Category: Home Insights

What Is Mortgage Insurance?

Post author By RHRNews
Post date December 2, 2016

The last time you bought a car or an expensive piece of jewelry, you likely insured it. This is because with a large purchase came an inherent risk — and if your valuable property is stolen or damaged, you don’t want to be left empty-handed. The same thing is true of lenders who approve your mortgage loan. Every day, mortgage lenders across the country approve tens of millions of dollars in home loans, and they need to be sure they are protecting that risk. That’s where mortgage insurance comes in.

Why is it needed, and how much will it be?

Lenders often require that borrowers pay mortgage insurance, which protects the lender if the homebuyer becomes unable to pay their monthly mortgage payment. Think back to your own car insurance policies for reference. In mortgage insurance, the borrower pays the insurance premiums, but the lender is the beneficiary. If a borrower defaults on their loan payments, the insurance company will have to pay the lender a pre-determined percentage on the potential loss.

There are two main types of mortgage insurance. The first is mortgage insurance purchased from the government, which backs Federal Housing Administration (FHA) loans. The second is private mortgage insurance, which is designated for conventional loans that are bought from Fannie Mae and Freddie Mac.

(Note: Loans backed by Veterans Affairs (VA loans) do not require any mortgage insurance, but the VA funding fee provides similar coverage against loss).

Mortgage insurance for FHA loans

FHA loans are often called “helper loans,” because the lending standards favor first-time buyers and other homebuyers who may not have a large down payment saved. In fact, FHA loans can be approved with as little as 3.5 percent down at closing.

FHA loans are backed by the government, which then requires that FHA borrowers purchase mortgage insurance. To protect their risk, FHA requires two things. First, borrowers must pay an upfront mortgage insurance premium (MIP) of 1.75% of the total of the loan. This “upfront” MIP can actually be added to the loan amount and financed. Second, FHA borrowers must also pay an annual MIP of .85% throughout the life of the loan.

Private mortgage insurance (PMI) for conventional loans

Conventional loans are not backed by the government, so private lenders may require borrowers to purchase private mortgage insurance if they put less than 20 percent down at closing. Often, conventional buyers will be expected to pay private MIPs until their loan-to-value (LTV) ratio hits 80 percent or lower. The LTV ratio is the amount of money you borrowed divided by the value of the property you purchased. In general, a lower LTV ratio means less risk for the lender because the borrower is much less likely to default on their loan when they have built up sufficient equity to sell.

A mortgage loan officer can walk you through all the expenses you should expect at closing and beyond, so you can determine your true buying power as you enter the market. Click here to get started on the process of getting a home mortgage loan!

Tags aaron mason, mortgage insurance, rector hayden mortgage, what is

Home Insights Home Owning Tips Newsletter Featurettes

3 Ways Clutter is Hurting Your Happiness

Post author By RHRNews
Post date December 1, 2016

The problems with clutter…

The urge to de-clutter often stems from a simple annoyance, like stepping on a Lego or running into furniture that’s too big for the space. But in order to really commit to a more minimalist lifestyle, you’ll want to consider the deeper ramifications of having too much “stuff”.

Here are some insights you can use for downsizing your belongings, and how doing so can affect everything from your expenses to your well-being….to selling your home.

Problem One: Clutter is expensive

For many of us, a successful shopping trip is one where the cart is filled to the brim with good deals — not one where we successfully avoided the tempting sale section and bought only what we needed. Once the habit of getting a good deal takes hold, it can seem impossible to say no to another knick-knack or a second set of novelty wine glasses — or to see that these items will be a waste of money in the long run. Of course, it isn’t just the buying of “stuff” that makes it expensive. Storing it can also get pricey. Too many people are paying thousands of dollars per year to store items they’ll never use or see again.

Problem Two: It isn’t making you happier

If your cluttered home stresses you out, you’re not overthinking it and you’re not alone. A recent UCLA study shows that women with a high density of household objects feel more stressed than those with less stuff. It’s not hard to see why: Well-maintained homes are the ideal portrayed in every magazine and movie, but the expectation to buy more stuff also weighs heavily on most Americans. The end result? Families purchase things they don’t need and don’t have space for, then feel stressed that their houses don’t resemble the ones portrayed on HGTV.

