Homeowner’s Net Worth Is Still Greater Than a Renter’s

Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).

The latest survey data, covering 2014-2016 will be released later this year. In the meantime, Lawrence Yun, the National Association of Realtors’ Chief Economist estimates that the gap has widened even further, to 45 times greater ($225,000 vs. $5,000)!

Put Your Housing Cost to Work for You

As we’ve said before , simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth. Every time you pay your rent, you are contributing to your landlord’s net worth.

The latest National Housing Pulse Survey from NAR reveals that 84% of consumers believe that purchasing a home is a good financial decision. William E. Brown comments :

“Despite the growing concern over affordable housing, this survey makes it clear that a strong majority still believe in homeownership and aspire to own a home of their own. Building equity, wanting a stable and safe environment, and having the freedom to choose their neighborhood remain the top reasons to own a home. ”

Bottom Line

If you are interested in finding out if you could put your housing cost to work for you by purchasing a home, meet with a real estate professional in your area who can guide you through the process.

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Even if another Bank or Lender has said “NO,” we will work with you until we can say “YES.” If you have already started in our Qualification Coaching Program, call us, so we can check your progress!

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Ranked #1 Highest in Customer Satisfaction with Primary Mortgage Originations â€“ J.D. Power

How Your Home’s Value Grows Your Family’s Wealth

Over the next five years, home prices are expected to appreciate 3.64% per year on average and to grow by 18.4% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey.

So, what does this mean for homeowners and their equity position?

As an example, let’s assume a young couple purchased and closed on a $250,000 home in January. If we look at only the projected increase in the price of that home, how much equity will they earn over the next 5 years?

Since the experts predict that home prices will increase by 5.0% this year alone, the young homeowners will have gained $12,500 in equity in just one year.

Over a five-year period, their equity will increase by nearly $49,000! This figure does not even take into account their monthly principal mortgage payments. In many cases, home equity is one of the largest portions of a family’s overall net worth.

Bottom Line

Not only is homeownership something to be proud of, but it also offers you and your family the ability to build equity you can borrow against in the future. If you are ready and willing to buy, find out if you are able to today!
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

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NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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Branch Manager

6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Why Are So Few Homes for Sale?

There is no doubt that the largest challenge in today’s housing market is a lack of housing inventory for sale. This challenge has been defined as an “overwhelming lack of supply,” and even a “straight up inventory crisis.”

First American just released the results of a survey which sheds light on the reasons for the current lack of supply.

The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets. Here are the results of the survey:

47% – existing homeowners are worried that they will not be able to find a home to buy
5% – first-time buyer demand is absorbing a large share of available homes
3% – existing homeowners’ mortgage rates are lower than the current rates
6% – insufficient or negative equity in the home
6% – foreign buyer demand is absorbing a large share of available homes

As the survey revealed, there is a shortage of current homeowners willing to put their homes on the market for one of three reasons (see numbers 1, 3 and 4 above).

Is this an opportunity for some homeowners?

The report on the survey explains:

“The crowd has spoken, and it seems in many markets home buyers and sellers alike are ‘imprisoned’ by the lack of housing inventory.”

That leaves a tremendous opportunity for every homeowner not facing these concerns. If you can put your home on the market today, you are subject to far less competition than at any time in recent history. That will result in your home selling quickly and for the highest possible price.

Bottom Line

While many homeowners are feeling imprisoned for multiple reasons, those who are not handcuffed by these concerns have a once in a lifetime opportunity to sell their houses at a peak selling time.

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

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NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

More Than Half of All Buyers Are Surprised by Closing Costs

According to a survey conducted by ClosingCorp, over half of all homebuyers are surprised by the closing costs required to obtain their mortgage.

After surveying 1,000 first-time and repeat homebuyers, the results revealed that 17% of homebuyers were surprised that closing costs were required at all, while another 35% were stunned by how much higher the fees were than expected.

“Homebuyers reported being most surprised by mortgage insurance, followed by bank fees and points, taxes, title insurance and appraisal fees.”

Bankrate.com gathered closing cost data from lenders in every state and Washington, D.C. in order to share the average costs in each state. The map below was created using the closing costs on a $200,000 mortgage with a 20% down payment.

Keep in mind that if you are in the market for a home above this price range, your costs could be significantly greater. According to Freddie Mac,

“Closing costs are typically between 2 and 5% of your purchase price.”

Bottom Line

Speak with your lender and agent early and often to determine how much you’ll be responsible for at closing. Finding out that you’ll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.
YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

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NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

The Mortgage Process: What You Need to Know

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NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

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Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

No… You Do Not Need 20% Down to Buy NOW!

