Why NOT to be Scared of Homes with Oil Heat

Oil Heat vs. Natural Gas Heat

There are many misconceptions out there about oil heat I’d like to clear up because it does get a bad rap from a lot of the mis-information flying around is contagious and seems to be coming from the Natural Gas companies and the wannabe conservationist who really aren’t as educated about the matter as they’d have you believe.

I’d just like to say first that there are pluses and minuses for each type of heating fuel system and overall found that taking all points into consideration oil vs gas get an equal grade from me.

NEWER oil furnaces are as clean burning and as efficient as natural gas furnaces. If you notice any "Soot", whether it be from an oil burner or a gas burner, it is an indication of a possibly cracked "Heat Exchanger".

Don't let anyone try to convince you that all oil furnaces are "Dirty". It's just not true. Sometimes there can be an odor of the fuel oil itself, but that usually occurs when filling of the oil tank takes place.

As far as prices go, oil and gas can both fluctuate and certainly have been trending up.

heating oil is almost the same as #2 diesel fuel that trucks use, except heating oil has none of those additives or detergents that diesel has.

If the oil tank is located outside, than you will need to use #1 heating oil. It has an additive in it so that it does not "Gel" up in cold weather. And radiant heat (the old radiators) are indeed a most pleasant, even heat. Much nicer than "Forced Air" systems which tend to have temperature swings however that is another topic, there are Forced Air oil heated systems available.

• Oil heat burns hotter
• Oil heat is Safer than Gas which is explosive!
• Oil lasts longer and is generally cheaper than natural gas
• Better local service from Oil company over Gas unless there is an emergency gas leak!
• Oil company’s offer service contracts to maintain your equipment just like gas companies.
• Oil heat can be used in locations where gas lines have not been or ever will be routed.
• Oil is versatile and you can have a Forced Air oil heating system just like gas.
• Oil heat systems are not more expensive to maintain when serviced regularly and properly, this can be done with an inexpensive service contract.

The Oil Heat Advantage

Oil heat has always provided efficient and affordable warmth, but it’s gotten even better in recent years. Here are some surprising facts about the “new” oil heat.

Oil heat is highly efficient

• Many oil heat systems now display the prestigious Energy Star label, which signifies that they are technologically advanced and clean burning. Some oil heat systems have efficiency ratings that exceed 90%.
• Compared to 25 years ago, homeowners now need an average of 500 fewer gallons of oil to heat their homes each year.
• Oil heated homes heat up quickly and provide even and efficient heat. For every gallon of oil burned, a whopping 140,000 Btu's are produced. That's 40% more Btu's of heat than an equivalent amount of natural gas produces.

Oil heat is environmentally friendly

• Particulate emissions have been reduced significantly and new oil heat systems now burn fuel 95% cleaner than 25 years ago. Average soot emissions for properly adjusted flame retention burners are less than .003 pounds for every 7 gallons of oil burned. This works out to about 6 ounces of soot per year (approximately equal to natural gas burners).
• The industry is moving toward the wider use of fuels that will burn even cleaner than conventional heating oil. Test studies have already shown that BioHeat®, a blending of conventional fuel with biological products like soybeans, have reduced equipment service costs for oil heat users.

Oil heat remains a good value

• Heating oil prices, when adjusted for inflation, actually dropped 23% during the 1980s and 1990s. More recently, the price of heating oil has increased—but so has the cost of natural gas and all other heating fuels.

Oil heat is versatile

• Oil-fired water heaters provide virtually unlimited hot water at low cost. Not only does an oil-fired water heater save huge amounts of money over its lifetime, it is also perfect for homes with high hot water demand (growing families, homes with hot tubs, etc.).

Oil heat is safe

• Heating oil cannot explode. If you dropped a lit match into a barrel of oil, the match would go out as if you dropped it in water. Oil must first be turned into a fine particle mist before it will ignite and burn, typically at a temperature of 130-140 degrees.
• Oil heat poses an extraordinarily low risk for carbon monoxide poisoning.

Oil heat gives you service choices

Oil heat companies aren’t large monopolies, so homeowners can choose a company that best suits their needs and personalities. Most oil dealers are locally owned and operated with deep roots in their communities.

