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The American Dream

The American Dream of home ownership stands for achieving wealth and independence for you and your family. Real Estate is responsible for building the riches of some of the wealthiest individuals and families in the United States and worldwide.

How much longer will you go on throwing money out of the window on rent each month? Imagine the difference if you could be creating equity with every payment on a home of your own! With interest rates as low as ever, your home payments are often lower than rent.

Plus, the “pride of ownership” comes with significant tax savings as well. What’s right for big-time real estate investors and wealth builders has proven to be working for countless families and individuals like you who own their own homes instead of renting.

Government Promotes Home Ownership

Even the government is doing everything to promote and help home ownership for everyone. No longer should you be deprived of the wealth that home owners are building for their families now.

Why then does it seem so difficult to get into your own home these days, even if you have a job, manage your finances well and can document your income?

The truth is, the credit and mortgage industry has become a lot more complicated after the collapse of many lending institutions and the meltdown of the sub-prime mortgage market.

Our specialty is to find the money that banks have to lend right now and show you how to make qualifying easy, even if you’ve been turned down before.

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Is Home Staging Important?

An unfurnished home looks cold, empty, and unappealing.

This cold look gives off a negative first impression.  Do you want your potential buyer’s first impression of a home you are trying to sell to be anything associated with feelings of coldness or emptiness?  You never get a second chance to make a first impression, and neither does your home, and this is why home staging is vital.

Home Staging 101 |What is it?

Home staging is when you stage an empty house to look like a home someone would want to purchase.  You put in some furniture, some wall hangings, and give the place a personality.  The 3 D’s of home staging involve delousing, de-cluttering and decorating a home to give the end buyer a positive first impression and to help buyers see a home’s full potential.

Home Staging 101| Delousing

You would think that keeping a house clean when trying to sell it would be common sense.  However, many sellers that I speak with don’t think a dirty house is a problem!  Consider, if you will, the point of view of a potential buyer.  Purchasing a house is the biggest financial investment they will probably make in their life.  Don’t hope that they can imagine the place clean; make it clean!

When the potential buyers walks into a kitchen, they should be fantasizing about family dinners they will be holding, which should put them in a pleasant frame of mind, not trying to picture what the stove will look like after a gallon of de-greaser.  If they see a dirty, grimy kitchen, they won’t have those ‘I wanna buy this house’ type of fantasies.

Same situation with the bathroom.  When the potential new buyer sees the bath tub, they should be envisioning relaxing in a bubble bath in the tub, or wanting to wash their children in the tub, not being afraid to step foot in the tub because it;s filthy.  If that tub is dirty, they won’t want to get into the tub and won’t buy the house.  Therefore, cleaning a house is imperative to selling a house.

On a side note, I may choose not to work with a seller who shows me a house in a dirty condition.  If the seller doesn’t care enough to make the house presentable for you, they won’t care enough to make it presentable for your potential buyers.

Home Staging 101| De-Cluttering

I’m not sure de-cluttering is a real word, but you get the meaning of the word.  Psychologically speaking, clutter is associated with lack of cleanliness and deceit, and a house full of clutter will be perceived as a dirty house with a lot of necessary repair work.

In fact, many self-help gurus will say that one of the best things anyone can do to improve their emotional state is rid themselves of clutter.   So if you’re interested in selling your house, break out the boxes and either box up your belongings in an attic or make a couple of trips to the Goodwill to get rid of the stuff you don’t need because buyers don’t want to see it.

