Monday, April 23, 2012

3 Things Every Parent Should Know About Keeping Young Athletes Safe


Our friends at Alliance Insurance have provided a few tips to help keep your kids safe during the upcoming season.

Your child should get his or her heart checked.
More than 75 young athletes succumb every year to sudden cardiac death due to undetected heart defects. The American Heart Association recommends that kids who play sports get a thorough physical exam every two years. Check whether your child’s school has automated external defibrillators (which can deliver a lifesaving shock during cardiac arrest), and make sure the devices are present at school athletic events.

The brain needs rest after a head injury.
When recovering from a concussion, kids should get “cognitive rest,” which can mean refraining from thinking activities such as challenging schoolwork. Talk to your child’s doctor and school about easing him back into his studies, and monitor his symptoms.

One-sport athletes should take extra precautions. As more youths play one sport practically year-round, overuse injuries like pitcher’s elbow have begun to spike. To help prevent such injuries, underage athletes should follow the 10 percent rule: Don’t increase training intensity, frequency, or duration by more than 10 percent per week. Kids should take at least 10 weeks off from their sport each year.

To learn more about Alliance Insurance click here.

Tuesday, April 3, 2012

FAQ: Approval & Closing


If you're looking to purchase a home or refinance your current home, here are some some frequently asked questions regarding Approval and Closing.

1. How long does it take to obtain loan approval?
The average number of days from application to approval will vary from lender to lender, however 7-10 business days is typical. Depending on your credit history, down payment or equity in your home, and the loan program selected, some lenders may be able to approve your mortgage in less time.

2. How long will it take to close if I applied for my mortgage through a "pre-approval" program?
If you applied through a "pre-approval" program and were approved, some lenders can close within 3 weeks after a purchase contract has been signed. In most cases, 45-60 days from application to closing is typical. Each lender's timeframe will vary and the transaction itself may cause the timeframes to vary.

3. If I refinance my loan with my existing lender, will I have to pay all the closing costs again?
Typically, yes, as there is a cost to process any new loan application. This cost may include fees paid to third parties, such as the appraisal provider and the title and closing providers.

4. Will the lender agree to include my closing costs in the loan amount?
On a purchase transaction, you typically cannot finance your closing costs into the loan amount. Some lenders do, however, have special programs under which you may be able to finance some, or all, of the costs by agreeing to a slightly higher interest rate. Also, if you are refinancing, you may be able to refinance some, or all, of your closing costs.

5. How quickly can a lender close on my home loan?
Many lenders can facilitate closing 2 to 3 weeks after you have agreed on a purchase contract for a home. If you need more time, you can take as long as you need. However, keep in mind if you want to close after your rate lock expires, you will need to pay additional fees to protect your interest rate. Many lenders require 30-60 days from purchase contract and application to closing.

6. Can I close on a home without having to be at the closing table?
Many lenders are willing to accommodate what is termed a "mail away" closing. You may also appoint someone to act for you by using a Power of Attorney. In this scenario, you would actually assign someone to sign on your behalf. Each state has its own specific requirements, so please check with your closing agent for state specific requirements. If you select a "mail away," the lender will coordinate overnight delivery of the documents to ensure a timely closing. Please note this process may require some additional coordination time.

7. What is direct billing?
A direct billing program allows a relocation lender to pay all the non-recurring closing costs on your behalf and, in turn, bill them directly to your employer. This makes the closing process easier and reduces the out-of-pocket expenses you are responsible for at the time of closing. Direct billing is only available in certain situations.

8. How much money will be required at closing?
You should consult with your individual lender and closing agent; however, the amount of money needed for cash to close is comprised of your down payment, closing costs, as well as the prepaid items for your initial taxes and insurance escrow accounts. A lender is required to provide you with a good faith estimate of settlement costs at the time of application. Also, typically within 24 hours prior to your closing, the closing agent will provide you with the final sum of money required for the closing.

9. Does the lender require title insurance for purchase transactions?
Yes, a Mortgagee's Title Insurance Policy will be required on purchase transactions.

10. What homeowner's insurance requirements will I need to meet at closing?
Most lenders require a one-year paid receipt for homeowner's insurance policy for at least the amount of the mortgage at the loan closing.

11. What should an active duty service member consider before refinancing?
If you are a service member on active duty, prior to seeking a refinance of your existing mortgage loan, please consult with your legal advisor regarding the loss of any benefits you are entitled to under the Service members Civil Relief Act or applicable state law.

Click here for more FAQs provided by Colorado Mortgage Alliance.