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March 3, 2022
3.89% The mortgage rate decrease is likely temporary, and rates will soon lift again with higher inflation.
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Stillwater NewsPress • Thursday, March 3, 2022
Owners should quickly clear paid-off loan from title It’s the owner’s job to ensure that his or her mortgage is removed from the title to their home when the final payment has been made. DEAR DAVE: We never thought the day would come, but we have just made the final payment on our 30-year mortgage. What kind of documentation should we expect to get from the bank? ANSWER: The lender should soon send you some type of notification that the title to your home has been cleared of the mortgage or deed of trust. Procedures vary by state. In some areas, lenders provide a document called a “mortgage-satisfaction notice” or “deed of reconveyance,” which the borrower must then file at the local recorder’s office. In others, banks record the notice themselves, but typically ask the customer to pay for the service. Make sure that you follow up with the lender if you don’t get the proper paperwork within 30 to 60 days. It’s
important to get the mortgage off the title soon, because you might not be able to clear it quickly if you later decide to sell or refinance. ••• DEAR DAVE: I have very good credit, so I get unsolicited offers for pre-approved credit cards all the time. When a credit-card issuer checks my report to see if it wants to offer me a pre-approved card, does the inquiry drive my overall score down? I’m concerned, because I plan to refinance my mortgage soon and want to keep my score high so that I can qualify for the best loan terms possible. ANSWER: Too many inquiries can indeed push your score lower, but only if they’re initiated by you as part of an effort to obtain more credit. Though companies that hawk pre-approved cards indeed check your report before deciding whether to make an unsolicited offer, such inquiries are known in the industry as “soft hits” and have no effect on your over-
the money is derived from alimony or child-support payments rather than a job. There are, however, some gray areas in both federal and state antidiscrimination laws. For example, a landlord MYERS is allowed to set against prospective minimal monthly tenants based solely income standards on their source of for prospective income -- provided tenants as long as that the money is those standards legally received, are applied evenverifiable and is ly to everyone. If paid directly to the the landlord says rental applicant or that all prospects the tenant’s repmust make at least resentative. This $3,000 per month means that it’s OK to be eligible for for a manager to an apartment unit, reject an applicant their application if the money comes can be booted if from an illegal they don’t meet operation (think the threshold, redrug-dealing or gardless of whether prostitution), but they have a job or it’s a violation of instead depend on federal law if the alimony or support landlord refuses to payments from rent simply because their former spouse.
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DAVID all score, unless you decide to accept the new card. ••• DEAR DAVE: My ex-husband is a very successful doctor who pays me a total of $4,600 each month in alimony and child support. I do not work because I am busy raising our 8-yearold and going to night school. I have been looking for a larger apartment in an area where rents are about $1,500 per month. Can landlords discriminate against me because my sole source of income comes from my ex-husband instead of a 9-to-5 job? ANSWER: No, landlords or property managers cannot deny you a rental simply because you are not currently employed. Federal fair-housing laws prohibit landlords from discriminating
The next time you file a rental application for you and your child, it could help if you also would include in your “app” a copy of the court decree that awards you $4,600 per month in alimony and child-support payments, plus all bank statements or other financial records that show that the payments have been received on a steady monthly basis. This can help to prove to the landlord that you’re not only entitled to the payments, but that your ex-husband is religiously making them. If a landlord balks at taking your application because you
don’t work full time, file a complaint with your local fair-housing agency or online at the U.S. Department of Housing and Urban Development’s website (www.hud.gov). ••• Our booklet, “Straight Talk About Living Trusts,” explains how even lowand middle-income homeowners can now reap the same benefits that creating an inexpensive trust once provided only to the wealthiest families. For a copy, send $4 and a self-addressed, stamped envelope to D. Myers/Trust, P.O. Box 4405, Culver City, CA 90231-4405. Net proceeds will be donated to the American Red Cross.
