Tuesday, July 26, 2011

Transfer Taxes when Buying a home

DEVIATIONS FROM 1% LOCAL TRANSFER TAX

Amended 1/14/2011

The Realty Transfer Tax in Pennsylvania is generally 2% of the sales prices; 1% to the state and 1% to

local government. Some local governments vary their portion. The following is a list of localities that

impose something other than 1%. These figures represent the local portion only; the 1% state portion must

be added for the total amount due.

ALLEGHENY COUNTY
Bellevue Boro – 1½%

Bethel Park Municipality – 1½%

Greentree Boro – 1½%

Hampton Twp – 1½%

McCandless Twp – 1½%

McKeesport City – 2%

Monroeville Municipality – 1½%

Mt Lebanon Municipality – 1½%

Mt Oliver Boro – 2%

O’Hara Twp – 1½%

Penn Hill Municipality – 2%

Pine Twp – 1½%

Pittsburgh, City of / Pittsburgh School District – 3%

Pittsburgh, City of / Baldwin-Whitehall School District – 2½%

Upper St. Clair Twp – 1½%

West Deer Twp – 1½%

Whitehall Boro – 1¼%

BERKS COUNTY
Reading, City of – 4%

CENTRE COUNTY
Ferguson Twp – 1¾%

State College Boro – 1 ¾ %

Taylor Twp – ½%
CHESTER COUNTY
Coatesville, City of – 2%

Tredyffrin Twp – 1½%

CLINTON COUNTY
Colebrook Twp – ½%

East Keating Twp – ½%

DELAWARE COUNTY
Radnor Twp – 1½%

Upper Providence Twp – 2%

ERIE COUNTY
Edinboro Borough – 1½%

LACKAWANNA COUNTY

Scranton, City of – 3%

LUZERNE COUNTY
Kingston Boro – 1½%


Wilkes Barre, City of – 2½%

MERCER COUNTY
Farrell, City of – 2%

Hermitage, City of – 1½%

Sheakleyville Boro – 0%
PHILADELPHIA COUNTY

Philadelphia, City of – 3%

SOMERSET COUNTY

Wellersburg Boro – ½%

WASHINGTON COUNTY

Peters Township – 1½%

Contact The Mortgage Mark with Any Questions!!

www.themortgagemark.com

Four Energy Conservation Myths Costing You Money

Trying to cut back on energy costs? Your “money-saving” tricks may actually be costing you more in long haul.

Myth: Programmable Thermostats Save You Money
Well, they do, but only if you program them to do so. Many people mistakenly believe that these computer-chip, electronic devices will automatically set themselves to operate in the most energy-efficient way. But they don’t. You have to program them so that they stop your ducted air conditioning coming on when it isn’t really needed – at night or when you’re at work or on holiday. So read the manufacturer’s instructions carefully and learn how to set your thermostat to suit your particular needs – lowering it by just 1°C can reduce your bill by up to 15 percent.

Myth: Fans Cool a Room
Fans do not actually cool the air in a room, they cool the people in it by creating a wind-chill effect on their skin. So there is no point leaving a fan on when you’re no longer in a room. Instead, treat it like a light and turn it off when you leave the room. Otherwise, you will just be wasting electricity and running up a large bill.

Myth: Computer Screensavers Save Energy
All a screensaver does is prolong the life of your monitor by displaying a moving image while you are not using your computer, as any fixed image left on would eventually “burn” itself into the screen, ruining it. Screensavers do nothing whatsoever to save electricity – in fact, they burn up quite a lot. If you want to save energy, without turning your computer off, check if it has a special energy-saving mode: go to your operating system’s control panel or preferences and explore the power-management options available.





Myth: Stand-By Costs Less Than Turning On and Off
This is certainly not true. Leaving a machine constantly in stand-by mode consumes a surprisingly large amount of electricity. If you want to save energy – and money – you should always turn your computer off at night or when you will be away from it for a long period of time. Remember also to switch off other computer hardware, such as scanners, printers and external hard drives and speakers at the mains. If they are powered via a plugged-in transformer, that will remain on even when the power button on the appliance has been switched off.


Contact The Mortgage Mark with any questions!

mwilkins@capitalfmc.com

www.themortgagemark.com

Thursday, July 14, 2011

5 Questions to Ask Your Home's Inspector



Most home buyers feel like they are bona fide real estate experts after all the studying up on loans and neighborhoods, online house hunting and open house visiting it takes just to get into contract on a home these days. But for all but the most handy of house hunters, getting into contract and starting the home inspection process only surfaces how little you actually know about the nuts and bolts and brick and mortar of the massive investment you’re about to make: a home!

So, you hire a home inspector, but it seems like they’re speaking an entirely different language - riddled with terms like “serviceable condition” and “conducive to deterioration” - about your dream home! Here are 5 questions you can use to decode your home inspector’s findings into knowledge you can use to make smart decisions as a homebuyer - and homeowner.

1. How bad is it - really? The best home inspectors are pretty even keeled, emotionally speaking. They’re not alarmists that blow little things up into big ones, nor do they try to play down the importance of things. They’re all about the facts. But sometimes, that straightforwardness makes it hard for you, the home’s buyer, to understand what’s a big deal and what isn’t so much - the information you need to know whether to move forward with the deal, whether to renegotiate and what to plan ahead for.

