Types of Trees To Use in Your Front Yard

 Your front yard is a big part of your home's curb appeal and it is important for it to look good. Not only does it enhance the features of your home, but it is also a great place to go outdoors and relax. Walkways, driveways, grass, shrubs and flowerbeds are some of the main things you find in a front yard. A great additional feature to add to your front yard is a small tree. Professionals suggest these small trees to make your front yard look complete.

Crabapple Tree

A crabapple tree has beautiful fragrant, colorful blooms that produce tart fruits and are rich in foliage. The tart apples are not good for eating, but you can make cider, jelly and sauces from them. The blooms are what make this tree stand out. There are many different varieties with different colored blooms and leaves.

Japenese Maple

The Japanese Maple also called the Acer Palmatum, is a perfect tree to add color to your front yard. Their roots are shallow so you do not have to worry about them growing into your foundation. These trees grow slowly and usually grow to around six feet. Drawf varieties are great for small tight spots or a nice ornamental pot.

Dappled Willow

Willows are known for being riverside trees but also look great in a front yard. These trees are low-maintenance and do well in damp conditions. These can reach eight to ten feet and can grow pretty fast. A perfect tree to make a border when planted several in a row.

Lilac

The lilac has a beautiful bright purple bloom that also has a wonderful fragrance. Lilacs are the first to bloom in the spring and also have shallow roots so they will not hurt your home's foundation. A good idea is to plant a lilac about four feet away from your house and make sure it is a sunny spot. These trees can grow up to 15 feet!

Strawberry Tree

Even though it is called a strawberry tree, it does not produce the red juicy fruit (the strawberry). Even though it does not give us strawberries, it does produce wonderful edible fruit. This tree grows to about eight to ten feet and is drought tolerant making it a low=maintenance tree. It is great for giving your front yard a little color with its reddish bark and green leaves.

Magnolia

Magnolias are a southern favorite with beautiful star-shaped flowers. These trees are also early bloomers, blooming in the spring. They do grow to about ten feet but are slow growers. Even though you see magnolias mostly in the southern states, there are several varieties that can be grown in different climates.

Rowan

This is a great small tree that attracts birds to your front yard. This tree has red berries that birds love. During the fall, the foliage turns a deep red which compliments the pale pink trunk. This tree can reach around 20 feet tall but they are slow growers so it will take a while for it to reach its full height.

Ceanothus

The Ceanothus is known as the California Lilac. It is a small tree that looks like a shrub and has beautiful long-lasting blue flowers. These trees love a sunny spot that is sheltered. It can reach ten feet tall and is an easy grower.

Remember with anything, do your research and find the best tree that wil fit with the design of your home and the climate you live in. A tree will last for a long time so make sure you are happy with the final result.

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A Drop in Refinancing Hurt Mortgage Rates in May

 According to Black Knight's monthly market monitor, May saw a 5% drop in rate lock volume due to a slow month for refinancing. The drop in refinance activity fell for both rate term refis and cash-outs. This is not good news for lenders because they rely on the purchase market for origination volumes.

Black Knight's monthly market monitor report watches the trends in the homeownership life cycle. It is the leader in the industry with its own software, data and analytics program.  The combined insight of the Black Knight HPI and Collateral Analytics’ home price and real estate data provides one of the most complete, accurate and timely measures of home prices available, covering 95% of U.S. residential properties down to the ZIP-code level. In addition, the company maintains one of the most robust public property records databases available, covering 99.9% of the U.S. population and households from more than 3,100 counties.

The report revealed that slower monthly mortgage originations caused a dip
of 4.8% in rate locks. Mortgage rates are down this month 7 basis points from April which came in at 5.34%. There was a 23.6% decline in rate/term refinance lending activity from April and an 89.9% dip year over year. As for cash-out refinance locks they were down 11.9% from April and 42.2% from the same time last year.

