It's a winter world the first of March in Alabama.

This is yet another quick recipe to use this holiday season.

My mother picked this up working for a neighbor many years ago.

1 loaf french bread

1 cup mayonnaise

1 cup sour cream (can be light)

1 small onion chopped or either 1/2 bottle of chopped dried onion

1 tsp garlic powder

1 tsp parsley

1 large can of meat of your choice (ham, chicken, or turkey). I prefer ham or chicken.

1 pack of shredded sharp cheddar cheese

Black olives (optional)

Butter or vegetable spread

Mix mayo, onion, sour cream, and other dried ingredients, and meat in large mixing bowl. Split the french bread lengthwise into halves. Spread butter over each bread half. Pour mixture evenly over each half. Sprinkle cheese over top and olives if desired. Place on cookie or baking sheet. Place in oven and let "toast" but not burn. Take out of oven and split into strips.

• Mixture works best to mix and then seal and refrigerate overnight to "season".
• Small strips of baked ham or either grilled/baked chicken work well too (depends on your preferences)

An odd combination but well worth the wait. Green Beans rolled up in seared bacon-yum.

This has been a hit and can be quite versatile during the holidays or company gatherings.

GREEN BEAN ROLL-UPS

1 Can Green Beans

1 16 oz package bacon

1 small bottle french dressing

Open green beans and drain. Next open bacon package and split strips down the center. Take a half strip of bacon and roll up 3-5 green beans into that strip. Then take a toothpick and slide it through. Place each roll-up into a casserole dish. Bake at 350 to 375 degrees (depends on the oven) until the bacon starts to sear on the edges. Remove and drizzle french dressing over the top. Place back into the oven and let this candy a spell. Keep an eye to avoid burning.

These make great finger food.

While driving in this morning I saw  "A Parents Life Is a Child's Guidebook" on the billboard for a local church. With the holiday season upon us I thought what a timely topic.

Personally, while growing up I never gave much thought to what my mother sacrificed for us.

 She basically stayed at home and took care of my grandmother--her mother. My grandmother, you see, had Parkinson's Disease and although she was a strong woman in earlier years she was quite the handful in the latter as one helped her with daily life. The handling was not an issue of personality, more so an issue of the disease and its' complications.

After my grandmother passed away my mother did go into the work force. Having been technically unemployed, except as a caregiver and housewife, she found work as a paid caregiver locally and became "sought out" at times.  This changed her confidence level and helped her to do many things she never would do before.

After a few years she became disabled, although never in truly good health from the time that I remember. It took quite a while for her to even acquire the penance she has since obtained.

From her, my mother, I obtained my own sense of compassion and generosity. It took me years to realize this but that is how life presents itself.

The following words below are from a fellow co-worker who, as a parent, gave me his thoughts on what he wished for his children to remember of him   

"The legacy that I would leave my children is one of

generosity and love. .... And, I want them to know above all

that my love for them is unconditional."

What imprints are you leaving from your life?

**Images complements of flickr.com

 Look in the mirror!  Now, What do you see?           

Whether you want to admit it or not you can even see it in your child's face!  2008 can and most definitely will be one for the record books.

We have had

• Gas prices at all time highs
• Layoffs
• Bank failures
• Stock Market rollercoaster rides
• Automakers reducing production
• The virtual death of home equity products
• Stores closing

What kind of Christmas and Holiday season will this be for you? How are you and your family planning to celebrate?

This year I am personally cutting back. I won't be buying that "big family gift" as I normally do.

If nothing else be thankful for what is there---your family.

I am extremely grateful to be here and to have what I do. Life is a journey and I am just riding along with it.

*Image complements of flickr.com

We all run into them---the dreaded unique property. This is One that Only One in a Million Loves and Will Ever Buy.

I basically ask some brief questions upon getting started with potential clients and figure out what may work best for them in their situation. 

Signs that realtors and loan officers should beware of:

"It was once a bus.... we just put it up on pilings and it is home."

