Get A Clue!

Every now and then, a topic needs to be repeated, if only because the original post is either buried deeply into the archives, or new information is found that covers the material much more thoroughly.

I know that I didn't even "have a CLUE" when I bought my last house. I thought everything went fine during the transaction of purhcasing my present home. About a month after moving in, I received a letter from my insurance company stating that my homeowners insurance was being canceled in 30 days! There was a list of items the insurance company cited such as the property needing a new roof, rain spouting, and front steps. Mind you, this was "my" favorite national name insurance company through which I had exclusively used for all my family's insurance needs for over 25 years! My mind went numb. It was my first ever rejection by an insurance carrier, I confess to a sense of hurt pride that despite my long loyalty and high monthly payments to them, they were canceling me.

While frantically attempting to obtain a new policy, my hopes were dashed repeatedly by several large name insurers. It seems that if one national carrier cancels your policy, none of the others are interested in writing a policy for you either. Finally I was able to obtain a homeowners policy through an independent insurer. My new agent related to me that the house that I had bought had evidently had some prior insurance claims turned in by previous owners, making my property appear to be a "nuisance property". I had unknowingly ecome the victim of the CLUE exchange list.

CLUE stands for Comprehensive Loss Underwriters Exhange.

Had I of known about the insurance industry's "CLUE" report, perhaps I could have sidestepped a lot of grief. The industry keeps a file on loss claims filed against a property, and new owners could easily become the victim of purchasing a home that has had and may still have some "issues".

Read an excellent in-depth article by Terry Watson that was featured in the National Association of Realtors magazine by clicking on the link immediately below:

GET A CLUE

Thanks,
Best regards,
Jim Dvorovy
330-685-4615

Low credit scores = higher PMI

Low credit scores can have a huge impact on your monthly mortgage payment in the form of higher Private Mortgage Insurance (PMI) payments.

If you are comtemplating the purchase of a house, it pays over and over to guard your credit score, and keep it as high as possible.

Clink on the link below to read an excellant article that spells out in detail how a low credit score affects your monthly mortgage payment in other ways besides higher interest payments,

Low credit scores mean high PMI rates

Thanks, and best regards,
Jim Dvorovy
330-685-4615

Thinking Of Buying A Condo?

If you are thinking of buying a condominium in Stark County, there are certain things you should investigate before making your offer to purchase. Five quick questions you may want to ask:

1) Is the condo association professionally managed?
2) How do the monthly condo fees compare with nearby condo complexes?
3) What is the financial condition of the homeowner's association?
4) Are there any special contracts or leases or unusual rules?
5) Ask current residents what they most like and dislike about living there.

To read the entire article written by Robert Bruss, click on the link below:

Five Questions You Should Ask Before Buying A Condo

Thanks,
Best regards,
Jim Dvorovy