What is Happening in the Mortgage Market 4 Reasons to Buy a Home Now May 11th, 2011 5:12 PM 4 Reasons to Buy a Home Now The purchase of a home is a personal decision. However, we want to give everyone four great financial reasons why you should not wait before taking the plunge into homeownership. Interest Rates Are Increasing Interest rates have increased almost 3/4 of a point in the last six months. Most experts expect rates to continue to increase through the year. Interest rates along with price determine the overall cost of a home. Even with prices softening, if interest rates rise, it may be less expensive to buy now rather than wait.   The 30-Year Mortgage May Disappear There has been much debate regarding government’s role in providing support for homeownership. There are several experts who believe If Fannie Mae and Freddie Mac’s roles are eliminated, or even limited, it may be the end to the 30-year mortgage. This concern is addressed in MSN Real Estate’s  Is it curtains for the 30-year mortgage?   QRM Requirements Could Be Much More Stringent Here are proposed changes to the requirements for a ‘qualified residential mortgage’: Certain mortgage types would be eliminated You would need to put a minimum of 20% down You would need a minimum 690 FICO score The ratios of income to both the mortgage payment and overall debt would become much more conservative (28% and 36%) There would be loans available to purchasers who don’t qualify under the new rules. However, they will probably be more expensive to the buyer (both in rate and costs). Rents Are Expected to Increase The supply of available rentals is decreasing and the demand is increasing. That will lead to an increase in rental costs throughout the year. The Wall Street Journal this week quoted a report by Reis, Inc: “Expect vacancies to continue declining, and rents rising through the rest of 2011 at an even faster pace.” Bottom Line You may be waiting on the sidelines to see if prices will continue to depreciate before you purchase a home. The mortgage expense is a major piece in the overall financial picture of homeownership. Make sure you consider it when timing your decision.   Richard Woodward Banker / Senior Branch Manager,   NMLS ID 217454 Envoy Mortgage  - When Trusted Advice Counts Click here to view My Personal Brochure Office:  (972) 661-5136   Fax:  (972) 314-9647 17440 Dallas Parkway Suite 118 Dallas, TX 75287 Visit Us Online - www.Envoy-Mtg.com Texas Mortgage Banker Registration #45300  NMLS ID 6666  The 10 Best of Everything Dallas Has to Offer!               Posted by Richard Woodward on May 11th, 2011 5:12 PMPost a Comment (0) Subscribe to this blog * Name: * Email Address: URL: Comment: Type the characters you see in this picture, click "Submit" when finished.   This helps us prevent automated programs from posting comments and sending spam. * Name: * Email Address: Address: City: State: Zip:   This helps us prevent automated programs from creating bogus contacts and adding them to your contacts database.

Recent Posts: APR - What does that really mean? Purchase a Multi Unit Family Home with an FHA Loan FHA Announces Underwriting Changes and Mortgage Insurance increases Fannie Mae, Freddie Mac and FHA to increase fees as a result of the payroll tax extension Dallas and Forth Worth Homes Sales show double digit sales increase Use a Real Estate Team for your next home buying or selling experience. Yes. You should get prequalfied before looking at homes. How can you improve your credit score? Pending home sales in October up 9.2% from last year 6 Budget Friendly Steps to prepare your home to sell. Archive: December 2008 Lock Your Rate and Float Down Posted by Richard Woodward on December 31st, 2008 2:23 PM First Time Buyers $7500 Tax credit. What you should know. Posted by Richard Woodward on December 24th, 2008 10:59 AM Rates drop Again to Record Lows Posted by Richard Woodward on December 17th, 2008 5:26 PM November 2011 Veterans $250 off closing cost we appreciate you Posted by Richard Woodward on November 11th, 2011 4:28 PM Warren Buffet thinks you should buy a home now. Posted by Richard Woodward on November 4th, 2011 5:01 PM October 2011 Texas Veterans Home Loans Posted by Richard Woodward on October 28th, 2011 12:49 PM Bank Loan Officer of Mortgage Banker