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Thursday, April 24, 2014

Buy a Home With a Reverse Mortgage

Buy a Home With a Reverse Mortgage
A reverse mortgage for purchase may help some seniors finance a new place to live.
Most seniors take out a reverse mortgage to help them stay in their existing home as they get older. But Myra S, 67, took advantage of a little-known product: She used a reverse mortgage to finance a new home.
Myra's 83-year-old husband, Billy, was having trouble using the stairs in their two-story townhome in Carmel, IN. The couple sold their home and used a "reverse mortgage for purchase" to move into a one-story house nearby last summer. "Now I take what would have been my mortgage payment and put it in savings," says Myra, who works for the local county sheriff's office.
The Home Equity Conversion Mortgage (HECM) for Purchase was created by Congress four years ago to streamline home-buying transactions and cut costs, says Peter Bell, president of the National Reverse Mortgage Lenders Association. Before, seniors would buy a new home, incurring closing costs, and then take out a reverse mortgage on the new home, triggering new closing costs. The HECM for Purchase rolls this into one transaction and one set of closing costs.
But the loan has had a slow take-up rate, Bell says. "It's a concept people don't fully understand," he says.
 As with a traditional HECM, a homeowner must be 62 or older to qualify for the federally insured HECM for Purchase. You don't make payments while you live in the house, but the loan and interest come due when you sell, move out for 12 months or more, or die.
Borrowers generally get a fixed-rate, lump sum loan, which goes toward the house purchase. The balance starts accruing interest immediately. You can leave some reverse mortgage proceeds in a line of credit for future use by taking an adjustable-rate loan, and you will pay interest only on the proceeds you use.
Unlike a conventional HECM, the HECM for Purchase requires a down payment. When you take out a conventional reverse mortgage, the loan proceeds are based on the equity in your home. With the new product, you start out with no equity because you don't own the new house yet.
For there to be equity to cover the accrued interest, the HECM for Purchase requires that you pay about half the home's sales price with your own cash. The reverse mortgage picks up the difference. "Essentially, the money you're putting in is your equity," says Ted George, a certified financial planner in Indianapolis, IN.

To pay your half, you can use money from savings, the sale of your other house, or a gift from a family member. But the money cannot be borrowed.

Age Makes a Difference
Like any reverse mortgage, the older you are, the more money you can get from the loan and the less you must bring to the closing table. For instance, a 62-year-old who buys a $400,000 home with a reverse mortgage for purchase must make a down payment of $159,450, according to a recent quote using All Reverse Mortgage Company's calculator. He can get a loan for $250,000 at a fixed rate of 3.99%, and the proceeds will cover $9,450 in fees and $240,550 of the purchase price.
If instead the homeowner is 82, the down payment drops to $115,450. The loan proceeds, which cover fees and the rest of the home price, rise to $294,000.
Be careful, though. While you don't have to make monthly payments, the interest can eventually devour the money you put down. "If you live there long enough, the equity could disappear," says Anthony Webb, a research economist at the Center for Retirement Research at Boston College. This could be an issue for seniors who want to leave the house to heirs or later need the equity to pay for long-term care.

You must still pay insurance, maintenance and taxes on the home—or the lender can foreclose. Keep that in mind if you trade up to a house that has more expensive upkeep than your current home. And snowbirds, take note: You can only get a reverse mortgage for a home that will be your primary residence.

Friday, March 14, 2014

31 Things to Know About Indianapolis

1. We Have One Of Those Circles That People Drive Fast On

30 Things To Know Before You Move To Indianapolis
Source: Wikimedia user The359
I’m pretty sure when everyone in the world hears the word “Indianapolis” their brain automatically fills in “Motor Speedway” after it. We are the Circle City and proud of it. But to be honest…

2. Most Of Us Aren’t Racing Fans

30 Things To Know Before You Move To Indianapolis
Source: reactiongifs.com/boring-death/
For the racing fans that might read this I said “most of us.” I don’t want any Jeff Gordon fans trying to gun me down. Events surrounding the races can be fun, but enjoying those events and tailgating at the track doesn’t make you a racing fan. It’s not that we’re ashamed of the racing heritage. But in my experience, most of us from Indy don’t care all that much. Hey look! They’re turning left! Wait a sec… they’re turning left again!

