Articles From February 2014

The Lender You Choose Impacts Your Access to Low Rates


The headline above may surprise you. How can the lender affect your rate? Aren’t interest rates the same at every bank and lending institution?

Yes and no.

Interest rates are set by a federal regulatory agency, however vibrant lenders like my parent company, Mortgage Master, have so many creative ways of financing homes that you can wind up with a financing plan that gives you a rate lower than your local bank or broker offers!

How does that work?

When you work with Mortgage Master, one of the largest privately-held mortgage companies in the country, you get a professional, efficient team – working on a super low-cost platform – to pass low rates and highly efficient loan programs on to you. You’ll get a whole team of professionals dedicated to closing your loan fast, including:

  • The Mortgage Lender, Broker & Banker: That’s me. I’m here to find you a great deal and coordinate all loan efforts from application through underwriting and on to closing.

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Defining the Market


I would like to take this opportunity to express my appreciation to Ner Yisroel for everything I have gained there. I feel that I owe my success in learning, as well as in business, to the Yeshiva. Something that I learned when I arrived in R’ Adler’s shiur, in 1995, which I try to keep in mind every day, is a Gemara in Brachos (35b): “In previous generations, people made their learning primary and their work secondary. They were successful in both areas.” This is not referring to the number of hours spent on each. Rather, learning should be the main focus and highlight of


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My Son The Realtor


Between home-showing appointments, house closings, and the hours of research he puts in on behalf of his clients, my son Dovid (aka David, in the business world) allowed me to pin him down just long enough to get this exclusive WWW interview.

Q: What real estate agency are you associated with and what do you enjoy most about your profession?

A: I am a realtor with Prudential PenFed Realty. Although I work primarily in the residential sector, I also help clients with 10-31 exchanges in commercial real estate. I enjoy meeting all types of people and helping them find their dream home.


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A Mortgage Company You Can Count On


Inevitably, when I mention that I am in the mortgage business, people tend to give me a pitiful look and maybe a pat on my arm, saying, “It must be really rough for you in this market.” The truth is that in the past few years there has been a mass exodus of mortgage companies and loan officers, yet many companies have done more loans than ever before. Numerous loan officers have been skipping from mortgage company to mortgage company trying to find a new home; a few of them have stuck it out and soared.

When I joined Guaranteed Rate in March of 2000, there were 38 employees. Now, 14 years later, we employ over 2,700 employees and are listed as the eighth-largest mortgage company in the country. That is right up there with the most recognized banks. I have been blessed to be listed as high as the #2 loan officer in the country, out of 200,000 people who work in my field.


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Current Status of Ground Rents


Ground Rents – that quintessential Baltimore legal institution – have undergone tremendous change in the past decade. Although commonly described as the situation where an owner owns only the improvements on the property, while someone else (the Ground Rent owner) owns the land, it is, according to legal theory, more aptly defined as a “reversionary interest.” This means that the Ground Rent owner has the right to take back the property (both land and improvements) if the Ground Rent is not paid.

Ground Rents were very attractive to the developers who built-up northwest Baltimore City in the 1950s and 60s. By creating a Ground Rent simultaneously with the sale of the newly-built houses, the developers were able to retain a stream of income from these properties even after selling them, thus making Ground Rents particularly prevalent in our area.


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What You Need to Know about Rentals


According to a National Multi-Housing Council 2012 survey, approximately 35 percent of households in the U.S. are renters. Reasons for renting vs. buying are quite varied. Many people move into the community for a job and need a year or two to learn the area to see where they want to purchase. Others move for school or residency, and are not sure if they will stay once that assignment is completed. Other reasons include not yet being able to qualify to buy a home, a general desire for flexibility, marriage, divorce, or lack of supply of homes to buy. The point is, many people have to rent, and they are always looking for good-quality housing that is convenient and affordable.

In our community, many different property types are available to the renter, including apartment complexes; “apartment-style” condominiums; town homes, which are typically a part of an HOA or a condo association; and semi-detached and freestanding homes, which are not part of a homeowner association. We will elaborate more on these below.