which is better? Posted by Richard Woodward on October 21st, 2011 1:13 PM VA Fees changing again Posted by Richard Woodward on October 17th, 2011 11:04 AM USDA Update regarding closings Posted by Richard Woodward on October 5th, 2011 4:25 PM September 2011 USDA Mortgage Financing after October 1st. Posted by Richard Woodward on September 30th, 2011 12:23 PM Waiting until Spring to Sell your Home might cost you. Posted by Richard Woodward on September 27th, 2011 11:37 AM Staging Your Home for Sale Posted by Richard Woodward on September 22nd, 2011 5:30 PM Mortgage Rate Chasing, Not Worth Trouble Posted by Richard Woodward on September 19th, 2011 5:34 PM How To Pick Your Lender Posted by Richard Woodward on September 16th, 2011 9:52 AM Changes Coming to USDA Home Loans October 1st, 2011 Posted by Richard Woodward on September 15th, 2011 9:53 AM Negative Media is Killing our Housing Market and Economy Posted by Richard Woodward on September 13th, 2011 9:44 AM Luxury and Vacation Homes are Selling Posted by Richard Woodward on September 12th, 2011 9:36 AM Is It Time to Refinance? Posted by Richard Woodward on September 9th, 2011 3:56 PM 5 Great Reasons to Sell Your House Today Posted by Richard Woodward on September 9th, 2011 9:34 AM Money to Purchase AND Renovate Your Home Posted by Richard Woodward on September 1st, 2011 9:15 AM August 2011 Short Sales: A Dignified Solution for Many Families Posted by Richard Woodward on August 31st, 2011 9:18 AM Short Sale Success: Key is to Change Our Mindset! Posted by Richard Woodward on August 30th, 2011 12:53 PM The Appraiser’s Role in Today’s Real Estate Transaction Posted by Richard Woodward on August 22nd, 2011 9:50 AM The Economy: Why All the Panic? Posted by Richard Woodward on August 17th, 2011 10:15 AM Marketing your listings for buyer leads Using Text Call Capture Posted by Richard Woodward on August 16th, 2011 1:11 PM Homeownership: Still the American Dream Posted by Richard Woodward on August 16th, 2011 9:39 AM Things to Consider Before Renting a Home You Can’t Sell? Posted by Richard Woodward on August 15th, 2011 10:54 AM Standard & Poor's Downgrades U.S. Credit Rating, Fannie Mae and Freddie Mac Posted by Richard Woodward on August 11th, 2011 3:01 PM What If You Could Buy Shoes…? Posted by Richard Woodward on August 11th, 2011 11:22 AM Is It Time To Purchase a New Home? Posted by Richard Woodward on August 10th, 2011 9:00 AM FSBO Not as easy as you think just ask the founder of forsalebyowner.com Posted by Richard Woodward on August 9th, 2011 12:54 PM Mortgage Rates: Impact of the Credit Rating Downgrade Posted by Richard Woodward on August 8th, 2011 9:25 AM July 2011 The only good news about higher gas prices. Posted by Richard Woodward on July 25th, 2011 11:12 AM June 2011 Fannie Mae offers Buyers discounts and paid closing cost Posted by Richard Woodward on June 14th, 2011 5:14 PM We've Got 4 Key Questions about Your Home Loan Situation Posted by Richard Woodward on June 10th, 2011 9:40 AM Financial News Icons Say Now Is the Time to BUY! Posted by Richard Woodward on June 7th, 2011 9:24 AM Is Now A Good Time To Become A First Time Home Buyer? Posted by Richard Woodward on June 3rd, 2011 2:31 PM May 2011 Mortgage Money IS Available…For Now Posted by Richard Woodward on May 25th, 2011 5:28 PM You can purchase if you plan and we can help Posted by Richard Woodward on May 19th, 2011 4:00 PM Home Affordability Depends on You Posted by Richard Woodward on May 17th, 2011 9:42 AM 4 Reasons to Buy a Home Now Posted by Richard Woodward on May 11th, 2011 5:12 PM Before You Make An Offer To Purchase A Home Posted by Richard Woodward on May 9th, 2011 3:12 PM April 2011 Special Fannie Mae HomePath Buyer Incentive Offer Posted by Richard Woodward on April 28th, 2011 12:36 PM Financial Reasons to Buy A Home Now Posted by Richard Woodward on April 8th, 2011 5:17 PM March 2011 FHA Announces Increase to Monthly Mortgage Insurance Premiums Posted by Richard Woodward on March 25th, 2011 2:56 PM Globalization's Impact on Home Loan Rates Posted by Richard Woodward on March 4th, 2011 11:07 AM February 2011 How Does Inflation Impact Interest Rates? Posted by Richard Woodward on February 13th, 2011 6:27 PM January 2011 Ask me about our preferred discount rate for my buyers. Posted by Richard Woodward on January 