Here's a great article I found on Bankrate.com about the best ways to have your home loan fall through:

Want a lender to delay or even cancel your mortgage closing? Then change your "borrower circumstances" between the day you apply for and the day you close a home loan.

Lenders have gotten stricter in response to the mortgage meltdown. The latest tightening of the screws comes from Fannie Mae. The mortgage titan's Loan Quality Initiative, which went into effect June 1, requires lenders to track "changes in borrower circumstances" between application and closing.

The rules aren't new, but Fannie will enforce them more vigorously. For borrowers, it means certain actions are likely to delay or otherwise mess up a mortgage closing.

"Any change in circumstance could affect and delay a borrower's closing on a transaction," says David Adamo, CEO of Luxury Mortgage of Stamford, Conn.

Following are three things borrowers can do to mess up their next mortgage closing.

Get a new credit card or auto loan

If you want to implode your impending mortgage, get a new credit card or auto loan.

Lenders have long admonished mortgage applicants to avoid getting new credit cards and auto loans while home loans are in underwriting. Fannie's Loan Quality Initiative adds urgency to this request.

For example, picture a borrower who gets a car loan a week before closing on the mortgage. The mortgage lender doesn't know about it. Later, the borrower misses a couple of mortgage payments.

Fannie Mae can look back, discover the undisclosed auto loan and make the lender buy back the bad mortgage. That's a money loser for the lender.

So at the eleventh hour, most lenders check credit for new accounts.

Even merely opening an account -- without charging anything to it -- can be a mistake.

Retailers often offer discounts to customers who apply for store credit, Adamo says. "That is something that most consumers will take advantage of, and even something as benign as that could affect a borrower's ability to close on a mortgage approval."

Charge up credit cards

Charging up credit cards with thousands of dollars' worth of appliances, tools, and yard equipment is another surefire way to much up a closing. It's best to leave those cards alone.

"Don't increase your credit card balances at all. Consider paying cash for everything," says Dan Green, a mortgage planner for Waterstone Mortgage in Cincinnati.

Mortgage approval is based partly on debt-to-income ratio. The lender looks at the borrower's minimum monthly debt payments and compares them to income. If the ratio of debt payments to income is too high, the borrower could be turned down for a mortgage.

Fannie encourages mortgage lenders to recalculate debt-to-income ratios just before closing. If a spending spree sends the debt-to-income ratio too high, the mortgage could be doomed. For this reason, borrowers should wait until after closing the mortgage before buying furniture, a refrigerator or a lawn mower on credit.

Change jobs

Changing jobs is another good way to derail a mortgage before closing. Other potential deal-breakers include staying with a current employer, but switching from a salaried position to one where primary income comes from commissions or bonuses.

"Because the rules about any job change, especially if you go to commission or bonus, usually you need a two-year history," says Bob Walters, chief economist for Quicken Loans. "So if all of a sudden you switch from W-2 to some other kind of compensation, and you don't have the history, a lot of times that income can't be included. So all of a sudden you'll find maybe you don't qualify."

I found this great article recently and thought I just had to share. Stay cool this summer!

By Paige Tepping

RISMEDIA, June 17, 2010--As the temperatures continue to rise this summer, so does the cost of keeping your home cool. While homeowners across the country come to depend on air conditioners to keep the temperature down during the warm summer months, there are other options that will keep you cool while keeping your energy bill low. 

Fans and ceiling fans
-If you’re looking for ways to beat the heat, a ceiling fan can be a great investment for your home. This one appliance can make a room feel 6 or 7 degrees cooler, and even the most power-hungry fan costs less than $10 a month to use if you keep it on for 12 hours a day. Good fans make it possible for you to raise your thermostat setting and save on air-conditioning costs. Fans don’t use much energy, but when air is circulating, it feels much cooler. Ceiling fans are best, but a good portable fan can be very effective as well.

-You should remember that even mild air movement of 1 mph can make you feel three or four degrees cooler. Also, make sure your ceiling fan is turned for summer – you should feel the air blown downward.

Shades, drapes or blinds
-Install white window shades, drapes or blinds to reflect heat away from the house. Close blinds, shades and draperies facing the sun (east-facing windows in the morning and west-facing windows in the afternoon) to keep the sun’s heat out and help fans or air conditioners cool more efficiently. Always remember that the best way to keep your home cool is to keep the heat out.

