Auto Insurance Premium Savings Tip
Thursday, September 02, 2010
Typically, auto insurance companies sign up policy holders using the Blue Book market value of our cars. Once signed, the insurance company has the original value of the vehicle on its books and generates premiums based on that value.
But, as you are probably aware, if you are in an accident and ‘total’ your car, you will only receive the current book value on your vehicle.
What the insurance companies don’t want you to know is you can call them every year and adjust the value to the current Blue Book value so that your premiums are more in line with insurance coverage if the car is totaled.
The potential cost savings to you? Depends on your car and the condition…but it can amount to a lot!
For example, if you bought and insured an Audi S6 in 2002 for $45,000, you may still be paying premiums on a $45,000 car. But that Audi S6 has since depreciated to, say, $19,000… So shouldn’t you only be paying on the $19,000?! Why? Because if you are in an accident, the insurance company will only reimburse you up to $17,000, not the original 45,000!
- Scott Askew
Posted in: Intown Living
FHA Delays Mortgage Insurance Changes And Other FHA Facts You To Know
Friday, August 27, 2010
Two weeks ago, FHA Commissioner David H. Stevens announced plans for implementing FHA’s new mortgage insurance premium structure. “As we work to publish a Mortgagee Letter, it is our intention to announce that based on industry feedback and our desire to have this change implemented successfully in the marketplace, FHA will make the premium fee changes on all new case numbers effective October 4th.”
What is he talking about? As previously announced, FHA will lower its upfront premium simultaneously with a planned increase in the annual mortgage insurance premium. FHA’s upfront MI premium will be adjusted down to 1% on all amortized loans (it was 2.25%) and the annual MI premium will increase to just under .9% on loans amortized more than 15 years.
When considering financing in today’s market, FHA loans have become more and more popular as they are not just for first-time homebuyers any more. In fact, the maximum FHA loan in metro-Atlanta is currently $346,250.
Two great features of FHA loans that are often overlooked are the following:
1) FHA loans are actually assumable by qualified buyers down the road. That could be a huge benefit to a potential seller with an FHA loan if interest rates rise in the future when they decide to sell their home. The loans are assumable but qualifying, which means that a potential assumer would have to have good credit but would pay limited closing costs in assuming the existing borrower’s loan.
2) FHA loan borrowers can refinance in the future under streamline conditions (no appraisal option is currently offered and limited documentation of employment and assets) if interest rates fall. It is FHA’s belief that a lower rate will only benefit the customer and would not pose an undue risk to the lender.
Finally, for existing FHA customers who are not sure if they have enough equity in their home to refinance, a new FHA streamline refinancing method allows a rate reduction to either a fixed rate or a 5/1 adjustable rate mortgage with no appraisal as long as certain conditions are met!
The 5/1 ARM is extremely attractive right now as closing costs can be included in a 4.0% rate on most loan amounts. That is about three quarters of a percent lower than refinancing on a traditional 30 year fixed with no closing costs and may be tailored more closely to the borrower’s desire to purchase another home in the near future when home values rebound.
The conditions required are that the homeowner must have an existing FHA loan, must come to closing with their prepaid items and current month’s payment, must realize a tangible benefit, and cannot have more than one 30 day late payment over the past 12 months.
Posted in: Intown Atlanta Real Estate News
Cheap Eats - So-Ba
Thursday, August 19, 2010
Taking the word of my sister-in-law, who is very reliable for information concerning good restaurants (not so much other things: she thinks Syfy Original Movies are genius), my spouse and I went to So-Ba in East Atlanta (http://soba-eav.com).
So-Ba is quite a find; but you really have to want to go there to find it. Located on Gresham Avenue, you’ll turn on to what looks (at first glance) like an alley, but is, in fact, a street. It’s off of Glenwood, just before you get to Mary’s. There is a parking lot behind the strip of shops that houses Mary’s, but your best bet is street parking.
So-Ba just got their liquor license, so they have a limited selection of alcohol. But that is not why you go there in the first place. The food is INCREDIBLE.
So-Ba specializes in pho (pronounced fuh, not faux), which is a Vietnamese noodle soup, and they do it up well. Traditionally, pho is served with beef or chicken, but So-Ba also offers brisket, round-eye steak, tripe (TRIPE!), chicken, and shrimp. The medium sized bowl is enough to feed a platoon, but my spouse always goes for the large. It is the size of a small moon, or Pluto. The pho comes with basil, lime, bean sprouts, and peppers on the side, so you can spice to your desire.
I have good word that the pho is excellent, but I can never seem to get past the one dish that caught my eye the first time I went. I’m embarassed to say I can’t spell it, I can’t say it, but it is the dish of diced fillet mignon served over jasmine rice with a vegetable confetti on the side. Now, I don’t know what they marinate the steak in, or if they made a deal with the devil, but that steak is better than any earthly steak has any right to be.
The service is great, and so are the prices. The pho comes in three sizes, the most expensive of which is still under $10, and the fillet mignon dish is the most expensive thing at the menu, at $11. The restaurant itself still almost seems to be a work in progress with sparse decorations, and minimal lighting, but that lends it an air of a new business just getting off the ground. So-Ba 560 Gresham Avenue, SE Atlanta, GA 30316
- Jacob Gallman
Posted in: Intown Living
Spices To Boost Your Brain
Thursday, August 12, 2010
Previously, Ashlee Heath has highlighted a number of ‘Cheap Eats’ where one could go for a variety of good, inexpensive meals. But did you also know that by devouring a varied menu, you’re helping your body function better?
By ‘spicing up’ your life, you are actually helping your brain! Recent studies have shown that spicy food can preserve brain function and help prevent disease. The following spices, when added to your diet, will benefit you!
Cinnamon Eating it helps with blood sugar control, but just smelling it boosts brain activity. It also speeds the way your brain processes visual cues. Chew some cinnamon gum before your next bike ride or test!
Garlic You already love this one, but did you know it increases blood flow to the brain? In a 2007 study, garlic helped fight brain cancer cells.
Ginger This spice may make you smarter if combined with ginkgo biloba. It also may help treat Parkinson’s disease and migraine headaches. Try it with vanilla ice cream or by drinking it as a hot tea.
Saffron The economy got you down? Saffron extract has been found to be effective in treating people with depression.
Turmeric Called the ‘ultimate health spice’, turmeric contains cur cumin and is an ingredient in curry. Studies have shown that it may help prevent Alzheimer’s and lessen the pain of rheumatoid arthritis. Sprinkle it on your broccoli or mix a spoonful in a warm glass of water and drink it down.
- Scott Askew
Posted in: Intown Living
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