28th, 2011 3:38 PM Multimillionaire Hedge Fund Manager: If you don’t own a home, buy one Posted by Richard Woodward on January 12th, 2011 3:23 PM December 2010 Avoid Changes to Your Financial Profile During the Loan Process Posted by Richard Woodward on December 20th, 2010 9:46 AM What Are Points and When Should You Pay Them? Posted by Richard Woodward on December 6th, 2010 9:27 AM November 2010 Understanding What Causes Interest Rate Movement. Do you need a Mortgage Tune up? Posted by Richard Woodward on November 22nd, 2010 10:26 AM Preparing Your House for For Sale Posted by Richard Woodward on November 16th, 2010 1:03 PM Credit Monitoring Step 3-Creating Your Take Action Plan Checklist Posted by Richard Woodward on November 11th, 2010 2:07 PM Understanding What Causes Interest Rate Movement Posted by Richard Woodward on November 8th, 2010 4:32 PM Credit Tips That Will Score Lower Interest Rates Posted by Richard Woodward on November 1st, 2010 10:18 AM October 2010 The Foreclosure Moratorium: What It Means to You or Your Clients Posted by Richard Woodward on October 27th, 2010 2:40 PM September 2010 Can You Get A Loan Today - Absolutely Posted by Richard Woodward on September 24th, 2010 11:03 AM August 2010 Buyers under $280,000 will see increased cost for FHA Loans. Posted by Richard Woodward on August 19th, 2010 1:10 PM Restrictions on Bank Overdraft Fees Kick In Posted by Richard Woodward on August 16th, 2010 11:13 AM Five Reasons to Refinance Your Mortgage Posted by Richard Woodward on August 11th, 2010 4:08 PM Avoid foreclosure. Get the help you need. Posted by Richard Woodward on August 5th, 2010 10:32 AM Things Your Agent Should Know About Your Mortgage Approval Posted by Richard Woodward on August 3rd, 2010 11:48 AM July 2010 The Truth About Appraisals Posted by Richard Woodward on July 22nd, 2010 9:38 AM Credit Scoring Part IV: Credit Remediation Posted by Richard Woodward on July 19th, 2010 3:29 PM Credit Scoring Part III: Dealing with Challenges Posted by Richard Woodward on July 13th, 2010 11:07 AM 100% Financing - USDA Program Makes "Rural" Homes More Accessible Posted by Richard Woodward on July 9th, 2010 10:47 AM What Good is an Tax Credit Extension without a Loan Approval? Posted by Richard Woodward on July 6th, 2010 3:21 PM Credit Scoring: Part II: The Five Factors of Credit Scoring Posted by Richard Woodward on July 5th, 2010 8:48 AM Happy Independence Day Posted by Richard Woodward on July 2nd, 2010 11:39 AM Home Buyers’ Tax Credit Extended Posted by Richard Woodward on July 1st, 2010 2:32 PM June 2010 Fannie Mae's new "Loan Quality Initiative" Could Derail Your Mortgage Closing Posted by Richard Woodward on June 30th, 2010 1:54 PM How to Buy A Home in Today's Market Posted by Richard Woodward on June 29th, 2010 9:46 AM Timing the Real Estate Market - Now could be the time to buy! Posted by Richard Woodward on June 25th, 2010 3:06 PM Good Day in the Mortgage Rate Market today Posted by Richard Woodward on June 21st, 2010 4:03 PM Friday Rate Lock Advisory Posted by Richard Woodward on June 18th, 2010 10:17 AM Upcoming Fed Meetings could impact rates Posted by Richard Woodward on June 16th, 2010 12:46 PM May 2010 Rate versus Price Reduction - Mortgage Rates hit all time low for 2010 Posted by Richard Woodward on May 20th, 2010 3:27 PM Create Your Own Buyer Stimulus Package Posted by Richard Woodward on May 7th, 2010 10:13 AM Are Interest Rates On th Rise? Posted by Richard Woodward on May 3rd, 2010 9:34 AM April 2010 Special Alert the FED is meeting and that could impact rates. Posted by Richard Woodward on April 21st, 2010 12:03 PM Fannie Mae Announces reduced wait times for buyers with previous short sale on record Posted by Richard Woodward on April 15th, 2010 2:44 PM Factors to Consider When It Comes To Your Mortgage Posted by Richard Woodward on April 9th, 2010 9:02 AM March 2010 Homebuyers The Time To Act Is Now Posted by Richard Woodward on March 15th, 2010 4:33 PM Cash Strapped Buyers Could Get Shut Out Posted by Richard Woodward on March 12th, 2010 3:10 PM Where Are Rates Going Now? Posted by Richard Woodward on March 5th, 2010 2:10 PM How to buy a Fixer-Upper Posted by Richard Woodward on March 1st, 2010 2:50 PM February 2010 USDA Program Makes "Rural" Homes More Accessible Posted by Richard Woodward on