RE/MAX 440
John F. O'Hara

John F. O'Hara
731 W Skippack Pike  Blue Bell  PA 19422
Phone:  610-277-4060
Office:  215-643-3200
Cell:  267-481-1786
Fax:  267-354-6973

My Blog

Winter Storm Prep: Your Home's Interior

October 14, 2014 1:32 am

With forecasters anticipating a bitterly cold winter, take time now to prepare your home for weathering seasonal storms. Damage from a storm can be devastating to both the interior and exterior of your home, so it’s important to take precautions inside and out.

The Insurance Information Institute (I.I.I.) and the Insurance Institute for Business & Home Safety (IBHS) suggest taking these steps to protect your home’s interior.

1. Keep the house warm.
Set the thermostat for at least 65 degrees – since the temperature inside the walls is substantially colder, a lower temperature will not keep the pipes from freezing.

2. Add extra insulation to attics, basements and crawl spaces. If too much heat escapes through the attic, it can cause snow or ice melt on the roof. Water can then re-freeze, causing more snow and ice to build up. This can result in an ice dam that causes significant roof damage. Well-insulated basements and crawl spaces will also help protect pipes from freezing. You may also consider insulating unfinished rooms, such as garages.

3. Provide a reliable back-up power source. In the event of a power outage, continuous power will keep your home warm and help prevent frozen pipes as well as help if you have a battery operated sump-pump. Consider purchasing a portable generator and follow installation and maintenance steps to ensure safety.

4. Have the heating system serviced. Furnaces, boilers and chimneys should be serviced at least once a year to prevent fire and smoke damage.

5. Check pipes. Look closely for cracks and leaks and have the pipes repaired immediately. Pipes in attics and crawl spaces should be protected with insulation or heat. Pipe insulation is available in fiberglass or foam sleeves.

Heating cables and tapes are also effective in preventing pipes from freezing. Select a heating cable with the UL label and a built-in thermostat that turns heat on when needed. Follow the manufacturer’s instructions closely.

6. Install an emergency pressure release valve in your plumbing system. This will protect the system against increased pressure caused by freezing pipes and can help prevent your pipes from bursting.

7. Remove combustible items placed near any heat sources. This includes wood stoves and space heaters.

8. Install smoke and carbon monoxide detectors and make sure they are working properly. Not only do residential fires increase in the winter, but so does carbon monoxide poisoning.

9. Learn how to shut the water off and know where your pipes are located. If your pipes freeze, time is of the essence. The quicker you can shut off the water or direct your plumber to the problem, the better chance you have to prevent pipes from bursting.

10. Hire a licensed contractor to look for structural damage. If damage is discovered, have it repaired now. Also, ask about ways to prevent water damage due to snow-related flooding. Plastic coatings for internal basement walls, sump pumps and other methods can prevent flood damage to your home and belongings.

Source: I.I.I.

Published with permission from RISMedia.


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Fixed Mortgage Rates Decline

October 13, 2014 1:32 am

Freddie Mac (OTCQB: FMCC) recently released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates falling back near their lows for 2014.

“Fixed mortgage rates were down on a week filled with bleak forward projections from the Federal Reserve and concern over growth in Europe,” says Frank Nothaft, vice president and chief economist, Freddie Mac. “Despite gloomy vernacular from the Fed, mortgage purchase applications were up 2 percent on the week and the labor market added 248,000 jobs, beating expectations and lowering headline unemployment to 5.9 percent.”

Fixed mortgage rates average as follows:
  • 30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.5 point for the week ending October 9, 2014, down from last week when it averaged 4.19 percent. A year ago at this time, the 30-year FRM averaged 4.23 percent.
  • 15-year FRM this week averaged 3.30 percent with an average 0.5 point, down from last week when it averaged 3.36 percent. A year ago at this time, the 15-year FRM averaged 3.31 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week with an average 0.5 point, down from last week when it averaged 3.06 percent. A year ago, the 5-year ARM averaged 3.05 percent.
  • 1-year Treasury-indexed ARM averaged 2.42 percent this week with an average 0.4 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.64 percent.
Source: Freddie Mac

Published with permission from RISMedia.


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