Last week included a few interesting takes on where things are at in the housing market. We first got the news that purchase mortgage applications last week were at their highest level since May, UP 6.3% over the week before. It's nice to see buying interest starting to rebound after the tax credit expiration. But we do have a bit of a way to go, as last week's number was still 38.8% below where it was a year ago, according to the Mortgage Bankers Association.
One source of new buyers for sure is the huge number of people for whom homes are now way more affordable. For families making the national median income, the share of homes they can afford stayed above 70% for the sixth quarter in a row as tracked by the Housing Opportunity Index (HOI). The National Association of Home Builders, which co-sponsors the HOI, said this affordability was the result of low home prices and favorable mortgage rates. The NAHB chairman commented, "Homeownership is within reach of more households than it has been for almost a generation...with house prices starting to stabilize, conditions are beginning to draw homebuyers back into the market..."
>> Review of Last Week
SQUEAKING UP... We had just four days of trading last week for investors to show us how they feel about the economic prospects going forward. Coming back from Labor Day, stocks sank on Tuesday, with the Dow 147 points down. But during the next three days, traders slowly pushed prices back up enough that all three major stock indexes squeaked into positive territory for the second week in a row. And the Dow remains UP for the year.
Monday, September 13, 2010
Sunday, September 5, 2010
Old vs New GFE
I couldn't talk long enough about the constant roll out of new guidelines affecting home loans on a daily basis. Its certainly an interesting way to start a week knowing what you know today may be little use to anyone tomorrow! The good new is that everyone is becoming more comfortable with the technicals that have become the new standards resulting from the financial reform act. Some of the better points here are old vs new. Here is one of my favorites.
Old Good Faith Estimate vs. The New Good Faith Estimate
The Old was a general list of fees that varied in style, size, shape, definition of terms, costs etc. A constantly moving target that had no responsibility other than to give you an idea of what the loan terms and costs possibly could be. The lender was under no obligation to disclose any change in terms, costs, points or fees and buyers were often shocked at closing with little or no options but to close and bear it.
Move over Old and in with the New. The new is actually a very clear and standard form which gives the the precise costs in one lump sum, broken down between lender charges and title/escrow charges. It must be exact and can not change in any way once disclosed or unless there is a changed circumstance affecting either the costs or the rate. These changes are very specific and the home buyer must be informed a minimum of three working days prior to closing of the loan. The catch here is that lenders can opt to disclose fees from a title/escrow company that the buyer would never use. Since the new laws require most title fees to be shown as the buyers responsibility even if the seller is paying them, the title services can be chosen by the buyer. Choosing to close some place other than the one listed on the Service Providers list on the Good Faith Estimate does not hold the lender responsible to the fees of the selected company. If choosing the title company listed on the GFE then each fee calculated in the title services total must be within a tolerance of 10%. Hallelujah! I'm a huge fan of the new process and how the consumer is given the access to his loan costs upfront. Additionally, the GFE explains important details, like Pre-Payment Penalties, escrow account, interest rate, fixed or ARM, if payment can change etc.
The best part of all this is that you can ask lender A for a quote and see that his fees are x all in, you are now able to compare x to lender B's x and C's and...Well you get the picture. Comparing title/escrow fees is not really what this is all about. Often times you must close where the contract in a home purchase situation requires you too. Title fees vary slightly between each provider and their total fees, as is the lenders are now wrapped into one big number. Yes!
The only thing the New GFE does not show is your payment. Really? Who wasn't thinking? OK, Ill go for it and ask my Loan Officer to calculate it for me or even better go to homeloanapproval.com and use the payment calculator. Its fun!
Home buying, It's not what it used to be but just a whole lot clearer!
homeloanapproval.com
Old Good Faith Estimate vs. The New Good Faith Estimate
The Old was a general list of fees that varied in style, size, shape, definition of terms, costs etc. A constantly moving target that had no responsibility other than to give you an idea of what the loan terms and costs possibly could be. The lender was under no obligation to disclose any change in terms, costs, points or fees and buyers were often shocked at closing with little or no options but to close and bear it.