What about old oil heat systems?

Most homeowners have the attitude that if their heating system works, it doesn't need replacing. The trouble with that logic is that many heating systems still in use are 40 years old or older! The efficiency of a system that old is so low that the owner is probably using, and paying for, twice as much oil as he or she would need with a modern oil heat system. With today's heating oil prices, that's a tremendous waste of money.

Save clients money!

According to the nonprofit Consumer Energy Council of America, the best way to cut heating costs is to improve system efficiency. This means real estate agents who encourage clients to switch away from oil could be wasting thousands of dollars of their clients' money due to conversion costs. But if clients stay with oil heat, they don't have to pay those conversion costs. Plus, with a modern oil heat system, it can cost up to 40% less to heat a home than with a system made only 30 years ago!

Peace of mind

Explain to your clients that replacing an old clunker of a heating system will save them stress for several reasons:

• New systems are less likely to break down.
• Most new systems come with extended warranties.
• Modern heating systems can vastly improve the comfort throughout the home.
• Today's super-efficient systems provide more heat from less fuel.

If you have clients who are thinking about switching away from oilheat, give them the PRO$ "Homeowner's Guide to Heating with Oil" (see FREE materials page) and encourage them to talk with several local oil dealers first. It could save them thousands of dollars and earn you valuable referrals!

© 2009 Warm Thoughts Communications, Inc.

Grant Money Available for Replacing Oil Tanks Even Without Leaks

NJ Grant Program for Underground Tank Replacement has been increased! Qualified homeowners can now get from $3,500+ to upgrade their underground oil tank. Qualifications are liberal.

The Petroleum Underground Storage Tank Upgrade Remediation and Closure Fund was first established in 1997, but only applied to tanks that leaked. Money for the fund, administered jointly by the New Jersey Economic Development Authority (NJEDA) and the New Jersey Department of Environmental Protection (NJDEP), comes from corporation taxes levied by the state.

On August 2, 2006, Governor Corzine signed legislation that enacted important changes to the fund. The change gives a homeowner the power to be proactive. You can now apply for a grant to upgrade a tank BEFORE it leaks.

 

Heating Oil Storage Tank Issues

Modern heating oil storage tanks are marvels of contemporary engineering. They have leak-proof inner walls of plastic or fiberglass and an outer wall of corrosion-resistant metal (for aboveground models) or a plastic/fiberglass outer wall (for underground models).

There are presently no federal or state laws regulating active underground tanks. However, if your clients are replacing a tank, make sure they check with their municipality for local replacement regulations and options.

Older underground tanks

For many years, home builders installed bare metal tanks for underground heating oil storage. Unfortunately, because metal corrodes, those tanks occasionally leak. Some tanks last 50 years or more, while others need to be replaced after 20. There is no set rule for metal tank longevity because so much depends upon how they were installed, the surrounding soil, water tables and salinity.

We recommend that every homeowner replace metal underground tanks with new, leak-proof plastic or fiberglass models. Encourage your clients to contact local oil dealers for estimates or recommendations on tank replacement options.

When selling a home, a new oil storage tank can make a huge difference in how quickly the home sells. It can also have a positive impact on the price.

Replacement options

If your current tank needs to be replaced, you have two good options.

1. Replace an old underground tank with a modern, corrosion-resistant underground tank. With today's technology, a new tank can be isolated from the ground, making it worry free.

2. Replace an underground tank with an aboveground tank. Aboveground tanks are normally smaller (275 gallons) and they can be customized for hard-to-fit places indoors. They can also be installed outside the home and hidden in a tank enclosure.

Many homeowners now have aboveground tanks installed inside tank enclosures, such as the one pictured here.

Guidelines for replacement

If a homeowner decides to replace an underground tank with an aboveground tank, the buried tank must either be removed or properly closed and abandoned. To close the tank, it needs to be emptied, cleaned and then filled with an inert material such as sand or foam.

It is important to work with a licensed experienced professional when closing and abandoning an underground tank.

Before proceeding with a tank abandonment, homeowners should contact their municipal governments or local oil companies to find out about any codes or regulations that may affect the removal or abandonment of an underground tank.

