Are you having a hard time finding a house with the size, the design, and the features you want?

Consider having a home built to your own specifications. You’ll not only get a house that suits the way you and your family live; you’ll get a house filled with new systems and appliances, so repairs and replacements will be a few years into the future. And so, it becomes prudent as to where you invest to get the best out of what you have. Seacrest Homes is one such place which offers you the best bargains, with their ultra-luxurious opulence. It pays one to venture carefully and invest in the right kind of place.

There are two ways to go about it:

1. You can purchase a lot (or acreage); choose a floor plan; and choose a builder to put it all together.
2. You can buy into a new subdivision with a builder who will allow you to alter his or her existing floor plans to suit your wants and needs.

With either method, you’ll be able to choose finishes, appliances, cabinets, counter tops, kitchen and bathroom fixtures, windows and doors, flooring, and even the kind of water heater and heating/cooling unit you want.  You can also choose the best contractors, for example there are some Roofing Companies in Houston, so you can pick the one that offers the best services you need. Nowadays you just visit website and make your choice!

Having a custom home built gives you freedom of choice, which is probably why TD Bank’s First-Time Home buyer Pulse reports that one third of consumers looking to buy their first home are considering new construction.

One of the most important things to remember is that your choices, along with any changes to the plans, need to be made at the outset. The builder will base his or her price on the cost of labor and materials, and “Change Orders” for changes that come later are expensive.

It’s important to visualize your new home, and that isn’t easy unless the builder has a model home or two for you to view. So really look at the room dimensions in any plan you’re considering. Then compare those dimensions to the dimensions of the rooms in your current home.

Financing: The first step toward owning a new, custom-built home

Your first step needs to be finding a lender who is familiar with the construction-to-permanent loan process. This is essentially a two-step loan. The first step allows you to make interest-only payments on only the amounts actually paid out to the contractor at various stages during construction.

Meeting with your lender first and getting pre-approved for a loan amount will help you in several ways. First, in addition to choosing the loan product that best suits your situation, your experienced lender will be able to give you guidance regarding the size of the house you can consider and the amenities you can choose. While we’d all like to have every item on our wish lists, finances don’t always make that possible.

Your experienced lender knows the approximate cost of various amenities and will help you balance your wants with your needs to see where best to place your dollars. For instance, will you be happier installing the most expensive windows available, or would you get more enjoyment from a huge covered deck from Porch and Patio of Frederick?

Second, your lender will likely be able to supply you with a list of reputable contractors who have helped his or her clients in the past and who work well with the bank’s policies and procedures.

The bank will have a set procedure in which they pay out a percentage of the contract after verifying that specific parts of construction have been completed. For instance, when the foundation is in or when the framing is complete. (And yes, they do send someone to inspect.) This method protects you from “fly-by-night” builders, since only a solid builder will agree to construct a house under bank financing terms.

Third, when you already have pre-approval for a loan, you can speak with the builder from a position of power. The builder will be more open to talking with you and discussing options when he or she knows you’re not “just dreaming.”

Getting a loan for a “to-be-built” home is different in another way as well.

When you purchase an existing home you agree on a price and the bank sends an appraiser to examine the house, make comparisons to recently sold homes in the neighborhood, and verify that it is worth that price.

When you purchase a “to-be-built” home, the appraiser will study the plans and the materials lists in order to make those comparisons and verify that your agreed-upon price is valid. That’s why it’s so important to make all of your design decisions and materials choices before your contractor submits a proposal. You may strike a deal on AC repair.

When you want a construction loan, turn to Homewood Mortgage, LLC and the Mike Clover Group. At the present time we’re providing financing for more than 3 dozen homes in various stages of construction all across Texas.

We’d love to do the same for you, so call us at 469.621.8484 or apply on line at www.mikeclover.com. If you have questions, we’ll be glad to sit down with you to explain how our construction-to-permanent loans work and let you know what would be needed from you.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 23477

While Homewood Mortgage, the Mike Clover Group has been offering low loan origination fees in Texas and Washington for many years, lenders across the country have now started following suit.

In fact, Bloomberg.com reports that in the 12 months ending in June, the average mortgage origination fee fell by 22% nationwide.