February 17th, 2010 1:17 PM Time is Running Out for Significant Savings! Posted by Richard Woodward on February 5th, 2010 10:16 AM January 2010 Those Who Wait Will Pay Thousands More This Spring Posted by Richard Woodward on January 29th, 2010 12:13 PM FHA Announces Big Changes to Existing Programs Posted by Richard Woodward on January 20th, 2010 3:57 PM The New Good Faith Estimate Posted by Richard Woodward on January 6th, 2010 5:46 PM December 2009 Capitalizing on the Housing Market: Is the glass half full or half empty? Posted by Richard Woodward on December 22nd, 2009 3:29 PM Fannie Mae makes changes that further restricts lending Posted by Richard Woodward on December 10th, 2009 10:43 AM November 2009 First Time Homebuyer Tax Credit and Step Up Buyer Tax Credit Extended Into 2010! Posted by Richard Woodward on November 11th, 2009 11:15 AM October 2009 First Time Homebuyer and Seller Alert! Posted by Richard Woodward on October 14th, 2009 11:44 AM Higher Rates are coming Posted by Richard Woodward on October 9th, 2009 10:35 AM The Importance of Acting Now - Waiting Really Could Cost You Posted by Richard Woodward on October 5th, 2009 9:59 AM September 2009 Higher Interest Rates are likely coming Posted by Richard Woodward on September 22nd, 2009 10:27 AM Time is Running Out on the $8000 Tax Credit Posted by Richard Woodward on September 15th, 2009 6:00 PM Tougher Lending Environment Ahead Posted by Richard Woodward on September 2nd, 2009 3:17 PM August 2009 Home Mortgages that includes Remodel Updates Posted by Richard Woodward on August 12th, 2009 3:22 PM July 2009 Homebuyer Protection Legislation that could hurt Posted by Richard Woodward on July 31st, 2009 2:51 PM Daily Rate Lock Advisory 7-22-09 Posted by Richard Woodward on July 22nd, 2009 1:56 PM Government Regulation Clogs the Pipes - What that means to you Posted by Richard Woodward on July 15th, 2009 3:43 PM June 2009 Lower Rates as Hedge Fund buys Mortgage Backed Securities Posted by Richard Woodward on June 12th, 2009 10:56 AM Rates still on the rise Posted by Richard Woodward on June 9th, 2009 10:51 AM Why you should buy now Posted by Richard Woodward on June 5th, 2009 9:01 AM May 2009 Mortgage Rate update Posted by Richard Woodward on May 22nd, 2009 10:57 AM FHA Posted by Richard Woodward on May 14th, 2009 11:30 AM Rates are lower today Posted by Richard Woodward on May 13th, 2009 2:09 PM April 2009 Shopping Around? Here's the inside scoop on how to do it right! Posted by Richard Woodward on April 15th, 2009 9:47 AM March 2009 $100 down payment HUD Home Program information Posted by Richard Woodward on March 25th, 2009 12:16 PM Special Alert - Federal Reserve Surprises Financial Markets Posted by Richard Woodward on March 20th, 2009 9:41 AM February 2009 The Homewoner Affordability and Stability Plan, What does it mean? Posted by Richard Woodward on February 20th, 2009 9:58 AM Economic Stimulus Plan Benefits the Housing and Mortgage Industries Posted by Richard Woodward on February 17th, 2009 6:22 PM First Time Buyer Tax Credit Posted by Richard Woodward on February 16th, 2009 10:44 AM Inside Story: False Illusions and What You Need to Know Posted by Richard Woodward on February 4th, 2009 1:03 PM January 2009 What Happened to 4.5% Mortgage Rates? Posted by Richard Woodward on January 23rd, 2009 5:08 PM November 2011 (2) October 2011 (4) September 2011 (11) August 2011 (12) July 2011 (1) June 2011 (4) May 2011 (5) April 2011 (2) March 2011 (2) February 2011 (1) January 2011 (2) December 2010 (2) November 2010 (5) October 2010 (1) September 2010 (1) August 2010 (5) July 2010 (8) June 2010 (6) May 2010 (3) April 2010 (3) March 2010 (4) February 2010 (2) January 2010 (3) December 2009 (2) November 2009 (1) October 2009 (3) September 2009 (3) August 2009 (1) July 2009 (3) June 2009 (3) May 2009 (3) April 2009 (1) March 2009 (2) February 2009 (4) January 2009 (1) December 2008 (3) My Favorite Blogs: Sites That Link to This Blog:

Envoy Mortgage Ltd. – Mortgage Banker Registration- #45300 COMPLAINTS REGARDING MORTGAGE BANKERS SHOULD BE SENT TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.

THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF MORTGAGE BANKERS . A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEB SITE AT WWW.SML.TEXAS.GOV

State: County: City: Zip: