What is Happening in the Mortgage Market

Yet another reports show now is the best time to buy - especially in the Dallas and Fort Worth Texas areas. Home sales in Dallas rose 16% and Houston rose 11% over last November, indicating lots of activity in both cities. The median home price in Dallas declined though, dropping 2% to $151,100 from last November while Houston grew 2% from 2010 to $153,800.

Existing single-family home sales in Texas rose 9% from a year ago in November, according to a report published by Texas A&M University 15,000 homes sold statewide, with the median home price increasing to $147,600. That is up 1% from November 2010 levels.

State wide the current inventory of homes sits at a 6.6-month supply.Other areas experiencing price increases included Abilene, Arlington, Austin, Houston, Longview-Marshall, Lubbock and McAllen.

In Abilene alone, median home prices increased 47% over a year ago.Prices declined year-over-year in Amarillo, Bryan-College Station, Laredo, Odessa, San Antonio and Texarkana.

Mortgage Rates at Record Lows

According to CNN Money now is the time to buy or refinance.

Why rent when you can buy? This is what it could cost you.

If you purchase a $200,000 single family home and put 3.5% down using an FHA 30 year fixed mortgage, your monthly payments would be $1239.31 including estimated tax and insurance. If you wait a year, and let interest rates move back up to the high 4's and in the case of Houston, the sales price increases 2% you would pay $204,000 for the home and your payment would be $1458.44 a monthly difference of $219.13.

Get a free pre-approval or second opinion today!  Click here to apply now.Richard Woodward  Banker / Senior Branch Manager, NMLS ID 217454

Envoy Mortgage - When Trusted Advice Counts

Office: (972) 661-5136  17440 Dallas Parkway Suite 118 Dallas, TX 75287

Texas Mortgage Banker Registration #45300 NMLS ID 6666

I was approached a few weeks ago by a Realtor that needed some quick help. She had listed a home for sale and quickly got a full price offer on the beautiful home. Here is where the problem came to light. After the offer was accepted the seller then decided that they would start "shopping for the best rate" for a mortgage.

Unfortunately for the seller, they could not qualify for a mortgage and their bank turned them down. They just assumed that just because they could put 20% down on the new home (they made a profit on their old home) they would easily get the best rate. Wrong! In today's mortgage market many more qualifications have to be met to secure financing. Fortunately, I was able to secure financing for them so our "Team" was able to make both of the new home owners happy.It takes a Real Estate Team.One thing many real estate agents have learned is the importance of having a team of professionals to facilitate a smooth transaction. Having a lending expert on the team can help avoid issues like this. A professional licensed lender, can make available the following services to you…all for FREE:

• They can preapproved the seller to ensure that once the home is sold the seller can secure financing for their next home.

• They can screen all potential buyers. Today’s lending landscape is a rapidly changing environment. Programs and requirements are changing regularly. A good loan officer should have a reputation for being on top of current guidelines and finding the best solutions for prospective clients. You need to know that when you accept an offer, the buyer can actually close.

• Financing is an important component to getting a home sold. I offer home sellers and Realtors marketing tools and programs such as property websites with mobile phone technologies. More prospects equals higher sales prices.

• In so far as a professional loan officer is seen as an educator, they would want to offer you the chance to tune into some of their online seminars (called webinars) and videos. As an example, some lenders have webinars with topics ranging from “How Lenders Look At A Mortgage Application” to “Renovation Lending” to “Getting Your Optimal Credit Score”, as well as videos that can fully explain your Good Faith Estimate. They are constantly striving to be a resource for everyone they come in contact with.

• A good professional lender will also review your financial portfolio and make suggestions as to ways to better your position. I have top insurance brokers, credit restoration specialist, financial planners, movers, and many other professionals that can help.

The economy, housing market, and lending guidelines have made the importance of a team approach to real estate essential. The days when any lender could close a loan is gone. Professional Realtors and Lenders have integrity and a genuine concern for their clients needs and will have a team ready and able to serve you. The team will make the home buying process easy and stress free.

If you would like a FREE Home Buyers Handbook you can request one be emailed to you by clicking here.

Richard WoodwardBanker / Senior Branch Manager, NMLS ID 217454

Envoy Mortgage - When Trusted Advice Counts

Office: (972) 661-5136 17440 Dallas Parkway Suite 118 Dallas, TX 75287

Texas Mortgage Banker Registration #45300 NMLS ID 6666

Well, the primary reason is to establish a range of homes you can afford to purchase. You may be thinking…”can’t I do that with a calculator and your monthly budget?”. That will give you an idea, but because there are so many different variables involved in a mortgage, it is best to have a professional, licensed lender prequalify you to assure accuracy and make sure everything is included in the calculations. It is fast, easy and it is free.

Prequalified or Preapproved?You have a better negotiating position when you are preapproved. The difference between the two is HUGE! Preappoved means the lender has verified everything but the property. It is almost as good as cash in hand. This can translate into a savings of thousands of dollars on the sale price. Sellers will give preference to preapproved buyers when there are multiple offers – and there are many real estate agents who will not even work with you unless you are preapproved.

Lastly, it can save you a lot of time and heartache by making sure you are shopping within the correct price range.A good lender will talk with you to find out your financial situation and provide you with sound advice on topics from suggestions on improving your credit to what type of mortgage would be best for you. A good lender can provide you total payment information, what your closing cost should be, and refer you to professional partners that can make your home buying process much easier.

Will my bank give me the best deal or make it easier?Most likely not. All you need to do is ask a couple of Realtors this question. Many Realtors will not even work with a buyer if they wanting to use a Big Bank lender. Most do not close on time and to bank, you are just a number. So don't let your bank or credit union take advantage of you - shop around.Did you know that bank employees are not required to secure a mortgage license? Do you want someone that doesn't have to have any formal training giving you advise about your biggest investment?

