How To Keep Your Dishwasher Mold- and Mildew-Free

Your dishwasher is a breeding ground for mold and mildew. It's warm, it's dark, and there is a bevy of decaying, organic material in the form of both food particles and soap.

Therefore, you'll want to periodically scrub and disinfect your dishwasher so that it remains it clean and healthy, and so that your dishes stay that way, too.

Here's how to clean your dishwasher :

1. Remove all racks from the dishwasher. Wash with dish-washing detergent and set aside to dry. 
2. Mix 1 part vinegar with 4 parts very hot water into a spray bottle.
3. Spray the mixture on the dishwasher seal and anywhere else you see discoloration, mold or mildew.
4. Scrub the affected areas with a non-abrasive scrub brush.
5. Replace racks in the dishwasher.
6. Fill a small, dishwasher-safe bowl with white vinegar and place on the top rack.
7. Without soap, run the dishwasher at the highest temperature setting available.

Then, after performing these steps, you find that your dishwasher still has an "odor", or if mold or mildew remnants remain, immediately pour 1 cup of baking soda on the floor of your dishwasher, and run the cycle a second time at the highest temperature setting available.

If your mold/mildew problem persists, you should check the dishwasher's drain line. If it's kinked, water may be unable to drain and will pool at the bottom of your dishwasher -- a mold-breeding situation.

You should also check the food trap at the base of the dishwasher for too-large-to-drain pieces of food.

A good dishwasher will last years with proper care and maintenance. Keep yours mold- and mildew-free. 

Mortgage Payments Fall 12% Since February 2011

As mortgage rates drop, so do housing payments. It's a good time to consider refinancing your home, or making an offer on a new one. Mortgage payment affordability has never been so high in history.

According to Freddie Mac, the average 30-year fixed rate mortgage rate is now 3.94 percent -- an all-time low -- with an accompanying 0.8 discount points. This means that in order to get access to the 3.94 percent rate, Brooklyn, NY  homeowners and home buyers should expect to pay a loan fee equal to 0.8% of the borrowed amount, plus "normal" closing costs.

Last week, the average 30-year fixed rate mortgage rate was 3.99 percent with an accompanying 0.7 discount points.

Mortgage rates in New York have been in decline for most of the year. Since peaking in early-February, the average home owner's principal + interest payment on a 30-year fixed rate mortgage had now dropped by 12.2 percent.

Here is how mortgage payments compare, then and now, not accounting for your individual tax-and-insurance escrow :

• February 10, 2011 : Payment of $539.88 per $100,000 borrowed
• December 15, 2011 : Payment of $473.96 per $100,000 borrowed

For existing homeowners, the dramatic drop in payments is reason to reach out to your loan officer. A refinance could save you tens of thousands of dollars over the life of your loan -- especially if you chose to refinance your mortgage into a 15-year program.

The 15-year mortgage, says Freddie Mac, is also at an all-time low, registering 3.21 percent with 0.8 discount points, on average.

For home buyers, today's low rates present an interesting opportunity.

Mortgage rates are the key factor in determining your monthly housing payment so, with average mortgage rates below 4 percent, it's no wonder home affordability is cresting. However, the housing market is showing signs of recovery. Home supplies are dwindling, buyer demand is rising, and the economy appears to be mending.

Home prices are expected to rise in 2012 and, as they do, they'll take housing payments with them. The best time to buy a home may be now; before the recovery completes.

Bank Repossessions Drop To A 44-Month Low

Foreclosure activity continues to concentrate over just a few states.

According to foreclosure-tracker RealtyTrac, November's foreclosure filings fell 3 percent as compared to October, and 14 percent from November 2010.

"Foreclosure filing" is a catch-all term for the various "action steps" throughout the foreclosure process. The grouping comprises default notices, scheduled home auctions, and bank repossessions.

As in most months, though, foreclosure activity remains concentrated by state. More than half of last month's bank repossessions can be traced to just 6 states.

