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.

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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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

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

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!

J. Scott Harris & Jani Mansour
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

The Mortgage Process: What You Need to Know

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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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

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.
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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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

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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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

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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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

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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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

Thinking About Buying? Know Your Credit Score

Knowing your credit score or getting a recent copy of your credit report is one of the first steps that you can take toward knowing how ready you are to start the home buying process.

Make sure all the information listed on your report is accurate and work to correct any mistakes. The higher your credit score, the more likely you will be to receive a better interest rate for your mortgage, which will translate into more ‘home for your money.’

Many potential buyers believe that they need a 750 FICO® Score or higher to be able to purchase a home. The truth is that according to Ellie Mae’s Origination Report, over 53% of loans were approved with a FICO® score under 750 last month!

Here are some tips for improving your credit score:

Make payments, including rent, credit cards, and car loans, on time.
Keep your spending to no more than 30% of your limit on credit cards.
Pay down high-balance credit cards to lower balances, and consider balance transfers to free up credit.
Check for errors on your credit report and work toward fixing them.
Shop for mortgage rates within a 30-day period — too many spread-out inquiries can lower your score.
Work with a credit counselor or a lender to improve your score.

Once you know your score, your next step will be finding a lender and getting pre-approved for a mortgage. Doing this will ensure that you know your budget before you start looking for 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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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

The Cost of NOT Owning Your Home

Owning a home has great financial benefits, yet many continue to rent! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed.

Zillow recently reported that:

“In reality, buying or renting a home is an intensely personal decision, with emotional and even financial considerations that go beyond whether to invest in this one (admittedly large) asset. Looking strictly at housing market numbers, there is a concrete point at which buying a home makes more financial sense than renting it.”

What proof exists that owning is financially better than renting?

We recently highlighted the top 5financial benefitsof homeownership:

Homeownership is a form of forced savings.
Homeownership provides tax savings.
Homeownership allows you to lock in your monthly housing cost.
Buying a home is cheaper than renting.
No other investment lets you live inside of it.

Studieshave shown that a homeowner’s net worth is 44x greater than that of a renter.
Just a few months ago, weexplainedthat a family that purchased an average-priced home at the beginning of 2017 could build more than $48,000 in family wealth over the next five years.
Some argue that renting eliminates the cost of taxes and home repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into therent payment–along with a profit margin!!

Bottom Line

Owning a home has always been, and will always be, better from a financial standpoint than renting.

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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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

2 Charts That Show the Truth about Home Affordability

There is a lot of discussion about the current state of housing affordability for both first-time and move-up buyers, and much of the narrative is tarnished with a negative slant. However, the truth is that housing affordability is better today than at almost any time in our history.

The naysayers are correct in the fact that affordability today is not as good as it has been over the last several years. But, we must remember that home prices collapsed during the housing crash, and distressed properties (foreclosures and short sales) kept home values depressed for years. When we compare affordability to the decades that proceeded the crash, a different story is revealed.

Here is a graph of the National Association of Realtors’ Housing Affordability Index. The higher the graph, the more affordable homes are.

We can see that affordability is better today than in the fifteen years prior to the boom and bust.

CoreLogic just published a report showing the National Homebuyers’ “Typical Mortgage Payment.” Here is a graph of their findings:

It reveals that, though a ‘typical’ housing payment was less expensive in 2012 (remember distressed properties), it is currently less expensive than it was in 2000 and is still projected to be lower next year than it was in 2000.

Bottom Line

Mark Fleming, Chief Economist at First American, explained it best:

“While borrowing power for the potential home buyer has fallen relative to the low point of 2012, it remains high today and will remain high next year, relative to the long run average. If you don’t want to rent anymore and are considering becoming a homeowner, even if mortgage rates rise next year, your borrowing power will remain strong by historic standards.”

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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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

J. Scott Harris – MortgageXperts.com

Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them! We close loans every day that Banks would not, or could not approve. NMLS # 375517 – Mobile 214-435-8825

Tag Archives: Home Ownership

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

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

Thinking About Buying? Know Your Credit Score

Here are some tips for improving your credit score:

The Cost of NOT Owning Your Home

What proof exists that owning is financially better than renting?

Bottom Line

2 Charts That Show the Truth about Home Affordability

Bottom Line

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

Bottom Line

Is this an opportunity for some homeowners?

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

Here are some tips for improving your credit score:

What proof exists that owning is financially better than renting?

Bottom Line

Bottom Line

2. FICO^®Scores