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 Preshow #1refinancReturn to index of stories... |
Now on New Hampshire Outlook: Outlook on Money: meet a Manchester couple that refinanced and improved their financial prospects. But is cashing in on your home's equity a good idea? We'll hear from the experts. Then later: |
| Preshow #2 inspect Return to index of stories... |
Why Home inspection is NOT a do-it-yourself project. A good one -- can save you thousands. |
| Hello/Intro refinance Return to index of stories... |
Hello. I'm Beth Carroll. Welcome to New Hampshire Outlook. At some point, most homeowners find they need to renovate, pay off credit cards, or just take a vacation. Without money in the bank, they may be tempted to turn to the equity in their home. While re-financing may be a smart decision, viewing your home as a bottomless piggybank can be a mistake. In this "Outlook on Money" report -- we explore the issue of home re-financing. |
| Refinancing Return to index of stories... |
So what happened was we went from a 10-year to a 15-year mortgage but my mortgage only went up $70 so it's $800 savings, is the way I figured it." Narr 10: But, Barbara warns, don't let refinancing become a habit. Barbara 5:19 "I have a bit of a problem when I see people repeatedly refinancing to pay off credit card debt or consolidating other assets into their mortgage, let's say paying off their car loan or a recreation vehicle loan. These are short-lived assets, they typically last 8-10 years, so it doesn't really make sense to stretch the term of the financing of that type of loan out over 20 years beyond the life of it because the asset itself will be long gone and you're still paying for it." Anita 21:40 "I got rid of all my credit cards except for one I shopped around to see which ones I wanted to keep, my credit cards, and I kept the ones that had the lowest rate which is through my credit union and I only kept one and I keep it under control for emergencies only that we're going to use it for." Narr 11: Like the original mortgage, refinancing usually involves closing costs. Barbara 00:04:17 "It varies, from 0 to probably an average of $2,000, and that is going to be a function of the type of program, whether or not they're paying points and how the interest rate is structured. Quite often, in exchange for a slightly higher interest rate, the borrower can actually roll the closing costs right into the loan with no expenditure of funds." Anita 19:14 "What we did is we had an application fee of $325 and then they ask if you want to do your closing costs, if you want to roll them over into your mortgage, and that's what we did. We rolled our closing costs into the mortgage so we didn't have any more associated fees to come up with." Narr 12: Home equity loans and lines of credit are other ways of tapping into the value of your home. Barbara 13:53ish "Home equity loans are what they call closed-end, so you would borrow say $10,000, you'd pay it back over 60, 120, or 180 months. It usually is something you want to do for a smaller amount so if you just needed $10,000 or $20,000 maybe to put a new roof up or side the home, it's a less expensive way of borrowing. Usually lenders will do those loans with no closing costs." Narr 12: A home equity credit line is a form of revolving credit that allows you to borrow against the equity in your home. Barbara 14:50ish "You can write checks up to the maximum limit of the line. So let's say if you had a $10,000 line. When you go to your closing, instead of getting a check for $10,000, you get a book of checks or some lenders are giving out credit cards. And what you would do is you would use that up to maximum amount but you can take different amounts at different times, pay it back over a longer stretch or shorter, it's much more flexible" 15:07 Narr 13: Anita and Marc have now set their sights on finally completing their home renovations. Anita 27:20: "When we buy a house it's like we're going to live here for the rest of our lives and that's what we intend on doing. We want to stay here so we're just going to slowly do our projects, one thing at a time, and because of the refinance we'll be here forever, we're not going anywhere." |
| Intro Faye Doria Return to index of stories... |
With Mortgate rates at record lows -- home-owners have been re-financing in record numbers. But, how do you know if RE-financing makes sense in your case? Here to help us sort that out -- Faye Doria, a Certified Financial Planner with Financial Guidance Associates in Dover. Welcome. Q FAYE: We just heard the Bow-VAIR's talk about a "CASH-OUT" in re-financing their home. What sort of questions should you ask yourself before going that route? * Bow-VAIR's also refinanced to pay off High-interest debt and pay COLLEGE loans. how DANGEROUS is that? |
