be ordered by your lender. The appraisal is ordered on your behalf in the name of the bank to make sure that the collateral (the property in this case) is worth what the contract has stated.
*Rule of thumb*. Hold off on ordering the appraisal until you receive the home inspection report. Doing so will avoid you having to pay for an appraisal on a property that you may determine is too damaged to purchase. If the appraiser comes out, before or during your home inspection, you may be responsible for covering the cost of the appraisal even if you choose not to buy the property.
Step 8: Perform the Final Walk-Thru
The inspections are done and your financing is secure. The day of (or the day prior) to closing, you and your agent will take a final look at your property to ensure that it is in satisfactory condition. Once the final walk-thru is done, you are ready to close.
Step 9: Prepare to Close
The title company or attorney has completed your closing package and the final figures are generated. Your attorney will provide you with the amount you will need to bring to closing.
Step 10: Receive Your Keys
All of the documents are signed and you are now a proud homeowner. The real estate agent or attorney will be in possession of your keys until the signing is completed. At that point, they will present you with your keys and the home is now yours!
Thursday, September 30, 2010
Consider homeownership to be an investment.....
By: Sunny Cooper, Special Projects Manager, NHS of Baltimore
More recently, there has been a plethora of articles and commentary as to the decline of homeownership and its decreased financial profitability to the end-Homebuyer. While buying a Home may not reap the huge financial rewards of a few years ago, it is still an investment.
Buying a home is an “Investment in You”
It’s your achievement.
It’s a testament that you did it (made a financial investment) – all by yourself…
You worked hard, saved, went to classes and got your credit in order.
That in itself is your accomplishment. This accomplishment is represented in something tangible – A home.
Buying a home is an “Investment in Your Community”
You made a commitment to invest in a particular neighborhood by buying a home.
You maintain this investment by:
- Cutting the grass,
- Planting fall bulbs for spring tulips,
- Petitioning for speed bumps on your street along with your neighbors,
- Checking in on an elderly neighbor.
These neighborly interactions create a sense of community thus increasing the value of your home.
Buying a home is an “Investment in - Your City”-
The city needs investors who are committed to its success in order for it to thrive.
Potholes are filled, parks are cleaned and school buildings are improved – in part on funding received from property taxes. A strong invested citizen base attracts new businesses that “want” to move to the area. It attracts retail opportunities such as grocery stores and movie theatres. Lastly it demands public services necessary for the health and welfare of all citizens alike.
Gone are the days that the purchase of a home was merely for a – “5 yr Investment Strategy”…
Gone are the days that a home was purchased to be used as “Bank” with which to withdraw equity to fund other jumpstarts…
Hopefully we are returning to the ole’ retro idea – Buying a Home in which to actually “Live”.
More recently, there has been a plethora of articles and commentary as to the decline of homeownership and its decreased financial profitability to the end-Homebuyer. While buying a Home may not reap the huge financial rewards of a few years ago, it is still an investment.
Buying a home is an “Investment in You”
It’s your achievement.
It’s a testament that you did it (made a financial investment) – all by yourself…
You worked hard, saved, went to classes and got your credit in order.
That in itself is your accomplishment. This accomplishment is represented in something tangible – A home.
Buying a home is an “Investment in Your Community”
You made a commitment to invest in a particular neighborhood by buying a home.
You maintain this investment by:
- Cutting the grass,
- Planting fall bulbs for spring tulips,
- Petitioning for speed bumps on your street along with your neighbors,
- Checking in on an elderly neighbor.
These neighborly interactions create a sense of community thus increasing the value of your home.
Buying a home is an “Investment in - Your City”-
The city needs investors who are committed to its success in order for it to thrive.
Potholes are filled, parks are cleaned and school buildings are improved – in part on funding received from property taxes. A strong invested citizen base attracts new businesses that “want” to move to the area. It attracts retail opportunities such as grocery stores and movie theatres. Lastly it demands public services necessary for the health and welfare of all citizens alike.
Gone are the days that the purchase of a home was merely for a – “5 yr Investment Strategy”…
Gone are the days that a home was purchased to be used as “Bank” with which to withdraw equity to fund other jumpstarts…
Hopefully we are returning to the ole’ retro idea – Buying a Home in which to actually “Live”.
Friday, September 10, 2010
Homeowners Insurance: What do you need to know?
By: Raevyn Jones, Marketing Coordinator, NHS of Baltimore
When it comes to buying a home, most people work very hard to purchase the home and everything in it. It can take many years to build up a home from scratch. People should keep in mind that like anything else in your life, your property is at risk to dangers that are beyond your control. This could potentially wipe out everything you have spent years working hard for. These are primary reasons why one should have homeowners insurance.
Homeowners insurance coverage can offer a peace of mind, and will enable you to pick up the pieces and recoup financial losses in the event that your home or belongings are damaged and destroyed. When taking out homeowners insurance, it is very important to ensure that you are providing yourself with sufficient coverage. The first step to getting homeowners insurance is to find out what your home is actually worth. In addition to estimating the worth of your home, there are other factors to be aware of when purchasing a home.
Shopping around for good insurance prices and coverage plans is imperative. Many insurers have been raising rates to make up for losses they suffered during the financial crises. Also, insurers are competing for new customers meaning some of them are cutting better deals for new policy holders than for existing ones. This is why when shopping around, it is important that you find an insurer who is loyal to you.
Another issue that homeowners run into is having too much insurance coverage. It is very common for policies to contain inflation –protection provisions that automatically increase your coverage amount. Usually that would be a good thing, but now that construction costs have fallen, not so much.
Homeowners should also be aware of their reputation when seeking homeowners insurance. The same way lenders check your credit score to find out what amount to charge you, insurers look to see what claims you have filed in the past. At times, insurance records can be full of errors. Checking your insurance records before you seek coverage is necessary.
When selecting a deductible, you should go with the highest deductible you can afford and use your savings to cover the cost of minor repairs. Filing a claim for every broken window or minor damage can increase your premiums by 10% to 15%. Increasing your deductible from $500 to $1000 can lower your annual premium as much as 25% according to the Insurance Information Institute.
One of the most important factors when it comes to homeowners insurance is the history of the house. Though it seems unfair, claims associated with the property before you buy it can result in you paying more than you usually would. You can get information on past claims by asking for a copy of the seller’s CLUE disclosure report. Although you may be able to negotiate with the seller, you are stuck with the history of the house you buy.
When it comes to buying a home, most people work very hard to purchase the home and everything in it. It can take many years to build up a home from scratch. People should keep in mind that like anything else in your life, your property is at risk to dangers that are beyond your control. This could potentially wipe out everything you have spent years working hard for. These are primary reasons why one should have homeowners insurance.
Homeowners insurance coverage can offer a peace of mind, and will enable you to pick up the pieces and recoup financial losses in the event that your home or belongings are damaged and destroyed. When taking out homeowners insurance, it is very important to ensure that you are providing yourself with sufficient coverage. The first step to getting homeowners insurance is to find out what your home is actually worth. In addition to estimating the worth of your home, there are other factors to be aware of when purchasing a home.
Shopping around for good insurance prices and coverage plans is imperative. Many insurers have been raising rates to make up for losses they suffered during the financial crises. Also, insurers are competing for new customers meaning some of them are cutting better deals for new policy holders than for existing ones. This is why when shopping around, it is important that you find an insurer who is loyal to you.
Another issue that homeowners run into is having too much insurance coverage. It is very common for policies to contain inflation –protection provisions that automatically increase your coverage amount. Usually that would be a good thing, but now that construction costs have fallen, not so much.
Homeowners should also be aware of their reputation when seeking homeowners insurance. The same way lenders check your credit score to find out what amount to charge you, insurers look to see what claims you have filed in the past. At times, insurance records can be full of errors. Checking your insurance records before you seek coverage is necessary.
When selecting a deductible, you should go with the highest deductible you can afford and use your savings to cover the cost of minor repairs. Filing a claim for every broken window or minor damage can increase your premiums by 10% to 15%. Increasing your deductible from $500 to $1000 can lower your annual premium as much as 25% according to the Insurance Information Institute.
One of the most important factors when it comes to homeowners insurance is the history of the house. Though it seems unfair, claims associated with the property before you buy it can result in you paying more than you usually would. You can get information on past claims by asking for a copy of the seller’s CLUE disclosure report. Although you may be able to negotiate with the seller, you are stuck with the history of the house you buy.
Thursday, August 19, 2010
Short Sales
By: Raevyn Jones, Marketing Coordinator, NHS of Baltimore
A short sale is a sale of real estate in which the proceeds fall short of the balance owed on the property’s loan. Short sale occurs when a borrower cannot pay the mortgage loan on their property but the lender decides that selling the property at a moderate loss is more efficient than pressing the borrower. Using the short sale process as an alternative to foreclosure is easier for both parties because it allows the bank to avoid hefty fees and it will not hit the borrowers credit report as hard as a foreclosure would.
Before agreeing to do a short sale, borrowers need to make sure that they have a precise understanding of its terms. The most important thing borrowers need to know is that the short sale does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, this is known as the deficiency.
Although it may initially seem as if there are no disadvantages to a short sale, borrowers should weigh out all options before agreeing to go through with a short sale. The main advantage to using short sale as an alternative is that it is less damaging to one’s credit and more helpful to future mortgage applications than a foreclosure. Disadvantages to short sales include the extensive paperwork requirements, loss of equity in home, and property tax will still be payable among many others.
When considering a short sale, borrowers also need to be aware of fraud that can occur during the short sale process. Many business journals have reported that lenders have been engaging in fraud during the short sale process. The fraud involves lenders in second position demanding kickbacks in the form of cash payments from the home buyer or real estate agent. These payments are fraudulent because they are not disclosed anywhere on the closing documents or HUD 1 statement which makes them in violation of RESPA (Real Estate Settlement Procedures Act) rules.
If a borrower begans having financial problems and thinks that their home may be in jeopardy, the first thing they should do is seek the advice of a homeownership advisor. There are many non-profit organizations that offer free counseling and have specialty in dealing with foreclosure prevention and the terms of a short sale.
A short sale is a sale of real estate in which the proceeds fall short of the balance owed on the property’s loan. Short sale occurs when a borrower cannot pay the mortgage loan on their property but the lender decides that selling the property at a moderate loss is more efficient than pressing the borrower. Using the short sale process as an alternative to foreclosure is easier for both parties because it allows the bank to avoid hefty fees and it will not hit the borrowers credit report as hard as a foreclosure would.
Before agreeing to do a short sale, borrowers need to make sure that they have a precise understanding of its terms. The most important thing borrowers need to know is that the short sale does not necessarily release the borrower from the obligation to pay the remaining balance of the loan, this is known as the deficiency.
Although it may initially seem as if there are no disadvantages to a short sale, borrowers should weigh out all options before agreeing to go through with a short sale. The main advantage to using short sale as an alternative is that it is less damaging to one’s credit and more helpful to future mortgage applications than a foreclosure. Disadvantages to short sales include the extensive paperwork requirements, loss of equity in home, and property tax will still be payable among many others.
When considering a short sale, borrowers also need to be aware of fraud that can occur during the short sale process. Many business journals have reported that lenders have been engaging in fraud during the short sale process. The fraud involves lenders in second position demanding kickbacks in the form of cash payments from the home buyer or real estate agent. These payments are fraudulent because they are not disclosed anywhere on the closing documents or HUD 1 statement which makes them in violation of RESPA (Real Estate Settlement Procedures Act) rules.
If a borrower begans having financial problems and thinks that their home may be in jeopardy, the first thing they should do is seek the advice of a homeownership advisor. There are many non-profit organizations that offer free counseling and have specialty in dealing with foreclosure prevention and the terms of a short sale.
Wednesday, July 28, 2010
Renters Living In Homes Facing Foreclosure
By: Raevyn Jones, Marketing Coordinator, NHS of Baltimore
In today’s economy, renters and tenants are now being affected by foreclosure nearly as often as homeowners. The mortgage crises began in 2006 and resulted in millions of Americans losing their homes to foreclosure. Now there are thousands of renters, who without warning, are discovering that there rented house or apartment is now owned by a bank who wants them out because the property is being foreclosed upon.
Many tenants have no clue that their building has been taken at foreclosure. Because of this, they unfortunately continue to pay rent to the former owner who pockets the money but no longer maintains the building since they do not own it. New owners often refuse to make repairs and sometimes fail to pay utility bills. This makes life almost impossible for tenants as long as they are living in the foreclosed property.
Before May 20, 2009, most renters had no rights and lost their leases upon foreclosure. However, this changed when President Obama signed the “Protecting Tenants at Foreclosure Act of 2009.” This legislation states that leases would survive a foreclosure, meaning that the tenant could stay at least until the end of the lease and that month-to-month tenants would be entitled to 90 days. This protection law applies to Section 8 tenants as well.