How to tell if an oil tank
has been closed properly

The best resource is your town building inspector's office, which will have a record of the tank abandonment on file. Additionally, if a tank has been legally and properly abandoned, there will be no vent or fill pipe.

Underground tank testing

Frequently, a home buyer or seller is faced with a requirement from a lender or insurance company to have an underground oil tank tested. If this happens, here are two things to keep in mind.

• There are several tests that can be conducted on an underground tank, and the need for one test or another can vary. Often, a combination of tests is appropriate. To avoid confusion and to get a reliable assessment of which tests are best for your situation, consult a local oil heat dealer.
• Any testing on an underground tank should be conducted by a company that is certified to do tank testing.

Aboveground tank inspection

Here are some things to check when listing or selling a home with oil heat:

• Make sure the oil tank's fill pipe and vent pipe are metal, not plastic, and that they have caps.
• Look for leakage from and around tank fittings, valves, filters or the tank's gauge.
• Make sure the tank legs are in good condition and that the tank belly doesn't touch the ground.
• Look for signs of corrosion.

For more information about oil tank options, call your local oil heat dealer.

© 2009 Warm Thoughts Communications, Inc.

 

Understanding Heating Oil Prices

Oil prices have been in the news lately — and the news has been good. Recently, crude oil prices dropped to their lowest point in five years. As a result, oilheat dealers have been able to lower their heating oil price back down to a normal level. This will make marketing an oil-heated home much easier for you.

A great value

Historically, heating oil prices have delivered great value for homeowners. And while energy prices rose in the first half of 2008, as expected, the spike was followed by steep declines. So oilheat consumers can rest assured that heating oil at $4 a gallon is the exception and not the rule. So what causes price spikes? A number of factors affect oil prices — economic conditions, world energy supplies, unchecked market speculation, global events and the weather, to name a few. The chart shows how those factors have affected oil prices in the past.

What does the future hold?

The best news of all is the future of oil prices. According to the U.S. Department of Energy's Short-Term Energy Outlook, crude oil prices are expected to hold at normal levels, around $50 a barrel. This means that oilheat will continue to be a great value to homeowners. And no matter where oil prices are headed, the commitment of oilheat dealers to their valued customers will never waver.

When your clients have questions for you about oil pricing, here are some things to remember:

Local heating oil dealers don't control prices. In fact, many dealers have programs specifically designed to help their customers control costs and even out their fuel payments.

Energy prices tend to track one another. That's why the Consumer Energy Council of America says, "It makes no economic sense to switch heating fuels."

Thanks primarily to the U.S., Canada and Mexico, about three-quarters of the heating oil used in the United States comes from outside the Persian Gulf. This means our energy costs are much less dependent on the Middle East than people think.

© 2009 Warm Thoughts Communications, Inc.

Additional Information Resources:

• FAQ about the Grant http://www.newtanksnj.org/faqs.aspx
• American Council for an Energy Efficient Economy http://www.aceee.org/consumerguide/heating.htm
• Oil Heat America http://www.oilheatamerica.com/
• Fuel Merchants Association of America http://www.fmanj.org/
• Fuel Merchants Association of New Jersey http://www.newtanksnj.org

Link for Realtor Education www.nj.oilheatpros.com  
Toll-Free Phone: (866) 807-PROS (7767)

NJ companies that replace oil tanks and remediate old tank leaks:

• Meridian Environmental Services (Ed Golub) 732-281-1900 x 102 http://www.meridianenvironmental.com/ ProTank http://www.protankservices.com/ 908-851-0057
  1 Rahway River Parkway • Union, NJ 07083
• Mike Hoensch 973.390.5356 http://www.mhtankco.com/

A more comprehensive list of vendors can be found here
Fuel Merchants Association of America http://www.fmanj.org/

www.MarivicRealty.com
2056A Lincoln Highway
Edison, NJ 08817-3330
Office: 732-650-9911
Toll Free: 1-866-745-4622

Located Across from The Pines Manor & Crowne Plaza Hotel in the Nixon Plaza Shopping Center where the Labonbonniere Bake Shoppe

No matter where in the country or the world you’d like to live, call us and we will either personally assist you or match you up with an experienced agent in your area that would be happy to assist in your search, obtain financing, etc.

