Updated News on Interest Rates

Great News! Interest Rates have hit new low for 2011

We want you to know that rates have moved to their lowest levels of the year.

30 year fixed rates are back in the low to mid 4's

5 year arms are in the high 2's and low 3's

Jumbo rates have moved to their lowest levels ever with 30 year fixed rates in the mid 4's.

If you have been thinking about refinancing or buying a new home, now is the time. Remember, we recommend that you always use a local lender. Please feel free to contact Rob Maitland for recommendations or to discuss your current financing needs.

How To Estimate Your Blood Alcohol Content (BAC) Using This Chart

1. Find your weight in the left hand column

2. Match your weight with the number of “Drinks” you have consumed

3. Subtract .015 for each hour that you have been drinking to compensate for alcohol that your body has processed during that time

Get Out of Jail Free!

Our Special Offer to You - Don't Miss Out!

As your hometown law firm, we are proud to ofer a big discount through our famous "Get Out of Jail Free Card!"

Buy a voucher for just $75 and you will be entitled to $175 in attorney's fees. That's enough to cover a traffic ticket defense - and let's be honest there is a good chance you'll get one of those within the next year!

Think of this special voucher as a "Keep My Insurance Points Minimized Card." We can't guarantee results, of course, but we do promise to vigorously defend your rights!

Also keep in mind that the card is not limited to traffic tickets. You can use the "Get Out of Jail Free Card" for many other legal services - maybe drafting your will that you've been putting off, or help with a real estate closing that you know is just around the corner.

This voucher is good for one year, so why not take advantage of this rare offer and save big the next time you need legal help! But don't wait long - you have until Wednesday May 11 at 11:59pm to purchase the voucher!

Click here for purchasing and other important information!

Make Like a Dragonfly

The Dragonfly Effect is what happens when you coordinate four small activities to produce BIG results. It is named after the only creature that is able to move in any direction with tremendous speed and force when its four wings are working in concert.

In their book, The Dragonfly Effect:Quick, Effective, and Powerful Ways to Use Social Media, Jennifer Aaker and Andy Smith teach readers that "small actions create big change" and help them harness social technology to achieve a single, focused, concrete goal. The authors remark, "It is remarkable how many businesses don't take the time to collectively understand why they are on Facebook, why they are on Twitter and what is their single-purpose goal.

The book teaches 4 key skills - focus, grab attention, engage, and take action. The book also explains how to coordinate them with social technology to spark measurable results.

Get Personal. Find personal hooks that range from physiological to self-actualization needs. Make sure that the personal hooks can be understood within seconds to make them work best.

Deliver the unexpected. People like consuming and then sharing awe inspiring information. Draw them in by piquing their curiosity. You can do this by re-framing the familiar in a creative way.

Visualize your message. Show, don't tell. Photos and videos speak millions of words. Synthesize your thoughts with quick visuals and show them to your point of view for feedback.

Make a visceral connection. Design your campaign so that it triggers senses - sight, sound, hearing, and taste. Music is powerful and can often tap underlying emotions.

This simple tips and ideas can work magic! Try them out and see for yourself.

Citing "Make like a dragonfly". The Costco Connection: April 2011. pg 13.

It's almost Friday!

Fun Fact of the Day: Approximately one sixth of your life is spent on Wednesdays.

We hope that everyone is having a great week so far!

What's up with Real Estate?

Since interest rates are creeping up, now may be a good time to sell or buy a home. Yes, we said now may be a good time to sell or buy a home. As long as interest rates remained stable, potential buyers and sellers could afford to remain indecisive. Even though rates are still at an all time low, people are motivated to take action since waiting could mean a higher rate and a larger mortgage payment.

GETTING OFF THE FENCE
According to Scott Dixon, president of the real estate division of Network Communications Inc., in the real estate market, inventory and selection are good, home prices remain flat and sellers are motivated and more likely to work with buyers on price. So whether you are a first time buyer, looking for a move-up home or hoping to downsize, now is a good time to make a decision.

Interest rates are not going to double this year, but they are going to continue inching up. The more rates go up, the more people will feel the pressure to make a decision about buying. This is a great thing for the real estate market, for home buyers and for home sellers.

NEW RULES, REGULATIONS, AND RESTRICTIONS
So, what is the bad news? New and pending regulations in repsonse to the mortgage lending crisis mean new loans and refinancing will be more complicated, more time-consuming and more expensive. Expect higher fees, higher mortgage insurance payments and bigger down payments. This means that there will be fewer 0 to 5 percent down-payment loans. Instead, there will be more 10 percent down requirements.

The federal government is also working to shrink its footprint in the housing market. During the lending crisis of the last few years, the federal government has guaranteed more than 9 out of every 10 new mortgages. The Obama administration said earlier this year that it wants to move more mortgages back to the private sector. The administration plans to gradually reduce new loans made by the federally controlled lenders popularly known as Fannie Mae and Freddie Mac. Meantime, the Federal Housing Administration (FHA) will be strengthened but won't take over the market share left by Fannie Mae and Freddie Mac.

Some of the regulations took effect late last year. Others, including the Dodd-Frank Wall Street Reform and Consumer Protection Act, take effect this spring and later this year. Additional rules take effect in 2012, and others are still in development. All in all, the sooner you act, the more likely you are to dodge at least some of the new and upcoming requirements. This could mean less hassle, and more smooth sailing, which is always a good thing.

PAPERWORK CONFUSION
The new rules are intended to protect consumer, hut they also are incredibly confusing and contradictory. It is guaranteed that the cost of doing a mortgage is going to increase and it will be a longer process on top of that. Borrowers will have longer to review all of the disclosures in their mortgage loan; however, this means that they will need a longer lock-in period for the interest rate, which costs more money.

Most borrowers want to know two critical things: their total monthly payment and how much cash they will need to bring to the table at closing. But the new three-page-settlement forms that replaced the former one-page form don't break down this information. As for refinancing, most people who could and should refinance did so by the end of 2010. When rates hit 5 and 1/4 percent in December, refinancing ground to a halt. If you decide to do refinance, just allow for more time - just as you'll need to do for a mortgage. The days of getting it all done in a week are long gone.

SUMMARY & KEY POINTS:

1. Fewer loans from the federal lending programs popularly known as Fannie Mae and Freddie Mac


2. Higher fees for Fannie Mae and Freddie Mac


3. Gradually increasing down payments for Fannie Mae and Freddie Mac loans to 10%


4. Higher mortgage insurance payments on FHA loans


5. Higher credit scores required to qualify for the FHA's most favorbale loan terms


6. Longer disclosure forms

Citing Karen Haywood Queen's article "What's up with real estate? in The Costco Connection. p 27. April 2011.

Happy Easter!

We hope that everyone had a wonderful Easter weekend and enjoyed spending time with loved ones!

Sincerely,

Maitland Law Firm