Newest Addition to Ocean City Beaches - helps handicapped

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The Newest Addition to Ocean City Beaches

Posted: Jun 22, 2018 6:17 PMUpdated: Jun 22, 2018 6:25 PM EDT

By Erin Tyszko

The Newest Addition to Ocean City Beaches

 

Ocean City Mobi-Mat at 130th street. (Photo WBOC)

Ocean City, Md. - Introducing Mobi-Mat's! The pilot program that was just launched on 130th and 94th street. 

"We're pretty excited and we hope these things work out for us," City Engineer, Terry Mcgean said. "Anything that we can do to make it easier to go to the beach for everyone - we are all for." 

These one-of-a-kind Mobi-Mat's are made out of 100% recycled polyester and they aren't only beneficial for handicapped individuals. These mat's are also good for families that bring large loads to the beach. 

"We see a lot of families where they are towing the little red wagon behind or the cooler behind them and it makes it easier for everybody," said Mcgean. 

The mobi-mat's are costly though, each one is roughly $7000 and that is why they will only be installed at designated handicapped areas. 

This initiative goes hand in hand with the beach friendly wheelchairs that Ocean City Beach Patrol is responsible for. 

"The idea is that you don't need the Mobi-Mat for the beach wheelchairs," said Butch Arbin, Chief of Ocean City Beach Patrol. "The beach wheelchairs are designed to roll on the sand and a regular wheelchair can go on a mobi-mat." 

The Mobi-Mat program has been successful in other resort towns and Ocean City is expecting the same. 

Loans - Your Stress-Free Guide

Your Stress-Free Guide to Shopping for Home Loans

                           

By: HouseLogic

With this super-simple breakdown of loan types, you won’t get overwhelmed — you’ll find the right mortgage.

When it comes to buying a house, most people know what they prefer: a bungalow or a condo, a hot neighborhood or a sleepy street.

Mortgages, too, come in many styles — and recognizing which type you should choose is just slightly more involved than, say, knowing that you prefer hardwood floors over wall-to-wall carpeting.

First things first: To pick the best loan for your situation, you need to know what your situation is, exactly. Will you be staying in this home for years? Decades? Are you feeling financially comfortable? Are you anxious about changing loan rates? Consider these questions and your answers before you start talking to lenders. (And before you choose a lender, read this.)

Next: You’ll want to have an understanding of the different loans that are out there. There are lots of options, and it can get a little complicated — but you got this. Here we go.

Mortgages Are Fixed-Rate or Adjustable, and One Type Is Better for You

Let’s start with the most common type of mortgage, that workhorse of home loans — the fixed-rate mortgage.

A fixed-rate mortgage:

• Lets you lock in an {{ start_tip 76 }}interest rate{{ end_tip }} for 15 or 30 years. (You can get 20-year loans, too.) That means your monthly payment will stay the same over the life of the loan. (That said, your property taxes and insurance premiums will likely change over time.)

It’s ideal when: You want long-term stability and plan to stay put.

Here’s what else you need to know about fixed-rate mortgages:

• A 30-year fixed-rate mortgage offers a lower monthly payment for the loan amount (for this reason, it’s more popular than the other option, the 15-year).
• A 15-year fixed-rate mortgage typically offers a lower interest rate but a higher monthly payment because you’re paying off the loan amount faster.

Now let’s get into adjustable-rate, the other type of mortgage you’ll be looking at. 

An adjustable-rate mortgage (ARM): 

• Offers a lower interest rate than a fixed-rate mortgage for an initial period of time — say, five or seven years — but the rate can fluctuate after the introductory period is over, depending on changes in interest rate conditions. And that can make it difficult to budget.
• Has caps that protect how high the rate can go.

It’s ideal when: You plan to live in a home for a short time or you expect your income to go up to offset potentially higher future rates.

Here’s what else you need to know about adjustable-rate mortgages:

• Different lenders may offer the same initial interest rate but different rate caps. It’s important to compare rate caps when shopping around for an ARM. 
• Adjustable-rate mortgages have a reputation for being complicated. As the Consumer Financial Protection Bureau advises, make sure to read the fine print.

A general rule of thumb: When comparing adjustable-rate loans, ask the prospective lender to calculate the highest payment you may ever have to make. You don’t want any surprises.

Conventional Loan or Government Loan? Your Life Answers the Question

Which fixed-rate or adjustable-rate mortgage you qualify for introduces a whole host of other categories, and they fall under two umbrellas: conventional loans and government loans. 