Click here for Door to Door Directions

Think You’re Living Space is Small and Cramped?

Think you’re living space is small, feeling a little cramped like a sardine in a tin can or squeezed into a cardboard box? You just may have it a lot better living in a mansion compared to these people

  Warning, Not for claustrophobe's!

I suppose “city living” is for those not so attached to personal possessions either. I don’t know about you but I for one couldn’t live in the city just because I have so much “stuff”, little things that would break the bank to keep if living in NYC like… a car, automotive tools, ladders and other large tools, all my furniture, my atv and motorcycle, a snow blower, all my electronics toys a pool and so on.

Granted if living in the city some of these items would not be needed like the snow blower, a ladder and so on but I like my stuff, I like having a yard and I like having my space. Sure, city living has it’s advantages but if you examine them they are more beneficial for either older folks (if it weren’t for the cost) or the young party crowd,  I’d say the city favors them a bit more. I can’t see any advantage to living in the city other than there is a store outside your front door, you live blocks from bars, clubs and entertainment and….um… yeah, that’s about it.

The point of my rambling here is actually an amusing one, check out how this couple lives, personally I think their nutz paying $150,000 to buy this place plus pay a $700 monthly maintenance fee.

That being said, I’d like to introduce you to New York City’s Smallest Apartment - $150K for 175 Sq Ft., yes you heard that right, my dining room is about that size!

I can understand staying in the city one or two nights a week
hobnobbing in the neighborhood, networking, promoting one’s self and business or for entertainment purposes but to live like this is just a bit strange in my book.

I’m not claustrophobic or anything but imaging this apartment would not be a safe place for those who are to live. I would go absolutely crazy having to live in such cramped quarters alone forget about with another person and two cats! Oh, they also need to take an elevator and then the stairs to get to nicely tucked away apartment. I would be afraid of fire in this building seeing that it’s hard enough to get to under normal conditions.

Not many couples could live in complete harmony in a space the New York Post calls the “smallest apartment in the city,” but Zaarath and Christopher Prokop — plus their two cats — live in a 175-square-foot “microstudio” in Manhattan’s Morningside Heights.

Purchased for $150,000 three months ago, the co-op is 14.9 feet long and 10 feet wide and is on the 16th floor of a building on 110th Street, but, get this — it’s only accessible by a staircase from the 15th floor.

The couple has:

• a queen-size bed (about 1/3 of their living space)
• mini-fridge and hot plate (they don’t eat in very often)
• one kitchen appliance (a cappuccino maker)
• closet-sized bathroom with shower with sink and toilet (no long, luxurious baths here)
• kitchen cabinets that are used for their clothing (they don’t eat here, remember?)

With a space this small, they jog to work, picking up their clothes along the way at various dry cleaners around the city and some clothes are kept in their offices.

Curbed figures they spent about $857 per square foot in one of the priciest cities in the world. The Zillow Home Value for Morningside is $641,600 and the median value per sq ft for Morningside is $726.

The Prokops plan to pay off their mortgage in two years and then plan to remodel by installing a Murphy bed and larger windows. Their only cost at that point will be a maintenance fee of $700 a month.

Reference Source: Read the full story and see the comments of others on zillow.com

If you agree with me or not on what living comfort means, that’s a personal choice and either way our agent’s would love to help you find your mansion or tiny love nest to call home.

No matter where in the country or the world you’d like to live, call us and we will either personally assist you or match you up with an experienced agent in your area that would be happy to assist in your search, obtain financing, etc.

www.MarivicRealty.com
2056A Lincoln Highway
Edison, NJ 08817-3330
Office: 732-650-9911
Toll Free: 1-866-745-4622

Located Across from The Pines Manor & Crowne Plaza Hotel in the Nixon Plaza Shopping Center where the Labonbonniere Bake Shoppe

Click here for Door to Door Directions

Rates WILL Rise a Good Reason to Buy Now?