You can search to see if your loan office is licensed here.Welcome to NMLS Consumer Access^SM, a free service for consumers to confirm that the mortgage company or mortgage professional with whom they wish to conduct business is authorized to conduct mortgage business in their state. Search the BBB here.

Does a couple of lenders pulling my credit hurt my score?This is a great question. The short answer is NO. You will have an inquiry for the first lender that pulls your credit but no "dings" for additional lender inquires within a given 30-45 day period.You should know that prequalification through a particular lender doesn't mean you must finance your home through that same lender nor does it bind you to specific terms.As a direct lender with over 14 years of experience I would be happy to provide you a free second opinion on your banks offer. Click here to receive a $250 off closing cost coupon and get your free second opinion.

Richard WoodwardBanker / Senior Branch Manager, NMLS ID 217454

Click here to view My Personal Brochure

Office: (972) 661-513617440 Dallas Parkway Suite 118 Dallas, TX 75287Visit Us Online - www.Envoy-Mtg.com

Texas Mortgage Banker Registration #45300 NMLS ID 6666

Pending home sales for the month of October climbed 10.4% to 93.3, the highest level of 2011. This also represents a 9.2% increase over October of last year.

Pending home sales is a forward looking indicator that measures housing contract activity. It is based on signed real estate contracts for existing single-family homes, condos and co-ops. A signed contract is not counted as a sale until the transaction closes.

My Realtor contacts tell me that Dallas and Forth Worth home sales are strong and the good homes are moving quickly.

If you are thinking of buying I would suggest you move sooner rather than later to secure the lowest rates and the lowest home prices. According to the Mortgage Bankers Association (MBA) mortgage rates are moving slightly higher but are predicted to stay below 5% in 2012.

I provide a daily mortgage rate lock advisory to my clients. If you would like some insight regarding daily rate movement visit my website, www.mortgageprosus.com/DailyRateLockAdvisory or just give me call.

Richard WoodwardBanker / Senior Branch Manager, NMLS ID 217454Office: (972) 661-513617440 Dallas Parkway Suite 118 Dallas, TX 75287Texas Mortgage Banker Registration #45300 NMLS ID 6666

If you are thinking about selling your home, you probably are not interested in investing a great deal of money in it for renovations before putting it on the market. I know for my money, when shopping for or selling ANYTHING, I want the most benefit for the least amount spent. There are ways to rejuvenate your home and brighten it up for very little money. Sometimes it is just little “touches” that make all the difference.

If you are stepping up to a new home don't forget to get your mortgage arranged before you sell.  For a step by step process for mortgage approval visit my website here.

6 Budget Friendly Steps to prepare your home to sell.

1.Make the outside of your home as appealing as possible. Clean off the porch or patio, plant flowering plants, and paint the front door if it is showing wear.

2. Keep your home uncluttered.  Remove most of the items from your counters, closets, and garage.  It gives a roomier feel to the place.  At the very least, remove all the notes and artwork from your refrigerator.

3. Touch up spots with paint. Scuff marks, door dings, etc., make your home look “worn”. A little paint can refresh a room.

4. Just as you did in the yard, add some color with flower arrangements or plants, preferably real ones.

5. Help to make a comfortable impression with scent. Candles, potpourri, warm scented oils, are all pleasing and give an ambient feel to a home.

6.  This should go without say but, well, pick up all dirty clothes and dishes, vacuum  the carpets and dust the furniture.

These are just a few things that will help those on a budget to stage their home for sale. They are quick and they work in helping you show your home better.

If you would like a free Home Buyers Guide and $250 off you closing cost visit my website and register here, I will send it to you.

Richard Woodward
Banker / Senior Branch Manager, NMLS ID 217454
Envoy Mortgage - When Trusted Advice Counts

Office: (972) 661-5136

17440 Dallas Parkway Suite 118 Dallas, TX 75287

Texas Mortgage Banker Registration #45300 NMLS ID 6666

There are a number of personal and emotional reasons to buy a home.  Dallas and Fort Worth home prices are on the rise and sales are picking up according to this Star-Telegram article. But there are also some strong financial reasons to make the investment.

Here are just a few of those reasons:

Increase Net Worth: Few things have a greater impact on net worth than home ownership. When comparing renters to home owners, the Federal Reserve Board of Consumer Finance found that the average net worth of renters was just $4,000 compared to homeowners at $184,400.  That is huge!  Even Warren Buffet said that owning a home was the third best investment he made.

A Big Tax Deduction: One of the largest tax deductions available is the amount of interest paid on a mortgage. In fact, a $150,000 home at a 5.50% interest rate can add up to approximately $8,000 in first year's interest. This amounts to a significant savings – reducing the amount of  income tax one pays and effectively a homeowner's monthly mortgage payment.

Long-Term Appreciation: Over the last few years, home prices have corrected and become more affordable. While that's good news for potential buyers, it has overshadowed the long-term appreciation of a home's value. The reality is, despite market ups and downs between 1950 and 2002, US home prices appreciated at an annual growth rate of 4.8%. Even if you calculate a modest appreciation of 3%, a home purchased today for $150,000 will grow in value to $364,000 over 30 years.

Record Low Mortgage Rates: Yes you can get approved. Documentation requirements have increased but realistically, if you have decent credit and can verify your income - you can get approved. 

Richard Woodward
Banker / Senior Branch Manager,   NMLS ID 217454
Click here to view My Personal Brochure

 Office:  (972) 661-5136  

Visit Us Online - www.Envoy-Mtg.com

Texas Mortgage Banker Registration #45300  NMLS ID 6666