Conventional loans: 

• Offer some of the most competitive interest rates, which means you’ll likely pay less in interest over the period of the loan.
• Typically you can get one more quickly than a government loan because there’s less paperwork.

Who qualifies? Typically, you need at least a credit score of 620 or above and a 5% down payment to qualify for a conventional loan.

Here’s what else you need to know about conventional loans:

• If you put less than 20% down for a conventional loan, you’ll be required to pay private mortgage insurance (PMI), an extra monthly fee designed to mitigate the risk to the lender that a borrower could default on a loan. (PMI ranges from about 0.3% to 1.15% of your home loan.) The upshot: The lender has to cancel PMI when you reach 22% equity in your home, and you can request to have it canceled once you hit 20% equity.
• Most conventional loans also have a maximum {{ start_tip 78 }}43% debt-to-income (DTI) ratio,{{ end_tip }} which compares how much money you owe (on student loans, credit cards, car loans, and other debts) to your income — expressed as a percentage.

Fannie Mae and Freddie Mac set limits on how much money you can borrow for a conventional loan. A home loan that conforms to these limits is called a conforming loan: 

• In most cities, the maximum amount for a conforming loan is $453,100. 
• In high-cost areas, such as New York City and San Francisco, the limit is $679,650.
• Limits are revisited annually and are subject to change based on each area’s average home price.

A home loan that exceeds these limits is called a jumbo loan:

• Jumbo loans typically require a higher down payment (up to 30% for some lenders) and a credit score of at least 720. Some borrowers can qualify while putting down 20%, but their credit score has to be higher.) 
• They also tend to have stricter debt-to-income requirements, generally allowing for a maximum DTI ratio of 38%.

There are practical considerations to take into account before getting a jumbo loan too, mainly: Are you comfortable carrying that much debt? The answer depends on your current financial situation and long-term financial goals. 

Government loans:

• Include loans secured by the Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA), and the U.S. Department of Agriculture (USDA) Rural Development.
• Are meant to stimulate the housing market and enable folks who may be unable to qualify for conventional loans to still become homeowners.

Who qualifies? That depends on which government loan you’re looking at.

If you’ve had trouble qualifying for a mortgage because of income limitations or credit: 

FHA loans are used by a broad swath of people, including those with lower credit scores and income. 

• You can get an FHA loan with a downpayment of 3.5% if you have a minimum credit score of 580. You can still qualify with a credit score below 580 — even with no credit score — but the {{ start_tip 94 }}down payment{{ end_tip }} and other requirements will be much higher.
• FHA loans conform to loan limits set by county; these limits typically range from $294,515 to $679,650 in high-cost areas. You can view the FHA mortgage caps for your county at hud.gov.
• If you get an FHA loan, you must pay an upfront mortgage insurance premium (MIP) and an annual premium of 0.85%. Currently, the MIP is 1.75% of the loan amount — so, $1,750 for a $100,000 loan. This premium can be paid upfront at the mortgage closing, or it can be rolled into the monthly mortgage payment. 

Also, a heads-up — the date an FHA loan was issued affects the MIP. 

• If you received an FHA loan on or before June 3, 2013: You’re eligible for canceling MIP after five years, but you must have 22% equity in your home and have made all payments on time.
•  If you received an FHA loan after June 3, 2013: To stop paying MIP, you’d have to refinance into a conventional loan and have a current loan-to-value of at least 80%.

If you’re in the military, a veteran, or a veteran’s spouse:

• VA loans offer active or retired military (or a veteran’s surviving spouse) a mortgage with a 0% down payment. 
• VA loans also can have more lenient credit requirements — typically around a minimum 620 credit score — and lower DTI requirements.
• The VA only allows lenders to charge 1% maximum to cover the costs of originating and underwriting the loan, so you save money at closing. There is, however, an additional upfront, one-time funding fee of 2.15%. 

VA loans also don’t charge borrowers mortgage insurance — potentially helping you save a significant chunk of cash on your monthly payment.

Given the benefits, a VA loan is often the best mortgage option for people who qualify.

If your income is limited and you live in a small or rural town:

USDA loans are mortgages for limited-income home buyers in towns with populations of 10,000 or less, or that are “rural in character,” meaning that some areas that now have bigger populations are grandfathered in. You can see whether your town is eligible on the USDA’s website. 

