BEAR SPRINGS RANCH :: LOT 200 :: 10.051 ACRES
Visit our new listing in Bear Springs Ranch. The property provides spectacular views that are perfect for your dream home. Contact us today for a tour of the subdivision and to walk the property site.
Friday, November 16, 2012
BEAR SPRINGS RANCH :: LOT 200 :: 10.051 ACRES
BEAR SPRINGS RANCH :: LOT 200 :: 10.051 ACRES
Visit our new listing in Bear Springs Ranch. The property provides spectacular views that are perfect for your dream home. Contact us today for a tour of the subdivision and to walk the property site.
Monday, October 22, 2012
Monday Market Update
In
recent weeks, mortgage rates have been pushed and pulled mostly by Fed
policy expectations and European Union headlines. With little news on
these fronts, though, the US economic data emerged as the main driver of
mortgage rates this week. Unfortunately for mortgage rates, the data
was generally stronger than expected, and rates ended the week higher.
This week's economic data exceeded expectations nearly across the board. Important broad indicators of economic growth, including Retail Sales and Industrial Production, showed solid increases from last month. The Philly Fed manufacturing index rose to the highest level since April. Perhaps the biggest surprise came from the housing data (see below). While stronger economic growth is great news for the economy, it tends to increase future inflationary expectations, which is bad news for mortgage rates.
The national housing data released this week continued to reflect solid improvement. September Housing Starts jumped 15% from August to the highest level since July 2008. Building Permits showed similar strength. September Existing Home Sales were 11% higher than one year ago, making 15 straight months of increases on an annual basis. Inventories of unsold existing homes declined to the lowest level since March 2006. The October NAHB Home Builder Sentiment index rose slightly, its sixth consecutive monthly increase, to the highest level since June 2006.
The big story next week will be Wednesday's Fed meeting, although investors are not expecting any major changes from the Fed following the announcement of QE3 at the last meeting. The most significant economic data will be Friday's release of third quarter Gross Domestic Product (GDP), the broadest measure of economic growth. Before that, New Home Sales will come out on Wednesday. Durable Orders and Pending Home Sales will be released on Thursday. In addition, there will be Treasury auctions on Tuesday, Wednesday, and Thursday.
This week's economic data exceeded expectations nearly across the board. Important broad indicators of economic growth, including Retail Sales and Industrial Production, showed solid increases from last month. The Philly Fed manufacturing index rose to the highest level since April. Perhaps the biggest surprise came from the housing data (see below). While stronger economic growth is great news for the economy, it tends to increase future inflationary expectations, which is bad news for mortgage rates.
The national housing data released this week continued to reflect solid improvement. September Housing Starts jumped 15% from August to the highest level since July 2008. Building Permits showed similar strength. September Existing Home Sales were 11% higher than one year ago, making 15 straight months of increases on an annual basis. Inventories of unsold existing homes declined to the lowest level since March 2006. The October NAHB Home Builder Sentiment index rose slightly, its sixth consecutive monthly increase, to the highest level since June 2006.
The big story next week will be Wednesday's Fed meeting, although investors are not expecting any major changes from the Fed following the announcement of QE3 at the last meeting. The most significant economic data will be Friday's release of third quarter Gross Domestic Product (GDP), the broadest measure of economic growth. Before that, New Home Sales will come out on Wednesday. Durable Orders and Pending Home Sales will be released on Thursday. In addition, there will be Treasury auctions on Tuesday, Wednesday, and Thursday.
Call us today and we will get you in contact with one of the best lenders out there to help you get the best rate possible and find the perfect home! : )
www.TorresRealtyGroup.com
Copyright @ 2012 MBSQuoteline
Monday, October 15, 2012
5 Credit Myths - Busted!
When
it comes to credit, sometimes the largest challenge is the most
difficult to surmount: we simply don’t know what we don’t know, so our
assumptions and 
inaccurate beliefs run wild and free through our mental
real estate. Most of the time, there’s no harm; following finance
fundamentals like paying every bill on time, every time, keep us out of
credit danger zones.
But when it’s approaching the time to buy, refi or even rent a home, relatively small credit score differences can stop you from getting your dream home, and can cost (or save) you thousands of dollars in interest over the life of your loan.
If you’re at a time in your life where it makes sense to invest some time and effort into optimizing your credit score, here are five common credit myths we’d like to help you bust without further ado:
Myth #1: Having lots of cash, a great income, or tons of equity, makes your FICO score less relevant.