Why? In a word: Competition.

Traditional banks are experiencing more and more competition from non-traditional lenders. Borrowers now have more options, so they don’t have to say yes to high fees.

Average costs vary from state to state, and ranged from $874 in Wyoming to $1,208 in Arizona. Our average fee at the Mike Clover Group is lower than the Wyoming average, at $855.

Banks are seeing smaller profits

The competition that drives fees down is coming at a time when banks are facing higher and higher mortgage-lending costs due to the provisions contained in the 1,800 pages of the 2010 Dodd-Frank Act that deal with lending. As each new regulation is implemented, lender’s costs rise and profits fall.

For example: In the first quarter of 2014, banks reported an average profit of $1,654 per loan. By first quarter 2015, that figure had dropped to an average of $1,447.

Even as banks grant more loans, their profits are dropping. Wells Fargo & Co. reported a 1% drop in revenue after a 32% increase in loan originations. JPMorgan Chase & Co. claim a 39% drop in revenue from making and servicing home loans, even as lending increased by 74%.

Non-traditional lenders are taking a bigger share

In June, non-traditional firms accounted for 55% of all mortgage lending in the U.S. – double the share they enjoyed at the end of 2012. In 2006, at the height of the housing boom, the nonbank share was 30%. Stephen Oliner, a resident scholar at the American Enterprise Institute in Washington, appears to be placing blame for the financial crisis on these non-banks, stating that they dominated the market for the sub-prime mortgages and other risky loans.

Now he warns that while these lenders are saving borrowers some money, they create a risk for the taxpayer. He believes that when the next recession hits and some stop paying their mortgages, taxpayers will be on the hook.

Who are these lenders? The list includes peer-to-peer lenders, online firms, and closely held originators such as Quicken Loans, Inc.

Does this mean you’re SURE to get a loan with lower costs?

Absolutely not. What it means is that when you shop around you’ll get a loan with lower costs. Not all lenders have cut their fees, assuming instead that consumers simply won’t ask.

So get in touch

When you want low loan origination fees combined with fast and friendly service, look to the Mike Clover Group at Homewood Mortgage.

Remember, you’ll increase your chances of having your offer accepted when you’ve been pre-approved for a home mortgage loan before you shop. The Mike Clover Group at Homewood Mortgage will be happy to help, so give us a call at 800-223-7409 or visit us at http://www.mikeclover.com/.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 23477

The Consumer Financial Protection Bureau (CFPB), which was created as part of the Dodd- Frank and whose very existence has been challenged by conservatives and libertarians since its inception, is once again facing a legal challenge.

In 2012, State National Bank of Big Spring, Texas, along with two D.C. area non-profit organizations, filed suit challenging both the constitutionality of CFPB Director Cordray’s recess appointment, and the CFPB’s authority. Plaintiffs alleged that the Financial Stability Oversight Council (FSOC) created by Dodd-Frank was unconstitutional, and that CFPB’s structure violated the Constitution’s separation of powers.

State National Bank, along with conservatives and libertarians across the land, contend that the Dodd-Frank mandates violate separation of power in that they give the CFPB broad powers, and these powers are largely unchecked by other agencies. It is a bureaucracy without restraints.

In August 2013, the D.C. district court dismissed the lawsuit based on standing and ripeness grounds.

If CFPB thought the challenge was over, they were wrong.

On Friday, July 24, the district court’s decision was reversed by the U.S. Court of Appeals for the D.C. Circuit, when a three-judge panel ruled that the bank does have standing to challenge both the constitutionality of Director Cordray’s recess appointment and the CFPB itself.

The court ruled that State National Bank has the standing to challenge the CFPB’s constitutionality because it is regulated by the DFPB and is thus subject to its authority to impose new restrictions and obligations. The bank alleges that it has been injured by increased compliance costs and a loss of business – directly resulting from the DFPB and the Remittance Rule.

SNB’s standing to challenge the constitutionality of director Cordray’s recess appointment exists for the same reason.

The court noted that Director Cordray was later confirmed by the Senate, but left determination of the significance of that fact to the District Court.

