Alot of my buyers were requesting a closing checklist of things they should do and have in line ready for the closing. To accomodate their request, I've compiled this general list that would apply to everyone in the Milwaukee/Waukesha area.
1. Home owners insurance: you will need to have a homeowner’s insurance policy in place before closing. Check with your car insurance company first, often times you’ll get a reduced rate if you have both your car and home insured with the same company. You can always change down the road, but you need this policy in place before closing.
2. Gas/Electric: Call we energies before closing to have the gas and electric transferred to your name on closing day. 800-242-9137
3. Water: You don’t need to do anything, the bill will be sent to the house every 3 months. The seller’s credit for their portion used for the quarter is credited at closing, and you pay the full amount on the bill when it comes.
4. Phone: Personal preference if you want a land line and with who.
5. Cable: Personal preference, again. Time Warner Cable is the local provider: 800-627-2288
6. Mail: make sure to fill out a change of address at the post office prior to closing.
7. Subscriptions: make sure to contact your magazine/newspaper subscriptions to go to your new address.
8. Amount to bring to closing: your lender will let you know the day or two before closing what the exact amount is. You’ll need to bring it in a cashier’s check or money order.
9. At closing, you’ll receive a HUD 1 statement, you’ll likely be able to use this on your 2008 tax return, so put it somewhere where you’ll find it easily.
10. Movers: if you are hiring movers, have this scheduled well beforehand. Don’t wait until the last minute to pack; you have more stuff than you think!
Monday, June 2, 2008
Thursday, April 10, 2008
April is Open House month!
It's spring and the sun is shinning, the birds are chirping, snow pants and boots are put away...OK maybe not here in Wisconsin, however the buyers are out in full force! Spring is the busy season in real estate. The weather is warmer, not freezing cold, not boiling hot, which makes for nice moving weather, and most families want to be into their new house before the start of the next school year.
April has become "Open House Month". This is a great and fun way to preview houses. Here is some simple open house etiquette:
Introduce yourself, and sign in on the sign-in sheet.
If your shoes are dirty, take them off!
Let the agent know if you are currently working with another agent. You may even want to sign in your agents name and number instead of your own.
Please don't try to avoid the agent! We are not the plague! We are there to show you around the house and answer questions. Homesellers don't really like strangers having free reign in their house.
If you happen to show up at the very end, please only take a quick peek! Chances are the agent has another appointment to get to. If you want to see more for longer, make an appointment for a private showing.
Most importantly, enjoy!
Monday, March 31, 2008
84th Realtors Home and Garden Show
SHOW VENUE & LOCATION
Wisconsin Exposition Center at State Fair Park
8200 W Greenfield Ave, West Allis, Wisconsin
SHOW DATES & HOURS
Friday, March 28: 11AM - 9PM
Saturday, March 29: 10AM - 9PM
Sunday, March 30: 10AM - 6PM
Monday, March 31: Closed
Tuesday, April 1: Closed
Wednesday, April 2: 4PM - 9PM
Thursday, April 3: 4PM - 9PM
Friday, April 4: 11AM - 9PM
Saturday, April 5: 10AM - 9PM
Sunday, April 6: 10AM - 6PM
ADMISSION
Adults: $8.00
Children 12 & under: FREE
SPECIAL GUESTS & FEATURESVisitors to the REALTORS Home & Garden Show will have the opportunity to get decorating, gardening, cooking and home improvement tips from some of their favorite national and local celebrities.
For more information, visit: www.realtorshomeandgardenshow.com
Wisconsin Exposition Center at State Fair Park
8200 W Greenfield Ave, West Allis, Wisconsin
SHOW DATES & HOURS
Friday, March 28: 11AM - 9PM
Saturday, March 29: 10AM - 9PM
Sunday, March 30: 10AM - 6PM
Monday, March 31: Closed
Tuesday, April 1: Closed
Wednesday, April 2: 4PM - 9PM
Thursday, April 3: 4PM - 9PM
Friday, April 4: 11AM - 9PM
Saturday, April 5: 10AM - 9PM
Sunday, April 6: 10AM - 6PM
ADMISSION
Adults: $8.00
Children 12 & under: FREE
SPECIAL GUESTS & FEATURESVisitors to the REALTORS Home & Garden Show will have the opportunity to get decorating, gardening, cooking and home improvement tips from some of their favorite national and local celebrities.
For more information, visit: www.realtorshomeandgardenshow.com
Thursday, March 13, 2008
Sixth Annual Property Owner/Manager Seminar
The Waukesha Police Department will be hosting its sixth Annual Property Owner(s)/Manager(s) Seminar on Tuesday, April 8, 2008, from 8:30am to 12:30pm. The event will be held at the Meadows Apartments Clubhouse located at 2400 Springdale Rd., Waukesha 53186.
