5 Important Summer Deck Inspection Tips

Summer seems to be slipping away quickly. And, while you've hosted many barbecues on your back deck, you might not have had time to properly take care of it.

August is the perfect month to conduct a deck inspection and make any repairs before the time comes to prepare it for winter. Below are tips on some issues to watch for and how to fix them.

Inspect The Deck

It's important to do a thorough inspection of your deck every summer. You don't want to step through a rotted board or have a railing break away from under you.

Be sure to pay extra attention to places close to the ground or near water sources, such as under planters and next to the water spigot.

Check For Rot

Take a screwdriver and poke areas of the deck that look like they could be rotting.

If you can push the screwdriver in a quarter inch or more, then you'll need to consider replacing the board. However if the hole is smaller than the size of a tennis ball, you can fill it with wood preservative and save some money.

Get Low

Go under the deck if possible. You'll need to check the supporting beams for any serious problems. Dangerous scenarios occur when the structure of the deck is compromised.

If you find an issue with a beam that cannot be removed because it's holding up the deck, then reinforce it on both sides with pressure-treated lumber. Then scrape away the decomposing area.

Shake It Up

Give the railings a good shake to make sure they are structurally sound. Check for cracking around screw and nail holes.

If you find one, then remove the screw or nail, seal with exterior adhesive and drill a new hole to secure again.

Look For Cupping

Cupping occurs when wood absorbs and releases moisture, which may cause the floor planks to bow and warp. You want to make sure that guests and your family don't trip over unruly slats. It might be a good idea to rent a professional-quality sander and even out the imperfections.

Perform a deck inspection to make sure your outdoor area is in suitable condition. Serious injuries can occur when homeowners don't take the time to properly inspect and maintain their outdoor living spaces. Not to mention, it saves money to catch issues early and not have to replace the entire structure.

For more helpful tips on periodic home maintenance, please feel free to contact your trusted mortgage professional today.

Fed Meeting Statement Positive For Ongoing Mortgage Sector Support

There was potentially good news for mortgage rates on Wednesday as the Fed's Federal Open Market Committee (FOMC) announced that its quantitative easing (QE) program would remain unchanged for the present.

Economists expect the Fed to begin tapering the amount of QE toward the end of the year in accordance with Chairman Ben Bernanke's previous statements that "tapering" would likely begin near year-end.

No specific date for reducing the QE assets purchases was given.

Chairman Bernanke has previously indicated that the Fed will closely review domestic and global economic developments as part of its decision-making process for changing the QE program. Wednesday's FOMC statement reaffirmed this plan.

Fed Cites Economic Expansion and Improving Labor Conditions

The FOMC statement cited modest economic expansion, improving labor markets and continued high unemployment levels as a basis for continuing its current level of QE.

The Fed's mandate requires it to support price stability and low unemployment; reversals in these or other economic areas could cause the Fed to continue its QE at present levels. At present, economists expect QE to end in mid-2014.

The FOMC statement also indicated that the target federal funds rate will remain between 0.00 and 0.25 percent at least until the national unemployment rate falls to 6.50 percent. Chairman Bernanke did not give a press conference after Wednesday's statement was released.

Quantitative Easing: Monthly Purchase of MBS, Treasury Securities Intended to Control Mortgage Rates

The Fed currently purchases $40 billion in mortgage-backed securities (MBS) and $45 billion in Treasury securities monthly. These purchases are intended to control long-term interest rates including mortgage rates.

When the Fed begins tapering and eventually concludes these asset purchases, demand for MBS and Treasury securities are expected to fall and their prices will likely fall as well. When prices for bonds include MBS fall, mortgage rates traditionally rise.

With mortgage rates recently moving up, reducing the level of the Fed's QE asset purchases is cause for concern. Higher mortgage rates make homes less affordable; the combination of rising home prices and mortgage rates presents challenges for first-time home buyers and others without sufficient funds for meeting higher down payments and monthly mortgage payments.

Now would be a very good time to ask your trusted mortgage professional for a personal review of your mortgage situation.  Give them a call and ask for your private assessment today.

Case Shiller Home Price Index Shows Rising Prices For May 2013

The S&P/Case-Shiller Home Price Index (HPI) released Tuesday presented solid evidence that the housing recovery continued during the month of May.

The Case-Shiller 20-City Index showed increasing home prices for all 20 cities.

Highest Year-Over-Year Gains Included Theses Cities:

• San Francisco, CA 24.50 percent
• Las Vegas, NV 23.30 percent
• Phoenix, AZ 20.60 percent
• Atlanta, GA 20.10 percent
• Los Angeles, CA 19.20 percent

In surprising news, Dallas, TX and Denver, CO posted record year-over-year price gains that surpassed their pre-crisis peaks.

Year-over-year home prices in Dallas increased by 7.60 percent and Denver home prices increased by 9.70 percent year-over-year in May.

