Thru Lee's Eyes
Lee Kendrick (350)    
http://leekendrick.net
Posted Wednesday, March 29, 2006 (3 years 241 days ago.) Viewed 4,375 times.
2006 Best Retirement Communities (or not)?
I'm posting this article today, because I've had many people ask about the best places to live. Plus, it makes for fun reading. I do not endorse, know or receive any compensation from the authors of the following book or their publisher.
I also am a firm believer that some of the best retirement communities in the United States are right here in Kentucky. All 4 seasons are magnificent, especially Spring & Autumn. The lakes make for excellent fishing NASCAR Churchill Downs (home of the Kentucky Derby) numerous bourbon distilleries (Maker's Mark) home of the horse capital of the world country music bluegrass music the Appalachians mountains for excellent hunting, rock climbing & hiking we have a dynamic love of all sporting activities (home of the University of Kentucky Wildcats) and, we have wonderful gold courses (public & private) that will challenge golfers of all abilities.
If you or your parents are nearing retirement age and are considering a move to a new location, "50 Fabulous Places to Retire in America, Third Edition" by Arthur and Mary Griffith is a great place to start your quest. The authors list their top 50 favorite retirement spots, followed by six pages to explain the pros and cons of each town.
As you might expect, the list is weighted toward the Sunbelt. But, surprisingly, three of the best-rated retirement havens are in Alaska. One is in Minnesota, and two are in Montana. The authors don't say these are inexpensive places to retire just that they are "fabulous."
At the end of the book, after describing all the 50 locations plus nine "honorable mention" towns, the authors finally reveal where they retired. I'll give you some hints: median home price $112,400 population 5,332 closest big city 200 miles away lots of privacy and scenery great fishing and hunting and a nickname, "The End of the Road."
The reports for each retirement town follow a repetitive formula that includes the cost of living, climate, medical care, available housing and costs, recreation, services just for seniors, education resources, and transportation. Having visited most of the places described, I found the reports for each town remarkably complete, even including "nice-to-know" information, such as community special events and state car-registration rules.
For retirees who want to keep busy with full- or part-time employment, or perhaps start a business, each town description includes "earning a living" resources. Especially valuable are the latest unemployment statistics and growth information. There is also extensive real estate information for both house and condo buyers, as well as prospective renters.
If the book has a fault, it is that much of the statistical information is from 2003 and 2004, rather than more up-to-date 2005 information.
A strange feature of the book is the authors recommend a individual real estate agent for most, but not all, towns. Readers can't help but wonder how the individual realty agent was selected and whether there are any "referral fees" involved. A disclaimer explanation would have been useful.
But this isn't a "chamber of commerce" book that reveals only favorable information about the 50 towns. The authors don't hesitate to disclose negative information. Each town description includes crime-rate information, including whether the crime rate per 100,000 population is above or below the national average.
For example, a few weeks ago I visited Raleigh, N.C., which I thought was a very friendly, affordable and interesting city with lots of diversity. However, I was shocked to learn this "fabulous place" has a crime rate far above the national average and the violent crime rate is extremely high.
In addition to the 50 descriptions of each retirement town, there are three fascinating short chapters with lots of valuable information and suggestions for retirees. They are titled "Facts, Numbers, and Tips" "Friendly Internet Websites" and "Moving is: Worse than a Root Canal, but More Fun Than a Water Slide."
After having visited all 50 fabulous retirement locations, you are probably wondering where retirement location experts Arthur and Mary Griffith live. The book cover shows a color photo of them enjoying an obviously summer day near Homer, Alaska, where they live on (unpaved) North Fork Road. On my scale of one to 10, this well-researched book earns a solid 10.
"50 Fabulous Places to Retire in America, Third Edition," by Arthur and Mary Griffith (Career Press, Franklin Lakes, NJ), 2006, $24.99, 340 pages plus CD-ROM available in stock or by special order at local bookstores, public libraries, and www.amazon.com.
I'm looking forward to open discussions of the author's selections, and if you know of any other cities that you feel should've been included & weren't... feel free to write in & I'll do my best to pass them along to our faithful readers.