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NEW LISTING - 9433 Woodchuck Court, Edmond - 3 BD / 2 BA / 2 car attached garage.Granitecountertopsinkitchen,customwalk-intiledshowerinmainbatthroom and many more. Has a privacy fence backyard with an extra large patio.....$214,900
PENDING
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BROKER/OWNER, GRI
30+ years of experience
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| GLENCOE | $349,000 5007 N RIPLEY ROAD | $259,000 8309 E. VFW Road nicely updated vintage on 5Guest acres. 3br, 1.5 bath, 3Very Bedroom, 2 Bath on 6home Acres. house and 2,844 sq. ft. Newly remodeled kitchen and bathrooms and detached garage roomfloors. above. Seesee! you Sunday! beautiful with hardwood A must
Stonehenge Realty 1823 S. Perkins Road • (405) 533-2999 Ruby O. Schneider • Broker/Owner Cell: (405) 880-3952 ruby@stonehengerealtystw.com
Transitions our landscapes, like her), will be taking has spent her career Laura Payne, the all things in life, is a over these duties on training for this role Horticulture Edugood thing. March 7. and she will be a per- cator in the Payne Don’t sweat over Laura began her fect fit. When you get County Extension office. Laura can be all the pests. career with OSU at a chance to interact reached via email No doubt there are the Botanic Garden with Laura, you’ll at laura.payne@ some problematic where she advanced wonder why they okstate.edu, phone at ones (pest can mean from student worker, kept me around as 405-747-8320, or in insects, diseases or to Garden Manager, long as they did. weeds) that need our to Volunteer CoordiFor more informa- person at the Payne County Extension ofattention and internator, to Assistant tion on this or any KEITH REED fice, located at 315 W. vention. However, in Producer of Oklahoother horticultural know you know (even if you don’t many cases, things ma Gardening. She topic, you can contact 6th in Stillwater. will be fine if they are simply ignored. In far too many cases, I’ve witnessed situations where attempts at curing a problem with a pesticide has created far greater problems than had the pest just been left alone in the first place. Please don’t be your, or the environments, N NE Dryden sqtoft Sho Move Ready $157,000 Tiffany 502 N.701 Burdick - 3 2 Cir 1623 ft Close inIn & Schools - 225 000 - Donna 9366 HWY 33 -- 4/2/1621 3s bed, 3 bath on .75-acre m/l - -$275,000 -- Ann own worst enemy 2023 E. Linda - 322 Large corner lot sq ftK.$248,000 5020 Ave W 10th 4Ebdrm., Stillwater Country Club, large lot - 1900 $360,000 - Tiffany – Tiffany 1800 N -Benjamin Stwith - 3-outbuilding. Bed 1 1178 Bath3BR/2.5BA 1121 -Over $139,000 - Melissa Kenworthy 3/1/2, sq. ft.sqft - $148,000 - Lori 814 S. Rock Hollow Ct. - SWDr. area4 /Bed, over 3.5 1990Bath, sq ft/SCC Golf access $274,000 S Brenna 2,891 sq. Cart ft. -Ready $490,000 - Ann –- Tiffany by using pesticides 3723 10217 N Washington - 3/2 -1300 sq ft UPDATED Move In - $154,000 Amy 9715 E. Horizon Dr.bdrm./3 - 50 x- 60 livestock barn on 5 acres with no In restrictions $100,000 –-Lori 1919 Brooke Hollow Ct. 4 bath/Large Lot/North of OSU Campus! $343,000 - Tiffany 3723 N Washington 3/2, 1300 sq. ft. UPDATED, Move Ready $154,000 AmyK- PENDING any irresponsibly. If you 322 E Kenworthy - 03/1/1178 sq. ft., Detached Garage, Storage Shed, 4 Lots $148,000 - Lori K. NEW PRICE W. 19thAve. Ave -#43 7.48- acres inside Stillwater city limits $350,000 – Lori K 6000 N Pennsylvania 2 bdrm./2.5 Bath Condo, Oklahoma City - $129,000 - Tiffany can’t be bothered to 2206Creek 3/2/2, 1496 As-Is -Barn K. W- 23rd Ave. sq. ft.lot $170,000 801 S. Burdick 3BR/1.5BA, 1.5 story on 1371 sq ft a $89,000 Lori-CLori PENDING! 