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4D REAL ESTATE/Xbt CliitUittt Thursday, February 9, 2006 Pro’s job is to watch your back Continued from page 3D after the aftaira of his or her clients with the same profi ciency as he or she would look after their own. When you are ready to buy a home, start by hiring a real estate professional. The pur chasing of your dream home should be a pleasurable expe rience Hiring the ri^t peo ple will keep everything sim ple and rewarding for you. ROIMD K. HAWKINS is a Real Kuaie Agent with Coldvs'ell Banker United Realtors. He can be reached at {704} 840-5762 or wwwxolandhawhnseom From wine to Wedge wood, insure your collectibles Continued from page 3D coverage for valuables and collectibles: • Misconception 1; “I insured all my collectibles five years ago so Ill be cov ered if anything happens,” Reality Check; If your col lectible appreciates in value, in most cases it will be cov ered for its last appraised value, not for its appreciated value. Tip Conduct Periodic Appraisals Although a few insurers, including Fireman’s Fund, will pay replacement costs of up to 150 percent of the insured value if the value of the collection has escalat ed, it is still best to conduct periodic appraisals to ensure fill! coverage. Have ail your valuables and collectibles appraised at least every three years An appraisal should include the artist, date, media and title of the work, dimensions, notation of con dition, sunmiary of prove nance, and photographs ffiont and back). When get ting an appraisal, request a second copy to keep in a safe deposit box or a copy that can be stored digitally off-site fix)m your home. As your art work appreciates, be sure that your insurance limits reflect that increased value. • Misconception 2; “My grandmother’s Tiflfany lamp is insured for its market value, but its sentimental value is worth so much more to me. Clearly insurance would never consider the sen timental value.” Reality Check; Insuring an object can help mitigate the sentimental loss if a piece is deunaged. Tip; If a beloved piece is damaged, a knowledgeable insurer can work with you to have it restored by a qualified art conservator. If a piece of fine art is stolen, the best insurers can also coordinate with law enforcement and art investigators to retrieve pieces that have been stolen. Recently, when a valuable stolen painting was put up for auction. Fireman’s F\md Insurance was part of the recovery action that helped return the piece to its rightful owner years after it had be«i stolen. • Misconception 3: “I bou^t a precious vase while vacationing in Europe, but damaged it before I was able to add it to my current insur ance policy, so I’m out of luck.” Reality Check: Some insur ance policies automatically cover valuable items as soon as they are purchased, if you already insure similar items. This automatic coverage may extend for weeks or months. Tip: Befcae you travel, it’s always a good idea to check your insurance policy to see what is covered, especially if you’re planning on visiting art galleries or adding to your collection Whether your collection has been handed down for gener ations, or is just beginning to take shape, seek an insurer with an established record of catering to the specialized needs of collectors. Their policies usually con tain coverages over and above those for standard valuables, and their on-staflf experts will help you protect your passion by providing specific advice, access to pro fessionals and expertise in handling damaged items. Make your house a hot property Continued from page 3D ly building the Hot Property brand,” says Walters. “We believe that Hot Property will continue to grow and stand for excellence in real estate and this sitcom is another opportunity for gaining wide spread brand awareness. Log on to www.hotproperty- online.com to find out more about this innovative real estate company, visit www.abc.com to learn more about the sitcom Hot Proper ties. Confused by all the mortgage options Continued from page 3D Adjustable rate loans Many people who choose ac^uatable rate mortgages also qualify for fixed rate loans. However, the lower ini tial interest rate of ac^ustable rate mortgages and the opportunity to take advan tage of lower monthly princi pal and interest payments have made home ownership more accessible to more peo ple With most adjustable rate mortgages, your interest rate is fixed for a set period of time and then begins to ac^ust for the rest of the loan’s term (tetting the right loan Mortgage professional s suggest you keep a few key- tips in mind when navigating the various mortgage product choices. First things first People looking for a home tend to focus on finding a home before they think about what kind of mortgage theyTl get. That could be a mistake, says Tbny Meola, executive vice president of home loans pro duction for Washington Mutual. “Many people look at the mortgage as secondary in the home buying process, when that’s really where they should start,” he says. “A mortgage professional can tell homebuyers how much home they can afford before they start shopping.” That, says Meola, can save both time and heartache by mak ing sure homebuyers don’t fall in love with a house they can’t really afford. The low-down on down pay ments. Meola says that the amount of money a buyer needs to put down on a home in order to buy it is one of the most misunderstood cOTicepts in home buying. “Some peo ple think they need to make a down payment of 50 percent of the home’s price,” he says. “But most loans are based on a 20 percent down payment.” Check the amortization schedule. How long will it take to own the home? Home buyers can discover a lot about a loan by reviewing its amortization schedule, which tells you exactly how much of each mortgage payment is going towards interest and how much is going towards principal. Affordability