NEW LISTING: Spacious second level condo in a great community!

10007 Vanderbilt Cir #8, Rockville, MD 20850

3BR/2BA Condo - $274,500

Year Built: 1992
Sq Footage: 1119 sqft.

Bedrooms: 3 BedsBathrooms - 2 Baths

Parking: 1 Uncovered

Laundry: In Unit

Lot Size: 2589 Square Feet

HOA/Maint: $326/month

 

Description

Mynor & Associates proudly present:

10007 Vanderbilt Circle #8
This well lit three-bedroom and two-bathroom second floor condo offers a rare combination of space and flexibility of use. Among the home’s many features are its gleaming hardwood floors throughout, cozy gas fireplace, master bathroom, balcony, washer and dryer in the unit, and so much more. Also, there is extra storage and one of the bedrooms also has a view of the lovely pond.

Decoverly
This lovely community has many amenities including a pool, tennis courts and beautiful grounds. It’s also located within walking distance of various restaurants, shopping options, movie theater, gym, grocery store and all that RIO Washingtonian Center has to offer. This community is also conveniently located near I-270 and I-370, which makes it easily accessible to various local and regional hubs.

Mynor & Associates
Licensed in DC, MD & VA
Top 1% Realtors® Nationwide

Keller Williams Capital Properties
7801 Woodmont Avenue, 2nd Floor
Bethesda, MD 20814
Office: (240) 383-1350 ext 679
Mobile: (301) 437-1622

As a top 1% Realtor team nationwide, we know how to sell your home for top dollar. As a team that sells 90% of its listings in the first month, we bring a systemized approach with a proven track record that we can put to work for you. When the time is right, we welcome the opportunity to earn your business. Contact us today for a free consultation!

Mynor & Associates Giveaway!

Congratulations to Vanja for winning this month's giveaway: A Beach Condo Stay in Ocean City, MD. 

Thanks for liking our Facebook Page: Mynor & Associates!

We will continue to offer exciting giveaways every time we get 50 likes on our Mynor & Associates Facebook Page. Stay tuned to find out who the next winner will be!

 

As always, please contact me, Mynor Herrera, for expert advice on everything real estate. I am licensed in DC, MD & VA, and I specialize in Bethesda and Chevy Chase, as well as the subdivisions of Rosemary Hills, Rock Creek Forest, East Bethesda and Whitehall Condominium.

Have You Seen Your Refi and Mortgage Options Lately?

Low interest rates and new loan programs abound this summer, so if you assumed your refinancing and mortgage options were dismal, you’ll be surprised by these three offerings.

1. Refinance with new FHA fees

In a nutshell: FHA raised insurance premiums for new borrowers, while lowering fees for some existing customers who refinance, making comparison shopping with private mortgage insurance worthwhile. Mortgage insurance covers the lender against losses caused when borrowers stop making payments.

The details: FHA’s new insurance premium rates include a great deal for existing FHA borrowers — you can refinance by paying a miniscule .01% upfront fee and an annual premium of just .55%.

The catch: The deal is only for home owners who got their FHA mortgage on or before May 31, 2009.

The latest FHA deal for new FHA customers buying homes isn’t nearly as sweet. You’ll pay a whopping 1.75% upfront fee and an annual premium of 1.25% — more if your loan is more than $625,000. For a $200,000 loan, that’s $3,500 for the upfront premium payment and $2,500 for the annual premium.

To shop the FHA deal against private mortgage insurance, see how much you’d pay for your specific loan and location using calculators from such sources as MGIC, Radian, or Genworth Financial. Use the calculators to check how your payment would change if you have a smaller or larger down payment.

Private mortgage insurance is based on the size of your down payment (5% is typically the minimum).

2. Refinance underwater mortgage

In a nutshell: If you owe more than your home is worth, you may finally be able to refinance into a lower rate thanks to the government’s HARP refinancing program.

The details: You can take advantage of historically low interest rates by using the latest version of the Home Affordable Refinance Program, which removed a previous cap on how far below your mortgage your home value can be.

The HARP program even works if you’ve been hit by the economic double-whammy of a falling family income and a falling home price. You qualify for a HARP refinance if:
You have income coming in.
You’ve made your mortgage payments on time every month for the past six months and have no more than one late payment in the past year.

The catch: Banks can layer their own tougher rules on top of the HARP requirements, and they’re not obligated to let you use the program to refinance your existing loan.

3. Refinance rental properties

In a nutshell: Some real estate investors have new loan options for the first time in years.

