Now, what does the change of the year make a real difference or is it a state of mind?

Now, what does the change of the year make a real difference or is it a state of mind? Something, about having a clean slate makes us feel more secure or renewed. But, does it really happen or is it more of the same stuff different day covered up with new a new attitude?I am a weird fish and believe that a number makes a difference. The number 8 alone makes me feel like you chase your own tail and never get out of the loop. Just look at it and do you see what I mean. The number 9 looks like you revist some of the old stuff but you break free from the loop to maybe do something different or make changes that don't have you chasing your tail.

I suppose it is a silly thought, but I am hoping that the banking, insurance, government, real estate, the world for that matter loop around on the good stuff for a while and then break free and do something different and hopefully it will be better changes then we saw ourselves do last year.

Have a wonderful new and successful year.

Lowest Fed Funds Rate in History

These are incredible times! Recently, the Federal Reserve cut interest rates by .75%, bringing them down to .25%...the lowest Fed Funds Rate in history.

Additionally, the Fed has been purchasing Mortgage Bonds which has helped drive interest rates to the lowest levels seen in our lifetime. While this is great news, we must remember that these windows of opportunity may exist for a very brief period of time. And the interest rate market has recently been incredibly volatile, with spikes of .25% within hours and .50% within days.

As rates can change quickly, the best advice for buyers is to lock early and get all of their paperwork in immediately to capture and protect the best rates ever. Also, I expect that pipelines will start to bulge and push many lenders to their limit.

Buyers need to ensure that they are prepared with all income and asset documentation needed to process their application immediately to avoid a delay in closing. Although it might seem obvious that buyers should act quickly, it is sometimes human nature to get greedy and try to capture the very bottom of the market.

There are many problems with that risky strategy, the least of which is that we don't know where the bottom is until it is already in the rear-view mirror. With rates at all-time lows, we know this will generate more buyers.

Anyone wanting to wait for better rates is taking a huge risk. Many lenders are offering rates near 5% on conforming 30-year fixed mortgages, with government-sponsored programs not far behind. Also, think about your personal situation right now. We might be able to help you save money on your own mortgage.

Call me today and we can explore what options are available for you.

Sincerely,
Lisa Warren
Southlake Branch Manager
Silver Oak Mortgage
(817) 410-2518
lwarren@somlp.com
www.silveroakmortgagelp.com

10 Great Low-Tax Places to Retire

10 Great Low-Tax Places to Retire
Emily Brandon, USNews.com
Dec 18th, 2008

Full-time work is often taxing. Retirement shouldn't be. Picking a retirement location with low taxes gives you more cash to spend exploring the surrounding scenic beauty, taking in the local nightlife, or hoarding your hard-earned dough for future expenses. Kicking less money up to Uncle Sam also helps retirees on fixed incomes better cope with food, gas, and utility costs.
More from U.S. News & World Report » How to find a Low-Tax Place to Retire» Photos: Low-Tax Places to Retire» Best Places to Retire

Americans will spend more on taxes in 2008 than on food, clothing, and housing combined, according to Tax Foundation President Scott Hodge. This year, Americans worked 74 days to pay their federal taxes and 39 days more to cover state and local levies, the Tax Foundation calculated. There's not much you can do about the federal taxes if you want to live in the United States, but the state and local tax burden varies considerably by location. The most expensive state and local taxes are typically sales and excise taxes (14 days' pay), property taxes (12 days' pay), and income tax (10 days' pay).

To find low-tax places to retire, U.S. News cranked up our Best Places to Retire search tool. We sifted through more than 2,000 U.S. places to find locales that have relatively low taxes but also offer amenities important to retirees like a reasonable cost of living and fine recreational and cultural choices. Many of the low-tax retirement havens have no state sales tax, like Billings, Mont., or no state income tax, like Sioux Falls, S.D. There's nothing like zero tax to make your retirement dollar go further.

One low-tax retirement gem, Stafford, Texas, a suburb of Houston, eliminated its property tax in 1995. Texas is also one of seven states with no income tax. (The others are Alaska, Florida, Nevada, South Dakota, Washington, and Wyoming.) Stafford also has the lowest sales tax in the Houston area.

Seniors looking to maximize their fixed income may also want to give Manchester, N.H., a look. There is no sales or traditional income tax, but New Hampshire does levy a 5 percent tax on interest and dividend income above $2,400 annually ($4,800 for couples). Residents ages 65 and older pay tax only on amounts above $3,600, and that's outside your retirement accounts. Withdrawals from retirement accounts are not taxed in New Hampshire.