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Foreclosures 101: Part 1


Note: The nature of the foreclosure process and the parties involved can vary state by state. This article is based on the laws in the State of Maryland and is not a reflection of or guidance on the laws of any other state.

Chances are someone you know is going through the painful process of a foreclosure. It might be the person sitting next to you at work or at shul. Anyone in foreclosure is already dealing with the gut-wrenching experience of potentially losing their home. What makes this process even more challenging is the perplexity that surrounds it. This general overview of the foreclosure process is to provide clarity and guidance to those who are unused to the vagaries of the legal system, and may not know where to turn to for help.

 

Let’s first explore the identity of those involved in the foreclosure process. Often, the parties listed on the initial notice include only the names of banks or law firms. This can be very confusing and leads to questions like “Who is this lawyer and why have I never heard of him?” or “Does one of these parties represent my interests?” To help clarify, the main parties are the investor, the servicer, the law firm/substitute trustee(s), and the homeowner.


Read More:Foreclosures 101: Part 1

The Housing Market: Move-Up Buying Activity Is on the Rise


Now is the time for trade-up buying. Although the recession and housing downturn left many Americans with underwater mortgages, the housing market has come a long way, and homeowners are finally seeing their equity increase – some to the point that they can trade up for a more expensive home. 

According to a report from FNC, a real estate data firm, home price gains have enabled many Americans to move up when purchasing a new property. “An important sign of a healthy and sustainable recovery is increased housing turnover driven by trade-up buying, which is more or less discretionary spending,” said FNC director of research Yanling Mayer. “These buyers are typically more responsive to market conditions and financial incentives.”

Mortgage rates generally are on the rise (although rates dipped slightly during December 2013), so buyers are recognizing that the historically low rates of today might not be around tomorrow. Move-up buyers with sufficient equity are finding that now is the time to make a purchase. Eric Tan, a Redfin real estate agent in Los Angeles, said that these move-up buyers know that if they don’t act now, they may be kicking themselves in the months ahead.


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The Basics of the Closing Process


Buying a house is usually one of the largest transactions of your life. Without proper advice and guidance from an experienced professional, the process can be overwhelming. A little help can go a long way towards easing the stress of a home purchase. Here are the basics of what you can expect once you have finally found the home of your choice. 

Starting the process: If a real estate agent is involved, he or she will prepare the contract. If not, I recommend that an attorney prepare the contract to make sure it follows statutory requirements and that your interests are adequately


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The Advantages of Home Ownership


Ahh, Pickwick Apartments. As young newlyweds, my wife Leslie and I rented a two-bedroom apartment on Elray Drive. It had a large kitchen, a washer-dryer, and a beautiful walk-in closet.

Our initial monthly rent, in the spring of 1974, was $190. As time passed we were blessed with two beautiful daughters, and the second bedroom had ample space for them. The monthly rent had increased to $210.

The landlord took care of any repairs. There was no grass to cut, no property taxes to pay, and when a neighbor complained about our sukkah, we were given two weeks to take it down.


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Why You Need a Buyer’s Agent


Buying a home is usually the biggest purchase of one’s life. You can’t afford to be uninformed and leave things to chance. You are more likely to be satisfied with your purchase if you understand each step, as well as the nuances of market conditions in the area in which you want to buy. At present, in our community, the demand for homes in some areas has exceeded the supply. Finding the right home in the right location at the right price can be difficult. Good houses sell quickly, sometimes with several competing offers. Having the guidance of a seasoned professional, who understands the market dynamics, can be the difference between getting what you want or having to settle for something else.

Being an informed buyer and getting the right assistance means working with an Accredited Buyer Representative (ABR). This can make a big difference in your home buying experience and final results. The Real Estate Buyer’s Agent Council (REBAC), a subsidiary of the National Association of Realtors (NAR), award the ABR professional designation to experienced real estate agents who have completed advanced training on representing the interests of home buyers.