1408 N. M5215 Spring Cir. E - -2/1 1253 sq.large ft. on 3Selling Lots with -–$299,900 - Lori K.00 – Lori 4517 Broker Associate 1115W S.Country Richfield Ct. - 3BD/2BA 1775 ft $305,000 read the instructions 2320 Timbercrest Dr. - 3 Bed,Club 3 Bath, 1600Lot sq. ft. sq New - $209,000 - Donna 4713 - NICE for sale -Construction $25,000– -Tiffany Donna 20 onna J Lori 10 Lori 405-612-6724 3716 S. Perkins Rd. - Prime Commercial Property, 10-acres m/l -$27,000 $1,800,000 - Lori K. 2923 N. Rd. Monroe - 3BD/2BA 2321 ft $208,000 – Tiffany Shumard Oaks - 5 -Nice Lots for you tosq build your10-acres new home - Donna on the label, either 3716 S. Perkins Prime Commercial Property, m/l-PENDING! - $1,800,000 -nLori K. 7917 Pickles GapLarge - Nicelots large in Perkins School District $22,500 Lori Scotthaven Addition - Nice in lot Perkins School District/starting at -–$45,500 - Donna 5607.1 S Mehan - 41.5-acres, Just North of 68th & Mehan, Ripley Schools - NEW PRICE $249,000 - Tiffany don’t apply it or call Hallies Meadow NEW CONSTRUCTION 4BD/2BA sq ft $379,900 – Lori 5607 6021 S Mehan Rd. - 52.5-acres for Sale, Will Divide, Ripley2347 Schools - $349,000 - Tiffany y5,900 1408 N.PEND Mai 5005 – Lori iffanyKyle 6023 Haydans Brk. New Construction, 4/2, 2075 sq. ft. $338,500 Lori K. our office and ask for N Perkins Rd 4000 sq ft warehouse Oh the possibilities $399,900 – Donna E 810 Rd., - 53.34-acres. Hunting/Building/The endless $224,028 -- Dolores/Tiffany 5504 W00 Creekside Dr.Tryon - GATED COMMUNITY, Radiant Luxury, 5/4.5,possibilities 5823 sq. ft. - are NEW PRICE -$1,475,000 5706 W. Garden Pointe Dr.Lots - Radiant Gated 3BD/3BA, 2754 sq ft $550,000 – Ann 5504 W Creekside Dr.12th - GATED COMMUNITY, Luxury, 5/4.5, 5823 sq. ft. - NEW PRICE $1,580,000 1218 W - 4 Commercial in aCommunity very High Traffic area/starting at $255,000 - Ann - Dolores/Tiffany help to learn how to 3618 W. Fountain View Rd. Ct. --5BD/2.5BA, in ground pool - Woodland TrailsC11 $362,900 – Tiffany 9001 Cedar Cedar Crest Trail 4Range bdrm./3 bath/5-acres/Pool/Summer Kitchen, plus more!! C11 NEW PRICE $995,000 3000 S. 4 bed, 4.5 bath, on 3.2-acres -plus $845,000 -addn Tiffany/Dolores $820,000 9001 Crest Trail -- 4 bdrm./3 bath/5-acres/Pool/Summer Kitchen more!! -- NEW PRICE $995,000 -- Tiffany Tiffany do it properly. 208 N. Donaldson - 4BR/2BA 1851 sq ft - close to shopping & schools $205,000 – Donna a 3215 S. Boomer Rd. - Nice Commercial Building for- sale - PRICE $2,245,000 - Tiffany 719 Kar 0 Tiffany 18575 Deer Pointe 3/2/2 on 2.5-acres, 1917 sq. ft. NEW $268,000 Kyle Support public 301 S. Duck St. - Beautiful Office Building the heart ofoutbuildings Stillwater -$129,999– $900,000 - Lori K. 910 Kansas / Pawnee - 1936 farmhouse / 1inacre lot with Tiffany 211 E. Main St., St. Coyle - 64 Unit Storage Building, GREAT INVESTMENT - $165,000 - Donna 301S.S. Duck St. - Beautiful Office Building inacross the Stillwater -- $900,000 LoriK. K. ri- -Lori 11 415 W. 80th - 52.65 OK, acresCute rural property, noheart restrictions $300,000 – Lori riffan gardening efforts in 505 Morton Ave. - Ripley, home fromofthe School $75,000 120 W Tyler CALLING ALL INVESTORS, 2 Units, 12 Apts., 2 bed, 1 bath $950,000 Dolores/Tiffany 120 - CALLING ALL bath/Study/Game INVESTORS, 2 Units, 12 Apts., 2 bed, 1 bath $950,000 - Dolores/Tiffany 617 S. Main - Downtown Stillwater commercial unit plus apartment unit -$395,000 – Tiffany 2923 Monroe - 3 bdrm./2 Room. One block to Boomer Lake - $219,000 - Tiffany 29WN.Tyler Tiffany whatever ways you 830456 S. Ct. 3354 / Carney -3BR/2BA 1468 sqCreek, ft to - out $199,900 – Lori - Tiffany 000 N - 9-Rd lots platted forLots duplexes close Boomer Lake - $420,000 3337 WGlenwood Charleston Ct. New Construction in Berry 4building bed, 2.5 bath - $397,900 719 Karen ,Donna 0 - Tiffany Roka Hidden Lake 14 Beautiful on the North Side $52,500-$79,000 Lori- K. are able. 111 E. Tower / Perry 3BD/1BA 1118 sq ft $79,800 – Tiffany 7917 Cir. Pickles large lotsq. in Perkins School - Lori$250,000 1408Spring N. ,900 -- Lori 5215 Creek E - 2Gap bed,- 1Nice bath, 1253 ft. on 3 lots with District a barn -- $22,500 NEW PRICE Lori K. While we all ben502 N. Burdick Close to shopping & schools $209,000 –$335,000 Donna- Lori 6021N. Hallies Meadow - NEW 1623 CONSTRUCTION 4BR/2BA, 2,347 sq. ft. - $379,900 2113 Crescent Dr.