3. We’d Rather Watch Our Beloved Colts

30 Things To Know Before You Move To Indianapolis
Source: Wikimedia user AlbertHerring
This used to be a basketball city, but the Manning machine turned it into a pigskin worshipping epicenter. You should go to a game at least once. The fans are way nicer than any other football teams, and Lucas Oil Stadium is great. If you can’t score a ticket head over to either Blue Crew Sports Grill in Castleton, or Indianapolis Colts Grille right downtown.

4. Hope You Like Craft Beer

30 Things To Know Before You Move To Indianapolis
Source: Flickr user Adam Lehman
There are so many players in this game right now. Sun King, Flat 12, Fountain Square, Triton, Bier, Three Wise Men, just to name a few all make wonderful brews. Who would’ve thought one of America’s most obese cities would drink so much beer?

5. Reggie Miller Can Convince You To Move Here In 9 Seconds


This is the greatest moment for one of Indianapolis’s greatest players. If you don’t know what I’m talking about, you should watch this video so you don’t embarrass yourself when you’re at a party and people are trying to prove they have been Pacers fans their whole life. We’ll always love Reggie, and chanting the name Reggie at sporting events. You think it’s a coincidence this list has 31 points?

6. Be A Kid Again At (Or Just Take Your Kids To) The Childrens Museum

30 Things To Know Before You Move To Indianapolis
Source: Wikimedia user Dschwen
I spent so much time there as a kid I primarily tell time via loop de loop water towers. How old can I be and it not be weird that I’m pretending to be a dinosaur excavator?

7. You’ll Be Inspired At The Indianapolis Museum of Art

30 Things To Know Before You Move To Indianapolis
Source: Flickr user Serge Melki
You’ll just start saying IMA for short after you move here. Free admission year round, Summer Nights outdoor movie screenings, world renowned art exhibits, and the gardens make this place a great quick stop or full day. You can probably score a date with anyone if you tell them you’re going to the IMA.

8. This Lady Is Not A Crossing Guard!

30 Things To Know Before You Move To Indianapolis
Source: Flickr user puroticorico
Because art.

9. You Need To Be A Die Hard Fake Fan Of The Indians

30 Things To Know Before You Move To Indianapolis
Source: Flickr user peterrieke
Victory Field is a “must do” event during the summer, especially on firework nights. This is one of the best AAA baseball stadiums in the country. You’ll have a great time grabbing a Sun King, (sort of) paying attention to the ball game, having a great view of the city, and probably heckling outfielders if you sit in the lawn. Not that we condone such behavior.

10. Scotty’s Brewhouse Is Our Best Friend

30 Things To Know Before You Move To Indianapolis
Source: Scottys Brewhouse
Brewhouse is Scotty’s last name, right? This restaurant was originally launched by Scott Wise in Muncie, but it’s taking over the whole state. There are currently three in the Indy metro area. Those of us that are of the connected generation appreciate Scotty for his social media savvy. Oh, and the Mofo Mustard sauce.

11. Where We’re Going, We Don’t Need Roads

30 Things To Know Before You Move To Indianapolis
Source: Flickr user konomike
Since the winters are nearly unbearable and because of developments in the downtown convention center area, you can get around without stepping outside via the skywalk system. Hop around between Lucas Oil Stadium, The Convention Center, Circle Center Mall and more, and laugh at the peasants on the sidewalk.

12. You Can Find A Job Here

30 Things To Know Before You Move To Indianapolis
Source: Wikimedia user Victorgrigas
CareerBliss named us as the ninth best city to find a job, and Forbes lists us at No. 24 for Best Places for Businesses and Careers. It’s becoming known as the “Silicon Valley of the Midwest.” At least that’s what people from Indy are saying. No bias though right?

