Eric Mitchell Real Estate

Closing Cost Primer: Know Your Terms Buying a home is undoubtedly one of the most expensive ventures of your lifetime. But it’s important to understand that much more goes into budgeting for a new home than the price of the house itself—like closing costs. Closing costs are fees charged by the lender at the closing of your real estate transaction, and usually amount to thousands of dollars. Your real estate agent can explain and estimate what all of your particular closing costs will be, as they vary by state, but here is a handy list of terms and definitions from Bankrate.com to help bring you up to speed. Real estate lingo can be confusing, so becoming familiar with these terms in advance will help demystify the closing process. Origination, broker, lender or originator:  A fee charged to create a home loan. It's often a set percentage of the mortgage amount. Discount points:  A fee in the form of mortgage interest paid upfront. In exchange for this fee, the le...

Solutions to Common Basement Problems If you have a basement, whether finished or unfinished, you’ll likely encounter problems at some point. Basements are notorious for water-related issues that can affect the condition of the house, damage the basement’s contents and even affect residents’ health. Problems Caused by Excessive Humidity Humidity is a frequent source of major problems in a basement. Moisture can accumulate in an area that is poorly ventilated and can lead to mold and mildew. Those issues can result in poor air quality, not just in the basement, but also on the first floor of the house, which likely includes living areas where family members spend a significant amount of their time. Mold and mildew can cause a variety of health problems, ranging from headaches to respiratory issues to allergic reactions. The effects can be particularly serious in children and the elderly. If the basement does not have windows, a dehumidifier can control the level of moisture in...

Credit Card Habits Your Kids Can Take to College Starting college is full of all kinds of new experiences. Students are left on their own for probably the first time in their lives, and it can be daunting. Using a credit card can be one of those “firsts,” and parents can help by explaining how credit cards work and instilling good financial habits in them. Here are some credit card habits students should learn before they get to college: Have a Job To get a credit card in their name, students will often have to have a job and a credit history. Both of those may be hard to establish; some credit card issuers will only require an income. Either way, it’s important to have an income for the basic reason that they’ll need money to pay for what they buy with credit. If not, and they still want a credit card, they can either be added to your credit card as an authorized user or apply for a secured credit card where they put down a deposit and can only charge up to that amount...

4 Ways to Be Happier (It’s Not What You Think!) If you think more money and grander achievements are among the things that will make you happier in life, guess again. According to Professor Laurie Santos - who developed and teaches the most popular class in the history of Yale University, “Psychology and the Good Life” - the habits that lead to true well-being run counter to what most people believe would make one happy, such as the accumulation of luxurious material possessions. So what does make us happy? Here are just a few of the simple practices that when done regularly, exponentially increase our health and well-being: Sleep.  Often overlooked and passed by in our productivity-focused society, sleep deprivation is a serious trigger for anxiety and depression. When Santos’ students traded all-night study sessions for eight hours of sleep, not only did their well-being increase, so did their grades. Exercise . Instead of quizzes, Santos requires students to parti...

5 Painless Ways to Save Money Everyone wants to save money—to put funds aside in case of emergency, put a down payment on a house, or take a fun vacation. But for many people, saving isn’t easy. One sensible way, say financial advisors, is simply to pay yourself first; put 10 percent of every paycheck in a savings account before you do anything else. Proponents say you’ll hardly miss the money you skimmed off the top—and the joy of watching your savings mount up will be more than worth the sacrifice. The penny-pinchers at PennyHoarder.com suggest five more (relatively) painless ways to build up your savings: Get a piggy bank.  Empty your pocket change into a piggy bank every night and count it whenever it’s full. You’ll be amazed at how much you save. Join an online focus group.  Taking polls and answering surveys can pay off in bankable funds. Check out sites like MyPoints, Opinion Outpost and Inbox Dollars, which may pay you more than $700 a year for taking s...

How to Save for Retirement If You're Self-Employed Working for yourself comes with a lot of responsibilities—and funding a retirement plan should be one of them. After all, if you don’t think ahead to your retirement, who will? Payroll deductions and 401(k) retirement plans set up by employers make it easy for workers at 9-to-5 jobs to contribute to retirement plans. But for the self-employed, it can be more of a challenge simply because there’s no one to do it for you. Here are some ways to take the process of funding a retirement plan into your own hands: Traditional or Roth IRAs If you’re just starting out or saving less than $55,000 a year, a traditional or Roth IRA is a good option. If you’re leaving a job to start a business, you can roll your old 401(k) into an IRA. As of 2018, the annual IRA contribution limit is $5,500, plus $1,000 catch-up contribution if you’re 50 or older. The Roth IRA has income limits for eligibility, meaning that those who earn too ...

Signs That Your Chimney Needs Repairs A damaged chimney is a fire hazard. Some problems can be identified by a homeowner, but many are only noticeable to a professional under specific conditions. If you see any signs of a problem, contact a chimney repair company. You should also have your chimney cleaned and inspected regularly. Common Chimney Problems Moisture in a chimney or fireplace can cause rust in the firebox or on the damper. Even if you don’t see rust on the damper, if it’s difficult to use or doesn’t seal well, it may be rusting. Rust can also cause the flue lining to crack, which can lead to a house fire. A chimney sweep will need a special camera to identify a cracked flue liner. If water enters brick, it can cause the surface to peel or flake off or to pop out in a process called spalling. Pieces on the outside of the chimney can fall off, and the problem will only get worse if it isn’t repaired. Efflorescence, or white staining on the chimney, is caused b...