- -3BR/2BA 4/2.5/2, 2439sq sq.ft ft. GREAT LOCATION - NEW PRICE - Ann Roka Hidden Lake 14 Beautiful Lots on the North Side $52,500-$79,000 Lori K. 2923 iffany 920, 920 1/2 S. Duck 2 Investment properties, -2 Oh, homes, bedrooms total $160,000- Donna – Amy 5005 N Perkins Rd. .- -4,000 sq. ft. warehouse the 5possibilities - $399,900 efit from the life 2113 Crescent Dr. - -Commercial 4/2.5/2, 2439 sq. on ft. and GREAT NEW PRICE $345,000 101Pointe W.Hwy. 80th shopLOCATION on 11.5 acres $4,000,000 – Lori 9366 NE - 3 bed, 3 building bath, .75-acre m/l - NEW PRICE $249,000 - 35,900 Ann - -Ann $495,000 57061408 W. Garden Dr.33 Gated Community 3BR/3BA, 2,754 sq.-ft. - NEW PRICE $510,000 - Ann N.N.M Lori enriching gifts plants 354 Cou - Tiffany 5011 W. 10 acres of Stillwater $300,000 – Lori 9366 NE /Hwy. 33 Lakeview - -31936 bed, farmhouse 3 -bath, on .75-acre m/lwith - NEW PRICE $249,000 - ,500 Ann 910S.Kansas St. Pawnee / NW 1-acre lot outbuildings - $129,999 - Tiffany 4517 0 - Lori Scotthaven Addition large lots inproperty, Perkins School District/starting at $45,500 - Donna provide, society tends 522 12th#43 - Nice Commercial building inCondo, downtown Stillwater Lori 415 W.E. 80th - -52.65-acres rural noOklahoma restrictions -$250,000 $250,000 - Lori $112,000 354 - ffany Tiffany 6000 N Ave. - 2 bdrm./2.5 Bath City - NEW–PRICE - Tiffany PENDING - Pennsylvania ,900 - Tiffany 354 S. Black Oak Dr. -Stillwater 4BD/3BA,commercial 4813 sq ft Georgian & style – Donna to grossly underap6172620 S. Main -S.Downtown unit pluselegance apartment unit-$950,000 - $395,000 - Tiffany 3000 Range Rd. 4 bed, 4.5 bath, on 3.2-acres $820,000 Tiffany/Dolores 4713St. W -Country Club - shelter, NICE Lot for sale $195,000 $25,000–-Tiffany DonnaPENDING! - 45,000 1304354 & 11111012 - Lori iffany N. Manning 3BR/2BA storm outbuilding E. Tower / Perry - 3BR/1BA, 1,118 sq. ft. - NEW PRICE $70,800 - Tiffany - PENDING preciate the work PENDING - S. Duck - $152,500 ,000 -Tiffany Shumard Oaks -W. Just of 51 & Country Club lots left --$25,000-$27,000 2218 3rdSouth - Close to campus 3BR/2BA 2208 4sq ftsale $239,000 – Tiffany 920, 920½ - 2Boomer Investment properties, 2 homes, 5 Only bedrooms total NEW PRICE - Amy - - - Donna 1304 & Lori 3215 S. Rd. Nice Commercial Building for $2,245,000 Tiffany or the people that 1408 N. Main / Perkins4BD/3BA 2098 sq ftinNEW CONSTRUCTION on- $4,000,000 golf course $325,000 – Lori Scotthaven Addition - Nice large lots Perkins School District/starting at $45,500 101 W. 80th - Commercial building and shop on 11.5-acres - Lori - Donna Jenna Ln. 3BD/2BA 1756 sqhome ftNW NEW CONSTRUCTION $266,900 – Lori - Lori K. it takes to care for $69,900 505 3000 S.4517 Morton Ave. - -Ripley, OK, Cute across from School 5011 W. Lakeview - 10-acres Stillwater -the $300,000 --Lori S. Range Rd. - 4 bed, 4.5 bath, on of 3.2-acres - $820,000 - Tiffany/Dolores 354 Tiffany 115E.E.12th 80th- Commercial - 14.5 acres m/l Just North of 68th & Mehan - $121,075 - Tiffany 354 S.3 522 -Kyle Tiffany building in downtown Stillwater $250,000 - -Lori them. 3215 Boomer - Nice Commercial Building forBoomer sale - -$2,245,000 Tiffany 000 NBlack Glenwood Ct.E 9Rd. lots platted foroffice duplexes closem/l to $420,000 Tiffany 80th - Nice large 3 acres $950,000 – Lori-- $950,000 354 S306 Cou , -700 Tiffany . .S. Kyle 2620 S. Oak203 Dr. - -4BR/3BA, 4,813 sq. ft.on Georgian elegance & Lake style -- -Lori Donna 270 And finally, it is 2707 7 Lori 505 S. Morton - Ripley, OK,sq. Cute home across the School - course $69,900 - Lori E 2nd - 4BD/2BA 1717 sq ft Split floor from plan $175,000 – Ann PENDING & 1306 S4 3202 24 ft. - K. $135,000 - Lori 14081304 N. Main /Perkins - Ave. 4BR/3BA, 2,098 ft. NEW CONSTRUCTION on golf -sq. $325,000 - Lori K. $315,000 2707 W. 317 Lori 101 W. 80th - Commercial building and shop onsq 11.5-acres -Lake $4,000,000 - Lori- Tiffany Lori with great joy that 6038 Haydans Brook - NEW 4BR/2.5BA 2183 $349,000 – Lori- $420,000 000 N Glenwood Ct. - 9 lots platted duplexes close toftBoomer 4517 Jenna Ln. - 3BR/2BA, 1,756 sq. ft.for CONSTRUCTION - $266,900 - Lori PENDING 202 5 - -Donna 2112 N.80th Monroe - 2 Commercial buildings on 3restrictions