Be sure to keep in mind both your mort gage payment amoimt imme diately after buying the home and what it might be in the future. Of course, if you choose a fixed rate loan, the principal and interest pay ment neva* changes. But if you choose an adjustable rate When debt mounts, take action to prevent home foreclosure Continued from page 3D executive director of the Homeownership FVeserva- tioti Foundation, too many American homeowners live on the financial edge. ‘They’re just (me crisis away fix>m financial disaster.” Fricke says, who notes that job loss, a health issue or divcrce are amcaig the moet typical life events encoun tered by the Foundation’s counselors in working with hcmieowners If you’re a homeowner whose debt is continuing to grow and >'ou’re finding that you’re having more and more difficulty pa>ing your bills, the Hcaueownership Preser vation Foundation recom mends that you consider tak ing the following acticm: 1. Take a doee \(xk at >our bills - imopened envelopes co* *a steadily growing pile of bills fiom utility ccxnpanies. your mortgage company etc., are the moet immediate sign you have a prdblem. 2. Open letters fixou your mortgage company and other creditors Don’t ignore these letters 3. Admit you have a prob lem and dedicate yourself to getting help. If you don’t get help and avdd your mortgage company and other creditors, you will damage your credit and, more importantly, you may lose your home 4. Dcm't take it on yourselT Call for help. Call your mort gage company to understand what your options are. 5. If you don't feel comfort able calling your mortgage company, call the Homeown ership Preserv-aticm Founda tion at (888) 995-HOPE to receive fiee advice fiom coun selors who work for HUD-cct- tified nonprofit agencies. 6. Beware of phony counsel ing agencies (deal only with HUD-certified agendes), as well as offers in the mail or by phone that seem too good to be true. 7. Oeate an action plan to first determine how to pay for essentials for you and your family (food, healthcare, clothing, essential utilities, transportation, and shelter). 8. DO N(DT sign any papers you don’t understand. 9. Determine if you hav-e the cash flow to continue pay ing a mortgage, to refinance your current mortgage, or to determine if you should sdl your home and find less expensive housing. 10. Set a long-term goal of getting and staying out of debt and ensuring steady cash flow. The Homeownership IVeservation Foundation (www.hpfonline.org) is a ^fin- neapolis-based nonprofit organization dedicated to helping homeowners faring* financial difficulties retain their homeownership. Expand your horizons beyond the ordinary advertise, in The Post (704)376-0496 At home, and in the \ neighborhood. Hite Cibsrbitte $0!$t UGLY ROOF r-4 f Stains Removed! . i • n .* .n‘ New look, NOT New Roof Roof Ante® ; “ _ ;; -ii 704'o22-1710 • www.aok.org/roof.htm 20% OFF for contracts siened durina estimate Lar^e Affordable Apartments THE PARK AT OAKL AWN 1 Mile from clowntown-Oreal skyline views Reserved for low and mtxlerale income families 2BR$53(>$555- 3BR$590-S615 DisKwaskers, intrusion alarms,ceiling fans, w/d kook-ups, clukkouse, pool, playground, resident kusi ness center So stop ky and ckeck us outS! 1215 Risin^Oak I3rive, (• Ckarlotte, NC 28206 * 704.334.8884 Crosland til loan, you need to ask yourself if you will be able to afford the payments in the future. Understand negative amor tization. Some home loans offer attractive monthly mortgage payments but at times those low payments don’t cover the interest por tion of the loan. When that happens, pai*t of the principal amount is deducted, result ing in what lenders call “neg ative amortization.” Simply put, it means you are losing equity in your home. (3et expert help. With so many options, the lending process can mystify anyone. Lending professionals, such as qualified lenders or mort gage brokers can help you review your options so that you can select the right mort gage product based on your financial situation and long term goals. World OF Real Estate Realtors, Mortgage Funding, Investors, Contractors, and More! To join this page of ADVERTISERS Please call Your Personal Executive: Pat McNair ext. 106 • Jeri Thompson ext. 104 Sheryl Dradford ext 107 Fran Farrer-Nash ext. 113 OWNING YOUR FUTURE Homeownership is a national priority. HUD is the nation’s housing agency committed to increasing homeownership and dedicated to helping first-time buyers and minority families become homeowners. Each year, HUD programs and services help tens of thousands of families accomplish the dream of a life time: owning a home. Most likely, you’ll need to borrow money to buy a house. Getting a fair deal will help you to keep your home and boost your home equity wealth. Home equity is the part of the value of your home that belongs to you—the value of your house minus what you owe on the mortgage. Your goal is to..get a loan that doesn’t include high fees or a high interest rate. With low fees and a low interest rate, you can pay down your debt more quickly and own more of your house. Watch You Wealth The wealth you accumulate in a house is no different than money in a checking or savings account. Be as careful and attentive to your home equity as you would be to your bank account. Be cautious about refinancing or borrowing against your home equity. Remember, refinancing isn’t always a good idea. Don’t let someone sell you a loan you don’t need or can’t afford. Be wary of pitches like "NO CREDIT, NO PROBLEM" or random mail promising favor able mortgage rates. If it sounds too good to be true, it probably is. For more information, call 1 (800) 569A287 or go to www.owningyourfuture.gov and select "Buying a Home."
The Charlotte Post (Charlotte, N.C.)
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Feb. 9, 2006, edition 1
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