Register Real Estate Advisors

Effective TODAY (Dec 15, 11) the automated underwriting systems will be tightening up their parameters on VA Loans. If you are a borrower with a credit score under 680, this could affect you. If you have a pre-approval dated before December 15, 2011 for a VA Loan you will probably need to get pre-approved to make sure you will still be approved by the automated approval system after these changes take place. Remember that you will need your certificate of eligibility to apply for a VA Loan. If you would like to get a pre-approval for a VA Loan or any other loan, please call us today at 281.288.3500 and ask for our in house lender.

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.

Not everyone can qualify for a VA Loan.  You must have served in the military.  Also, not every lender is VA Direct Endorsed.  A direct endorsed
lender can process and approve a VA loan in-house, without sending the file to
the VA for approval.  The only thing that they will need to go through VA for is the
appraisal.  This makes the loan process as fast as FHA and Conventional Loans.  So if you use a VA Direct Endorsed Lender you could close on your new home in thirty days.

Helpful Information About V.A. Loans:

1. VA loans do not require down payments.
2. A clear Wood Destroying Insect Report is
   required at closing. The report must also not have any conducive conditions- so
   be sure and check for that when you get the report. If there are conducive
   conditions, they must be corrected and a new report produced showing no
   evidence of infestation or conducive conditions. The buyer is not allowed to
   pay for the termite report, seller must pay for it at closing or reimburse the
   buyer, so be sure the invoice as well as the report get to lender prior to closing.
3. If the property has well or septic system, an
   inspection is always required by a licensed inspector.
4. The seller can pay up to 4% of sales price
   towards borrowers closing costs in addition to points for the borrower.
5. The maximum loan amount for VA loan is $417,000.
6. If a borrower has used their VA eligibility
   before, they may still use it again if it has been restored (they may even have
   a second VA loan if they have not used all their eligibility on the first
   loan).
7. VA loans must be owner occupied loans only- they
   cannot be used for  second homes or investment property.
8. There is no Mortgage insurance on a VA loan, but
   there is a Funding Fee which can be rolled into the note or paid by the seller or
   buyer upfront.

Kevin Price discusses the book “Warriors Remembered” with Shannon Register, owner of Register Real Estate Advisors, and her guest, COL (Ret) Al Nahas, author of the book. Aired 10-10-10

What it means to homebuyers

The Housing and Economic Recovery Act of 2008 will introduce changes in the mortgage industry which will also affect the housing market.  Here is a brief summary of the new legislation and what it means to homebuyers.

Purpose of the legislation:

• Make it easier to buy or sell a home
• Slow down the rate of foreclosures
• Ensure the financial stability of Fannie Mae and Freddie Mac

Highlights:

• Higher permanent loan limits for conventional, FHA and VA Loans (effective January 1, 2009)
• Tax credit for first-time homebuyers – up to $7,500 in the purchase year, for homes purchased between April 9, 2008 and July 1, 2009.
• Modernization of FHA loan programs – including a 3.5% minimum down payment (effective January 1, 2009)
• Fannie Mae and Freddie Mac get a financial boost from the U.S. Treasury, and they will have a new regulator with broader authority
• FHA “HOPE” Rescue Plan – refinancing for homeowners at risk of foreclosure

What this means to homebuyers:

The higher loan limits could help buyers obtain more affordable financing; however, the effects will vary by geographical location – so ask your Mortgage Adviser for details.  Since the new permanent limits are less aggressive than the “conforming plus” limits that expire on December 31, 2008, buyers must act soon to take advantage of current higher limits.

The initial cash savings from the tax credit may be very attractive to many first-time homebuyers; however, buyers must act soon to take advantage of the tax credit by closing on a new home before July 1, 2009.

Help for Fannie Mae and Freddie Mac makes it easier to buy or sell a home by boosting investor and consumer confidence in the housing market.  The FHA “HOPE” Rescue Program may help some homeowners avoid foreclosure, potentially reducing the inventory of homes entering the market.  This is good news for everyone.

What it means to homebuyers

The Housing & Economic Recovery Act of 2008 introduced changes in the mortgage industry that affected the housing market. Below is a brief summary of the legislation & what it means for homebuyers.

