The desire to pursue homeownership has not abated. A new report from Bankrate.com determined that 59 million American adults (one in four) are considering buying a home this year. Furthermore, almost two in five minorities affirmed at least some likelihood of buying a house in 2017, more than double the percentage of white Americans who responded the same way. And 20 percent of older Millennials (ages 27-36) and Gen Xers (37-52) indicated they are very or somewhat likely to take the plunge.
“Among millennials, there’s a lot of pent-up demand for home buying,” said Holden Lewis, Bankrate.com’s senior mortgage analyst. “They have been stymied by stagnant wages, student loans and a lack of available starter homes. If enough affordable homes are put on the market, we might see a surge of first-time homebuyers in their early to mid-30s.”
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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!
The KEYS to your new home are within reach! Call us 1st to AVOID mortgage problems, Call us 2nd to SOLVE them!
Click Here to start your quick Free Credit Analysis & Pre-Qualify Now!
J. SCOTT HARRIS | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com | www.goldfinancial.com | Pre-Qualify Now
LinkedIn | Facebook | Twitter | JSH BLOG – News & Articles www.MortgageXperts.com
885 E Collins Blvd Ste 110
Richardson, TX 75081
My Branch Closes FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana
Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender
J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.
Hike or no hike on rates from the Federal Reserve, housing has far more important things to think about. Home sales, home construction and the whole housing economy are dealing with all kinds of pressing issues that take precedence over mortgage rates. Let us explain.
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How can it be: If the Fed raises rates, won’t mortgage rates spike and people will stop buying houses?
No. First, mortgage rates don’t exactly follow the federal funds rate. They follow mortgage bond yields, and those yields loosely follow the yield on the U.S. 10-year Treasury.
Treasury yields move on several other issues, particularly on monetary policy overseas. So mortgage rates popped higher last week because the European Central Bank freaked out global financial markets. Now there is all kinds of drama in Japan too. And remember, as for the Fed moves, mortgage lenders like to price in all these expectations before the actual event happens. That’s why mortgage rates rose last December in anticipation of the first rate hike and then fell after that due to other global economic issues.
Still, mortgage rates are rising, aren’t they?
Yes-ish. They are, slightly. Last week they rose about an eighth of a percentage point on the commonly used 30-year fixed loan. So now it’s around 3.75 percent. But let’s keep it all in perspective. That’s only about a half a percentage point higher than the all-time low. It’s not changing your monthly payment by more than a few dollars.
Here’s what Jeremy Siegel of the Wharton School said about it on CNBC’s “Squawk Box” on Wednesday morning: “I think rates are going to stay low, not as low as now, but lower than we are used to; yeah, we may get another half-point, three-quarter point in the next two years, on the mortgage rate that’s not going to kill the housing market.”
So then why did mortgage applications “tank” last week after rates rose slightly?
No offense to the Mortgage Bankers Association, but the weekly survey can get a little messy, especially when you’re dealing with holiday adjustments for Labor Day. Applications to refinance took a hit because those are very rate sensitive. You’re not going to go through all the messy paperwork of a refi, and crawling through your file cabinet for your W-2s unless you know you’re getting the best deal possible, and last week didn’t scream, “Bargain basement mortgages here!”
As for purchase applications, those have been weakening for a while as the housing market slows down a bit. A tiny move in mortgage rates isn’t going to make most people suddenly decide they really don’t want that new house after all. Homebuying is a really big decision, and once you’re in, you’re not easily dissuaded.
I heard somewhere that if the Fed hikes rates it could actually be a good thing for housing. Is that true?
In the big picture, yes. The Fed raises rates when it feels like the economy is strengthening, and a strong economy is good for housing. Income growth, job growth, consumer confidence — all of these help people buy homes.
So, since you mentioned it, what’s plaguing housing that’s bigger than mortgage rates?
Supply. Home inventory has been falling for over a year and is now near record lows. Supply is weakest where we need it most, which is in starter homes. The number of these homes for sale is dropping at double-digit rates annually, according to Trulia. High-end homes are not having the same problem. The supply issue is causing prices, which are rising anyway, to rise even more. Mortgage rates, up or down, are much less of an issue now than affordability. And remember, just because rates are low doesn’t mean everyone today can qualify for a loan.
Buying a home is now easier than it has been in years.
Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.
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!
The KEYS to your new home are within reach!