Internal Heat
-The most common sources of internal heat gain are; appliances, electronic devices and lighting. Be aware of devices in your home that are generating heat and if you have air conditioning, use it wisely. 

Don’t put lamps, televisions or other heat-generating appliances next to your air-conditioning thermostat, because the heat from these appliances will cause the air conditioner to run longer. The heat they produce will make the thermostat think your house is warmer than it really is, and your system will run harder than it needs to.

-Unless you absolutely need them, turn off incandescent lights and heat-generating appliances. Replace incandescent bulbs with compact fluorescents; they produce the same light but use a fifth the energy and heat.

-You should also try to avoid heat-generating activities such as cooking on hot days or during the hottest part of the day. If you are cooking, use your range fan to vent the hot air out of your house. By reducing the amount of heat in your home, you will use less energy to cool it.

Plants
-Plant trees or shrubs to shade air conditioning units, but not block the airflow. A unit operating in the shade uses less electricity. Deciduous trees planted on the south and west sides will keep your house cool in the summer and allow the sunlight to warm the house during the winter. 

Roof and Walls
-Paint your roof white – If you’ve got a flat roof, paint it with a specially formulated reflective paint or just paint it white. The reflective effect will help to keep the rooms under the flat roof much cooler.

Other things to remember
-Humidity makes room air feel warmer, so reduce indoor humidity. Minimize mid-day washing and drying clothes, showering and cooking. When you must do these things, turn on ventilating fans to help extract warm, moist air.

-Avoid landscaping with lots of unshaded rock, cement, or asphalt on the south or west sides of your home because it increases the temperature around the house and radiates heat to the house after the sun has set.

-If the attic isn’t already insulated or is under-insulated, insulate it now. Upgrading from 3 inches to 12 inches can cut cooling costs by 10%.

Kansas City is trying to 'tie' all the bar districts together, solve the dilemma of not being able to find a taxi, and provide a great night out!

Check out the new trolley system for free this weekend that connects:

• Power and Light
• Plaza
• Brookside
• Westport
• 18th and Vine
• Waldo
• Martini Corner

I would love to get your feedback on this one. I, of course, have my own opinions on the matter but would love to hear what others think:

The pressure is increasing on Congress to renew the homebuyers tax credits for a third time.

The first $7,500 tax credit was passed in 2008 and required first-time buyers to repay the credit over 15 years. A new months later in 2009, Congress expanded the credit to a maximum of $8,000 that didn't have to be paid back.

At the end of last year, Congress extended the benefit again until April 30 with an extra two months on top of that to close. A new credit of $6,500 was added for move-up buyers, too.

Now representatives of the housing industry are lobbying for another extension.  Some experts, including Mark Zandi, chief economist at Moody's Economy.com, who supported the earlier credits, think the time has come to let it go.

"It's worn out its benefit," he says. "if you extended it again, it isn't going to do much, and what you're doing is providing a tax break to folks who bought anyway."

(Source: The Wall Street Journal, Nick Timiraos - 02/22/2010)

Insert the popular 60's song here.

My mentor reminds me of this on a regular basis. What’s the use of being in real estate (or insurance, or sales, or anything for that matter) if no one knows? You’re not a super spy, you’re not doing covert ops, and you’re not incognito.

Be proud of what you do, carry business cards with you (and don’t be afraid to give them out!), talk about the industry and provide advice (Although, I HAVE found there’s a fine line between being an attention hoarder and being helpful – and not many people like attention hoarders so don’t be ‘that person’…)

People want “easy” and that’s exactly what you do for them; you make the home buying/selling process easier. There’s no reason to keep that a secret. Get out there and don’t be so James Bond about it!

Now, I COULD sell you a house, but then I’d have to kill you 

Many people don’t completely understand the energy tax credits that are available to them through the end of 2010. The Kansas City Star published a nice article detailing what qualifies for the energy tax credit. And no, it’s not all furnaces and water heaters – think doors, windows, and even window coverings!

Take a look at the article here  to see if the home improvement projects you completed in 2009 are eligible or before you decide to do any new projects.

Happy Updating!