13. All Other Fancy Restaurants Pale In Comparison To St. Elmo’s

30 Things To Know Before You Move To Indianapolis
Source: Flickr user Intiaz Rahim
This is easily the most upscale place in the whole city. If you feel like eating the best steak the state has to offer, their famous shrimp cocktail, and dining with the stars (Colts players), then you might want to save a year’s worth of cash.

14. Unigov Might Confuse You A Little Bit

30 Things To Know Before You Move To Indianapolis
Source: Wikimedia user Massimo Catarinella
In 1970, the city and county government consolidated into one. When you’re looking at numbers you’re seeing statistics for all of Marion County, technically making it the 13th largest city on paper. It’s not exactly comparing apples to apples though. It’s the 29th largest metro area just behind Columbus, OH. Just a heads up for if you’re moving here expecting densely populated neighborhoods. You’ll need a car for sure. Good thing it’s…

15. Easier To Get Around Than… Someplace That’s Not Easy To Get Around

30 Things To Know Before You Move To Indianapolis
Source: Flickr user Serge Melki
Thanks to 465, it doesn’t take long to get anywhere, and the city sprawls because of the interstate system. One might argue that it’s easy to find parking because well… there usually aren’t many people trying to find parking. But it’s easy! And for those living closer to downtown, biking is a breeze because…

16. The Cultural Trail Is Perfect

30 Things To Know Before You Move To Indianapolis
Source: Flickr user Eric Fischer
Because of the Cultural Trail, Indianapolis is on the map for being a trailblazer (ha!) of bold ideas like this. City officials from all over the world have been coming to see what we’ve done. The trail is full of art, cheerful visitors (in the summer), bike paths, and connects to so many great places in town.

17. Silver In The City Is Like A Hipster’s Moving Truck Wrecked And Everything Spilled Out

30 Things To Know Before You Move To Indianapolis
Source: Flickr user Mike
For all the dainty, local made, hipster-esque materials to fill your apartment (or suburban house most likely) this place is awesome. I’m a huge fan and every time I’m on Mass Ave I spend at least 45 minutes in this store. When you’re done buying bacon themed gifts you can cross the street and…

18. Be Amazed By The Culinary Wizardry Of Subzero Ice Cream & Frozen Yogurt

30 Things To Know Before You Move To Indianapolis
Source: Travis Sawrie
I’m gonna guess that freshly made ice cream and frozen yogurt via liquid nitrogen isn’t a normal occurrence where you’re from. You’ll feel like a kid being amazed at the workers doing their thing. I’m no expert but this is seriously the best ice cream I’ve ever had in Indy. They also have lactose free options.

19. You’ll Be Spoiled With Live Music

30 Things To Know Before You Move To Indianapolis
Source: Wikimedia user Hailestorm
The Rathskeller’s beer garden and The Lawn in the summers, Radio Radio, Old National Center, The Vogue, Birdy’s, The Hoosier Dome, Melody Inn, and The Irving Theater will keep you entertained. If you’re feeling brave you could go to The Emerson Theater at 10th and Emerson. I can’t believe my parents were cool with letting me play and go there as a high schooler.

20. If You’re Gonna Play In Indiana, You Gotta Have A Pork Tenderloin In The Band

30 Things To Know Before You Move To Indianapolis
Source: Wikimedia user Glane23
I actually didn’t know this growing up because it was just a normal part of our food culture, but this is what we’re known for in Indiana. The best kind of pork tenderloin is when the diameter of the pork is twice the size of the bun. Speaking of food…

21. It Doesn’t Get Fresher Than The City Market

30 Things To Know Before You Move To Indianapolis
Source: Wikimedia user Greg Wagoner
The historic City Market just keeps growing in popularity. You’ll love checking out the vendors, wine and cheese shoppes, and retailers. On certain days of the week, there are 16 rotating taps of Indiana craft beers in the Tomlinson Tap Room. It’s a one stop shop for fresh produce, baked goods, fish, and meat. And since I’m already talking about my favorite food group…

22. Goose The Market Is Like A Meat Museum

30 Things To Know Before You Move To Indianapolis
Source: Travis Sawrie
The kind of museum where you go and stuff your face with sandwiches meant to make you go OMGZ! These guys know what they’re doing when it comes to preparing a sandwich with perfectly cured and cooked meats. You can find a treasure trove of craft beer and wine in the basement.

