December 2014

There are 4 blog entries for December 2014.

Quick Calculation for Conventional

  • Closing Cost is estimate of $3150 PLUS 1% of loan (i.e., if loan amount is $100,000 the total estimated closing cost would be $4150).  PLUS

·       Prepaids should be calculated at 2% of sales price (i.e, $100,000 would be $2000)unless the sales price is over $300,000 then use 1.5%.   PLUS

  • Down payment is based on loan type and preference (line 3A of contract).  Minimum of 3% down (Restrictions apply)
  • There is no Upfront MI or Funding Fee.  PMI is paid until 20% equity (unless paid upfront as a one time cost)

·       Conforming up to $417,000  (Jumbo over $417,000)

·       Risked based pricing depending on credit score and down payment.

  • Typically, the seller is allowed to pay closing
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We all would like to stay motivated all the time. However, that is difficult if not impossible or is it? Here are the ways I stay motivated.

  1. Set goals that are achievable
  2. Focus on those goals weekly
  3. Have someone to hold me accountable to my goals
  4. Read something positive daily to keep me motivated
  5. Create a weekly plan broken down by each day-set a priority
  6. Recap weekly about my accomplishments-work on those that need to be improved
  7. Say positive affirmations every morning
  8. Be thankful for all the things that come your way even the things that are difficult. Especially the ones that are difficult!
  9. Participate in training
  10. Take Action-Keep the distraction out of your life as much as possible so that you can accomplish great
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Quick Calculation for USDA


·      $100,000 total of pocket (for closing cost and prepaids) is $6075.

·      For each $1000 up or down add or subtract $30 ($101,000 would be $6105; $99,000 would be $6045).  Try it a couple of times and call us if questions. 

·      There is no down payment required  (line 3A of contract).

·      There is an upfront Guarantee Fee that is rolled into the note (calculate it at 2.00%)

·      Seller is allowed to pay all reasonable closing cost and prepaids (up to 6% of the sales price)

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This year is drawing to a close. Inventory of pre-owned homes has remained low which has escalated prices for homes. However, we have seen a slight slowdown on the price increase lately. Interest rates remain good for home buyers. What can we expect in 2015? I don't have a crystal ball but if I were to make an educated guess, I believe we will see interest rates climbing slowly throughout this next year. Home prices will continue to remain on the high side because of the lack of inventory. This could change if we see less demand in buying or more people looking to sell. If our economy in the U.S. continues to improve this will help all states. However, Texas is already way ahead of most in the economic performance area. The only thing that could hurt our…
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