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Understanding Title Companies


Understanding Title Companies

           

People often ask, “What does a title company do and why do I need one?”                       

A title company makes it possible for a homeowner to pass ownership (title) to a new owner. Buying a home is easily the largest single purchase a person will make in their lifetime, so it is crucial that no title surprises lurk behind the scenes. To protect the buyer, a title professional will search the public records for any problems with the home’s title. This search typically involves a review of land records going back many years. More than a third of all title


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Growing Up Deaf, Part 2


sign language

Many Baltimoreans have never met a deaf person; many others don’t know that we are fortunate to have a thriving community of people who are deaf and hard of hearing right here in our neighborhood. Those who witnessed the Our Way Shabbaton, which was held in Baltimore, now know that deaf people come in all shapes and stripes, just like hearing people. They have their own language and can fit into the community very well, when provided proper support: read, interpreters. In this second article of the series, Leah Caplan continues the story with her discovery of a world


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Eating Never Became Old-Fashioned Restoring Sanctity to Eating … and to the Rest of our Lives, Part 23


green beans

In the previous articles of this series, I have generally taken a concept from hashkafa, how we should lead our lives, and used it to understand how to better deal with eating issues. This month, we are going to try to learn something from eating that we can apply to the rest of our lives.

In the recently published book, A Divine Madness, from a manuscript written by Rav Avigdor Miller and edited by Daniel Zaslow, my “antennae” for eating-related themes perked up at this statement: “The loyal Jewish Nation had always considered the Torah as eternal, coming from the Eternal


Read More:Eating Never Became Old-Fashioned Restoring Sanctity to Eating … and to the Rest of our Lives, Part 23

Letters to the Editor


mail box

To the Editor,

I very much enjoyed the article by Eli W. Schlossberg about Rabbi Steinberg, z”l. As a former Bais Yaakov student, it brought back memories and highlighted aspects of his personality that were not often brought out in other articles I’ve read. One of these was his simchas hachaim (joyfulness). My husband remembers spending Shabbos in his house, and told me that he was singing the whole Shabbos.

Most of the time, Rabbi Steinberg was dignified and very proper – he always called us by our last names, Miss P or Miss G – but he knew how to let down and make things fun for us girls when appropriate, like during outings. I also remember that he sought the students’ opinions about school matters and built up our self-esteem. I was once in his office when he called the seminary to which I had applied to make sure I was accepted, and took the opportunity to praise me so I could hear it.


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How We Got From There to Here


west bank

Way back in 1965, I was a student at Yeshiva Kerem B’Yavne and was in Yerushalayim for Simchas Torah. Since they only keep one day in Israel, they had what was called “hakafot shniyot,hakafos on the second day of Yom Tov – with a band and with people who traveled from all over. I remember that the place was very crowded, and the speaker, whoever he was, said over the microphone, “Next year we will have more room because we will celebrate in front of the Kotel Hama’aravi.” I remember thinking that this was the most ridiculous thing I had ever heard – except that he was right. Two years later, in 1967, the Jews did dance in front of the Western Wall!


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Down Syndrome 1979, Part 5 To Stay or to Go? That Is the Question


baby

Summary: With the bris over, real life with Rafael begins. Tzipora continues to grapple with her conviction to live with – and understand – emunah and bitachon. A jarring incident at a secular support group helps her realize that she should not judge the way others process grief, just as she doesn’t want others to judge her. Financial matters also come to the fore. While Rafael receives free once-a-week physical therapy from Baltimore City, the family faces mounting co-pay bills for services covered by private insurance. Maryland state law did not yet recognize the needs of families with children with disabilities, and in the Jewish community, too, there was little acknowledgment of or help for disabilities. The Fragers consider moving away from Baltimore.