acres $600,000 – Dolores E.E.W. 80th - -14.5-acres m/l ofof68th - Tiffany I am so pleased to K.K. 6115 415 - 52.65-acres rural property, no& -$121,075 $250,000 - Lori 115 80th 14.5-acres m/ljust justnorth north 68th &Mehan Mehan- -$121,075 -Lori Lori 354 S. Council Rd. - Land forlarge sale office in Crescent, OK - No restrictions 33.5 acres m/l $167,000 – Tiffany 203 E. 80th Nice on 3-acres m/l NEW PRICE $1,200,000 get to announce that 101 W. 80th - Commercial building and shop on 11.5-acres - $4,000,000- -Lori Lori . as or S. Burdick - 3BR/2.5BA sq $87,000 – Tiffany 3202 E.E. 2nd 4BR/2BA, 1,717 sq.on ft. 3-acres Split1371 floor plan - $170,000 -$1,200,000 Ann ---PENDING 0000 S.- 801 Ann- -Lori 203 80th - Nice large office m/l -ftNEW PRICE E. 80th - 14.5-acres m/ldivide, just north of signs 68th & Mehan - $121,075 - Lori K. ffany my replacement has 2707115 W 6038 44th - 15.86 acres - will look for west of- Western $317,000 – Lori 4 Haydans Brook 4BR/2.5BA, 2,183 sq. ft. $349,000 Lori 47 .203 E. 80th , any - Nice large office onacres 3-acres m/l -3-acres NEW PRICE Cedar Oaks &Commercial 19th - 7.48 m/l in city limits $350,000 Lori 421 E. Pams Dr. - NEW CONSTRUCTION, 3/2.5/2, 2115 sq. ft.$1,200,000 - –$297,500 - Lori K. been hired and will 2112 N. Monroe 2 buildings on $600,000 Dolores N. Possibilities! - $2,352,900fany - Lori N.601 Lori 0000 S. Country Club Rd. 20 Acres on Paved Road $200,000 Ann 2707 W 44th 15.86-acres will divide, look for signs west of Western $317,000 Lori PENDING C/Jennifer 4810 Aloysius Dr 3/2.5/3 2180 sq ft $349,000 Lori be starting soon. Lori Crosby Donna Rhinehart 5011 W. Lakeview - 10-acres 1/4 mile Lakeview &-pleasure Country- $45,000 Club 4717 S. Turtle Pond Ct.&approx. - Great m/l West Lot forof your - Tiffany - Lori K. Montie Stewart Monty Stewart Cedar Oaks 19th -.-acre 7.48-acres in citybuilding limits $350,000 - Lori- $250,000 OPEN HOUSE, m/l SUNDAY 1-2 P.M. Realtor Associate Laura Payne, who 3000 Range Rd $845,000 1-3 Dolores Lemon Realtor Realtor Associate N. Washington Rd. 151.8 acres m/l, OH the Possibilities! $2,352,900 Lori 4717 S. Turtle Pond Ct. - Great .-acre m/l lot for your building pleasure - $45,000 - Tiffany PEN q. ft. - $349,000 405-612-4184 1324 N Henderson St. -- 151.8 Lot foracres sale,m/I, .75-acres, Evergreen Estates - $29,000 -- Lori Donna 3723 N Washington -OH $154,000 - Amy Parsons 405-747-7306 405-372-5151 ngtonRd. Rd. the many of you know N. Washington - 151.8-acres m/l, OH the Possibilities! Possibilities!- -$2,352,900 $2,352,900- -Lori Lori
HOME GROWN
Stillwater NewsPress • Thursday, March 3, 2022
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By the time you read this, I will be retired from Oklahoma State University. As I close out this chapter of life, here are a few closing thoughts bouncing around in my head about my experiences in extension, especially as they relate to this column. Don’t ever buy the line that says “no one reads the paper anymore.” That’s just simply not true. Very few weeks have gone by over the last decade that someone doesn’t mention something to me about an article I’ve written. I’m grateful to all our local papers for their willingness to publish this column. Please continue to support them. Gosh, if you have something to say, consider contacting them about adding value to their reporting in some way. In these crazy times, we need local news more than ever. While I can’t speak for them, my guess is they might welcome the chance for a fresh slant on life in Payne County, no matter the topic. Plant more trees. Our part of the world is hard on trees, and they don’t live forever. While proper selection for size and hardiness is important, it’s just as important to diversify your plant choices as much as possible. Diversity in
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Stillwater NewsPress • Thursday, March 3, 2022