A tenant who holds a lease and has to move out so that new tenants can move in may opt to sue their former landlord in small claims court. This is possible because after the lease is signed, the landlord is legally bound to deliver the rental for the entire lease term. When a landlord defaults on a mortgage, which sets in motion the loss of a lease, the tenant can sue for the damages it causes.
Today when a rental home is being foreclosed, tenants no longer have to feel like they are between a rock and a hard place. Due to these new rights, being a tenant in a foreclosed home does not mean you are instantly out on the street. There are also other resources that these tenants can utilize for help in these situations. Tenants can speak with a HUD certified housing counselor who will offer responsible, quality advice at no charge. For general information or referrals, tenants can contact the Baltimore Neighborhoods, Inc. Tenant- Landloard Hotline.
In today’s economy, renters and tenants are now being affected by foreclosure nearly as often as homeowners. The mortgage crises began in 2006 and resulted in millions of Americans losing their homes to foreclosure. Now there are thousands of renters, who without warning, are discovering that there rented house or apartment is now owned by a bank who wants them out because the property is being foreclosed upon.
Many tenants have no clue that their building has been taken at foreclosure. Because of this, they unfortunately continue to pay rent to the former owner who pockets the money but no longer maintains the building since they do not own it. New owners often refuse to make repairs and sometimes fail to pay utility bills. This makes life almost impossible for tenants as long as they are living in the foreclosed property.
Before May 20, 2009, most renters had no rights and lost their leases upon foreclosure. However, this changed when President Obama signed the “Protecting Tenants at Foreclosure Act of 2009.” This legislation states that leases would survive a foreclosure, meaning that the tenant could stay at least until the end of the lease and that month-to-month tenants would be entitled to 90 days. This protection law applies to Section 8 tenants as well.
A tenant who holds a lease and has to move out so that new tenants can move in may opt to sue their former landlord in small claims court. This is possible because after the lease is signed, the landlord is legally bound to deliver the rental for the entire lease term. When a landlord defaults on a mortgage, which sets in motion the loss of a lease, the tenant can sue for the damages it causes.
Today when a rental home is being foreclosed, tenants no longer have to feel like they are between a rock and a hard place. Due to these new rights, being a tenant in a foreclosed home does not mean you are instantly out on the street. There are also other resources that these tenants can utilize for help in these situations. Tenants can speak with a HUD certified housing counselor who will offer responsible, quality advice at no charge. For general information or referrals, tenants can contact the Baltimore Neighborhoods, Inc. Tenant- Landloard Hotline.
Thursday, July 8, 2010
Maryland’s Homestead Tax Credit
By: Sunny Cooper, Special Projects Manager, NHS of Baltimore
The homestead tax credit is a program brought on to help homeowners deal with large assessment on their main residence. The way the homestead tax credit works is that it limits the increase in taxable assessments each year to a fixed percentage. According to state law, every county and municipality is required to limit taxable assessment increases to 10% or less each year. Taxpayers should make sure they are aware of the homestead caps for each local government.
This tax credit does not limit the market value of the property as determined by the Department of Assessments and Taxation. It is a credit calculating on any assessment increase exceeding 10% (or the lower cap enacted by the local governments) from one year to the next. The credit is calculated based on the 10% limit for purposes of the State property tax, and 10% or less (as determined by local governments) for purposes of local taxation. In other words, the homeowner pays no property tax on the market value increase which is above the limit.
Taxpayers who wish to receive the homestead tax credit, should also be mindful of the new application requirements. This tax credit requires that all homeowners submit to a one-time application to establish eligibility for the credit. The application form will be in an assessment notice mailed to a third of the homeowners at the end of December for the next three years. New purchasers of residential properties will also receive this form.
The homestead tax credit will only be granted if certain conditions were meant during the previous tax year. Conditions include that the property must not have been transferred to new ownership, there had been no change in the zoning classification requested by the homeowner resulting in an increased value of the property, and the previous assessment was not clearly erroneous. A further condition is that the dwelling must be the owner’s principal residence and the owner must have lived in it for at least six months of the year, including July 1 of the year for which the credit is applicable, unless the owner was temporarily unable to do so by reason of illness or need of special care. An owner can receive a credit only on one property---the principal residence.
If you have been denied the homestead tax credit, you may appeal the decision if you feel that you are eligible. To appeal you must contact the Central Office for the Homestead Tax Credit Program. A final denial of a Homestead Tax Credit by the Central Office may be appealed within 30 days to the Property Tax Assessment Appeal Board in the jurisdiction where the property is located.
The homestead tax credit is a program brought on to help homeowners deal with large assessment on their main residence. The way the homestead tax credit works is that it limits the increase in taxable assessments each year to a fixed percentage. According to state law, every county and municipality is required to limit taxable assessment increases to 10% or less each year. Taxpayers should make sure they are aware of the homestead caps for each local government.
This tax credit does not limit the market value of the property as determined by the Department of Assessments and Taxation. It is a credit calculating on any assessment increase exceeding 10% (or the lower cap enacted by the local governments) from one year to the next. The credit is calculated based on the 10% limit for purposes of the State property tax, and 10% or less (as determined by local governments) for purposes of local taxation. In other words, the homeowner pays no property tax on the market value increase which is above the limit.
Taxpayers who wish to receive the homestead tax credit, should also be mindful of the new application requirements. This tax credit requires that all homeowners submit to a one-time application to establish eligibility for the credit. The application form will be in an assessment notice mailed to a third of the homeowners at the end of December for the next three years. New purchasers of residential properties will also receive this form.
The homestead tax credit will only be granted if certain conditions were meant during the previous tax year. Conditions include that the property must not have been transferred to new ownership, there had been no change in the zoning classification requested by the homeowner resulting in an increased value of the property, and the previous assessment was not clearly erroneous. A further condition is that the dwelling must be the owner’s principal residence and the owner must have lived in it for at least six months of the year, including July 1 of the year for which the credit is applicable, unless the owner was temporarily unable to do so by reason of illness or need of special care. An owner can receive a credit only on one property---the principal residence.
If you have been denied the homestead tax credit, you may appeal the decision if you feel that you are eligible. To appeal you must contact the Central Office for the Homestead Tax Credit Program. A final denial of a Homestead Tax Credit by the Central Office may be appealed within 30 days to the Property Tax Assessment Appeal Board in the jurisdiction where the property is located.
Friday, June 18, 2010
Renting vs. Buying a Home
By: Raevyn Jones, Marketing Coordinator, NHS of Baltimore
One of the biggest financial debates of all time is arguably the topic of renting vs. buying a home, which one is better? As June is National Homeownership Month, many columnists are putting out articles maintaining that it is more advantageous to be a buyer instead of a renting.
A huge misconception is that the amount of money a renter spends on rent can be about the same as or less than the amount a homeowner spends on mortgage. However, what people fail to realize is that when it comes to renting vs. buying, the tax incentives for homeowners can save them a significant amount of money. For example, a renter may start out paying $800 per month with annual increases of 5%, a homeowner on the other hand can purchase a home for $110,000 and pay a monthly mortgage of $1,000. With the tax savings of homeownership, after six years the homeowner’s payment will be lower than the monthly payment of a renter.
Other advantages to homeownership are that it builds stability, people are free to change décor and landscaping, and you do not have to depend on other people to maintain the property. The only advantages to renting as oppose to homeownership is that it is much easier to move and there is little or no responsibility when it comes to maintenance.
Before people make the decision of whether to rent or own a home, they should utilize their resources and find out which is better for them. Talking to a homeownership advisor or simply taking a financial literacy course can help you figure whether you should become a homeowner and if your finances will allow you too.
In the meantime, many people who have accomplished the dream of homeownership are celebrating, as June is national homeownership month. Homeowners can visit the HUD website to find local homeownership events in their area.
One of the biggest financial debates of all time is arguably the topic of renting vs. buying a home, which one is better? As June is National Homeownership Month, many columnists are putting out articles maintaining that it is more advantageous to be a buyer instead of a renting.
A huge misconception is that the amount of money a renter spends on rent can be about the same as or less than the amount a homeowner spends on mortgage. However, what people fail to realize is that when it comes to renting vs. buying, the tax incentives for homeowners can save them a significant amount of money. For example, a renter may start out paying $800 per month with annual increases of 5%, a homeowner on the other hand can purchase a home for $110,000 and pay a monthly mortgage of $1,000. With the tax savings of homeownership, after six years the homeowner’s payment will be lower than the monthly payment of a renter.
Other advantages to homeownership are that it builds stability, people are free to change décor and landscaping, and you do not have to depend on other people to maintain the property. The only advantages to renting as oppose to homeownership is that it is much easier to move and there is little or no responsibility when it comes to maintenance.
Before people make the decision of whether to rent or own a home, they should utilize their resources and find out which is better for them. Talking to a homeownership advisor or simply taking a financial literacy course can help you figure whether you should become a homeowner and if your finances will allow you too.
In the meantime, many people who have accomplished the dream of homeownership are celebrating, as June is national homeownership month. Homeowners can visit the HUD website to find local homeownership events in their area.
Tuesday, June 1, 2010
Foreclosure: Disadvantage or Advantage
By: Raevyn Jones, Marketing Coordinator, NHS of Baltimore
Unfortunately with the state of Maryland having one of the highest foreclosure rates, many residents this year will face foreclosure and wonder what the next step is. The first step in dealing with foreclosure is to completely understand the process, and know what advantages and disadvantages it may offer. The most significant thing to be conscious of is that foreclosure is not the end of the world.
Although being faced with foreclosure is never pleasant, people who face foreclosure today are in a much better position than people who have faced it in the past. Because of the increasing amount of foreclosures in many areas across the nation, the range of options and resources for those in such situations has significantly increased. From federal government to local government, as well as a variety of community organizations and non-profits who specialize in foreclosure prevention; there are numerous efforts and programs aimed at keeping struggling homeowners in their homes and out of foreclosure.
Today lenders are more willing to help homeowners through a difficult period than they were in the past. One of the most important things is to act fast as soon as you begin to struggle with your mortgage and thing you may be facing foreclosure. There are real options today in regard to foreclosure prevention and losing your home is not the only answer.
For those who feel that there is no other solution to their homeownership problems other than foreclosure, they need to understand that walking away from a mortgage that you still may be able to pay has consequences. One of the major cons to foreclosure is that your credit score will be affected and may be impossible to get credit for a while.
Many people who walk away from their mortgages have the misconception that they can simply raise their credit scores again by paying all of their bills on time and eventually finance another home purchase. Typically homeowners who face foreclosure due to economic hardship, such as a job loss or divorce, normally must wait two to five years before buying a home again. On the other hand, people who walk away may face double that time frame before they are able to purchase another home.
Facts show that the advantages to foreclosure are slim to none in comparison with the long list of disadvantages. It is in the best interest of anyone facing foreclosure to act immediately by seeking counseling or programs that deal with foreclosure prevention. Simply settling for foreclosure without a fight will have disadvantages at the moment and for the long haul.
Unfortunately with the state of Maryland having one of the highest foreclosure rates, many residents this year will face foreclosure and wonder what the next step is. The first step in dealing with foreclosure is to completely understand the process, and know what advantages and disadvantages it may offer. The most significant thing to be conscious of is that foreclosure is not the end of the world.
Although being faced with foreclosure is never pleasant, people who face foreclosure today are in a much better position than people who have faced it in the past. Because of the increasing amount of foreclosures in many areas across the nation, the range of options and resources for those in such situations has significantly increased. From federal government to local government, as well as a variety of community organizations and non-profits who specialize in foreclosure prevention; there are numerous efforts and programs aimed at keeping struggling homeowners in their homes and out of foreclosure.
Today lenders are more willing to help homeowners through a difficult period than they were in the past. One of the most important things is to act fast as soon as you begin to struggle with your mortgage and thing you may be facing foreclosure. There are real options today in regard to foreclosure prevention and losing your home is not the only answer.
For those who feel that there is no other solution to their homeownership problems other than foreclosure, they need to understand that walking away from a mortgage that you still may be able to pay has consequences. One of the major cons to foreclosure is that your credit score will be affected and may be impossible to get credit for a while.
Many people who walk away from their mortgages have the misconception that they can simply raise their credit scores again by paying all of their bills on time and eventually finance another home purchase. Typically homeowners who face foreclosure due to economic hardship, such as a job loss or divorce, normally must wait two to five years before buying a home again. On the other hand, people who walk away may face double that time frame before they are able to purchase another home.
Facts show that the advantages to foreclosure are slim to none in comparison with the long list of disadvantages. It is in the best interest of anyone facing foreclosure to act immediately by seeking counseling or programs that deal with foreclosure prevention. Simply settling for foreclosure without a fight will have disadvantages at the moment and for the long haul.