This article is related so can be considered as a follow up to the last article “If You Don’t Buy a House Now, You’re Stupid or Broke. The answer to that question is… Well that it really depends on you and your debt to income ratios and ability to repay and previous repayment history of debt.

Lenders are subject to extreme scrutiny at the moment. Above average defaults can have drastic consequences and no lender is immune. This has led to over the top caution and excessive documentation and underwriting requirements.

It is what it is, so we’ll have to deal with it and only deal with mortgage reps on top of their game and don’t make promises they can’t keep!

FYI Rates continue to be at or near historic lows.

Given the eternal optimism that is inside all of us we believe the low rates are here to stay (or go lower yet) but think again.  The writing is on the wall for higher rates next year!  With the Fed buying approx 80% of all mortgage loans now, they will stop doing this by March, and there are few other buyers at current price and interest rates.

As the Federal Housing Administration (FHA) considers  raising the minimum credit score requirement for new borrowers to reduce risks to the single-family insurance fund, Fannie Mae (FNM: 1.04 +13.04%) has increased the minimum borrower credit score from 580 to 620.

Brian Faith, a Fannie Mae spokesperson confirmed the minimum hike, adding that the adjustment reflects a careful analysis of borrowers’ ability to repay their mortgage obligations over the life of the loan.

Faith said “Our experience with recently delivered loans with credit scores below 620 is that they reached a level of serious delinquency at a rate approximately nine times higher than other acquisitions during the same period.”

Fannie also reduced the allowable debt-to-income (DTI) ratio to 45% when executing loss mitigation efforts under the Home Affordable Modification Program (HAMP). Under HAMP, the US Treasury Department provides allocated capped incentives to servicers for the modification of loans on the verge of foreclosure.

Faith said that “high DTI ratio loans also have higher levels of serious delinquency. “In other words if you have a lot of debt and keep stacking it on with new cars, credit card bills and other investments and leveraged to the hilt, maybe you shouldn’t be buying a home until you pay down some of that debt first.

It’s not enough to help borrowers buy a home – we must also ensure that they can stay in the home over the long term. Repeat business through ill-gotten gains is rare, immoral and unethical, at least in my book.

Contact us today for a free consultation to see if home ownership may be in your future.

www.MarivicRealty.com
2056A Lincoln Highway
Edison, NJ 08817-3330
Office: 732-650-9911
Toll Free: 1-866-745-4622

Located Across from The Pines Manor & Crowne Plaza Hotel in the Nixon Plaza Shopping Center where the Labonbonniere Bake Shoppe

Click here for Door to Door Directions

NEVER MEET ANYONE ALONE AT A VACANT OR UNOCCUPIED HOME

REAL ESTATE AGENT SAFETY ALERT

!!! ATTENTION !!!
REALTOR SAFETY ALERT BULLETIN

We care about agent safety, buyers please be understanding about our caution and probing questions, there are many valid reasons. Agents don't be too eager to help everyone that must see NOW, they’re not going to buy NOW! It’s a process…

Agents you can’t please everyone all the time and your safety should come first above all. Don't be afraid to turn down or reschedule requests from potential clients. Being too eager to help every client can be dangerous!

NEVER MEET ANYONE ALONE AT A VACANT OR UNOCCUPIED HOME

Bulletin Release from Middlesex County Association of Realtors December 12, 2009

In May of 2007, we sent an email advising that several members of  MCAR were receiving phone calls from man from a "restricted number". The caller would say he saw their picture in a real estate magazine and ask the agent to go out with him on a date. He first started making calls in 2006 and continued to call agents in 2007.

This week, one of our members called our office to tell us she received a call from a man at an "unknown" number who asked her out on a date. She told him she was married and hung up. The next day she received a call from a man named "Mavi" with the phone number - 000-012-3456 (a computer generated number) - who wanted to see a home which happened to be vacant. She didn't realize it was the same man from the day before until she met him at the home and heard his voice. At the home, he asked if he could kiss her and he leaned toward her. She got out of the house and called the police. He did not have a car parked by the home. He may have parked down the street or around the corner.

She described him as 5' 11" tall, 130 lbs. and between the ages of 25-30. She also said his hair was a little long and straggly and he had a strange look in his eyes.