• USDA loans typically have lower interest rates than non-USDA loans.
• Down payments can be as low as 0%. 
• USDA mortgages also have more lenient credit score requirements than conventional loans. 
• Income limits to qualify depend on location and household size. 
• USDA loans charge an upfront mortgage insurance fee of 1% of the loan amount and annual mortgage insurance premium of 0.35%. 
• And USDA loan borrowers must buy a “modest home” — a property with a market value deemed reasonable for the area, though the USDA does not set specific price limitations.

Only a select number of lenders offer USDA loans; here’s a list of USDA-approved lenders nationwide. 

If your job is to help people:

Niche programs, like the Neighbor Next Door from HUD, allows teachers, law enforcement officers, first responders, and government workers — as much as 50% — on eligible homes in revitalization districts. 

Note: Downpayment assistance programs offer qualified buyers such things as grants and interest-free loans. Start with your state’s housing finance agency to find options.

Explore More Topics:

Get Home Financing

Buy a Home: Step-by-Step

Now You Know the Basics. It’s Time to Call for Backup

Speaking of your lender: Ultimately, you’ll be working with your loan officer or broker to narrow down these choices, and to find a loan that works for you and your finances. (Just another reason why it’s important to choose a lender you’re comfortable with.)

Your real estate agent should be able to offer some insight, too. And because they don’t earn a paycheck from your loan selection, their advice about mortgages should be impartial.

You know your stuff. And you know whom to ask for help. Who’s overwhelmed? Not you. 

Checklist: 6 Items To Do Before Moving In

BUY

Closing on a House Checklist: 6 Things Home Buyers Must Do Before They Move In

By Daniel Bortz | Jun 11, 2018

FabioBalbi/iStock; realtor.com

Welcome to your Closing on a House Checklist—a rundown of everything home buyers need to do in the 11th hour before they get their hands on those keys. Because when you're approaching the finish line in your home-buying journey, you want nothing to go wrong, right?

That’s why we’ve put together a home closing checklist, which outlines your action points in those few days leading up to settlement. Keep this list handy to know you've done what you need to in order to close the deal.

1. Get all contingencies squared away

Most purchase agreements have contingencies—things that buyers must do before this transaction is official, explains Jimmy Branham, a real estate agent at the Keyes Company, in Fort Lauderdale, FL. These are the most common contingencies:

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• The Closing Process: What Home Buyers Can Expect on the Big Day

• Home inspection contingency: This gives buyers the right to have the home professionally inspected. If something is wrong, you can request it be fixedor you can back out of the sale. Its rarely advisable to waive an inspection contingency. Although the average home inspection costs $300 to $500, its a drop in the bucket considering the costly home issues you might uncover, says Claude McGavic, executive director of the National Association of Home Inspectors.
• Appraisal contingency: With this contingency, a third party hired by your mortgage lender evaluates the fair market value of the home. If the appraised value is less than the sale price, the contingency enables you to back out of the deal without forfeiting your earnest money deposit, says Bishoi Nageh, president of the Petra Cephas Team at Mortgage Network Solutions, in Somerset, NJ.
• Financing contingency: This contingency gives you the right to back out of the deal if your mortgage approval falls through. You have a specified time period, as stated in the sales contract, during which you have to obtain a loan that will cover the mortgage.

2. Clear the title

When you buy a home, you “take title” to the property and establish legal ownership—a process that’s confirmed by local public land records. As part of the closing process, your mortgage lender will require a title search, and you'll need to purchase title insurance to protect you from legal claims to the house.

Sometimes distant relatives—or an ex-spouse—may surface with a claim that they actually own the home, and that the seller had no right to sell it to you in the first place. But clearing title will ensure this doesn’t happen, says Marc Israel, president and chief counsel of MIT National Land Services, a title company in New York City.

As the home buyer, you’re entitled to choose the title company. You can get recommendations from your real estate agent, mortgage lender, and friends—just be sure to check out the license and reputation of each company online.

3. Get final mortgage approval

Before you can go to the closing table, your home loan must go through the underwriting process. Underwriters are like real estate detectives—it’s their job to make sure you have represented yourself and your finances truthfully, and that you haven’t made any false or misleading claims on your loan application.

The underwriter—employed by your mortgage lender—will check your credit score, review your home appraisal, and ensure your financial portfolio has remained the same since you were pre-approved for the loan.

Since underwriting typically happens shortly before closing, you don’t want to do anything while you’re in contract that’s going to hurt your credit score. That includes buying a car, boat, or any other large purchase that has to be financed.

