Mortgage Report Bob Mortgage New

The jobs report will headline a busy economic calendar this week. The release of those numbers will be influential as to the direction of mortgage rates. Which way will they go? Bob Johnson (AKA BobMortgage) shares his opinion in today’s Mortgage Report.

You may know him as Bob Johnson, the senior mortgage advisor at Wallick & Volk, the nation’s oldest privately-held mortgage company. Bob Johnson has helped more than 25,000 families get into the homes of their dreams, in 20 plus years of lending service.

Now with five offices across the DFW metroplex, the nation’s oldest mortgage firm is helping thousands of consumers get into homes with the most up-to-date financial information possible. Wallick & Volk brings experience and integrity into every single loan, but they also deliver a highly personalized touch that conforms to each client’s need. Is it speed of delivery, unique products, total transaction transparency, or great pricing you need? Wallick & Volk has it all in a broker-friendly banking platform that can do the impossible when it comes to home financing.

THIS WEEK: A busy week of economic reports will influence mortgage rates. Should you lock or float?

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Mortgage Report Bob Mortgage New

Last week’s news that the Trump Administration would set tax reform in its sights, as well as new numbers on existing home sales could have a serious impact on the market. How will mortgages be affected? Bob Johnson (AKA BobMortgage) shares his opinion in today’s Mortgage Report.

You may know him as Bob Johnson, the senior mortgage advisor at Wallick & Volk, the nation’s oldest privately-held mortgage company. Bob Johnson has helped more than 25,000 families get into the homes of their dreams, in 20 plus years of lending service.

Now with five offices across the DFW metroplex, the nation’s oldest mortgage firm is helping thousands of consumers get into homes with the most up-to-date financial information possible. Wallick & Volk brings experience and integrity into every single loan, but they also deliver a highly personalized touch that conforms to each client’s need. Is it speed of delivery, unique products, total transaction transparency, or great pricing you need? Wallick & Volk has it all in a broker-friendly banking platform that can do the impossible when it comes to home financing.

THIS WEEK: The Trump Administration is targeting tax reform, and how new existing home sales numbers could influence the mortgage market.

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The extra expenses beyond mortgage and insurance can add up, costing the average U.S. homeowner more than $9,000 per year.

The extra expenses beyond mortgage and insurance can add up, costing the average U.S. homeowner more than $9,000 per year.

At CandysDirt, we love real estate and we love homeownership! But with a house comes expenses beyond the mortgage and insurance. For the unprepared buyer, these can be a rude surprise. And nobody likes those.

We’ve seen it before: First-time homebuyers focusing solely on the list price of a house when deciding how much they can afford, and then being shocked by all of the other costs associated with homeownership (hello, water heater/new roof/foundation repairs!). These extra or hidden costs are often the most stressful part about owning a home.

“Those in-the-know are wise to set aside an emergency account, because regardless of age, price point, or quality of construction, issues are going to arise, whether it a 100-year-old house, or a 100-day-old house,” said Realtor Brian Davis of Dave Perry-Miller InTown. “When those issues happen, they’re not always inexpensive and you’re wise to have money saved up for that rainy day.”

We happened upon a new study by Zillow and Thumbtack that identifies a variety of common home expenses — both unavoidable and optional — that often get overlooked during initial budgeting. They calculated what homeowners could spend each year to cover these costs in their area. While these extra expenses might seem small individually, they add up quickly, to the tune of $9,477 for the average American homeowner.

“One thing I’ve stated doing this past year for new homebuyers is having them look at properties $10,000 less than what they’ve been approved for so they have some credit or buying power if they have to do repairs later,” said Elaine Copeland, an Ebby Halliday Realtor. “That also gives them some money for fixing it up—a lot of houses are sold ‘as is,’ and if buyers purchase $10,000 to $20,000 below [their max mortgage approval], they can better manage their budget in the long run. The best thing for a Realtor to do is advise them to do everything affordably.”