I’ve seen things categorized in home inspection reports under “Health and Safety Hazards” that cost less than $100 to fix, like replacing a faucet that has hot and cold reversed. And I’ve seen one-liners in inspection reports, like “extensive earth-to-wood contact” result, after further inspection, in foundation repair bids pricier than the whole cost of the home!

In many states, home inspectors are not legally able to provide you with a repair bid, but if you attend the inspection and simply ask them whether or not something they say needs fixing is a big deal, nine times out of ten they will verbally give you the information you need to understand the degree to which the issue is a serious problem (or not).

2. Who should I have fix that? I always ask this question of home inspectors, with dual motives. First, very often, the inspector’s response is - “What do you mean? You don’t need to pay someone to fix that. Go down to Home Depot, pick up a ___fill in the blank__, and here’s how you pop it in. Should cost you $15 - tops.” And that’s useful information to know - it eliminates the horror of a laundry list of repairs and maintenance items at the end of an inspection report to know that a number of them are really DIY-type maintenance items. Even buyers who are really uncomfortable doing these things themselves then feel empowered to either (a) watch a few YouTube vids that show them how it’s done, or (b) hire a handyperson to do these small fixes, knowing they shouldn’t be too terribly costly.

And even on the larger repairs, your home inspector might be able to give you a few referrals to the plumbers, electricians or roofers you’ll need to get bids from during your contingency period, which you may be able to use to negotiate with your home’s seller, and to get the work done after you own the place. Dropping the inspector’s name might get you an appointment booked with the urgency you need it in order to get your repair bids and estimates in hand before your contingency or objection period expires.

And same goes for any further inspections they recommend - if neither you nor your agent knows a specialist, as the general home inspector for a few referrals.

3. If this was your house, what would you fix, and when? Your home inspector’s job is to point out everything, within the scope of the inspection, that might need repair, replacement, maintenance or furthe inspection - or seems like it might be on it’s last leg. But they also tend to be experienced enough with homes to know that no home is perfect. Many times, I’ve asked this question about an item the inspector described as “at the end of its serviceable lifetime” and had them say, “I wouldn’t do a thing to it. Just know that it could break in the next 5 months, or in the next 5 years. And keep your home warranty in effect, because that should cover it when it does break.”

This question positions your home inspector to help you:
  • understand what does and doesn’t need to be repaired,
  • prioritize the work you plan to do to your home (and budget or negotiate with the seller accordingly),
  • get used to the constant maintenance that is part and parcel of homeownership, and
  • understand the importance of having a home warranty plan.


4. Can you point that out to me? Often, when you attend the home inspection, you’ll be multi-tasking, taking pictures of the interior, measuring for drapes or furniture, even meeting the neighbors, or fielding several inspectors at a time. Worst case scenario is to get home, open up the inspector’s report and have no clue whatsoever what he or she was referring to when they called out the wax ring that needs replacement or the temperature-pressure release valve that is improperly installed.

Your best bet is to, at the end of the inspection, while you’re all still in the property, just ask the inspector to take 10 or 15 minutes and walk you through the place, pointing out all the items they’ve noted need repair, maintenance or further inspection. When you get the report, then, you’ll know what and where the various items belong. (One more best practice is to choose an inspector who takes digital pictures and inserts them into their reports!)

5. Can you show me how to work that? Many home inspectors are delighted to show you how to operate various mechanical or other systems in your home, and will walk you through the steps of operating everything from your thermostat, to your water heater, to your stove and dishwasher - and especially the emergency shutoffs for your gas, water and electrical utilities. This one single item is such a time and stress saver it alone is worth the lost income of missing a day of work to attend your inspections. 


Contact The Mortgage Mark with any questions!!

www.themortgagemark.com

mwilkins@capitalfmc.com

Tuesday, July 12, 2011

Paying Off A Mortgage Early? Six Things To Consider

Paying Off A Mortgage Early? Six Things To Consider:

Does your employer match any retirement savings you save? If yes, are you maxing out the amount you can contribute? Employer-matched contributions to a retirement plan are often the wisest investment you can make.

Do you have any other debt other than your mortgage? If yes, then most likely it will make sense to try to pay that debt off before trying to pay off your mortgage early.



Do you have at least 24 months of living expenses in liquid assets? Many people suggest a lower number, but after talking with plenty of people who used to have 6-months savings three years ago, I have raised my suggested number from 6 months to 24 months of savings. Yes, I know that is conservative.

Do you currently owe more on your mortgage than your home is worth? If yes, then ask yourself the question of how much you really enjoy living in that particular house. Would you be willing to buy it again for more than it is worth now?

Does the amount of your mortgage bother you? Do you find yourself up late at night worrying about how you are ever going to get out of debt and pay off your mortgage? If yes, what value is peace of mind to you?

Do you think you could get a better return on your money if you invested it in other things? Paying off your mortgage early is really an investment decision. When you line up your various investment track records and future choices, how well does paying off your mortgage early stack up with your other options?


Summary — Is Paying Off Your Mortgage Early A Good Idea?
It depends. I have listened to the experts for years debate this topic and in the end it all comes down to a very personal decision that is not solely based on dollars and cents and returns on investment. At the end of the day, I have seen very smart people choose both sides: some to pay off a mortgage and some to continue to pay “normally.”
Paying off a mortgage early isn’t a matter of making a wise decision — it is most often a matter of personal preference.

No matter what the experts tell you.

Contact The Mortgage Mark with any questions!!!

www.themortgagemark.com   mwilkins@capitalfmc.com