Monday, May 17, 2010
Why Make the move to Baltimore?
By: Raevyn Jones, Marketing Coordinator, NHS of Baltimore
As children get out of school and many families begin to plan their summer vacations, many other families prepare for an even bigger adventure- moving to a new home. Summer is the most popular time for Americans to move. When the new summer season starts, many parents take advantage of their children’s summer break and use this as a time to relocate.
For families who are looking to move to a new area, Baltimore should be at the top of their lists. Baltimore offers a unique blend of historic charm, and its diverse communities are welcoming to people of all backgrounds and interests. In addition to being known for its ethnic neighborhoods, Baltimore has recently become known for its innovations in the preservation and restoration of urban homes.
Unlike many other coastal cities, the cost of housing in Baltimore has only risen modestly over the years. Other than saving money, Baltimore has a vast amount of recreational attractions that should make people want to move to this city. In addition to the Baltimore Zoo and being a devoted sports town, Baltimore is close to many other recreation outlets such as Six Flags America and Ocean City. Just a thirty-minute drive form Washington D.C, Baltimore residents have access to a multitude of free museums and the National Zoo.
Before making the decision to relocate to Baltimore, families should look into the many resources that Baltimore has available. To assist you in your research on the city of Baltimore, the Live Baltimore website offers a large amount of information with profiles of different Baltimore neighborhoods so that you can get an idea of which one is best for you.
Another important factor before relocation is the cost of living in the area and the job salary. Movers should compare the new cost and salary of living in a new city and make sure it coincides with their budgets. With free financial literacy courses at Neighborhood Housing Services of Baltimore, movers are sure to get a proper understanding of Baltimore living and how it relates to their budgets.
As children get out of school and many families begin to plan their summer vacations, many other families prepare for an even bigger adventure- moving to a new home. Summer is the most popular time for Americans to move. When the new summer season starts, many parents take advantage of their children’s summer break and use this as a time to relocate.
For families who are looking to move to a new area, Baltimore should be at the top of their lists. Baltimore offers a unique blend of historic charm, and its diverse communities are welcoming to people of all backgrounds and interests. In addition to being known for its ethnic neighborhoods, Baltimore has recently become known for its innovations in the preservation and restoration of urban homes.
Unlike many other coastal cities, the cost of housing in Baltimore has only risen modestly over the years. Other than saving money, Baltimore has a vast amount of recreational attractions that should make people want to move to this city. In addition to the Baltimore Zoo and being a devoted sports town, Baltimore is close to many other recreation outlets such as Six Flags America and Ocean City. Just a thirty-minute drive form Washington D.C, Baltimore residents have access to a multitude of free museums and the National Zoo.
Before making the decision to relocate to Baltimore, families should look into the many resources that Baltimore has available. To assist you in your research on the city of Baltimore, the Live Baltimore website offers a large amount of information with profiles of different Baltimore neighborhoods so that you can get an idea of which one is best for you.
Another important factor before relocation is the cost of living in the area and the job salary. Movers should compare the new cost and salary of living in a new city and make sure it coincides with their budgets. With free financial literacy courses at Neighborhood Housing Services of Baltimore, movers are sure to get a proper understanding of Baltimore living and how it relates to their budgets.
Friday, May 7, 2010
Maintain Financial Fitness When Vacationing
By: Raevyn Jones, Marketing Coordinator, NHS of Baltimore
As we move closer to the summer season, many Americans are considering family vacations. One of the main issues that arise when going on vacations is that we enjoy ourselves so much they we may become a little out of touch reality and overspend within our budget.
Another mistake people make is going on vacations that they cannot afford. Although it is a dream of many of us to go to extravagant places like Paris, London, or Milan; in order to stay within our budget it is important to find cost effective vacations. The first thing families should do is take a look at the household budget and then decide how much can be budgeted for a vacation.
While saving up funds for vacation, think about a destination. Ask yourself with this vacation be done by plane or by driving? When deciding on a vacation destination it is resourceful to look into information on off-season travel, promotions, and advanced ticket purchases. Other options like traveling mid-week as opposed to the weekend can save money and traveling with more people in order to split the costs.
As tourists areas tend to be very pricey when it comes to food and leisure, finding an all-inclusive vacation can save lots of money. Areas such as Mexico, Puerto Rico, and resorts in Jamaica offer all inclusive packages which include 3 meals per day at various restaurants, unlimited beverages, 24-hour complimentary snacks, transportation, leisure passes and free activities.
If you wish to go on a vacation that is not all-inclusive, it is important to create a budget for when you get to your vacation destination so that you do not overspend. With the help of Neighborhood Housing Services of Baltimore’s financial literacy classes, you can come up with a budget that is appropriate for your particular vacation.
As we move closer to the summer season, many Americans are considering family vacations. One of the main issues that arise when going on vacations is that we enjoy ourselves so much they we may become a little out of touch reality and overspend within our budget.
Another mistake people make is going on vacations that they cannot afford. Although it is a dream of many of us to go to extravagant places like Paris, London, or Milan; in order to stay within our budget it is important to find cost effective vacations. The first thing families should do is take a look at the household budget and then decide how much can be budgeted for a vacation.
While saving up funds for vacation, think about a destination. Ask yourself with this vacation be done by plane or by driving? When deciding on a vacation destination it is resourceful to look into information on off-season travel, promotions, and advanced ticket purchases. Other options like traveling mid-week as opposed to the weekend can save money and traveling with more people in order to split the costs.
As tourists areas tend to be very pricey when it comes to food and leisure, finding an all-inclusive vacation can save lots of money. Areas such as Mexico, Puerto Rico, and resorts in Jamaica offer all inclusive packages which include 3 meals per day at various restaurants, unlimited beverages, 24-hour complimentary snacks, transportation, leisure passes and free activities.
If you wish to go on a vacation that is not all-inclusive, it is important to create a budget for when you get to your vacation destination so that you do not overspend. With the help of Neighborhood Housing Services of Baltimore’s financial literacy classes, you can come up with a budget that is appropriate for your particular vacation.
Monday, May 3, 2010
Pre-purchase: What should you know before purchasing your home?
By: Raevyn Jones, Marketing Coordinator, NHS of Baltimore
Before purchasing a new home, you should take the time to do a lot of research on the specific homes you have in mind, as well as the neighborhoods they are in. One of the most important things to do before you buy a home is to research the history of the home. To find out who owned the home before you and check public records about the house, there are many research methods offered.
You may want to know architechtural facts such as the date of construction, name of architech or builder, construction materials, and physical changes over time. Historical facts such as information on the original owner and other residents through time, or interesting events associated with the building or area.
Before purchasing a home, it is crucial to look up crime reports and know what neighborhoods are safest. With today’s technology, you can simply put in an address and find out what type of crimes have occurred in a specific neighborhood and when the crimes took place. In addition to general crime in the area, you can also do a specific search for sex offenders in the area. Safety is one of the most important things when it comes to purchasing a home. One’s house should be a safe haven for them, and knowing the surroundings of your home is necessary. According to Julienne’s Tips For Buying Your First Home, you should observe the prospective house during all times of the day to get an idea of how the neighborhood is at all times.
Doing research on the neighborhood of the home you want to purchase can also enable you to use your resources once you are moved in. For your convenience, you should always know what resources your neighborhood has such as grocery stores, libraries, hardware stores, leisure, and hospitals etc.
Although you may not want to take time out to do extensive research before buying a home, you do not want to settle and then move in and realize you could have made a better choice. Rushing will not help the homeownership process, buyers should be patient and do all necessary research on prospective homes.
Before purchasing a new home, you should take the time to do a lot of research on the specific homes you have in mind, as well as the neighborhoods they are in. One of the most important things to do before you buy a home is to research the history of the home. To find out who owned the home before you and check public records about the house, there are many research methods offered.
You may want to know architechtural facts such as the date of construction, name of architech or builder, construction materials, and physical changes over time. Historical facts such as information on the original owner and other residents through time, or interesting events associated with the building or area.
Before purchasing a home, it is crucial to look up crime reports and know what neighborhoods are safest. With today’s technology, you can simply put in an address and find out what type of crimes have occurred in a specific neighborhood and when the crimes took place. In addition to general crime in the area, you can also do a specific search for sex offenders in the area. Safety is one of the most important things when it comes to purchasing a home. One’s house should be a safe haven for them, and knowing the surroundings of your home is necessary. According to Julienne’s Tips For Buying Your First Home, you should observe the prospective house during all times of the day to get an idea of how the neighborhood is at all times.
Doing research on the neighborhood of the home you want to purchase can also enable you to use your resources once you are moved in. For your convenience, you should always know what resources your neighborhood has such as grocery stores, libraries, hardware stores, leisure, and hospitals etc.
Although you may not want to take time out to do extensive research before buying a home, you do not want to settle and then move in and realize you could have made a better choice. Rushing will not help the homeownership process, buyers should be patient and do all necessary research on prospective homes.
Tuesday, April 20, 2010
Resources for Job Seekers
By: Ellen Frick, Outreach Coordinator, NHS of Baltimore
As we all know, unemployment rates are extremely high right now. In Baltimore City, the rate of unemployment was 11.7% when measured in January 2010. Yesterday, I participated in a highly-attended job fair put on by Congressman Elijah Cummings. The high turn out rate indicates not only that many people are currently looking for work, but that competition for jobs is likely to be high as well. If you are currently job hunting, give yourself an edge by dressing and acting in a professional manner, and maintaining an assertive and confident demeanor. And make sure to utilize the resources available to you in your job search.
Because of the available market, career coaches and other costly services are now abundant. Before utilizing services that charge a fee, take advantage of the free resources available to job seekers in the area. For instance, the Enoch Pratt Free Library has a Job and Career Information Center located in the Central branch of the library. Attending workshops, consulting directories of job openings, and having someone review your resume are just some of the free services available at the job center. Similarly, the Maryland Department of Labor, Licensing and Regulation has a One-Stop Job Search Center with three locations throughout the city. Another great resource is the Baltimore City Office of Employment Development.
One great way to build your resume during a period of unemployment is to volunteer. Through volunteering, you can gain useful experience and skills to give you an advantage when finding a job. Additionally, getting out in the community and being involved will give you a chance to network and make connections which is increasingly important in finding work. Check out the Business Volunteers Unlimited of Maryland to find volunteering opportunities that meet your interests.
As we all know, unemployment rates are extremely high right now. In Baltimore City, the rate of unemployment was 11.7% when measured in January 2010. Yesterday, I participated in a highly-attended job fair put on by Congressman Elijah Cummings. The high turn out rate indicates not only that many people are currently looking for work, but that competition for jobs is likely to be high as well. If you are currently job hunting, give yourself an edge by dressing and acting in a professional manner, and maintaining an assertive and confident demeanor. And make sure to utilize the resources available to you in your job search.
Because of the available market, career coaches and other costly services are now abundant. Before utilizing services that charge a fee, take advantage of the free resources available to job seekers in the area. For instance, the Enoch Pratt Free Library has a Job and Career Information Center located in the Central branch of the library. Attending workshops, consulting directories of job openings, and having someone review your resume are just some of the free services available at the job center. Similarly, the Maryland Department of Labor, Licensing and Regulation has a One-Stop Job Search Center with three locations throughout the city. Another great resource is the Baltimore City Office of Employment Development.
One great way to build your resume during a period of unemployment is to volunteer. Through volunteering, you can gain useful experience and skills to give you an advantage when finding a job. Additionally, getting out in the community and being involved will give you a chance to network and make connections which is increasingly important in finding work. Check out the Business Volunteers Unlimited of Maryland to find volunteering opportunities that meet your interests.
Wednesday, April 7, 2010
April is Financial Literacy Month: Ease Into a More Complete Understanding of Your Finances
By: Ellen Frick, Outreach Coordinator, NHS of Baltimore
Money Management International has declared April Financial Literacy Month. Being financially literate simply means possessing an understanding of your personal finances. Fiscal matters are already intimidating to a great deal of people and with so many economic changes throughout the past few years things can be even more confusing. However, MMI emphasizes that financial literacy is a skill we can all maintain. The non-profit credit counseling agency challenges everyone to participate in their thirty steps towards a better understanding of finances.
The thirty-step process is intended to be completed in a month, one step each day. The first step on the path towards financial wellness is to be aware that financial stability is a process and a commitment. Further steps include simple actions such as goal setting, determining net worth, and taking a quiz to cater directly to your financial concerns and needs. In addition to the step-by-step course of action, MMI has compiled a list of tips and gadgets and a blog to ease the process. For additional assistance, check out the FDIC’s consumer tip of the week .