"I pulled it off the river, drained it out, and added a room."

"Yep, you can change the oil in the motor ..."

"It was once a single wide. We moved it onto our parents' land, and have added a bedroom and ..."

Unique properties are one thing; however, utilizing the equity in them can be quite a challenge.

Parts of an old barn or the stern of a ship add character. Whereas, the "oddity" that endears a property can be the very liability as well when trying to finance it or for an appraiser to find comparables for it. Should one ever want to finance these "unique" properties then the lender, if it is approved, would likely loan on the land--not the home.

Image of bus complements of flickr.com.

Today's potential new home owner's often have obstacles to financing "homes in need of repair". As guidelines have tightened underwriters review everything.

An option for foreclosed homes and for people looking to refinance is the FHA Limited Repair Streamline 203K Program. This program allows for either the purchase of or the refinance of properties in need of limited repairs--all in one loan. The loan is underwritten once and there is no need for anything to be re-reviewed and closed again upon completion.

As home equity lines are becoming a thing of the past, or severely limited in the loan to value utilized, this seems to be a new option for those "cosmetic repairs" that one once was able to do with an equity line. The FHA Limited Repair Streamline 203K Program goes by normal FHA guidelines and the Energy Efficient Mortgage may also be utilized as well.

Highlights:

• No cash to borrower (no cash out refinance permitted). This money is used for purchase and refinance only.
• No minimum for repair costs.
• Maximum repair costs come to $35,000. This includes a contingency of 10%, an origination fee, and a final inspection fee. The contingency is held until final disbursement.
• A principal reduction applies to funds not utilized
• Allows for 3 months to complete the repair work
• Variety of properties qualify

One cannot finance major improvements in this process but they can do a variety of allowed improvements.

*photo complements of flickr.com

Points or "buying down" the rate is becoming more typical than before. Guidelines have constricted and the cost of borrowing money for even the best of customer's has increased.

Typically, one point is equivalent to 1% of the loan amount. Lets exemplify this and we will assume that a borrower is putting 10% down on a $200,000 home. Their credit falls into the average category now for a "conforming" loan with their respective score being a 661. The loan amount proposed then, assuming they are covering their own closing costs is now $180,000. They have a "pricing add-on" of .1% for the loan size (less than $200,000), they have a credit score "pricing add-on" of 1%, and the cost today to break even at par would be at a rate of 6.25% in order to minimize their cost. 

180,000 Loan amount @ 6.25% interest/30 years = $1108.29 monthly (before tax and insurance)

As an alternative they could pay an extra point and buy the rate down to 5.875%. They are now at 1% of the loan or $1800 in additional closing costs but the savings far exceed the cost.

180,000 Loan amount @ 5.875% interest/30 years = $1064.77 monthly (before tax and insurance)

People have always assumed the worst and thought of closing costs as the enemy.

The cost of money over time though is your enemy. It will take the borrower 3.45 years to see the cost of that point but if this is the "dream home" that point makes sense. The biggest point here is that as a loan officer you should offer options. It is like you deciding upon sprinkles or no sprinkles on that ice cream cone. Providing guidance and advise to rely on is key in any major financial decision.  *IMAGE complements of flickr.com

This week we are ending and about to begin a new era as a new president will be elected Tuesday, November 4, 2008. As talk continues about how bad the economy is one thing remains--people need money!

In 1976, the year of the Bicentennial Celebration, mortgage rates averaged a whopping 8.87% for the year for a thirty year fixed rate mortgage (www.freddiemac.com). It was an era of new optimism, a new point in history, and an election year.

As we move forward in time interest rates hit some of their highest points in history before 1984. In 1984 they averaged a mere 13.88% (www.freddiemac.com). Now, how many of you would want to pay that today?

Our economy is suffering. Life though involves suffering and change. Keep this in mind when you think of where we are today. Average rates today are just over 6.46% (www.freddiemac.com) throughout

the U.S. Money is available to borrow! Lets' encourage each other and our clients on the positives of home ownership down the road. I do realize that many of us do not "realize" those benefits today.  

