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…

1506 Views, 0 Comments

Read Full Post

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…

1883 Views, 0 Comments

Read Full Post

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)

1578 Views, 0 Comments

Read Full Post

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…

1625 Views, 0 Comments

Read Full Post

Selling a home might sound like it is easy in this market, however there are still homes that continue to sit on the market. In many cases the homes that sit are the ones that are not priced right. An experienced realtor who understands what the market is in the sellers neighborhood is key to getting the right evaluation. I can also tell you that staged homes have an advantage over non-staged homes, unless the seller is an interior decorator or professional stager themselves. Updating a home is also key to getting people to make an offer. If people are opposed to old appliances or wall paper then it may take longer to get a sale at the price you expect for your home. Windows need to be clean and for that fact the whole home needs to be clean. Walk up…

1736 Views, 0 Comments

Read Full Post

I was recently asked "when will it become a buyers market?" Great Question and a little difficult to answer, but I will do my best. The big driver of the "sellers market" that we are in is because of reduced inventory of homes for sale and the lack of new listings coming onto the market. Also, a key factor to all of this is that the days on market have been shortened greatly because of the lack of homes. So this means when a new listing comes on the market that it doesn't sit there very long. Things that could change this market is higher interest rates, which no one really wants to see or a slowing of the buying activity because of economic issues. I don't foresee the economy in Texas slowing down. It is one of the 'best" in the U.S. The trend is strong…

1741 Views, 0 Comments

Read Full Post

This week is Veterans Day and I am proud to say I am the daughter of a WWII veteran who served 18 months in a German prisoner of war camp. My father was a ball turret gunner in a B-17 bomber and was shot down over Germany on a bombing run. His story of survival is amazing. I am also married to an Air Force Vietnam veteran and our son was a corpsman in the Navy. My nephews served in the Marines as well as my son-in-law. I am proud of all of them for their service. In fact, I am proud all of the men and women who serve in our services for they stand on the line to keep us safe from those who wish to harm us. From my family to all of you, Thank you for your service! Happy Veterans Day To You All!!

2142 Views, 0 Comments

Read Full Post

The question is "What will interest rates do since the Fed is not purchasing bonds any longer?" At this point they have signaled that they are going to not raise the interest rates they charge to banks which means that rates will still remain very favorable for at least a short amount of time or longer. The big issues that are still hanging over our heads is in the European markets moving toward recession, China's growth slowing, and the conflicts that we are embroiled in. All of these things can have and will have an impact on our economy at some point if they continue to worsen. Our own state of affairs is also a concern because even though we are told our economy is getting better it has not bounced back as it has in the past for numerous reasons. So…

1856 Views, 0 Comments

Read Full Post

As a realtor I have participated in thousands of home inspections. Each one of them are different since every home has different issues and many are very similar. An inspector will point out things that need attention. The buyer will want to have the seller fix any major issues. One of the things we see over and over again is broken seals on window. Most buyers will want them fixed. Things like AC units can be of concern or possibly grading around the home. The inspector will do a thorough job of looking the home over. Your realtor and you will sit down and go over the inspection report and give any advice on what should or should not be taken care of. The goal is to get anything repaired that could end up being a major expense or a safety hazard. Don't…

1627 Views, 0 Comments

Read Full Post

Normally when a realtor and a potential client get together they are both trying to figure out something. The realtor, of course, wants to know if the person they are speaking to is really motivated to purchase or sell a home. The potential buyer or seller may want to know what the experience is of the realtor and what they are going to charge them for their service. Realtors are going to want to know if the person has been pre-approved since they want to make sure that they know they can afford the homes that they are showing them and of course so they can move quickly on submitting an offer. The potential client will want to know what the Realtor  does to get homes sold or if they are purchasing a home if the realtor knows the area and can demonstrate…

1681 Views, 0 Comments

Read Full Post