“We’ve seen rate/term refinance activity essentially evaporate and cash-out activity is now suffering as well,” said Scott Happ, president of Optimal Blue, a division of Black Knight. “While there is volume pressure across the board due to rising rates, purchase volumes are holding up the best and are now driving 82% of all origination activity.”

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What FEMA Says About New Flood Insurance Rates for St. Tammany Residents

 A Federal Emergency Management Agency (FEMA) official, Gilbert Giron, has addressed St. Tammany residents' concerns regarding the huge increase in their flood insurance premiums. The spike in rates can be contributed to the "overhaul currently taking effect" with a complex new system. The official explained that for years Louisiana residents have been paying artificially low rates for years while the state has had a large amount of claims paid out.

“We are addressing that not just in Louisiana,” said Giron. “We're addressing this in the entire country.”

This new system is called Risk Rating 2.0 and will take the place of FEMA's maps for setting rates. The system will look at each property taking into consideration the individual characteristics basing the premium on each property. The change will bring FEMA's national program up to date with how many in the private sector practices.

FEMA says that rate increases to existing policyholders will be phased and will be at a maximum of 18% per year. The increases will continue each year until the policyholder's home reaches their full risk rate. Insurers and real estate agents in the state have already seen some premiums quadruple or more compared to what they saw with the old system.

Parish leaders are afraid of what these new rates will do to the housing market in Louisiana. The state has the most residents participating in the National Flood Insurance Program. The state and parish leaders want to be able to set a limit to increases but so far they have not been able to set a limit.

“We have people who are leaving because they simply can't afford to live there anymore,” said Bonnie Peyroux, president of the homeowners association in the Moonraker Island subdivision.

Although FEMA officials have explained in detail the new system, residents still are taking the new rates hard. St. Tammany President Mike Cooper was thankful for FEMA's presentation to St. Tammany residents, but this still does not put their concerns at ease.

“Last year when we were aware of this, there were too many unanswered questions,” Cooper said after the meeting. “And Congress has tried to intervene. Our local officials have met, other parish presidents have met. And we have asked Congress to intervene with FEMA.”

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High Home Prices Saw a Spike Due to the Change in the Way People Live

 The pandemic has shifted our normal in more ways than one. During the stay-at-home orders, we learned to live, work and play from our home. Studies show that working from home played a huge part in the increase in home prices. Home prices saw a 23.8% increase during the pandemic according to Zillow's home price index between December 2019 and November 2021.

Everyone had to learn to do most anything remotely from home. Working remotely allowed us the flexibility to live where we wanted even if it was farther away from our place of work. It started a trend of buying larger homes to accommodate the live, work, and play way of life from our home.

"There hasn't been a peacetime period where we have changed the way we do work in such a quick fashion," Johannes Wieland an associate professor of economics at the University of California, San Diego said. "Suddenly, we are moving further away from where our work is located. We don't need the office space. We now need this home space for work."

Two factors that played a big role in rising home prices according to the Federal Reserve Bank of San Francisco and the University of California, San Diego were the demand for more house and moving to a warmer climate. Wieland suggests that the evolution of remote work is likely to have a large impact on the future path of home prices and inflation.

"We were pretty shocked remote work had this impact, once we saw the estimates," Wieland said. "We thought about how people moving to different locations would be important. And it is. But it is the people who are remaining in a metro area -- the people who need more space at home if they work at home -- that is really pushing up prices. That is the majority of the story."

This finding is backed by the economists at Zillow. The shift has been deemed the "Great Reshuffling" and can contribute to the influx of demand for larger housing in warmer climates. Before the pandemic, economists saw an increase in home purchases in Austin, Texas, and Raleigh, North Carolina, but this influx grew greater in size to more areas once the pandemic hit. Now people can choose where they want to live because they are not tied down to moving close to work.

"There is more remote work where the weather is nice," Wieland said. "When you're not tied to a location because of your job, you can choose where you want to be. Many of these places...are attractive to people who can move to a place for lifestyle and not for work."

