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What Not To Do As A New Homeowner

Remember these easy-to-prevent mistakes that could cost a new homeowner BIG TIME! Here are 6 mistakes new homeowners often make and why they are critically important to avoid

 

1. Not Knowing Where The Main Water Shut Off is

Water from a burst pipe can spew dozens of gallons of water into your home in a matter of minutes. Soaking everything in sight, including:

  • Drywall
  • Flooring
  • Valuables

In fact, water damage is one of the most common of all household insurance claims. Before you ever have a problem, find the shut-off valve and make certain everyone in the house knows where it is and how to close it.

2. Not Calling 811 Before Digging A Hole

It's Spring! You are ready to dig into your new yard to plant bushes, trees or even build a fence. Don't do it untill you have diald 811. That is the national "dig-safely" hotline. The hotline will call all your local utilities who will then come to your property, often within a day, to mark the location of underground pipes, cables and wires. This is a free service 


3. Not Checking The Slope Of Foundation Soil

The ground around your home should slope away from your house at least 6 inches over 10 feet. This will make sure that rain and melting snow doesn't soak the soil around your foundation walls building up pressure that can cause leaks and crack your foundation, leading to very expensive repairs. While you are at it, check all the downspouts and make certain they extend at least 5 feet away from the house. 


4. Not Knowing The Depth Of Attic Insulation

At the least the isulation should be above the top of the joists, approximately 10 to 14 inches deep. 


5. Carelessly Drilling Into The Walls

Hanging shelves, closet systems and artwork means drilling into the walls, but do you know what's behind them? Hidden inside your walls are plumbing pipes, duct work, wires and cables. The cheapest solution is to purchase a $25 stud finder that detects changes in density to sniff out studs, cables and wires. Protect yourself by drilling only a 1 1/4 inch deep. That's enough to clear drywall and plaster but not deep enough to reach most wires and pipes.

6. Cutting Down A Tree

Even small trees can fall awkwardly, damaging your home, property, or even your neighbor's property. In some areas you need to get a permit first. Cutting down trees is an art best left to a professional tree service. So think twice before becoming Paul Bunyan.

 

Mortgage News Daily

  • Buyers Not Holding Their Breath for Short Term Market Relief

    Posted To: MND NewsWire

    It ain't going to get any easier... The National Association of Home Builders (NAHB) tells us these cheery words encapsulate the attitude of respondents to its survey regarding home purchasing. The company's Housing Trends Report for the third quarter of the year found that seven out of 10 of prospective homeowners think that shopping for a house is either going to get harder or stay about the same. The report focuses on the 13 percent of survey respondents defined as prospective homebuyers, that is persons planning on purchasing within the next year. This percentage was 24 percent in the fourth quarter of 2017 and has declined steadily since. Among Millennials surveyed, 19 percent had short term purchase plans as did 13 percent of Gen Xers. Only 7 percent of Baby Boomers and 3 percent of seniors...(read more)

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  • MBS Day Ahead: Brexit Strikes Back

    Posted To: MBS Commentary

    Ah Brexit... You thought you'd heard the last of it back in 2016? No such luck. Actually, it is a bit lucky to be hearing about it, at least as far as domestic rates are concerned. Both in 2016 and in the past week, Brexit-related developments helped rates move lower. The current iteration of Brexit drama is not anywhere near that of 2016 and neither is the market reaction. That said, there certainly has been a market reaction. Yesterday afternoon, that reaction was noticeable, but barely. The overnight session brought an even bigger move in British currency (Pounds Sterling), and a more direct response in US bond markets. Much like bonds' relationship with stocks, it will take quite a bit of drama in Sterling to motivate additional gains (at least if we're talking about gains that...(read more)

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  • Accounting, Subservicing, Warehouse Products; Freddie and Fannie Changes Roll On

    Posted To: Pipeline Press

    With only week until Thanksgiving there’s a lot going on – every one of these stats impacts lenders. CoreLogic tells us that there are 48,390 homes at risk from the current California wildfires. Believe in climate change or not, or in science or not, one study shows 386,000 homes are said to be at risk in the coming decades due to rising sea levels and coastal flooding. And according to the RV Industry Association, there are now a million Americans living in RVs full time . (Try counting them in the census, figuring out where they vote, where/if they pay taxes, or if 500 KOA Kampgrounds are enough.) Lender Products and Services As of October 2018, 100 mortgage lenders have signed with Loan Vision to utilize its financial management and accounting solution. Martin Kerr, President...(read more)

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  • MBS RECAP: More Stock Losses Bring More Bond Bounces

    Posted To: MBS Commentary

    The narrative has grown (remained?) the same for bonds lately. If stocks are losing ground, then it's time to rally . If stocks are stabilizing or recovering, it's time to sell . Today was more of the same in that regard. For the first few hours of the day, yields moved gradually higher despite the inability of core inflation to even meet forecast levels (in its defense, it was really really close!). But when stocks began losing ground in a fairly convincing way, bonds began to improve. Stock losses were compounded by headlines surrounding the Brexit process, where there was apparently some drama today regarding Theresa May's cabinet and its ability to agree on the current draft proposal. After a few conflicting reports, it finally came out that there was sufficient agreement. British...(read more)

