Sunday, January 3, 2010
The Blog Has MOVED!!!
With the launch of my new website, www.ericcates.com, I decided to integrate the blog and the website into one! Click the link above and you will find the blog links in the bottom left corner of the page. See you there!
Monday, October 5, 2009
Going Green
In the words of Kermit the Frog, "It ain't easy being green," but it is financially beneficial to homebuyers...
This week, I picked up the Dallas Morning News and read a piece about green loans. Some lenders, like J.P Morgan Chase, will discount closing costs on a home that meets certain green requirements, while others, like Bank of America, will offer credits to be used for closing costs or buying down your mortgage interest rate. Even FHA and the Department of Veteran Affairs have gotten on board and are offering energy efficient programs.
If you have any questions, or if you are interested in going green in a new house, give me a call: (972)965-8673.
For more information on green loans, visit www.dallasnews.com.
This week, I picked up the Dallas Morning News and read a piece about green loans. Some lenders, like J.P Morgan Chase, will discount closing costs on a home that meets certain green requirements, while others, like Bank of America, will offer credits to be used for closing costs or buying down your mortgage interest rate. Even FHA and the Department of Veteran Affairs have gotten on board and are offering energy efficient programs.
If you have any questions, or if you are interested in going green in a new house, give me a call: (972)965-8673.
For more information on green loans, visit www.dallasnews.com.
Friday, September 11, 2009
Foreclosure...It's on my Heart
I just heard a story of a family that lost their home to foreclosure. So, why would I share this on my blog? Simple. This blog was created to educate consumers on the many positive aspects to being a homeowner. Because a financial hardship can happen to anyone, anytime, it is also my job to educate homeowners on the negative aspects as well.
Facing foreclosure is a very hard, very humbling experience. I have sat across the kitchen table with a husband and wife, proud people, facing the "embarrasement" that comes along with foreclosure. While sometimes foreclosure is inevitable, it doesn't have to be. There are alternatives that can save your home or dispose of it in a different, less detrimental way.
1. Short Sale - By definition, a short sale is when the lender agrees to take less money than they are owed in order to avoid the expense of foreclosure. While this avenue does show up on your credit report, it is not as damaging as a foreclosure.
2. Loan Modification - When a lender realizes that you are in a financial situation that renders you unable to make your payment, they are much more willing to work with you in an effort to prevent a foreclosure. The lender will collect your monthly budget, income and other pertinent information and based upon a review, they will adjust your payment to reflect an amount you are capable of paying. They will put the deferred payments at the end of the loan. I should point out that this is not a permanent fix. This is a fix designed to get you through the short term. With your mortgage modified, you are able to live in the house while you put it on the market and get it sold.
If you find yourself in the position I just described, don't ignore it. Make the moves today to avoid foreclosure down the road. Feel free to contact me at 972-965-8673 or ecates@remax.net to discuss your particular situation.
Facing foreclosure is a very hard, very humbling experience. I have sat across the kitchen table with a husband and wife, proud people, facing the "embarrasement" that comes along with foreclosure. While sometimes foreclosure is inevitable, it doesn't have to be. There are alternatives that can save your home or dispose of it in a different, less detrimental way.
1. Short Sale - By definition, a short sale is when the lender agrees to take less money than they are owed in order to avoid the expense of foreclosure. While this avenue does show up on your credit report, it is not as damaging as a foreclosure.
2. Loan Modification - When a lender realizes that you are in a financial situation that renders you unable to make your payment, they are much more willing to work with you in an effort to prevent a foreclosure. The lender will collect your monthly budget, income and other pertinent information and based upon a review, they will adjust your payment to reflect an amount you are capable of paying. They will put the deferred payments at the end of the loan. I should point out that this is not a permanent fix. This is a fix designed to get you through the short term. With your mortgage modified, you are able to live in the house while you put it on the market and get it sold.
If you find yourself in the position I just described, don't ignore it. Make the moves today to avoid foreclosure down the road. Feel free to contact me at 972-965-8673 or ecates@remax.net to discuss your particular situation.