Homeowner rates climb, but gap remains for Black, Hispanic Americans The U.S. homeownership rate climbed to 65.5% in 2020, up 1.3% from 2019 and the largest annual increase on record. More Americans are likely to own a home now than during any year following the Great Recession (65.4% homeownership rate in 2010); however, Black Americans continue to face significant obstacles along the path to homeownership, according to the National Association of Realtors®. The homeownership rate for Black Americans – 43.4% – trails behind that of a decade ago (44.2% in 2010). Conversely, White Americans (72.1%), Asian Americans (61.7%) and Hispanic Americans (51.1%) all achieved decadelong highs in homeownership in 2020, with the rate for Hispanic Americans setting a record and reaching above 50% for the first time. View NAR’s Snapshot of Race & Home Buying in America report here: https:// www.nar.realtor/ research-and-statistics/research-reports/a-snapshot-ofrace-and-home-buying-in-america. – nar.realtor.com
Spring clean your mortgage Spring traditionally is a time of regrowth, new life and budding. You may get the itch to deep clean and organize your house. And while you’re at it, you should consider a “spring cleaning” of your mortgage as well. These tips could lead to saving money, so take the time to look to see if any of these situations apply to you. Private Mortgage Insurance Private Mortgage Insurance, known as PMI, is required on some loans. If you started your loan with PMI, it will fall off once you reached the date when the principal balance of your mortgage is scheduled to fall
to 78 percent of the original value of your home. This date should have been given to you in writing on a PMI disclosure form when you received your mortgage. If you can’t find the disclosure form, contact your servicer. Also, if your home has increased in value since you purchased it, your Loan to Value (LTV) ratio may be at a point to discontinue your PMI early. You can request this from your lender and they would determine with an updated evaluation of your home with an appraisal. Discontinuing your PMI can free up some extra money each month if this applies to
ing needs, please shave up to four years off your mort- call RCB Bank at 855-BANK-RCB. gage! Some restrictions apply. RCB Bank Refinancing is an Equal HousNow is a good time to think about ing Lender and member FDIC. refinancing your RCB Bank NMLS home. If you’ve #798151. Kenowned your home neth Wohl NMLS for awhile and KENNETH WOHL #453934. don’t plan on movyou. Also check to see ing anytime soon, Source: if your agent might refinancing likely https://www.conInsurance have you over-insumerfinance.gov/ will save you a Check to see if sured. Lowering significant amount ask-cfpb/when-canyour homeowner’s your policy to what of money. In some i-remove-privateinsurance policy you only need vs. mortgage-insurcases, refinancing has risen, and more than you need to a 15-year mortance-pmi-from-myshop around for a could lower your loan-en-202/ gage will make lower rate. Getting cost as well. more sense. a quote costs no Opinions exDigital subscriptions money. Are you Tax refund pressed above are make staying bundling your If you receive a the personal opincurrent easy... home and auto pol- tax refund, consider ions of Kenneth icies? using it as an addi- Wohl and meant Most insurance tional payment tofor generic illustracarriers offer a dis- ward the principal tion purposes only. Download the count for bundling of your mortgage. With approved app for FREE policies. It’s a good Making one adcredit. For specific idea to get quotes ditional monthly Now available for iOS, questions regarding Android, and Kindle to see if there’s sav- payment a year can your personal lendings of which you weren’t aware.
Mortage Matters
405.624.2626 www.c21global.com 131 N. MaiN, Stillwater
DEFY MEDIOCRITY + DELIVER EXTRAORDINARY Linda Schmidt
00 SOUTH LONGVIEW DR. • $75,000
Just What you want! Five acres close to town on good roads. Use 44th to go east off Hwy 177 to Longview. Fenced & Level. Stillwater schools. Utilities nearby. Restrictive covenants are in place in this subdivision, no mobile homes permitted. Updated street address will be provided before closing.