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  • Afternoon Mortgage Rate Improvements For Most Lenders

    Posted To: Mortgage Rate Watch

    Mortgage rates began the day in roughly unchanged territory. Some lenders were microscopically stronger or weaker compared to yesterday, but not enough to impact the average mortgage borrower. For the first few hours of the day, it looked as if rates would stay unchanged or possibly move slightly higher. That all changed when stocks began losing ground. It's always worth remembering (and this will be especially true when the next time it's proven) that there's no magic rule that says stock prices and interest rates must move in the same direction. It is true that there are frequent examples of such correlation, but there are plenty of other examples where the correlation complete breaks down. All that to say that stock losses helped rates today, but will not always necessarily help rates in...(read more)

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  • Millennials Could be Foregoing Equity Wealth

    Posted To: MND NewsWire

    While reams of research have been done on why members of the Millennial generation are less likely to own a home compared to their baby boomer and Gen X elders at the same age, the Urban Institute (UI) notes that knowing the reasons doesn't necessarily shed much light on the potential long-term implications of this behavior. Delaying homeownership , according to UI analysts Jung Hyun Choi and Laurie Goodman, may reduce the wealth the generations' members will acquire over their lifetime. Goodman and Choi used a dataset called the Panel Study of Income Dynamics (PSID) which has tracked individuals since 1968 to identify individuals who reached age 60 between 2003 and 2015 and gather information on their histories, including the age at which they bought their first homes. Half of the older adults...(read more)

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  • MBS Day Ahead: CPI Gets First At-Bat, Then Back to Stocks

    Posted To: MBS Commentary

    Bonds are actively trying to decide who they are and what they want to do with their lives. Will they be barometers of economic growth and inflation? Or will they be gauges of Fed bond buying and US government bond selling (supply and demand)? The answer is "yes" on both accounts, but as is often the case--especially when yields have been holding at lofty levels--there's a bit of uncertainty as to how much of the future is already priced-in. Put another way, in a rising rate environment where the reasons for the weakness are well known and well anticipated, bonds increasingly ask "are we there yet?" Today brings a fresh update on one of those "reasons for weakness" in the form of October's CPI data. Inflation has also been holding near post-crisis highs...(read more)

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  • Mortgage Applications: Refis at Lowest Levels Since 2000

    Posted To: MND NewsWire

    Mortgage application activity continued to shrink during the week ended November 9. The Mortgage Bankers Association said its Market Composite Index, a measure of mortgage application volume dropped by 3.2 percent on a seasonally adjusted basis when compared to its level on November 2. The index has declined by an aggregate of 9.7 percent since it posted its last increase back on October 19. On an unadjusted basis the index was down 5 percent. The Purchase Index also continued its downhill trend, decreasing 2.3 percent on an adjusted basis to its lowest level since February 2017. The unadjusted Purchase Index fell 5 percent week-over-week and was 3.0 percent lower than the same week in 2017. The Refinance Index decreased 4.3 percent from the previous week to an 18 year low (December 2000)....(read more)

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  • MBS RECAP: Best Levels in More Than a Week Ahead of CPI

    Posted To: MBS Commentary

    CPI (the Consumer Price Index) has been the most relevant economic report on the horizon since the balmy NFP report from 2 weeks back. Reason being: NFP contained a strong wage growth component, and that always generates some fear among bond traders that higher wages will translate to higher inflation. Economists aren't exactly expecting a big uptick in tomorrow's CPI data, but that's precisely why it's been something of a risk. In other words, if CPI were to come in much stronger than expected tomorrow morning, it could dampen spirits in the bond market. Of course CPI could always come in weaker too--which would cast even more doubt on the ability of wages to translate to inflation in the current economic cycle. It's not that it hasn't been happening, just that it hasn't...(read more)

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  • Token Improvement For Mortgage Rates

    Posted To: Mortgage Rate Watch

    Mortgage rates improved by what could only be described as a token amount today. In other words, we're not talking about any major changes. In fact, mortgage rates themselves will be unchanged from Friday for almost any scenario. As is so often the case, we can only measure the change in terms of "effective rates" (which take upfront costs into consideration). In general, changes in mortgage rates are reserved for big market moves whereas upfront costs and effective rates allow for smaller changes in the overall cost of financing. The bond markets that underlie mortgage rates were closed yesterday for the Veterans Day holiday. In the meantime, the stock market lost ground rather abruptly . At times, bonds (rates) will take cues from stocks--especially when the latter is making a big move lower...(read more)

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Bonnie Koff  |  Licensed Associate Real Estate Broker  |  William Raveis Legends Realty Group  | Tarrytown Office 
914-332-6300  |  37 Main Street, Tarrytown, New York 10591  |  Email