Thomas Murphy - Pine Shores Real Estate



Posted by Thomas Murphy on 5/17/2015

Saving money when you have a family can be difficult. There are so many everyday expenses that make it hard to start saving for college, retirement and other looming expenses. Here are some ways to start planning for your family's financial future: Start a college fund: College may seem far away but it is a huge expense that can creep up on you. Start saving now, the sooner the better. Even as little as $100 a month will add up. Open a 529 college savings plan to use specifically for college expenses. Buy life insurance: Life insurance gives your family a peace of mind. and the ability to afford the expense of final care and burial.  The death benefit will provide financial security for those family members who are left behind. Have a will: When a person dies without a will, the state decides who gets what, without regard to the deceased wishes or their heirs' needs. Creating a will that spells out one's wishes protects their family's financial future.





Posted by Thomas Murphy on 4/19/2015

Times are tough for everyone and saving everytime you go to the store can really add up. Most people don't realize the true value of a coupon, or how to use them to their full advantage. With a little bit of time, on average you could save 20-30% during each grocery shopping trip and 50-100% each time you go to the drug store. The trick with getting more bang for your buck is matching coupons with the weekly sales at the supermarkets and drug stores. For example, shampoo is on sale for buy one get one free, and you have a coupon for $1.00 off 1 item. If the shampoo retails for $5.00 you will get 2 shampoos for $3.00 (2 @ $5.00 - $2 off in coupons). That's a savings of $7.00! This applies to any item you would buy at the supermarket or drug store. And by stocking up on an item when it's sale price plus coupons make it a great deal, help you to avoid running out and having to pay full price. In addition, some stores have additional savings such as doubling the value of a coupon, or in store coupons that you can use with a manufacters coupon. For example: Walgreens has Bonus Rewards were you earn points on products you buy that add up to money off future items. CVS has Extra Bucks which are like cash off your total. Both drug stores have their own in store coupons (CVS prints theirs on the bottom the receipt or from the kiosk in stores, Walgreens has a monthly coupon book) which can be used with a manufacter's coupon. Find a good week, there is potential to use a manfacuter's coupon, an instore coupon and Extra Bucks on a sale item to get it pennies (at CVS for example)!!! There are a variety of websites that can help you get started as well as give you guidance on what coupons you may have to match with the sales. To name a few: www.couponmom.com, www.hip2save.com, and www.coupondivas.com are great places to start. The savings are endless, you just have to reach out and grab them!




Categories: Money Saving Tips  


Posted by Thomas Murphy on 2/8/2015

You might have seen the ads on TV about reverse mortgages, but what is a reverse mortgage? It is a loan for older homeowners that uses a portion of the home’s equity as collateral. Instead of the homeowner paying the lender, it is the lender that pays the homeowner based on the equity in the home. How much can be borrowed? The amount that can be borrowed in a reverse mortgage is determined by an Federal Housing Authority (FHA formula).  The formula considers age, the current interest rate, and the appraised value of the home. What are the requirements for a reverse mortgage? You must be at least age 62 The home must be owned free and clear or all existing liens. Any mortgage balance must be paid off with the proceeds of the reverse mortgage loan at the closing. There are usually no income or credit score requirements. How is the loan repaid? The loan cannot become due as long as at least one homeowner lives in the home as their primary residence and maintains the home in accordance with FHA requirements (keeping taxes and insurance current). The must be repaid when the last surviving homeowner permanently moves out of the property or passes away. The estate will have approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance.  





Posted by Thomas Murphy on 11/23/2014

Composting is becoming a more and more popular way to save money and be more eco-friendly. There are many reasons to compost but some of the most enticing are it costs next to nothing, and if you're a gardener or have any landscaping at all, your compost pile will save you money. Compost can be used instead of expensive fertilizer and because you are reusing your yard waste you might be able to save on municipal trash removal costs. Here are some easy tips on how to get started composting: Storage You may decide to go with either an open or closed storage system. Containers keep the compost materials neat and tidy and can be built inexpensively from discarded shipping pallets, fencing or chicken wire or leftover treated lumber from another building project. You can also purchase many different types of composting bins. The least expensive way is to start a compost heap. Make the pile at least 6' x 6' and about 5' to 6' high in the middle. Anything smaller will maintain low temperatures and will take longer to decompose. Where should I store it? Try and store your compost pile in partial shade. This will keep it from drying out too fast. The location should also have good drainage. What should I compost? Compost any of the yard waste like fresh grass clippings, dry leaves, dry grass, and wood shavings. Add food waste like vegetable and fruit scraps, breads, pastas, coffee grounds, egg shells, and tea bags. Do not put meats or fats in your compost pile. These food wastes will attract animals and rodents to your bin. Paper towels, toilet paper tubes and other shredded paper products can also be added to your compost bin. Manures from cows, horses, chickens and any non-meat eating animals are excellent nitrogen sources for starting the decomposition process. Compost has so many benefits; it loosens clay soils and helps sandy soils retain water. It works as a natural fertilizers and can suppress plant diseases and pests. Gardens that are composted produce higher yields of healthier fruits, vegetables and flowers.





Posted by Thomas Murphy on 6/22/2014

If you are thinking about buying a new home you are probably hoping to get the best value for your money on a house, but what about your home loan? The rate and terms of your mortgage can have a big impact on your wallet. This is why it is so important to shop for just the right home loan. There are two main factors to consider when shopping for a loan: the type of loan and the terms of the loan. Do your homework before looking at home loans. Even one half of a percentage point makes a big difference over the full term of the loan. A 30 year loan of $200,000 at a 5% fixed-rate, will cost you about $22,000 more in interest than if the interest rate was set at 4.5%. Other things to look at when shopping for a home loan are closing costs. Mortgage companies charge additional fees such as origination fees, title charges, appraisals and even credit checks. Make sure to consider these additional expenses when shopping for a home loan. You can also save money by not maxing out your budget. Just because you are pre-qualified for a loan doesn't mean you should spend the maximum loan amount on a home. Don't allow your total house payment (principal, interest, taxes and insurance) to exceed 28% of your gross monthly income.