Sunday, January 4, 2009

Mortgage magazine

Mortgages Magazine - Latest Mortgage News on REFINANCE MORTGAGE TOPICS, Loans, Debt Consolidation

Welcome to Mortgages Magazine, one of the premier sites for information on the refinance mortgage industry. Our mission is to provide you with the necessary information to make the right decisions regarding mortgage refinancing, your home equity loan and debt consolidation. The better informed you are, the more money you can potentially save.

At Mortgages Magazines, you can visit our site directory below to read articles on: Down Payments, Types of Mortgages, Closing Costs, Choosing a Lender, the Do’s and Don’ts of Mortgages and a comprehensive Mortgage Glossary of terms. We provide the latest mortgage news headlines. Furthermore, our weekly Mortgage Trend articles highlights the latest developments in the refinance mortgage market and determine where the mortgage refinance industry is going.

News Mortgage

Cast-iron pipes shouldn't be oozing tar

Repairing pipe joints can be difficult, dangerous job
Tuesday, January 29, 2008

Q: My house was constructed in 1955, and in the basement laundry area I have cast-iron drain pipes that are oozing tar from the joints. What products/procedures would I use to repair them? --U. W.

A: Pipes of the type you describe are called bell and spigot. The male end of the pipe -- the spigot -- fits into a flared female fitting on the other end of the pipe -- the bell. After assembly, the joint was sealed by first packing it with oakum, which is a thick hemp fiber saturated with tar, then sealing the joint with molten lead. The "oozing" that you're seeing is the tar from the oakum, which typically indicates that the lead seal is failing.

The building codes no longer allow lead in plumbing systems, so to repair the existing joints you would need to repack them by first removing the old oakum, then forcing a metal fabric material into the joint. It's similar to steel wool, and takes the place of the oakum. The joint is then sealed with a product called soil cement, which takes the place of the lead.

You can also cut the pipes above and below the bell and spigot joints and remove the old joints entirely. Cutting is done using a chain cutter, which uses a chain wrapped around the pipe that is slowly tightened until the pipe snaps (you can rent a chain cutter from most rental yards). After cutting, insert a new section of cast iron or ABS plastic pipe, and make the joints using band clamps, also called no-hub fittings, in place of the original bell and spigot joints. They consist of a thick rubber gasket surrounded by a metal band with two worm-drive screw clamps attached -- the gasket is centered over the joint between the two pipes, and then is squeezed in place by tightening the band.

All of the materials you need should be available at a good plumbing retailer, but be forewarned -- both of these repairs can be difficult and even dangerous for the do-it-yourselfer to undertake, so my recommendation would be that you use a licensed plumber for this one.

Q: I'm remodeling my kitchen and I was wondering if there is such a thing as a countertop-mounted exhaust fan, such as the kind used in Jenn-Aire cooktops? --Diantha L.

A: There are indeed countertop-mounted exhaust fans, designed for use in conjunction with standard electric cooktops. The interior portion of the unit is installed in a narrow slot in the counter directly behind the cooktop -- the slot is about 3 inches wide and the same length as the cooktop. A powerful exhaust fan motor is mounted on the roof or on the wall outside the house, and a length of duct pipe connects the two.

Talk with the dealer you're buying your new appliances from and have them show you what's available. Look carefully at the installation specifications to make sure the unit will fit in your cabinets, and also that the exterior fan motor unit can be installed and wired without major alterations to your framing.

Q: I'm interested in purchasing a garage kit. What is the price range of these kits, and are there differences in quality? --Valerie S.

A: Some garage kits are sold by large regional or national companies, and others are made up by local lumberyards. In either case, the kits must meet all local building codes, so the quality of the lumber and the trusses is pretty consistent. You may, however, find some differences in the quality of the doors and windows, and sometimes in the quality of the siding. The price varies primarily with the size of the garage and any available options and upgrades, but a basic two-car garage kit is typically in the $5,000 to $6,000 price range, for materials only.

There are a number of sources for garage and barn kits on the Internet as well. If purchasing through one of these sources, as opposed to a local company where you live, be sure to get references on the company, understand what the warranty is, and get a full disclosure of exactly what is included in the kit and how much the shipping costs will be to get it to your building site.

Post 10

Outlook gloomier for jobs, economy

Report: Consumer spending may be at risk
Tuesday, January 29, 2008

Consumer confidence declined in January on expectations that business conditions and employment will worsen in the coming months, The Conference Board reported today.

The Consumer Confidence Index, which had improved moderately in December after four straight months of weakening, gave back the gain this month and now stands at 87.9, down from 90.6 in December.