Home Staging 101| Designing

Remember, you never get a second chance to make a first impression, and the first impression anyone will have of your house is the outside front.  This outside front includes landscaping the yard, the garage door, and the front door.  On one of my first fix and flips in Cedar Park, TX, I decided to paint the outside door of a cream-colored stone house a bright red to give it a fancy pop.  I’d seen two other houses in the neighborhood do it and I liked it.  I had trouble selling the property and asked for advice from two other investors who were in the area.  Both of them said that in their first impression, they didn’t like the red door as they didn’t feel the house was welcoming.   So I repainted the front door with a different, toned down color and the property sold shortly thereafter.  A well manicured lawn, lively garden, and properly painted outside will give off the best first impression of the house.  Even if the paint inside isn’t the best color or the flooring could be replaced, once you have a good first impression, the potential buyers will be more forgiving of things that need repair.  Surprisingly, even if the inside is immaculate, you still cannot change the buyers perception they receive from a negative first impression from the outside of a house.

Home Staging 101| Conclusion

In summary, as home sales decline and a record number of for-sale houses cram the market, more sellers are turning to home staging to make their properties stand out.  Quite frankly, a beautifully decorated, uncluttered, clean, and staged home sells faster, and for more money.  In this tough real estate economy, you need to take advantage of every situation, including home staging, in order to sell a house.

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Great Home Financing

The home mortgage bubble burst over three years ago, and those once ever so popular sub prime loans are completely gone.

Most consumers always thought that you had to have a great job, and superior credit history get to buy a home, but that was not the truth in the 90s, and into the mid 2000s.

Now, when applying for a home loan any negative information on a credit history or a credit score of less than 750 is an automatic red flag for home lenders. People now have to do the right things in life, and be accountable for their actions financially to enjoy homeownership.

Debt to income ratios are now closely scrutinized, as well as how secure a person.

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Attention DFW Veterans!!!

With home prices at record low’s it is a great time to buy that first home. Take advantage of your well earned benefits by utilizing the VA Home Loan Program.

A well informed Morgtage Brokers can help you with this most important purchase you will probably make.

Thank you for your service to our nation….

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Get Out Of Debt To Get The Best Home Mortgages

So many people are losing their homes due to foreclosures on their homes, but there are still many first time homebuyers out there trying to be approved for financing so they can start growing their family, and put down roots. The biggest problem is being approved for a home loan today. Those ninety five percent home mortgages that home builders depended on for the last decade are now gone, and financing is dealt with in a much stricter format. Many new married couples have a huge debt or financial burden before they even get started from college loans, and credit card debt that they ran up while in school.

Even though they have great paying jobs, and pay their bills on time, except for those pesky student loans, and a couple of credit card that have huge monthly minimums attached. Their credit is already destroyed before they seemingly got started on their life.

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Short Sales affects on credit

The Mortgage Forgiveness Debt Relief Act of 2007, H.R. 3648 says that the portion the lender forgives is NO longer counted as personal income and CANNOT be taxed by the Federal Government.

You’re already behind and the bank will foreclose if you do nothing else, such as a loan mod/refinance etc.

OR

The proceeds from the sale of your house are estimated to be less than the payoff and no money will be available to satisfy it.

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Obtain the Best Dallas Mortgage

Before you begin dreaming of owning your next home, you must consider the importance of obtaining the best mortgage. A mortgage is the groundwork of any good home purchase; find a great mortgage and you could be priming yourself for an excellent investment; lock into a not-so-great mortgage and you could be looking at years of headaches and financial problems.

There are a number of factors to consider when obtaining the best mortgage:

  • Your credit – If you want to obtain the best mortgage, take a look at your credit first. A good credit rating is vital for obtaining the best mortgage, so it is important to first order a copy of your credit report from all three credit reporting agencies. Once you have the credit report in front of you, take the time to carefully review it and make any necessary corrections.  If you find any discrepancies or errors on the credit report, immediately report it to the appropriate credit reporting agency. Fixing your credit problems before you head to a lender is the easiest way to ensure you are on the right path to obtaining the best mortgage.
  • A large down payment

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Mortgage Tips for First Time Homebuyers

As a first-time home buyer, you may be quite overwhelmed at the thought of obtaining a mortgage. There seems to be so many options, and the process of finding a home loan program and applying for it leaves you feeling nervous and more than stressed out!