Problem Three: It makes it harder to sell your home

Today’s homebuyers expect to see decluttered homes with clean walls, minimal décor and extra storage. To list a home that will appeal to the masses, most sellers may need to depersonalize by boxing up personal items and photographs (and maybe change up furniture arrangements) — but sellers with overly-cluttered homes may have to look into investing in a storage rental unit to get their home in peak selling condition.

Considering selling?

Decluttering is usually the first step to selling your home, and we can help advise you on that – and the rest of the process. Call your Rector Hayden Agent today!

Tags de-clutter, happiness, homeowner, homeseller, junk, organizing, owning a home, selling a home

Home Insights Home Selling Tips Uncategorized

Remodel Project? Focus on the Kitchen

Post author By RHRNews
Post date November 23, 2016

Thinking of Selling? Don’t Overlook an Outdated Kitchen, Buyers Won’t

If you are planning on listing your home for sale, make sure that you don’t overlook the condition of your kitchen. A recent article on realtor.com listed “7 Signs Your Kitchen Is Way Overdue for a Renovation,” in which they warned:

“Dated kitchens—just like bathrooms—are a major barrier for resale. Buyers want modern amenities and styling, and most aren’t interested in renovating post-purchase.”

Kitchen remodels can be pricey, with many complete remodels costing $20,000 or more. But not every kitchen needs a full remodel. There are many smaller projects that will help buyers see themselves trying their favorite Pinterest recipe in your home!

Here are a couple of project ideas that, if you’re handy or know someone who is, could end up boosting your home’s value without breaking the bank:

Are the cabinets in good shape but need an update? A new coat of paint and some updated hardware will instantly freshen up the space and drastically change the feel of the room all for under $300.
A new backsplash to match the freshly painted cabinets updates the space and adds some style while staying under $200, depending on the size of the room.
If the kitchen seems dark, consider adding LED under cabinet lighting for around $40.
If replacing the countertops in the kitchen isn’t within your budget, consider using a top coat to cover the current countertops.

If you decide to complete a full remodel of your outdated kitchen, you can expect a 67% return on a $30,000 upgrade (the national median cost). The benefits of a kitchen remodel aren’t purely financial, according to Houselogic:

“Eighty-two percent of homeowners said their updated kitchen gave them a greater desire to be at home, and 95% were happy or satisfied with the result.”

Bottom Line

Kitchens and bathrooms are often make or break for buyers when touring a home or searching through photo galleries online.

posted from Keeping Current Matters – November 23, 2016

Tags home value, kitchen, remodel

Events Holiday Local Events

Area Businesses Giving Free Meals to Honor Veterans

Post author By RHRNews
Post date November 10, 2016

Veteran's Day 2016 - Central Kentucky Businesses Giving Away Free Meals

This Veteran’s Day, Friday November 11th, 2016, restaurants, stores and other establishments all across the country and Central Kentucky are thanking our military.

***Most businesses require proof of military service, and the deals include participating locations only. It’s recommended you call specific locations to make sure they are taking part in the promotions.***

Restaurants:

Applebee’s: Veterans and Active Duty Military can select a free meal from a limited menu for Veteran’s Day. Provide proof of service required. All current and former military personnel will also receive a $5 coupon that can be redeemed between November 12 and November 27, 2016.

BJ’s Restaurant: All veterans and active military can enjoy a complimentary entree under $12.95 on Friday, 11/11/2016. Please present your military ID to receive this offer.

Bob Evans: free breakfast all day long on Veteran’s Day for veterans and active-duty military.

Buffalo Wild Wings: complimentary order of wings and a side of fries to veterans and active-duty military. Must present acceptable proof of military service, which includes: permanent or temporary U.S. military ID cards, veteran’s card, a photograph of yourself in military uniform, or dine-in at a participating location in uniform.

California Pizza Kitchen: free entrée from the Veterans’ Day menu. Please come in uniform or bring your military ID or other proof of service.