1. California : 14.8% of all bank repossessions
2. Florida : 12.7% of all bank repossessions
3. Texas : 7.0% of all bank repossessions
4. Georgia : 6.9% of all bank repossessions
5. Arizona : 6.7% of all bank repossessions
6. Michigan : 6.3% of all bank repossessions

Meanwhile, with just 5 repossessions, South Dakota topped the list of states with the fewest bank repossessions in November. The Mount Rushmore State accounted for just 0.009% of REO nationwide in a month in which bank repossessions dropped to a 44-month low point across the United States.

The drop in REO is coming at a tough time for today's Brooklyn, NY home buyers. Distressed properties are in high demand -- mostly because they sell at steep discounts.

According to the National Association of REALTORS®, distressed homes accounted for 28 percent of all home sales in October. As fewer bank-owned homes become available, though, there will be fewer "deals" to be had.

Especially as the broader housing market continues to signal its recovery.

If you plan to buy a bank-owned foreclosed property, do your research first. As supplies drop, the price for foreclosed homes throughout New York relative to non-distressed homes may rise, rendering REO properties less of a relative "value".

Before you write a contract, therefore, talk with a licensed real estate agent. There's plenty of foreclosure data available online but, when it's time to buy, you should have an experienced agent on your side.

A Simple Explanation Of The Federal Reserve Statement (December 13, 2011 Edition)

Tuesday, the Federal Open Market Committee voted to leave the Fed Funds Rate unchanged within its current target range of 0.000-0.250 percent.

The vote was nearly unanimous for the second straight month. Just one FOMC member dissented in the vote, favoring additional policy stimulus beyond what the Federal Reserve currently provides.

In its press release, the Federal Reserve sais that the the U.S. economy is improving, noting that since its November 2011 meeting, the economy has been "expanding moderately". The Fed also added that domestic growth is occurring despite some "apparent slowing in global growth" -- a nod to ongoing uncertainty within the Eurozone.

The Federal Reserve expects a moderate pace of growth over the next few quarters, and believes that the jobs market will continue to improve, but slowly.

Other potential soft spots within the economy include :  

1. A slowdown in business investment
2. A "depressed" housing market
3. Strains in global financial markets

The Federal Reserve added no new policies at its December meeting, and made no changes to existing ones. It re-iterated its plan to leave the Fed Funds Rate within its current range of 0.000-0.250 percent "at least until mid-2013" and re-affirmed "Operation Twist" -- the stimulus program through which the Fed sells Treasury securities with a maturity of 3 years or less, and uses the proceeds to buy mortgage bonds with maturity between 6 and 30 years.

Mortgage bonds are mostly unchanged since the Fed's announcement, giving mortgage rates in Brooklyn, NY little reason to rise or fall.

Mortgage rates remain near all-time lows and, for homeowners willing to pay points + closing costs, 30-year fixed rate mortgages can be locked at less than 4 percent. If you're thinking of buying or refinancing a home, it's a good time to lock a mortgage rate.

The FOMC's next meeting will be its first scheduled meeting of the new year. The meeting is slated for January 24-25, 2012.

America's Best Places To Raise A Family, Listed By State

BusinessWeek recently released its 2011 America's Best Place to Raise a Family rankings. College-town Blacksburg, Virginia took top honors, breaking a 2-year win streak for the Chicago, Illinois region.

In 2009, suburban Mount Prospect, Illinois placed first. Last year, it was Tinley Park, Illinois.

The BusinessWeek report employs data from real estate information firm Onboard Informatics to make its rankings, compiling data across categories such as education, crime, and jobs plus access to parks and affordable homes. All selections are limited by population; all selections are home to 50,000 residents or fewer. Median incomes are within 20 percent -- plus or minus -- of the state's median income levels.

BusinessWeek names one winner in each state. The winners in the 10 most populous states and their nearest "big city" are listed below

1. California : East San Gabriel (Los Angeles)
2. Texas : Wells Branch (Austin)
3. New York : Hampton Manor (Albany)
4. Florida : Niceville (Fort Walton Beach)
5. Illinois : Morton Grove (Chicago)
6. Pennsylvania : Cecil-Bishop (Pittsburgh)
7. Ohio : St. Henry (Dayton)
8. Michigan : Spring Arbor (Jackson)
9. Georgia : Hoschton (Atlanta)
10. North Carolina : Tryon (Spartanburg, SC)

The winners in all 50 states can be found on the BusinessWeek website.