On the Congressional side of the question…

Last week CFPB was the focus of a Judiciary Committee hearing entitled “The Administrative State v. The Constitution: Dodd-Frank at Five Years.”

A number of witnesses testified, among the Professor Neomi Rao of George Mason University School of Law. Professor Rao’s extensive written testimony supports those who believe CFPB is unconstitutional. He stated that “constitutional infirmities have predictably resulted in agency overreach on matters of fundamental importance to the consumer financial marketplace,” and that because of its “super independence and expansive delegated authority, the CFPB’s structure undermines the Constitution’s checks and balances.”

We look forward to a positive outcome from both the lawsuit and Congress. No agency should have unchecked, unregulated powers to create regulations for American citizens – nor should any agency be free from oversight.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

When Dan Waggoner began buying acreage in North Texas back in 1850, he probably never dreamed that his ranch would eventually encompass 800 square miles, sprawl over six counties, and be the largest ranch in the U.S. contained within one fence. Nor could he have envisioned that more than 100 years later, his descendants would become so estranged that litigation would continue for more than 20 years, and a court would finally order its sale.

But that’s exactly what happened.

Today, the historic Waggoner Ranch is for sale. At $725 million, the asking price is more than 4 times that of any published sales price of a U.S. ranch.

Dan Waggoner’s ranch was already large when a Kansas cattle drive in 1870 netted the family $55,000. The Waggoners immediately invested in more land, and it went from large to vast. For the next many years, it just kept growing. By 1900, the Waggoner reverse-triple-D brand was known all over Texas.

The ranch gained national attention when President Teddy Roosevelt came to hunt wolves on the property, and Will Rogers became a frequent guest, sometimes playing polo.

Finding enough water to serve vast herds of cattle was a problem then, as it is now, so the Waggoners kept drilling wells. Son Tom was irked because instead of water, his drillers kept finding crude oil. Today, although only 10% of the land has been explored for oil, more than 1,000 wells produce income on a daily basis.

Having each received about $50 million in land, cattle, and horses for Christmas in 1909, Tom’s children were wealthy beyond most people’s imagination, and they used that wealth to make a big splash. In the 1920’s the family was one of the most colorful in America.

Tom’s daughter Electra spent about $90,000 remodeling a home in Dallas to accommodate her vault of diamonds, emeralds, and pearls – along with her closetful of fur coats and 350 pairs of shoes. Meanwhile, her brother Guy went through 8 wives, while her brother E. Paul indulged himself with fine horses, good whiskey, and poker.

Tom, known to the kids as Pappy, became worried that his children would squander the family fortune, so in 1923 put his assets into a trust that would give his children and grandchildren income and ownership, but not control. For many years the ranch grew steadily richer as managers who ran the cattle, horse, oil, and other facets of the family business reported to the trustee.

E. Paul Waggoner had a daughter known as Electra II who became famous in her own right. Residing in a Spanish-style Villa on the ranch’s Santa Rosa Lake, she became nationally renowned for sculpting the busts of Dwight Eisenhower, Harry S. Truman, and Knute Rockne. Said to be the namesake of Buick’s Electra sedan, she was once romantically linked to actor Cary Grant.

She’s also the family member who instigated more than 20 years of litigation. In 1991, at age 78, she filed a lawsuit calling for liquidation of the estate. The family had been fighting for years, with “the other side” believing the ranch should simply be divided in half.

Two years earlier the last of several trustees had resigned, leaving Gene Willingham, husband of one of Electra II”s daughters, and Buck Wharton II, a grandson of Electra I, as co-directors. With offices only steps apart in the ranch’s Vernon headquarters, until recently the two spoke only through intermediaries.

Electra didn’t live to see the liquidation. She passed away in 2001, 12 years before the courts stepped in.

Family members who are still involved in the ranch from day to day are of course saddened by the fact that it will leave the family – and that they will have to leave the ranch. Gene Willingham and his wife have lived on the ranch since 1975, and feels that the cowboys and other workers are part of his extended family. Brooke Wharton, Buck’s daughter, is also involved from day to day. She not only grew up on the ranch, she co-manages the horse operation and had hoped to someday run the whole ranch with her brother.

