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Updated: Saturday, July 11, 2020


HOA Ordinance or Law Insurance

One example is the current standard of six inch versus four inch exterior walls to improve insulation performance. There are many other examples. The older the structure is, the more out of code it becomes.

While the building code generally doesnt require older buildings to meet current code, if an out-of-code structure experiences fire, flood, wind or earthquake that does substantial damage, the code issue is likely to raise its ugly head. This means that even though the original structure wasnt required to comply, the rebuilt structure will be, or at least the part of it that requires reconstruction. While this is logical why rebuild to an outdated standard?, basic fire and hazard insurance only pays for rebuilding what is there, not what could be. So, if you insure four inch walls, the insurance will only pay the cost to rebuild four inch walls, not six inch walls. You pay the difference.

Fortunately, the insurance industry provides supplemental insurance coverage for older buildings called, "Ordinance or Law Coverage," which is specifically designed to pay the increased cost of reconstruction. However, this coverage must be requested. It doesnt automatically kick in simply because of building age.

If your HOA buildings are ten years old or older, contact your insurance agent to discuss the merits and costs of Building or Ordinance coverage. It is usually very reasonably priced.


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Is It Time to Retire the Master Bedroom?

The Houston Association of REALTORS HAR has announced it will no longer sanction the use of master bedroom or master bathroom in its MLS descriptions.

The decision to remove the term comes after a group of real estate professionals said the term master on property description represents a potential stigma, said Realtor Magazine.nbsp;

The association sent out a statement to its members in which they spelled out the change but fell short of mandating a ban on the terminology. You may still use the term Master Bedroom or Master Bath as you feel appropriate in your marketing materials and in the Public Remarks, Agent Remarks, and photo descriptions, per the statement.

Term being dropped

In addition to the HAR, Chicago realtors including the brokerage firm, GetBurbed, and builders like David Weekly have announced they will also refrain from using terminology like master bedroom and master suite.nbsp;

The push to phase out this term is not new. Back in the mid-90s thenbsp;Department of Housing and Urban Developmentnbsp;issued proposed guidelines for bringing enforcement actions for violations of section 804c of the federalnbsp;Fair Housing Act, said YoChicago. The proposed guidelines, which were met with a firestorm of ridicule, suggested that the use of terms such as master bedroom, views, family room, walking distance and walk-in closet, among others, in advertising was evidence of discriminatory intent against various groups that might result in HUD taking action.

A 2013 report in the Baltimore Business Journal showed that, The master suite is being phased out not from our homes, but from our lexicon. A survey of 10 major Washington, D.C.-area homebuilders found that six no longer use the term master in their floor plans to describe the largest bedroom in the house. They have replaced it with owners suite or owners bedroom or, in one case, mastre bedroom.

History of master bedroom

According to the Merriam-Webster Dictionary, the first mention of master bedroom came in 1925. The following year, the term was used in a description of a 1926 Sears Modern Home.

While many have argued that the term has no actual >
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Do You Need Perfect Credit For A Refi?

Minimum credit score

A score above 700 is generally considered to be excellent and will open up your refinance options. But, contrary to what you may think, you can have a lower credit score and still qualify.

Credit requirements vary by lender and type of mortgage. In general, youll need a credit score of 620 or higher for a conventional mortgage refinance, said Experian. Certain government programs require a credit score of 580, however, or have no minimum at all. As is true for other types of loans, the higher your credit score, the more likely anbsp;mortgage refinancenbsp;lender will be to work with you. Not only are your chances of approval higher, but youll typically receive a lower interest rate and more favorable loan terms than qualifying borrowers with lower scores.

Going with a higher rate

Even if you dont qualify for the lowest available rate, any drop will save you money on a monthly basis, and also over time. This refinance calculator shows how a .25 reduction in rate can save you almost 100 a month on your mortgage. Of course, youll want to weigh those savings against the cost of that refi and also consider how long it will take you to recoup those costs.

Buying down your rate

If you dont qualify for the lowest rate and you want to go lower, you can buy down the rate. Mortgage points are one way for homeowners to lower their interest rate, said Bankrate. When you pay for points on a mortgage, you are actually paying interest right now for the loan. In return, the homeowner can lock in a lower and discounted rate. The rate depends on how many points are purchased. Your mortgage rate will drop more if you purchase more points.

Typically, one point means a .25 discount in the mortgage rate, and this will cost you 1 of the total mortgage loan amount. If you were looking at a 300,000 mortgage, it would cost you 3,000 to lower your rate by a quarter point. Homeowners can buy more than one point, depending on their financial situation.


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