The details: In recent years, small landlords like me have had a tough time finding a bank to finance more rental property purchases. Once you had more than four rental property loans, Fannie Mae and Freddie Mac were no longer willing to guarantee your loans, even when your credit scores were top-notch and the property was able to turn a profit from day one of ownership.

Now, some banks participating in the HARP program are taking applications from landlords with multiple properties and lots of mortgages.

It’s too soon to say whether the banks will actually fund landlords who want to refinance.

The catches:  

• Only Fannie Mae has made this change. (It’ll purchase up to 10 loans from any one investor.) Freddie Mac is still limiting single-family landlords to four loans.
• Most banks discount your rental income by 25% when making investor loans, which adds up when you have multiple properties.

But, the fact that banks are accepting applications from rental property owners is a sign the credit spigot may be reopening for creditworthy real estate investors.

Are you shopping for a refinance or a mortgage to purchase a home? What has your experience been like? 

If you need professional advice in this matter, do not hesitate to contact me and I will happily put you in touch with one of my preferred lenders.

Would you like to work with a Realtor who keeps you in the loop with the latest on home ownership and real estate matters? Call me, Mynor Herrera, today for expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the subdivisions of Rosemary Hills, Rock Creek Forest, East Bethesda and Whitehall Condominium. 

Source: Houselogic.com

5 Deck Makeover Projects Under $300

Want to upgrade your deck but watching your budget? Here are 5 easy deck makeover ideas, many well under $300.

1. Add solar lighting

If you’d like your wood deck to come alive when the sun goes down, add solar lighting. Solar lights don’t need an on/off switch — they light up when it gets dark, then fade away 4-6 hours later.

You won’t have to plug them in or wire anything, either. Their solar-charged batteries are renewed every day, and the lights are built to withstand all kinds of weather.

 Types and cost:

• Paper lanterns (made from synthetic, weatherproof nylon; $20-$30) are made for hanging and come in all sorts of fun shapes, sizes, and colors.
• Carriage lights can be fixed on top of a pillar or railing newel post. $45-$150.
• Solar illuminated replicas of old-fashioned mason jars can be set on any flat surface, about $35.
• Rope lights have small LED bulbs inside a flexible cord. A 25-foot-long rope with solar charger and stand is $25.

What else: Suspend lanterns from overhead trellises, railings, and nearby trees, where they’ll shed a soft, colorful glow. Wind rope lights around rafters and railings.

2. Install a stone landing at the foot of your deck stairs  

Dress up the transition from your deck to your yard with a little hardscaping — a stone landing at the bottom of your deck stairs. Stones are a natural compliment to wood decks, and they’ll help prevent mud from forming where there’s heavy foot traffic.

Cost: Flagstone is priced by the pound; you’ll spend $60-$100 for enough stone for a 3-by-4-foot landing.

How-to: Techniques for installing a landing are the same as putting in a patio, although you’ll have to temporarily support your existing stairway while you work around — and under — it. 

 

What else: You should be able to add a landing in less than a day. It’ll get done faster if you hire a pro, but it’ll cost you another $150-$200 in labor.

3. Put up a privacy screen

Whether you’re relaxing alone au naturel or entertaining friends, a little home privacy is always welcome. You can add some vertical supports and fill in a variety of cool screening materials that are as nice for your neighbors to look at as they are for you.

Types and costs:

• Bamboo fencing comes in a 6-by-16-foot roll for $20-$25.
• Lattice panels are either wood or plastic, $15-$30 for a 4-by-8-foot panel.
• Grow climbing plants on a trellis ($20-$100) to create a living privacy screen. Plant climbing vines in tall containers ($40-$120) to raise them above the deck surface and give them a head start filling in your screen.
• Outdoor fabric resists moisture and fading; $12-$120 per yard. You’ll pay another $20 to have a seamstress cut and hem a 3-by-5-foot panel. 

How-to: Your privacy screen should integrate with your deck; make the framework using the same basic materials as your deck railing and structure. 

Add some flash by building a frame with 2-by-2- or 2-by-4-inch uprights spaced 1 foot apart, then weaving aluminum flashing between the uprights.

What else: Make sure to position your privacy screen where you’ll get maximum benefit. Sit on your deck and check your lines of sight.

4. Paint a faux floor rug on your decking 

Punch up a boring old deck with a faux rug. This is a fairly low-cost project with a big wow factor, and one you can share making with your (well-behaved) kids. It works best on a newly cleaned deck (see below.)Cost: Most of your cost will be deck stain or paint in various colors. Because you won’t be using that much stain per color, you can buy quarts. Figure $15-$20 per quart.

How-to: Figure out a size, sketch out the design on your decking, and then all you have to do is paint or stain between the lines. You can use painter’s tape as a guide, but a little leakage is likely on a wood decking surface.