 We are asking all our members, especially the women, to BE CAREFUL and NEVER MEET SOMEONE ALONE AT A VACANT OR UNOCCUPIED HOME. It might also be wise to avoid advertising any property as vacant, even if it is vacant.

You can read more about keeping safe by going to the Field Guide to Realtor® Safety at: http://www.realtor.org/library/library/fg201

If You Don't Buy a House Now, You're Stupid or Broke

Have you read this article yet? It was featured in Business Week. 

My first thought, wow! That’s blunt and kind of rude, a very harsh statement. But the writer, Mark Roth, uses this  head turning title to get your attention to make excellent points for those who are on the fence.  Namely that interest rates are at an all time low, in fact, the lowest in 40 years. He noted that in the late 70s, rates hit a high of 18%!

Can you ever imagine buying a house at 18%?  I  can't fathom the thought however not all too long ago in the grand scheme of life my parents did it, as probably yours depending on your age, as of this writing I’m 37.

Most of my friends and people buying homes in this generation either bought a home using an FHA loan in the 6%-9% range depending on how good or bad their credit was. Imagine having excellent credit and only being able to fetch a best rate of 17-18%, that’s just nuts, but possible to happen again in the not too distant future. 

In the 80s rates dropped from 12% to 9%, many people were thrilled, while most peoples reaction today today would be more like WHAT!!!! Well if you were previously at 17% or 18% you’d be dancing in the streets at the opportunity to refinance at those low by comparison rates. We’ve had it pretty good for so long now that most people can’t imagine rates so high these days.  

Generation X'ers probably would never dream of purchasing a home above 7% given all we’ve ever known are super low rates between 5% – 6%. Mr. Roth points out the history of previous interest rates as well as their impact on purchasing power. I happen to agree with his prediction that as the economy becomes more stable, interest rates WILL rise to hedge inflation as it wildly spins out of control thanks in part, a big part due to out of control government borrowing and spending. Heck even our country’s credit rating is in danger of losing its triple AAA credit rating.  I’ll make the prediction that by this time next year, rates will have risen at least 1%-2% higher than today.

Now let’s keep in mind if rates go up as expected, refinancing at a lower rate should not be counted on given the history and how long it may take in years for rates to even begin to fall without further government intervention.

These numbers are just examples but lets just say the average sale is $250,000. Assuming a 5% down payment at 5% interest on a 30 year fixed, your monthly principal and interest payment would be $1275.  If rates rise to 7%, your payment increases to $1580/month. 

Some buyers may be on the fence because they fear prices may drop further. Consider this. If there is a 10% decrease in price and the $250,000 falls to $225,000 in one year, but you wait to purchase and the interest rate rises to 7%, your payment will be $1422.  You spend more money per month plus at the higher interest rate, you pay more interest over the life of the loan.  Real estate appreciation is always a cycle and as the economy stabilizes, values will level out. 

Data being analyzing by many of the trend trackers are having the experts already saying this is happening in many markets and that this will occur by 2014 in many states. Making a home purchase is still a decision that should be weighed carefully, being a home owner is not for everyone. Some people with poor credit and personal financial habits or others with other reasons should probably remain renters. One important consideration will depend on how long you plan to stay in the home.  

Mark Roth summed up the article, "What I'm trying to impress upon everyone is that if you are planning on being a homeowner now and/or in the foreseeable future, or if you are looking to move your family into a bigger home, then pay more attention to the interest rates than the price of the home. If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime." Depending on where you live I’d also have to add that you should also take into consideration funds from additional sources such as local government down payment and closing cost grants as well as the federal home buyer tax credit currently being offered while it lasts and not wait until last minute this time. The government will not be extending it again, this time they will actually have a phase out plan giving people plenty of opportunity to take advantage without just yanking the offer away.