| Faye Doria Conv Return to index of stories... |
Q The old rule of thumb was you shouldn't REFINANCE.unless the "New" Interest rate was at least 2-percentage points LOWER. Is that NO Longer true given zero point loans and low-cost refinancing? ** Any DOWNSIDE to refinancing over and over -- as rates get lower? What about rolling closing costs into the LOAN - - good or bad idea? Q Generally the LOWER the interest rate -- the more POINTS you'll be charged. NEED TO shop around for POINTS as well as RATES. Q Does it make sense to go to a SHORTER Mortgage -- 15 or 10-year with a higher payment-- rather than Pay DOUBLE payments with your current mortgage and have lower payment should you lose job or run into financial hardship? Q The Boisverts are planning to stay PUT -- but, what if you plan to move sooner rather than later. Do POINTS make sense -- or will that cost you MORE in the long run? Q When do HOME equity LOANS pay off? Q What about Home Equity lines of CREDIT? Q What about REFINANCING without taking any EQUITY out of your home. When does that make SENSE.when should you rethink it? Q Are INTEREST-Only Mortgages a good option? - ==== Q Re-financing means a NEW loan. You'll incur some of the same costs with first one, POINTS, & FEES. Make sure rates have dropped ENUF to make cost of re-financing worthwhile. ** What about PENALTIES for paying off loan early -- can you still make out better refinancing ? * less INTEREST to deduct on your income tax return if go to a 15-year mortgage. |
| Intro/Inspector Return to index of stories... |
Buying a home is a major investment. Whether you're buying or selling -- a home Inspection can "save" you a bundle. Getting the MOST out of an inspection means looking at a property from the "roof" to the foundation. Certified Home Inspector Paul Maida says -- it's important to know everything you can about the house" before" you hand over the money. |
| Tag Home Inspector Return to index of stories... |
A Home Inspection typically takes 2-3 hours. It costs anywhere from 250 to 500 dollars but could save you thousands, or, at the very least give you "peace of mind." Unlike some states, NH does not regulate Home Inspectors. Maida says Certification from a trade association like the American Society of Home Inspectors is a good barometer of an inspectors experience and skill. |
| Web Pointer Return to index of stories... |
For more information on our Outlook on Money series or to watch this program again visit us online at nhptv.org/outlook. |
| Goodnight Return to index of stories... |
That concludes our program. Thanks for watching. I'm Beth Carroll. We'll see you next time. |
| Tonight 10:00 Return to index of stories... |
Tonight on New Hampshire Outlook: Journalists from around the state join us to talk about this week's top stories. Tonight at 10:00 only on New Hampshire Public Television. |
| Summer Generics Return to index of stories... |
Politics. Arts. History. learn what's happening on New Hampshire Outlook. Tonight at 10 only on New Hampshire Public Television. ====================== People. Places and politics. uniquely New Hampshire. New Hampshire Outlook, Tonight at 10 only on New Hampshire Public Television. ====================== New Hampshire Outlook. from the Southern tier to the Great North woods. telling the stories of the people and places that make the Granite State special. New Hampshire Outlook, weeknights at 10 only on New Hampshire Public Television. |
| home inspection Return to index of stories... |
How do you get the MOST from a home inspection? 1 Make sure the real estate contract includes an inspection clause 2 Get References 3 Demand a thorough job 4 Get Results in Writing 5 Hold the Inspector liable for missed problems 6 Don't skip an inspection just because the house is new 7 Consider an inspection even if you're the seller Home Inspectors build their reputations on the things that will cost buyers thousands when they move in. Paul Maida of Maida Services, Inc -- gives us the lowdown on what skilled inspectors look for. Q What are the necessary items in a home inspectors toolbox ? carbon monoxide and natural gas detectors, moisture meters, outlet testers, voltage meters, and array of measuring devices maida: Our inspectors bring professional inspection equipment to the site, such as moisture meters, carbon monoxide sniffers, electrical testing devices. A wood destroying insect inspection is included with our home inspection. Q From the ROOF to the foundation-- an