Helping homeowners who are struggling to meet their loan obligations due to COVID-19 by sharing Protect Your Investment. This brochure encourages homeowners to work with REALTORS® and housing counselors and offers guidance on options provided by lenders. The brochure also provides information about payment options offered by lenders and tips for avoiding scams. Forbearance is not always the answer.
Get Your Free Guide Text ‘Protect Your Investment’ to 469-208-5637 or CLICK HERE
Mortgage rates are just one important aspect of buying a home. The interest rates are an important component when considering the purchase of a home if you are going to finance it. They can affect buyers buying power. The majority of people finance and that means interest rates, so if interest rates increase… your buying power decreases. Now is the time to move up since you are considering a move.
At a local level in Highland Village,TX, buyer confidence remains strong with beautiful homes in a lakeside setting.
Particularly in and around Highland Shores 75077 zip code. The addition of new stores and business entities in the area makes Highland Village one of the greatest areas of Highland Shores, Highland Village, TX.
Today we would like to talk to you about Moving Up to Your Dream Home? Don’t Wait!
Mortgage interest rates have risen by more than half of a point since the beginning of the year, and many assume that if mortgage rates rise, home values will fall. History, however, has shown this not to be true.
While rates have been rising, so have home values. Here are the most recent monthly price increases reported in the Home Price Insights Report from CoreLogic:
Not only did prices continue to appreciate, the level of appreciation accelerated over the first quarter. CoreLogic believes that home prices will increase by 5.2% over the next twelve months.
Freddie Mac explained in a recent Insight Report:
“In the current housing market, the driving force behind the increase in prices is a low supply of both new and existing homes combined with historically low rates. As mortgage rates increase, the demand for home purchases will likely remain strong relative to the constrained supply and continue to put upward pressure on home prices.”
If you are thinking about moving up to your dream home, waiting until later this year and hoping for prices to fall may not be a good strategy.
Are those FREE consumer credit scores the “real” credit score when buying a home?
CLICK HERE and learn what those FREE consumer credit scores are really about
Credit scores are an area of personal finance that seems a lot more mysterious than they actually are. Many people believe that improving them is a matter of trial and error and, as a result, there’s a lot of “credit score advice” floating around that can end up doing more harm than good.
Every homeowner wants to make sure they maximize the financial reward when selling their home. But, how do you guarantee that you receive maximum value for your house? Here are two keys to insuring you get the highest price possible.
This may seem counterintuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In actually, this just dramatically lessens the demand for your house. (see chart)
Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so demand for the home is maximized. In that way, the seller will not be fighting with a buyer over the price but instead will have multiple buyers fighting with each other over the house.
In a recent article on realtor.com, they gave this advice:
“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”
This too may seem counterintuitive. The seller may think they would net more money if they didn’t have to pay a real estate commission. Yet, studies have shown that typically homes sell for more money when handled by a real estate professional.
Recent research posted by the Economists’ Outlook Blog revealed:
“The median selling price for all FSBO homes was $210,000 last year. When the buyer knew the seller in FSBO sales, the number sinks to the median selling price of $151,900. However, homes that were sold with the assistance of an agent had a median selling price of $249,000 – nearly $40,000 more for the typical home sale.”
Price it at or slightly below the current market value and hire a professional. That will guarantee you maximize the price you get for your house.
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The interest rate you pay on your home mortgage has a direct impact on your monthly payment. The higher the rate the greater the payment will be. That is why it is important to look at where rates are headed when deciding to buy now or wait until next year.
Below is a chart created using Freddie Mac’s October 2015 U.S. Economic & Housing Marketing Outlook. As you can see interest rates are projected to increase steadily over the course of the next 12 months.
Depending on the amount of the loan that you secure, a half of a percent (.5%) increase in interest rate can increase your monthly mortgage payment significantly.
According to CoreLogic’s latest Home Price Index, national home prices have appreciated 6.4% from this time last year and are predicted to be 4.7% higher next year.
If both the predictions of home price and interest rate increases become reality, families would wind up paying considerably more for their next home.
Even a small increase in interest rate can impact your family’s wealth. Let’s meet to evaluate your ability to purchase your dream home.