What else: Keep a few basic cleaning supplies on hand for any drips or spills. After the stain is dry, coat the entire deck with a clear deck sealer.

5. Wash and refinish your wood decking

The ultimate deck makeover is none other than a good cleaning. Applying a coat of deck sealant afterwards ensures your wood decking looks great and will last for decades.

Cost: There are many brands of deck cleaning and brightening solutions. Some require the deck to be wet; others need the decking to be dry. Some are harmful to plants and you’ll have to use plastic sheeting to protect your landscaping. Consult the instructions carefully.

You’ll pay $15-$25 per gallon, enough to clean 300 sq. ft. of decking.

How-to: Scrubbing with a good cleaning solution and rinsing with a garden hose is more foolproof than scouring your decking with a power washer that may damage the surface of the wood.

What else: After you deck is cleaned, apply a coat of deck stain or clear finish. The sealer wards off dirt, wear, and UV rays, and helps prevent deck splinters. A gallon covers 250-350 sq. ft., $20-$35/gal.

Interested in working with a Realtor who puts you first and cares about saving you money? Call me, Mynor Herrera, today for expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the subdivisions of Rosemary Hills, Rock Creek Forest, East Bethesda and Whitehall Condominium. 

Source: Houselogic.com

Protect Your Personal Information On The Web

The Internet has given us a massive amount of convenience with online banking, communication and other important transactions we do on a daily basis. Even our virtual presence is part of our daily routines with social media getting incorporated in both our professional and personal lives. However, there's always a downside and with the Internet, it is our tendency to jeopardize our privacy. The tips below tell us how to develop stronger and more reliable Internet security. 

The Internet makes our lives easier more than we realize, but let´s make sure we keep things safe and secure. I hope these tips are helpful.

Interested in working with a Realtor who not only provides the highest level of customer service, but also offers valuable information to his clients and customers? Call me, Mynor Herrera, today for expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the subdivisions of Rosemary Hills, Rock Creek Forest, East Bethesda and Whitehall Condominium.

How to Deduct Your Mortgage Interest & Equity Loan Costs Read

Deducting mortgage interest is a great tax benefit that can make home ownership more affordable. Your first mortgage isn’t the only loan that qualifies, either. In many cases, you can also deduct interest on home equity loans, second mortgages, and home equity lines of credit, or HELOCs.

If you want to deduct all of your mortgage interest, there are limits on both how much money you can borrow and on what you do with the money you get. You also need to itemize your return to reap the benefits of these deductions. Calculations can be complicated, so consult a tax adviser.

Know your loan limits  

A good place to check out what you can deduct before you borrow is the chart on page 3 of IRS Publication 936. It’ll walk you through the requirements you must meet to deduct all of your home loan interest. It’s an hour well spent.

The first hurdle you’ll run into is the total amount of your loan or loans. In general, individuals and couples filing jointly can deduct the interest on up to $1 million ($500,000 if you’re married and filing separately) in combined home loans, as long as the money was used for acquisition costs, that is the cost to buy, build, or substantially improve a home. Any interest paid on loan amounts above the $1 million threshold isn’t deductible.

The same $1 million limit applies whether you have one home or two. Buying a vacation home doesn’t double your loan limits. And two homes is the max; you can’t deduct a mortgage for a third home. If you have a mortgage you took out before Oct. 13, 1987, you have fewer restrictions on claiming a full deduction. The calculations for “grandfathered debt” can get complex, so get help from a tax professional or refer to IRS Publication 936.

Whatever you do, don’t forget that you can also deduct the points and fees associated with a first or second mortgage when you initially buy your home. If you refinance the same house, you have to deduct those costs over the entire term of the loan. If you refinance again, you can deduct all the costs from the earlier refi in the year you take out the new loan.

Spend loan proceeds wisely
The other limitation on how much you can borrow and still get your deduction comes into play when you take out a home equity loan or HELOC that you don’t use to buy, build, or improve your home. In that case, you can deduct the interest you pay only on the first $100,000 ($50,000 if married filing separately). This loan limit also applies in a so-called cash-out refi, in which you refinance and take out part of the equity you’ve built up as cash.

That means if you decide to take out a $115,000 home equity loan to buy that Porsche, you can deduct the interest on the first $100,000 but not on the $15,000 that exceeds the limit. Use the same $115,000 to add a new bedroom, however, and the full amount is allowable under the $1 million cap. Keep in mind, though, that the $115,000 gets added into the pot of whatever else you owe on your other home loans. In many cases, points and loan origination costs for HELOCs are deductible.

