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Homeownership is Best Way To Build Wealth says New York Times

Money House

 

The New York Times recently published an editorial entitled, “Homeownership and Wealth Creation.” The housing market has made a strong recovery, not only in sales and prices, but also in the confidence of consumers and experts as an investment. The article explains:

“Homeownership long has been central to Americans’ ability to amass wealth; even with the substantial decline in wealth after the housing bust, the net worth of homeowners over time has significantly outpaced that of renters, who tend as a group to accumulate little if any wealth.”

Many of the points that were made in the article are on track with the research that the Federal Reserve has also conducted in their Survey of Consumer Finances. The study found that the average net worth of a homeowner ($194,500) is 36x greater than that of a renter ($5,400). One reason for this large discrepancy in net worth is the concept of ‘forced savings’ created by having a mortgage payment and was explained by the Times:

“Homeownership requires potential buyers to save for a down payment, and forces them to continue to save by paying down a portion of the mortgage principal each month.” “Even in instances where renters have excess cash, saving a substantial amount is difficult without a near-term goal, like a down payment. It is also difficult to systematically invest each month in stocks, bonds or other assets without being compelled to do so.”

Bottom Line

“As a means to building wealth, there is no practical substitute for homeownership.” If you are a renter who is considering making a purchase, sit with a local real estate professional who can explain the benefits of signing a contract to purchase over renewing your lease!

KCB Blog source

Call us 1st to avoid mortgage problems, Call us 2nd to SOLVE them.

J. Scott Harris
Vice President – Mortgage Miracle Working
NMLS #375517
Gold Financial Services, Inc.
Closing  FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

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Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

Confusing Real Estate News? We Can Help

 image1

Below are the headlines from three separate news releases issued over a one month period:

11/3/2014 – Millions of Potential New Households Waiting Out the Recovery

11/11/2014 – Experts: First-Time Homebuyers’ Weak Finances Holding Back Housing Market

And then, the contrarian view:

12/2/2014 – In 2015, Millennials Will Be Biggest Home Buying Group

It sure seems that the group that released the first two stories emphatically disagrees with the organization that published the last news release. Amazingly, the same entity published all three reports. What? It seems the company (a well-respected provider of housing information) reported that those forming new households are not looking to buy a home. They actually surveyed over one hundred housing experts who agreed. But 30 days later, they reported that millennials (most new households) will be the biggest group of home buyers this year. All in one month!! All the headlines could actually be true. However, a consumer reading them might be misled. This is evidence of how difficult it is to actually understand the intricacies of today’s housing market. Even the experts can seem confused.

Bottom Line

If you are thinking of either buying or selling a home, it is probably best to engage a local mortgage or real estate professional to help you successfully navigate the ins-and-outs of today’s real estate transaction.

Source: KCM Blog 12-11-2014

Call us 1st to avoid mortgage problems, Call us 2nd to SOLVE them.

J. Scott Harris
Vice President – Mortgage Miracle Working
NMLS #375517
Gold Financial Services, Inc.

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

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Gold Financial Services, Inc. is a division of Amcap Mortgage, Ltd. NMLS# 129122

Why So Much Paperwork When Getting A Mortgage?

Paperwork

We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about us and requires three separate sources to validate each and every entry on the application form. Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago. There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.

  1. The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of affording the mortgage. During the run-up in the housing market, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen again
  2. The banks don’t want to be in the real estate business. Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don’t want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.

However, there is some good news in the situation. The housing crash that mandated that banks be extremely strict on paperwork requirements also allowed you to get a mortgage interest rate probably below 5%. The friends and family who bought homes ten or twenty ago experienced a simpler mortgage application process but also paid a higher interest rate (the average 30 year fixed rate mortgage was 8.12% in the 1990’s and 6.29% in the 2000’s). If you went to the bank and offered to pay 7% instead of <5%, they would probably bend over backwards to make the process much easier.

Bottom Line

Instead of concentrating on the additional paperwork required, let’s be thankful that we are able to buy a home at historically low rates.

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J. Scott Harris
Mortgage Expert – NMLS #375517
Gold Financial Services, Inc.
5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825

Buying a Home is 38% Less Expensive than Renting!

 

BuyorRent

In Trulia’s 2014 Rent vs. Buy Report, they explained that homeownership remains cheaper than renting throughout the 100 largest metro areas in the United States; ranging from an average of 5% in Honolulu, all the way to 66% in Detroit, and 38% Nationwide! The other interesting findings in the report include:

Even though prices increased sharply in many markets over the past year, low mortgage rates have kept homeownership from becoming more expensive than renting.

Some markets might tip in favor of renting later this year as prices continue to rise faster than rents and if – as most economists expect – mortgage rates rise, due both to the strengthening economy and Fed tapering.

Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying – and rates haven’t been that high since 1989.

Bottom Line

Buying a home makes sense. Rental costs have historically increased at a higher rate of inflation. Lock in a mortgage payment now before home prices and mortgage rates rise as experts expect they will.
Source: KCM Blog
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J. Scott Harris
Mortgage Expert
NMLS #375517
Gold Financial Services, Inc.