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Photo from the Consumer Protection Bureau website
The article by the consumer financial protection bureau helps to explain the recent changes in the Know Before You Owe mortgage disclosure rule which became effective Oct 3rd, 2015. The required disclosures for getting most mortgages have been redesigned to help you shop around to compare offers and find the loan that’s the best for you. The consumer financial protection bureau will also require lenders to give you more time to review the terms of your mortgage before accepting them, so that you can ask questions of your lender or seek advice from lawyer.
You will now have three business days to review your Closing Disclosure before you close, for most kinds of mortgages. This new rule is a part of the Bureau-wide “Know Before You Owe” mortgage initiative. They have been working to make the costs and risks of financial products and services clearer, in order for the consumer to make better, more informed decisions. Most buyers felt there wasn’t enough time to review their documents before they were closing, so this new rule gives the buyer time to review the documents and better understand them before signing off on the mortgage loan. There are some things, that if changed about the loan, must be given an additional three day review period. Minor, ordinary changes do not require an additional three-day review period.
You may have been familiar with the terms Good Faith Estimate (GFE) and HUD-1 Statement in the past. These are now being replaced with a more understandable form called the Loan Estimate (LE) and the Closing Disclosure (CD)
Click here for the Loan Estimate (LE) Explainer TOOL
This tool above, will walk you through the loan estimate form so you can understand it thoroughly. It should reflect a particular loan you discussed with your lender. Check to see that everything matches your expectations. If something looks different from what you expected, ask why.
Closing Disclosure (CD) Explainer TOOL
A Closing Disclosure, must be provided to you from your Lender three business days before your scheduled closing. Make sure you use these three days wisely. You need to double check and make sure all the details are correct. If something seems off, you need to ask your lender. You want to resolve any concerns as soon as possible especially if something looks different than what you expected-it needs to be resolved immediately.
The video below from Dawn Moore will help to explain further questions you may have. Remember if you have questions you can ask your lender or title company too.
When should you have the Closing Disclosure (CD)?
We hope to provide you with things of great value so you can make educated decisions!
Photo & links from the official website of the United States Government-Consumer Financial Protection Bureau (CFPB).
If you are debating listing your house for sale this year or even early next year, here is the #1 reason not to wait!
According to the National Association of REALTORS’ (NAR) Foot Traffic report, there are more buyers out in the market right now than at any other time in the past three years.
The graph below shows the significant increase in foot traffic experienced this year compared to 2014.
The latest Existing Home Sales report shows that there is currently a 5.2-month supply of homes for sale. This remains lower than the 6-month supply necessary for a normal market and well below August 2014 numbers.
The chart below details the year-over-year inventory shortages experienced so far in 2015:
Let’s get together to discuss the inventory levels in your neighborhood and discuss a plan to help you gain access to the buyers who are ready, willing and able to buy today!
The National Association of Realtors (NAR) recently released their July edition of the Housing Affordability Index. The index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data.
NAR looks at the monthly mortgage payment (principal & interest) which is determined by the median sales price and mortgage interest rate at the time. With that information, NAR calculates the income necessary for a family to qualify for that mortgage amount (based on a 25% qualifying ratio for monthly housing expense to gross monthly income and a 20% down payment).
Some buyers may be waiting to save up a larger down payment. Others may be waiting for a promotion and more money. Just realize that, while you are waiting, the requirements are also changing.
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In school we all learned the Theory of Supply and Demand. When the demand for an item is greater than the supply of that item, the price will surely rise.
The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 4.8-month supply. This is significantly lower than the 6 months inventory necessary for a normal market.
Every month NAR reports on the amount of buyers that are actually out in the market looking for homes, or foot traffic. As seen in the graph below, buyer demand this year has significantly surpassed the levels reached in 2014.
Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream home (if they even are able to find a home they wish to purchase).
Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.
Many homeowners underestimate the amount of equity they currently have in their home. According to a recent Fannie Mae study, 37% of homeowners believe that they have more than 20% equity in their home. In reality 69% of homeowners actually do!
Many homeowners who are undervaluing their home equity may feel trapped in their current home, which may be contributing to the lack of inventory in the market.
If you are debating selling your home this year, meet with a local real estate professional that can evaluate the equity you have in your home and the opportunities available in your market.
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