Many retirement locales offer tax perks specifically for seniors. Nashville-Davidson County, Tenn., the home of country-music (and state) capital Nashville, for example, was the first jurisdiction in the state to allow homeowners ages 65 and older earning less than $35,390 in 2007 to freeze the amount of property tax due on their primary residence in the year they qualify, even if tax rates increase later. The frozen dollar amount will rise if the owner sells or makes improvements to the house. If the house drops in value and the current taxes become lower than the frozen amount, homeowners pay the lower amount. And like New Hampshire, Tennessee also doesn't tax earned income, just dividends and interest.

Low-tax towns don't have to be dull. Doral, Fla., is home to the Doral Golf Resort & Spa, which hosts a PGA tournament every year. And Henderson, Nev., Las Vegas's less glittery cousin, is only a short drive from the Strip, Hoover Dam, and Lake Mead. Businesses often flock to tax-friendly cities. And thriving local economies are sure to help retirees find second careers and start small businesses. The business-friendly tax structure of Spokane, Wash., is key to attracting prime technology jobs to the area. After work, retirees can stroll along the Spokane River, which runs through the center of town, or hike in the nearby mountains.

Some cities, like Cheyenne, Wyo., try to slash their budgets rather than increase taxes. In October, Cheyenne Mayor Jack Spiker announced a hiring freeze on nonessential personnel, a reduction of out-of-town travel, and a review of equipment expenditures. "Just like taxpayers, the city needs to tighten its financial belt during these times of economic uncertainty," he says. By leaving vacant positions open until the end of the year, the city estimates it will save $3,160 a month per entry-level employee and $5,050 monthly for each vacant mid-level position.

Perhaps the most tax-friendly state for retirees is Alaska. The geographically largest state in the union is the only one without any kind of income or sales tax. The city of Juneau levies a 5 percent sales tax, but seniors ages 65 and older who have lived in the city for at least 30 days and plan to remain indefinitely in the state can get a Senior Sales Tax Exemption Card for a $20 application fee. Those over age 65 may also be eligible for a senior-citizen property tax exemption on the first $150,000 of assessed value. All Alaska residents with at least one year in the state also receive annual Alaska Permanent Fund dividends. The payout was an unusually high $3,269 in 2008, but even more typical dividends have been nothing to scoff at, ranging from $827 to $1,964 over the past two decades. This dividend may be taxed as income on federal tax returns.

Here are 10 great tax havens for retirees:
Billings, Mont.
Cheyenne, Wyo.
Doral, Fla.
Henderson, Nev.
Juneau, Alaska
Manchester, N.H.
Nashville, Tenn.
Sioux Falls, S.D.
Spokane, Wash.
Stafford, Texas

Realtor & Mortgage Bailout!
Merry Christmas & Happy New Year!

While every other industry is getting some type of financial relief from the government, where is the bailout package for the Realtors and Mortgage companies? Believe it or not, it just came on December 16th 2008. By way of the Federal Reserve lowering rates to historic lows. Now we didn't get a pot-full of money, but we did get a way to help start putting money back in the pot!

Lately there has been talk about the 4.5% 30-year fixed rate mortgage. Will it become a reality? No one really knows, but it is looking much more likely that rates will go that low or even lower. You may have heard that these low rates would only benefit current buyers, and not

current home owners seeking to refinance. Because of this lowering, everyone may

benefit from the lowered rates.

The Fed lowered the discount rate to .25%, and had already announced that they were going to

buy up to $600 billion in mortgage-backed securities. So with all these positive moves, rates are headed down. But, in January, the SEC is meeting and information may be released that could have a significant bearing on rates, potentially for the worse. So how long will this last? No one knows, rates may go back up next week or next month. Don't delay! Let's make hay while the sun shines and take advantage of our current windfall.

Home loan rates are currently in the low-5%'s, and have started to head lower! Nationally, home values are currently at 2003-2004 levels, coming down from their highs. However, this is

not always what we are seeing in our local Dallas / Fort Worth Metroplex area.

Some local areas have lost values, while others have seen little to no loss.

If you have customers waiting for the best time, or for the market to hit bottom, this may be it. This is a great opportunity to call all your customers', present and past to let them know that today is a great time to sell and purchases another home. No one knows if this will last for 30 days, 6 months or even longer. Don't miss historical low rates! If you know anyone who is contemplating financing, now is the time to act. Let's get motivated to make those dreaded customer calls and get busy now! This is our bailout, it is here, we just have to work for it!