Chipotle: Friday, November 11th, from 3pm-close: a buy one, get one free burrito, bowl, salad, or taco order. Valid for all US military active-duty, Reserves, National Guard and retired military, military spouses with ID and veterans.

Central Kentucky Tours – Harrodsburg, KY: Each paying guest may bring an active member of the military or a veteran along for free. The Veterans Day bourbon distillery tour will include stops at Limestone Branch Distillery, Makers Mark Distillery, Wilderness Trail Distillery and Kentucky Cooperage.

Churchill Downs – Louisville, KY: On Nov. 11, Churchill Downs is offering free general admission tickets and discounted Millionaires Row tickets ($29, regularly $38) for all military personnel and veterans.

City Barbeque: One free sandwich platter will be given to each veteran for either dine-in or carryout orders. At participating locations only. Veterans Day only.

Cracker Barrel: offering military veterans a complimentary slice of its Double Chocolate Fudge Coca-Cola Cake. Must show proof of military service

Denny’s: active, inactive and retired military personnel will get a free Build Your Own Grand Slam on Friday, Nov. 11, from 5 a.m. to noon. Please show valid military id.

Golden Corral: Monday November 14, 5 p.m. – 9 p.m. is Military Appreciation night with a free “thank you” dinner. Must show proof of military service.

Hooters: all active-duty and retired military to stop in for a free meal from the Hooters Veterans Day Menu by presenting a military ID or proof of service at any Hooters location nationwide.

Hopcat – Lexington, KY [local]
On November 11, come to HopCat and receive a meal + soft drink on Hopcat.

IHOP: Vets and active-duty military: Red, White & Blue Pancakes free from 7 a.m.-7 p.m.

Johnny Carino’s: Vets eat free all day on Veterans Day from a special menu & to go is included. Indiana and Kentucky locations only.

Krispy Kreme Free Doughnut & Coffee: On Veterans Day 2016, a free doughnut and small coffee will be given to anyone who identifies themselves as a veteran or active military personnel (no ID required).

Logan’s Roadhouse: This Veterans Day veterans and active duty can come in for a free dessert a participating locations. Veterans year round receive a 10% discount to guests who present a military or veterans’ ID.

Longhorn Steakhouse: will offer a free appetizer or dessert (no purchase required, no restrictions) to anyone showing proof of military service, plus 10% off for guests that dine with Veterans on November 11.

O’Charley’s: O’Charley’s will honor our military on Veterans Day 2016 by offering veterans and active duty service members a free meal at any location on November 11th. Additionally, O’Charley’s offers a 10 percent military discount all year long.

Old Chicago Pizza & Taproom
Participating locations will offer a complimentary craft beer to active and retired military personnel.

The Old Owl Tavern at Beaumont Inn – Harrodsburg, KY [LOCAL]
Active military or veterans can enjoy a free meal (alcohol excluded) with the purchase of a meal by an accompanying guest.

Olive Garden: will offer a free entrée from a special menu to active-duty military and military veterans.

Outback Steakhouse Free Bloomin’ Onion® and a beverage: All active, retired military and veterans get a free Bloomin’ Onion® and a beverage on Veterans Day. Must have valid identification. There is also a military discount of 15% off the total check from valid for military members and their families.

Panera Bread: a complimentary You-Pick-Two with military identification or if wearing their uniform to the participating Panera Bread bakery-cafes in the Cleveland, Akron, Canton area. For a complete list of participating bakery-cafes, click here.

Red Lobster: To thank Veterans, active duty military and reservists, Red Lobster will offer a free appetizer or dessert from their select Veterans Day menu. To receive offer, show a valid military ID on November 10th and 11th.

Red Robin: all Veterans and active-duty military members will get a free Red’s Tavern Double Burger and Bottomless Steak Fries. No purchase is necessary. Just show proof of service.

Ruby Tuesday: On 11/11/2016 veterans, active duty, and reservists (with proof of service) may receive one free appetizer up to $10 in value.