Marivic GMAC Real Estate specializes in helping families make good decisions. We do NOT think you are stupid or broke if you don't buy a house right now.  But if you are considering purchasing a home and would like a FREE consultation, we'd love to sit down with you and help you weigh your options and direct you to a qualified, caring mortgage professional that will help you with the numbers.

www.MarivicRealty.com
2056A Lincoln Highway
Edison, NJ 08817-3330
Office: 732-650-9911
Toll Free: 1-866-745-4622

Located Across from The Pines Manor & Crowne Plaza Hotel in the Nixon Plaza Shopping Center where the Labonbonniere Bake Shoppe

Click here for Door to Door Directions

Are Free Credit Report Offers Really Free

  Are all the free credit report offers we always hear about on television and radio really free and if so what’s the catch?

The only real way I know of to get a copy of your credit report Free No Strings Attached from all three of the major credit reporting agencies FREE is by contacting them for a copy when and if you are ever turned down for credit. That is a requirement by law!

The other and most pro-active way of staying on top of your credit is by requesting a free copy of your report from all three credit reporting agencies every year. Federal Law requires credit reporting agencies to supply you with a free annual report if requested by the consumers themselves, so the question is why would you ever buy one or use one of the so called Free credit report agencies getting in your face via every form of multi-media out there?

DON’T!!! The bottom line is, unless you want to subscribe to their monthly credit monitoring services or other collateral services they’re pushing, there is no need.

I’m writing this article because it seems to be a topic that must be repeated and a constant reminder.

No matter if your going to rent a house or purchase one, your credit report will be needed, no if’s and’s or buts about it. The question is how and where do you get it, how much does it cost, are the free offers really free?

A simple internet search for the term “free credit report” will return 108,000,000 pages on google, WOW! Somebody is makin’ money on all those sites, many are scams, many legitimate but locking you into a monthly service charge that you cannot cancel if you order the “Free” credit report and many others talking about or reselling the services.

The ONLY place I would recommend you go to get your truly FREE no strings attached credit report from all 3 agencies once a year is from https://www.annualcreditreport.com/ or by calling

You can also opt to contact each of the credit reporting agencies directly via their websites or calling them for a copy of your report from each of them. It is important to check all three reporting agencies reports to get a truer picture of your credit score and any reports sent to one agency and not the other which will be reflected on your report.

• http://www.experian.com/
• http://www.transunion.com/
• http://www.equifax.com/

The FTC created a site to better educate consumers about all the credit report hoopla and even made a few commercials spoofing some of the services are using to bait and switch to get your free reports. Check out the government site for all the PSA’s and additional info http://www.ftc.gov/freereports .

Okay, I Got my 3 Free Credit Reports Now What?

Once you get a copy of all three of your credit reports, a quick way to get a quick overview of your credit is to look at the score from all three reports and pick the number in the middle, not the highest or lowest. This is how mortgage companies determine your score. The big misconception is that you score is figured out by average the three scores, lenders don’t do that, they also don’t just pick the highest number of the three, sorry if I just burst your bubble.

Okay so you now know your number, what’s a good score?

This chart can help you determine how good your score is, please note only the very best scores get the very best rates usually quoted on the commercials or in ads. The lower your score, the higher the risk a lender takes letting you borrow money. In exchange for taking that higher risk, banks expect some sort of compensation, they get that by charging you a higher rate.

So how can I fix my credit score if it’s crap or less than perfect?

Well it all depends how your credit got that way?

Late payments - How long ago was the late payment(s) and how late were they?

Judgments, Foreclosure, Short Sales, Settlements, Charge-offs, etc. these are all items that can have a negative effect on your credit but the question is to what degree?

For example a selling a house via a short sale is MUCH better than letting the bank foreclose on the home, it will also affect your score a lot less similar to a credit card settlement for less than what is owed vs. a charge-off where  a creditor gives up on you, writes off the money you owe as a loss and then run the collection agencies after you.

If you just screwed up, make late payments, have collection agencies calling you for unpaid debt, had a court judgment for collection, etc. and don’t know what to do yourself, there is help to be had by working with credit repair agencies.

BE CAREFUL… Do a search on google and I’m sure you’ll find 10 times as many companies claiming to help here, most are scam artists. Credit counseling is a rip off, basically you’ll pay someone to nag you that it’s time to make a payment, if you lack that kind of discipline your hopeless.

There is a difference between credit repair and counseling and many more names they have out there with deceptive or misleading names.