Lee Kendrick
General Manager
Family Mortgage
301 West Lexington Avenue
Winchester, KY 40391
(859) 744-7200
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Posted Wednesday, March 29, 2006 (3 years 241 days ago.) Viewed 772 times.
Old Collections... should I pay them off?
This is a very important question, and I'm asking you to pay close attention... and to make sure that this isn't misconstrued.
You should always pay your debts in a timely manner, so that you don't end up with collections and/or charge-offs appearing in your credit profiles.
However, if you are typical & among the majority of Americans, you'll have at least 1 collection account (erroneous or not) appearing in your credit profile. And, eventually, it'll be recommended that you payoff that old collection account. Before you do this, let's cover the "pros & cons" of this action.
First of all, I must provide you with the legal and politically correct answer... that paying off collection & charged off accounts will improve our overall credit rating... and this is true... for a LONG-TERM approach. However, if you're in the midst of applying for any type of loan... especially a mortgage loan... it's always best that you attempt to have the account deleted on the basis of any inaccuracy, incompleteness or unverifiability.
Secondly, failing in your attempt to have the account(s) deleted using the Fair Credit Reporting Act... you could negotiate a partial of full payoff of the account... as long as the creditor or collection agency provides you (IN ADVANCE) with a written agreement stating their willingness to PERMANENTLY DELETE the account from ALL 3 credit reporting agencies... once they've received the agreed payment amount.
Lastly, as a worst case scenario... failing to have the account deleted... most lenders recognize that any payment toward an old collection account will change the "date of last activity" to a more recent date... which will usually cause your credit scores to drop. Your "date of activity" (aka DLA) can be changed to a more recent date if you dispute the account, contact the creditor, the creditor contacts you, a payment is made, etc.
The mathematical algorithms, scoring models & computers used by the credit reporting agencies... unfortunately... "think" that you have a NEW credit problem with a more recent date of last activity... even if the account balance is now reporting as zero owed... because the words "collection", "charge off", "reposession", "foreclosure", etc. NEVER GO AWAY! This is typically referred to as the "reporting clock"... which can remain on your credit report for up to 7 years + 6 months from the date of last activity. Tax liens and bankruptcies can remain on your credit report for longer periods of time.
I'm hoping you realize the importance of negotiating to have the account deleted, before paying any monies toward any old "negative or derogatory" account(s).
And, if your credit scores drop, you may be denied for your loan request.
It's always best to order copies of your credit reports at least 45-90 days in advance of any anticipated loan requests... to insure the overall accuracy of your credit report information. Many borrowers with great credit... unfortunately... have found out that they've become the victims of identity theft... AFTER they've already made large deposits for the purchase of homes... which can be embarrassing & frustrating. It's also recommended that you order a free credit report from each of the 3 major credit reporting agencies (Equifax, Experian & TransUnion) at the beginning of each year... keeping your more informed about your overall credit rating.
There are also numerous internet services that offer to monitor your credit inquiries, scores & payment histories, but we recommend that you only use the services offered by the credit reporting agencies... to protect you from unscrupulous vendors... as these vendors may be identity thieves in disguise.
Family Mortgage in Winchester Kentucky (http://www.fmiusa.com) has a new computer program that will recommend steps for your overall credit score improvement... and this tool is offered by their credit report provider. It (specifically) offers advice to be completed in a specific step-by-step manner to improve your credit scores... to whatever score you're trying to achieve.
In some cases, paying down credit card balances may be required. In other cases, simply opening a $300 credit card account may be what's recommended. This service only costs $15 per client, and the reports are provided to you within minutes.
This service is not to be mistaken for credit repair, but it can give you ideas on what should be concentrated on first & foremost.
Lee Kendrick
Family Mortgage
http://www.fmiusa.com -- 100% home loans & FREE credit repair!
http://www.yourcreditpros.com -- FREE credit repair!
http://www.kendrickrealty.net -- serving Central & Eastern Kentucky buyers & sellers!
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Posted Monday, March 20, 2006 (3 years 250 days ago.) Viewed 246 times.
Internet changing the way we buy homes
ONLINE LISTINGS, INFORMATION BECOMING MORE SOPHISTICATED
Most people used to look for a home the old-fashioned way, spending hours driving around in a real estate agent's car, hoping for the best and preparing for the worst.