Move over Old and in with the New. The new is actually a very clear and standard form which gives the the precise costs in one lump sum, broken down between lender charges and title/escrow charges. It must be exact and can not change in any way once disclosed or unless there is a changed circumstance affecting either the costs or the rate. These changes are very specific and the home buyer must be informed a minimum of three working days prior to closing of the loan. The catch here is that lenders can opt to disclose fees from a title/escrow company that the buyer would never use. Since the new laws require most title fees to be shown as the buyers responsibility even if the seller is paying them, the title services can be chosen by the buyer. Choosing to close some place other than the one listed on the Service Providers list on the Good Faith Estimate does not hold the lender responsible to the fees of the selected company. If choosing the title company listed on the GFE then each fee calculated in the title services total must be within a tolerance of 10%. Hallelujah! I'm a huge fan of the new process and how the consumer is given the access to his loan costs upfront. Additionally, the GFE explains important details, like Pre-Payment Penalties, escrow account, interest rate, fixed or ARM, if payment can change etc.
The best part of all this is that you can ask lender A for a quote and see that his fees are x all in, you are now able to compare x to lender B's x and C's and...Well you get the picture. Comparing title/escrow fees is not really what this is all about. Often times you must close where the contract in a home purchase situation requires you too. Title fees vary slightly between each provider and their total fees, as is the lenders are now wrapped into one big number. Yes!
The only thing the New GFE does not show is your payment. Really? Who wasn't thinking? OK, Ill go for it and ask my Loan Officer to calculate it for me or even better go to homeloanapproval.com and use the payment calculator. Its fun!
Home buying, It's not what it used to be but just a whole lot clearer!
homeloanapproval.com
Thursday, August 26, 2010
Todays Markets
Initial Jobless Claims unexpectedly dropped by 31,000, the first decline in a month, to 473,000. The number of continuing claims dropped by 62,000 to 4.46 million, while those getting extended benefits climbed.
Treasuries Erase Advance as Initial Jobless Claims Drop More Than Forecast. Bond prices are little changed today after yesterday's bond market rally faded as the stock market rallied and in front of the$36 billion sale in five-year notes which were auctioned off at a record low yield of 1.374%, smashing the previous low of 1.54. Tomorrow, GDP revisions for 2Q10 could be key for the markets as the initial report of 2.4% growth in 2Q10 could be revised sharply lower.
MBA: Foreclosures Fall but New Delinquencies Rise. Mortgage delinquency rates declined in the second quarter to 9.85%, from 10.06% in the first quarter. The pace of foreclosures declined as servicers continue to work on mortgage modifications. More than 4 million mortgages are more than 90 days delinquent or in the foreclosure process and many of these homes will be foreclosed on later this year, putting downward pressure on home prices. The percentage of loans in the foreclosure process declined last quarter to 4.5% from 4.63% in the first quarter. The pipeline of delinquencies and huge rise in bank owned properties last quarter has aggravated concerns that the critically important housing sector will drag the U.S. economy back into recession.
Plunge in Home Sales Stokes Economy Fears, and the decline in mortgage rates in recent months appears to be doing little to stimulate demand. Analysts say the big risk to real estate values is that consumers lose any urgency to buy homes because of new concerns that prices will continue to fall.
Is America the next Japan? What are the chances the U.S. will face "Japanification" of the economy with deflation, a bear market for stocks and housing, and relentless recessionary pressure much like Japan's 20 year battle. This would be dismal: Interest rates would remain near 0% through 2020; the economy would grow at an average annual rate of just 1% over the next 20 years; the Dow would drop below 4,000; and home prices would fall an additional 46% by 2030.
Economic Indicator News Release Calendar for the weeks ahead
Thursday, August 26
United States
Date Value Consensus Forecast Previous
8:30 AM Jobless Claims 8/21/2010 n/a n/a 464,000
11:00 AM Kansas City Fed Manufacturing Survey August n/a n/a 3
Friday, August 27
United States
Date Value Consensus Forecast Previous
8:30 AM GDP 2010Q2 2.5% 2.0% 2.7%
10:00 AM University of Michigan Consumer Sentiment Survey August n/a n/a 66.5
10:30 AM ECRI Weekly Leading Index 8/20/2010 n/a n/a 120.7
Monday, August 30
United States
Date Value Consensus Forecast Previous
8:30 AM Personal Income July n/a n/a 0.4%
9:00 AM S&P/Case-Shiller® Home Price Indexes June n/a n/a 4.6
10:30 AM Texas Manufacturing Outlook Survey August n/a n/a -21.0
Tuesday, August 31
United States
Date Value Consensus Forecast Previous
7:45 AM Chain Store Sales Snapshot 8/28/2010 n/a n/a 0.6%
8:30 AM ISM - NY Report August n/a n/a 458.9 index
9:45 AM ISM-Chicago August n/a n/a 59.1
10:00 AM The Conference Board Consumer Confidence August n/a n/a 50.4
2:00 PM FOMC Minutes August n/a n/a N/A
5:00 PM ABC News/Washington Post Consumer Comfort Index 8/29/2010 n/a n/a -48
Consensus Estimate Source: Thomson Reuters
Treasuries Erase Advance as Initial Jobless Claims Drop More Than Forecast. Bond prices are little changed today after yesterday's bond market rally faded as the stock market rallied and in front of the$36 billion sale in five-year notes which were auctioned off at a record low yield of 1.374%, smashing the previous low of 1.54. Tomorrow, GDP revisions for 2Q10 could be key for the markets as the initial report of 2.4% growth in 2Q10 could be revised sharply lower.