Fact: No matter how much cash you have, if you want a mortgage, you must meet the lender’s FICO score guidelines. Of course, if you’re flush with cash, it should be relatively easy to make your monthly payments on time. But if you have come into cash relatively recently or you’re coming off a rough financial patch, lenders don’t not look at your credit score on the theory that your other assets diminish your credit riskiness. Most lenders want nothing more than to avoid having to foreclose on a home, even if the homeowner has other assets.
And the best predictor of whether you’ll default on a loan in the future is how you’ve handled your credit in the past, so your credit score will drive whether you qualify for a home loan and what interest rate you’re charged, no matter how much you make.
Two exceptions: if you buy a home with all cash, or take a hard money loan, which usually requires a much larger-than-average down payment and interest rate, you might be able to bypass credit score scrutiny, but you’ll pay for it.
Myth #2: Having no debt or no late payments means you have great credit.
Fact: Financial responsibility and good credit are two different things. Your FICO score is meant to be a measure of your responsibility when it comes to managing debt, as proven by the fact that you have credit accounts, use them regularly and don’t abuse them.
Having no credit accounts or debts doesn’t give you good credit - it gives you no credit. And on the other end of the credit usage spectrum, being maxed out on various credit accounts all the time, submitting lots of credit applications and other credit moves that indicate you may abuse your credit can actually depress your score. Best practice is to have several credit accounts (student and car loans count!) that you actively and responsibly use on a monthly basis.
Tip: FICO gives a top score to accounts with balances that are 30 percent of the credit limit, so if you can keep your credit card or loan account balances at or around that mark, even better.
Myth #3: Checking your own credit score in advance prevents surprises when you apply for a mortgage.
Fact: Your mortgage originator (broker or banker) must pull their own version of your report from their own provider, and it might have a very different score, rating scale or even different line items than the free or paid report you pulled online. This is why it’s imperative to start working with a mortgage professional as early as possible - a year in advance is not overkill - so you can detect any errors or issues and get their recommended fix in the works with plenty of lead time.
Myth #4: If you’ve had a foreclosure or short sale, your credit report will be damaged for 7 years.
Fact: Derogatory credit items, like late mortgage payments, foreclosures and short sales, appear on your credit report for 7 years, but your credit score can be rehabilitated enough to buy a home or obtain other credit in less time, depending on your circumstances. Your post-short sale or foreclosure waiting period depends on a number of things, including what type of loan you’ll be seeking to buy your next home with, how much cash you’ll have to put down and whether there were any extenuating circumstances involved in losing your home in the first place; some loans allow for an immediate purchase, others require a waiting period of 2, 4 5 or even 7 years after the loss of a home.
Of course, your FICO score is also a key criteria in a post-home loss “buy,” but interestingly enough, the length of time it takes to get your FICO score back up depends on how high it was beforehand. Earlier this year, the New York Times reported that it would take a consumer with a 680 FICO score three years after a foreclosure to bring their score back to that level, while it might take someone with a 780 FICO score (near-perfect) seven years for full score recovery.
And keep in mind that as your foreclosure or short sale ages, its impact on your score will decrease, too.
Myth #5: Short sales have much less impact on your credit score than foreclosures.
Fact: Hear ye, hear ye - short sales and foreclosures have the same impact on your credit score, according to the FICO folks themselves. (The only exceptions are for short sales or deeds-in-lieu of foreclosure where the property was not upside down, which are few and far between, if they’re not just a real estate urban legend!)
However, the number of missed payments you had before your home was lost to foreclosure or short sale might weigh on how gravely injured your FICO score is in the process. At the going rate at which banks are foreclosing on homes - clocking roughly 2 years of missed payments before a home is repossessed - your FICO score could take an even greater hit than if you were able to divest of it via a short sale in 1 year’s time.
Call us today to get ready for the New Year's Home purchase. Let us hep you get things in place and answer any questions you may have about purchasing your next home.
-TRG-
By Tara-Nicholle Nelson |
inaccurate beliefs run wild and free through our mental
real estate. Most of the time, there’s no harm; following finance
fundamentals like paying every bill on time, every time, keep us out of
credit danger zones. But when it’s approaching the time to buy, refi or even rent a home, relatively small credit score differences can stop you from getting your dream home, and can cost (or save) you thousands of dollars in interest over the life of your loan.