Purpose of the legislation:

• Make it easier to buy or sell a home
• Slow down the rate of foreclosures
• Ensure the financial stability of Fannie Mae & Freddie Mac

Highlights:

• Higher permanent loan limits for conventional, FHA, & VA Loans
• Tax credit for first-time homebuyers – up to $7500 in the purchase year, for homes purchased between April 9, 2008 and July 1, 2009
• Modernization of FHA Loan Programs – including a 3.5% minimum down payment
• Fannie Mae & Freddie Mac get a financial boost from the U.S. Treasury, & they will have a new regulator with broader authority
• FHA “HOPE” Rescue Plan – refinancing for homeowners at risk of foreclosure

What this means to homebuyers:

The higher loan limits could help buyers obtain more affordable financing; however, the effects will vary by geographical location – so ask your local Mortgage Adviser for details. Since the new permanent limits are less aggressive than the “conforming plus” limits that expired on December 31, 2008, buyers must act soon to take advantage of current higher limits.

The initial cash savings from the tax credit may be very atractive to many first-time homebuyers; however, buyers must act soon to take advantage of the tax credit by closing on a new home before July 1, 2009.

Help for Fannie Mae & Freddie Mac makes it easier to buy or sell a home by boosting investor & consumer confidence in the housing market. THe FHA “HOPE” Rescue Program may help some homeowners avoid foreclosure, potentially reducing the inventory of homes entering the market. This is good news for everyone.

Contact your Coldwell Banker REALTOR to learn more.

Since Houston is not located near a large military facility, our real estate market does not have a high demand for VA Mortgages. However, Coldwell Banker Mortgage offers VA Loans for our Servicemen and Women. Coldwell Banker United, REALTORS also offers an exclusive cash back after closing through our dedicated partnership with USAA.

If you are a veteran or service member, please call me today to see how you may qualify for cash back after closing. This program is designed to offer resources that meet the needs of our military personnel. A previous Army wife, I understand the challenges that go along with service to our country.  I have witnessed the hardships, enjoyed the homecomings, and treasure the piece of history I witnessed after 9/11 when my husband served in both Afghanistan and Iraq.  We were able to purchase our first home in Killeen, Texas with a VA Loan.  I appreciate your service and dedication to our country and am honored to pass this offer on to my clients whenever possible.

Why Coldwell Banker Mortgage? With a variety of products to choose from, they’ll help you find the mortgage that’s right for you. Coldwell Banker Mortgage is one of the top ten retail mortgage originators in the country. Coldwell Banker REALTORS are able to offer clients convenient mortgage resources both online, by phone, and through our office locations. Coldwell Banker Mortgage is an industry leader in originating mortgage loans over the phone and online. They offer Four to the Door, which is the easiest mortgage experience in the industry. The easy, four-step mortgage process, coupled with customer service guarantees and competitive rates makes them among the strongest in the industy. You can be pre-approved over the phone within four hours, even on a Saturday! By attaching your pre-approval letter, your offer suddenly becomes stronger and helps you in negotiating the best terms with a seller or builder. Despite current credit conditions, our mortgage company still has plenty of money to lend borrowers. So whether you are looking for a mortgage or a second opinion on your rate, we are here to support your needs. Our Mortgage Advisor at the Greater Northwest Branch is Melanie Chilek. Her email address is melanie.chilek@mortgagefamily.com. You can visit the online resource center at melaniechilek.coldwellbankermortgage.com or call our Greater Northwest Office at 281.655.2005. Tell her Shannon told you to call! Rates have not been this low since 2003.  It is a buyers market so make your move today!

Pre-Purchase Rate Protection

Pre-Purchase Rate Protection (PPRP) offered by Coldwell Banker Mortgage safeguards your rate no matter what. You’re protected whether rates go up, down, or stay the same. Every customer is given the opportunity to enroll in this unique program as soon as they have a mortgage pre-approval decision. PPRP is a service that safeguards your interest rate against market fluctuation. When you sign up, your interest rate will be capped according to where rates are at that time. No matter how high rates go, you won’t pay more that the capped rate. If rates go down, you’ll have a one-time opportunity to “float down” and lock in a lower rate before closing. No matter which way rates go, you’re protected. With Coldwell Banker’s Four to the Door program, buying a home is easy. Their four-step mortgage program starts with getting a pre-approval, then you and your REALTOR find a home for your family. Next, return documents and lastly, close on time. Call your Spring Real Estate Professional today for more information – Shannon Register 832.628.7355.