MBA: Foreclosures Fall but New Delinquencies Rise. Mortgage delinquency rates declined in the second quarter to 9.85%, from 10.06% in the first quarter. The pace of foreclosures declined as servicers continue to work on mortgage modifications. More than 4 million mortgages are more than 90 days delinquent or in the foreclosure process and many of these homes will be foreclosed on later this year, putting downward pressure on home prices. The percentage of loans in the foreclosure process declined last quarter to 4.5% from 4.63% in the first quarter. The pipeline of delinquencies and huge rise in bank owned properties last quarter has aggravated concerns that the critically important housing sector will drag the U.S. economy back into recession.
Plunge in Home Sales Stokes Economy Fears, and the decline in mortgage rates in recent months appears to be doing little to stimulate demand. Analysts say the big risk to real estate values is that consumers lose any urgency to buy homes because of new concerns that prices will continue to fall.
Is America the next Japan? What are the chances the U.S. will face "Japanification" of the economy with deflation, a bear market for stocks and housing, and relentless recessionary pressure much like Japan's 20 year battle. This would be dismal: Interest rates would remain near 0% through 2020; the economy would grow at an average annual rate of just 1% over the next 20 years; the Dow would drop below 4,000; and home prices would fall an additional 46% by 2030.
Economic Indicator News Release Calendar for the weeks ahead
Thursday, August 26
United States
Date Value Consensus Forecast Previous
8:30 AM Jobless Claims 8/21/2010 n/a n/a 464,000
11:00 AM Kansas City Fed Manufacturing Survey August n/a n/a 3
Friday, August 27
United States
Date Value Consensus Forecast Previous
8:30 AM GDP 2010Q2 2.5% 2.0% 2.7%
10:00 AM University of Michigan Consumer Sentiment Survey August n/a n/a 66.5
10:30 AM ECRI Weekly Leading Index 8/20/2010 n/a n/a 120.7
Monday, August 30
United States
Date Value Consensus Forecast Previous
8:30 AM Personal Income July n/a n/a 0.4%
9:00 AM S&P/Case-Shiller® Home Price Indexes June n/a n/a 4.6
10:30 AM Texas Manufacturing Outlook Survey August n/a n/a -21.0
Tuesday, August 31
United States
Date Value Consensus Forecast Previous
7:45 AM Chain Store Sales Snapshot 8/28/2010 n/a n/a 0.6%
8:30 AM ISM - NY Report August n/a n/a 458.9 index
9:45 AM ISM-Chicago August n/a n/a 59.1
10:00 AM The Conference Board Consumer Confidence August n/a n/a 50.4
2:00 PM FOMC Minutes August n/a n/a N/A
5:00 PM ABC News/Washington Post Consumer Comfort Index 8/29/2010 n/a n/a -48
Consensus Estimate Source: Thomson Reuters
Thursday, August 5, 2010
Refinancing
Tis the season. Refinacing is in full swing once again. With the current rate climate elevating the rush to save thousands of dollars in monthly mortgage payments, anyone with a rate above 5% should consider the option. When contacting your lender be prepared to offer up a bit information. Items necessary will include:
Your current loan(s) balance
Your annual costs for Taxes and Insurance
The last date your property was financed
The type of loan you have, FHA, VA, Conventional, Home Equity, etc
Do you escrow for taxes and Insurance
Your estimated property value in the current market
Will you pay your closing costs out of pocket or prefer to roll them into the loan
What term are you considering, 30,25,20,15,10?
What is your goal? Lower Payments or faster payoff or a combination of both?
Be prepared and be proactive. The results will be worth it.
