Register Real Estate Advisors

With housing interest rates still at historic lows, now is a great time to apply for a mortgage.  At Register Real Estate Advisors, we have an in house lender that can get you pre-approved for a mortgage.  You can complete our secure online application at RREA.com by following the “mortgage” links.

Currently, 30-year, fixed-rate mortgage rates are below 5%, according to Freddie Mac—among the lowest rates recorded in 40 years.  As recently as June 2007, those rates were almost 7%, and they were in the double-digits a little over 20 years ago.

Why are interest rates so low?  Much of it is due to the recent recession and its aftermath.  With the economy in the dumps, demand for loans went down.  At the same time, investors were looking for safe places to put their money.  Many investors moved away from stocks and towards fixed-return investments such as U.S. treasury securities and mortgages.  The Federal Reserve increased funds in the financial system to keep interest rates low and to support the mortgage market.  The combination of weak loan demand and the influx of funds translated into low interest rates on mortgages and other loans.  This is a great advantage for home buyers that have good credit.

Since the middle of 2009, the economy in the United States has gotten better, but the recession did not end quickly and continues to drag on.  The economy is still in the early stages of recovery.  The interest rates will probably go up over the next two years, so homeowners should take advantage now.  Why aren’t more taking advantage now?  Some don’t have good enough credit to get a loan, while others have lost their jobs and no longer have the stability of income to purchase.  Others are afraid of how long the recovery of the economy will take, so they don’t want to commit to a new mortgage.  If you have a good income and good credit, this might be the best time to purchase a home.  This opportunity will not last forever because as the U.S. economy rebounds, demand for loans will rise.  When the Federal Reserve sees that the economy is in better shape, it will probably take away the additional liquidity it has injected into the financial markets and interest rates will rise in the not too distant future.  Most consumers do not realize that when interest rates go up, the effect on monthly payments can be dramatic.  A $200,000, 30-year, fixed-rate mortgage with a 5% interest rate has a monthly payment of around $1,000.  At 6% the monthly payments increase to about $1,200—an increase of nearly $200 a month.  Total interest payments over the life of the loan increase by thousands of dollars.

Home prices have stabilized or even started to inch upwards in many markets, so it is unlikely prices will drop any more.  Not could be the best time to purchase a home in American History.  To find your dream home anywhere in the Houston area, call RREA today.  We have highly educated, experienced agents, that can help you find the home of your dreams and protect you in the purchase of one of your largest investments.  Call us to day to get started – 281.288.3500.

I get a lot of questions about refinaincing homes.  Many people will contemplate refinancing vs buying another home.  With interest rates remaining near historic lows it is a great time to purchase a home.  However, if you prefer to stay in your current home, it is only worth refinanancing, in my opinion, if your current rate is over 5% and you plan to stay in the home for atleast two years.  If you need to refinance your home or get a pre-approval to buy a home, our RREA inhouse lender can help.  You can apply for a mortgage online with RREA or call 281.288.3500 and ask for Terry Traylor. 

Military Veteran’s loans (VA Loans) become more affordable in 2011.    The upfront VA funding fee was reduced up to 60%, depending on the scenario.  Veterans can still come to closing with no money down, making this loan one of the best options on the market!  For more information, contact RREA’s in house lender at 281.288.3500.  At RREA, we love our Vets!  Texas Veterans Land Board makes buying land and homes in Texas a great deal for our Veterans.  Please call Jack at 281.288.3500 for more information.

Did you know that the average rate for a 30 year fixed mortgage over the past 30 years has been about 6.5%?

Did you know that a borrower who earns $100K per year and has $1K in monthly debt can typically be approved for a loan amount of about $350K at 6.5%?  That
same borrower can get approved for about $400K at 4.5%.  (Assuming a 3% tax rate, 20% down payment, and $100 per month for homeowners insurance.)

Low rates mean you can buy more house for your money!  Call me today to get pre-approved for your mortgage.  At RREA, we have agents ready to show you any home on the market!  Call 281.288.3500 Monday-Friday 8:30a.m.-5:30p.m.