Starbucks: On Veterans Day 2016, active duty service members, reservists, veterans and military spouses are invited to enjoy a free Tall Brewed Coffee. In addition, now through November 11, for every Veterans Day Starbucks Card or eGift purchased, Starbucks will contribute $5 to help support programs assisting service members, military spouses and veterans.

TGI Fridays Free Lunch: Guests who show valid military ID can enjoy a free lunch menu item up to $12. This offer is valid on Friday, November 11th, from 11 a.m. to 2 p.m. local time.

Retailers/services:

Gordman’s: offering all active-duty, Reserves, Guard, retirees and Veterans a $10 Gordmans Savings Card with any in-store purchase on Veterans Day. In addition, they will receive 15% off their entire purchase. Must show military ID or shop in uniform.

Great Clips: Customers who come in Nov. 11 for a service can get a free haircut card to give to their favorite veteran. Veterans can also get a free haircut or get the free haircut card. Haircuts are redeemable until Dec. 31.

JCPenney: will offer a 5 percent discount from Nov. 10-13 to current and former military personnel and their immediate family members with valid military or VA identification provided in-store. The discount may be combined with additional coupons and special offers including a $10 off $25 coupon with any form of payment or 20 percent off coupon when paying with a JCPenney credit card.

For more information about this list visit: http://militarybenefits.info/local-area-veterans-day-deals-for-veterans

Tags discounts, free, military, support our troops, veterans

Home Buying Tips Home Insights Newsletter Featurettes

4 Things You Should Know About Buying During the Holidays

Post author By RHRNews
Post date November 1, 2016

For many buyers, purchasing a home over the holidays can be ideal. In addition to competing against fewer buyers, you’ll finish the season off with the greatest gift of all — a new place to call home for years to come. Here are four t insights you can use as you purchase a home in Central Kentucky this holiday season.

1. You’ll compete against a smaller, committed pool of buyers

The holidays are a less popular time to buy a home, so you may see fewer buyers at open houses. Don’t assume this means you are without competition – holiday buyers are more dedicated to getting to the closing table, and multiple offers are still possible due to limited inventory in many areas. Be prepared to move quickly on a home that meets your criteria.

2. Think twice about putting in low offers

You might think that people selling over the holidays may be extremely motivated to move and willing to accept an offer for well under asking price. While Scrooge would approve of this philosophy, most sellers simply aren’t that desperate. To avoid losing a home you love, make sure your initial bid is competitive.

3. Limit your travel and don’t overschedule yourself

It can be difficult to slow down during the holidays, but in our fast-moving market, you’ll need to work around seller schedules. Whether you find a house through online searches or your Rector Hayden Agent sends a hidden gem your way, your goal should be to see it in person as soon as possible.

4. Ready to find “the one” this holiday season?

If you’re hoping to get a head start on buying before the hectic spring market arrives, start now! Contact your Rector Hayden Agent today to get started.

Tags buyers agent, first-time homebuyer

Home Owning Tips Newsletter Featurettes

Prepping Your Home for Winter in Central Kentucky

Post author By RHRNews
Post date November 1, 2016

Here are insights you can use to prepare your home for this year’s winter.

Clean Your Gutters Early and Often

It’s hard to know when the first snowfall will come, so be sure to keep your gutters free of debris as the autumn leaves fall.

Prep the Lawn

Rake and bag your leaves at least once per week during the fall season. Be sure to rake briskly so you remove any moss or deeply-entrenched debris that could impede drainage over the winter.

Check Windows and Doors for Air Leaks

According to the Environmental Protection Agency, the average household spends more than $1,000 on heating and cooling costs annually. One way to lower your energy bills is to ensure that your heat doesn’t leak out as cool temperatures arrive.

Check for leaks by holding a lit candle to your windows, door frames, baseboards and the vent leading outside from your dryer. If the candle flickers as you run it past the area, fill in the leak with caulk.

Add Insulation and Seal off the Attic

Many homeowners ignore their attics, especially if they are unfinished. Attic leaks are extremely common, so insulating your attic can immediately lead to lower energy bills. Attic insulation also has the highest return on investment of any local home improvement project, so you may even earn back more than you spend on this project over time.

