Michael Dunn — Page 16

LTV & DTI

August 25, 2011 by Michael Dunn

I often get the question of what DTI and LTV are so here it is:

DTI– means Debt to Income and is used by lenders to determine whether you make enough money to be able to make your mortgage and other debt obligations on a monthly basis. A lot of details go into the calculations of debt to income. Debt is defined as any revolving and installment debt you have as well as any other obligations you may be required to pay on a monthly basis. Things like utilities and insurance payments for cars or life insurance are not counted as monthly debt. Calculating income can be tricky when income comes from being self employed or commission, or from part-time income.

LTV– stands for Loan to Value and is used by a lender to determine the equity in a property. On a purchase, the value is always the sales price, unless the appraisal comes in lower than the value of the accepted contract. On a refinance, the appraisal determines the market value of a home and then the current balance on the mortgage loan is divided by the value to determine how much equity is in the home. Whether you buy or sell, the loan to value is used to determine what type of loan programs are available for you.

Abq The Plan

August 24, 2011 by Michael Dunn

Yesterday I had the pleasure of listening to Mayor Berry speak at our “Nothing but good news” Coldwell Banker Legacy Conference about his AbqThePlan. Below are some pictures I took of different slides that were shown to us. Seems to me there are a lot of great things going on with this plan. The focus would be on large public projects enhancing our city and making it more modern so that more people want to vacation here and current residents are happy to live here. Mayor Berry visited numerous bigger more modern cities to get ideas of what other cities are doing but held strong to the fact that he does not want our city to be the same as all of the others. He is looking to make us unique! Make sure to go out and vote October 4, 2011 for or against this bond! Remember, you can’t complain about the outcome if you don’t vote

Part of this bond will connect a 50 ish mile bicycle route around Albuquerque. The dotted lines in the picture are areas that currently don’t have a bike route and are in need of completion

Anybody that has driven by this intersection knows that something needs to be done about this

From the far East side to the West side

Lots of great proposed plans for the river. Parks, Boardwalk, restaurants etc! Lots of good uses for this area.

Downtown proposed area for much more appeal.

White water rafting area was something Mayor Berry suggested but was shot down for now. How would you like to have a white water rafting facility in the Rio Grande area?!

WHAT ARE YOUR THOUGHTS ON THIS?? Post a comment here, call me or email me as I would love to hear some feedback

Lead Based Painted Marked “yes”

August 22, 2011 by Michael Dunn

There is a category on the MLS printout that says “Lead Based Paint” and it either says yes or no. This is not a question as to if the home has lead based paint or not. It is a question as to if the home is subject to Lead Based Paint Disclosure or not. Homes built prior to 1978 are subject to the lead based paint disclosure from the seller disclosing if the seller has any knowledge of lead based paint hazards in the home or not. Just because “yes” is marked does not mean that there is lead based paint in the home it just means that the home was built prior to 1978 and is subject to the seller disclosing. Lead paint inspections are always encourage. You can goo to EPA Lead Paint for more info or contact me with any questions.

Hyatt Tamaya or Radisson Hotel Water Park??!!

August 14, 2011 by Michael Dunn

Ok, The next drawing will be coming out this coming week and I need some input from you ALL!! Would you rather win some sort of package from the Hyatt Tamaya OR win a package for the Radisson Hotel with passes to the water park?

Tema would be jealous

August 14, 2011 by Michael Dunn

I was out showing houses today and ran across this table and chair set. I had never seen anything like it and thought it was neat. If you look carefully the table and chairs actually fold up into the wall. Not sure what you do with the space once folded up though. I believe the houses was build in the 40’s or 50’s

What is PMI??

August 13, 2011 by Michael Dunn

PMI is private mortgage insurance and all loans that don’t have at least 20% down are required to carry PMI. PMI is insurance that a lender puts in place to reduce the risk of the loan going into foreclosure. There is a monthly premium that is paid just like your homeowners insurance. The good news is that PMI allows many borrowers to qualify for a loan when they don’t have 20% to put down. In today’s economy it is hard to save that much money for many people. Each loan type, FHA, conventional and VA have some type of fee that is used to help lenders lend money without too much risk. The good news is that now PMI may be able to be deducted on your income taxes. Talk to a tax preparation specialist to find out if your PMI is deductible and stay tuned to this station for more information on loan types. Stay tuned to this station for more information on the best programs to use to purchase a home.