If you’re at a time in your life where it makes sense to invest some time and effort into optimizing your credit score, here are five common credit myths we’d like to help you bust without further ado:
Myth #1: Having lots of cash, a great income, or tons of equity, makes your FICO score less relevant.
Fact: No matter how much cash you have, if you want a mortgage, you must meet the lender’s FICO score guidelines. Of course, if you’re flush with cash, it should be relatively easy to make your monthly payments on time. But if you have come into cash relatively recently or you’re coming off a rough financial patch, lenders don’t not look at your credit score on the theory that your other assets diminish your credit riskiness. Most lenders want nothing more than to avoid having to foreclose on a home, even if the homeowner has other assets.
And the best predictor of whether you’ll default on a loan in the future is how you’ve handled your credit in the past, so your credit score will drive whether you qualify for a home loan and what interest rate you’re charged, no matter how much you make.
Two exceptions: if you buy a home with all cash, or take a hard money loan, which usually requires a much larger-than-average down payment and interest rate, you might be able to bypass credit score scrutiny, but you’ll pay for it.
Myth #2: Having no debt or no late payments means you have great credit.
Fact: Financial responsibility and good credit are two different things. Your FICO score is meant to be a measure of your responsibility when it comes to managing debt, as proven by the fact that you have credit accounts, use them regularly and don’t abuse them.
Having no credit accounts or debts doesn’t give you good credit - it gives you no credit. And on the other end of the credit usage spectrum, being maxed out on various credit accounts all the time, submitting lots of credit applications and other credit moves that indicate you may abuse your credit can actually depress your score. Best practice is to have several credit accounts (student and car loans count!) that you actively and responsibly use on a monthly basis.
Tip: FICO gives a top score to accounts with balances that are 30 percent of the credit limit, so if you can keep your credit card or loan account balances at or around that mark, even better.
Myth #3: Checking your own credit score in advance prevents surprises when you apply for a mortgage.
Fact: Your mortgage originator (broker or banker) must pull their own version of your report from their own provider, and it might have a very different score, rating scale or even different line items than the free or paid report you pulled online. This is why it’s imperative to start working with a mortgage professional as early as possible - a year in advance is not overkill - so you can detect any errors or issues and get their recommended fix in the works with plenty of lead time.
Myth #4: If you’ve had a foreclosure or short sale, your credit report will be damaged for 7 years.
Fact: Derogatory credit items, like late mortgage payments, foreclosures and short sales, appear on your credit report for 7 years, but your credit score can be rehabilitated enough to buy a home or obtain other credit in less time, depending on your circumstances. Your post-short sale or foreclosure waiting period depends on a number of things, including what type of loan you’ll be seeking to buy your next home with, how much cash you’ll have to put down and whether there were any extenuating circumstances involved in losing your home in the first place; some loans allow for an immediate purchase, others require a waiting period of 2, 4 5 or even 7 years after the loss of a home.
Of course, your FICO score is also a key criteria in a post-home loss “buy,” but interestingly enough, the length of time it takes to get your FICO score back up depends on how high it was beforehand. Earlier this year, the New York Times reported that it would take a consumer with a 680 FICO score three years after a foreclosure to bring their score back to that level, while it might take someone with a 780 FICO score (near-perfect) seven years for full score recovery.
And keep in mind that as your foreclosure or short sale ages, its impact on your score will decrease, too.
Myth #5: Short sales have much less impact on your credit score than foreclosures.
Fact: Hear ye, hear ye - short sales and foreclosures have the same impact on your credit score, according to the FICO folks themselves. (The only exceptions are for short sales or deeds-in-lieu of foreclosure where the property was not upside down, which are few and far between, if they’re not just a real estate urban legend!)
However, the number of missed payments you had before your home was lost to foreclosure or short sale might weigh on how gravely injured your FICO score is in the process. At the going rate at which banks are foreclosing on homes - clocking roughly 2 years of missed payments before a home is repossessed - your FICO score could take an even greater hit than if you were able to divest of it via a short sale in 1 year’s time.
Call us today to get ready for the New Year's Home purchase. Let us hep you get things in place and answer any questions you may have about purchasing your next home.
-TRG-
By Tara-Nicholle Nelson |
Tuesday, October 9, 2012
Home Buyers :: What Are Your Looking For?
