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What a Realtor does during a snowstorm! Oklahoma Winter Storm 2010

February 2nd, 2010 11:15 AM

What happens in Oklahoma when we get an ice-storm followed by snow? Everything shuts down.

School was called off and teachers and kids had a couple of play days.

Even our church closed for Sunday services.

As everyone may know, much of a Realtor's job involves driving. Driving was out of the question during this snowstorm.

This is what my road looked like when I came home from a closing Thursday afternoon.

My next option was to get some much needed work done on my computer.......searching the MLS for buyers......corresponding by email.....updating my website.

But NO! Appraently the snowstorm was not a good thing for my internet provider service either.

You see, out here in the boonies, the sticks, the farm where my husband and I live, our internet service provider choices are pretty slim. In other words, we take what we can get. And from Thursday through today we got nothing!

So conceding that there was no work that I could do, I gave myself some snow days.

But a farmer never has a day off and snow actually amounts to more work for the farmer and for the farmer's wife.

Heres is a little story about what really happened while "off work" for the snow storm.

What started as sleet and ice progressed to snow.

This is what my patio looked like when the sleet and ice began.

Even with a major snowstorm the cows still have to be fed. So Bill put on his insulated coveralls and we loaded up in the pickup to find the cows.

The cows knew that food was coming, but the gate was frozen shut so they had to wait a little longer while Bill worked on unsticking the gate.

And one of the cows decided that giving birth during the snowstorm would make our lives all that more interesting. I am happy to report that mother and calf are both doing fine. I wish I had a picture of the little one, but I don't.

Not to be excluded from the chores, the dogs determined they needed to make sure everything with the cows was "OK".

Baily posed for the camera.

Even poor, old, crippled Shelby did his part.

Oh, and the birds were hungry, too!

We had plenty of firewood for the firelace when we had to come in and thaw out.

By the time the snow stopped, we had quite an accumulation.

Between taking care of the livestock, scraping the roads, and snuggling by the fire, Bill and I enjoyed a lot of "together" time.

So what did YOU do during Snowstorm 2010?

Oklahoma's new state song!

SNOW...klahoma Where the cold front's sweepin' down the plain

And the piles of sleet, beneath your feet, Follow right behind the
freezing rain.

SNOW...klahoma Ev'ry night my honey lamb and I

Travel home from work and hope some jerk, Doesn't wreck our car in passing
by!

We know we belong to the land, But it could use some more salt and sand

That's why we say...WHOA! We're sliding the other way...YIKES! We're only
sayin' You're slick as snot SNOWklahoma SNOWklahoma SNOW-K-L-A-H-O-M-A
SNOWklahoma, SNOW-K!

Posted by Cynthia Hutcherson on February 2nd, 2010 11:15 AMPost a Comment (0)

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The Future of Plastic: 5 Credit Trends for 2010

February 17th, 2010 9:06 AM

The CARD?Act goes into effect on Feb. 22 and with it come stronger consumer protections. Banks will no longer be able to raise interest rates during the first 12 months after opening an account -- or hike rates on pre-existing balances altogether. Credit-card payments, if exceeding the minimum, will be allocated to the higher-rate balances first. Monthly statements will become easier to understand and the ability to issue credit?cards to college students will be severely restricted.

But these new safeguards will come at a price. Although card?issuers focused last year on making sure they'll be in compliance with the new law, now they will have to figure out how to make money given the changes in their business, says Dennis Moroney, a research director at financial-services research group TowerGroup. This "will be the year of transition for the banks," he says.

Consumers have already received a hint of what's to come. As soon as President Obama signed the CARD Act into law last year, banks sprung into action, hiking interest rates across the board and switching their APR formulas from fixed to variable rates. They've already found loopholes in the new law, including a creative way of charging a penalty APR as soon as a payment is one day late and continuing to implement the soon-to-be prohibited practice of double-cycle billing.

Here's what else consumers can expect from their credit-card issuers in 2010.

1. Punishing Inactivity

Using your credit cards wisely used to mean keeping your balances low relative to your available credit, and locking your cards in a drawer was deemed smart. Today, the wise use of credit entails something entirely different: making sure those cards don't stay in the drawer for too long.

As card issuers face growing restrictions in an economic environment that remains challenging, this year they will place an even stronger focus on inactive accounts, reducing credit?limits, introducing inactivity fees or closing them altogether, says Robert Hammer, the chief executive officer of R. K. Hammer, a bank-card advisory firm. Why? Inactive accounts are a losing proposition for card issuers: They're not making any money off you from interest payments or interchange fees, but they have to spend money on printing and mailing you things like account notifications or statements. More importantly, such accounts leave them open to the risk that you will lose your job, max out the card and leave the bank holding the bag.

To keep all your accounts active, Hammer recommends rotating your different cards each month.

2. Looking Beyond Credit Scores

Just a few years ago, the main factors in determining your credit-card interest rate and credit?limit were your credit score and payment history. Now, issuers take a lot more into account when evaluating their existing and prospective card holders' risk profiles. For example, living in an area with high unemployment or working in an industry where job security is volatile can prompt an issuer to reduce your credit limit or introduce an annual fee to your account, even if your credit and payment histories are spotless, says David Robertson, owner of the Nilson Report, which tracks credit-card industry trends. "Six issuers control 80% of the market," he says. "They use very sophisticated programs and are able to slice and dice their portfolio in many ways."