Alan
Your current loan(s) balance
Your annual costs for Taxes and Insurance
The last date your property was financed
The type of loan you have, FHA, VA, Conventional, Home Equity, etc
Do you escrow for taxes and Insurance
Your estimated property value in the current market
Will you pay your closing costs out of pocket or prefer to roll them into the loan
What term are you considering, 30,25,20,15,10?
What is your goal? Lower Payments or faster payoff or a combination of both?
Be prepared and be proactive. The results will be worth it.
Alan
Wednesday, July 21, 2010
What a Market!
Stock earnings reported last night and so far this morning were mostly positive, but it failed to give the overall Stock Market a big boost.
President Obama is scheduled to sign the Financial Regulation Bill into law at 11:30am ET this morning. As we have been discussing with you, the impact of the 2300 pages of legislation are very far-reaching, and could be devastating. Many are already incurring significant expenses to pay teams of attorney’s huge sums of money, just to try and understand what the impact on their business and sector will be. No doubt that the signing of this Financial Regulation will come with much fanfare and applause – but most business leaders and economists, including Alan Greenspan himself, are very concerned.
That said – the pending legislation is already driving unintended consequences. And this morning, Bond rating agencies Moody’s, Fitch, and Standard and Poor’s all announced they would not allow their Bond ratings to be used in new Bond offerings out of concern for potential legal liability resulting from Financial Reform. The new law will make ratings firms liable for the quality of their ratings decisions, effective immediately – and the agencies are saying that until they have a better understanding of what their exposure may be, they will refuse to let Bond insurers use their ratings. It remains to be seen how this will impact Bond pricing and salability.
At 2pm ET this afternoon, Federal Reserve Chairman Ben Bernanke will begin his testimony on monetary policy in front of the Senate Banking Committee. This testimony has been pushed back from its normal 10am start because President Obama wants center stage for his signing of the Financial Reform Law. We expect Mr. Bernanke to say that the economy has indeed slowed but will not slip into another recession. And if Mr. Bernanke does not comment on what additional measures the Fed might take to prevent a double dip, it is likely to come up during the Q & A session with members of the Senate. One question that will likely come up is whether the Fed will continue to pay interest on excess reserves. By eliminating interest paid on these reserves, it is thought that the funds may find their way back into the economy.
Another question that may come up for Bernanke, is whether the Fed would consider more quantitative easing. The Fed already purchased $1.25T of Mortgage Bonds, as well as several hundred Billion in Treasuries. These purchases have helped drive rates down towards historic low levels - and yet, the housing market is not responding. This begs the question, would more of the same tactic cause a different result? The Fed's balance sheet is already bloated. And we feel that the Fed, like most in Washington, is missing the target. The problem, as we see it, is not that rates need to be lower. Many individuals would either purchase or refinance but are unable to do so because of tighter underwriting guidelines, as well as low valuations. One example - no income verification loans, which have been called "liar loans", have been placed in a negative spotlight and virtually eliminated. But there has been a good track record for those loans in the past when underwritten with LTVs at 75 or less and excellent credit scores. If the government were to direct some resources towards reestablishing some of these more reasonable lending tools, the results might be better.
And as if that wasn’t enough from DC – the Unemployment Extension Bill cleared a procedural hurdle in Washington yesterday, and will go to a final vote in the Senate today. It must still clear the House of Representatives as well – but is expected to do so. This legislation will provide extended benefits for up to 2.5M people whose benefits expired before the 99 week cut off.
And here's an important developing story. China's reserves, which are held mostly in US Treasuries, as well as Mortgage Backed Securities, stand at $2.5T. But last quarter marked the first time in a long time that these holdings did not increase. Does this mean that China is slowing its US debt purchases? We will have to keep tabs on this because a slowdown in US debt purchases from China could adversely affect the Bond Market, as their purchases have contributed to the low interest rate environment in the US.
President Obama is scheduled to sign the Financial Regulation Bill into law at 11:30am ET this morning. As we have been discussing with you, the impact of the 2300 pages of legislation are very far-reaching, and could be devastating. Many are already incurring significant expenses to pay teams of attorney’s huge sums of money, just to try and understand what the impact on their business and sector will be. No doubt that the signing of this Financial Regulation will come with much fanfare and applause – but most business leaders and economists, including Alan Greenspan himself, are very concerned.