Men vs. Women: America’s More Loveable Property Features
It’s
no secret, men and women are wired differently. But recent research
shows that when it comes to features that motivate them to buy, the
connection between the sexes isn’t a battle.America’s most lovable features
While there’s a small difference in what they love the most, our recent survey showed both men and women agree on which top features make them fall in love with a home.When we asked first-time home buyers “which home amenity would make you, personally, fall in love with a home?,” here were the top answers:
| Amenities | All Respondents | Men | Women |
| Master Bathroom | 70% | 64% | 75% |
| Walk-in Closet | 63% | 55% | 72% |
| Gourmet Kitchen | 56% | 51% | 62% |
| Outdoor Deck | 55% | 51% | 58% |
| Wood Floors | 50% | 46% | 53% |
| Pre-wired for entertainment system (e.g., home theater, surround sound) | 35% | 42% | 28% |
| Pool | 27% | 27% | 26% |
| Hot Tub | 24% | 26% | 22% |
| Other | 15% | 15% | 15% |
The big feature conflict
While men and women agree that the master bath, walk-in closet and gourmet kitchen are top priorities when it comes to finding their dream home, not all features are created equal. Among the top features, women and men each showed they had a little more love for a few key features at the top of the list:
What women love (more than men):
- Master Baths
- Walk in Closets
- Gourmet Kitchens
- Pre-Wiring for Entertainment System
- Pool
- Hot tub
What the data means for agents
For buyer’s agents, be sure to send and highlight these key motivating features when selecting and showing homes to first-time buyers. For agents with listings, make sure you highlight these features in your listing description.Lastly, what’s missing from the list? Comment and tell us which features are making homes in your area loveable for house hunters.
Monday, September 24, 2012
Monday Market Update
Global central banks continued to add monetary stimulus this week, which was favorable for US bonds. The economic data was roughly neutral. As a result, mortgage rates ended the week a little lower.
On Wednesday, the Bank of Japan (BOJ) announced that it will increase its level of monetary stimulus, following similar recent moves by the Fed and the European Central Bank (ECB). The goal of the central banks is to boost economic growth and to reduce joblessness. The primary tool used by the central banks is bond purchases. The increased demand for bonds, including US mortgage-backed securities (MBS), from central bank purchases has helped push mortgage rates lower.
The housing data released this week continued to show improvement in the sector. August Existing Home Sales rose 8% from July to the highest level since May 2010. August Housing Starts increased 2% from July, and Building Permits for single-family homes rose to the highest level since March 2010. The September NAHB Home Builders confidence index rose for the fifth straight month to the highest level since June 2006.
Next week, New Home Sales will be released on Wednesday. The final revisions to second quarter GDP, Durable Orders, and Pending Home Sales will come out on Thursday. Personal Income, Core PCE inflation, and Chicago PMI manufacturing will be released on Friday. Consumer Confidence and Consumer Sentiment will round out the schedule. In addition, there will be Treasury auctions on Tuesday, Wednesday, and Thursday.
On Wednesday, the Bank of Japan (BOJ) announced that it will increase its level of monetary stimulus, following similar recent moves by the Fed and the European Central Bank (ECB). The goal of the central banks is to boost economic growth and to reduce joblessness. The primary tool used by the central banks is bond purchases. The increased demand for bonds, including US mortgage-backed securities (MBS), from central bank purchases has helped push mortgage rates lower.
The housing data released this week continued to show improvement in the sector. August Existing Home Sales rose 8% from July to the highest level since May 2010. August Housing Starts increased 2% from July, and Building Permits for single-family homes rose to the highest level since March 2010. The September NAHB Home Builders confidence index rose for the fifth straight month to the highest level since June 2006.
Next week, New Home Sales will be released on Wednesday. The final revisions to second quarter GDP, Durable Orders, and Pending Home Sales will come out on Thursday. Personal Income, Core PCE inflation, and Chicago PMI manufacturing will be released on Friday. Consumer Confidence and Consumer Sentiment will round out the schedule. In addition, there will be Treasury auctions on Tuesday, Wednesday, and Thursday.
Copyright @ 2012 MBSQuoteline
Tuesday, September 4, 2012
The Market Update
While there was a full slate of economic data and Treasury auctions this week, investors were focused on a speech by Fed Chief Bernanke on Friday. The resulting increase in expectations for future Fed action was positive for mortgage rates, which ended the week a little lower.
