April 15, 2000

Welcome to 0nly4Homebuyers Issue XVIII
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Are you getting a nice tax return? Why not invest that money in a home
of your own? Creative Mortgage Company offers home loans for new
purchase, refinance, equity, home improvement or debt consolidation.
Give us a call at 1-877-355-9414 or use our online application form at
http://www.creativemortgageco.com/
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In this Issue:
Why You Want a PreApproval(Not just a PreQualification)
Transform Your Bedroom into a Suite Retreat
Zero Coupon Bonds
Check out the Mall Offer!
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Why You Want a PreApproval
By Cindy Snyder
http://www.creativemortgageco.com/

Spring is in the air! Bright bulbs are peeking through, getting ready
to burst into bloom. The trees are getting their new growth. Children
are looking forward to school getting out. We've jumped our clocks up
to daylight savings time. AND its prime househunting season!

What does this mean to you? Well, if you are looking for your
dreamhouse, you better be prepared to buy it or lose it to someone who
can prove they are ready to buy. In many areas of the country, it is a
seller's paradise! Look at it this way, if you have a home to sell and
you have two prospective buyers. The first buyer hasn't bothered to
check into his finances. He hasn't been to the bank or mortgage company
yet. Buyer #1 figures he will cross that bridge when he comes to it.

On the other hand, Buyer #2 has already been to the bank or mortgage
company to determine how much he can borrow, knows how much he needs to
put down and has a good idea of how much he will need for closing
costs. In his hand, he is holding a CERTIFICATE stating that he is
PREAPPROVED for the amount needed to buy this house.

Now if you are the seller of this house.......which offer would you
accept? Now remember, when an offer is made and you accept, you are
legally bound to the contract. Sure you could have a backup offer, just
in case. But Buyer #2 is probably going to go on about his business of
finding a home, since he is prepared to do so. If Buyer #1 is not able
to obtaining financing, you are out of luck and must start over again.
Sellers, if you accept Buyer #1's contract, be sure to put a contingency
in the contract that he has so many days to obtain financing and be able
to prove it.

Buyers, get your preapproval ahead of time. Be prepared to make an
offer. Don't wait until the last minute only to find out that the home
you are looking for is just a tad bit out of your price range. Maybe
you were not counting your son's car loan as part of your monthly debt,
but unless you can prove that your son is paying the payment.....it
counts against your debt to income and may put you over the top! Many
Real Estate agents won't even show you houses these days unless you get
a preapproval. They just don't want to waste their time showing houses
to people who can't buy!

A preapproval is just what the word implies. You are actually
preapproved for a certain amount of money for a certain period of time,
usually 30-60 days. This is not to be confused with a
prequalification. With a preapproval, you actually APPLY for a loan.
We check your credit, verify your income, check to be sure that you have
the money necessary for the down payment. Basically we do everything
except the appraisal on the house and the title search. The great thing
about it is that when you find the home you want to buy, it is a quick
and easy process to close. That is good for you as well as the seller!

Get your preapproval. Carry it with you when speaking with prospective
sellers. Show it to your Real Estate Agent if you are working with
one. Be prepared to buy before you get out there. Happy Househunting!

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Transform your Bedroom into a Suite Retreat (ARA)

With today's hectic family schedules, the bedroom has become our haven
from the stresses of the day. The average person spends one-third of
their lives in bed. So decorate with care and choose furnishings that
surround you in comfort.

Begin with the bed. It's usually the focal point of the room so a small
change can have a big impact. Splurge on a set of lush linens. One of
the most popular choices is cotton percale - the higher the thread count
the softer and smoother they will be. Top off luxury sheets with a
stylish duvet. Duvets are versatile and often easier to care for. Or,
pile on the pillows. Elegant accent pillows can transform an ordinary
looking bed into a centerpiece.

Mattress matters. Soft-as-silk sheets won't do you any good if you're
sleeping on a hard, lumpy mattress. A comfortable mattress is an
important, but often overlooked, part of creating a restful environment.
Look for a mattress that provides proper support. Can't decide on
firmness? One solution is sleeping on a mattress that adjusts. A Select
Comfort bed comes with a digital remote control that allows the firmness
level of each side of the bed to be adjusted independently - for
personalized comfort and support. Inside the Select Comfort bed,
"pillows" of air conform to your body reducing uncomfortable pressure
points ...making your bed an oasis of comfort. Improve your bedside
manner.

Give the top of your nightstand a makeover. Cast a critical eye at
clutter ... and rearrange your bedside table using a vase of fresh
flowers, scented candles and a decorative lamp. Add your favorite family
photos for a personal touch.

Floor decor. Add interest to your carpet or hardwood floors by adding
layers. Use a soft wool area rug angled next to the bed for a splash of
color and comfort. Other popular choices are sisal and seagrass. These
natural fiber rugs come in a variety of styles and sizes. Sisal floor
coverings are static free and do not attract dirt and dust particles.
Seagrass area rugs are a wonderful choice for a bedroom where the warm
hues of the grass will accent furniture beautifully.