Broker
405.880.3048 Bailey Williams
405.714.4037
Property Manager
Alane LeGrand
405.747.6950 Judy Kasso
Rosetta Heppel
405.880.0869 Virginia Cussner 405.747.7601
Beverly Carter
405.743.9618 Diana Field
Sandy Blankinship 405.269.9523 Oscar Fortune
801.824.8166
405.747.4684 405.747.6042
Mike Branson
405.612.5347 Thomas Jenkins 405.780.3204
Tana Rutan
405.612.1496 David Heppel
405.269.6907
Powell expects quarter-point Fed rate hike By Chris Rugaber AP Economics Writer
carefully along the lines of that plan.” Economists have forecast that the Fed will implement five to seven quarter-point hikes this year. Powell spoke a day after President Joe Biden said in his State of the Union address that “my top priority is getting prices under control.” This month’s increase would be the first since 2018. And it would mark the beginning of a delicate challenge for the Fed: It wants to increase rates enough to reduce inflation, now at a four-decade high, but not so fast as to choke off growth and hiring. Powell is betting that with the unemployment rate low, at 4%, and consumer spending solid, the economy can withstand modestly higher borrowing costs. The Fed’s rate is now pegged near zero, where it has been since the pandemic struck in March 2020 and
the Fed responded by slashing interest rates to help support the economy. Powell acknowledged that consumer price increases have jumped far above the Fed’s target of 2% – inflation hit 7.5% in January compared with a year earlier – and that higher prices had persisted longer than expected. He also pledged to use the Fed’s tools to bring inflation back down to its target. “We understand that high inflation imposes significant hardship, especially on those least able to meet the higher costs of essentials like food, housing, and transportation,” the Fed chair said. Under questioning by Rep. Roger Williams, a Texas Republican, Powell said he believes the Fed can reduce inflation without tipping the economy into recession. One reason he thinks so, Powell said, is that the econ-
omy is strong now, with solid growth and the unemployment rate at a low 4%. The Fed chair added that the central bank expects inflation to gradually decline this year as tangled supply chains unravel and consumers pull back a bit on spending. Many economists agree with him but nevertheless think inflation will stay elevated. Rising prices are spreading beyond items that were disrupted by the pandemic – autos, electronics, furniture and other household goods – into broader categories of spending, especially rental costs. Goldman Sachs has raised its forecast for inflation and now predicts that prices, according to the Fed’s preferred measure, will still be rising at a relatively high annual rate of 3.7% by year’s end. That is far above the Fed’s own most
recent projection, issued in December, of 2.7%. Powell said the Fed will also begin reducing its huge $9 trillion balance sheet, which more than doubled during the pandemic when the Fed bought trillions of dollars of bonds to try to hold down longer-term rates. He said the central bank’s policymakers will likely agree on a plan for how to shrink its bond holdings when it meets in two weeks but declined to say when the plan might be implemented. Oxford Economics, a consulting firm, projects that the Fed will reduce its holdings by about $400 billion this year, which it estimates would have the effect of rates hikes amounting to 1.5 to 2.5 percentage points. Oxford Economics, a consulting firm, projects that the Fed will reduce its holdings by about $400
billion this year, which it estimates would have the effect of rates hikes adding up to roughly onehalf of a percentage point. Costlier energy will send inflation even higher than it otherwise would have been in the coming months, bolstering the case for Fed rate hikes. But more expensive gas also deprives consumers of money to spend on other things. This, in turn, will likely hold down consumer spending and potentially weaken the economy – a scenario that would usually discourage the Fed from raising rates. Powell warned that the war could lead to shortages of such commodities as neon gas and palladium, which are used to produce semiconductors. A lack of computer chips last year slowed production of cars and electronics and contributed to high inflation.