An important thing to remember on your path towards financial literacy is that you do not have to go at it alone. There are countless free resources available to individuals looking to improve their finances. At NHS of Baltimore we teach financial fitness principles and skills in our classes which are held in the evenings. Another great way to expand your financial knowledge is to attend our Financial Fitness Day on Saturday, April 17th from 8:30am – 1:30pm. The event will be held at Pleasant Hope Baptist Church ,located at 430 E Belvedere Avenue in Baltimore. Free workshops at the event include “Beautifying Your Home-Post Purchase Maintenance,” “Prevent Foreclosure!-Loan Modification Options,” and “Money 101- Financing Basics for College Students.” Call 410-327-1200 to register or for more information.
Money Management International has declared April Financial Literacy Month. Being financially literate simply means possessing an understanding of your personal finances. Fiscal matters are already intimidating to a great deal of people and with so many economic changes throughout the past few years things can be even more confusing. However, MMI emphasizes that financial literacy is a skill we can all maintain. The non-profit credit counseling agency challenges everyone to participate in their thirty steps towards a better understanding of finances.
The thirty-step process is intended to be completed in a month, one step each day. The first step on the path towards financial wellness is to be aware that financial stability is a process and a commitment. Further steps include simple actions such as goal setting, determining net worth, and taking a quiz to cater directly to your financial concerns and needs. In addition to the step-by-step course of action, MMI has compiled a list of tips and gadgets and a blog to ease the process. For additional assistance, check out the FDIC’s consumer tip of the week .
An important thing to remember on your path towards financial literacy is that you do not have to go at it alone. There are countless free resources available to individuals looking to improve their finances. At NHS of Baltimore we teach financial fitness principles and skills in our classes which are held in the evenings. Another great way to expand your financial knowledge is to attend our Financial Fitness Day on Saturday, April 17th from 8:30am – 1:30pm. The event will be held at Pleasant Hope Baptist Church ,located at 430 E Belvedere Avenue in Baltimore. Free workshops at the event include “Beautifying Your Home-Post Purchase Maintenance,” “Prevent Foreclosure!-Loan Modification Options,” and “Money 101- Financing Basics for College Students.” Call 410-327-1200 to register or for more information.
Monday, April 5, 2010
Lowering your Property Taxes
By: Salina Greene, Outreach Coordinator, NHS of Baltimore
Many homeowners feel they are paying more than their fair share of property taxes. Home values have pummeled by more than 30 percent, from their peaks, since the housing crisis started. Many believe their homes are over-assessed. According to the National Taxpayers Union,as many as 30% to 40% of residential homes and commercial properties are over-assessed. Only a small percentage (roughly 2% to 3%) of homeowners attempt to go through an appeals process. Research suggests homeowners are a little leery of an appeal based on the perceived complexity of filing for one. In actuality, homeowners who file an appeal enjoy a 20% to 40% success rate as it is a pretty straightforward process. Many people do not know the odds could be in their favor. A little investigation and patience can go a long way, and save you some money in the long run.
In preparation for your case, the first thing one should do is to look for errors in your assessment. Call your local assessor’s office to find out how your district levies taxes, on 100% of the market value or, in addition to some fractions of it. Although fractional assessments are less common, plenty of districts still use them for reference. Each jurisdiction has their own rules and guidelines pertaining to assessment appeals. Make sure you know all of the legalities involved before pursuing an appeal. When you go to the assessor’s office, ask to see the property card for your home. It will list all the details pertaining to your initial assessment. If you choose to file a case you are going to need hard evidence. Remember to check off on all itemized mistakes. This could include square footage or the number of bathrooms. If a written error has occurred, the assessor may be able to fix it immediately. If it is a computer error, the process to correct it may take a bit longer. Also, make sure to ask for the property cards of your immediate neighbors (this is public record) who own similar homes. Crosscheck your assessment with theirs. Most times if there is a 10% or more margin of error you can prepare a good case based on uniformity. It is the assessor’s responsibility to maintain equity amongst owners in the same neighborhoods.
If you need more information and forms to organize your appeal, go to the American Homeowner’s Association, for assistance. This website is full of helpful tips and information.
Many homeowners feel they are paying more than their fair share of property taxes. Home values have pummeled by more than 30 percent, from their peaks, since the housing crisis started. Many believe their homes are over-assessed. According to the National Taxpayers Union,as many as 30% to 40% of residential homes and commercial properties are over-assessed. Only a small percentage (roughly 2% to 3%) of homeowners attempt to go through an appeals process. Research suggests homeowners are a little leery of an appeal based on the perceived complexity of filing for one. In actuality, homeowners who file an appeal enjoy a 20% to 40% success rate as it is a pretty straightforward process. Many people do not know the odds could be in their favor. A little investigation and patience can go a long way, and save you some money in the long run.
In preparation for your case, the first thing one should do is to look for errors in your assessment. Call your local assessor’s office to find out how your district levies taxes, on 100% of the market value or, in addition to some fractions of it. Although fractional assessments are less common, plenty of districts still use them for reference. Each jurisdiction has their own rules and guidelines pertaining to assessment appeals. Make sure you know all of the legalities involved before pursuing an appeal. When you go to the assessor’s office, ask to see the property card for your home. It will list all the details pertaining to your initial assessment. If you choose to file a case you are going to need hard evidence. Remember to check off on all itemized mistakes. This could include square footage or the number of bathrooms. If a written error has occurred, the assessor may be able to fix it immediately. If it is a computer error, the process to correct it may take a bit longer. Also, make sure to ask for the property cards of your immediate neighbors (this is public record) who own similar homes. Crosscheck your assessment with theirs. Most times if there is a 10% or more margin of error you can prepare a good case based on uniformity. It is the assessor’s responsibility to maintain equity amongst owners in the same neighborhoods.
If you need more information and forms to organize your appeal, go to the American Homeowner’s Association, for assistance. This website is full of helpful tips and information.
Tuesday, March 30, 2010
New Regulations on Overdraft Fees: Should You “Opt-In”?
By: Ellen Frick, Outreach Coordinator, NHS of Baltimore
New regulations that banks must abide by are abundant these days. Not too long ago, certain information was made available to consumers about how long it would take them to pay off a credit card if they only paid the minimum. Now the Federal Reserve has put forth a set of rules governing overdrafts on debit cards. Expect your bank to begin making changes in the coming months as financial institutions must comply with the Federal Reserve’s guidelines by July 1, 2010. Bank of America has already decided to get rid of overdraft fees on debit cards by simply not allowing the purchase to go through if there is not enough money in your account.
Getting rid of overdraft charges seems like a good thing. No longer will we have to worry about accidentally spending thirty-something dollars on a soda or coffee. However, banks may begin shifting fees around in order to make up for the money lost in charging customers for overspending their accounts. Last year, banks made $20 billion in overdraft charges alone, so from a business standpoint they are likely to find other places to make that money back. For instance, we may begin to see a decrease in services such as free checking.
As per the Federal Reserve’s new mandates, banks must give customers the choice to “opt-in” to overdraft fees. This means that individuals must give consent in order to be charged a fee for overdrafting an account. An article in The New York Times suggests that it may be best to pass up overdraft protection as you could end up paying a lot of money in the end. When given the choice between expensive fees and a denied transaction, one would think very few people will opt-in to these fees. But some financial institutions speculate that consumers would rather be charged big bucks for something small like coffee than face the embarrassment of a declined transaction. This claim may not hold true during today’s tough economic times. However, it may be nice to have overdrafting (with fees) as an option if you have an emergency and do not have a credit card.
Keep in mind the other things you can do instead of opting-in to overdraft fees. One cheaper alternative that some banks offer is to arrange for money to come out of a savings account or credit card if you overspend on your checking account. And it is always a good idea to keep track of your funds by setting up internet or mobile banking and balancing your account.
New regulations that banks must abide by are abundant these days. Not too long ago, certain information was made available to consumers about how long it would take them to pay off a credit card if they only paid the minimum. Now the Federal Reserve has put forth a set of rules governing overdrafts on debit cards. Expect your bank to begin making changes in the coming months as financial institutions must comply with the Federal Reserve’s guidelines by July 1, 2010. Bank of America has already decided to get rid of overdraft fees on debit cards by simply not allowing the purchase to go through if there is not enough money in your account.
Getting rid of overdraft charges seems like a good thing. No longer will we have to worry about accidentally spending thirty-something dollars on a soda or coffee. However, banks may begin shifting fees around in order to make up for the money lost in charging customers for overspending their accounts. Last year, banks made $20 billion in overdraft charges alone, so from a business standpoint they are likely to find other places to make that money back. For instance, we may begin to see a decrease in services such as free checking.
As per the Federal Reserve’s new mandates, banks must give customers the choice to “opt-in” to overdraft fees. This means that individuals must give consent in order to be charged a fee for overdrafting an account. An article in The New York Times suggests that it may be best to pass up overdraft protection as you could end up paying a lot of money in the end. When given the choice between expensive fees and a denied transaction, one would think very few people will opt-in to these fees. But some financial institutions speculate that consumers would rather be charged big bucks for something small like coffee than face the embarrassment of a declined transaction. This claim may not hold true during today’s tough economic times. However, it may be nice to have overdrafting (with fees) as an option if you have an emergency and do not have a credit card.
Keep in mind the other things you can do instead of opting-in to overdraft fees. One cheaper alternative that some banks offer is to arrange for money to come out of a savings account or credit card if you overspend on your checking account. And it is always a good idea to keep track of your funds by setting up internet or mobile banking and balancing your account.
Wednesday, March 24, 2010
Remain Aware of Baltimore City Homeownership Incentive Programs
By: Raevyn Jones, Marketing Coordinator, NHS of Baltimore
Before people think that becoming a homeowner in Baltimore City is impossible, it is extremely important that they make themselves aware of the variety of incentives that the City of Baltimore offers for potential homebuyers. Each program has specific qualifications managed by different city departments or nonprofits.
The Community Development Block Grant
This program can give first-time homebuyers $5,000 towards down payment and settlement expenses. This program is beneficial because there is a combined amount of $11,000 in incentive money and a possible $8,000 tax credit.
Eligibility includes:
• First time homebuyers with a certificate from a city approved counseling agency
• Property must be located in Baltimore City
• The buyer must contribute at least $1,000 towards purchase and must use the property as their primary residence
• Buyer must secure a HQS Home Inspection on the property
• There must not be any flaking, peeling, or chipping paint in or outside the home
• Contract of sale must be executed on or after 01/01/2010, contracts that have already gone to settlement do not qualify
• Closing on the property must occur within 90 days of the contract date
• Income limitations
Buying into Baltimore
This program is a joint project of the City of Baltimore and the Live Baltimore Home Center. Neighborhood tours are scheduled in the spring for the West side and the fall for the East side. The first 50 homebuyers that attend the trolley tour and complete a sales contract within 90 days of the fair receive a $3,000 award towards closing costs. Only homebuyers executing contracts of sale within 90 days of the Buying into Baltimore Home Buying fair and Neighborhood Tours.
Restrictions/Terms of Loan:
•Use a Fannie Mae or Freddie Mac approved lender with a mortgage loan that cannot exceed $417,000
•The buyer must contribute at least $1,000 towards purchase and must use the property as their primary residence
•Borrower must attend the fair, get a ticket, and have ticket validated in at least four tour homes
•The home must be located in the designated region for that fair
•Contract must be signed after the event
•Loan is forgivable (20 percent per year) over 5 years for each year of occupancy
The Baltimore City Employee Homeownership Program
This program has been around for 11 years and is designed to assist employees of the City of Baltimore to become homeowners within the city limits. All employees of Baltimore city’s agencies and quasi-agencies who have been working for a minimum of six months are eligible. This program is beneficial as there is a $3,000 down payment and closing assistance with no annual income limits.
Restrictions/ Terms of Loan:
•The mortgage loan may not exceed $417,000
•The buyer must contribute at least $1,000 towards purchase and must use the property as their primary residence
•Closing on the property must occur within 90 days of the contract date
•Only one city employee per household may receive assistance
•Loan is forgivable (20 percent per year) over 5 years for each year of occupancy
•Property must be located in an eligible neighborhood in Baltimore City. Ineligible neighborhoods are: Bellona-Gittings, Blythewood, Canton, Cedarcroft, Cross Keys, Evergreen, Federal Hill, Guilford, Hunting Ridge, Homeland, Homeland-Gallagher, Kernwood, Keswick, Lake Evesham, Loyola, Mount Washington, North Roland Park, Otterbein, Original Northwood, Roland Park, Rosebank, Sabina-Mattfeldt, Ten Hills, The Orchards, Tuscany-Canterbury, and Wyndhurst.
