Danville Resident Summits Everest

27 year old Curt Myers reached the peak of Everest last Friday, and he’s from Danville, CA.

SimplexGrinnell, his employer, funded his trip up the massive mountain which he reached at 4:33 PM. 

Myers has also climbed the top of Mount McKinley in North America, Mount Aconcagua in South America, Mount Kilimanjaro in Africa and Mount Elbrus in Europe and plans to summit all of the highest mountains on the 7 continents.

 It’s an incredible feat considering one of 10 climbers who attempt climbing Everest perish.

Here is some trivia on Mount Everest

Spring is here: How’s Your Garden?

Spring, time to tend to your garden.  Do yourself a favor and get the “Sunset New Western Garden Book” either online or at your local hardware store like Home Depot, Lowes or OSH.  The next thing you need to do is to figure out what climate zone you’re in.  We in Danville CA are in the 9a or 9b zone.  In my experience in the last ten years that I have lived here we are more of a 9a than a 9b.  I have seen sustained cold temperatures in the low 20’s that can do some substantial damage to less hardy plants.  Only pick plants that will work in this zone.

The next thing to do is to observe your garden and what types of sunshine hit the various spots at different times of the day.  This is really important so that you match the proper plant with the right amount of sunshine during the day.  Some plants like direct sun all day, some part of the day (morning or evening) and some don’t like it at all.  The book will give you the information you need on all of the plant’s requirements.

When choosing plants, also keep in mind how big they get.  Generally, you want bigger plants planted behind smaller ones (no brainer, right?) and make sure you have enough space between them to grow.  Also, it’s helpful to make a diagram of your garden and plan which plants go where.

Other things to keep in mind are what plants you place near each other.  If you put a shade tree next to a plant that needs constant sun, you’ll have problems.  I like to choose plants that flower at different times of the year so that I have something blooming year round.  Again, blooming patterns are also in the book.  

 Make sure to check the watering needs of your plants and adjust automatic sprinkling systems accordingly.  Make sure that the plants you place together have the same water requirements.  Keep in mind that you might be watering your lawn differently than your plants and make sure that your sprinkler heads aren’t spraying them unless you want them to.  I have my plants on different sprinkler valves than the lawn so that I can adjust it.

Even if a plant requires a lot of water, be sure that your soil drains properly.  You can do that by conditioning the soil and mixing in some potting soil.  Our clay soil is really bad at draining.  You might even have to install extra drains to make sure that the water drains off properly otherwise the roots will rot from too much standing water.

For more on Gardening.

List of Common Real Estate Terms

ADJUSTABLE RATE LOAN (ARM)

A mortgage loan in which the interest rate may increase or decrease over the course of the loan depending on specific economic indicators.  Differs from a fixed rate loan where the interest rate remains the same throughout the loan term.

 

AMORTIZATION

A process of gradually paying off a debt by making equal periodic payments of principal and interest on a loan at equal intervals of time. Eg. (250.00 per month for 30 years.)

 

APPRAISAL

An estimate of a property’s valuation by an appraiser.

 

APR ( Annual Percentage Rate)

Rate of interest charged on a loan that takes into account all up-front fees and points.

 

ASSESSED VALUE

A value placed on a property by a public officer (assessor) or a board as a basis for property taxes.

 

ASSUMABLE MORTGAGE

A mortgage that is transferred to the buyer who then becomes personally liable for the terms and conditions including payments.

 

BACK RATIO

The total debt expense (or Back Ratio) compares your total monthly obligations including your total mortgage payment to your monthly income.  Eg: Credit card debt, car payment, etc. plus PITI.   Most banks use a ratio of 36 to 40.

 

CLOSING

The actual transfer of title for money or other consideration.  This is the day that parties actually consummate a deal.

 

CONTINGENCY

A provision in a contract that requires that a certain act be done or a certain event occur before the contract becomes binging.  Eg. (When it is necessary for a person to sell their existing home before they can close on a new home.)

 

CLOUD ON TITLE

An outstanding claim or encumbrance that would impair the title.  Eg. (mechanics lien, judgments etc)

 

CONVENTIONAL LOAN

A loan not insured or guaranteed by a government.

 

DEED

A written instrument that, when executed and delivered, conveys title to or an interest in real estate.