Thanks to managers, trustees, and family members such as Brooke Wharton, the Waggoner Ranch is still a going operation, with more than 6,800 head of cattle, 500 Quarter Horses, 30,000 acres of producing cropland, and more than 1,000 oil wells.

One realtor who is co-brokering the sale hopes to keep it that way.

Bernard Uechtriz, of Briggs Freeman Sotheby’s International Realty of Dallas, shares the listing with Sam Middleton, of Chas. S. Middleton & Don of Lubbock. Should the property sell for full list price, each agency will receive $7.625 million in commission.

But Uechtriz seems driven by more than the commission. He knows that the right person could gain rich profits by selling off the property in pieces, firing the 120 employees, and letting the Waggoner name and brand fade into the sunset. There is some other land for sale in perth, that many people have been looking at. He hopes to avoid that by finding a buyer who will become a steward, and make his or her money by expanding the ranch, not by destroying it. He wants to become known as the agent who helped save the Waggoner Ranch.

Uechrtiz notes that there are several avenues for increasing profits on the ranch. For one thing, only 10% of the land has been explored for oil. Secondly, there IS water below, but it’s brackish. A desalinization plant would allow the ranch to sell much wanted water to nearby communities. Wind farms also present opportunity.

And finally, since it abounds in deer, feral hogs, quail, turkeys, and other water fowl, portions of the ranch could be leased out for private hunting.

We join with Uechritz in the hope that he finds the right buyer – one who will carry on the traditions of the Waggoner Ranch and keep the cowboy and ranching way of life alive for at least a few more generations.

To learn more about the Waggoner Ranch and its people, view the map, and read about the vast inventory of buildings and equipment that will be included in the sale, visit Bloomberg.com. (http://www.bloomberg.com/graphics/2015-famous-texas-waggoner-ranch-for-sale/)

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

When the Fed released their “Beige Book” this month, they reported that economic growth for the Dallas district was only “moderate” for the six weeks ending July 3. Translated into real numbers, we added only 16,700 jobs in June, after adding 30,900 in May.  Our unemployment rate remains at approximately 1% less than the national average.

Jobs in the oil industry declined steeply when the price per barrel dropped from $100 to less than $50. Demand for oil field services flattened when companies made cuts to capital spending and oil and natural gas drilling declined. Smaller energy companies have fared the worst, since they have less leverage to cut costs and less ability to access global capital markets. Forecasters expect to see a surge in merger activity in this sector. However, the layoffs appear to be at an end, since the industry added 2,700 jobs in June.

Although Texas is the nation’s #1 oil producer, the industry accounts for less than 4% of overall employment.

For a good recommendation on drilling services australia, do check out the link given. They provide excellent services.

Other gains were in education, health services, and professional and business services. Increases in jobs in the hospitality industry were fueled by the opening of new restaurants.

The bad news was that manufacturing lost 5,400 jobs – a situation that could be related to the negative impact of the strong U.S. dollar on exports, as well as on lower oil prices.

Retail sales increased in spite of the rain

Retailers reported strong sales for Mother’s Day, followed by a slight slow-down, due in large part to wet weather and a reduction in sales along the Mexico border. The strong U.S. dollar is having a negative impact on both exports and activity near the border.

Lenders see increased activity

Overall loan demand increased over the past six weeks, led by activity in auto and retail sales. At the same time, commercial and industrial loan growth slowed.

Real estate remains a star in the Texas economy

While wet weather delayed new home starts, home sales, and deliveries over the past few months, it didn’t bring these activities to a halt. Home builders expect to see increasing activity and a surge in home starts now that weather has returned to normal. New home starts in the Dallas-Fort Worth area increased more than 25% in the first quarter and sales of new homes were up 9% over the second quarter of 2014.

In North Texas, real estate sales hit a new high in June, with a 12% increase and sales of 10,575 preowned single-family homes.  The median sales price also increased, going over $200,000 for the first time. These numbers all signify increasing demand for the low supply of homes for sale.

Residential rental activity is also strong, with demand leading to increases in both occupancy and rental rates.

