Michael Petruccelli asks; Is Generation Y bigger than boomer, but full of financial woe? (5)

Michael Petruccelli says; Credit card debit is high, with 43% carring too much debt on their cards. The average Gen Y holds three credit cards, with 20% of them carring a balance of more than $10,000. They are the least likely of any generation to own their own homes.

Michael Petruccelli asks; Is Generation Y bigger than boomer, but full of financial woe? (4)

Michael Petruccelli says;   Nearly 70% of GenY is not building up a cash cusion, and 56% of those who work admit they have not done anything to build retirement or financial security.

Michael Petruccelli asks; What is a HUD-1 settlement statement?

Michael Petruccelli says; A document that provides an itemized listing of the funds that were paid at closing. Items that appear on the statement include real estate commissions, loan fees, points, and initial escrow (impound) amounts. Each type of expense goes on a specific numbered line on the sheet. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. It is called a HUD1 because the form is printed by the Department of Housing and Urban Development (HUD). The HUD1 statement is also known as the "closing statement" or "settlement sheet."

Michael Petruccelli asks; What is a legal description?

Michael Petruccelli says; A property description, recognized by law, that is sufficient to locate and identify the property without oral testimony.

Michael Petruccelli asks; What is a lease option?

Michael Petruccelli says; An alternative financing option that allows home buyers to lease a home with an option to buy. Each month's rent payment may consist of not only the rent, but an additional amount which can be applied toward the down payment on an already specified price.

Michael Petruccelli asks; What is a leasehold estate?

Michael Petruccelli says; A way of holding title to a property wherein the mortgagor does not actually own the property but rather has a recorded long-term lease on it.

Michael Petruccelli asks; What is a lender?

Michael Petruccelli says; A term which can refer to the institution making the loan or to the individual representing the firm. For example, loan officers are often referred to as "lenders."

Michael Petruccelli asks; What are Liabilities?

Michael Petruccelli says; A person's financial obligations. Liabilities include long-term and short-term debt, as well as any other amounts that are owed to others.

Michael Petruccelli asks; What can I do to help keep my Stove/Oven in good working order?

Michael Petruccelli says; Avoid using heavy or extra-large cooking pots or pans. They can damage your burners or glass top stove. Keep the inside of your oven clean by only using the self cleaning function if available. Use vacuum cleaner to clean under and behind the stove at least once a year. Keep your stove top clean and free of spilled food or grease buildup around burners. Use non abrasive cleaners on glass stove tops.

Michael Petruccelli asks; What can I do to help keep my Microwave in good working order?

Michael Petruccelli says; Do not use any container or dishes that are metal or have any kind of metal trim or edging. Clean the interior with diluted soap and water solution or baking soda. An abrasive cleaner may damage the lining and expose metal causing the unit to fail.

Michael Petruccelli asks; What can I do to help keep my Trash Compactor in good working order?

Michael Petruccelli says; Help prevent odors by replacing the deodorant supply regularly based on the amount of usage. Before running, make sure the bag is properly positioned and secured. Check to make sure when placing garbage in compactor there are no metal or hard pieces of trash that could jam the drawer closure. Wipe out as often as you feel necessary with baking soda or diluted soap & water solution. Help the environment sort your trash & recycle what ever you can before disposing of trash in compactor.

Michael Petruccelli asks; How do I keep my Heating system in working order?

Michael Petruccelli says; Winter is soon upon us so, this is a great time to do yearly maintenance on your heating system or at least go through the check list to help keep it running smoothly throughout winter. Have your mechanical system annually serviced and your duct-work cleaned before each heating season. Blower units making excessive noise should be brought to the attention of a licensed technician. Clean & dust the radiators and heating vents and inspect the radiators for any signs of leakage. Bleed air from your radiators on an annual basis. Check the exhaust pipe on your gas furnace for any loose connections. Call the gas company immediately if you detect a gas smell. Check filters every month and replace as necessary. Keep your outdoor condensing unit clean and free of debris.

Michael Petruccelli asks; How do I keep my Refrigerator in working order?

Michael Petruccelli says; Use a vacume cleaner to clean behind & underneath the refrigerator at least once a year. Clean & dust the sides and top of your refrigerator also. Check & clean the interior shelves, lining and door gasket every three months. Help the inside of the refrigerator smelling clean by keeping a cup of baking soda in the refrigerator at all times. A slice of lemon or lime will also work.

Michael Petruccelli asks; What are the most common sources of household fires? (part 5)

Michael Petruccelli says; Have wood-burning stoves, pellet stoves and chimney flues inspected at least once a year.

Michael Petruccelli asks; What are the most common sources of household fires? (part 6)

Michael Petruccelli says; Whenever hiring someone to work on your home, be sure they are properly licensed and fully insured. Certain repairs, like soldering, plumbing or stripping paint with heat, utilize an open flame. If not done carefully and properly, fires can result. Electrical work that is done improperly is another leading cause of fires.

Michael Petruccelli asks; Why do you need a home service agreement? ( part 2) What are the Buyer's benefits?

Michael Petruccelli says;  After you have made your down payment, covered your closing costs, paid for your move, and all the incidental expenses associated with a new, the last thing you need is a costly repair. The Home Service Agreement protects you against repair or replacement expenses for covered appliance and systems during the first year you own your home. Protect against unexpected repair costs. One-year of repair or replacement-just a phone call away. Renewable where allowed by law. Money-back guarantee.

Michael Petruccelli asks; What are the most common sources of household fires? (part 1)

Michael Petruccelli says; It is important for homeowners to recognize these potentially dangerous conditions and work to eliminate or reduce the risks. Most of these fires are preventable. Properly dispose of smoking materials and ashes/embers from a grill or fireplace away from the home in a fireproof metal container.

Michael Petruccelli asks; What is Loan Servicing?

Michael Petruccelli says; After you obtain a loan, the company you make the payments to is "servicing" your loan. They process payments, send statements, manage the escrow/impound account, provide collection efforts on delinquent loans, ensure that insurance and property taxes are made on the property, handle pay-offs and assumptions, and provide a variety of other services.

Michael Petruccelli asks; What is loan-to-value (LTV)?

Michale Petruccelli says; The percentage relationship between the amount of the loan and the appraised value or sales price (whichever is lower).

Michael Petruccelli asks; What is lock-in?

Michael Petruccelli says; An agreement in which the lender guarantees a specified interest rate for a certain amount of time at a certain cost.