Bernanke did not commit to implementing any additional easing measures in his highly anticipated speech from Jackson Hole, but his comments caused investors to raise their expectations for a third round of Fed asset purchases (called quantitative easing or QE3). Bernanke emphasized that a high jobless rate imposes large costs on the economy and left the door open for further easing. QE3 would likely involve Fed purchases of mortgage-backed securities (MBS), so mortgage rates improved after his speech. The possibility of additional monetary stimulus also caused stocks to rally on Friday.
The housing sector data released this week continued to show improvement. July Pending Home Sales increased 2% from June to the highest level since April 2010, which was shortly before the deadline for the homebuyer tax credit. Pending Home Sales are a leading indicator of future housing market activity. The June S&P/ Case-Shiller 20-city home price index increased 2.3% from May.
The biggest economic event next week may be the European Central Bank (ECB) meeting on Thursday. Investors will be watching whether there will be an announcement of additional aid measures for European countries with debt troubles. The biggest US economic report next week will be the important Employment data on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month, particularly this month coming out a little before the next Fed meeting on September 12. Before the employment data, ISM Manufacturing and Construction Spending will be released on Tuesday. Productivity is scheduled for Wednesday. ISM Services will come out on Thursday. Mortgage markets will be closed on Monday in observance of Labor Day.
Bernanke did not commit to implementing any additional easing measures in his highly anticipated speech from Jackson Hole, but his comments caused investors to raise their expectations for a third round of Fed asset purchases (called quantitative easing or QE3). Bernanke emphasized that a high jobless rate imposes large costs on the economy and left the door open for further easing. QE3 would likely involve Fed purchases of mortgage-backed securities (MBS), so mortgage rates improved after his speech. The possibility of additional monetary stimulus also caused stocks to rally on Friday.
The housing sector data released this week continued to show improvement. July Pending Home Sales increased 2% from June to the highest level since April 2010, which was shortly before the deadline for the homebuyer tax credit. Pending Home Sales are a leading indicator of future housing market activity. The June S&P/ Case-Shiller 20-city home price index increased 2.3% from May.
The biggest economic event next week may be the European Central Bank (ECB) meeting on Thursday. Investors will be watching whether there will be an announcement of additional aid measures for European countries with debt troubles. The biggest US economic report next week will be the important Employment data on Friday. As usual, this data on the number of jobs, the Unemployment Rate, and wage inflation will be the most highly anticipated economic data of the month, particularly this month coming out a little before the next Fed meeting on September 12. Before the employment data, ISM Manufacturing and Construction Spending will be released on Tuesday. Productivity is scheduled for Wednesday. ISM Services will come out on Thursday. Mortgage markets will be closed on Monday in observance of Labor Day.
Monday, August 27, 2012
Market Update :: More Stimulus Soon?
The Fed Minutes were the big story this week, raising expectations that the Fed will provide additional monetary stimulus soon. Mixed US economic data and minor news out of Europe had little impact. As a result, mortgage rates ended the week lower.
Released on Wednesday, the detailed Minutes from the August 1 Fed meeting stated that "many" members judged that further monetary easing would be called for in the near future unless economic growth shows a "substantial and sustainable" increase. In short, the Fed wants to see quicker improvement in the labor market and is prepared to act to help achieve this. Following the news, investors raised their expectations that the Fed will announce a third round of quantitative easing (QE3) soon, which would likely involve Fed purchases of mortgage-backed securities (MBS). As a result, demand for MBS increased, causing mortgage rates to improve.
One relatively bright spot for the economy this year has been improving housing market data, which was encouraging again this week. July Existing Home Sales rose 2% from June, while July New Home Sales increased 4% from June. Both measures were significantly higher than one year ago. With mortgage rates still at very low levels and home affordability very high, any pickup in the labor market could lead to increased activity in the housing market.
Next week will be packed with economic news. Revisions to second quarter GDP, Pending Home Sales, and the Fed's Beige Book will come out on Wednesday. Core PCE inflation and Personal Income will be released on Thursday. Chicago PMI Manufacturing and Factory Orders will come out on Friday. In addition, Fed Chief Bernanke will be speaking from Jackson Hole on Friday, and it's possible that he will announce new Fed actions. EU officials will be meeting with Greek leaders to discuss the terms of the bailout package. There will be Treasury auctions on Tuesday, Wednesday, and Thursday.
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