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825

4 Reasons to Buy Before Winter

winter

It’s that time of year, the seasons are changing and with them bring thoughts of the upcoming holidays, family get togethers, and planning for a new year. Those who are on the fence about whether now is the right time to buy don’t have to look much farther to find four great reasons to consider buying a home now, instead of waiting.

1. Prices Will Continue to Rise

The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report released recently projects appreciation in home values over the next five years to be between 11.2% (most pessimistic) and 27.8% (most optimistic).

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Although Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have softened recently, most experts predict that they will begin to rise later this year. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison projecting that rates will be up almost a full percentage point by the end of next year.

An increase in rates will impact YOUR monthly mortgage payment. Your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

3. Either Way You are Paying a Mortgage

As a recent paper from the Joint Center for Housing Studies at Harvard University explains: “Households must consume housing whether they own or rent. Not even accounting for more favorable tax treatment of owning, homeowners pay debt service to pay down their own principal while households that rent pay down the principal of a landlord plus a rate of return. That’s yet another reason owning often does—as Americans intuit—end up making more financial sense than renting.”
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4. It’s Time to Move On with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise. But, what if they weren’t? Would you wait? Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe it is time to buy.

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

J. Scott Harris
NMLS #375517
Gold Financial Services, Inc.

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688

In 94 of the nation’s 100 biggest metros, Renting is proving more costly than Buying

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Renting more expensive than buying in most US metro areas

Renters spend 30 percent of income on monthly charge; buyers fork out half that on mortgages

September 02, 2014 08:00AM
Buying Vs. Renting | U.S. Rental Costs 

Buying is becoming a better bargain than renting in many metropolitan areas in the U.S., according to a new report.

In 94 of the nation’s 100 biggest metros, renting is proving more costly than buying, according to a Zillow report. Unlike the housing market, rentals did not suffer a large drop in prices following the financial crisis, and so rental rates have steadily trended upwards. Renters, the study found, spend 29.5 percent of their income on rent on average, compared to buyers who spent 15.3 percent on their income on home mortgages.

“As rents keep rising, along with interest rates and home values, saving for a down payment and attaining home ownership becomes that much more difficult for millions of current renters, particularly millennial renters already saddled with uncertain job prospects and enormous student debt,” Stan Humphries, Zillow chief economist, said in a statement. “In order to combat this phenomenon, wages need to grow more quickly than they are, particularly for renters, and growth in home values will need to slow.”

Another rent increase driver is a recent uptick in the number of all-cash home buyers. In the second quarter of 2014, 38 percent of all sales were cash purchases – although that’s down from 42 percent during the first quarter. Then again, all-cash buys during the first three months of the year hit a level not seen in three years.

– See more at: http://therealdeal.com/blog/2014/09/02/renting-more-expensive-than-buying-in-most-u-s-metro-areas/?utm_content=buffer10430&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer#sthash.tzTbq2Nv.dpuf

How Much of a Down Payment do You Actually Need?

7.16-Piggy-Bank

by  on July 16, 2014 in For Buyers

 

A recent survey by Zelman & Associates revealed that 38% of those between the ages of 25-29 years old and 42% of those between the ages of 30-34 years old believe that a minimum of 15% is required as a down payment to purchase a home. A recent questionnaire administered by Freddie Mac showed that over 50% of all respondents thought 20% was required as a down payment.

In actually, a purchaser may be able to put down far less.

Freddie Mac, in a recent blog post addressing the issue, confirmed that there is misinformation regarding the amount necessary when determining the down payment for a home purchase:

“Did you know 40 percent of today’s homebuyers using mortgage financing are making down payments that are less than 10 percent? And how about this: since 2010, the number of people putting down less than 10 percent for conventional loans has grown three fold.  So, not only are low down payment options real, they represent a significant portion of today’s purchases.”

In a separate Executive Perspectives, Christina Boyle, Freddie Mac’s VP and Head of Single-Family Sales & Relationship Management explained further:

  • A person “can get a conforming, conventional mortgage with a down payment of as little as 5 percent (sometimes with as little as 3 percent coming out of their own pockets)”.
  • Qualified borrowers can further reduce the down payment coming out of their own pockets to 3 percent by lining up gifts from family or grants or loans from non-profits or public agencies.

Ms. Boyle goes on to explain:

“Letting more consumers know how down payments are determined could bring more qualified borrowers off the sidelines. Depending on their credit history and other factors, many borrowers can expect to make a down payment of about 5 or 10 percent.”

Bottom Line

If you are saving for either your first home or that perfect move-up dream house, make sure you know all your options. You may be pleasantly surprised.

 

J. Scott Harris
Gold Financial
Vice President
NMLS 375517
5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688
scott@jscottharris.com

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Too many borrowers with lower credit scores shut out of mortgage market, FHA says. New HAWK program will offer MIP reductions

FHA Announces Blueprint for Greater Homebuyer Access to Credit

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Media Contact: Sara Wiskerchen / 202-383-1013 / Email

WASHINGTON (May 13, 2014) – The Federal Housing Agency is taking additional steps to expand access to mortgage credit for underserved borrowers, according to Department of Housing and Urban Development Secretary Shaun Donovan, who spoke to Realtors® today at the FHA: 80 Years and Counting – Regulatory Issues Forum during the Realtor® Party Convention & Trade Expo.