• Long term wealth
• The American Dream
• Sense of fulfillment
• Tax Benefits

I am including rate snapshots and examples which show the cost of money is far cheaper today than in many election years previously.

Year      Rate        Loan Amount

1976    8.87%    @   $100,000=$795.29 monthly (before tax/insurance)

1980   13.74%  @   $100,000=$1,164.32 monthly (before tax/insurance)

1984   13.88%  @   $100,000=$1,175.38 monthly (before tax/insurance)

.... (progress forward)

2000    8.05%   @    $100,000=$737.25 monthly (before tax/insurance)

2004    5.84%   @    $100,000=$589.30 monthly (before tax/insurance)

2008    6.46%   @    $100,000=$629.44 monthly  (before tax/insurance)

In 2008, today is a great day to be in this business while serving and guiding clients throughout the lending process.

*image complement of www.flickr.com

*rate information complements of www.freddiemac.com

Thursday, October 23, 2008

Attractions in Central Alabama

Image by Southernpixel via Flickr Things to do in Central Alabama
The central Alabama area is filled with many trees, roads, and windows of opportunity for visitors and residents alike. As I live in the Birmingham metro area I am writing some brief information about attractions in the area.

Bass Pro Shops Leeds, Alabama (off exit 140 on Interstate 20 in Leeds, Alabama) Opening November, 2008 this will be a "destination" per Harley Willis, store manager. The company expects 20,000+ visitors on an average Saturday. This Bass Pro store is beside the Barber Motorsports Park in Leeds, Alabama.
"Most people will agree that this particular Bass Pro Shops site is among the most dramatic of the company's building sites," said Steve Gels (construction project manager). "We're building an entry drive that rivals many state parks, and the building enjoys great views of I-20 and the neighboring woodlands." **source for quoted text-company website. http://www.basspro.com/

Barber Motorsports Park and Museum Leeds, Alabama (off exit 140 on Interstate 20 in Leeds, Alabama) Started by the Barber family, it is a destination for motocross and classic bike enthusiasts. Open since 2003 it is yet another feather in our cap for Birmingham and Alabama with world class motorsports and a renowned vintage motorcycle collection all right here. http://www.barbermotorsports.com/

Talladega Superspeedway Talladega, Alabama (off of Interstate 20 in Talladega via exit 168 eastbound to Atlanta and via exit 173 westbound towards Birmingham, Alabama)The track and grounds are celebrating 40 years of opportunity in 2009. Open daily except during events for tours. http://www.talladegasuperspeedway.com/

Desoto Caverns Childersburg, Alabama The park is 36 miles from Birmingham and its main room ceiling height is more than 12 stories high. Visiting the park is quite an adventure and to explore the multitude of attractions. http://desotocavernspark.com/

McWane Science Center Birmingham, Alabama Where Learning and technology combine. The center was "designed to inspire a life-long love of learning." Also, it is where countless "explorers - from ages 1 to 100 - flock year-round to see, to hear, to touch, and to experience the wonder of science in one of the South's most unique venues." Ref. company website http://www.mcwane.org/

Vulcan Birmingham, Alabama

Growing up Vulcan would light up red via his torch with each traffic death; however, with restoration this feature was eliminated. Today, Vulcan has been beautifully restored (2004) and is a true symbol that reflects Birmingham. http://www.visitvulcan.com/

We have world class golf with our Robert Trent Jones golf trails, amusement parks with Visionland in Bessemer, and beautiful lakes (Lake Martin, Logan Martin, Lay Lakes). Come visit and you may want to call this home too.

For more information please visit http://www.800alabama.com/.


Posted by Eric McGowan at 6:06 PM Labels: Alabama, Bass Pro Shops, Birmingham, birmingham alabama, OlpcXo, Robert Trent Jones, Society and Culture, United States