This seminar is to provide assistance to Property Owners and Managers in running an effective apartment complex through education. The seminar will also create and maintain a partnership with the Waukesha Police Department.
Snacks and beverages will be provided!
Please RSVP by March 28, 2008.
For additional information, contact Officer Chip Moilanen or Officer Dean Zastrow of the Waukesha Community Policing Unit at 262-524-3916 or by email at hmoilanen@ci.waukesha.wi.us or dzastrow@ci.waukehsa.wi.us.
This seminar is to provide assistance to Property Owners and Managers in running an effective apartment complex through education. The seminar will also create and maintain a partnership with the Waukesha Police Department.
Snacks and beverages will be provided!
Please RSVP by March 28, 2008.
For additional information, contact Officer Chip Moilanen or Officer Dean Zastrow of the Waukesha Community Policing Unit at 262-524-3916 or by email at hmoilanen@ci.waukesha.wi.us or dzastrow@ci.waukehsa.wi.us.
Friday, February 29, 2008
Why Fed Rate Cuts Do Not Equal Lower Mortgage Rates
This is a copy of an email that came to me from Keith Borngesser of Mortgage Bankers of WI:
By Barry Habib, CEO
Last Updated: February 28, 2008
The Federal Reserve has been on a rate cutting spree once more. Many mortgage applicants are calling their mortgage representative and expecting a lower interest rate. Others who have been waiting to refinance are puzzled as to why mortgage rates have not moved lower during the recent five Fed rate cuts. This is difficult to explain to consumers who have watched a 2.25% reduction by the Fed with very little benefit in mortgage rates.
Is a Fed rate cut really good news for mortgage rates? The facts may be surprising. The Fed can only control the Discount Rate and the Fed Funds Rate. This is very different from mortgage rates. A mortgage rate can be in effect for 30-years while a rate set by the Fed can change from one day to another.
It is often said history repeats itself. And if history is any teacher, we can learn from what happened to mortgage rates the last time the Federal Reserve was in a rate-cutting cycle.
The last time the Fed was in a lengthy rate cutting cycle was back in 2001 from January 3, 2001 to December 11, 2001. In the span of 11 months, they cut the Fed Funds rate 11 times with eight of those cuts by 50bp. This resulted in a total of 475bp or 4.75% in short-term interest rate cuts taking the Fed Funds Rate from 6.00% down to 1.75%. Now most uninformed people would naturally think because the Fed cut rates by so much during this time that mortgage rates would follow suit and trend lower as well. Not so. Mortgage rates actually moved higher during this time of significant rate cuts because inflation, the arch enemy of bonds, gradually rose.
Now let’s take a look at what happened with the Fed’s most recent cutting cycle, the first since 2001. On September 18, 2007 the Fed cut the Fed Funds Rate by 50bp. The mortgage bond market briefly enjoyed a “knee-jerk” reaction to the Fed move by closing higher that day, but lost 140bp over the following two sessions. Then on October 31, 2007 the Fed lowered the Fed Funds rate by 25bp. The mortgage bond market responded by losing 78bp over the following five trading days. On December 11, 2007 the Fed once again lowered rates by 25bp and the mortgage bond market lost 88bp in the next three days. So far this year, the Fed delivered a surprise 75bp rate cut on January 22, 2008 and mortgage bonds lost a whopping 144bp in just 2 days. Eight days later and as widely expected, the Fed cut rates by 50bp. Within 13 days from that 50bp cut, mortgage bonds lost 269bp.
Keith then closed the email by saying:
Remember that a loss in bp(basis points) means an increase in mortgage rates. As volatile as the market is right now I do not want to forecast too much, but the experts are looking for short term lowering of mortgage rates.
Have a great weekend.
Keith
Keith Borngesser
Mortgage Bankers of Wisconsin
16655 W Bluemound Road STE 330
Brookfield, WI 53005
262-784-6600 x 224
262-784-6699 fax
262-391-9450 mobile
By Barry Habib, CEO
Last Updated: February 28, 2008
The Federal Reserve has been on a rate cutting spree once more. Many mortgage applicants are calling their mortgage representative and expecting a lower interest rate. Others who have been waiting to refinance are puzzled as to why mortgage rates have not moved lower during the recent five Fed rate cuts. This is difficult to explain to consumers who have watched a 2.25% reduction by the Fed with very little benefit in mortgage rates.
Is a Fed rate cut really good news for mortgage rates? The facts may be surprising. The Fed can only control the Discount Rate and the Fed Funds Rate. This is very different from mortgage rates. A mortgage rate can be in effect for 30-years while a rate set by the Fed can change from one day to another.
It is often said history repeats itself. And if history is any teacher, we can learn from what happened to mortgage rates the last time the Federal Reserve was in a rate-cutting cycle.