In the Dallas-Fort Worth area, commercial real estate also shines. Demand for office space is steady, and retail construction reached a 3-year high.

If you’re looking for a new home in Texas…

You’ll increase your chances of success by being pre-approved for a home mortgage loan before you shop – and The Mike Clover Group at Homewood Mortgage will be happy to help.

Give us a call at 800-223-7409 or visit us at http://www.mikeclover.com/.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

Whether you’re buying or selling, you know that the appraiser can make or break the transaction based on his or her valuation of the home in question.

Did you know that appraisers actually use three different methods to arrive at that value?

They do, although the sales comparison approach is considered the most reliable method when appraising single family homes. The other methods are used to supplement this approach.

The Sales Comparison Approach:

Once the appraiser has examined the house in question, taken measurements, and noted everything from the quality of the flooring and cabinetry, to the view, to the condition of the house, he or she will begin comparing it to similar homes which have sold recently in similar neighborhoods.

According to top Brisbane property valuers, the goal is to choose 3 or 4 homes which are as similar as possible in all ways, although that is not always possible.

From there the appraiser makes adjustments based on age, condition, location, and design features. They begin with the actual selling price of other homes, then make the adjustments in an effort to make the “sold” home as similar to the “for sale” home as possible. If recent sales cannot be found, he or she will also adjust for the time difference – going up or down depending upon whether prices have been rising or falling.

You probably already know that appraisal is not an exact science. Much of it has to do with opinion – about the value of the amenities and about the effective age of the house, among other things. And appraisers are only human, with their own biases. One once confided to me that if a house was dirty, his value immediately went down.

The Cost Approach

Using this approach, the appraiser first estimates what it would cost to build a similar home with similar amenities on a similar lot.

This approach is most useful when appraising newer homes with modern features and design, as it’s difficult to accurately gauge the cost to replace outdated materials. Also, when appraising an older home using this method, the appraiser will have to estimate depreciation rather than just effective age based on upkeep.

The Income Approach

Most useful when appraising homes that will likely be used as rental income properties, this approach considers fair market rents for similar homes in the same or similar neighborhoods. The appraiser’s estimate is based on the ratio between typical home values and typical rental incomes.

The problem with appraisals in recent years

When the real estate industry went into a tailspin a few years back, lawmakers were looking for places to point the finger. Although we know now that sub-prime loans granted to buyers who had no hope of repayment were primarily to blame, there were those who chose to blame appraisers.

The contention was that appraisers routinely over-valued homes and created the bubble because of some underhanded relationship with real estate agents and lenders.

Seeking a solution, our lawmakers decided to put a third party between the appraisers and the agents and lenders.

The negative consequences were twofold. First, buyers had to pay more for appraisals because the third party had to be paid for its role in assigning appraisers. Worse, appraisers began to be assigned to value homes in neighborhoods and even cities where they were not familiar with values and had not viewed the homes used for comparison.

The best, most accurate appraisals are done by people who do know the area – people who have seen the houses they’ll use for comparison and who know the difference in values between neighborhoods.

If your appraisal comes in too low…

This, unfortunately, is not uncommon when an out-of-area appraiser is used. You CAN challenge the appraisal in one of 4 ways.

1. By giving the appraiser a reason to change his or her mind. Saying “You’re wrong” won’t get you far, so use a softer approach. Give the appraiser some better comparisons. This is especially useful if a home very like yours in your neighborhood just sold for a higher price.
2. Read the appraisal carefully, looking for poor comparables. For instance, a distressed home that had been damaged, or a home in a neighborhood far different from yours.
3. Point out differences between your home and those used for comparison. There are things an appraiser unfamiliar with the area might not know – such as the fact that the kitchens and baths in the comparison homes were 1980’s while yours were remodeled and upgraded last year.
4. If you really want the house and you KNOW the appraisal was wrong, pay for a second opinion – from an appraiser who is familiar with the area. Get your new appraiser to document the reasons why his or her appraisal is higher than the low one.

As always, the first step in the home buying process is getting pre-approved so you know how much you can spend for your new home.

