The Phillies Make History!

I'm not a real baseball fan.

I lost my taste for baseball in 1964 during the Phillies famous meltdown and never really recovered. But last year the Phillies captured my imagination and when they won the world series in game 5 I was there (for both parts of the game on both nights)

It was an interesting experience. I had been at an NBA final in 2001 when the Sixers played the Lakers, and at the Superbowl in Jacksonville when the Eagles played the Patriots, so last year wasn't the first time I saw a Philadelphia team try for a championship. It was however the first time I actually saw them win one. It was exactly like the other two times, except that last year, in the world series there wasn't a sense of sickening loss at the end of the game. It just felt good!

Now, for the first time I can remember, the Phillies have won the National League championship for a second year in a row. In fact, according to Wikipedia, its the first time in the team's history that they ever won two pennants in a row!

I've been a fan in Philadelphia too long to be too excited, but their success does lead me to be an optimist. I guess we'll wait and see what happens, but at least I know I'l be watching and hoping that they break another record

Tighten Up Your Loose Towel Racks

Over time, towel racks tend to come loose from sheetrock walls. And, sometimes, they separate completely. The good news is that making repairs is easy -- it's something you can do yourself with a little instruction.

In this 2-minute video from ExpertVillage.com, a professional contractor shows that with just a drill and some butterfly anchors, re-securing a towel rack can be a basic handyman job.

So, before you call a professional to rehang your towel rack, watch the video and consider making the repair yourself.

SImple Real Estate Definitions: Escrow Account

An escrow account is a designated savings account into which funds get deposited for a specific purpose.

With respect to real estate and home loans, escrow accounts are used to pay real estate tax bills and homeowners insurance payments.

Escrow accounts are managed and disbursed by lenders.

When a homeowner "escrows" his mortgage, along with his scheduled monthly mortgage payment, he must also send an additional payment to the lender equal to 1/12 of the home's annual real estate tax bill plus 1/12 of the annual homeowners insurance bill.

By sending a pro rata portion of the tax and insurance bill each month, the homeowner's escrow account will always, in theory, have enough funds to make payments in full as tax bills and insurance premiums come due.

Philadelphia's Magic Garden Dazzles South Street

I had the pleasure of attending the kickoff of a new local charity called

Image by reeltor99 via Flickr

Making a Progressive Philadelphia (MAPP) - the name is quite a mouthful, but its acronym is also the last name of the founder Brett Mapp. The organization wants to raise money so that they may give micro-grants to worthy organizations in the city that have financial needs too small to be addressed by most grant giving organizations. I don;t know Brett well, and was there because I was invited by my social media buddy Gloria Bell who is very active with non-profits in Philadelphia. Though I am intrgued by the organization's stated goal, and they seem like really nice people, I really don't know much about them, so you can check out the organization later if you wish to get involved with them.

What I will say though is that Brett and company really know how to choose a venue! Their event was held at Philadelphia's Magic Garden on South Street, a building and a lot that has been converted to an amazing work of art. The artist is Isaiah Zagar a 7- year old artist who has this to say about his work;

It is an impossible place, but strangely you can visit it and smile at that which you knew existed somewhere. Now you know that place is in Philadelphia, and you knew it all along, didn't you?

I have to admit , I didn't know that such a place existed, but I certainly hoped it did...and I'm really pleased that it does exist here so that we can all experience his vision,

Is It Better to Take a 15 Year Mortgage?

For today's home buyers and homeowners that can manage the higher monthly payments, 15-year fixed rate mortgage rates look attractive as compared to comparable 30-year products.

The 15-year/30-year interest rate spread is near its 5-year high. That means that the cost of money during the term of your loan is much much lower if you choose a 15 year term.

Despite lower rates, however, homeowners opting for a 15-year fixed mortgage should be prepared for its higher monthly payments. This is because the principal balance of a 15-year fixed is repaid in half the years as with a standard, 30-year amortizing product.

As compared to 30-year terms, 15-year products repay 3 times as much principal each month, which accounts for the greatest part of the payment difference.

Versus a 30-year, 15-year fixed mortgages have a few downsides worth noting. The first is that, because 15-year mortgages are heavy on principal and light on interest, homeowners who itemize tax returns may have to claim a smaller mortgage interest tax deduction at tax time.

Another negative is that the sheer size of the payment. If you run into fiscal trouble down the road, the only way to reduce the monthly obligation is to refinance into a 30-year product and that costs money to do.

In other words, be sure you can manage the payments over the long-term before you opt for a 15-year term. If you can manage it, though, the rewards are tangible. Building equity in your property faster can have a number of benefits, including making a move up easier later on.

At today's rates, a 15-year fixed and 30-year fixed costs $230 extra per $100,000 borrowed.