Baltimore City Live Near Your Work Program
This program is a partnership with participating employers and Baltimore City to persuade people to live near their place of employment. Employees of participating companies who are first time homebuyers are eligible. Participating employers reserve the right to develop additional eligibility requirements for their employers. Benefits from the program are a $2,000 minimum grant or conditional grant ($1,000 from City of Baltimore, and $1,000 from employer) to be used toward down payment and closing assistance with no annual income limits.
Restrictions:
•The buyer must contribute at least $1,000 towards purchase and must use the property as their primary residence
•Participating employers can develop additional restrictions such as eligible neighborhoods
Additional homeownership incentives include Baltimore's Housing Choice Voucher Homeownership Program, State Mortgage Programs and Homeownership Assistance, Baltimore City Tax Incentives, Federal Mortgage Programs and Homeownership Assistance, and Maryland Homestead Tax Credit. To find our more information about these incentives please visit http://www.baltimorehousing.org/ps_homeownership.asp .
Before people think that becoming a homeowner in Baltimore City is impossible, it is extremely important that they make themselves aware of the variety of incentives that the City of Baltimore offers for potential homebuyers. Each program has specific qualifications managed by different city departments or nonprofits.
The Community Development Block Grant
This program can give first-time homebuyers $5,000 towards down payment and settlement expenses. This program is beneficial because there is a combined amount of $11,000 in incentive money and a possible $8,000 tax credit.
Eligibility includes:
• First time homebuyers with a certificate from a city approved counseling agency
• Property must be located in Baltimore City
• The buyer must contribute at least $1,000 towards purchase and must use the property as their primary residence
• Buyer must secure a HQS Home Inspection on the property
• There must not be any flaking, peeling, or chipping paint in or outside the home
• Contract of sale must be executed on or after 01/01/2010, contracts that have already gone to settlement do not qualify
• Closing on the property must occur within 90 days of the contract date
• Income limitations
Buying into Baltimore
This program is a joint project of the City of Baltimore and the Live Baltimore Home Center. Neighborhood tours are scheduled in the spring for the West side and the fall for the East side. The first 50 homebuyers that attend the trolley tour and complete a sales contract within 90 days of the fair receive a $3,000 award towards closing costs. Only homebuyers executing contracts of sale within 90 days of the Buying into Baltimore Home Buying fair and Neighborhood Tours.
Restrictions/Terms of Loan:
•Use a Fannie Mae or Freddie Mac approved lender with a mortgage loan that cannot exceed $417,000
•The buyer must contribute at least $1,000 towards purchase and must use the property as their primary residence
•Borrower must attend the fair, get a ticket, and have ticket validated in at least four tour homes
•The home must be located in the designated region for that fair
•Contract must be signed after the event
•Loan is forgivable (20 percent per year) over 5 years for each year of occupancy
The Baltimore City Employee Homeownership Program
This program has been around for 11 years and is designed to assist employees of the City of Baltimore to become homeowners within the city limits. All employees of Baltimore city’s agencies and quasi-agencies who have been working for a minimum of six months are eligible. This program is beneficial as there is a $3,000 down payment and closing assistance with no annual income limits.
Restrictions/ Terms of Loan:
•The mortgage loan may not exceed $417,000
•The buyer must contribute at least $1,000 towards purchase and must use the property as their primary residence
•Closing on the property must occur within 90 days of the contract date
•Only one city employee per household may receive assistance
•Loan is forgivable (20 percent per year) over 5 years for each year of occupancy
•Property must be located in an eligible neighborhood in Baltimore City. Ineligible neighborhoods are: Bellona-Gittings, Blythewood, Canton, Cedarcroft, Cross Keys, Evergreen, Federal Hill, Guilford, Hunting Ridge, Homeland, Homeland-Gallagher, Kernwood, Keswick, Lake Evesham, Loyola, Mount Washington, North Roland Park, Otterbein, Original Northwood, Roland Park, Rosebank, Sabina-Mattfeldt, Ten Hills, The Orchards, Tuscany-Canterbury, and Wyndhurst.
Baltimore City Live Near Your Work Program
This program is a partnership with participating employers and Baltimore City to persuade people to live near their place of employment. Employees of participating companies who are first time homebuyers are eligible. Participating employers reserve the right to develop additional eligibility requirements for their employers. Benefits from the program are a $2,000 minimum grant or conditional grant ($1,000 from City of Baltimore, and $1,000 from employer) to be used toward down payment and closing assistance with no annual income limits.
Restrictions:
•The buyer must contribute at least $1,000 towards purchase and must use the property as their primary residence
•Participating employers can develop additional restrictions such as eligible neighborhoods
Additional homeownership incentives include Baltimore's Housing Choice Voucher Homeownership Program, State Mortgage Programs and Homeownership Assistance, Baltimore City Tax Incentives, Federal Mortgage Programs and Homeownership Assistance, and Maryland Homestead Tax Credit. To find our more information about these incentives please visit http://www.baltimorehousing.org/ps_homeownership.asp .
Monday, March 22, 2010
Filling the Nutritional Gaps in Baltimore Neighborhoods
By: Salina Greene, Outreach Coordinator, NHS of Baltimore
The many “food deserts” of East and West Baltimore have suffered for many years without access to basic food needs due to lack of adequate supermarkets in these areas. The City of Baltimore has decided to create the new “Virtual Supermarket Project”. It will be the latest attempt to help alleviate the fresh food shortage in these areas. The city has a long-standing history of having a lack of healthful foods for its residents. Many neighborhoods are plagued with nothing but corner stores and local carryouts that are filled with processed fast foods which are high in sugar and fats. Health officials have concluded that a neighborhood located around Orleans Street library has an unusually high rate of mortalities from food-related conditions such as heart disease, stroke and diabetes. They do not have access to a single supermarket within walking distance. With the recent closing of the 60,000 square foot Safeway in Mount Clare, a void was left in Southwest Baltimore and many jobs were lost. Some are lobbying for smaller grocery stores to come back into these communities to boost the area’s economy. However, it has been a slow process. Changing the nutritional landscape of an area requires cooperation from all avenues of the neighborhood. This cannot change overnight but it can assist in its promotion.
The Food Policy Task Force has received a $60,000 federal stimulus grant to support this program. The virtual grocery store can be accessed through the Project-sponsored laptops at the Orleans Street and Washington Village library branches. For now, the food is ordered from Santoni’s Super Market in Highlandtown (www.santonismarket.com). Orders placed at the Orleans Street location on Wednesdays between the hours of 11 a.m.-3 p.m., can be picked up the following day between 1 p.m.-2 p.m. The Washington Village location will be accepting orders on Mondays between 12 p.m.-3 p.m. Pickup is the next day between 1 p.m.-2 p.m. as well. Cash, credit cards, as well as food stamps are accepted for purchases. Although there is no home delivery and limited hours at the moment, the program hopes to include these services in the near future. For more information go to: http://www.baltimorehealth.org/virtualsupermarket.html
The many “food deserts” of East and West Baltimore have suffered for many years without access to basic food needs due to lack of adequate supermarkets in these areas. The City of Baltimore has decided to create the new “Virtual Supermarket Project”. It will be the latest attempt to help alleviate the fresh food shortage in these areas. The city has a long-standing history of having a lack of healthful foods for its residents. Many neighborhoods are plagued with nothing but corner stores and local carryouts that are filled with processed fast foods which are high in sugar and fats. Health officials have concluded that a neighborhood located around Orleans Street library has an unusually high rate of mortalities from food-related conditions such as heart disease, stroke and diabetes. They do not have access to a single supermarket within walking distance. With the recent closing of the 60,000 square foot Safeway in Mount Clare, a void was left in Southwest Baltimore and many jobs were lost. Some are lobbying for smaller grocery stores to come back into these communities to boost the area’s economy. However, it has been a slow process. Changing the nutritional landscape of an area requires cooperation from all avenues of the neighborhood. This cannot change overnight but it can assist in its promotion.
The Food Policy Task Force has received a $60,000 federal stimulus grant to support this program. The virtual grocery store can be accessed through the Project-sponsored laptops at the Orleans Street and Washington Village library branches. For now, the food is ordered from Santoni’s Super Market in Highlandtown (www.santonismarket.com). Orders placed at the Orleans Street location on Wednesdays between the hours of 11 a.m.-3 p.m., can be picked up the following day between 1 p.m.-2 p.m. The Washington Village location will be accepting orders on Mondays between 12 p.m.-3 p.m. Pickup is the next day between 1 p.m.-2 p.m. as well. Cash, credit cards, as well as food stamps are accepted for purchases. Although there is no home delivery and limited hours at the moment, the program hopes to include these services in the near future. For more information go to: http://www.baltimorehealth.org/virtualsupermarket.html
Thursday, March 18, 2010
Making homes healthier to live in, NHS incorporates Green Rehab Specifications
By: Raevyn Jones, Marketing Coordinator, NHS of Baltimore
With the stimulus money brought about by the Obama Administration, the opportunity has come for many homeowners to buy more energy efficient appliances for their homes. To create healthier living environments, NHS has “gone green” with new green rehab specifications.
With these new specifications, homeowners who get home rehab services from NHS could get paint and carpeting among other things that are less toxic to their homes. Environmental friendly paint and carpeting can help prevent the amount of off-gassing in a home. This is extremely important because when newer homes are built, they tend to be sealed up tighter therefore more off-gassing may occur. Energy efficient products in your home also make it more comfortable to residents with asthma or other respiratory problems.
In the initial stage of home rehab services at NHS, a list of specifications is generated and edited by a computer program to incorporate green specifications. Low flow toilets, tankless hot water heaters, bamboo flooring, solar tubes, compact fluorescent light fixtures, and low-VOC paint are some of the green specs that go into the home rehab services. Because energy efficient products are costly, the rehab specs must coincide with what the homeowner can afford. However, every new project that gets written up has green aspects to it.
NHS recently used green standards in the rehab of six homes in Riverview by covering exterior walls with environmentally approved house wrap under vinyl siding, insulation of the hot and cold water pipes, low flow faucets and showerheads, “energy star” labeled fixtures, and double panned energy efficient windows. In the future NHS plans to do larger scale projects that will attempt to make home rehab even more environmentally friendly.
These new specification writing programs have put NHS of Baltimore a step ahead when it comes to home rehabilitation. They have been very helpful in generating a scope of work that automatically comes out green and make our clients homes healthier to live in.
With the stimulus money brought about by the Obama Administration, the opportunity has come for many homeowners to buy more energy efficient appliances for their homes. To create healthier living environments, NHS has “gone green” with new green rehab specifications.
With these new specifications, homeowners who get home rehab services from NHS could get paint and carpeting among other things that are less toxic to their homes. Environmental friendly paint and carpeting can help prevent the amount of off-gassing in a home. This is extremely important because when newer homes are built, they tend to be sealed up tighter therefore more off-gassing may occur. Energy efficient products in your home also make it more comfortable to residents with asthma or other respiratory problems.
In the initial stage of home rehab services at NHS, a list of specifications is generated and edited by a computer program to incorporate green specifications. Low flow toilets, tankless hot water heaters, bamboo flooring, solar tubes, compact fluorescent light fixtures, and low-VOC paint are some of the green specs that go into the home rehab services. Because energy efficient products are costly, the rehab specs must coincide with what the homeowner can afford. However, every new project that gets written up has green aspects to it.
NHS recently used green standards in the rehab of six homes in Riverview by covering exterior walls with environmentally approved house wrap under vinyl siding, insulation of the hot and cold water pipes, low flow faucets and showerheads, “energy star” labeled fixtures, and double panned energy efficient windows. In the future NHS plans to do larger scale projects that will attempt to make home rehab even more environmentally friendly.
These new specification writing programs have put NHS of Baltimore a step ahead when it comes to home rehabilitation. They have been very helpful in generating a scope of work that automatically comes out green and make our clients homes healthier to live in.
Wednesday, March 17, 2010
The Importance of Knowing Your Credit
By: Salina Greene, Outreach Coordinator, NHS of Baltimore
As many Americans are facing unemployment, landing a job in this tough economy or keeping one is a challenge within itself. Many are discovering that their past credit problems are affecting their current job search. In some instances, job offers are rescinded. Critics say personal credit is one more barrier that hinders economic recovery. Nowadays, many people have tarnished credit after they lose their jobs and struggle to make ends meet. On the other hand, past credit histories are affecting even more people as employers are becoming more strict in their hiring processes. The reason behind this is the massive surge of job seekers in relation to available jobs. This process has stirred a movement amongst advocacy groups supporting consumers and workers.
In Maryland, lawmakers are lobbying for a new legislation to be put in place to ban credit checks in the hiring and firing processes. This new law, if passed, will not affect financial institutions that are required by law to run credit checks. While other states are considering lobbying for similar laws, legislation is under way in Congressional meetings. If passed, creditworthiness would not be a factor in employers hiring or firing employees. In many ways, this is a positive move as credit reports can contain errors and lead to discriminatory judgments against a worker’s abilities. Some argue credit checks are necessary to assess risks critical to many business owners. Stuart K. Pratt, president and CEO of the Consumer Data Industry Association stated, “Key indicators of potential fraud were employees living beyond their financial means and employees experiencing financial difficulties”. One of the ways not get into financial straights is to become educated in financial matters before it becomes too late.