Anymore, the process goes like this: you check your e-mail & are alerted to a new listing online. Then, you'll check out the pictures on the Internet, drive over for a real-life look, and prepare to make an offer... all within hours... instead of days or weeks.
Many people make offers within 24 hours, and it's because of the Internet," says Lee Kendrick (General Manager of Family Mortgage). Family Mortgage's clients can view all Kentucky home listings (available through the Multiple Listing Service (MLS) on their website at http://www.fmiusa.com/MLS_20_Real_20_Estate_20_Listings.html.
Add real estate to the list of industries being forever changed by the Internet.
Home listings (once printed out in books that were only available only to real estate agents) are obtainable to everyone online, accompanied by increasingly sophisticated photographs and virtual tours.
A growing number of online services are also cropping up to help people do things like judge house prices, survey neighborhoods and evaluate school districts, long before they ever snap the seat belt in their agents' cars.
With the nation's housing boom expected to cool in some areas, experts say such offerings will only increase.
And ultimately, the fact that consumers on their own have more power than ever to do some of the work of real estate agents could even help further drive down agents' commissions. Many also expect online tools for house-hunters to become more creative and sophisticated.
Web sites worth visiting
Already, the industry is dramatically different from what it was a decade ago.
Besides viewing listings online, many home buyers & realtors regularly log onto www.zillow.com to receive quick, anonymous estimates of home values based on county records and other data. Although the site isn't always accurate, it may help judge a home's worth.
The site still has a few kinks, but he says the company is constantly working to improve the accuracy by adding more data. There are also plans to improve tools that let people change out-of-date information that might affect valuations -- such as an added bathroom or bedroom that isn't in official records, or an extensive kitchen remodel that might boost a home's value.
Other sites, such as www.homepages.com, use interactive maps and other tools to provide information about neighborhoods, schools, local parks and even nightclubs surrounding a particular home.
These websites & internet tools aim to reduce the time people spend house-hunting. But, most people agree that buying a home can be complicated and still recommend obtaining a real estate agent's assistance.
Most industry experts believe agents will start spending more money on fancy Web sites and other online promotions, perhaps at the expense of traditional marketing such as newspaper & magazine advertising.
Still, no matter how sophisticated online house-hunting gets, the computer might never be able to fully replace the experience of walking from room to room in your prospective house, peeking into cabinets, tapping on walls and trying to figure out how noisy the neighbors might be.
Lee Kendrick (General Manager of Family Mortgage) also recommends that every borrower should get pre-qualified (at the very least) and/or pre-approved (highly recommended) before getting too deeply involved in the home buying process. Most borrowers can be pre-qualified within 5-10 minutes and many can be pre-approved within 1 hour or less. Apply online at http://www.fmiusa.com/apply.html or call them at 1-877-744-7201.
Lastly, more than 65% of all borrowers (even with excellent credit) have errors, inaccuracies, incompleteness, or unverifiability that are affecting their credit scores in a negative manner. So, Lee Kendrick also recommends that every borrower obtain a free copy of their credit report to make sure that everything is reporting accurately. It's an even better idea to obtain a tri-merge credit report (with all 3 credit reports merged into 1 easy-to-read format) that includes each bureau's credit score.
The tri-merge report will be easier to analyze, making it easier to determine what should or should NOT be disputed. Keep in mind, that disputing some of the negative items in your credit report can actually cause your credit scores to drop.
It's best for you to obtain the advice of a trusted & highly recommended credit repair expert in your area. But, NEVER pay anyone in advance for credit repair services... as it's illegal & there are many reputable mortgage lenders that will assist you at no cost.
Look for my new & improved credit repair guide to post to my website soon. I'm sorry it isn't available, yet. We're working on a method that'll allow you to receive a 15 minute consultation with the purchase of the manual... helping you figure out the best approach for any credit disputes you may have... if you live outside of Kentucky... or you're not wanting to purchase a home.
Lee Kendrick
Family Mortgage
http://www.fmiusa.com
1-877-744-7201 Office
lee.kendrick@fmiusa.com
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