We at the Mike Clover Group will be happy to provide that service. Just give us a call at 1-800-232-7409 or apply on line at http://www.mikeclover.com. And remember, we’re now serving clients in both Texas and Washington State.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

The National Association of Realtors reports that pending homes sales have now risen to the highest level in nine years, and that buyers, on average, are paying more for those homes.

Since real estate is a driving force in the economy, this is good news.

If you’re about to join in, especially as a first-time buyer, beware of these three common buying errors:

1.       Failure to calculate all the costs

Buyers can get so caught up in the excitement of buying a home that they don’t pay attention to all of the costs. They focus only on the down payment and the monthly payment when calculating what their budgets will allow.

In addition to the down payment, buyers have closing costs. Sometimes their agents will have helped them negotiate for the seller to pay some of all of those costs, but in a hot market, many sellers are saying “No.”

Depending upon the lender and the loan program, closing costs can add up to 3% of the mortgage balance to the dollars needed to close.

Next, eager buyers often forget that the monthly payment doesn’t just consist of principal and interest. After that there are property taxes, homeowner’s insurance, and in some cases, homeowner’s association and/or maintenance fees. When buying with less than a 20% down payment, mortgage insurance will also be added to the monthly payment.

It’s best to be pre-approved for a mortgage loan prior to house hunting – and to have your lender estimate those additional costs before telling you a price that you must not go beyond.

It’s also a good idea to look at your own budget and think about how you like to spend money. Your lender doesn’t know if you love to go to concerts or want to send your child to a private school.  Do your own calculations and decide how much you want to spend on that monthly payment, then ask your lender to calculate what you can afford to spend on your new home.

2.       Buying based on emotion

Yes, you do need to really like a house you choose to buy, but getting emotionally attached and deciding that you just HAVE to have that house can cause you to overspend. It can also cause you to buy a house that’s simply wrong for you.

Before you shop, make a list of the benefits and features you must have, beginning with location. That might include a school district, a short or easy commute to work, proximity to medical facilities, etc. We’ve seen many people regret their choice because they fell in love with a view or a specific feature of a house.

Once you’ve determined a location, go on to other items of importance, listing them in order of priority. Your list may include a minimum number of bedrooms or baths, a gourmet kitchen, room for a grand piano, a home office, or a 3-car garage to be built by the best garage builder of that area.

If any of those items are absolute necessities, tell your agent – and don’t look at houses without them. Once you’ve identified the “musts,” list the “nice-to-have’s” and give that list to your agent as well. Learn more ways of avoiding “emotional purchases.”

3.       Failure to consider the future

First, be sure to get a thorough inspection before you commit to the purchase. While everything might look fine at the moment, a competent inspector will alert you to costs that may be looming within the next year or two. You might want to purchase the house anyway – but knowing that you’ll soon need to replace a water heater or a furnace will alert you to begin putting away the funds to do so. See here how to do it properly.

Second, think about resale.

When you purchase a house you aren’t generally thinking about the day when you’ll want to sell it, but that should be in the back of your mind as you purchase, and as you live in the house.

Will this house require extensive upgrades? If so, does today’s price reflect that?

Will you want upgrades that are beyond the norm for the neighborhood? If so, you more than likely won’t recoup those costs. You might be better off looking in a neighborhood whose homes are more in keeping with your own tastes.

We’ll be glad to help…  

Here at Clover Mortgage we can’t help you find that house, but we’ll be glad to get you pre-approved and show you just what you can afford before you begin the search.

Reach us by phone at 1-800-232-7409 or apply on line at http://www.mikeclover.com. And remember, we’re now serving clients in both Texas and Washington State.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

Should you sell your Texas home, or stay and remodel?

If you’ve lived in your Texas home for a number of years and have lately become dissatisfied with it, you may be trying to make that decision. For many homeowners it isn’t an easy one. After all, you’ve made memories in that home.