You are able to review your credit report for free once a year through: www.FreeCreditReport.com. During this period of recession, it is of the utmost importance to manage your resources well. One way to do this is to attend one of our Financial Fitness Workshops at Neighborhood Housing Services of Baltimore. If you are unable to attend any of these classes, we are holding an event April 17th, 2010 at Pleasant Hope Baptist Church, surrounding issues related to consumer responsibility. We will be able to pull credit reports during this time for a nominal fee. Please contact us at 410-327-1200 for more information. Remember, knowledge is the key.
As many Americans are facing unemployment, landing a job in this tough economy or keeping one is a challenge within itself. Many are discovering that their past credit problems are affecting their current job search. In some instances, job offers are rescinded. Critics say personal credit is one more barrier that hinders economic recovery. Nowadays, many people have tarnished credit after they lose their jobs and struggle to make ends meet. On the other hand, past credit histories are affecting even more people as employers are becoming more strict in their hiring processes. The reason behind this is the massive surge of job seekers in relation to available jobs. This process has stirred a movement amongst advocacy groups supporting consumers and workers.
In Maryland, lawmakers are lobbying for a new legislation to be put in place to ban credit checks in the hiring and firing processes. This new law, if passed, will not affect financial institutions that are required by law to run credit checks. While other states are considering lobbying for similar laws, legislation is under way in Congressional meetings. If passed, creditworthiness would not be a factor in employers hiring or firing employees. In many ways, this is a positive move as credit reports can contain errors and lead to discriminatory judgments against a worker’s abilities. Some argue credit checks are necessary to assess risks critical to many business owners. Stuart K. Pratt, president and CEO of the Consumer Data Industry Association stated, “Key indicators of potential fraud were employees living beyond their financial means and employees experiencing financial difficulties”. One of the ways not get into financial straights is to become educated in financial matters before it becomes too late.
You are able to review your credit report for free once a year through: www.FreeCreditReport.com. During this period of recession, it is of the utmost importance to manage your resources well. One way to do this is to attend one of our Financial Fitness Workshops at Neighborhood Housing Services of Baltimore. If you are unable to attend any of these classes, we are holding an event April 17th, 2010 at Pleasant Hope Baptist Church, surrounding issues related to consumer responsibility. We will be able to pull credit reports during this time for a nominal fee. Please contact us at 410-327-1200 for more information. Remember, knowledge is the key.
Friday, March 12, 2010
Take 10 Minutes to Complete the 2010 Census
By: Ellen Frick, Outreach Coordinator, NHS of Baltimore
The 2010 Census is upon us and the government is urging every American to take ten minutes and fill it out. The Census determines the amount of federal funding and political representation in Congress that every state of the nation is entitled to. Therefore, more people completing the Census can mean more money for things like schools and hospitals. Additionally, many researchers and planners utilize statistics from the Census in formatting new policies and community initiatives.
Unfortunately, many individuals do not fill out the Census. Some people may not be aware of the importance or they are worried about the government knowing too much about them. Keep in mind that any personal information given is protected by law. In 2000, the last year the Census was taken, the average nationwide response rate was seventy-two percent. The state of Maryland’s response rate was similar at seventy-three percent, only sixty percent of Baltimore City residents completed the Census the last time around. City officials in Baltimore are strongly encouraging every household to take a few minutes and fill out the questionnaire this year.
Completing the Census is simple and does not take long. Every household should have recently received a short questionnaire by mail, including a postage-paid envelope in which to return the form. If you do not fill out and return the form, a census taker will visit your home on or after April 1, 2010 and ask the same questions. The Census website provides an overview of each question asked as well as the reasoning behind each query. If you have any concerns check out the Census FAQ database.
The 2010 Census is upon us and the government is urging every American to take ten minutes and fill it out. The Census determines the amount of federal funding and political representation in Congress that every state of the nation is entitled to. Therefore, more people completing the Census can mean more money for things like schools and hospitals. Additionally, many researchers and planners utilize statistics from the Census in formatting new policies and community initiatives.
Unfortunately, many individuals do not fill out the Census. Some people may not be aware of the importance or they are worried about the government knowing too much about them. Keep in mind that any personal information given is protected by law. In 2000, the last year the Census was taken, the average nationwide response rate was seventy-two percent. The state of Maryland’s response rate was similar at seventy-three percent, only sixty percent of Baltimore City residents completed the Census the last time around. City officials in Baltimore are strongly encouraging every household to take a few minutes and fill out the questionnaire this year.
Completing the Census is simple and does not take long. Every household should have recently received a short questionnaire by mail, including a postage-paid envelope in which to return the form. If you do not fill out and return the form, a census taker will visit your home on or after April 1, 2010 and ask the same questions. The Census website provides an overview of each question asked as well as the reasoning behind each query. If you have any concerns check out the Census FAQ database.
Wednesday, March 10, 2010
New Home Buyers: What do you need to know?
By: Raevyn Jones, Marketing Coordinator, NHS of Baltimore
As a result of the revised first-time homebuyer federal income tax credit coming in effect, now is the time when many Americans will be taking the big step of buying their first homes. Because buying a home is one of the biggest financial decisions a person can make, there are certain things people should know when they are in the process of buying a home.
Researching the first-time homebuyer federal income tax credit is the first thing new homebuyers should look into. They should make sure they understand the guidelines of the first time homebuyer tax credit and find out how it may benefit them. Homebuyers should also think about what they can afford and search for homes that are within their budget. What you can afford can be based on how much the down payment is that you are able to make and how much money you can borrow.
After figuring out the budget for your home purchase, finding the right neighborhood is the next important step. There are many factors such as location, distance, schools in the area if you have children, crime, and basic neighborhood demographics that come into the equation when looking for the right neighborhood you should live in. Other things to think about when buying a home are the basic things you want your home to have. This can include the number of bedrooms and bathrooms, a large backyard, wall to wall carpeting, or a finished basement etc.
One of the most intimidating factors for first time homebuyers is that they often do not know where to begin. Right now there are many unique opportunities in the market and consumers should take advantage of buying at the right time. If first time homeowners keep these things in mind before then the transition to homeownership should not be very difficult.
As a result of the revised first-time homebuyer federal income tax credit coming in effect, now is the time when many Americans will be taking the big step of buying their first homes. Because buying a home is one of the biggest financial decisions a person can make, there are certain things people should know when they are in the process of buying a home.
Researching the first-time homebuyer federal income tax credit is the first thing new homebuyers should look into. They should make sure they understand the guidelines of the first time homebuyer tax credit and find out how it may benefit them. Homebuyers should also think about what they can afford and search for homes that are within their budget. What you can afford can be based on how much the down payment is that you are able to make and how much money you can borrow.
After figuring out the budget for your home purchase, finding the right neighborhood is the next important step. There are many factors such as location, distance, schools in the area if you have children, crime, and basic neighborhood demographics that come into the equation when looking for the right neighborhood you should live in. Other things to think about when buying a home are the basic things you want your home to have. This can include the number of bedrooms and bathrooms, a large backyard, wall to wall carpeting, or a finished basement etc.
One of the most intimidating factors for first time homebuyers is that they often do not know where to begin. Right now there are many unique opportunities in the market and consumers should take advantage of buying at the right time. If first time homeowners keep these things in mind before then the transition to homeownership should not be very difficult.
Thursday, February 25, 2010
Mandatory Mediation Law Introduced to Maryland Legislature
By: Ellen Frick, Outreach Coordinator, NHS of Baltimore
A few months ago the Baltimore Homeownership Blog mentioned that Governor O’Malley was considering introducing legislation requiring mandatory mediation between lenders and borrowers in cases where foreclosure is likely. Indeed, O’Malley did recently introduce such a bill. Last week the Governor and Congressman Elijah Cummings, longtime foreclosure prevention activist, testified before State House and Senate committees.
Governor O’Malley’s website outlines the details of the proposed law. The legislation is meant to protect homeowners, requiring all lenders to consider and discuss loan modifications and other options with borrowers before filing an intent to foreclose. A handful of other states, such as Nevada and Florida, already have mandatory mediation laws in place.
Despite the protective nature of the legislation, many people are questioning the usefulness and cost of passing such a law. For instance, some taxpayers are angry and feel that homeowners may be rewarded for purchasing a home they could not afford. Others are skeptical that the law would prove to be effective, and that banks will not fulfill their end of the mediation process. Yet O’Malley says the legislation is needed as mortgage companies are not doing all they can to work with struggling homeowners. The proposed law is important in order that we both alleviate the current foreclosure crisis as well as making sure it does not happen again.
Mandatory mediation laws ensure that financial institutions negotiate with homeowners and do everything possible to keep families in their homes. Some banks have come up with their own ways to alleviate foreclosure, such as increasing the workforce or creating entire loss mitigation departments. One of these institutions is CitiBank who has a department devoted to preserving homeownership. Many other lenders have introduced similar initiatives as well.
A few months ago the Baltimore Homeownership Blog mentioned that Governor O’Malley was considering introducing legislation requiring mandatory mediation between lenders and borrowers in cases where foreclosure is likely. Indeed, O’Malley did recently introduce such a bill. Last week the Governor and Congressman Elijah Cummings, longtime foreclosure prevention activist, testified before State House and Senate committees.
Governor O’Malley’s website outlines the details of the proposed law. The legislation is meant to protect homeowners, requiring all lenders to consider and discuss loan modifications and other options with borrowers before filing an intent to foreclose. A handful of other states, such as Nevada and Florida, already have mandatory mediation laws in place.
Despite the protective nature of the legislation, many people are questioning the usefulness and cost of passing such a law. For instance, some taxpayers are angry and feel that homeowners may be rewarded for purchasing a home they could not afford. Others are skeptical that the law would prove to be effective, and that banks will not fulfill their end of the mediation process. Yet O’Malley says the legislation is needed as mortgage companies are not doing all they can to work with struggling homeowners. The proposed law is important in order that we both alleviate the current foreclosure crisis as well as making sure it does not happen again.
Mandatory mediation laws ensure that financial institutions negotiate with homeowners and do everything possible to keep families in their homes. Some banks have come up with their own ways to alleviate foreclosure, such as increasing the workforce or creating entire loss mitigation departments. One of these institutions is CitiBank who has a department devoted to preserving homeownership. Many other lenders have introduced similar initiatives as well.
Wednesday, February 17, 2010
Dealing With Damage to Your Home After a Snow Storm
By: Salina Greene, Outreach Coordinator, NHS of Baltimore
In the seemingly near-ending saga of snow storms which have plagued our area, residents in the Baltimore metropolitan area have tried to cope with almost four feet of snow. Many homeowners’ are left to wonder how to recover from the damages associated with two of the most powerful storms to hit the region in over 100 years. A number of homes are likely to end up with some form of weather-related damage. The first step to addressing some of the problems is to review your homeowner’s insurance policy. Taking a few extra steps to insure you know your level of protection can save you a lot of money in the long run.
Generally, homeowner’s policies cover burst pipes, fallen tree removals, sleet and wind damage to rooftops, trees falling on top of houses, water damage due to “ice dams” that block gutters, and other such similar cases. Food damage caused by melting snow is usually covered through a separate policy, purchasable through a federal insurance program. A good resource to look into is the National Flood Insurance Program (NFI). Many homeowners’ policies have limitations on coverage that the owner is unaware of until a significant event occurs. Most of the time, consumers opt out of certain coverage to keep their premiums down; only to discover later that certain disasters are not covered. By then, it is too late.
If your home has already sustained damage, you first need to decide whether or not it is worth filing a claim. If the damage is mild, a few hundred dollars or so, you are better off paying for it yourself. If you can afford it, file a claim only when the damage is extensive. When it comes to renewing your policy, the insurance company will look at the number of claims you have filed in the past two to three years. If you made three or more claims during this period, they may see you as high risk and not renew your policy. If your claim is substantial, it is best to file as soon as possible.
Some precautionary measures to take to protect your home after a severe snow/rain storm are as follows: Make sure all snow is shoveled away from all doors and window wells. Once the snow starts to melt, it will probably begin to seep into basements and doorways. Move any furniture and/or household items off the basement floors and near the doors to avoid being warped by water. Outdoor faucets can be protected by foam covers- the covers draw heat away from the house and keeps the faucets from freezing. Covers can be purchased at your local hardware store. If you lose power, keep your indoor faucets trickling to avoid pipe freezing. Moisture coming through the ceiling can be a sign of gutter blockage by ice. Baltimore has a ton of flat roofs. Snow and ice accumulation can cause collapse. Garages and commercial buildings are the most susceptible to this outcome. Do not attempt to clean these problems up yourself. Hire a professional or contractor to handle this for you.