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Home Warranties and What They Cover

 When buying a home, you do not have to purchase a home warranty but it is an optional home coverage. A home warranty can save you a lot of headaches in the long run, especially in a home with older appliances and home systems. It is a contractual agreement where the cost of repairing or replacing home systems and appliances is covered.

Home warranty coverage will give a certain amount per appliance or system. If the cost of the repair goes over this amount, you can pay for the difference or you can have it replaced. Home systems that are typically covered are internal plumbing, internal electrical systems, heating and cooling systems, smoke detectors, fire detectors, burglar alarms, central vacuum cleaners, ceiling fans and attic fans. Included appliances are usually refrigerators, ice makers, built-in ovens, microwave ovens, ranges, cooktops, washers, dryers, dishwashers, exhaust fans, exhaust hoods and garbage disposals.

You will need to be familiar with what is not covered. The main items that are usually not covered by a home warranty are issues that have already been discovered by a home inspector, a problem that occurs because of neglect or poor maintenance, systems or appliances that are damaged due to neglect, incorrect use, incorrect installation or manufacturing flaws, damage caused by pests, removing led or asbestos, solar panels, fireplaces, commercial appliance or cosmetic damage. It is very important to review what is not covered in your home warranty. Read the small print very carefully. A doorbell might be covered, but not a doorbell that is part of an intercom system.

Another thing that is not covered is the actual structure of your dwelling. This would include windows, foundations, flooring walls and roof. If you are purchasing a new construction home, it might come with a home warranty for new construction. Builders can provide you with a new construction home warranty for up to ten years. The warranty is usually included in the home price. It will cover labor and materials used to build the home, and potential problems with the roof, exterior walls, foundations and frames.

Do not let a home warranty confuse you with a manufacturer's warranty. Home appliances and home systems come with a manufacturer's warranty automatically. A manufacturer's warranty covers the cost of parts and labor needed to repair but only if the damage is caused by a manufacturing fault. This kind of warranty is also limited to new systems and appliances.

So what about home insurance? Having both is a good idea because a home warranty protects your home's systems and appliances while home owner's insurance is more comprehensive coverage. It includes the dwelling, personal belongings and liability protection. Talk to a professional to see what is best for you and your situation.

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The Ins and Outs of Buying Land

 In general, most people know about buying a home and how the mortgage process works. When purchasing and financing land instead of a home there are some differences. The one thing that stays the same is the lender.

Finding a lender is usually a pretty easy task when it comes to buying a home, but this is not always the case when you look to buy land. First South Farm Credit, with locations in Alabama, Mississippi and Louisiana has been in business for over one hundred years.

“When I talk to people, I find out that the hardest part for them is finding a lender who is willing to finance it. A bank, a credit union or a mortgage company doesn’t generally want to carry fixed rate land loans on their books for a long term. And if they do, you will likely see a higher down payment and interest rates and you will often be looking at an ARM or other unfavorable terms,” Daily Thomas who is a vice president and branch manage said. “At First South, land financing is what we do all day, every day and we try to make it as easy and convenient as we can.”

If you are considering purchasing land and using a lender such as First South Farm Credit, you will need to have at least 15% to put down. A good bit of the time you might need more depending on the terms. You can choose a five to thirty-year fixed rate loan or balloon note. A balloon note would be used if you would want to build on your land in the future, and once you start construction, you would roll the balloon note into a different loan. Remember that your interest rate will depend on your credit, the type of loan you are qualified for, the down payment you have and the overall market.

Just like with purchasing a home, it takes time if you do things right up front. If you rush just to get a faster closing, you might miss something or have a big problem come up. The typical time for closing when there is no appraisal is around 30 days, and around 45 days if an appraisal is required.

“That being said, my rule of thumb is that we can close within 30 days when an appraisal is not required and 45 days when it is, assuming there are no other issues, such as problems with the title, the need for a survey, etc. Some of that we can’t control,” Thomas further stated.

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