23. You Can Pretend You’re In A Fancier City On The Canal

30 Things To Know Before You Move To Indianapolis
Source: Flickr user Serge Melki
This is easily my favorite part of the city to just take a stroll in. It’s so clean and elegant, and makes me say things like “clean and elegant.” You’ll come across European style bridges, modern designs, Segway tours, gondolas, the Indiana State Museum, and the NCAA Hall of Fame at the end of it.

24. We Naptowners Actually Love The Skyline

30 Things To Know Before You Move To Indianapolis
Source: Flickr user MCC_Indianapolis
We know it’s not a massive skyline you can see from space, or one that strikes awe and wonder in everyone who sees it. But seeing the skyline reminds us of home, all the fun we have downtown, and it’s a symbol of pride.

25. You Need To At Least Pretend To Hate Tom Brady

30 Things To Know Before You Move To Indianapolis
Source: http://www.quickmeme.com/meme/35o553
Unless of course you’re a girl that doesn’t care about football. If you’re from Indiana and you’re an out of the closet Patriots fan, then I have no words for you. You’re excused if you’re from Boston, but make sure to let people know you’re from there or else you might get deported by Robert Mathis himself.

26. Most People Are Indoctrinated Into Being A Purdue, Notre Dame, Or I.U. Fan

30 Things To Know Before You Move To Indianapolis
Source: Flickr user David Bergin
If you went to one of these schools, you have every right to be a die-hard fan. Please keep the double sided I.U. Basketball and Notre Dame Football fanboy-ing to a minimum. Here at Movoto Real Estate, we’re a little partial to Purdue with our founder being a Boilermaker and us having an office near campus. Go Boilers!

27. The Pacers Are On Fire

30 Things To Know Before You Move To Indianapolis
Source: http://memegenerator.net/instance/47162447
It took a while for the team to rebuild after our best friend Ron Artest aka “Metta World Peace” ruined everything. Paul George is the whole state’s current man crush. During the lull hardly anyone would go to games, but so far this season there have been 20 sellout crowds.

28. Our Neighborhoods Are Making A Name For Themselves

30 Things To Know Before You Move To Indianapolis
Source: Wikipedia user Nyttend
Having distinct neighborhoods is something Indy has lacked historically. However, recent cultural upswings are looking great for distinct areas like Broadripple, Fountain Square, and Irvington.

29. “Devour Downtown” Does Not Mean You Eat The Buildings

30 Things To Know Before You Move To Indianapolis
Source: Flickr user susi.bsu
Instead of letting everyone slip into a deep seasonal depression in winter, Devour Downtown gives the people of Indy a reason to venture away from their homes. For about two weeks, you get to sample Indianapolis’s best eats for a major discount. This is the only opportunity I really get to eat at famous St. Elmo’s.

30. You Won’t Be Making Any Weekend Trips To Pawnee, IN

30 Things To Know Before You Move To Indianapolis
Source: NBC
Sorry to break it to “Parks and Recreation” fans, but Pawnee is a completely fictional town. It’s filmed in “Hollyweird”, but my guess is you know about 10 different Ron Swanson type guys if you’re from Indiana.

31. You’ll Never Get Mad At The Guy Blogging About Indy

There are so many things to love and, if you’re like me, you love this city with all of its ups and downs. There’s far too much to mention in even 31 points, so let us know some things you love about Indy in the comments!



Via +Movoto Real Estate http://www.movoto.com/blog/opinions/move-to-indianapolis/


Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent and Top Contributor, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.comSee Avery's reviews and search for a home at www.SoldByAvery.net

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.






Thursday, February 27, 2014

Carmel and Fisher Ranked #1 and #2 Safest Suburbs by Movoto!