Don't forget, the first time home buyer tax credit of up to $7,500 and low down payment programs available for many people today. FHA is going to a 3.5% required down payment as of January 1st, 2009.

So, tell everyone you know that now is a great time to buy a home.

Get everyone you talk to pre-qualified as soon as possible. The best rates are only available to those with little to no credit problems. When rates are quoted, there maybe additional ''add-ons" that can cause the rate to go up. Working on your credit rating and getting customers

pre-qualified as soon as possible may help your customers get the lowest rate possible.

We can advise your customers on ways to help improve their credit scores, but we need

between 30-60 days. So it is important to get started before you have a contract written.

Call me today and let me help you!

Let's get those customers buying, and help them take

advantage of our industry's "Bailout"!

Have a Wonderful & Safe Holiday,

Rich Hebert

Lending Edge Mortgage

817-485-4155

rich@richhebert.com

http://www.richherbert.com/

America's Most Affluent Neighborhoods

These towns have prospered in recent years--but some have tougher times ahead than others.
In an economy like this, even the richest communities across the country are feeling the pain.

Take Southlake, Texas. With an estimated median household income of $172,945, this Dallas suburb is the most affluent neighborhood in the country, mostly due to real estate growth. In 2005, the area doubled its town square shopping center, which bolstered the median household income by over $42,000 since the 2000 census. (Even accounting for inflation, that's still a big bump.)

Brian J.L. Berry, dean of the School of Economic, Political and Policy Sciences at the University of Texas at Dallas, says that what separates Southlake from its white-collar counterparts is undoubtedly its town square. "It is an upscale community with an expression of that status in its town square," says Berry. "If there is anything special about the suburb, it is that square."

The only problem is that there's not much room for Southlake to grow. Add to that the highest nationwide unemployment rate in 14 years and the second-lowest consumer confidence index in 34 years, and it's clear that even neighborhoods like Southlake have the potential to be affected by the recession in some way.

Behind the Numbers

To determine America's most affluent neighborhoods, we looked at average median household income estimates--in communities with populations between 20,000 and 64,999--from 2005 to 2007, provided in the U.S. Census' American Community Survey. On Dec. 9, the Census released data estimates on communities of this size for the first time. These include cities, towns, villages as well as census-designated places (CDP), a type of neighborhood that lacks a separate municipal government, but otherwise physically resembles one of these other places.

Topping the list is Southlake, followed by affluent New York, San Francisco and Washington, D.C., suburbs. But the list could see some shuffles in the months or year ahead.

The Tempe, Ariz.-based Institute for Supply Management's index of manufacturing activity--which the trade association releases each month--fell to 36.2 in November 2008 from 38.9 in October. (An index of 50 or lower indicates that an economy is contracting.) That's a 26-year low. To read more about this story.. visit http://finance.yahoo.com/real-estate/article/106273/America's-Most-Affluent-Neighborhoods

Forbes.com
by Lauren Sherman
Wednesday, December 10, 2008
provided by

Extreme Home Makeover Coming to Keller

Tarrant County Couple Wins "Extreme Makeover" Home
By ANDREA JARES
ajares@star-telegram.com

Ever wondered what it’s like to be on the set of "Extreme Makeover: Home Edition"? Andrea Jares will Twitter as the show’s cast builds a new home in far north Fort Worth, starting Wednesday morning. Follow it at twitter.com/andreajares.

Amber and Peter Augustin of far north Fort Worth are known to many in the community as people who often give of themselves, without asking anything in return.
Amber’s ministry, Tiny Works of Heart, takes photographs of premature babies. She has been known to leave in the middle of the night on Christmas Eve to take pictures of a baby who might not make it through the night.

Peter volunteers through Habitat for Humanity, even when his own home is unlivable.
Those are some of the reasons that dozens of people rallied around the family to replace their flood-ravaged home with a new one from Extreme Makeover: Home Edition. The host of the ABC television show, Ty Pennington, along with members of Arlington-based Wall Homes, surprised the family of five with a knock on their door just after 9 a.m. Monday.
"We don’t have to wonder about what we’re going to do anymore," Amber Augustin said Monday. "I think we’ve just been in such limbo for a year and a half that it’s going to be such a heavy burden lifted." Over the next week, while the family vacations in Hawaii, hundreds of volunteers and professionals will descend on the lot off Keller-Hicks Road in unincorporated Tarrant County to build a new home.