The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that non-homeowners cite the main reason for not currently owning a home, as not being able to afford one.

This brings us to two major misconceptions that we want to address today.

1. Down Payment

NAR’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 39% of non-homeowners say they believe they need more than 20% for a down payment on a home purchase. In actuality, there are many loans written with a down payment of 3% or less.

Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

2. FICO^®Scores

An Ipson survey revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO^® scores of approved conventional and FHA mortgages are much lower.

The average conventional loan closed in August had a credit score of 752, while FHA mortgages closed with a score of 683. The average across all loans closed in August was 724. The chart below shows the distribution of FICO^® Scores for all loans approved in August.

Bottom Line

If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, sit down with a professional who can help you understand your true options.
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Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

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NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Buying Remains Cheaper Than Renting in 39 States!

In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.

The updated numbers show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!

A study by GoBankingRates looked at the cost of renting vs. owning a home at the state level and concluded that in 39 states, it is actually ‘a little’ or ‘a lot’ cheaper to own (represented by the two shades of blue in the map below).

One of the main reasons owning a home has remained significantly cheaper than renting is the fact that interest rates have remained at or near historic lows. Freddie Mac reports that the current interest rate on a 30-year fixed rate mortgage is 3.91%.

Nationally, rates would have to reach 9.1%, a 128% increase over today’s average of 4.0%, for renting to be cheaper than buying. Rates haven’t been that high since January of 1995, according to Freddie Mac.

Bottom Line

Buying a home makes sense socially and financially. If you are one of the many renters who would like to evaluate your ability to buy this year, meet with a local real estate professional who can help you find your dream home.

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

The Cost of Renting vs. Buying a Home

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

Don’t Let Fear Stop You from Applying for a Mortgage

A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification.

For many, the mortgage process can be scary, but it doesn’t have to be!

In order to qualify in today’s market, you’ll need to have saved for a down payment (73% of all buyers made a down payment of less than 20%, with many buyers putting down 3% or less), a stable income and good credit history.

Throughout the entire home buying process, you will interact with many different professionals, all of whom perform necessary roles. These professionals are also valuable resources for you.

Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests you follow:

Find out your current credit history & score – even if you don’t have perfect credit, you may already qualify for a loan. The average FICO^® Score of all closed loans in September was 724, according to Ellie Mae.
Start gathering all your documentation – income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).
Contact a professional – your real estate agent will be able to recommend a loan officer that can help you develop a spending plan, as well as determine how much home you can afford.
Consult with your lender – he or she will review your income, expenses, and financial goals to determine the type and amount of mortgage you qualify for.
Talk to your lender about pre-approval – a pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change), and demonstrates to home sellers that you are serious about buying!

Bottom Line

Do your research, reach out to professionals, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner.

YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

Call us 1st to AVOID mortgage problems,
Call us 2nd to SOLVE them!

Click Here to start your quick Free Credit Analysis & Loan App Now!

J. Scott Harris & Jani Mansour
NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

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YOU CAN BUY A HOME, CALL US AND TAKE THE RIGHT STEPS.

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NMLS # 375517 – NMLS # 877007
www.MortgageXperts.com

J. Scott Harris

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6900 Dallas Parkway #610
Plano, TX 75024

M: 214-435-8825 | F: 972-696-7810

NMLS# 375517 | Company NMLS # 3274

Equal Housing Lender

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Tag Archives: Buy a Home

Homeowner’s Net Worth Is Still Greater Than a Renter’s

Put Your Housing Cost to Work for You

Bottom Line

How Your Home’s Value Grows Your Family’s Wealth

So, what does this mean for homeowners and their equity position?

Bottom Line

Why Are So Few Homes for Sale?

Is this an opportunity for some homeowners?

Bottom Line

More Than Half of All Buyers Are Surprised by Closing Costs

Bottom Line

The Mortgage Process: What You Need to Know

No… You Do Not Need 20% Down to Buy NOW!

1. Down Payment

2. FICO^®Scores

Bottom Line

Buying Remains Cheaper Than Renting in 39 States!

Bottom Line

The Cost of Renting vs. Buying a Home

Don’t Let Fear Stop You from Applying for a Mortgage

For many, the mortgage process can be scary, but it doesn’t have to be!

Bottom Line

Veterans Affairs Loans by the Numbers

Put Your Housing Cost to Work for You

Bottom Line

So, what does this mean for homeowners and their equity position?

Bottom Line

Is this an opportunity for some homeowners?

Bottom Line

Bottom Line

1. Down Payment

2. FICO® Scores

Bottom Line

Bottom Line

For many, the mortgage process can be scary, but it doesn’t have to be!

Bottom Line

2. FICO^®Scores