When it comes to the reasons people relocate from big cities to the suburbs, crime is right up there with housing costs, traffic, and overcrowding as major motivators. Eventually, though, these things make their way beyond the city limits, and the suburbs might not actually be the quietest, cheapest, and—maybe most importantly—safest places to be. That’s why, after rankingAmerica’s safest mid-sized cities and the most crime-free places within several states, Movoto Real Estate figured it was time to see just which suburbs can still claim to be safer than their big city neighbors.
After poring over crime data for more than 100 suburbs, we concluded that the absolute safest is Carmel, IN, located just outside of Indianapolis, IN. In fact, another Indy suburb, Fishers, was the runner-up The complete top 10 list of safest suburbs looks like this:
1. Carmel, IN
2. Fishers, IN
3. Parma, OH
4. Dublin, OH
5. Newton, MA
6. Cary, NC
7. Apex, NC
8. Oro Valley, AZ
9. Cupertino, CA
10. Germantown, TN
If you’ve read our ranking of safest mid-sized cities, you’ll no doubt recognize a familiar name: Cary, NC. That’s where the similarities end, however. While that ranking ended up being extremely California-centric, this top 10 includes only one city in the Golden State, Cupertino. We’ll expand on why each of these suburbs ranked so highly in a moment, but first let’s go over the methodology behind our ranking.

How We Created This Ranking

To produce this ranking, we relied on a list of 120 places which are the largest suburbs of the 50 most populous cities in the U.S. We then applied the same criteria to these suburbs that we’ve previously used to determine how safe the largest cities within certain states are. These were:
  • Property crimes per capita (burglaries, thefts, and motor vehicle thefts)
  • Violent crimes per capita (murders, rapes, robberies, and aggravated assaults)
  • The chances of being the victim of a crime
In order to get this data, we turned to the FBI’s most recent national crime report from 2012. As with our past crime rankings, we gave each suburb a score (from 1 to 120 in this case, with 1 being the best) in these three criteria, then weighted the results so that violent crime accounted for 50 percent of each suburb’s final score, property crime made up 30 percent, and the chance of being the victim of a crime made up 20 percent. The suburb with the lowest final score was deemed the safest, in this case Carmel, IN.
Keep reading for the specific figures behind each of the top 10 safest suburb’s rankings, and check out the end of this post for a table showing how the top 50 safest played out.

1. Carmel, IN

Safest Suburbs In America
Source: Wikimedia user Skyh Creative, Hamilton County Convention and Visitors Bureau
The nearly 80,000 people who call this Indianapolis suburb home must be some very sound sleepers. Carmel ranked first overall for the lowest number of violent crimes per capita, second-safest in terms of property crimes per capita, and had the second-lowest odds of being the victim of a crime (1 in 97).
Carmel saw a total of 819 crimes in 2012, with only 11 of them violent and 808 property related. None of the violent crimes were murders and most were robberies. The city’s most-committed property crime was theft, accounting for 649 of the 808 total.

2. Fishers, IN

Safest Suburbs In America
Source: Flickr user pjern
Fishers, another Indianapolis suburb and home to nearly 70,000 residents, just missed being ranked No. 1 overall. It was second-safest in terms of violent crimes per capita, fourth-safest in property crimes, and it ranked third in terms of the chance of crime (1 in 92).
There were 835 crimes total in Fishers during 2012; 14 violent and 821 involving property. The chance of being the victim of a violent crime there was slightly higher than in our No. 1 safest suburb, Carmel, at 1 in 92 versus 1 in 97. There were no murders in Fishers during 2012, and again, robberies were the most prevalent violent crime, while thefts made up most (693 of 835) of the property crimes.

3. Parma, OH

Safest Suburbs In America
Source: Flickr user Erik Daniel Drost
Parma is a suburb of Cleveland, OH with close to 82,000 residents, and while it was safest in terms of property crimes per capita and had the lowest chance of crime, a seventh-safest ranking in violent crimes per capita kept it from ranking first overall.
To put that violent crime ranking into perspective, Parma only has about 1,400 more residents than Carmel, but its number of violent crimes in 2012 (56) was more than five times as high. Like we said, though Parma was safer in terms of property crimes, reporting nearly half as many as Carmel (451 versus 808) and its odds of crime were 1 in 161, much better than Carmel’s 1 in 97. Still, our results were weighted in favor of suburbs with less violent crime, which is why you’re seeing this result.