In the seemingly near-ending saga of snow storms which have plagued our area, residents in the Baltimore metropolitan area have tried to cope with almost four feet of snow. Many homeowners’ are left to wonder how to recover from the damages associated with two of the most powerful storms to hit the region in over 100 years. A number of homes are likely to end up with some form of weather-related damage. The first step to addressing some of the problems is to review your homeowner’s insurance policy. Taking a few extra steps to insure you know your level of protection can save you a lot of money in the long run.
Generally, homeowner’s policies cover burst pipes, fallen tree removals, sleet and wind damage to rooftops, trees falling on top of houses, water damage due to “ice dams” that block gutters, and other such similar cases. Food damage caused by melting snow is usually covered through a separate policy, purchasable through a federal insurance program. A good resource to look into is the National Flood Insurance Program (NFI). Many homeowners’ policies have limitations on coverage that the owner is unaware of until a significant event occurs. Most of the time, consumers opt out of certain coverage to keep their premiums down; only to discover later that certain disasters are not covered. By then, it is too late.
If your home has already sustained damage, you first need to decide whether or not it is worth filing a claim. If the damage is mild, a few hundred dollars or so, you are better off paying for it yourself. If you can afford it, file a claim only when the damage is extensive. When it comes to renewing your policy, the insurance company will look at the number of claims you have filed in the past two to three years. If you made three or more claims during this period, they may see you as high risk and not renew your policy. If your claim is substantial, it is best to file as soon as possible.
Some precautionary measures to take to protect your home after a severe snow/rain storm are as follows: Make sure all snow is shoveled away from all doors and window wells. Once the snow starts to melt, it will probably begin to seep into basements and doorways. Move any furniture and/or household items off the basement floors and near the doors to avoid being warped by water. Outdoor faucets can be protected by foam covers- the covers draw heat away from the house and keeps the faucets from freezing. Covers can be purchased at your local hardware store. If you lose power, keep your indoor faucets trickling to avoid pipe freezing. Moisture coming through the ceiling can be a sign of gutter blockage by ice. Baltimore has a ton of flat roofs. Snow and ice accumulation can cause collapse. Garages and commercial buildings are the most susceptible to this outcome. Do not attempt to clean these problems up yourself. Hire a professional or contractor to handle this for you.
Tuesday, February 16, 2010
The Crisis has Halted, But the Road To Recovery is Long
By: Ellen Frick, Outreach Coordinator, NHS of Baltimore
During President Obama’s State of the Union speech, he asked politicians for unity in bringing the American people out of economic hardship. Indeed, elected officials from both sides of the table are going to have to work together to alleviate what the Economic Policy Institute (EPI) has noted is by far the worst economic crisis since the Great Depression. These measures take into account both severity and longevity.
Obama told Congress and millions of Americans that the worst of the storm is over, but devastation remains. Unfortunately, the devastation may remain for quite some time as the administration admitted that even with all the spending and other initiatives to create new jobs, the unemployment rate is unlikely to change a great deal by the end of 2010. In fact, the predicted national unemployment rate at the end of 2010 is 9.8%, a small change from the current level of 10%. That number is expected to improve over the next few years, reaching 7.9% by the end of 2012.
Moving forward, Obama stated job creation as the new top focus in Washington. The President’s new budget has allocated trillions of dollars for a new jobs initiative, similar to stimulus bills of the past. In addition, Obama pledged to bring jobs back to the United States by getting rid of tax cuts for outsourcing work overseas. A focus on job creation is imperative due to the painfully high employment rates occurring in all states throughout the past couple of years. More than just being an issue of having a job, unemployment has had widespread effects, such as enhancing the mortgage and foreclosure crisis.
With such a politically-polarized Congress, one has to wonder if law makers will be able to achieve the goal of more jobs for Americans. In attempts to reconcile political differences, Obama met with Republican lawmakers last weekend here in Baltimore. The President invited members of the GOP to challenge him and his ideas about how to strengthen the economy and alleviate the pain that so many Americans are feeling.
For more information about current unemployment rates and economic activity, visit EPI’s Economy Track website.
During President Obama’s State of the Union speech, he asked politicians for unity in bringing the American people out of economic hardship. Indeed, elected officials from both sides of the table are going to have to work together to alleviate what the Economic Policy Institute (EPI) has noted is by far the worst economic crisis since the Great Depression. These measures take into account both severity and longevity.
Obama told Congress and millions of Americans that the worst of the storm is over, but devastation remains. Unfortunately, the devastation may remain for quite some time as the administration admitted that even with all the spending and other initiatives to create new jobs, the unemployment rate is unlikely to change a great deal by the end of 2010. In fact, the predicted national unemployment rate at the end of 2010 is 9.8%, a small change from the current level of 10%. That number is expected to improve over the next few years, reaching 7.9% by the end of 2012.
Moving forward, Obama stated job creation as the new top focus in Washington. The President’s new budget has allocated trillions of dollars for a new jobs initiative, similar to stimulus bills of the past. In addition, Obama pledged to bring jobs back to the United States by getting rid of tax cuts for outsourcing work overseas. A focus on job creation is imperative due to the painfully high employment rates occurring in all states throughout the past couple of years. More than just being an issue of having a job, unemployment has had widespread effects, such as enhancing the mortgage and foreclosure crisis.
With such a politically-polarized Congress, one has to wonder if law makers will be able to achieve the goal of more jobs for Americans. In attempts to reconcile political differences, Obama met with Republican lawmakers last weekend here in Baltimore. The President invited members of the GOP to challenge him and his ideas about how to strengthen the economy and alleviate the pain that so many Americans are feeling.
For more information about current unemployment rates and economic activity, visit EPI’s Economy Track website.
Thursday, February 4, 2010
Federal Government to Ease Its Involvement in Real Estate
By: Salina Greene, Outreach Coordinator, NHS of Baltimore
Over the past year, the federal government has been instrumental in reviving the housing market by driving down mortgage rates through relief aid. Unfortunately, this is coming to an end this coming March. The government has decided to pull out. The decision to end federal support for mortgage rates will have a deep impact on the Obama administration. If the market thrives, it will be proof that we are heading towards a stable economy. If it falls again, homeowners may face another wave of trouble.
As of last year, the government pledged more than $1 trillion to help new and existing homeowners secure mortgages at the lowest rate possible. Without this aid, millions would not have been able to re-finance their homes, nor could some first-time homebuyers afford their new homes. When the government pulls out, there could be a surge in mortgage rates. To a point, the market has become dependent on the U.S. financial administration’s support in order to stay afloat. If policies change too quickly, the government could lose some creditability with the financial markets. Mortgage rates are the lifeblood of the real estate market. A sharp increase in rates can cause the housing market to stall, as homes become too expensive for many buyers to afford.
Many industry advocates disagree with the government’s decision to withdraw so soon in the current financial crisis. They are concerned with the potential of higher rates and slower housing sales. Although policymakers periodically decide on a base percentage for mortgage rates, the loan rates are largely based on the health of the market.
In the past, banks created large pools of home loans and turned them into mortgage-related securities that were traded on the open market. Investors would purchase these securities, therefore funneling money to potential lenders. When the financial crisis struck, the securities trade froze up. Fearing a major collapse of the housing market, the government stepped in and became the only major buyer of these mortgage-related securities.
Thanks to federal efforts, refinancing and home buying surged. Now, with the government ending their support of low rates, the future of the rates is uncertain. While some feel the government should gradually withdraw from the market, the government is confident the rates will only rise a faction of a percentage point. This will give us some ray of hope during this time of recession.
For more information, go to the U.S. Department of Treasury website: www.ustreas.gov. There are several useful articles on the website relating to home buying and re-financing.
Over the past year, the federal government has been instrumental in reviving the housing market by driving down mortgage rates through relief aid. Unfortunately, this is coming to an end this coming March. The government has decided to pull out. The decision to end federal support for mortgage rates will have a deep impact on the Obama administration. If the market thrives, it will be proof that we are heading towards a stable economy. If it falls again, homeowners may face another wave of trouble.
As of last year, the government pledged more than $1 trillion to help new and existing homeowners secure mortgages at the lowest rate possible. Without this aid, millions would not have been able to re-finance their homes, nor could some first-time homebuyers afford their new homes. When the government pulls out, there could be a surge in mortgage rates. To a point, the market has become dependent on the U.S. financial administration’s support in order to stay afloat. If policies change too quickly, the government could lose some creditability with the financial markets. Mortgage rates are the lifeblood of the real estate market. A sharp increase in rates can cause the housing market to stall, as homes become too expensive for many buyers to afford.
Many industry advocates disagree with the government’s decision to withdraw so soon in the current financial crisis. They are concerned with the potential of higher rates and slower housing sales. Although policymakers periodically decide on a base percentage for mortgage rates, the loan rates are largely based on the health of the market.
In the past, banks created large pools of home loans and turned them into mortgage-related securities that were traded on the open market. Investors would purchase these securities, therefore funneling money to potential lenders. When the financial crisis struck, the securities trade froze up. Fearing a major collapse of the housing market, the government stepped in and became the only major buyer of these mortgage-related securities.
Thanks to federal efforts, refinancing and home buying surged. Now, with the government ending their support of low rates, the future of the rates is uncertain. While some feel the government should gradually withdraw from the market, the government is confident the rates will only rise a faction of a percentage point. This will give us some ray of hope during this time of recession.
For more information, go to the U.S. Department of Treasury website: www.ustreas.gov. There are several useful articles on the website relating to home buying and re-financing.
Friday, January 22, 2010
Give to Haiti But Be Aware of Scams
By: Salina Greene, Outreach Coordinator, NHS of Baltimore
In wake of the recent tragedy in the Caribbean, scams are on the rise involving donations to help the victims of Haiti. Increasing numbers of people are looking for a charitable organization or relief agency to donate their funds and time. Unfortunately, this is an opportune time for thieves to take advantage of innocent victims looking to help their fellow man. Be suspicious of individuals representing themselves as victims and asking for donations via e-mail and social networking sites.
Viruses may be present in e-mails claiming to show you pictures of the disaster areas in attached files. Be cautious when you enter your credit/debit card information through the internet. Make sure it is a secure line. Finding out exactly where donations will be going and what type of assistance the organization is providing can save you from becoming a victim of fraud. Fraudulent charities will likely emerge during this difficult time.
Whenever there is a natural disaster, home or abroad, two major things tend to happen. One, Americans are eager to donate their time, money, and resources. Two, a number of poorly-run or fraudulent charitable organizations spring up overnight. The Federal Bureau of Investigation (FBI) is asking people not give any personal or financial information to anyone who asks for donations. This may make you vulnerable to identity theft or worse. On a lighter note, to ensure your donation is tax deductible, your donations should be made to a U.S. based charitable organization who has a 501(c)(3) status. This means the organization is a tax-exempt non-profit.
There are several reputable organizations and groups willing to accept donations that will go directly to the needs of the victims: UNICEF, The American Red Cross, Yele Haiti, and the Haiti Earthquake Relief Mission, just to name a few legitimate ones. Take the time to research and verify each organization, or person, asking for donations as I know a few people are looking for somewhere to give. Please remember to be safe about it.
In wake of the recent tragedy in the Caribbean, scams are on the rise involving donations to help the victims of Haiti. Increasing numbers of people are looking for a charitable organization or relief agency to donate their funds and time. Unfortunately, this is an opportune time for thieves to take advantage of innocent victims looking to help their fellow man. Be suspicious of individuals representing themselves as victims and asking for donations via e-mail and social networking sites.
Viruses may be present in e-mails claiming to show you pictures of the disaster areas in attached files. Be cautious when you enter your credit/debit card information through the internet. Make sure it is a secure line. Finding out exactly where donations will be going and what type of assistance the organization is providing can save you from becoming a victim of fraud. Fraudulent charities will likely emerge during this difficult time.
Whenever there is a natural disaster, home or abroad, two major things tend to happen. One, Americans are eager to donate their time, money, and resources. Two, a number of poorly-run or fraudulent charitable organizations spring up overnight. The Federal Bureau of Investigation (FBI) is asking people not give any personal or financial information to anyone who asks for donations. This may make you vulnerable to identity theft or worse. On a lighter note, to ensure your donation is tax deductible, your donations should be made to a U.S. based charitable organization who has a 501(c)(3) status. This means the organization is a tax-exempt non-profit.