inspection should include a complete ssement of a home's Exterior and Interior? MAIDA: We walk most of the roofs we inspect, and enter all accessible crawl spaces. ** need analysis of the heating, plumbing, air=condtioning and electrical systems How do you find: water intrusion that's been plastered over cracks in concrete slabs concealed by floor coverings damage to walls hidden behind careful paint job MAIDA: Termites and Carpenter Ants are a considerable problem in New England and they can do extensive damage without your knowing it. Our inspection is a visual, sounding and probing inspection Q Q Water. With so many homes on well water -- How do you know about the QUALITY of the drinking water. We perform Water Quality and Water Quantity testing of private water systems. key benefits: If high mineral content or contaminants are found these problems can be resolved prior to your purchasing the home. If output is insufficient, or components are in need of maintenance, the problem can be corrected prior to purchase. Q What about SEPTIC system? How do you know it's not about to go? Q For Sellers: identify defects, maintenance items, and major repairs, and hopefully, correct them before they put their property on the market for sale. Should take hours -- range in price State laws regulating licensing of inspectors toothless better if certififed from trade association better barometer of an inspectors experience and skill |
| key:consumer Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 06/2/05 HOST: Beth Carroll Length: 7:30 minutes Now on New Hampshire Outlook: Outlook on Money: meet a Manchester couple that refinanced and improved their financial prospects. But is cashing in on your home's equity a good idea? We'll hear from the experts. Then later: Why Home inspection is NOT a do-it-yourself project. A good one -- can save you thousands. At some point, most homeowners find they need to renovate, pay off credit cards, or just take a vacation.Without money in the bank, they may be tempted to turn to the equity in their home. While re-financing may be a smart decision, viewing your home as a bottomless piggybank can be a mistake. In this "Outlook on Money" report -- we explore the issue of home re-financing. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Anita Boisvert\Homeowner, Barbara Cunningham\St. Mary's Credit Union |
| key:consumer Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 06/2/05 HOST: Beth Carroll Length: 8:20 minutes Now on New Hampshire Outlook: Outlook on Money: meet a Manchester couple that refinanced and improved their financial prospects. But is cashing in on your home's equity a good idea? We'll hear from the experts. Then later: Why Home inspection is NOT a do-it-yourself project. A good one -- can save you thousands. With Mortgate rates at record lows -- home-owners have been re-financing in record numbers. But, how do you know if RE-financing makes sense in your case? Here to help us sort that out -- Faye Doria, a Certified Financial Planner with Financial Guidance Associates in Dover. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Faye Doria\Certified Financial Planner, Financial Guidance Associates |
| key:consumer Return to index of stories... |
NEW HAMPSHIRE OUTLOOK Air Date/Time: 06/2/05 HOST: Beth Carroll Length: 8:30 minutes Now on New Hampshire Outlook: Outlook on Money: meet a Manchester couple that refinanced and improved their financial prospects. But is cashing in on your home's equity a good idea? We'll hear from the experts. Then later: Why Home inspection is NOT a do-it-yourself project. A good one -- can save you thousands. Buying a home is a major investment. Whether you're buying or selling -- a home Inspection can "save" you a bundle. Getting the MOST out of an inspection means looking at a property from the "roof" to the foundation. Certified Home Inspector Paul Maida says -- it's important to know everything you can about the house" before" you hand over the money. PRODUCER/REPORTER: Beth Carroll NAME OF PARTICIPANTS: Paul Maida\Home Inspector, Maida Services, Inc |
| WEB PROMO Return to index of stories... |
Tonight on New Hampshire Outlook. . Tonight at 10pm on New Hampshire Public Television. |
| Post Show Log Return to index of stories... |
Thursday, June 2, 2005: We started at 5pm. We had to stop once to fix the Outlook on Money animated open, it wasn't cued to the right spot. The rest of the show went well. We recorded generic promos for the summer. We fnished by 5:40pm. Director's Log: I don't think Adam G. understood what I was saying about the open so that is why it wasn't cued. Other than that it seemed to go well. |