So just what are those extra or hidden expenses? Let’s take a look.

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Mortgage loan

By Jon Anderson
Columnist

No, I didn’t dig this out of my 2008 file drawer.

According to RealtyTrac, March 2015 saw an 11 percent jump in foreclosures across the U.S. compared to February. That translates into 152,147 homes rocketing down the chute to foreclosure and the loss of people’s homes in the first quarter of 2015. In the nearly 8 years since the housing bubble popped, apmid a white hot market, people are still losing their homes to foreclosure at staggering levels.

And then there’s Detroit: actively depopulating its own city by issuing as many as 62,000 eviction notices this year to homeowners delinquent on their property taxes. It’s being called an eviction “conveyor belt” that will effect one-seventh of Detroit’s remaining population. This, after the 2008 tidal wave of 250,000 people forced out of the city, leaving behind tens of thousands of their homes. The news of Detroit’s rebirth may have been exaggerated.

These are people who managed to hang on to their home through the worst recession in 80-years, only to lose it now.

So what’s the National Association of Realtors’ response? Why to spend $7.7 million on lobbying in the first quarter of 2015 for the Mortgage Choice Act (and complain about rising flood insurance premiums). As benevolent as “Mortgage Choice” sounds, its goal is to weaken the regulatory “burdens” on residential mortgage lending.

Side note: Doesn’t every piece of legislation, PAC/SuperPAC, and fringe group sound benevolent these days no matter now evil it is?

The Mortgage Choice Act passed the House of Representatives on April 14. NAR is not alone in its support, the Mortgage Bankers Association, the National Association of Home Builders and the Real Estate Services Providers Council Inc. (shockingly, all groups who make money directly or indirectly from mortgages).

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Watson_4

It’s true: Some of the most amazing, dedicated people in the mortgage industry work for our hometown lender, Guardian Mortgage. These are the same folks who answer phone calls after hours, always greet you with a smile in the checkout line, and volunteer to make our communities better. In short, these people step up.

That’s what Mark Watson does. Watson, who is this month’s Guardian Angel from Guardian Mortgage, takes the time to make sure his client has an excellent experience no matter the size of the loan, ensuring that they become the industry’s most sought-after client: A happy referral generator.

We were absolutely thrilled to chat up Watson, who is an avid cyclist. Besides being an all-around great guy, he knows the mortgage business backwards and forwards, and has the kind of experience that clients seek. Find out more about Watson after the jump!

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Abbott-ext

Want to know one of the hottest neighborhoods in town where Baby Boomers are buying every inch of land they can grab? I call it Contemporary Architecture Row, a sliver of land between Highland Park, the Katy Trail and Turtle Creek, about one block long in Northern Heights. Here you will find 60 by 150 lots zoned for up to four units — dense living, but not too. Close to EVERYTHING, and somewhat walkable. June and Oliver Mattingly first got the design ball rolling. Now Frank Welch lives there — I’m visiting with him this Friday, having missed our meeting last week apres wild Dallas storms that left us without electricity. There are so many stunning contemporary homes here, designs by Graham Greene, Lionel Morrison, and  Max Levy.

“Take a stroll in that neighborhood, and you’ll have a primer on the best architects and best neighborhood designs in town,” says David Griffin. (more…)

Home For Sale yard Sign

You know those Millennials and how they want their mortgages with cheap rates and minimal down payments. They want speedy pre-approval and closings with no hiccups. And they want it all right now.

If that seems demanding, well, that’s the Millennial generation for you. The interesting news is, according to a recent survey by Better Homes and Gardens Real Estate, Generation Z is more willing to make sacrifices to achieve home ownership. That’s right: The same generation that knowingly misspells words all over Twitter and Facebook is willing to sacrifice more than the “y” and “o” in “your.” They say they’re willing to sacrifice social media access (HORRORS!) in order to own a home.

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