However, the mortgage process is not so intimidating if you take it one step at a time:

  1. Consider how much money you can spend on a new home – Before you even look at your first property, consider how much of a home you can afford. It simply doesn’t make sense to waste your time and build up your hopes, only to learn that you cannot afford as much of a house as your first thought. In addition to considering a monthly housing expense, add in the cost of taxes, as well as utilities and the cost of maintaining and updating your home.
  2. Talk to a professional – In addition to carefully reviewing your finances, now is the time to sit down with a mortgage broker and get preapproved for a mortgage. A mortgage preapproval will accomplish a number of  things: it will check your credit to make sure you can be approved for a mortgage; it will allow you to understand how much of a mortgage you can be approved for; and it will give you instant credibility among home sellers and realtors.
  3. Consider how much money you need for a down payment – One of the biggest ways lenders have changed as a result of the recession and housing downturn of the last, few years is that they want to see down payments. If you want to be approved for a home loan with a competitive interest rate, you will likely need to come to the table with a down payment totaling between 15 and 20 percent of the sales price of the home.
  4. Consider what type of home loan is best for you – Although the days of “no money down” home loans are gone, there are still a number of very attractive home loan programs for first-time home buyers. It is best to look into different programs, through a number of different lenders, to see which one works best for your financial situation.

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Making a home Budject and sticking to it

The real estate market has been posting some modest gains, and those gains are expected to continue well into 2010. For those of us who have been waiting on the sidelines to purchase a new Plano home, now may be the time to take action.

Now is a great time to enter the real estate market, provided you have the credit and the down payment to make it happen. However, an area not often addressed by homebuyers is budgeting for a new Plano home.

In particular, figuring out a budget and sticking to it. Making a home budget is essential for handling your finances, and that goes for your mortgage, too. Foreclosures and short sales are still circulating through the market; many of which are a direct result of homebuyers not budgeting themselves and thinking long-term.

It is therefore important to establish a home budget as soon as you decide to purchase a new Plano home and, more importantly, it is important to stick to the budget, without fail.

  • Before you begin looking for homes in the Plano real estate market, go straight to a lender and get pre-qualified for a mortgage. It makes no sense to begin looking at homes before you are pre-qualified, as you likely will not have a clear picture of how much home you can afford.
  • In addition to a pre-qualification letter from a lender, sit down and make up a realistic household budget. Make sure your monthly budget has plenty of wiggle room, and make sure you have enough left over every month to put at least 10 percent of your income into an emergency savings account. It is true that many homeowners are just a month away from not being able to pay their bills. Don’t let this happen to you; aim to put at least a year’s worth of your salary into an emergency savings account.
  • Consider changes in your lifestyle or family. If you are planning to start a family, take into consideration the added expense. If you don’t plan on staying in your current home for more than a couple years, you may rethink buying at this time and look at renting instead. A big part of planning a feasible household budget is to anticipate changes in your life and the many ways in which they can affect your finances.

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Getting The Best Financing

When you decide to purchase a home, the first step to take after a careful analysis of your finances is to shop for a lender, and shop very carefully to ensure you are getting the best financing possible.

Certainly, you are anxious to meet with your Realtor and get started on the search for your new home, but not getting your financing in place first could be a costly mistake. Finding a lender with the most favorable terms in this tight credit market will assuredly take some time, so, comparison shop a number of lenders, and be patient, cautious and pay close attention to every detail of the loan terms offered.

Before you meet with a prospective financier, be absolutely sure that your credit (FICO) score is high enough to attract a lender, (750 or more) otherwise, if lower than 750, even if approved, it is likely your loan terms will be nowhere near as attractive as the terms you could have obtained with a higher score. However, besides your FICO score and employment history and income, each lender has its own additional criteria in deciding whether to grant a loan, and at what terms.

Obtain copies of your credit reports from the three major credit reporting agencies.
See How to obtain you credit report.

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Contact Us or call 469-358-9203 and we can discuss Financing options.