"The modest improvement in consumer confidence last month was short-lived. Consumers' appraisal of current business conditions is becoming more negative and their assessment of the job market, while slightly less negative than in December, is more negative than a year ago," said Lynn Franco, director of The Conference Board Consumer Research Center. "Looking ahead, consumers are quite downbeat about the short-term future, and a greater proportion expect business conditions and employment to deteriorate further in the months ahead. In addition, the percentage of consumers anticipating an improvement in their earnings has declined and could potentially impact spending decisions."

Despite a small uptick in the Present Situation Index component, the percentage of consumers surveyed this month who claimed present-day business conditions are "bad" rose to 20 percent from 18.8 percent in December, and those saying conditions are "good" dipped to 20.7 percent from 21.2 percent.

Consumers' assessment of today's job market was slightly more positive this month, as fewer (20.1 percent) say jobs are "hard to get," compared with 22.7 percent in December. Likewise, more consumers believe jobs are "plentiful" now -- 23.9 percent compared with 23.6 percent a month ago.

The Expectations Index component took the biggest hit this month, falling to 69.6 from 75.8. Those expecting business conditions to worsen over the next six months increased to 16 percent from 14.1 percent, while those anticipating business conditions to improve decreased to 11.6 percent from 13.8 percent.

The outlook for the labor market was also less favorable, as the percentage of consumers expecting fewer jobs in the months ahead rose to 21.5 percent from 19.9 percent, and those anticipating more jobs eased to 10.5 percent from 10.9 percent. The proportion of consumers expecting their incomes to increase declined to 17.6 percent from 20.2 percent.

The Consumer Confidence Survey is based on a representative sample of 5,000 U.S. households.

$2,000 to fix backyard electrical wiring?

Home buyers seek recourse for inspector's mistake
Friday, January 25, 2008

Q: Eighteen months ago, I purchased a home. I had a professional home inspector look at the home. The inspector found no problems with the wiring of the landscape in my backyard, including a pond, pump and well that I have on the property.

Recently, I had an electrician inspect that wiring. He claimed that it was dangerous and violated many electric codes, and estimated the cost of bringing the wiring up to code at $2,000.

Does the inspector have any legal responsibility for this problem?

A: The first thing you should do is get a second opinion. While the electrician you had come to your home may be a fine contractor, it is not unusual for some tradespeople to claim to find problems in a home where there are none to be found. There is nothing wrong with confirming this electrician's view of the wiring.

While there are many great home inspectors, some are better than others. And even the best ones may not find every problem a house may have. The better home inspectors will find the big issues, but might miss some small issues.

If you find that the second electrician is of the same opinion as the first, then you have several options and may need a little more information.

You should take a look at the inspection report given to you by your home inspector. See what he or she said about the condition of the electrical wiring and setup for the backyard pump and pond. Then, find out specifically what the other electricians find troubling about the current state of the pond and pump.

You may even have to ask whether the original installation of the pond and pump were up to code when they were installed and whether their recommendations are now based on newer code requirements.
Sam Tamkin Sam Tamkin

If the information you receive states that the installation was improper then and now, and is a serious hazard, you will need to address this issue with the home inspector.

If the home inspector confirms the mistake, the inspector may be willing to either pay for all or half of the repair, or could just refund to you the cost of the inspection.

Because some home inspectors limit their exposure to problems with the home to the amount you pay for the home inspection, this is one reason you need to find the very best home inspector in your area.

For any additional remedies you may have against the home inspector, talk to a real estate attorney in your area.

Q: My wife and I were given a house by a friend using a quitclaim deed. Will we have any problems if we decide to sell this house?

A: You shouldn't have any problems selling the home, assuming you received good title to the home from your friend.

A quitclaim deed is as good as any other deed in conveying title from one person to another. The only real difference between the deeds is in a quitclaim deed the former owner transfers whatever ownership and interest in the land that he or she owns. If that owner owns a 50 percent interest, he or she transfers only a 50 percent interest. And with a quitclaim deed, you can't go back to the seller and claim he represented anything with respect to the transfer of the land.

With a warranty deed, you, as the new owner of the land, could sue the former owner if he were to transfer to you title to the home and that title turned out to be "bad." A warranty deed by its own terms tells the future owner that the title to the home is being transferred to the new owner in a certain condition and if that representation turns out to be false, the new owner has a claim against the old owner.

In your case, your quitclaim deed allows you to step into your friend's shoes, and you are free to own or sell the home in the same manner as your friend could have owned or sold it.

One last item to keep in mind: Since you received the home as a gift, when you sell the home, you will need to determine what the home's value is to you -- the tax basis of the home. Your tax basis will be whatever your seller's tax basis was.

If your seller bought the home for $50,000 and installed a new roof, replaced the windows and put on new siding at a cost of $10,000, your cost basis for the home would be the same as his, $60,000.