The last time the Fed was in a lengthy rate cutting cycle was back in 2001 from January 3, 2001 to December 11, 2001. In the span of 11 months, they cut the Fed Funds rate 11 times with eight of those cuts by 50bp. This resulted in a total of 475bp or 4.75% in short-term interest rate cuts taking the Fed Funds Rate from 6.00% down to 1.75%. Now most uninformed people would naturally think because the Fed cut rates by so much during this time that mortgage rates would follow suit and trend lower as well. Not so. Mortgage rates actually moved higher during this time of significant rate cuts because inflation, the arch enemy of bonds, gradually rose.
Now let’s take a look at what happened with the Fed’s most recent cutting cycle, the first since 2001. On September 18, 2007 the Fed cut the Fed Funds Rate by 50bp. The mortgage bond market briefly enjoyed a “knee-jerk” reaction to the Fed move by closing higher that day, but lost 140bp over the following two sessions. Then on October 31, 2007 the Fed lowered the Fed Funds rate by 25bp. The mortgage bond market responded by losing 78bp over the following five trading days. On December 11, 2007 the Fed once again lowered rates by 25bp and the mortgage bond market lost 88bp in the next three days. So far this year, the Fed delivered a surprise 75bp rate cut on January 22, 2008 and mortgage bonds lost a whopping 144bp in just 2 days. Eight days later and as widely expected, the Fed cut rates by 50bp. Within 13 days from that 50bp cut, mortgage bonds lost 269bp.
Keith then closed the email by saying:
Remember that a loss in bp(basis points) means an increase in mortgage rates. As volatile as the market is right now I do not want to forecast too much, but the experts are looking for short term lowering of mortgage rates.
Have a great weekend.
Keith
Keith Borngesser
Mortgage Bankers of Wisconsin
16655 W Bluemound Road STE 330
Brookfield, WI 53005
262-784-6600 x 224
262-784-6699 fax
262-391-9450 mobile
Tuesday, February 5, 2008
Home Buyer Seminar, Waukesha
Where will you live when your lease is up?
A home is the smartest investment you'll ever make.
HBC Services is a non-profit, HUD certified agency which offers free home buying education and credit counseling. Grants and downpayment assistance up to $5,000 may be available to qualifying buyers.
Attend "The Home Buyer's Advantage" Seminar! Realtor speaker Sarah Steelman will explain the home buying process and answer any questions you have. Other professional guest speakers include a mortgage lender, home inspector, and homeowners insurance agent.
DATE: Monday and Tuesday, February 18th & 19th
TIME: 6:00pm - 8:00pm
LOCATION: Goodwill Industries (west end offices)
Community Service Center
1400 Nike Dr., Waukesha, WI 53186
Monday's speakers will be Realtor Sarah Steelman and a mortgage lender. Tuesday's speakers will be a home inspector and insurance agent.
Reservation required! Please call Gina Sanchez, HBC Services, at 262-522-1230 or email gina.sanchez@hbcservices.org.
Visit www.sarah-steelman.com for more information.
A home is the smartest investment you'll ever make.
HBC Services is a non-profit, HUD certified agency which offers free home buying education and credit counseling. Grants and downpayment assistance up to $5,000 may be available to qualifying buyers.
Attend "The Home Buyer's Advantage" Seminar! Realtor speaker Sarah Steelman will explain the home buying process and answer any questions you have. Other professional guest speakers include a mortgage lender, home inspector, and homeowners insurance agent.
DATE: Monday and Tuesday, February 18th & 19th
TIME: 6:00pm - 8:00pm
LOCATION: Goodwill Industries (west end offices)
Community Service Center
1400 Nike Dr., Waukesha, WI 53186
Monday's speakers will be Realtor Sarah Steelman and a mortgage lender. Tuesday's speakers will be a home inspector and insurance agent.
Reservation required! Please call Gina Sanchez, HBC Services, at 262-522-1230 or email gina.sanchez@hbcservices.org.
Visit www.sarah-steelman.com for more information.
Tuesday, December 4, 2007
Real Estate in December
Oh yes, it is once again that time...the area between Thanksgiving and Christmas where everyone is thinking about the traveling they'll be doing, the groceries they need to buy for entertaining, the gifts, the mall, the kids programs, the new black dress they want....ok so not everyone will want a new black dress. But, this is the time where the last thing on MOST people's mind is buying a house. And while this is the 'slow season', people are still out there wanting to move. Alot of job transfers happen at this time, and they need a home. The end of the school's 2nd semester is coming up, a good time to move the kids at. Also, right now in our local area (Waukesha, Milwaukee) our interest rates are as low as 5.75% for a fixed 30 year loan! So when people ask me if now is a good time to buy, my response is inevitably YES!
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