Among the volunteers will be members of her church, The Met Church in Keller, which helped sponsor a letter-writing campaign and helped the Augustins shoot a video asking the show to build a house for them.

The Augustins’ home was severely damaged in a flood in June 2007, and local officials said it would have to be raised more than a foot before they could move back in.
Amber Augustin said that wasn’t a feasible option while they still had a mortgage.
The Augustins bought the home 12 years ago as a fixer-upper, spending most of their weekends on renovation work. Now the home is "pretty much gutted," and they are paying living expenses in two homes — the unlivable house and a town home they are renting in the Crawford Farms subdivision, Amber Augustin said.

Frenzied support Church members who were already impressed with the family’s extensive volunteer work suggested that the Augustins apply to Extreme Makeover, said Mackenzie Wesley, a junior at Faith Christian School in Grapevine, who is in Amber Augustin’s church group. The group was moved by Amber’s photography ministry, as well as her work in the church and community.

"We just always thought that was something special," Wesley said. "We thought, 'Who better than Amber to get this?’ " The church members prayed, wrote letters and cheered as the family moved through the selection process. By the time they were selected Monday, some of the church members said they felt like they themselves had won a home. "From a Christian perspective, this is a complete answer to prayers. We prayed from Day One. For me, this is an absolute miracle," said Jessie Beebe of north Fort Worth, a friend and fellow church member who helped film the video appealing to the show.

Other friends sharing the excitement Monday were Jeff and Donna Brooks of Euless, who met the Augustins under the most somber of circumstances. Amber Augustin arrived at the hospital just before their son Wyatt was born. She stayed the night to get perfect photos. Her skill and respect in taking them made the baby look as if he were just sleeping, not dead.
"The pictures have brought us a lot of comfort and healing," Donna Brooks said. "Because that’s the only day we had with our son. And she captured that moment."

What’s ahead The construction crews will build the Augustins’ home between Wednesday and Monday. The episode featuring the Augustins will air in February or March.
Before a stretch Excursion limousine took the family away for their vacation, Amber Augustin said she is glad the show will bring attention to premature infants. She is also glad the new home will bring some peace to their lives.


Steve Wall, founder of Wall Homes, said that when the show called asking for help with the project, he quickly knew it was something he wanted his company to do. The excitement has spread not only to his employees, but to his company’s subcontractors too.
"All of our people want to volunteer during their time off," Wall said. "We’ll have a lot of people who are kind of taking this on as a second job."


How to help Building a home for the Augustin family will require hundreds of volunteers, as well as donated items from patio furniture to drapery hardware. Find out more about how to donate time or goods at extreme.wall.com.

HOW DOES MY CLIENT PAY FOR REAIRS?

IN TODAY'S ENVIROMENT OF SELLING FORESCLOSURES AND SHORT SALES THE QUESTION IS OFTEN ASKED… HOW DOES MY CLIENT PAY FOR THE REPAIRS THAT NEED TO BE DONE ON THIS PROPERTY?

DIVERSIFIED Mortgage can now hold back escrow dollars for many repairs and your client will benefit in many ways…

•Only one loan. A second lien loan does not have to be taken after the closing for repairs
•Lower monthly payments with 1st lien loan vs 2 loans
•Convenience of only one monthly payment
•They can close now and have up to 120 days to complete work
•Up to $150,000 for work can be escrowed
•FHA, Conventional and Jumbo loans to $2 mil with Diversified's low rates
•Swimming pool hold backs available with 180 days to complete work

DON'T LOSE ANY MORE SALES BECAUSE OF NEEDED REPAIRS!!!
GARY GRIFFETH
817 329-5626 EXT 257
http://us.mc348.mail.yahoo.com/mc/compose?to=garyg@diversifiedloans.com

This is not an offer to extend credit. Program can change without notice.

TX lic. #8253

Treasury Department Considers Plan to Lower Mortgage Rates

Financial industry lobbyists are urging the Treasury Department to take steps to lower rates on 30-year mortgages to 4.5 percent to lower mortgage rates and help stabilize the battered U.S. housing market.
Click here to read more in The Wall Street Journal.

FIRST TIME HOMEBUYER?

Click the link below to see what kind of First Time Homebuyer Programs are in effect. Never know, one of these programs could be just for you! When you're ready to go look for that special house, call Texas Sold Team Realty! We'll be glad to help you!

http://soldteam.net/files/533341/FIRST TIME HOMEBUYER FLIER.pdf