 

DISCOUNT POINTS

An added loan fee charged by a lender to make the yield on a lower than market value loan competitive with higher interest rate loans.  One point is equal to one percent of the loan.

 

DOWN PAYMENT

The amount of cash that a purchaser puts down to buy property.  Most lenders require a minimum of 5% down payment for an owner occupied purchase where the purchaser(s) intend to live in the property and at least 20% down for an investor purchased property where the investor does not intent to use the property as their primary residence.

 

EQUITY

The value of a property over and above any mortgage indebtedness.  Eg. ( Your house is worth 80,000 market value and you have a current mortgage balance of 60,000 therefore, your equity would equal 20,000.)

 

ESCROW ACCOUNT

An account usually established by the lender to make payments for hazard insurance and property taxes.  You’re monthly payment will include enough money to pay principal and interest to the bank for the loan as well as enough money to pay 1/12 of the annual taxes and insurance which gets deposited into the escrow account.  This process protects the bank by insuring that the property remains insured and that the property is not taken through a process known as in-rem for unpaid taxes.

 

FHA LOAN

A loan insured by the Federal Housing Administration and made by an approved lender.

 

FRONT RATIO

The housing payment ratio (or Front Ratio) compares your total mortgage payment to your monthly income.  Most lenders typically use a ratio of 28 but can be as high as 32.

 

HUD-1 SETTLEMENT STATEMENT

A closing statement that outlines all costs associated with a real estate transaction.

 

LIEN

A right given by law to certain creditors to have their debt paid out of the property of a defaulting debtor.  Court judgments become liens against a persons real property.  Liens and judgments are recorded at the county clerk’s office and are considered public information.

 

LOAN ORIGINATION FEE

Same as discount points.  A point is equal to 1% of the loan.

 

LOAN PROCESSING FEE

A flat fee charged by lenders for administration of the loan process.  Some banks waive this fee.  

 

LTV% (LOAN TO VALUE)

Commonly referred to as loan to value ratio, this figure tells the lender what percentage of the purchase price the loan is going to be.  Eg. (On a 100,000.00 house a 97%LTV would equal 97,000.00)

 

MARKET VALUE

The actual value of property at a specific time.  Eg. (What your house would sell for today if you were to decide to sell.)

 

MORTGAGE

A pledge of real estate as security for the payment of a debt.  Simply put, a mortgage is a recorded document that tells the lender that the borrower pledged their real estate as collateral for a loan.

 

PITI

An abbreviation for principal, interest, taxes and insurance and generally referring to an all encompassing monthly payment on a mortgage to a lender.  Lenders use this figure to pre-qualify a buyer.  Lenders will traditionally allow buyers to use up to 28% of their monthly income to pay PITI.  Anything higher than this is considered risky to the lender.  Coupled with other monthly debt like a car payment or credit card payments the lender will allow up to 40% of your monthly income to pay PITI+OTHER DEBT.

 

PMI

Abbreviation for private mortgage insurance.  Lenders require PMI when the LTV (loan to value) exceeds 80%.  PMI insurance as a rule of thumb costs approximately 1% of the loan amount per year.  The cost is generally added to the monthly payment.

 

PRE-QUALIFICATION

A process where a lender or a REALTOR® determines how large a monthly payment a purchaser can afford.  Lenders generally allow a buyer to apply 28% of their monthly income towards PITI. 

 

PRINCIPAL

The amount of money that a borrower owes on a loan at a given time.

 

TITLE

Evidence of ownership.

 

TITLE INSURANCE

Insurance that guarantees a return of your investment should a title problem arise after you take possession.  There are two types of title insurance.  1) A fee title policy insures the owners title.  2) A mortgagee title policy insures the lender for the mortgaged amount.  Most lenders require the purchaser to pay for a mortgagee policy to indemnify the lender.  Policies typically run anywhere from approximately $350.00 to $750.00 depending on the mortgage amount.

 

TRUTH IN LENDING DISCLOSURE (RESPA)

A federal law commonly known as the real estate settlement and procedures act that requires certain disclosures to consumers about mortgage loan settlements.  The law also prohibits the payment or receipt of kickbacks.

 

We at Legends Realty  at will walk you through every step of the way.  We will make sure that you feel 100% comfortable with the entire real estate process.