Donovan said lending to potential buyers with lower credit scores has fallen dramatically in recent years and announced a new blueprint for greater consumer access to credit, through a new FHA housing counseling program that will launch later this year. The four-year, two-phase pilot program, called Homeowners Armed With Knowledge or HAWK, will offer a 50 basis point reduction in the upfront mortgage insurance premium and a 10 basis point reduction in the annual premium at the time of loan origination to first-time homebuyers who complete the program. Loans that remain in good standing will also receive reductions, which could add up to thousands of dollars in savings for homebuyers over the life of their loan.

“People deserve access to credit and the chance to buy a home when they are ready. We are excited about the potential impact HAWK will have on buyers,” said Donovan. “This is a win for the market, FHA, lenders, and borrowers. It will ensure that FHA will continue as a champion of opportunity for the next 80 years.”

During the meeting, National Association of Realtors® President Steve Brown congratulated FHA on serving millions of homebuyers for the past 80 years and safely providing access to mortgage financing, especially during critical times like the most recent economic downturn, and also into the future.

“HAWK is a step in the right direction, making mortgage credit available to more qualified homebuyers. Realtors® urge FHA to quickly develop the program and make it available to homebuyers,” said Brown, broker/owner of Irongate, Inc. Realtors® in Dayton, Ohio. “We have many qualified homebuyers who need help now, and are being shut out of the market due to record high annual premiums and mortgage insurance for the life of the loan.”

Fees on FHA loans make up nearly 20 percent of a monthly mortgage payment, according to NAR estimates, and they make it much more difficult for potential buyers to purchase a home.

Carol Galante, FHA commissioner and assistant secretary for housing, joined Donovan at the forum. She agreed that there are too many responsible creditworthy buyers who are being shut out of the market.

“HAWK will allow for real savings and give better access to FHA for many individuals,” said Galante. She said FHA’s blueprint to expand credit access will also reduce lender and consumer risk and will encourage greater use of counseling to help more families get in homes.

Galante also announced proposed changes to the agency’s quality assurance initiative, which will collect fees from lenders to conduct loan reviews to ensure lenders are following responsible lending guidelines.

“The quality insurance initiative will create solid rules of the road for lenders so they are more confident in how they lend to consumers,” she said.

Galante said FHA’s quality assurance measures will provide enhanced clarity and transparency in FHA’s lending policies and provide lenders with greater policy direction, which will encourage more consumer lending, especially to underserved borrowers. She said these changes will also better protect the FHA insurance fund, borrowers, lenders and taxpayers.

The notice of the program was published by FHA today. NAR will provide comments on the notice and looks forward to working with the Administration to help qualified homebuyers who are being shut out of the housing market.

Earlier today, Federal Housing Finance Agency Director Mel Watt announced a step-back from a planned reduction in mortgage loan limits for the government-sponsored enterprises Fannie Mae and Freddie Mac. Watt also said FHFA will be requesting input on guarantee fees and NAR plans to submit comments.

“Watt’s announcement is in line with NAR’s long held position that loan limits should not be lowered, so that borrowers in all markets don’t experience a reduction in access to mortgage credit,” said Brown. “FHFA is taking additional steps to facilitate greater liquidity in mortgage markets and help more qualified buyers gain access to homeownership.”

Don’t wait for Spring, now is the time to buy or sell a home.

Many sellers feel that the spring is the best time to place their home on the market as buyer demand increases at that time of year. However, the fall and winter have their own advantages. Here are five reasons to sell now.
 

Only Serious Buyers Are Out

At this time of year, only those purchasers who are serious about buying a home will be in the marketplace. You and your family will not be bothered and inconvenienced by mere ‘lookers’. The lookers are at the mall or online doing their holiday shopping.
 

There Is Far Less Competition

Housing supply always shrinks dramatically at this time of year. The choices for buyers will be limited. Don’t wait until the spring when all the other potential sellers in your market will put their homes up for sale.
 

The Process Will Be Quicker

One of the biggest challenges of the 2013 housing market has been the length of time it takes from contract to closing. Banks have been inundated with both purchase and refinancing loan requests. Both of these will slow in the winter cutting timelines and the frustration these delays cause both buyers and sellers.
 

There Will Never Be a Better Time to Move-Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by over 25% from now to 2018. If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30 year housing expense with historically low interest rates right now. There is no guarantee rates will remain at these levels in years to come.
 

It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and decide whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?
 
You already know the answers to the questions we just asked. You have the power to take back control of the situation by pricing your home to guarantee it sells. The time has come for you and your family to move on and start living the life you desire. That is what is truly important.

http://www.keepingcurrentmatters.com/2013/11/19/5-reasons-to-sell-before-spring
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J. Scott Harris
Vice President – Business Development & Recruiting
NMLS #375517
Gold Financial Services, Inc.

5055 Keller Springs Road, Suite 500
Addison, TX 75001
24/7 Mobile: 214-435-8825
Secure Fax: 866-343-3688
Email Me Now

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