Act like a tourist (in a good way)

Think you know Louisville? Well if you've lived here long enough you've probably started to take certain attractions for granted...well no more! Now until May 30 local arts and cultural attractions are offering two-for-one admission courtesy of the Louisville Convention and Visitor's Bureau. From the Derby Museum and Belle of Louisville to Derby Dinner Playhouse and Frazier International History Museum, you can see the city with a friend for half off.

To learn more Go To Louisville.

Congratulations!!

Lindsay Trombatore for the purchase of her new home!

How "walkable" is your area?

Walkability is a big industry word as energy prices climb and the green movement gains momentum. Walkscore.com, launched in 2007, attempts to gauge the top 40 cities' walkability and they're mission

is to promote walkable neighborhoods. We believe walkable neighborhoods are one of the simplest and most effective solutions to halt climate change, improve our health, and strengthen our communities. Our vision is for every property listing to read: Beds: 3 Baths: 2 Walk Score: 84. We want walkability and transportation costs to be a key part of choosing where to live.

Out of the top cities Louisville is ranked 15 with a score of 58...not bad for Possibility City. The algorithm composes a list of nearby stores, restaurants, schools, parks, etc. Walk Score measures how easy it is to live a car-lite lifestyle—not how pretty the area is for walking. While it's not perfect (it doesn't consider topography, weather, crime, street design, etc.) it's a neat tool when investigating a new area to live.

Low Mortgage Rates

Rates are extremely low and you can still take advantage even if you're not in the market to buy. Another round of refinancing is upon us but it's not quite as easy this time around. The new economy has changed the rules and banks are not quite as giving. There's still money to borrow but you may jump through a few more hoops to get it.

The Refinance Process

As a rule of thumb, seek to refinance if you can significantly lower your rate (1 percentage point or so) and at a reasonable cost (Discount points). However, if you are behind in your existing payments, have little or no equity in your property, or don’t qualify for a refinance for other reasons such as a low FICO score or inability to document income, tread with caution.

The Second Mortgage or Home Equity Line of Credit

In some cases, refinancing a first mortgage application may get snagged due to the presence of a second mortgage or home equity line of credit (HELOC). In this case, the second mortgage holder must agree to “subordinate” their loan to the first mortgage holder. If the homeowner is in good standing subordination may be granted, but processing takes time so be sure to allow for this. Also, if the resulting combined loan amounts exceed a certain ratio to the property value (usually 80% - 85% Loan To Value), a modification of the HELOC loan may also be required before the refinance will be granted. In the current market, where home values have fallen, this may well come into play.

Supply the Information in a Timely Manner

The single most important part of the process is to provide the servicer all the information about you that they need to make a decision. While this information is pretty much the same for all servicers, each has its own formats that it expects to be followed. The quicker you get the documents to the lender the quicker the loan is processed.

Stay on Top

Even though the lender is working to close your loan, remember to stay involved in the process. Mortgage companies and banks are busy helping many customers and dealing with countless details, so remember that as primary beneficiary; you must also be the primary driver of the process. In the long run, the money that you save every month with your new loan will make the effort well worth your while!