Looking for ways to increase your credit score? There are some tips you need to know that will help you increase your score. The first is, never cancel a credit card that is more than two years old. Having a “seasoned” account, one that is more than 2 years old is beneficial for you.
Second, increase your maximum allowable credit limit. If you have a credit card that is close to its maximum balance, call the credit card company and ask them to increase the credit limit. The credit bureaus don’t like to see “maxed out” credit. Ask them to do this without pulling your credit.
In addition, spread out your balances among your credit cards to keep the ratio between cards balanced and credit limits to 30% or less. Finally, be sure to pay your bills on time. The number one reason for a low credit score is late payments. Studies have show that 79% of all credit reports have errors on them so check your credit periodically to look for mistakes. Remember that lower scores mean higher interest rates for buyers. Keep in mind that the “free” on line credit reports DO NOT include your credit score. You have to pay extra for your FICO score. So if you are thinking about purchasing a home, please call RREA’s in house lender, Terry Traylor, to apply. If anything negative shows up on your credit, Terry can help you fix it over time.

Are you purchasing a home in the flood plain? Investors are now requiring lenders to actually have a flood policy prior to closing, and receipt that it is “paid in full”. These must go through FEMA for final approval and that takes some time. So, before you close on a property in a flood plain, know what is expected from your lender. Be sure the lender knows from the start of the transaction that the property you are purchasing is in a flood plain. Get your flood insurance in order as soon as possible. You have to sign the insurance application and pay for it to show that it has been “paid in full.” Then your lender will send the policy through FEMA for final acceptance. THe more information your lender has about the property up front will help the loan process to go smoother and close on time.

If you will be using a lender to help you purchase a home, there are several things that you will need to be aware of from the time you apply for your mortgage until your home closes.  This is a list of “don’ts” to help you get through that process without red flag problems.

1. Don’t change jobs

2. Don’t change your pay structure – you will most likely need a pay stub

3. Don’t apply for new credit

4. Don’t change your marital status

5. Don’t deposit money into your bank that cannot be documented –repayment of personal loans, side jobs, sale of assets must all have a paper trail

6. Don’t dispute items on your credit report

7. Don’t run up your credit card bills

8. Don’t let your driver’s license expire- the notary at the title company requires current identification

9. Don’t fall behind on any bills

10. Don’t assume that once you have loan approval you can go spend all your money.  You will need money for closing!

11. Don’t apply for other loans for properties- lenders check a system called MERS which identifies any loans you have applied for

12. Don’t put gift funds into your account before clearing with your lender

Your Realtor will work hard to help you find the perfect real estate purchase for your family.  Make sure you do everything you can to get that real estate sale to a closing by following the list above.  When in doubt, talk with your Realtor or lender.  The loan application is the first step in getting a mortgage – there is a lot that your loan officer will do after that point to get the transaction closed for you.  If you are looking for a Realtor or a Lender, call RREA today to get started 281.288.3500.

Ever been fooled by the Free Credit Report online? They do send you a free credit report, but you have to pay to get your FICO score. If you are interested in purchasing a real estate property before the end of 2013, please call me for your FREE Credit Report and it will include your FICO Score. I want to help you with your next mortgage. I am available 24/7 online and you can apply from the RREA.com website. Go online to apply or call me today to get your Free Credit Report with your current FICO Score – 281.288.3500 and ask for Terry. Getting your credit score has never been this easy!

If you are thinking about purchasing real estate and know you have some spooky credit, call RREA’s in house lender, Terry Traylor today!  He can help move you in the direction of better credit so that you will be able to purchase a home by next Halloween!  Give us a call today at 281.288.3500 and ask for Terry.  Don’t let bad credit haunt you!

Did you know that according to credit reporting agency Experian, that the average credit score in the Houston area is 664? That is more than 20 points below the national average and dangerously close to the point at which a borrower cannot qualify for a home loan.
If you need to do some work to bring up your credit score to qualify for a mortgage, please call Terry Traylor at 281.288.3500 to get started today!