Monday, October 21, 2013

Why Borrowers Pay Different Rates



Lenders, like any business, have to make a profit. The cost of acquiring the funds, the operating costs to service and the expected profit margin are easily identified. The variable in pricing is the type of mortgage and the credit worthiness of the borrower.
A loan with a 3.5% down payment is riskier than a loan with 20% down payment. If the lender has to take the property back to recover their expense, the margin is greater between what is owed and what the property is worth on an 80% mortgage.
Credit scoring is a risk-based pricing method that allows a lender to be competitive in the market for the best loans from different borrower groups. Individual lenders set their own levels for what they consider “A” credit which is reserved for the best rates. If good credit is approximately 710 to 740, scores below that are considered higher risk and will have higher rates.
Risk must be assessed for both the borrower and the property that collateralizes the loan. The borrower’s credit history and income stability are strongly evaluated by the lender but if a default should occur, the property must secure the loan to avoid a loss to the lender.
The challenge for some buyers is they are unaware of what their credit score is and how it will affect the interest rate offered by the lender. It is to the buyer’s advantage to be pre-approved by a reputable lender prior to starting the process of looking for a home. In some cases, the lender can actually improve the borrower’s credit score to help them qualify for a lower interest rate.
Contact me for a recommendation of a trusted mortgage professional - Inf@SellsRGV.com

Monday, October 14, 2013

McAllen 78501 Real Estate & Homes for Sale, McAllen 78501 Houses -Homes

 

 

Homes - Find McAllen, TX 78501 homes for sale. View pictures, research home values & local information, and map houses for sale in McAllen 78501.

 

Home For Sale 3301 N Cynthia Lane McAllen, TX 78501 

 

BEDROOMS: 5
BATHS: 4
1/2 BATHS: 0
YEAR BUILT: 1989
EST SQFT: 3586
# STORIES: 2
AREA: McAllen
SUBDIVISION: Emerald Point
COUNTY: Hidalgo
SCHOOL DISTRICT: McAllen
ELEMENTARY SCHOOL: Milam
MIDDLE SCHOOL: Cathey
HIGH SCHOOL: Memorial H.S.

 

Eloquent home on a private 1 street neighborhood. Completely remodeled and tastefully updated. Enjoy a resurfaced blue quartz heated pool with valet cleaning system & hot tub. Amenities include solar screens, natural gas, new roof (2012), granite in all baths, maids qtrs. and much more.

 

 

List Price: $345,000

 

 

Visit our Website: www.mcallenhomeforsale.com
 
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Thursday, October 10, 2013

McAllen Real Estate & Homes for Sale in Mission, TX




Browse McAllen homes for sale. Search McAllen, Texas real estate listings and view local neighborhood information!


Home For Sale 4205 Santa Lydia Mission, TX 78572

BEDROOMS: 4
BATHS: 2
1/2 BATHS: 0
YEAR BUILT: 2005
EST SQFT: 2144
# STORIES: 1
AREA: Mission
SUBDIVISION: El Sendero
COUNTY: Hidalgo
SCHOOL DISTRICT: Sharyland
ELEMENTARY SCHOOL: Shimotsu
MIDDLE SCHOOL: B.L. Gray Jr. High
HIGH SCHOOL: Sharyland H.S.
Bueno, bonito y barato! 4 bed/2 bath/2 car garage Perry Home in Sharyland Plantation. Granite kitchen countertops, laminate wood floors, all bedrooms with big walk-in closets! Walking distance to park and Shimotsu elementary school. Won't last! Owner is a Realtor
List Price: $179,000

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Monday, October 7, 2013

Rating Man's Best Friend!

Man’s best friend enjoys many of the benefits of his master’s home besides food and shelter and a comfortable place to live and play. In return, dog owners expect companionship and possibly, protection; after all, even a small dog can bark to signal intruders.

Few people doubt that most dog owners love their pets and treat them well. The costs associated with having a dog can include medical and dental that rivals human expenses, premium food, toys, grooming and license fees. However, one of the expenses not anticipated by pet owners is a higher homeowner’s insurance premium.

There are almost five million dog bites a year with children being the main victims.

“Dog bites accounted for more than one-third of all homeowner’s insurance liability claim dollars paid out in 2012, which amounted to more than $489 million,” said Peter Robertson, representing the Property Casualty Insurers Association of America, testifying against the bill at a hearing of the Committee on Financial Services. He said, “The total cost of dog bite claims increased by more than 51 percent between 2003 and 2012.” It is now estimated that dog bites cause losses of over one billion dollars a year.

Some insurance underwriters have denied or canceled coverage or increased the premium of the owner’s liability insurance based on the homeowners’ specific breed of dog such as Pit Bulls, Dobermans, Akitas, Mastiffs, Malamutes and even German Shepherds. The aggressive nature of certain types of dogs combined with specific training or lack of training, abuse or neglect are identified by insurer’s refusal to provide liability coverage.

If you are considering what insurers identify as a high-risk pet, you might want to visit with your insurance agent prior to acquiring your new best friend to see if it affects your rates.

Visit our Website: www.mcallenhomeforsale.com

 

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Wednesday, October 2, 2013

Don't Do It! Before you get into your new home.

You’ve seen agents telling their buyers what to do to find the right home but knowing what not to do can be just as important. After finding the right home, negotiating a contract, making a loan application and inspections, buyers, understandably, start making plans to move and put their personal touches on the home.

In today’s tenuous lending environment, little things can derail the process which isn’t over until the papers are signed at settlement and funds distributed to the seller. Verifications are made by a lender at the beginning of the loan process to determine if the buyer qualifies for the mortgage. The verifications are usually done again just prior to the closing to determine if there have been any material changes to the borrower’s credit or income that might disqualify them.

Simply stated:

1. Don’t make any new major purchases that could affect your debt-to-income ratio
2. Don’t apply, co-sign or add any new credit
3. Don’t quit your job or change jobs
4. Don’t change banks
5. Don’t open new credit accounts
6. Don’t close or consolidate credit card accounts without advice from your lender
7. Don’t buy things for your new home until after you close
8. Don’t talk to the seller without your agent

Your real estate professional and lender are working together to get you into your new home. It’s understandable to be excited about one of the biggest decisions you’ll make and that you feel you need to be getting ready for the move.

Planning is smart but don’t do anything that would affect your credit or income while you’re waiting to sign the final papers at settlement.

 

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