That said, using sophisticated analytics may cut both ways. Issuers may become more lenient in their lending decisions with consumers who have only recently seen their credit hurt by the loss of a job or home. "Joblessness took down a lot of people who were good, solidly middle-class, good-score customers," Robertson says. "The question will be, when this person gets a job again, will he return to their profile of an honest, trustworthy customer, but with a lower credit score?"

3. Chasing After College Parents

College students used to be among card issuers' most sought-after customers. They tend to charge beyond their limited means and stay loyal to the first bank with which they do business. What will happen once the CARD?Act prohibits them from marketing on campus and restricts their ability to issue cards to anyone under the age of 21? Rather than offering free T-shirts or digital music players to college students, banks will start campaigning to their parents. This year, parents can expect to receive more offers of co-signing a child's credit?card, and many of them will likely tout "parental control" features like the ability to monitor and limit spending.

If you're a college parent, make sure you are aware of the consequences and risks of co-signing a credit card. You will be liable for any unpaid balance and, in the event of a late payment or other negative account activity, a stain on your own credit record.

4. Reinventing Secured Credit Cards

Secured credit?cards fell out of favor years ago, when banks started targeting low- or no-credit consumers with so-called subprime credit cards which were loaded with fees and high interest rates. But with the CARD Act restricting the amount of fees a bank can charge relative to the available credit?limit, subprime cards will all but disappear. Millions of consumers have seen their credit damaged by bankruptcy or foreclosure and will need a new way to start rebuilding their credit. One way subprime issuers will continue targeting that demographic will be to look back to secured credit cards, says Odysseas Papadimitriou, the chief executive of Evolution Finance Inc., which publishes CardHub.com, a credit-card comparison web site.

A secured credit card works just like any other card, but it requires the consumer to make a security deposit (usually a minimum of $200 or $300), which then equals their credit limit. Do not confuse these cards with prepaid or debit cards, however: While the bank will keep your deposit (and in some cases even pay you interest on it), you still have to make at least minimum payments to be in good standing, or pay the balance in full to avoid paying interest. Card activity is reported to the three major credit bureaus.

5. Introducing Debit-Card Fees

Mindful of their budgets and frustrated with the plethora of fees associated with credit cards, many consumers are turning to debit. They may soon be disappointed to find out that fees are making their way into debit?cards, as well, says TowerGroup's Moroney. "Debit cards are a very thin-margin product. And with the changes in overdraft fees, the banks are going to start charging annual and other types of fees," he says.

The cards most likely to be subject to an annual fee are debit cards that have rewards programs. Another possibility: the introduction of fees for using your PIN at the point of sale. That's because banks charge merchants more for signature-based purchases. (Some retailers, including Costco, now allow signing for debit purchases. As the battle between retailers and issuers heats up, others may soon follow.) If you are among the growing number of consumers who are shunning their credit cards and turning to debit, make sure you are familiar with your issuer's PIN and signature policies.

By: Aleksandra Todorova, www.smartmoney.com

Posted by Cynthia Hutcherson on February 17th, 2010 9:06 AMPost a Comment (0)

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Those Who Wait Will Pay Thousands More This Spring

February 4th, 2010 1:04 PM

Waiting a few extra days or weeks to purchase a home this spring could cost buyers thousands of extra dollars as the office of Housing and Urban Development (HUD) implements several changes for loans guaranteed by the Federal Housing Authority (FHA).

Coming just weeks before the April 30 deadline for the Home Buyer Tax Credit and just days after the March 31 expiration of the Federal Reserve Board's mortgage backed securities purchase program (which has kept home loan rates artificially low for over a year), these FHA changes make it even more important to act now to save big.

Here are a few reasons why:

On April 5th, the cost of required up-front mortgage insurance for loans guaranteed by the FHA will increase from 1.75% to 2.25%. For a borrower purchasing a $200,000 home with a $7,000 down payment, the up-front mortgage insurance will increase by $965. Up-front mortgage insurance is typically financed in the final loan amount so the impact to a monthly payment will be minimal but overall, the increase is still borne by the borrower both upfront and monthly.

It is important to note that in order to be eligible for the lower cost up-front mortgage insurance, a lender has to order a case number from the FHA before April 5th. A case number can only be generated for loan applications where a property is involved and a fully executed purchase contract exists. Home buyers who have been pre-approved but are not under contract will not be eligible for the reduced premium effective April 5th.

Later this spring, the amount of money that a seller can return to the buyer from their sale proceeds will be reduced from 6% to 3%. The reduction in these "seller concessions" can increase the amount of cash a buyer will be required to pay at closing by $6,000 for a home purchase of $200,000.

There is only one way to avoid being affected by all of these costly changes that lie ahead – submit all FHA mortgage applications by the last week of March.

If I can answer any questions you may have about how these changes could impact you, call me. I appreciate your business.

Posted by Cynthia Hutcherson on February 4th, 2010 1:04 PMPost a Comment (0)

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