4708 Cherry Hills Court
hometown
LAWRENCE Your area real estate
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ALEX VEIGA
$520,000
NOVEMBER 28, 2014
Bankers Association.
Although certain costs of as 30 percent for jumbo loan can’t change, includingthe loans, 4. DETERMINE WHEN YOU said Greg McBride, chief origination or broker’s fee, the WILL shorter than the financial BREAK EVEN time you plan costs analyst at Bankrate.com. such as title fees may change to stay in the home, refinancin Even if your refinancing g will the loan is locked, meaning until 3. DO THE could be a good choice, lower your monthly payment, MATH the Baker interest rate is set, notes said. Don’t be fooled into thinking it will take time to recoup Kurtis A steady decline in recent Baker, a wealth managem that “You want to be careful you’re weeks expenses. So think about your getting a better deal ent The Federal Reserve has has pushed the average to do the advisor at Certified how when it’s simply a new a more rate math and be sure you’re Wealth long you plan to stay in detailed loan coming a 30-year fixed home loan for with calculator your Management & Investmen for determining out ahead,� said Gary Kalman, home. t LLC in a longer term, warns Timothy the break-even point on or below 4 percent, the to at Princeton, New Jersey. a Watters, a certified financial lowest executive vice president mortgage refinancing here: at the level in more than a year. For example, refinancin planner at Watters Financial Center for Responsible Rates g The loan officer should http://www.federalreserve.gov Lending. dipped to 3.99 percent a 5.5 percent interest rate from also be Services in Paramus, New last to 4 able to help determine pubs/refinancings/#breakeven / Jersey. percent would As recently as January, the week. Here are some tips to help what save $180 a month total monthly payment wouldyour To avoid this, tally up how was 4.53 percent, accordingaverage determine whether refinancinyou be 5. SHOP AROUND much on a $200,000 mortgage. But the to g after the refinancing. you’re paying now in principal mortgage giant Freddie your mortgage will pay fees — averaging around Get quotes from several Mac. off: $2,500 banks and interest and multiply 2. GET A LOW-ENOUGH and ask that they put their it by the — mean it would take about 14 That’s good news for 1. UNDERSTAND THE FEES RATE number of months left on offers months to break even. The general rule of in writing, including an homeowners who are locked Lenders typically charge estimate loan. Then do the same your fees for that borrowers need thumb is for the closing cost and calculation To estimate in at a higher interest rate the mortgage broker’s services, to shave any extras, using the figures under how long it will at least 1.5 to 2 percentag like loan points. the new weren’t able to refinance and credit reports, a home appraisal take e for your loan. savings before to offset points from their rate in rates began ticking up last and title insurance, among the refinancing costs, divide order Some lenders will allow other for the refinancing costs the you “If year. The decline in mortgage costs. to there’s a substantial estimated costs by the projected to be roll the refinancing fees worthwhile. into your difference, it may be worthwhil rates has spurred a surge annual interest loan, savings. in sparing To e get a sense of the total you upfront costs. to refinance,� said Watters. mortgage refinancing. In To qualify for the best rate However, this will increase “If October, costs, start with the “good Remember to factor in loan on a there’s not, it may applications reached their mortgage refinancing, borrowers not at all be much you owe — and pay how estimate.� It’s a form that faith points, which borrowers worth refinancing.� interest highest level since November lenders must have proof can are required to provide of income and to lower their interest rate buy on — for the life of your loan. 2013, according to the Mortgage that Online calculators can help the projected costs associateddetails have equity in their home. About One point equals 1 percentfurther. Ask that the you with 20 lender of the percent equity is ideal, provide you estimate whether the savings the loan. with a comparison of the in a loan amount. some lenders will require though refinancing loan add up in your favor. as much costs paid upfront and rolled As long as that is comfortab into ly the loan.
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Lower rates fueling int erest in home refinancing A reduction in your mortgage interest rate can translate into significant savings. The key is ensuring they aren’t outweighe d by the charges and fees involved.
2201 Country Drive
Awesome 4 bedroom/3 bath/3 car side entry Fritzel-built premier subdivision - Meadowlark! Kitchen features ranch home in Eudora’s lots of counter-top space. Hearth room off kitchen custom cabinets, center island, Awesome Master Suite with double sinks, jetted with eat-in area. Formal dining. tub, large shower and walk-in closet. 2 bedrooms and a full bath in the basement PLUS 32x16 bonus room which could be 4th bedroom, theater room or an additional family area. You choose! Sprinkler and security systems too! Stop by and check it out. MLS #134703
SEE INSIDE FOR GREAT REAL ESTATE BUYS!
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hometownlawrence
The interest rate pendulum swung in favor of homeown has ers again.