Still not sold on the benefit of attic insulation? Consider this: When hot air escapes from your attic, you put your home at risk for ice dams, which can be costly and nearly impossible to fix.

Upgrade to a Smart Thermostat

If you’re still turning the thermostat down when you go to bed and up when you get home from work, consider upgrading to a smart thermostat. These devices can learn when it’s safe to lower the temperature and when to boost the thermostat because everyone is at home after a long day. Nest is one of the most popular smart thermostats, but there are plenty of other options on the market.

Hoping to Sell this Spring?

If your winter preparations are based on your desire to sell your home this spring, consider getting in touch with your Rector Hayden Agent who can talk you through the upgrades you’ll need to sell for top dollar!

Events Local Events Newsletter Featurettes

#LexHaveFun – November Events in Central KY

Post author By RHRNews
Post date November 1, 2016

#LexHaveFun - November Events in Central Kentucky

SO MUCH to be thankful for – and to enjoy!

November provides us with many great activities and events in Lexington and Central Kentucky! Here are some that you won’t want to miss.

And Don’t forget to scroll to the bottom for recurring event schedules like Farmer’s Markets. #LexHaveFun Y’all!

Keeneland Behind the Scenes Sales Tour

November 4 @ 8:00 am – November 7 @ 5:00 pm

Keeneland, 4201 Versailles Road
Lexington, KY 40510 United States + Google Map

Tour Guides will lead guests throughout the grounds to get an in-depth look at Keeneland’s sales operations. Experience includes watching morning workouts and touring the world-renowned Keeneland Sales Pavilion, auction ring and outside show ring. Tour lasts two hours and largely takes place outside; rain or shine. More info and tickets available online. Tours will take place November 18th & 19th at 8 am as well. Details Dates: Friday, November 4, 2016 – Monday, November 7, 2016 Times:Starting: 8:00 AM…

Find out more »

Night Market – NoLi

November 4 @ 6:00 pm – 10:00 pm

Night Market, 700 Bryan Ave
Lexington, KY United States + Google Map

A monthly pop-up open air-market/street festival held on the first Friday of every month from April to December. Night Market highlights the creativity of local neighborhood businesses, artists, and nonprofits and brings people from all over the region to Lexington’s Northside. Details Friday, November 4, 2016 – Friday, November 4, 2016 Times:From: 6:00 PM to 10:00 PM Location:NoLi Admission:Free

Find out more »

Elf the Musical

November 13 @ 6:00 pm – 9:00 pm

EKU Center for the Arts, 1 Hall Drive
Richmond, KY 40475 United States + Google Map

The hilarious tale of Buddy, a young orphan child who mistakenly crawls into Santa’s bag of gifts and is transported back to the North Pole. Unaware that he is actually human, Buddy’s enormous size and poor toy-making abilities cause him to face the truth. With Santa’s permission, Buddy embarks on a journey to New York City to find his birth father, discover his true identity, and help New York remember the true meaning of Christmas. This modern day Christmas classic…

Find out more »

The Festival of Trees

November 18 @ 8:00 am – 5:00 pm

The Grand Reserve, 903 Manchester Street
Lexington, KY United States + Google Map

Looking for the perfect pine, the best balsam, the most fabulous fir? You can find it – already beautifully decorated, to boot – at the 30th annual Trees of Life: A Festival of Trees, November 18 through Christmas, downtown at The Shops at Lexington Center. On November 18, attend the grand unveiling of this year’s trees at “Christmas Carnivale”. See this year’s selection of beautifully decorated trees and the participants in the new Wreath Contest. There will be games, prizes,…

Find out more »

23rd Annual Southern Lights

November 18 @ 5:30 pm – December 31 @ 10:00 pm

KY Horse Park, 4089 Iron Works Parkway
Lexington, KY 40511 United States + Google Map