If you answer “Yes” to these questions, it’s time to sell:

• Have your children grown up and gone on their own – leaving you with “leftover” rooms for which you have no use?
• Is the yard too large and difficult to maintain?
• Is there NO yard – and you’re longing to become a gardener?
• Are you longing to live in a community with a pool, tennis courts, a golf course, and a club house?
• Has the neighborhood changed in recent years, so you no longer enjoy your neighbors?
• Is the house too small – because you need an office or want a workshop or exercise room?
• Would it cost more than the house is worth to remodel and make the changes you’d like?
• If you love the neighborhood, but the house no longer fills your needs – are there other, more suitable homes for sale nearby?
• Is there some other city in which you’d rather be living? You may be due for a change of climate – or simply wish you lived closer to other family members.
• Would moving mean employment you’d enjoy more than your current position?

When you should stay:

• You love the neighborhood and enjoy the neighbors – and there are no homes for sale that would suit you better than the one you own.
• You need to remain in the neighborhood due to your employment or your children’s schools.
• You can envision how much you’d love the house if you remodeled the bathroom or the kitchen, repainted inside and out, or installed new flooring. You will want to find out the cost of remodelling a bathroom before you start. You’d love the house again if you could just knock out that one wall.
• You’d love the house again if you installed new, bigger windows to let the sunshine in.
• You have room to build an addition that would bring the house back to “just right.”
• Your mortgage is nearly paid off.

Whatever your plans, Mike Clover Group can help.

If you’d like to move, we’ll be glad to get you pre-approved so you know that once your current home is sold you will be able to purchase another.

If you want to stay and remodel, we’ll help you with a home equity loan or with a construction loan and a refinance when the work is complete.

Reach us by phone at 1-800-223-7409 or apply on line at http://www.mikeclover.com.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

Did you need one more reason to move to Texas? Here it is: the food.

You may already know that we’re known for unbeatable barbecue, chips and salsa, but did you know that our restaurants offer the same variety of International cuisine that you might find in cities like New York and Naples? It’s true. We even have renowned seafood restaurants.

To give proof to the claim, Austin, Texas was named #13 in Conde Nast Traveler’s 2014 List of America’s Best Food Cities.

Austin prides itself on being a bit quirky, and that extends to the culinary fare that put it on the list. The Conde Nast writer mentioned not only the chef-driven dining establishments, but the food trailers. In fact, two of the establishments mentioned are on wheels:  East Side King and the breakfast taco establishment Veracruz All Natural.

Barbecue really is king in Texas, as evidenced by the fact that the queue outside Franklin Barbecue, renowned for its brisket and pulled pork, begins forming at 9 a.m.

Southern down-home cooking, mouth-watering barbecue, and a variety of Tex-Mex fare can be found all across Texas, so you don’t need to choose to locate in Austin to get good food.

But you might want to stop by and sample the wares in some of the eateries mentioned in this article.

http://www.cntraveler.com/galleries/2014-12-01/best-new-restaurants-in-austin-gardner-dai-due-garbos

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

“G-fees” isn’t a term you hear around the water cooler, but it is a term describing a Federal Housing Finance Agency program whose implementation affects how much you pay in mortgage loan costs.

“G-fees” stands for guarantee fee adjustments.

The fees are charged to lenders to cover government-sponsored enterprise (GSE) operational costs related to the guarantee of timely payments on mortgage loans, capital buffers, and administrative costs. They are, of course, passed on to the consumer.

For the average single family home purchase transaction, G-fees more than doubled from 2009 to 2013, increasing the cost of every home mortgage loan.

Consumers pay these G-fees in two ways – up front at closing and as an ongoing fee built into their interest rate.

The Federal Housing Finance Agency spokesperson Ross Cameron, stated that they’re reducing these fees partially through removal of the upfront adverse marketing conditions fee (AMDC). This was a fee imposed in 2008 in response to the unpredictable and volatile housing market. It was scheduled to eventually be removed in all but states with lengthier foreclosure timelines (New York, New Jersey, Connecticut, and Florida), but now will be removed in all states.

The agency will also be adjusting some upfront fees that are determined by the amount of risk based on product type, loan-to-value ratios, and credit scores. The overall effect will be to reduce loan costs for those on the lower end of the credit spectrum – while raising costs for investor purchases and high dollar loans as an offset.

While this change was announced on April 17, 2015, it will not become effective until September 1. Thus, it will have no impact on the summer housing market. For more detailed information, visit the Fannie Mae and Freddie Mac websites.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770