Four to the Door – The Four Step Mortgage Program

Step 1: Get Pre-Approved

• Guaranteed same-day loan decision – often Loan decisions are made within 20 minutes or less. When you are talking to your loan consultant, you can choose the Pre-Payment Rate Protection, which safeguards your interest rate against market fluctuations and gives you the option of locking in a lower rate if rates drop.
• Pre-Approval Letter – Once you are pre-approved, your letter will arrive immediately via fax or email, so you can begin house hunting.

Step 2: Find A Home

• Guaranteed to beat any lender’s mortgage price – Coldwell Banker Mortgage will beat any competitor’s rate and fee combination by $100 – or they will pay you $500. (Applies to all first lien conventional conforming mortgage loans. Customer must provide a complete and accurate system generated Good Faith Estimate, listing a specific lender’s name, that is dated the same day as the rate quoted by us. If such Good Faith Estimate indicates an equivalent or lower interest rate and closing costs package, for the same loan program that’s offered by us and we have verified the accuracy of the rate and fees listed then we will have the option of beating the lender’s total loan costs by $100 or paying the customer $500 when they close with that lender and provide us with a copy of the signed Note and Final HUD-1 Settlement Statement.)
• Call with a property address – The moment you notify them of the property address, they will order an appraisal (if needed) and send you a package containing important next steps. As soon as you have agreed on a price and signed the contract, call Coldwell Banker Mortgage.

Step 3: Return Documents

• Confirmation and Documentation – At this step, they will need you to verify the personal information supplied to them earlier, as well as any required documentation for closing.
• Loan Application Package – With this package, you will confirm the information you supplied during your pre-approval process. Just review the papers and make any necessary changes and sign and return in the overnight envelope provided.

Step 4: Close on Time

• Guaranteed to meet closing date – Because you selected Coldwell Banker Mortgage, they will meet your closing date – guaranteed – or they’ll reduce your interest rate by 1/8 of one percent for the life of the loan. (Approved, conventional, purchase loans only. Customer must provide all required documentation.)

Mortgage Options

Once you have been pre-approved for a mortgage, you need to decide which type of mortgage to get. This decision is usually based on the interest rate of the loan and how much time you’re given to pay the lender back. The interest rate is the percentage of the loan the lender earns for lending you the money.

• Fixed Rate Mortgage

This is the traditional method of financing a home. The interest rate stays the same for the entire term of the loan – usually 15 to 30 years. This means that the interest and the principal portions of your monthly payment remain fixed. With a Fixed Rate Mortgage, your payments are stable and predictable, but initial interest rates tend to be higher with a fixed rate than with an adjustable rate.

• Adjustable Rate Mortgage ARMs)
  

The interest on an Adjustable Rate Mortgage is linked to a financial index, such as a Treasury Security, so the interest rate fluctuates with changes in market conditions. With an adjustable rate, your payments will vary over the life of the loan. Most Adjustable Rate Mortgages have a lifetime cap on the interest rate increase to protect the borrower.

The advantage of an Adjustable Rate Mortgage is that it offers lower initial payments and this makes it easier for buyers to qualify. Some Adjustable Rate Mortgages may be converted to Fixed Rate Mortgages at specified times, usually within the first five years.

You are not limited to Fixed Rate and Adjustable Rate Mortgages. Currently, there are over 50 different mortgage programs available. Here are a few:

1. 15, 20, & 30-year Fixed Rate Loans
2. New Construction Financing
3. VA & FHA Loans
4. 5 & 7 year Balloon Loans

• VA Loans & Coldwell Banker Mortgage

VA loans through Coldwell Banker Mortgage are cheaper than going through other lenders because Coldwell Banker absorbs costs that the seller usually has to pay. It is a smooth closing because Coldwell Banker has no loan conditions that must be satisfied at closing. If you’re looking for an easier way to buy a home, you’ve come to the right place! Our local Mortgage Adviser will review your needs, suggest financing options to meet them and take your application for a pre-approval loan decision – in person or over the phone. She has twenty years of experience and will ensure that one of the biggest and most important purchases you’ll ever make will also be one of your easiest. Plus, Melanie and Shannon both have personal experience with VA Loans. They know what it means to serve!