Rankings like the BusinessWeek America's Best Place to Raise a Family can be useful for home buyers in Brooklyn, NY , but like everything in real estate, statistics do not apply to every home equally. Even within the "best towns", there are areas in which school systems are better, crime figures are lower, and amenities are more plentiful.

Therefore, before you make the decision to buy a home, talk with a real estate agent who has local market knowledge. It's the most effective means to get data that matters to you.

How To Clean A Cutting Board

Germ studies show that a kitchen cutting board carries up to 200 times more bacteria than a toilet seat.

This is because homeowners clean their bathrooms with fervor, while only "rinsing" down parts of their kitchens.

In failing to disinfect cutting boards (among other kitchen mainstays), homeowners in Brooklyn, NY and everywhere else leave untouched a prime bacteria breeding ground, and may be getting sick as a result.

According to the CDC, 48 million Americans get sick from food-borne bacteria each year. 

If it's been a while since you've cleaned your kitchen cutting board, here are some tips on how to do it properly.

Homeowners with plastic cutting boards will have an easier go that homeowners with wooden cutting boards. If your cutting board is plastic, just place it in the dishwasher with dishwasher detergent. If your dishwasher has a "sanitize" feature, be sure to select it.

If your cutting board is made of wood, or another material that may crack and/or splinter in a dishwasher, follow these steps instead :

1. Prepare a solution of natural dish soap and hot water.
2. Without submerging the cutting board, scrub it with the solution.
3. Towel dry the board and allow it to air-dry until completely dry.
4. Apply a thin layer of undistilled white vinegar to the board surface either by spray can or paper towel.
5. Allow the vinegar to sit for 30 minutes, then wipe clean.

For preventative care, you should also consider using separate cutting boards for meats and for fruits and vegetables. This can prevent cross-contamination. In addition, purchase a food-grade mineral oil and apply it to your wooden cutting boards regularly.

The kitchen is among the "germiest" places in your home. With extra attention, though, you can help keep it as bacteria-free as possible 

Reduce Long-Term Loan Costs With A 15-Year Fixed Rate Mortgage

For as low as 30-year fixed rate mortgage rates are in New York today, 15-year fixed rate mortgage rates are even lower.

According to Freddie Mac's weekly mortgage rate survey, the average 15-year fixed rate mortgage rate is now 3.27% nationwide with an accompanying 0.8 discount points. 1 discount point is a closing cost equal to 1 percent of your loan size.

The current 15-year fixed rate reading is just one tick above the all-time, 15-year fixed rate mortgage low of 3.26% set in October 2011.

If you've ever thought of "going 15", it's a terrific time to talk to your lender.

The primary benefit of using a 15-year fixed rate mortgage as opposed to a 30-year fixed rate one is that a 15-year fixed rate mortgage dramatically cuts the long-term interest costs of your loan. The downside is that monthly payments are relatively large.

At today's mortgage rates, per $100,000 borrowed :

• 15-year fixed rate mortgage : $704 principal + interest monthly
• 30-year fixed rate mortgage : $477 principal + interest monthly

So, for homeowners opting for a 15-year fixed rate mortgage, the monthly principal + interest payments will be 48% higher as compared to a 30-year fixed rate mortgage of the same loan size. Long-term, however, because the 15-year fixed rate mortgage interest rate is lower and because it pays off in half the time of a 30-year loan, a homeowner will save $45,000 in interest costs per $100,000 borrowed.

$45,000 per $100,000 borrowed is a huge amount of savings. It's monies that can be used for college tuition, home improvement projects, retirement savings, or anything else. 

That said, the 15-year fixed rate mortgage is not ideal for everyone.

Because it requires higher monthly payments, a 15-year fixed rate mortgage may add stress to your household budget. Furthermore, once you commit to a 15-year loan term with your lender, you can't revert back to a 30-year loan term without a refinance and refinances can be costly.

Therefore, be sure of yourself when selecting a 15-year fixed rate loan. The rewards are great, but the risks can be, too.