Dress up your dresser. Group your favorite collectibles atop a dresser
for instant impact. Change the collection with the change of seasons and
the look won't become stale. In the winter, choose accessories that add
texture and warmth like wicker baskets or pottery. Come summer, sooth
your senses with pieces that have smooth, clean lines like glassware or
silver.

The key to creating your own relaxing retreat is a few, simple steps
away. So set the scene for a
more serene environment ... and get a better night's rest.

Courtesy of Article Resource Association, www.aracopy.com, e-mail:
info@...
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Zero Coupon Bonds
By Doris Dobkins
dorisd@...

Are you enjoying the ups and downs of the stock market these past
few days or does it make you a little nervous. Maybe you don't
mind the ups and downs so much with your play money, but what
about the important things like retirement funds or your
children's college education fund?

If you are looking for a "safe" way to put some money aside and
want to know exactly how much money you will have in a specific
number of years, try investing in zero-coupon bonds. Zero coupon
bonds also pay slightly higher rates than traditional bonds, bank
CD's and money market accounts. Many people like to invest in
the riskier type funds when they are younger and then as they get
closer to retirement and paying their children's education costs,
they tend to shift these higher risk investments into more stable
but lower yielding bonds.

If you know you will need a new car in five years or will be
making a final balloon payment on a vehicle or mortgage, zero-
coupon bonds are a great dependable alternative to "playing the
stock market". You can also purchase zero-coupon bonds on a
regular basis, once or twice a year so that they will provide a
steady income as they come due in future years.

There are three basic kinds of bonds with some variations to
each. They are: corporate, municipal and Treasury. Bonds are
also known as debt investment. Bonds are created when a
corporation, municipality, the U.S. government or an agency of
the government goes into debt to borrow money. An entity then
sells what is known as a bond, and guarantees you a fixed rate of
interest for a specific period of time. The interest is paid to
the investor on a regular basis, whether it is monthly, semi-
annually, or whatever the terms of the bond dictates. Then when
the bond matures at the specified date, the issuer gives the
original amount of money back to the investor.

Zero coupon bonds have been one of the most popular bonds for the
last two decades. They are different than other bonds because
the interest from the coupon rates is not paid out to the
investor but stays in the bond and earns interest at the same
coupon rate. This is a great feature. For example, if you
bought a bond with a coupon rate of nine percent nine years ago,
every time the bond paid you the nine percent interest payment it
is reinvested at that same higher rate of nine percent. If
interest rates dropped, it might be difficult to find a fund
paying nine percent to reinvest the money into. With a zero
coupon bond, you could continue to invest the interest at the
coupon rate throughout the life of the bond.

When you buy a regular corporate, municipal or Treasury bond, you
will pay full price for the bond (its face value), then receive
interest payments (which are also called its coupon) over the
life of the bond. The number of payments per year depends on the
bond. Most of them pay semiannually. With the zero coupon bond,
you buy the bond at a discount from its face value but you don't
receive any payments (zero coupon). The interest is reinvested
into the bond so you received the full face value of the bond at
maturity. So a zero-coupon Treasury bond that pays you $10,000
in 10 years would cost about $5,500 today with a 6.2 percent
rate.

Some risks and things to watch out for with bonds: If interest
rates rise and you sell your bond before it matures, you could
get less money than what you paid for it. Also, corporations and
municipalities may default on their bonds, or not pay interest or
principal when it is due. Another thing to be aware of with
bonds is what is known as the "call feature". This is how
issuers of bonds protect themselves if the interest rates come
down after they issue a bond. It allows them to cut their losses
by calling that particular bond in, paying off the investors and
then issuing a new bond at a lower interest rate. So you would
have to find another bond to invest in at that time and it
probably won't pay as much as the previous bond. Treasury bonds
seldom have this call feature but beware of it in municipal bonds
and corporate bonds.

Another thing to beware of is the fact that the interest on zero
coupon bonds is taxable and is considered current income even
though it is reinvested. Two ways to avoid this is to purchase
your zero coupon bonds in your tax-deferred retirement account or
buy a tax-free municipal (Munis") zero coupon bond. Municipal
Bonds are taken out with a state, county, or local agency.
Generally they are tax-free on the federal income tax level. If
you buy a municipal bond from your state you can also avoid state
income tax. The yield is usually lower compared to other bonds
because of the tax-free benefits. If you are in a higher tax
bracket, that may be an important benefit and factor in your
financial planning.

It is also a good idea to get insurance when you buy a zero
coupon bond since the interest is not being paid to you. If the
bond defaulted, you would receive absolutely nothing without
insurance.

Bonds are an important part of every financial portfolio. Take
some time to learn the fundamentals and then include them in your
financial plan. Happy investing.

* * *
Doris S. Dobkins, is a money saving expert and author of the book
"Financial Freedom from A-Z". She is also the publisher of a
weekly online ezine $mart Money New$ full of financial strategies
and money saving tips. To subscribe, send an email to:
news@... or visit her web site today at:
http://www.creativefinances.com

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