4. Dublin, OH

Safest Suburbs In America
Source: Flickr user  The Pug Father
The second city in Ohio to make our top 10, Dublin is a suburb of Columbus, OH, and with 41,751 residents is nearly half the size of Parma. It ended up being safer in terms of violent crimes, however, placing third in that category. Dublin ranked seventh-safest for property crime and fifth when it came to the odds of being the victim of a crime (1 in 75).
While considerably smaller than Parma, Dublin’s total number of crimes in 2012 was higher at 559. It also had one murder as part of its 15 total violent crimes, making Dublin one of only two suburbs in our top 10 to have reported a homicide.

5. Newton, MA

Safest Suburbs In America
Source: Flickr user christopdesoto
This Boston, MA suburb, which just over 85,000 people call home, ranked 12th-safest in terms of violent crimes per capita, but third-safest when it came to property crimes per capita. Its 1 in 88 odds of crime earned it a fourth-place rank in that criterion.
Newton saw 970 total crimes in 2012, with 76 of them categorized as violent and 894 being property related. There were no murders reported, and aggravated assaults made up the majority of violent crimes. Burglaries in Newton were 1.6 times higher than in the similarly sized (and first-place) Carmel.

6. Cary, NC

Safest Suburbs In America
Source: Town of Cary
As we mentioned earlier, the Raleigh, NC suburb of Cary also appeared on our ranking of the country’s safest mid-sized cities, where it placed one spot higher at fifth overall. This town of nearly 146,000 is the largest suburb in our top 10, and placed ninth for both violent and property crimes per capita. Its 1 in 72 odds of crime made it seventh in that respect.
With a larger suburb comes more crime, and Cary witnessed a total of 2,024 during 2012. Thankfully, only 115 of those were violent (1,909 involved property) and none of them were homicides.

7. Apex, NC

Safest Suburbs In America
Source: Town of Apex
Also a suburb of Raleigh, Apex is the second-smallest place in our top 10 at just over 40,000 residents. It fared slightly better than Cary (11th- versus 12th-safest) when it came to violent crimes per capita, but also ranked as 11th-safest for per capita property crimes. Apex was just one place behind Cary (eighth) for its 1 in 69 odds of crime.
Thefts were the standout of Apex’s reported crimes, accounting for 454 of the 590 total. Only 33 of that number were violent, and none were murders.

8. Oro Valley, AZ

Safest Suburbs In America
Source: Flickr user NaturEscapes Photography
Tucson, AZ suburb Oro Valley, at slightly more than 41,000 inhabitants, came in sixth-safest when we looked at violent crimes per capita. It jumped to 19th-safest in terms of property crime and placed 15th for its 1 in 59 chance of being a victim of crime.
The city reported an even total of 700 crimes for 2012, of which 21 were violent and 679 involved property (mostly thefts). Oro Valley was the second city in our top 10 to report a single homicide.

9. Cupertino, CA

Safest Suburbs In America
Source: Flickr user  torarnv
Headquarters of Apple and a suburb of San Jose, CA, Cupertino has just over 58,000 residents and earned itself a ranking of 14th-safest in terms of per capita violent crime in our ranking. For property crime per capita, it placed 10th, while its 1 in 68 odds of crime put it at ninth for that criterion.
There were a total of 855 crimes reported in Cupertino during 2012; 56 were violent and 797 involved property. No murders were among them, but robberies and aggravated assaults were nearly even at 23 and 29 reports, respectively.

10. Germantown, TN

Safest Suburbs In America
Source: Flickr user duluoz cats
This Memphis, TN suburb is the smallest place in our top 10 at only a tad more than 39,000 people. Germantown actually placed better than Cupertino at 10th-safest in terms of violent crime per capita, but its per capita property crimes put it at 18th for that criterion. Its chance of crime, 1 in 60, was good enough for 14th and one place better than Oro Valley in that category.
Aggravated assaults made up 24 of the 31 violent crimes reported in Germantown during 2012, and there were no homicides. The rest of the suburb’s 654 total crimes were property related.