The Heritage Home Team is pleased to announce that we now offer property management services to our clients.

I discovered that, with the economy the way that it is, many people are choosing not to sell their homes when they relocate – to another area of the city or across the globe – when I was going out to discuss selling possibilities with my clients.

When I couldn’t recommend a company to manage their home while they were away that I felt would provide the same amount of client service and support that The Heritage Home Team does I knew that there was a need for such service.

Property management is more than just collecting rent, phone calls and repairs. Our job is to make sure the property is maintained correctly – to avoid larger, more expensive repairs down the road; that the tenants are happy with their new home – so they will live there for months or years to come (and let you know if service items arise); and keep good accounting records of all income and expenses – for bookkeeping and tax purposes.

If you are considering hiring a property manager for your primary residence or for your investment property please give Crystal at call at 913-908-9801 for pricing and services provided.

Home Designers and builders speaking at the recent International Builders Show in Las Vegas say that buyers are seeking cost-effective features and rejecting things that don't have lasting value.

"It's all about family togetherness - casual living, entertaining and flexible spaces," says Carol Lavender, president of the Lavender Design Group of San Antonio

Paul Cardis, CEO of Avid Ratings, which conducts an annual survey of buyer preferences, identified these must-haves in new homes:

1. Large kitchens with islands
2. Energy efficiency, including energy-efficient appliances, super insulation, and high-efficiency windows.
3. Home offices
4. Main-floor master suite
5. Outdoor living space
6. Ceiling fans
7. Soaking tub in master suite and/or an oversize shower with a seating area
8. Stone and brick exteriors rather than stucco or vinyl
9. Community walking paths and playgrounds
10. Two-car garages, but three-car garages are even more desirable

Now is the time for home owners contemplating a spring sale to spruce up their properties in anticipation of what Mike Larson of Weiss Research calls a potentially vibrant home-selling season.

"If you have been beating your head against the wall, this is going to feel a lot better," he says.

Here are 10 cheap ways to make a property more attractive to shoppers:

1. Improve first impressions. Touch up the paint on the front door and other areas that buyers see first.
2. Clean up the landscaping. Trim the hedges and trees and plant some annuals in the flowerbeds.
3. Paint the interior. A coat of light yellow or cream with contrasting white woodwork looks fresh and clean.
4. Refurbish the floors. Buff the hardwoods. Install new carpets - or at least get them professionally cleaned.
5. Take care of the big problems. If the house needs a roof or the front stoop is crumbling, get them fixed.
6. Buy warranties. Putting appliances under warranty gives homebuyers a secure feeling.
7. Improve energy efficiency. New windows or improved insulation tells a potential  buyer the seller is on top of things plus they come with tax benefits.
8. Replace light fixtures. Update fixtures, especially at the entrance way and in the foyer - create a good first impression.
9. Buy a stove. Home owners whose kitchen isn't top of the line can jazz it up for a few hundred dollars by buying a new stove which gives the room a fresh feel.
10. Tidy up the bathrooms. Get rid of mildew, replace caulking, and replace stained sinks.

At my former corporate job, “work/life balance” seemed to be the catch phrase of the month. I worked in a very demanding job (90+ hours a week most weeks demanding), but as long as the façade of work/life balance was there, it was all good.

Fast forward a few years to now; and I’m working for myself. Yes, theTHOUGHT of work/life balance, and the illusion of work life balance is there. Theoretically, I could take off a day to, say, go to the beach – but honestly, how many of us actually take off a Tuesday because we want to spend the day in the park?

Several weeks ago I suffered some life changing and devastating news. Over the course of five days there were two strokes in the family, three close family deaths, and some personal health issues. Probably needless to say, at first, I was in a tailspin and really didn’t know which way was up. Now, I’ve been able to get my head above water and have been working…kind of. I’ve been doing what HAS to be done. I’ll ask myself “What MUST be done today?”– then I’ll do that, and really only that.

I don’t bring up my personal life so that you can feel sorry for me – please don’t, I am very blessed in so many ways. I brought this up to ask for your help: How do you handle yourself when you fall into “personal crisis mode?” What gets you moving again when all you want to do is sleep through the day? How do you pick yourself up off the floor and kick yourself in the butt again?