I personally am seeing more and more mortgage companies retaining on contract credit repair agencies to help their would be clients for free or at low cost in hopes of future business from that person.

I have referred a few clients over to this agency, I’m not endorsing them over any others out there but they’ve helped several clients I was working with that had imperfections in their credit that needed help to clear up off their reports with pretty good success.

There is a cost and this particular service will work for a full year to continue monitoring and restoring your credit to the best of their ability. Expect to pay around $1,000 for this level of credit repair assistance. I liked their service because they will give both the client and mortgage rep or real estate agent a login with the persons permission to see the progress and updates to each clients account to see exactly what is being done to repair the credit.

Once again, I’m posting their info but don’t endorse or recommend any credit service.

Better Qualified
119 e River Rd.
Rumson, NJ 07760
1-888-533-8138
http://www.betterqualified.com/

Paul Oster
732-203-7377
credit@betterqualified.com

Shannon Macaluso
Cell: 732-768-0518
shannon@betterqualified.com

If you’re looking to repair your credit to purchase a home feel free to call me and I’ll give you a mortgage company’s contact info that helps their clients repair their credit when a little repair is needed before you can qualify for a mortgage.

Out office is located at:

www.MarivicRealty.com
2056A Lincoln Highway
Edison, NJ 08817-3330

Office: 732-650-9911 Ext.302
Contact: Victor Kaminski

Located Across from The Pines Manor & Crowne Plaza Hotel in the Nixon Plaza Shopping Center where the Labonbonniere Bake Shoppe

Click here for Door to Door Directions

2009 Teddy Bear Collection for Children

Around this time every year our office serves as a teddy bear drop  spot in coordination with the Middlesex County Association of Realtors community service committee.

We help select charities where and when we can, sometimes through civic service, sometimes donations but either way Realtors always give back to their communities and this is one small but important way to give back.

We collect new or “used but clean” and in good condition teddy bears that have been emotionally starved lately and still have the ability to spread some joy to children ready to shower them with love who are in need of a smile and some cheering up themselves.

These bears will be donated to the Child Life Program at Robert Wood Johnson University Hospital where specialists care for outpatients and overnight patients at the Bristol-Myers Squibb Children’s Hospital at Robert Wood University Hospital.

Buy a new bear or donate one that has already brought joy to children elsewhere but is still in excellent condition to spread more joy.

Teddy Bear Collection Dates

NOW thru Tuesday 12/8/2009

Please Note: Dirty, dusty, smelly old bears will be disposed of, as these bears cannot be handed to sick children.

 

 

Out office is located at:

www.MarivicRealty.com
2056A Lincoln Highway
Edison, NJ 08817-3330

Office: 732-650-9911 Ext.302
Contact: Victor Kaminski

Located Across from The Pines Manor & Crowne Plaza Hotel in the Nixon Plaza Shopping Center where the Labonbonniere Bake Shoppe

Click here for Door to Door Directions

Teddy Bear Collection Dates at additional drop spots
Tuesday 12/1/2009 thru Tuesday 12/8/2009

Additional Drop Off Locations:

• Gloria Nilson GMAC, Monroe Twp.
  (609-395-6600) Contact: Regina Haimer
  1600 Perrineville Rd., Suite 30, Monroe Twp.,NJ
• Gloria Nilson GMAC, Kendall Park
  (732-398-2602) Contact: Anthony Doceamore
  3430 Route 27, Kendall Park, NJ
• Prudential Fox & Roach
  (732-297-5000) Contact: Roy Minieri
  1500 Finnegans Lane, North Brunswick
• Coldwell Banker, East Brunswick
  (732-254-3750) Contact: Dorothy Bellas
  269 Route 18 South, Suite A, East Brunswick, NJ
• Century 21 Charles Smith Agency, South Amboy
  (732-721-9000) Contact: Peggy Yanuzzelli
  150 Morgan Avenue, South Amboy
• Re/Max Hometown, Metuchen
  (732-548-5555) Contact: Murielle Ferino
  195 Main Street, Metuchen, NJ
• Petra Best Realty, Perth Amboy
  (732-442-1400) Contact: Rosanna Moquete
  329 Smith Street, Perth Amboy, NJ