There are several reputable organizations and groups willing to accept donations that will go directly to the needs of the victims: UNICEF, The American Red Cross, Yele Haiti, and the Haiti Earthquake Relief Mission, just to name a few legitimate ones. Take the time to research and verify each organization, or person, asking for donations as I know a few people are looking for somewhere to give. Please remember to be safe about it.
Thursday, January 21, 2010
What Tax Credits Are Your Eligible for This Year?
By: Ellen Frick, Outreach Coordinator, NHS of Baltimore
If you have been following this blog over the past few months, much attention has been given to the homebuyer tax credit. In addition to this credit, there are many other changes launching this tax season. The American Recovery and Investment Act of 2009 is a law that affects tax payers both on an individual and a business scale. This legislation is part of an economic stimulus bill designed to expand tax cuts and other social welfare programs. You can find out more information about how this money is being spent by checking out Recovery.gov.
Concerning taxes, many credits were either implemented or expanded and will affect your tax rebate this year. For instance, you may be eligible to receive up to $5,657 back for the Earned Income Tax Credit (EITC), depending on your filing status and how many children you have.If you are currently receiving unemployment benefits, or did at some point during 2009, you will not be taxed for the first $2,400 of those benefits this year.
Another way tax credits have changed is by expanding the requirements for eligibility. This year, more students will be eligible for the American Opportunity Credit for college expenses. Tax credits are also available for things such as child care expenses or the sales tax of a new vehicle.
Make sure that you get all the refunds you are eligible for this tax season. Beware of losing money by utilizing expensive tax preparation services or by taking out a Refund Anticipation Loan (RAL). File your federal taxes electronically using the Free File system made available through the Internal Revenue Service (IRS).
In Baltimore, there are free tax preparation services available if you are a family making less than $49,000 or an individual making less than $25,000 in 2009. NHS of Baltimore is one of the sites providing these free services through a partnership with the Baltimore CASH Campaign. To schedule an appointment at our site, call 410-327-1200. To view a list of other free tax sites around Baltimore, click here .
If you have been following this blog over the past few months, much attention has been given to the homebuyer tax credit. In addition to this credit, there are many other changes launching this tax season. The American Recovery and Investment Act of 2009 is a law that affects tax payers both on an individual and a business scale. This legislation is part of an economic stimulus bill designed to expand tax cuts and other social welfare programs. You can find out more information about how this money is being spent by checking out Recovery.gov.
Concerning taxes, many credits were either implemented or expanded and will affect your tax rebate this year. For instance, you may be eligible to receive up to $5,657 back for the Earned Income Tax Credit (EITC), depending on your filing status and how many children you have.If you are currently receiving unemployment benefits, or did at some point during 2009, you will not be taxed for the first $2,400 of those benefits this year.
Another way tax credits have changed is by expanding the requirements for eligibility. This year, more students will be eligible for the American Opportunity Credit for college expenses. Tax credits are also available for things such as child care expenses or the sales tax of a new vehicle.
Make sure that you get all the refunds you are eligible for this tax season. Beware of losing money by utilizing expensive tax preparation services or by taking out a Refund Anticipation Loan (RAL). File your federal taxes electronically using the Free File system made available through the Internal Revenue Service (IRS).
In Baltimore, there are free tax preparation services available if you are a family making less than $49,000 or an individual making less than $25,000 in 2009. NHS of Baltimore is one of the sites providing these free services through a partnership with the Baltimore CASH Campaign. To schedule an appointment at our site, call 410-327-1200. To view a list of other free tax sites around Baltimore, click here .
Friday, January 15, 2010
Tax Season Scams In Full Swing
By: Salina Greene, Outreach Coordinator, NHS of Baltimore
Tax season is quickly coming upon us and scammers are already lining up to take advantage. Last week, I received an e-mail that appeared to be from the Internal Revenue Service (IRS)- the contents of the e-mail included a believable e-mail address, office@2010-irs.gov, a calculation of my fiscal tax year activity stating my eligibility to receive a tax refund, complete with an amount owed and a link to a PDF file requesting some personal information required for tax refunds. It was a scam. The number one tip-off being e-mail address listed above.
“The IRS does not discuss tax account matters with taxpayers by e-mail,” nor does it, “request detailed personal information through e-mail, send e-mail requesting your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts,” as clearly stated on their website. Furthermore, all IRS.gov web page addresses begin with, http://www.irs.gov/.
A lot of people may be tempted to submit personal information as we struggle through this recession. In order to protect yourselves from predatory scammers, always double check that the information you are receiving is valid and from reputable companies. Identity theft is on the rise at an alarming rate. Just a few years’ ago, scammers would solicit a person’s personal information over the phone, through the trash, and through mailings. Today, scammers have learned to manipulate, and infiltrate the internet and e-mail systems.
Armed with a victim’s name and social security number, scammers can rob your financial accounts, run up charges on your credit cards, and apply for new loans, benefits, and other consumer services. If you suspect any fraudulent activity involving misuse of the IRS name, logo, or other properties, please report it directly to the IRS by forwarding the e-mail as is to, phishing@irs.gov. You can also call the Treasury Inspector General for Tax Administration (TIGTA) toll-free at 1-800-366-4484 to report these scams.
To read more about what you can do to avoid and report scams, click here.
Tax season is quickly coming upon us and scammers are already lining up to take advantage. Last week, I received an e-mail that appeared to be from the Internal Revenue Service (IRS)- the contents of the e-mail included a believable e-mail address, office@2010-irs.gov, a calculation of my fiscal tax year activity stating my eligibility to receive a tax refund, complete with an amount owed and a link to a PDF file requesting some personal information required for tax refunds. It was a scam. The number one tip-off being e-mail address listed above.
“The IRS does not discuss tax account matters with taxpayers by e-mail,” nor does it, “request detailed personal information through e-mail, send e-mail requesting your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts,” as clearly stated on their website. Furthermore, all IRS.gov web page addresses begin with, http://www.irs.gov/.
A lot of people may be tempted to submit personal information as we struggle through this recession. In order to protect yourselves from predatory scammers, always double check that the information you are receiving is valid and from reputable companies. Identity theft is on the rise at an alarming rate. Just a few years’ ago, scammers would solicit a person’s personal information over the phone, through the trash, and through mailings. Today, scammers have learned to manipulate, and infiltrate the internet and e-mail systems.
Armed with a victim’s name and social security number, scammers can rob your financial accounts, run up charges on your credit cards, and apply for new loans, benefits, and other consumer services. If you suspect any fraudulent activity involving misuse of the IRS name, logo, or other properties, please report it directly to the IRS by forwarding the e-mail as is to, phishing@irs.gov. You can also call the Treasury Inspector General for Tax Administration (TIGTA) toll-free at 1-800-366-4484 to report these scams.
To read more about what you can do to avoid and report scams, click here.
Thursday, January 14, 2010
Artist Tells Stories of Recession Hardships in a Whole New Way
By: Ellen Frick, Outreach Coordinator, NHS of Baltimore
Most of the information we hear about the recession is in numbers and percentages. While statistics can be useful, they are not always practical. For instance, we may read that employment rates are improving by some percentage but often cannot relate to the numbers. And it can be discouraging to see numbers about how things are picking up when we may not feel that way ourselves. Statistics can be impersonal, disconnected from every day life, and even misleading.
In contrast to rates and percentages, one woman is taking the initiative to bring personal stories of hardship to a whole new level. Lori Nelson began her “Souvenirs of the Recession” project by documenting economic events through carving pieces of wood. At one of her art shows, her “Recession plaques” inspired viewers to relate their own experiences with the economic crisis. Lori now invites individuals to share their stories of personal hardship which she recreates in art pieces and broadcasts on her website. The whole project was inspired by Studs Terkel’s series of interviews, “Hard Times”, which documented experiences of individuals living through the Great Depression.
Far more memorable than statistics, personal stories of hardship can teach us a lot. Nelson says that she is “grateful that Terkel had gotten people to open up to him so that we now can try to understand the intricacies of the Great Depression and learn from and perhaps even relate to them.” Indeed, many people are relating to one another through similar difficulties. Hearing about the hardships of others, though sad, can be encouraging in that it displays to us that we are not alone in these trying times. Part of what Lori wishes to accomplish through her artwork is to diminish the shame that so many people feel in an economic downturn. She has “noticed that when people hear others’ personal stories, they are more open about their own experiences.”
If you would like to share your recession story for the project, contact Lori Nelson.
Most of the information we hear about the recession is in numbers and percentages. While statistics can be useful, they are not always practical. For instance, we may read that employment rates are improving by some percentage but often cannot relate to the numbers. And it can be discouraging to see numbers about how things are picking up when we may not feel that way ourselves. Statistics can be impersonal, disconnected from every day life, and even misleading.
In contrast to rates and percentages, one woman is taking the initiative to bring personal stories of hardship to a whole new level. Lori Nelson began her “Souvenirs of the Recession” project by documenting economic events through carving pieces of wood. At one of her art shows, her “Recession plaques” inspired viewers to relate their own experiences with the economic crisis. Lori now invites individuals to share their stories of personal hardship which she recreates in art pieces and broadcasts on her website. The whole project was inspired by Studs Terkel’s series of interviews, “Hard Times”, which documented experiences of individuals living through the Great Depression.
Far more memorable than statistics, personal stories of hardship can teach us a lot. Nelson says that she is “grateful that Terkel had gotten people to open up to him so that we now can try to understand the intricacies of the Great Depression and learn from and perhaps even relate to them.” Indeed, many people are relating to one another through similar difficulties. Hearing about the hardships of others, though sad, can be encouraging in that it displays to us that we are not alone in these trying times. Part of what Lori wishes to accomplish through her artwork is to diminish the shame that so many people feel in an economic downturn. She has “noticed that when people hear others’ personal stories, they are more open about their own experiences.”
If you would like to share your recession story for the project, contact Lori Nelson.
Friday, January 8, 2010
Borrow and Save Loan Program Helping People Bridge the Financial Gap
By: Ellen Frick, Outreach Coordinator, NHS of Baltimore
Back in September, Neighborhood Housing Services of Baltimore (NHSB) and the Baltimore Alliance for Economic Inclusion (BAEI) unveiled the Borrow and Save Loan program. The program allows individuals to borrow anywhere from $300 to $1000 which can be repaid over the course of a year, with no pre-payment penalties and borrowers must take a financial fitness class at NHSB and contribute a minimum of $5 per month to a savings account that is matched upon repayment of the loan.
This method of lending is meant to combat “Payday” loans which have extremely high interest rates and can lead to continuous cycles of debt. In Maryland, vendors can charge interest rates up to 36% for so called “cash advances” and “pay-day” loans- the interest rate for the Borrow and Save program is 7.99%. Program participants will be able to use this loan to improve their credit score while learning healthy financial principles. Thus far, the program has provided 79 low-to-moderate income families and individuals with more than $58,100 in loan money. Many of these participants have used the loan money to help them catch up on bills, pay utilities, or make repairs on their homes.
If you or someone you know is in need of a small dollar loan, consider applying for NHS of Baltimore’s Borrow and Save program. As a nonprofit, we’ll get you the money you need to bridge the financial gap in your life, while providing you with financial education for the future. Applicants will be considered on a first-come, first-serve basis.
Since this program is still in it’s pilot stage, only individuals residing within East Baltimore zip codes (21202, 21205, 21213, 21224, and 21231) are eligible. Call NHSB at 410-327-1200 for more information or to apply. Click here to download the application online.
Back in September, Neighborhood Housing Services of Baltimore (NHSB) and the Baltimore Alliance for Economic Inclusion (BAEI) unveiled the Borrow and Save Loan program. The program allows individuals to borrow anywhere from $300 to $1000 which can be repaid over the course of a year, with no pre-payment penalties and borrowers must take a financial fitness class at NHSB and contribute a minimum of $5 per month to a savings account that is matched upon repayment of the loan.
This method of lending is meant to combat “Payday” loans which have extremely high interest rates and can lead to continuous cycles of debt. In Maryland, vendors can charge interest rates up to 36% for so called “cash advances” and “pay-day” loans- the interest rate for the Borrow and Save program is 7.99%. Program participants will be able to use this loan to improve their credit score while learning healthy financial principles. Thus far, the program has provided 79 low-to-moderate income families and individuals with more than $58,100 in loan money. Many of these participants have used the loan money to help them catch up on bills, pay utilities, or make repairs on their homes.
If you or someone you know is in need of a small dollar loan, consider applying for NHS of Baltimore’s Borrow and Save program. As a nonprofit, we’ll get you the money you need to bridge the financial gap in your life, while providing you with financial education for the future. Applicants will be considered on a first-come, first-serve basis.
Since this program is still in it’s pilot stage, only individuals residing within East Baltimore zip codes (21202, 21205, 21213, 21224, and 21231) are eligible. Call NHSB at 410-327-1200 for more information or to apply. Click here to download the application online.
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