Home prices grew by 12.20 percent on a year-over year basis in May; this reading fell short of expectations of 12.40 percent, but moved slightly ahead of April's reading of a 12.10 percent year-over year increase.

The Case-Shiller HPI is based on a three-month rolling year-over-year average of home prices in the cities surveyed.

Cities Post Month-To- Month Price Gains 

On a seasonally-adjusted month-to-month basis, home prices rose by 1.00 percent in May as compared to April. Expectations were for a 1.40 percent increase over April's reading, which came in at 1.70 percent.

Top Gains From April To May Were Posted By These Cities:

• San Francisco, CA 4.30 percent
• Chicago, IL 3.70 percent
• Atlanta, GA 3.40 percent
• San Diego, CA 3.10 percent
• Seattle, WA 3.10 percent

Analysts noted that home prices for two metro areas in Florida surpassed year-over-year gains in Washington, D.C.; this illustrates home values shifting geographically.

Miami home prices posted a month-to gain of 2.00 percent and a year-over-year gain of 14.20 percent.

Tampa, FL home prices posted a month-to-month gain of 1.80 percent on a year-over-year gain of 10.90 percent.

Washington, D.C. home prices gained 2.00 percent month-to-month in May, but only gained 6.50 percent year-over-year.

Rising Mortgage Rates Could Slow Price Momentum

It's important to understand that the data in the Case-Shiller HPI lags a couple of months behind current market conditions; the latest numbers were compiled prior to mortgage rates spiking. Economists expect that the impact of higher mortgage rates won't be seen in home prices until fall.

Higher mortgage rates are expected to slow home sales. If the demand for homes falls due to higher mortgage rates, inventories of available homes would expand, which would create competition among home sellers and potentially lead to lower home prices.

For any questions regarding your mortgage rate and buying a home feel free to contact your trusted mortgage professional today.

Questions To Ask Your Home Inspector Before Buying Your Home

Imagine how frustrated you'd be to find out that the hot water heater wasn't working - in the middle of your very first shower in your new home!

This, among other very good reasons, is why you should have a home inspection before you buy your home.

When you buy a home, you need to know exactly what you're buying.

A home inspection is an important part of buying your home. Before you hire a home inspector, ask candidates a few questions to make sure you hire a trustworthy inspector.

What Does Your Inspection Cover?

Not all inspections are the same. Ask for copies of previous home inspections so you can see exactly what they will check inside the home.

If you are concerned about something specific, like a leaky faucet in the bathroom, mention that to the inspector so they can check it out.

Are You Licensed Or Certified?

If you live in a state that licenses home inspectors, ask to see their license. Most reputable home inspection professionals provide this information right at the start of your home inspection.

At the very least, choose a home inspector who belongs to American Society of Home Inspectors. This shows a level of professionalism and education that you can trust.

What Kind Of Report Will You Give Me?

You should expect a written report detailing what the inspector found. Most inspectors will give you a typed report within a week of the inspection.

Many even take digital color photos of any issues with the home in order to make their report as clear as possible. Make sure the inspector will be available to explain anything on the report that doesn't make sense to you.

Will I Be Able To Attend The Inspection?

If the inspector refuses to let you be present during the home inspection, find someone else. This is your chance to know exactly what you are buying and what potential repairs you or the seller will have to make.

Please feel free to contact your trusted mortgage professional today to answer this and any other question you have on the home buying process.

What's Ahead For Mortgage Rates This Week -- July 29, 2013

Last week brought a mixed bag of economic news, but most notably, average mortgage rates fell.

New home sales surpassed expectations and consumer sentiment rose for July; these readings among others suggest that the economy continued to improve and that consumer confidence in the economy improved as well.

Monday: Existing home sales in June were reported at 5.08 million on a seasonally-adjusted annual basis. While this fell short of expectations of 5.25 million existing homes sold, the expectation was based on the original reading of 5.18 million existing homes sold for May; this was later revised to 5.14 million homes existing homes sold in May.

Tuesday: FHFA reported that May prices for homes with mortgages held by Fannie Mae or Freddie Mac remained consistent with April's reading of a 7.30 percent increase on a seasonally adjusted annual basis. Home prices rose by 0.70 percent in May as compared to April's revised reading of 0.50 percent. 

Wednesday: The U.S. Census Bureau revealed that June sales of new homes came in at 497,000, which surpassed both expectations of 483,000 new homes sold and May's reading of 449,000 new homes sold.

Thursday: Freddie Mac reported that mortgage rates fell last week; the average rate for a 30-year fixed rate mortgage fell by six basis points to 3.31 percent with 0.8 percent in discount points.

The average rate for a 15-year mortgage was 3.39 percent with discount points of 0.8 percent as compared to last week's report of 3.41 percent. Average rates for a 5/1 adjustable rate mortgage dropped by one basis point from 3.17 percent to 3.16 percent; discount points moved from 0.60 percent to 0.70 percent.

