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Here you will find a list of the Top Five information from our past shows, including information on past guests.
If you would like to contact FirsTrust directly, feel free to do so at 913-312-2000 or email us. Any of our Certified Mortgage Planners, or Assistants, will be happy to answer your mortgage and finance question.
8/29/10
Top 5: Things to Consider Before You Go Into Strategic Default:
1. Regardless of the reason for going into a strategic default, you will be doing incredible damage to your credit score! Your FICO can drop from 100 to 400 points. Your default will stay on your credit for at least seven (7) years!
2. You will have significant difficulty in getting another mortgage. Freddie Mac makes you wait four (4) years before you can apply for a new mortgage and Fannie Mae makes you wait seven (7) years.
3. You will have to deal with tax liabilities! The Debt Relief Act for 2007-2012 will give you some relief on your Federal Taxes; however, you will still have tax liabilities on the state level.
4. It is UNETHICAL to file for strategic default for personal financial gain just because your home has gone down in value! It is one thing to default if you have lost your job and cannot make your house payments any more; but if you are doing it strictly for personal financial gain, the banks and/or mortgage companies will know!
5. Educate yourself before you make the decision to go into default! Be sure to take the time to consult with an Attorney and a CPA for guidance before you decide and throughout the default process.
Express Appraisals, Inc.
Ryan Tebbenkamp, President
Top 5: Ways to prepare Your Home for an Appraisal
1. Give your home a thorough cleaning. It doesn't have to be spotless, just clean and uncluttered.
2. Perform any deferred maintenance, ie. Peeling wall paper, touch up painting, leaking faucets, over grown landscaping.
3. Make a list of all improvements or remodeling projects you have done to the home in the past 3-5 years and give it to your appraiser.
4. If available, provide a copy of the blueprints for your home and/or a survey of your site.
5. Provide any current sales data or comparables you may know about in your immediate area. There may be a for-sale-by-owner the appraiser may not know about.
8/22/10
Top 5: Money Tips for your College Bound Students
1. Help your kids build a budget.
2. Clearly establish financial expectations
3. Highlight the consequences of poor choices
4. Suggest on line tools for tracking their finances
5. Underscore the rewards of financial responsibility.
8/15/10
Top 5: Reasons to Refinance Today
1. Record Low Rates – Don’t miss this chance to take advantage of these rates while you can!
2. Record High Fees - Do your homework and make sure you understand all the charges and get them in writing!!
3. Yes, you may qualify to refinance, even if your home went down in value. As long as your credit is in line, you may qualify. Look closely at all the numbers.
4. Do a No-Cost Refinance - not always will this be an option. You have to do the math first. Find out the breakeven point and why you must strongly consider a no cost refinance.
5. Make your mortgage a part of your financial plan!! It has to fit into your overall financial picture. Look at the entire financial picture, set you financial goals. Be sure to save for yourself, your family, your kid’s education!!
Top 5: Simple Facts You Should Know
About Flood Insurance
1. Water that covers 2 or more acres or damages two or more homes is considered a FLOOD!
2. Flood Insurance does not usually cover the contents in your basement except for the furnace, water heater, and other mechanical elements, etc. Flood Insurance does not usually cover jewelry, furs, art, etc; it does not cover anything valued over $2,500.
3. Once purchased, Flood Insurance does not go into effect for 30 days unless you purchase it at the time you are getting a mortgage for the residence.
4. Flood Insurance does not cover loss of use!!
5. 25% of flood claims are not in flood areas - the average claim is $35,000.
7/18/10
According to current figures provided by FICO, Inc., the credit scores of millions of Americans are sinking to new lows. 25.5 percent of consumers, nearly 43.5 million people, now have a credit score of 599 or below, making them poor risks for lenders.*
(*KansasCity.com, July11, 2010; by Eileen AJ Connelly, AP Personal Finance Writer)
Mark McDougald and Craig Miller offer you two TOP 5’s to help you understand your FICO score and what to do to improve it.:
Top 5: What Makes Up Your Credit Score?
1. 35% What is your payment history? Are you consistently paying your bills on time?
2. 30% How much do you owe? Do you have a high balance against your credit limit?
3. 15% How long have you had credit with a specific account. Longer is better.
4. 10% Have you opened up any new credit accounts recently?
5. 10% Do you have a varied mix of types of credit? (Credit cards, car loan, mortgage, equity line of credit?)
Top 5: Things You Can Do to Get Your Credit Score UP
1. Pay your bills on time!
2. Keep your balances LOW on all your credit cards. It is better to have several credit cards with low balances rather than have one credit card with a high balance.
3. Pay off debt rather than moving it between cards.
4. Apply for and open up new credit cards only if you really need to!!
5. Check your credit report for accuracy by going to www.annualcreditreport.com
Craig’s Credit TIP: Pay your balance prior to the date your credit card company cuts their statements. Most credit card companies cut their statements in the middle of the month.
7/11/10
Special Guest, Chas Rampenthal, VP and General Council for LegalZoom.com
Top 5: Things to Consider Chen Creating a Will
1. Get a Will/Living Trust. Make sure that you have a document that sets out your wishes for your belongings, children, pets, etc. If avoiding probate is important, consider a living trust.
2. Get a Living Will. This is the document that details your wishes if you can’t speak for yourself. Think Terry Schiavo in Florida.
3. Engage in Tax-Free Giving. This is a BIG one. You can reduce the size of your estate TAX FREE by gifting money to your heirs each year. The current limit is $13,000 per person, to another.
4. Make sure to notify your Executor/Trustee/Health Care Rep. If they do not know they are named, it’s harder for them to do their job!
5. UPDATE, UPDATE, UPDATE! All the finest legal documents in the world, if not updated, will go stale. Marriage, children, death home purchase - these are just some of the major issues that face families every year, and can cause an estate plan to be out of date.
Go to Legalzoom.com for more information on Wills and other Legal Documents.
Type TRUTH in the Referral Box when you check out to receive special savings.
6/27/10
Top 5: Tax Deductions many Taxpayers overlook when submitting informtion to their tax preparer
Provided by Chris Winans, CPA and Pres. of The Winans Group
913-901-9555 cw@fhwwh-cpa.com
1. Personal property taxes paid on vehicles, motor cycles, boats, four wheelers, etc. are all deductable.
2. Miles driven to and from medical appointments.
3. Medical expenses for fertility treatment.
4. Unreimbursed business expenses.
5. Estimated tax returns and the dates paid.
READ. READ. READ any tax organizer provided by your tax preparer. That document normally contains questions that can be crucial to identifying additional tax deductions or credits!