Consider this simplified scenario: You borrow $250,000 against your home at 8% interest. That means you’ll pay $20,000 in interest the first year. Spend the $250,000 on home improvements, and all of the interest is deductible. Spend $150,000 on improvements and $100,000 on your kids’ college tuition, and all the interest is still deductible. But spend $100,000 on improvements and $150,000 on tuition, and the improvement outlays are deductible, though $50,000 of the tuition expense isn’t. That’ll cost you $4,000 in interest deductions. Preserve the $4,000 deduction by coming up with the extra money for tuition from another source, perhaps a low-interest student loan or by borrowing from a retirement plan. For someone in a 25% bracket, a $4,000 deduction lowers taxes by $1,000, plus applicable state income taxes.

Beware the dreaded AMT
Even if you’ve followed all the loan limit rules, you can still get stuck paying tax on mortgage interest. How come? It’s all thanks to the Alternative Minimum Tax. Congress created the AMT, which limits or eliminates many deductions, as a way to keep the wealthy from dodging their fair share of taxes.

Calculating the AMT can be complex, but if you make more than $75,000 and have several kids or other deductions, you might well be subject to it. Problem is, if you fall into the AMT group, you may not be able to deduct interest on a home equity loan, even if the loan falls within the $1 million/$100,000 limit. If you’re subject to the AMT and borrow money against the value of your home, you’ll have to use it to buy, build, or improve your place, or you may not have a chance to deduct the interest.

This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction. Source: houselogic.com

Would you like to work with a Realtor who offers valuable information and provides the highest level of customer service to his clients? Call me, Mynor Herrera, today for expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, and Whitehall Condominium.

Kitchen Remodeling: What’s IN this 2012?

We all want to make our kitchens look like a Chef’s haven but the underlying costs of overhauling one of the most expensive sections of our home seems to hold us back. Here are the top options that would keep our expenses at bay.

Trend #1 MAKE A STEP BACK.

It’s nice to buy new, expensive things but with our current economy it’s nicer to fix what you already have. Take care of your current appliances, you’ll be amazed at how good safekeeping and maintenance can save you a lot of money. Instead of deciding on a new purchase, a presently working model still bakes the cake and obviously keeps you from hemorrhaging money from unnecessary buys.

Your cabinetry is an integral part of your kitchen, almost always these things were made as an immovable part of it so the best way to save is to work your way around it. Always choose functionality over design, invest on practical stuffs like roll-out drawers which you actually use on a daily basis rather than decorations which, in time, get outdated.


Trend #2 LEAN ON SIMPLER, WARMER STYLES.

Be a minimalist. Choose monochromes of dark or Earthy palettes over fussy hues. These designs present timeless taste and value-conscious style.

The trend of warmer styles will go on for years, darker hues will be in for a long time that will feature natural Earthy and stained woods. Walnut, in particular, is growing in steadily as one of the more popular choices.

If what you have in mind is contemporary, laminate countertops will continually surge in popularity for the kitchen aficionados. In the recent years, we have seen great improvement in laminate finishes especially those European-inspired designs. It is apparent that exotic kitchen furniture is out of most homeowner’s reach because of their price range; glossy, laminate-versions are the answer and can be had for much lower prices.


Trend #3 EMBRACE TECHNOLOGY.

Technology is everywhere. Soon enough your regular kitchen appliances will be equipped with USB sports so you can digitally display family photos, reminders or your kids’ artworks.

You may also have the chance to operate appliances with built-in cooktops which can remember your cooking temperatures while you move around your kitchen doing other things, very time-efficient.

Standard cabinet kitchen doors are fast becoming outdated in your techno-filled kitchen. You’ll opt for remote controlled cabinets which you can control with one-light touch. You’ll start paying 40-70% more for electronically-controlled cabinets than the standard ones.

Smartphones and tablets will soon become your kitchen assistants. You can control your appliances using them anywhere you have a hotspot Wi-Fi connection. You can also shop online from major manufacturers.

Regulars lights will soon be out and LEDs will be dominating your kitchen space. You will start opting for LEDs for your recessed light, under-cabinet task and color-changing accent lightings.

What will also come out for your purchase are affordable microwaves with convection and steam control that give owners with smaller kitchen spaces a more high-end cooking experience.

Are you ready to make your kitchens look hip?

If you are interested to work with a realtor who knows a great deal about kitchen remodeling, its trends and current market situation, contact me, Mynor Herrera, today for expert help buying or selling in the DC, MD, & VA areas! I also specialize in Bethesda and Chevy Chase, as well as the sub-divisions of Rosemary Hills, Rock Creek Forest, East Bethesda, and Whitehall Condominium.