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Stillwater NewsPress • Thursday, March 3, 2022
WASHINGTON – Chair Jerome Powell said Wednesday that he supports a traditional quarter-point increase in the Federal Reserve’s benchmark shortterm interest rate when the Fed meets later this month, rather than a larger increase that some of its policymakers have proposed. But Powell did open the door to a bigger hike in the event that inflation, which has reached a four-decade high, doesn’t noticeably decline this year, as the Fed expects it to. “I’m inclined to propose and support” a quarter-point rate hike to fight the acceleration of inflation that has engulfed the economy in recent months, Powell told the House Financial Services Committee on the first of two days of semiannual testimony to Congress. Most other Fed officials have in recent weeks supported a similar modest rise, while a few have said they back a halfpoint hike or are at least open to such an increase. Higher Fed rates typically lead, in turn, to higher borrowing costs for consumers and businesses, including for homes and auto loans and credit cards. “We have an expectation that infla-
tion will peak and begin to come down this year,” Powell said. But he added: “To the extent inflation comes in higher ... then we would be prepared to move more aggressively” by raising rates by more than a quarter point later this year. The stock market rose in response to Powell’s support of the smaller increase. The S&P 500 jumped 1.7% in mid-day trading. The Fed chair cautioned that the economic consequences of Russia’s invasion of Ukraine, and the resulting sanctions by the U.S. and Europe, are “highly uncertain” and said “it’s too soon to say” how they might affect the Fed’s policies. Before Russia’s invasion, the Fed planned to carry out “a series” of rate increases this year, Powell said, potentially at each of the remaining seven Fed meetings. For now, the Fed will “proceed
Affordable housing – in pandemic times, what works and what doesn’t? building permits and homebuilders starting housing construction, due Two years of pan- to early efforts to demic disruptions mitigate the spread have put a spotlight of COVID-19. It’s on shortcomings in taken a long time the U.S. housing to work out of that, market. as well as ongoing Some of these supply constraints. shortcomings have As a result of this their origins in big reduction in federal and local new houses, house policy decisions prices in many made decades ago. parts of the counBut there are also try have increased positive examples drastically since the of cities making start of the panzoning decisions demic. that work to create There have also affordable housing. been increasing On Feb. 10, 2022, challenges of people SciLine interviewed not being able to Emily Hamilton, an afford housing that economist and sethey were already nior research fellow in prior to the panand director of the demic, due to job Urbanity Project losses and income at the Mercatus insecurity. Center at George Communities are Mason University, using a variety of about housing polstrategies to make icy and how it afrenting or owning a fects who can afford home more affordto live in American able. When it comes cities. to what the reBelow are some search shows, what highlights from the actually works? discussion. Please Emily Hamilnote that answers ton: Successful have been edited for strategies for imbrevity and clarity. proving housing How have panaffordability are demic-linked policy reforms that economic shifts make it feasible for affected housing homebuilders and markets? developers to proEmily Hamilton: vide more housing, During the early especially at the stages of the panlow-cost end of the demic, there was market. a big slowdown in For example, localities issuing Houston is known By Emily Hamilton
C6
Stillwater NewsPress • Thursday, March 3, 2022
George Mason University via The Conversation
ANALYSIS
opment. I’ve found that under inclusionary zoning, localities for expanding outward. It should also have seen higher market-rate prices be known for some than what they of the reforms that could have expected it’s done to make more housing with- without the program. in neighborhoods Inclusionary that are closest to zoning programs some of its job cenin general produce ters possible. Houston reformed very few units as a percentage of a its minimum lot locality’s total houssize requirements, ing stock. They’re which has made a not doing a good lot of townhouse job of serving the construction feasible. As a result, the populations who median home price they’re intended to help, while they there is below the also make housing national median, potentially more even though Houston has been grow- expensive for everying rapidly in terms one else. How does racial of its economy and discrimination perits population for sist in today’s housseveral decades. ing market? Are there affordEmily Hamilton: able housing strategies that don’t work Today’s land use regulations started as well? developing in the Emily Hamilton: early 20th centuOne policy I’ve studied that doesn’t ry, and they were an outgrowth of work very well in efforts to segregate promoting housing neighborhoods and affordability is inlocalities by race, clusionary zoning. This is a policy that which the Supreme Court declared many localities unconstitutional across the country in Buchanan v. have adopted in recent years. Under Warley. When they inclusionary zoning, were no longer permitted to segregate local policymakers require homebuild- real estate markets ers to provide a cer- with tools that explicitly separated tain percentage of regions by race, below-market-rate units as a condition local policymakers turned to zoning of being able to rules that separatbuild a new devel-
ed households by income directly and oftentimes by race indirectly. It continues today. In part as a result of these racial segregation policies, minority households tend to have lower incomes than white households in the U.S. And because lower-income households tend to spend a larger portion of their income on rent or mortgage payments, rules that make housing more expensive disproportionately affect lower-income households and minority households. When it comes to factors that affect
housing affordability, what trends are you seeing? Emily Hamilton: We’ve seen a decades-long trend of less housing permitted and built, relative to the country’s population. There was a big drop in housing permitting during the 2008 financial crisis, and more than a decade later, housing starts still haven’t recovered. And this issue that in the past was really a big problem for a few coastal markets – like the Bay Area and New York City and Boston – is increasingly becoming a problem
across the country as a whole. Cities in the Mountain West and places like Austin are increasingly becoming expensive and not offering opportunities for people who want to live there. Watch the full interview to hear about the effects of short-term rentals – like Airbnb – and rent control on affordable housing. SciLine is a free service based at the nonprofit American Association for the Advancement of Science that helps journalists include scientific evidence and experts in their news stories.
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Stillwater NewsPress • Thursday, March 3, 2022
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