In other economic news, June's report for Durable Goods Orders nearly doubled to 4.20 percent over expectations of 2.30 percent.

Friday: Consumer Sentiment for July rose to 85.1 as compared to expectations of 84.0 and June's reading of 83.90 percent. That consumers continued gaining confidence in the economy could indicate that more would-be home buyers will become active homebuyers seeking to buy amidst a short inventory of available homes. 

This Week's Busy Economic Calendar

Readings for several significant economic and housing related indicators will be released this week.

Pending Home Sales are due out today; Tuesday brings the Case-Shiller Home Price Index and the Consumer Confidence Index. Wednesday's news includes the ADP report (useful for tracking private sector job growth) and an FOMC statement after its meeting ends.

Fed Chairman Ben Bernanke is also scheduled to give a press conference Wednesday. As always, any remarks concerning projected changes to the Fed's quantitative easing program (QE) could impact financial markets and mortgage rates. 

On Thursday, construction spending data will be released in addition to Freddie Mac's weekly report on average mortgage rates.

Friday's news includes several employment-related reports. The monthly Non-Farm Payrolls and Unemployment report will be released; collectively these two reports are frequently called the Jobs Report.

Data on personal income and consumer spending will round out the week's economic news.

How To Bring More Natural Light Into Your Home

One of the biggest improvements that you can make to your home is to bring in more natural light.

Sunlight is a powerful mood enhancer and a home design that brings in a lot of natural light will automatically look and feel much more pleasant. Not only will it boost your mood, bringing in natural light will also increase the value of your home.

So how can you shed some light on your home's interior?

Here are a few ways:

Add More Reflective Surfaces

Whenever you add a light and reflective surface to your home, you increase the number of times that daylight bounces around inside the room.

Try painting your ceilings and walls with light or off-white colours. Matte finishes are actually better than glossy surfaces, as they reflect light in all directions at once. Add some metal accents and some mirrors to the space, which will also reflect the light.

Move Your Furniture Around

Do you have furniture that is blocking natural light from coming in? Move your furniture away from the windows so that it will not get in the way of the sunlight streaming into your home.

Add A Glass Door

Is there anywhere in your home where you can exchange a solid door for one with glass in its design? This will allow the light to flow through the doorway and increase the feeling of brightness in your home.

There are plenty of glass doors with superb security features, so they will be just as safe as any other door. Also, if you have a yard or a patio to look out on, adding sliding glass doors will be a great way to let the light in and enjoy the view.

Expand Your Windows

Is it possible to increase the size of any of your windows? If yes, the windows on the south side of the house, will bring a significant amount of sunshine into the home.

Add A Skylight

Adding skylights to your home will bring a lot of natural light into the interior. Also, they are much more private than windows because anyone passing by will not be able to see through them. They also add overhead lighting, so that you will not need to use electricity during daylight hours.

These are just a few ways that you can let the sunshine in and bring more natural light into your Bethesda home.

If you have any other home questions, please contact your trusted mortgage professional today.

What Should You To Do In Advance To Prepare For Your Mortgage Application

If you are applying for a mortgage to buy a home, doing your homework in advance before you submit the application means that you will stand a better chance of getting accepted at a desirable mortgage rate.

According to mortgage experts, it is a good idea to gather up all of the needed documents in advance before launching your house hunt, as this will make the application process a lot easier.

The housing burst has resulted in much harder lending standards, which means that it could possible take weeks or sometimes even months to secure a loan.

Here are a few important steps that you should take in advance:

Consider What You Can Really Afford

Before you start the entire house hunting and mortgage application process, you should consider what you can really afford to buy.

It might be tempting to buy a house at the upper end of your price range, but consider the fact that it will be more of a struggle to make your mortgage payments and it will take much longer to pay down the mortgage. Assess your finances and be honest with yourself.

Buying a home that is more comfortably within your price range will ensure that you can easily manage your monthly budget over the years.

Save Up A Down Payment

The bank will want to see that you are able to make a down payment of at least 20% of the value of the home.

In order to save up this amount of money, it will be easier if you start in advance and save a small amount every month. The more you can pay for a down payment, the less your mortgage will be and the more money you will save over the length of the loan.

Do Your Research

Take your time to do lots of research in advance and seek out impartial advice on the mortgage market. There are so many options to choose from and a lot to consider, so the more knowledge you have the more prepared you are to make an informed decision.

Consider Your Credit

Before applying for a mortgage loan, you should take a look at your credit report.

Your lender will look at it when you are making an application and they will use it to consider whether or not to offer you the loan and what type of interest rate to give you. If you spot any errors or issues with the credit report, it is a good idea to get them fixed now before you apply.

These are just a few things to consider before applying for a mortgage. To find out more about mortgages or buying a home, contact your trusted mortgage professional today.