That said – the pending legislation is already driving unintended consequences. And this morning, Bond rating agencies Moody’s, Fitch, and Standard and Poor’s all announced they would not allow their Bond ratings to be used in new Bond offerings out of concern for potential legal liability resulting from Financial Reform. The new law will make ratings firms liable for the quality of their ratings decisions, effective immediately – and the agencies are saying that until they have a better understanding of what their exposure may be, they will refuse to let Bond insurers use their ratings. It remains to be seen how this will impact Bond pricing and salability.
At 2pm ET this afternoon, Federal Reserve Chairman Ben Bernanke will begin his testimony on monetary policy in front of the Senate Banking Committee. This testimony has been pushed back from its normal 10am start because President Obama wants center stage for his signing of the Financial Reform Law. We expect Mr. Bernanke to say that the economy has indeed slowed but will not slip into another recession. And if Mr. Bernanke does not comment on what additional measures the Fed might take to prevent a double dip, it is likely to come up during the Q & A session with members of the Senate. One question that will likely come up is whether the Fed will continue to pay interest on excess reserves. By eliminating interest paid on these reserves, it is thought that the funds may find their way back into the economy.
Another question that may come up for Bernanke, is whether the Fed would consider more quantitative easing. The Fed already purchased $1.25T of Mortgage Bonds, as well as several hundred Billion in Treasuries. These purchases have helped drive rates down towards historic low levels - and yet, the housing market is not responding. This begs the question, would more of the same tactic cause a different result? The Fed's balance sheet is already bloated. And we feel that the Fed, like most in Washington, is missing the target. The problem, as we see it, is not that rates need to be lower. Many individuals would either purchase or refinance but are unable to do so because of tighter underwriting guidelines, as well as low valuations. One example - no income verification loans, which have been called "liar loans", have been placed in a negative spotlight and virtually eliminated. But there has been a good track record for those loans in the past when underwritten with LTVs at 75 or less and excellent credit scores. If the government were to direct some resources towards reestablishing some of these more reasonable lending tools, the results might be better.
And as if that wasn’t enough from DC – the Unemployment Extension Bill cleared a procedural hurdle in Washington yesterday, and will go to a final vote in the Senate today. It must still clear the House of Representatives as well – but is expected to do so. This legislation will provide extended benefits for up to 2.5M people whose benefits expired before the 99 week cut off.
And here's an important developing story. China's reserves, which are held mostly in US Treasuries, as well as Mortgage Backed Securities, stand at $2.5T. But last quarter marked the first time in a long time that these holdings did not increase. Does this mean that China is slowing its US debt purchases? We will have to keep tabs on this because a slowdown in US debt purchases from China could adversely affect the Bond Market, as their purchases have contributed to the low interest rate environment in the US.
Monday, July 19, 2010
Markets Update
Market Update
INFO THAT HITS US WHERE WE LIVE Some analysts feel the homebuyer tax credits artificially boosted the housing market by pushing forward home sales that would have happened later. Others feel most buyers would have bought anyway. In any case, there's now concern about a coming drop in sales. Well, June sales figures should still benefit from activity spurred on by the tax credits. And tax credit sales should even help monthly reports through September, now that buyers in contract on April 30 have been given until September 30 to close.
Nonetheless, we ought to keep an eye on monthly Pending Home Sales, which track signed contracts that turn into sales a few months out. Even though we may have a sales dip after the tax credit, the fact remains that near historic low mortgage interest rates are getting people back into the market. These rates, combined with today's prices, have made homes more affordable than they've been in years, letting many buyers move up to better neighborhoods with more choices.
But buyers shouldn't wait. The National Association of Realtors chief economist sees the median home price rising nationally 2% to 3% this year. The NAR's CEO feels sales will pick up in the fall and that the down-cycle has run its course. The chief economist at Moody's Economy.com also believes the housing crash is nearly over. And we all know mortgage rates won't stay at their current levels indefinitely. In other words, this could be one of the best times to buy a home in decades.
INFO THAT HITS US WHERE WE LIVE Some analysts feel the homebuyer tax credits artificially boosted the housing market by pushing forward home sales that would have happened later. Others feel most buyers would have bought anyway. In any case, there's now concern about a coming drop in sales. Well, June sales figures should still benefit from activity spurred on by the tax credits. And tax credit sales should even help monthly reports through September, now that buyers in contract on April 30 have been given until September 30 to close.
Nonetheless, we ought to keep an eye on monthly Pending Home Sales, which track signed contracts that turn into sales a few months out. Even though we may have a sales dip after the tax credit, the fact remains that near historic low mortgage interest rates are getting people back into the market. These rates, combined with today's prices, have made homes more affordable than they've been in years, letting many buyers move up to better neighborhoods with more choices.