4. Review your closing disclosure

If you're getting a loan, one of the best ways to prepare is to thoroughly review your closing disclosure, also known as a HUD-1 settlement statement. This official document outlines your exact mortgage payments, the loan's terms (e.g., the interest rate and duration), and additional fees you'll pay, called closing costs (which total anywhere from 2% to 7% of your home's price).

You’ll want to compare your closing disclosure to the loan estimate your lender gave you at the outset. If you spot any discrepancies, ask your lender to explain them.

5. Do a final walk-through

Most sales contracts allow buyers to do a walk-through of the homewithin 24 hours before closing. During this stage, you're making sure the previous owner has vacated (unless you’ve allowed a rent-back arrangement in which they can stick around for a period of time before moving). You’re also double-checking that the home is in the condition agreed upon in the contract. If your home inspection revealed problems that the sellers had agreed to fix, you’ll want to make sure those repairs were made.

6. Bring the necessary documentation to closing

Make sure you have the following items when you head to the closing table:

• Proof of homeowners insurance
• A copy of your contract with the seller
• Your home inspection reports
• Any paperwork the bank required to approve your loan
• A government-issued photo ID (Note to newlyweds who just changed their name: The ID needs to match the name that will appear on the propertys title and mortgage.)

Plan to sign a ton of paperwork. An attorney or settlement agent will guide you through the process. When you’re done, you’ll collect the keys and you're finally home free!

Daniel Bortz is a Realtor in Maryland, Virginia, and Washington, DC. He has written for Money magazine, Entrepreneur magazine, CNNMoney, and more.

4th of July Fireworks -- MD DE VA

Maryland

 

• Snow Hill: Saturday, July 1, 5:30- 9:15 p.m.; Food and activities at Sturgis Memorial Park on River Street. Fireworks begin at dusk, which will be at around 9:15 p.m. Neon glow sticks, necklaces and bracelets will be sold. For more information call 410-632-2080.

 

• Crisfield: Saturday, July 1, 5-10 p.m.; Somers Cove Marina. A family event with food, arts and crafts, a military veteran slideshow, patriotic music, kids activities, games on the beach, and finally, a fireworks display at 9:15 p.m. Admission is free, but it is recommended that you bring your own lawn chair. For more information call 410-968-2500.

 

• St. Michaels: Saturday, July 1, 7-10 p.m.; Fireworks and Big Band Night at the Chesapeake Bay Maritime Museum. Admission: $10 for non-members and $6 for members and member guests. Admission falls to $2 after 8:45 p.m. Rain date: Sunday, July 2. For more information call 410-745-2916.

 

• Centreville: Sunday, July 2, 9:15 p.m. at Queen Anne’s County High School bus loop

 

• Berlin: Monday, July 3, 9:15-9:30 p.m.; Berlin Falls Park on Old Ocean City Boulevard. 

 

• Oxford: Monday, July 3, Dusk; Tred Avon Yacht Club.

 

• Rock Hall: Monday, July 3, 9 p.m. Rain date: Wednesday, July 5.

 

• Cambridge: Tuesday, July 4, Dusk; Choptank River Waterfront. Best viewing spots include Great Marsh Park and Long Wharf Park.

 

• Chester: Tuesday, July 4, 6-9:30 p.m., Chesapeake Heritage and Visitors Center, 425 Piney Narrows Road.

 

• Chestertown: Tuesday, July 4, Dusk; Chester River Waterfront. Wilmer Park is a good viewing spot for the event. In case of rain, fireworks are delayed until there is a break in the weather.  There is no rain date.

 

• Easton: Tuesday, July 4, 4-10 p.m.; Easton Carnival & 4th of July Celebration. St. Michaels Road and Waterside Drive (behind Target). Fireworks show begins at dusk.

 

• Hebron: Wednesday, July 5, 9:30 p.m..; Hebron Carnival Grounds.

 

• Ocean City: Tuesday, July 4; Concert and Fireworks on the Beach. Concert at 8 p.m. followed by fireworks at 9:30 p.m.; Downtown on the beach at North Division Street AND uptown at Northside Park on 125th Street. For more information, call 1-800-626-2326 or the Ocean City Department of Recreation & Parks at 410-250-0125.

 

• Ocean Pines: Tuesday, July 4, 9 p.m.; Showell Park, 11281 Racetrack Road. Recommended viewing locations are Showell Elementary School, the Community Church at Ocean Pines, Most Blessed Sacrament School and The Pavilions.  Rain date: Wednesday, July 5. For more information call 410-641-7717.