The 23rd Annual Southern Lights includes a self-guided four mile journey through a dreamland of fabulous light displays including never-before-seen displays and traditional favorites. Following the driving tour, families are encouraged to park and visit the holiday craft merchants, the KHP Gift Shop, seasonal entertainment and activities for children, petting zoo, pony and camel rides and so much more! Details Dates: Friday, November 18, 2016 – Saturday, December 31, 2016 Times:From: 5:30 PM to 10:00 PM Venue: Kentucky Horse Park…

Find out more »

The Nutcracker @ Transylvania University

November 19 @ 2:00 pm – 5:00 pm

Transylvania University – Haggin Hall, 300 North Broadway
Lexington, KY 40508 United States + Google Map

The Nutcracker It wouldn’t be Christmas without “The Nutcracker.” and Lexington offer’s plenty of chances to catch this seasonal favorite. Start the season off at Transylvania University’s Haggin Hall . Kentucky Ballet Theatre will perform this quintessential holiday tale. Details Saturday, November 19, 2016 – Saturday, November 19, 2016 Times:2:00 pm and 7:00 pm Venue: Transylvania University Admission:$18-$37

Find out more »

Holiday Live

November 26 @ 2:00 pm – 7:00 pm

Triangle Park, 400 West Main Street
Lexington, KY 40507 United States + Google Map

Holiday Live Holiday Market, Holiday LIVE! and Lexington’s Official Tree Lighting Festival all take place on a Saturday this year. Lexington officially kicks off the holiday season with the lighting of the city tree – a tradition that dates to 1913. Festivities begin at 2:00 p.m. and continue through the afternoon with food vendors, arts and crafts vendors, live music and more setting the mood for a delightful day downtown. The traditional tree lighting takes place at 6:30 p.m. Santa…

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Candy Cane – Concert

November 27 @ 3:00 pm – 7:00 pm

UK – Singletary Center for the Arts, 405 Rose Street
Lexington, KY 40508 United States + Google Map

Candy Cane: Side by Side with CKYO Central Kentucky Youth Orchestras and LexPhil will have you dancing in your seats in this year’s Side-by-Side holiday concert – featuring a beloved multimedia presentation of Howard Blake’s The Snowman! Joined by choruses from Fayette County High Schools, Candy Cane journeys from Sleigh Ride (L. Mozart) to Sleigh Ride (Anderson) and more holiday favorites along the way! Details Sunday, November 27, 2016 – Sunday, November 27, 2016 Times:Starting: 3:00 PM Location:Singletary Center for…

Find out more »

Recurring Events in our Community

Farmer’s Market Directory – see the schedules for our local area farmer’s markets.

Tags holidays, what to do

The Monthly Market Report

After a record-setting year in the local housing market, what can we expect in 2017? We’ve checked our crystal ball for indications of what the future holds for Central Kentucky home buyers and sellers!

Why is it needed, and how much will it be?

Mortgage insurance for FHA loans

Private mortgage insurance (PMI) for conventional loans

The problems with clutter…

Problem One: Clutter is expensive

Problem Two: It isn’t making you happier

Problem Three: It makes it harder to sell your home

Considering selling?

Thinking of Selling? Don’t Overlook an Outdated Kitchen, Buyers Won’t

Bottom Line

This Veteran’s Day, Friday November 11th, 2016, restaurants, stores and other establishments all across the country and Central Kentucky are thanking our military.

Restaurants:

Retailers/services:

The Monthly Market Report

Although the “seasonal slide” has kicked in, and sales aren’t quite as robust as they were back in March or April, our local housing market nonetheless continues to be strong and active!

1. You’ll compete against a smaller, committed pool of buyers

2. Think twice about putting in low offers

3. Limit your travel and don’t overschedule yourself

4. Ready to find “the one” this holiday season?

Clean Your Gutters Early and Often

Prep the Lawn

Check Windows and Doors for Air Leaks

Add Insulation and Seal off the Attic

Upgrade to a Smart Thermostat

Hoping to Sell this Spring?

SO MUCH to be thankful for – and to enjoy!

November provides us with many great activities and events in Lexington and Central Kentucky! Here are some that you won’t want to miss.

Recurring Events in our Community