But buyers shouldn't wait. The National Association of Realtors chief economist sees the median home price rising nationally 2% to 3% this year. The NAR's CEO feels sales will pick up in the fall and that the down-cycle has run its course. The chief economist at Moody's Economy.com also believes the housing crash is nearly over. And we all know mortgage rates won't stay at their current levels indefinitely. In other words, this could be one of the best times to buy a home in decades.
Thursday, July 15, 2010
Home and Wealth
Update your home insurance and save money too!
Once a year it's a good idea to update your homeowners insurance. You want to make sure you have adequate coverage if you experience a loss. And you want to check on all the options insurance companies offer to reduce annual premiums. Here are the steps to take.
Calculate the coverage you need on the house itself. Homeowners insurance pays what it will cost to rebuild your house. You can arrive at this amount by multiplying your home's square footage by the building cost per square foot for homes in your local area. Get this number from realtors, local homebuilders' associations, and insurance agents. Be sure to check on the building cost number each year, as it can change, leaving you with inadequate coverage.
Make sure your home's contents are adequately covered. Check your policy to see if you have "full replacement value" coverage for your home's contents. If you don't, the insurance company can give you a pro-rated value for these items -- a reduced amount that accounts for age and wear. In any case, valuable items such as jewelry, art, and antiques should be insured for their actual replacement value on a separate rider. You pay more for this coverage, but you will get full value for the item in case of a loss.
Take photos and videos of your home and contents. Cover every nook and cranny and put the pictures and videos in a safe deposit box. You might also save them online. Then if you have a loss, you have proof of the quality and condition of your home and its contents before the disaster.
Ask about premium discounts. There are many ways insurers discount their annual premiums. Higher deductibles or a good credit rating can earn you discounts. Purchasing your auto insurance from the same company may reduce premiums. Discounts can also come from: smoke detectors, sprinkler systems, fire extinguishers, being over 55 or a longtime policy holder, security alarms connected to an outside service, or hurricane shutters. But don't let price be your only concern. First and foremost, make sure you're dealing with one of the reputable, reliable insurers operating in your area.
BREAKING NEWS!
• Mortgage rates hit historic lows. Mortgage rates are back where they were in the 1960s when cars had tailfins. So if you or someone you know may be in a higher interest rate mortgage, call or email us today to see if there's money to be saved!
• Low rates and today's home prices also make homes more affordable than they've been in years. So anyone thinking of buying might want to make a move now.
Once a year it's a good idea to update your homeowners insurance. You want to make sure you have adequate coverage if you experience a loss. And you want to check on all the options insurance companies offer to reduce annual premiums. Here are the steps to take.
Calculate the coverage you need on the house itself. Homeowners insurance pays what it will cost to rebuild your house. You can arrive at this amount by multiplying your home's square footage by the building cost per square foot for homes in your local area. Get this number from realtors, local homebuilders' associations, and insurance agents. Be sure to check on the building cost number each year, as it can change, leaving you with inadequate coverage.
Make sure your home's contents are adequately covered. Check your policy to see if you have "full replacement value" coverage for your home's contents. If you don't, the insurance company can give you a pro-rated value for these items -- a reduced amount that accounts for age and wear. In any case, valuable items such as jewelry, art, and antiques should be insured for their actual replacement value on a separate rider. You pay more for this coverage, but you will get full value for the item in case of a loss.
Take photos and videos of your home and contents. Cover every nook and cranny and put the pictures and videos in a safe deposit box. You might also save them online. Then if you have a loss, you have proof of the quality and condition of your home and its contents before the disaster.
Ask about premium discounts. There are many ways insurers discount their annual premiums. Higher deductibles or a good credit rating can earn you discounts. Purchasing your auto insurance from the same company may reduce premiums. Discounts can also come from: smoke detectors, sprinkler systems, fire extinguishers, being over 55 or a longtime policy holder, security alarms connected to an outside service, or hurricane shutters. But don't let price be your only concern. First and foremost, make sure you're dealing with one of the reputable, reliable insurers operating in your area.
BREAKING NEWS!
• Mortgage rates hit historic lows. Mortgage rates are back where they were in the 1960s when cars had tailfins. So if you or someone you know may be in a higher interest rate mortgage, call or email us today to see if there's money to be saved!
• Low rates and today's home prices also make homes more affordable than they've been in years. So anyone thinking of buying might want to make a move now.
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