Information to Improve Homeownership

 

Rarely, does one size fit everyone and the same goes for advice. The following suggestion is not right for everyone. However, for people with job security and who don’t own a home; for people with good credit and enough savings for a down payment, there may never be a better time to buy a home.

Homes have had a significant price correction but in many markets, they have started to rise again. The lower prices combined with historically low interest rates make this an opportune time to buy a home if you can afford it.

One of the reasons homes are an attractive investment is the fact that you can use a small down payment and finance the balance for 30 years. The principle, called leverage, allows you to earn a return on the value of the home rather than the actual cash investment. Small appreciation can create a large rate of return on the initial investment of the down payment and closing costs.

The following example is a projection at the end of five years for a $175,000 home with 3% closing costs and a 5% interest rate for a 30 year term. The rate you see in each column is an annual rate of return based on the equity of the home at the end of the five year period due to both appreciation and amortization of the loan.

The nature of positive leverage will cause the returns to be higher with a smaller down payment. As you see in the table, the return is higher on the 3.5% down payment than with the 10% or 20% down payment.

If you’re curious to see if this advice might fit your situation, you really need to sit down with a knowledgeable real estate professional who can help you assess your position. It’s worth the time because there may never be a better opportunity than now.

Saucy Crawfish with Whole Corn Grits

Substitute shrimp for the crawfish, if you prefer. Toasting the flour brings nutty flavor to the sauce, similar to a brown roux. Microgreens make an elegant garnish.
• Yield: Serves 6 (serving size: about 1/2 cup crawfish mixture and 2/3 cup grits)

Ingredients

• Grits:
• 3 1/2 cups 2% reduced-fat milk, divided
• 1 1/2 cups fresh corn kernels
• 1 chipotle chile, canned in adobo sauce
• 1 1/2 cups water
• 1/2 teaspoon kosher salt
• 1 cup uncooked regular grits
• 2 ounces reduced-fat shredded cheddar cheese (about 1/2 cup)
• 3 tablespoons light sour cream
• Crawfish:
• 1 1/2 tablespoons all-purpose flour
• 2 teaspoons olive oil
• 1/4 cup finely chopped andouille sausage or kielbasa (about 1.5 ounces)
• 2/3 cup chopped onion
• 2/3 cup chopped green bell pepper
• 1 tablespoon minced garlic
• 2 teaspoons chopped fresh thyme
• 1/4 teaspoon kosher salt
• 2 teaspoons tomato paste
• 8 ounces cooked crawfish tail meat (about 1 2/3 cups)
• 1 cup 2% reduced-fat milk
• 1/4 cup light sour cream
• 1/4 cup chopped fresh chives, divided

 

Preparation

1. To prepare grits, combine 1/2 cup milk, corn, and chipotle chile in a blender; process until the corn is coarsely chopped.
2. Combine remaining 3 cups milk, 1 1/2 cups water, and 1/2 teaspoon salt in a medium saucepan; bring to a simmer over medium-high heat. Gradually add grits, stirring with a whisk. Cover, reduce heat, and simmer 11 minutes or until thick, stirring frequently. Add corn mixture; cook an additional 3 minutes, stirring frequently. Remove from heat; add cheese and 3 tablespoons sour cream, stirring until cheese melts. Keep warm.
3. To prepare crawfish, place flour in a large nonstick skillet over medium heat; cook 4 minutes or until lightly browned, stirring frequently. Remove flour from pan; set aside. Wipe pan clean.
4. Return pan to medium heat. Add oil and sausage to pan; cook 3 minutes, stirring occasionally. Add onion, bell pepper, garlic, thyme, and 1/4 teaspoon salt; cook 3 minutes, stirring occasionally. Add reserved flour, tomato paste, and crawfish; cook 1 minute, stirring frequently. Stir in 1 cup milk; bring to a simmer, and cook 2 minutes or until sauce thickens, stirring frequently. Remove from heat. Stir in 1/4 cup sour cream. Sprinkle 1 tablespoon chives over crawfish mixture. Stir 3 tablespoons chives into grits; serve with crawfish mixture.

Originally Posted at: Lafayette Real Estate News

I thought I would reblog Kerrie’s facts in regards to Ambassadors since I’ve seen so m any questions lately and had many myself. Perhaps it will also inspire us as well with the Sensei/Grasshopper contest going on. Hope it helps everyone… Let it Rain 😉

Many times, young adults feel “bullet-proof” and don’t consider the urgency to get involved or spend the money to take care of certain legal aspects of their lives because they think they’re going to live forever.  Since no one is guaranteed longevity of life, if you want to be in control of who gets what and who is in charge now based on an untimely incapacitation or death, it is important to investigate these basic legal documents.

Will – This is a legal instrument that specifies your desires to care for your minor children and to distribute your personal property after you die and who will manage the process.  Anyone who has property and minor children needs a will.

Living Will – This legal instrument specifies your intentions regarding end of life decisions or to designate an individual to make those decisions on your behalf.  Many times, a person who had been diagnosed with a terminal condition or who is facing a serious surgery or hospitalization might feel a sense of urgency to have this document.

Power of attorney – This document allows you to appoint someone you trust, not necessarily an attorney, to handle important legal and financial matters for you if you are unable to make decisions for yourself.  The time limit can be for a specified period of time or indefinitely.

Trust – This arrangement involves an entity called a Trustee who takes control and manages property for someone else’s benefit called a beneficiary.  When property is placed in a trust, the trust becomes the owner of the property.  There are different types of trusts and a qualified advisor can explain and recommend which type would be best suited for your situation.

HIPPA Release Form – The Health Insurance Portability and Accountability Act, known as HIPPA, was created by Congress to protect the privacy of a person’s health information.  Health care providers are prohibited from discussing any aspect of your medical information with anyone who is not directly involved in your care.  To allow friends or family who do not have legal responsibility for you to have access to this information, this release form is necessary.

Most of the issues affecting these types of documents are determined by state law.  Since they are legal documents, it is recommended that you seek sound financial and legal advice.