 

• Salisbury: Tuesday, July 4, 9:15 p.m.; Red, White and BOOM Fireworks Show at Wicomico County Stadium across from the Wicomico Youth & Civic Center.

 

• Salisbury: Tuesday, July 4. Fireworks at Arthur W. Perdue Stadium following the 6:05 p.m. Delmarva Shorebirds game.

 

 

 

 

Delaware

 

• Millsboro: Saturday, July 1, 6-10 p.m.; Cupola Park. Fireworks at dusk.

 

• Cape May-Lewes Ferry: Sunday, July 2, Fireworks Cruise. Cruise departs Lewes at 7:15 p.m.. Fireworks will illuminate the skies over the Delaware Bay. Return to Lewes at 11 p.m. For more information go here. For reservations call 1-800-643-3779.

 

• Rehoboth Beach: Sunday, July 2, 9:15 p.m. Fireworks will be launched from the beach and will be visible up and down the boardwalk and beach. Live entertainment before and after fireworks at the Bandstand. Depending on the weather, the fireworks may launch any time after 8 p.m.

 

• Bethany Beach: Tuesday, July 4.  Fireworks at dusk and are best viewed from the beach or boardwalk.

 

• Dewey Beach: Tuesday, July 4, 9 p.m. North beach Restaurant, McKinley Street on the Bay.

 

• Dover: Tuesday, July 4, 9:20 p.m.; Legislative Hall. Tours, food and more from 9 a.m.- 10 p.m.. For a full list of activities, click here.

 

• Laurel: Tuesday, July 4, 8 a.m.: Prayer breakfast at Abbott’s on Broad Creek; 5 p.m.: The Band Chain Break will perform in Market Square Park Bandstand; 6 p.m.: Little Miss Independence Pageant; 7 p.m.: Parade will begin. “Let Freedom Ring” is the theme this year; 8 p.m. until fireworks: Band Chain Break will continue to perform; 9:25 p.m.: fireworks will begin.

 

• Middletown: Tuesday, July 4, 6-9 p.m. Fireworks display at dusk/dark at Silver Lake Park. No personal fireworks, dogs, open flames, allowed in the park. Rain date July 5.

 

• Milton: Tuesday, July 4, 10 a.m.-2 p.m. Family-friendly patriotic celebration in Milton Memorial Park. A highlight of the festivities is the bike decorating contest and bike parade at 11 a.m. Grand prizes of two brand new bikes will be awarded to the winners – one each to the best boy and girl entries.   All decorated bike contestants must register by 10:45 a.m. at Irish Eyes Restaurant and Pub in Milton on the back patio. Other festivities include a dunk tank, a cake walk and free games and activities for children. Children will enjoy train rides, relay and sack races and a variety of competitions including the “Chess Tent” where children can develop their chess skills and play matches. The “Milton’s Best” Pie Baking Contest has three competitive categories – professional, amateur, and children 12 and under.  Bring your favorite Red, White or Blue themed pie to the Hospitality Tent between 9 and 10 a.m. All pies must be homemade, have a red, white or blue filling and not require refrigeration.  Prizes and certificates will be awarded to the winners. Musical entertainment at the gazebo will feature Milton’s own Walt Hetfield known for his Buddy Holly Tribute. His group will perform patriotic songs and Americana 1950’s rock and roll. DJ Jerry B, from Affordable Wedding Entertainment, will also keep the music flowing. Bring a picnic lunch or purchase food from on-site vendors.

 

• Newark: Tuesday, July 4, 6-10 p.m. Live musical entertainment begins at 6 p.m. Fine arts and crafts booths are available to browse and games abound for the kids. Fireworks begin at dusk at University of Delaware’s David M. Nelson Athletic Complex on South College Avenue at Del. 896 (near Delaware Stadium). Rain date July 5, fireworks only.

 

• Smyrna:  Tuesday, July 4.  Parade and fireworks. Parade will start at 9:30 a.m., on South Street and end at Smyrna Municipal Park. Park anywhere between there. Fireworks will be held at dusk at the Little League fields, with parking available at Smyrna High and Smyrna Middle schools.

 

 

Virginia

 

• Cape Charles: Tuesday, July 4, Festivities begin at 8 a.m. and will take place along Bay Avenue with a parade at 10 a.m. Fireworks after dark at the harbor/beach. Rate date July 5, fireworks only.

 

• Chincoteague Island: Saturday, July 1; Chincoteague Carnival Grounds. Fireworks to begin at 10 p.m..Carnival open from 7-11 p.m. Click here for more information.