There’s Still Safety In The Suburbs

As you can see, the idea that suburbs can be extremely safe places to call home is anything but a myth. Of course, like we said at the outset, there are definitely some suburbs where big city crime has made its presence known.
Chief among these is East Point, GA, which placed last in terms of safety out of the 120 suburbs we looked at. There were 4,240 crimes reported in this town of 35,584 in 2012, making the odds that one would happen to a resident there 1 in 8. Fortunately, most of them (3,819) were property crimes, but 421—including 12 homicides—were violent. Council Bluffs, IA (No. 119), Miami Beach, FL (No. 118), Camden, NJ (No. 117), and Hutchinson, KS (No. 116) rounded out the five most unsafe suburbs we looked at.
(click to enlarge table)

Safest Suburbs In America



Courtesy: 


Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent and Top Contributor, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.comSee Avery's reviews and search for a home at www.SoldByAvery.net

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.

Friday, January 31, 2014

Buying a Home with Bad Credit

Bad credit happens. The question is: How do we fix it?

There are a myriad of ads you see if you Google “Credit Repair,” all offering a quick fix to your credit issues if you would only pay them a low, low amount. However, there are no quick fixes, and there are no shortcuts.

There is, however, a simple and straight-forward approach you can take to put yourself in a better position, raise your credit score, and be able to purchase a home, within a reasonable amount of time, usually 6 months.

The first place you want to start is getting a copy of your credit report and credit score. CreditKarma.com offers this for free. If your score is at a 580 or above, you can get approved for a mortgage is certain circumstances through certain lenders.

If your score falls short of that, it is time to get to work. This means paying off collections, and starting to build positive credit history, which can be done simultaneously.

Your credit report will list all accounts that impact your credit. You will probably notice that the same collection company is servicing multiple collection accounts under your name. You can actually negotiate a settlement for all accounts under that company. The key is to have the cash in hand to pay them, and to get a statement from the collection agency stating that if you pay $X, they will consider accounts X, Y, and Z paid in full, and will report that to all credit bureaus.

Building positive credit is also important. Most lenders will want to see 3 active credit accounts in good standing, for about 6 months. The simplest way to do this is by:

·         Getting 2 secured credit cards from your bank or credit union. Basically, you will deposit a certain amount with the bank, and they will give you a credit card with a credit limit of the amount that you deposited. The more you are able to put down on the card, the better, as higher credit limits are looked more favorably upon. Whatever your credit limit is, do not let your balance on that card exceed 30% of the credit limit. Also, be sure to make payments on time every month.


·         Get a Credit Builder CD from BMO Harris. This is a fantastic product. Basically, you are purchasing a Certificate of Deposit (similar to a savings account) on credit. You pay them $45/month for 2 years, and at the end you have a $1000 CD that you can cash in. You can print off the application and information for this here: https://drive.google.com/file/d/0BxiPFes1j58PMF9rZm5LQ09VYjQ/edit?usp=sharing



Avery Garrett is a top Indianapolis Realtor serving the Indianapolis Metropolitan area from Coldwell Banker Kaiser. Avery is Zillow.com Premium 5 Star Agent and Top Contributor, and is a Member of the Metroplitan Indianapolis Board of Realtors. Contact Avery for a complimentary, no obligation, Market Analysis of your home at 317-721-2274, or SoldByAvery@gmail.comSee Avery's reviews and search for a home at www.SoldByAvery.net

Avery is proud to help home sellers and home buyers in the following communities: Carmel, Fishers, Noblesville, Westfield, Cicero, Sheridan, Lebanon, Zionsville, Brownsburg, Avon, Danville, Plainfield, Mooresville, Camby, Greenwood, Bargersville, Martinsville, Franklin, Shelbyville, Southport, Beech Grove, New Palestine, Greenfield, Lawrence, Greensburg, Nashville and beyond.