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 | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com | www.goldfinancial.com | Pre-Qualify Now
LinkedIn | Facebook | Twitter | JSH BLOG – News & Articles
www.MortgageXperts.com
885 E Collins Blvd Ste 110
Richardson, TX 75081
My Branch Closes FHA / VA & USDA Loans at 580+ in
Texas, Oklahoma & Louisiana
Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender
J. Scott Harris is a Nationally Recognized Mortgage & Social Media Authority.
Six Collin county cities among best real-estate markets
September 1, 2016 5:53 pm : Real Estate News
According to latest WalletHub study, six Collin County cities were named among the best real-estate markets. See rankings below.
| Overall Rank | City | Total Score | ‘Real-Estate Market’ Rank | ‘Affordability & Economic Environment’ Rank |
|---|---|---|---|---|
| 1 | Frisco, TX | 86.76 | 1 | 1 |
| 2 | McKinney, TX | 83.87 | 2 | 2 |
| 3 | Richardson, TX | 80.95 | 3 | 12 |
| 4 | Murfreesboro, TN | 79.80 | 4 | 13 |
| 5 | Austin, TX | 79.75 | 5 | 8 |
| 6 | Allen, TX | 79.30 | 14 | 4 |
| 7 | Overland Park, KS | 78.32 | 7 | 40 |
| 8 | Thornton, CO | 77.61 | 12 | 17 |
| 9 | Plano, TX | 77.49 | 13 | 18 |
| 10 | Arvada, CO | 77.47 | 9 | 43 |
| 11 | Denver, CO | 77.11 | 6 | 101 |
| 12 | Denton, TX | 77.01 | 15 | 28 |
| 13 | Greeley, CO | 76.99 | 10 | 60 |
| 14 | Nashville, TN | 76.78 | 8 | 80 |
| 15 | Lincoln, NE | 76.56 | 16 | 37 |
| 16 | Cary, NC | 76.09 | 31 | 3 |
| 17 | Carrollton, TX | 75.95 | 17 | 23 |
| 18 | Seattle, WA | 75.38 | 11 | 133 |
| 19 | Boise, ID | 74.28 | 20 | 68 |
| 20 | Irvine, CA | 74.18 | 22 | 53 |
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In order to identify the best real-estate markets, WalletHub’s analysts compared 300 cities across two key dimensions, namely “Real-Estate Market” and “Affordability & Economic Environment.”
They evaluated these categories using 16 relevant metrics, which are listed below with their corresponding weights. Each metric was graded on a 100-point scale, with 100 representing the healthiest housing market.
They then calculated overall scores for each city using the weighted average across all metrics, which were then used to construct final ranking.
Original Article from Collin Image
Buying a home is now easier than it has been in years.
Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.
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!
The KEYS to your new home are within reach!
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 | DIVISION VICE PRESIDENT & BRANCH MANAGER
NMLS ID# 375517 (www.nmlsconsumeraccess.org)
(M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com | www.goldfinancial.com | Pre-Qualify Now
LinkedIn | Facebook | Twitter | JSH BLOG – News & Articles
www.MortgageXperts.com
885 E Collins Blvd Ste 110
Richardson, TX 75081
My Branch Closes FHA / VA & USDA Loans at 580+ in
Texas, Oklahoma & Louisiana
Gold Financial Services is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender
Equifax Inc. has just released its June 2016National Consumer Credit Trends Report. This monthly report analyzes data from over 220 million consumers in the United States. According to the report, the first mortgage write-off rate is 3.3 basis points (100ths of a percentage point) of outstanding balances. Meanwhile, the total number of first mortgage defaults in June 2016 was 17,909, the lowest it has been since January 2007.
While the overall US first mortgage write-off rate has returned to historic lows, it remains high in some parts of the country. Puerto Rico, which is dealing with a major debt crisis, has a write-off rate that’s three times higher than the national average (12.9 basis points). Nevada has the second highest write off rate at 6.6 basis points, which is twice as high as the national average.
Other states that have high write-off rates include Florida (6.2), New Jersey (6.2), Delaware (5.1), and Mississippi (5.0).
“The backlog of foreclosures from the financial crisis finally appears to be waning and write-offs are returning to historically-normal levels,” said Amy Crews Cutts, senior vice president and chief economist at Equifax. “Rising home values have helped significantly, as have improving labor markets. Given the low inventory of homes for sale and the overall improving credit profile of the US consumer, we expect home sales to maintain the upward trend we’ve seen in the first half of the year and for mortgage default performance to continue its downward path.”
As for first mortgages, the severe delinquency rate was 1.40% in June 2016, down from 2.07% in June 2015.
Meanwhile, as of June 2016, the total number of first mortgages outstanding was 49.8 million—a 0.7% increase from June 2015. Lastly, the total balances outstanding on first mortgages was $8.33 trillion as of June 2016, a year-over-year increase of 2.8%.
Buying a home is now easier than it has been in years.
Call us to get on a path to mortgage and credit qualification that will quickly lead to your new home.
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 Credit & Qualification Coaching Program, call us, so we can check your progress!
The KEYS to your new home are within reach!
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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 | VICE PRESIDENT & BRANCH MANAGER
& MORTGAGE MIRACLE WORKER
NMLS # 375517 | (M) 214.435.8825 | (F) 866.343.3688
jharris@goldfinancial.com | www.goldfinancial.com | Pre-Qualify Now
LinkedIn | Facebook | Twitter | JSH BLOG – News & Articles
885 E Collins Blvd Ste 110
Richardson, TX 75081
Closing FHA / VA & USDA Loans at 580+ in Texas, Oklahoma & Louisiana
Gold Financial Services, Inc. is a Division of Amcap Mortgage, Ltd. NMLS #129122. Equal Housing Lender