Life finally settled into some semblance of normalcy. My schedule, as well as that of my toddler daughter, now revolved around Rafael’s therapy sessions. I did not go back to college to finish the BA I was working on. (I had planned to become a high school history and English teacher.) I also stopped teaching limudei kodesh at Bais Yaakov and various Hebrew schools. Instead, I attended three 90-minute physical therapy sessions per week at Mt. Washington Pediatric Hospital. That was in addition to the hour of physical therapy he received from the City once a week in our home. Each physical therapist gave me homework to do with Rafael, in hopes that he would meet the first year’s physical milestones in a timely fashion.

 


Read More:Down Syndrome 1979, Part 5 To Stay or to Go? That Is the Question

To Everything There Is a Season and a Repurpose Under the Heavens


repurposing

If you are like me, you have drawers, cabinets, and closets full of “stuff” that you no longer use but can’t bring yourself to throw out. My top excuses, in no special order, are: 1) It might come in handy one day; 2) It is still in good condition; 3) It might come back into style; and 4) It brings back memories.

What’s the answer for holding on to this stuff without looking like a packrat? With a little ingenuity, you can “repurpose” these items, making treasures out of what some people think of as trash! When our great-grandmothers unraveled sweaters for the yarn, crafted fabric scraps into a quilt, or sewed a child’s jacket out of an ancient coat, it was called frugality. Most of us would consider these activities distasteful – certainly nothing to brag about. Yet today, such frugality has returned – with a twist. It is now called “repurposing,” and it is “cool.”


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Obamacare Followup


Obamacare Approved

After years of anticipation and speculation, the Affordable Care Act (Obamacare) is now officially in effect. The health insurance marketplace has experienced a dramatic metamorphosis and will continuously evolve as the effects of Obamacare are sorted out. There are many components of the new laws that are still murky to most people, and I will do my best to shed light on some of those issues and concerns.

At the end of 2013, most people were faced with three options:


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Know of Whom You Speak


Know 2

Most of you have read a plethora of shidduch articles. Usually, they are loaded with advice and guidance for your typical girl or boy “in the parsha” or, to put it in plain English, dating eligible. Well, all you singles out there can breathe a sigh of relief, because this article is not about more advice for you. Rather, it is aimed at everyone else: the typical neighbor, friend, doctor, coworker, mailman, butcher, uncle’s friend’s neighbor’s cousin – even the parrot! – of a single, dating-aged person! Basically, anyone with the ability to talk should keep reading.


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Where Have All The Parents Gone?


where have all the parents gone 1

I am a child of immigrants to the United States of America. In general, the immigrant generation had a hardworking, no nonsense attitude about life and a strong hakaras hatov (gratitude) to this wonderful country, a true medina shel chesed. Recent historians and pundits have labeled this group “The Greatest Generation“ for having successfully endured the adjustment to the new country, survived the economic hardships of the Great Depression, fought and won World War II, and then became part of creating the greatest post-war economic boom in American history.


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How I Met My Tichel


tichel

I grew up with a loving, sheitel-wearing mother. My mother always looked put-together. Despite raising nine kids, being “a lady” and looking beautiful for my father was priority for her. She used to tell me the story of how a certain Rebbetzin walked into our home early on in her marriage, and found her looking a bit disheveled.

The Rebbetzin scolded her. “This isn’t the way a Jewish mother looks when her husband comes home.” My mother said “But my make-up is upstairs. I can’t leave the children in the middle of everything that’s happening to put myself together.”

The wise Rebbetzin gave her sage advice: “Keep some make-up downstairs.”

When my mother told me the story, I was quite young and I didn’t really understand why it was a story. It had no plot, no climax. All I knew was that our bathroom cabinet had cosmetics in it and that, of course, who wouldn’t want to look great.

Now I realize that my mother, ever the teacher, was telling me something important. She was sharing with me wisdom of womanhood – not that you always need make-up but that your appearance matters. And it doesn’t stop mattering once you’re raising a family. It’s an integral part of your marriage and, more than that, of your self -image.

 Every job has a dress code, according to what the job is. When you dress in a lovely, put-together way as you show up for motherhood or wifehood, you’re letting the world know –you’re letting yourself know – that these jobs are important.


Read More:How I Met My Tichel