JUST LISTED!!! Awesome 2 story home w/3 car side entry garage on quiet cul-de-sac in Alvamar area! Gorgeous kitchen granite countertops, built-in oven, gas cooktop,with breakfast bar/island, microwave, kitchen frig & wine frig. Master suite has sitting area. 3 other bedrooms upstairs plus laundry room. Basement features 5th non-confor ming bedroom, media room, rec room & wet bar. Priced $20,000 below county appraisal!!! Give us a call and we will be happy to give you a tour! MLS #135429
L A W R E NC E
$300,000
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Offered by: Mary Ann Deck 785.760.1205
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Offered by: Mary Ann Deck 785.760.1205
maryanndeck@ReeceNichols.com
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FRIDAY • NOVEMBER 28 • 2014
KU 76, URI 60
Jayhawks turn Rams to turkeys
4708 Cherry Hills Court
JUST LISTED!!! Awesome cul-de-sac in Alvamar area! 2 story home w/3 car side entry garage on quiet granite countertops, built-in Gorgeous kitchen with breakfast bar/island, wine frig. Master suite has oven, gas cooktop, microwave, kitchen frig & sitting area. 3 other bedroom laundry room. Basement features s upstairs plus 5th non-conforming room, rec room & wet bar. Priced $20,000 below countybedroom, media a call and we will be happy to appraisal!!! Give us give you a tour! MLS #135429
2201 Country Drive
Awesome 4 bedroom/3 bath/3 premier subdivision - Meadowcar side entry Fritzel-built ranch home in Eudora’s lark! Kitchen features custom lots of counter-top space. Hearth cabinets, room off kitchen with eat-in area. center island, Awesome Master Suite with double Formal dining. closet. 2 bedrooms and a full bath sinks, jetted tub, large shower and walk-in could be 4th bedroom, theater in the basement PLUS 32x16 bonus room which room or an additional family area. You choose! Sprinkler and security systems too! Stop by and check it out. MLS #134703
Frank Mason, right, and Perry Ellis led the $520,000 $300,000 way the 'PS PWas FS : FBST Kansas University men smoked Rhode 9/ 52Island in Orlando. SPORTS, 1C (/ - % 4% ! -
‘HOME’ FOR THE HOLIDAY
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EDUCATION
New schools In the absence of family, a family style effort chief made name bucking status quo Watson fought for and won ‘innovative school’ waiver By Peter Hancock Twitter: @LJWpqhancock
Richard Gwin/Journal-World Photo
VOLUNTEERS LORA STOPPLE AND HER DAUGHTER PAIGE, 11, hand out trays to diners at the free Thanksgiving meal served by the Lawrence Interdenominational Nutrition Kitchen at First Christian Church, 1000 Kentucky St., on Thursday.
Almost 700 meals served or delivered Thursday By Sara Shepherd Twitter: @saramarieshep
A
lot of people eating Thanksgiving dinner at LINK might have preferred to be with their families for the holiday. But for many, because of various life circumstances, that’s not their holiday reality. So they welcomed a
hot turkey dinner with more than 150 other community members instead. “I’m thankful for everybody out here,� said Andy Klebenstein Jr., explaining how hard the volunteers and organizers work to pull off the annual event. “Today’s going to be a lot of work to clean this place up.� The annual midday Thanksgiving meal is served by volunteers in
the Lawrence Interdenominational Nutrition Kitchen, or LINK, dining room in the basement of First Christian Church, 1000 Kentucky St. It’s open to anyone, whether they can’t afford Thanksgiving dinner otherwise or just want to be somewhere celebrating with others. Please see HOLIDAY, page 2A
Randall Watson has made his mark on public education in Kansas by going against the tide. As superintendent of the McPherson school district, he was one of the first to get a waiver from regulations under No Child Left Behind that allowed McPherson to use a different kind of testing system instead of the statemandated assessments used in other school districts. And earlier this year, he led McPherson to become one of the first two districts to be granted waivers from a host of state laws and regulations governing public Watson schools under the state’s new “Innovative School Districts� program — a program that many State Board of Education members and staff at the Kansas Department of Education opposed. Because of that, Watson may have seemed like an improbable choice to become the next Kansas Education Commissioner. But that’s who the Kansas State Board of Education has chosen to lead the very agency whose policies and regulations he has so successfully gotten around. “I’m really humbled by the trust the state board has put in me,� Watson said in a telephone interview. “I plan to do what I’ve always Please see SCHOOLS, page 2A
KU business experts say Black Friday’s too big for its own good By Sara Shepherd Twitter: @saramarieshep
Marketing concepts like scarcity — Limited time only! — and social proof — Everybody’s doing it! — made Black Friday the frenzied shopping phenomenon that it is, consumer experts say. But with all that popularity, is Black Friday’s bubble about to burst? From a marketing angle, maybe, experts from Kansas University’s School of Business say. Those tempting dayafter-Thanksgiving sales seem to bleed out more every year. Noelle Nelson, an assistant professor in marketing, points to the one-uppers and the piggybackers.
“
It’s not going to be this buying frenzy that they’ve had — people are not going to get this sense of urgency.� — Noelle Nelson, assistant professor of marketing “They’re opening earlier and earlier, until earlier became the day before,� she said. “Already it’s losing its potency. It’s not going to be this buying frenzy that they’ve had — people are not going to get this sense of urgency.� First there was Black Friday. Now businesses push
Classified Comics Deaths Events listings
Low: 39
Today’s forecast, page 6A
Richard Gwin/Journal-World Photo
AMANDA HOLDING, LEFT, AND SIERRA GILLESPIE, both of Lawrence, balance their shopping finds at Kohl’s, 3240 S. Iowa St., as they take Please see FRIDAY, page 6A advantage of early bird Black Friday sales Thursday evening.
INSIDE
Partly cloudy
High: 57
Thanksgiving Day sales, Small Business Saturday and Cyber Monday specials. Black Friday “doorbuster� deals have busted into the days and even weeks before. Snippets from this Sunday’s glossy circulars: “Why wait? Beat the rush,� and “Black Wednesday Prices Just Like Black Friday!� One Kansas City area shopping center advertised Orange Wednesday the day before Thanksgiving this year, proclaiming: “Orange is the new Black Friday.� Nelson said she’s even seen advertisements guaranteeing Black Friday prices all the way into January.
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Prison pensions Kansas lawmakers again are ready to consider where to place the state’s pension obligations to more than 2,000 state corrections employees. Page 3A
Vol.156/No.332 24 pages