Monday, August 31, 2009
First Time Homebuyer Tax Credit
Well, August is coming to a close. In about 2 hours we will officially be in September and suddenly we find ourselves on the slippery slope toward Christmas! Where has the year gone?! If you are a first time homebuyer and you intend to take advantage of the $8,000 tax credit being offered by the US Government, now is the time to get moving! Under the plan, you have to be CLOSED AND FUNDED on your new home by December 1st. This means you need to be under contract by the beginning of November at the very latest...and let's be honest, do you really want to cut it that close? If you are thinking you are going to take advantage of this great opportunity and you haven't called me yet, it is time to get on the ball! Give me a call at 972-965-8673 or email me at ecates@remax.net. I'm ready to help!
Tuesday, August 11, 2009
Energy Efficiency
Is your home Energy Efficient?
Yesterday, we had the folks from Energy Conservation Concepts (ECC) come out to the house to test our energy efficiency. They are working with the Government and Oncor Electric Delivery to provide this service for FREE! They showed up at 8 am and went straight to work. First, they hooked up a fan to the garage door and sucked air out of the house. They tested each window and door to see if they were sealed properly. Of course, ours weren't! Then they put new weatherstripping on all doors and added some additional seal plates to every window in the house. After that, they sealed all the wall penetrations from our plumbing (the pipes under each sink) and put a gasket behind every electric outlet. Next, they went into the attic and gave our air conditioning system a check up. They also measured our insulation levels to make sure they were adequate.
Once they were finished, they told us they would mail our report within a week. I have included the contact information for this service below:
To schedule your appointment
Please call Jannie Leverett at
972-517-3966
OR
Email your name, address, phone number, square footage of home and electric service provider to jannie.leverett@yahoo.com
This is a great way to spend a hot August morning!!
Yesterday, we had the folks from Energy Conservation Concepts (ECC) come out to the house to test our energy efficiency. They are working with the Government and Oncor Electric Delivery to provide this service for FREE! They showed up at 8 am and went straight to work. First, they hooked up a fan to the garage door and sucked air out of the house. They tested each window and door to see if they were sealed properly. Of course, ours weren't! Then they put new weatherstripping on all doors and added some additional seal plates to every window in the house. After that, they sealed all the wall penetrations from our plumbing (the pipes under each sink) and put a gasket behind every electric outlet. Next, they went into the attic and gave our air conditioning system a check up. They also measured our insulation levels to make sure they were adequate.
Once they were finished, they told us they would mail our report within a week. I have included the contact information for this service below:
To schedule your appointment
Please call Jannie Leverett at
972-517-3966
OR
Email your name, address, phone number, square footage of home and electric service provider to jannie.leverett@yahoo.com
This is a great way to spend a hot August morning!!
Tuesday, August 4, 2009
Lake Lewisville Bridge is OPEN!!!
Well, life just got a whole lot easier if you have been commuting around Lake Lewisville! The new toll bridge that connects Swisher Road on the west side with El Dorado Parkway on the east side will shave large amounts of time off the commute for thousands of drivers. This connection will also provide for expansion in Little Elm and Lake Dallas as an additional new customer base will be just 1.7 miles across the lake!
This road will cost $1.00 if you have a toll tag and $1.50 without.
This road will cost $1.00 if you have a toll tag and $1.50 without.
Wednesday, July 29, 2009
U.S. Housing Optimism Surfaces
Thu Jul 23, 2009 11:06am EDT
By Lynn Adler
NEW YORK (Reuters) - Fixed U.S. mortgage rates rose after falling for three straight weeks but remain sharply lower than a year ago, improving chances of a stabilization in the worst housing market since the Great Depression.
The average 30-year home loan rate climbed 0.06 percentage point in the week ended July 23 to 5.20 percent. That was up from April's record low of 4.78 percent but well below 6.63 percent a year ago, Freddie Mac said on Thursday.
"Newly released housing indicators contain positive signs that the worst may be behind us," Frank Nothaft, chief economist at the second largest U.S. home funding company, said in a statement.
Lenders charged an average of 0.7 percent on 30-year loans in the latest week, unchanged from the prior week, Freddie Mac said.
More frequent signs of housing stability are surfacing.
Sales of existing homes rose more than expected in June, the National Association of Realtors said on Thursday, which meant sales rose for the third straight month for the first time since 2004.
"Federal Reserve Chairman Bernanke, during his July 22 Senate testimony, noted that mortgage rates are lower than they were last fall, in part because of the Federal Reserve's actions, and housing affordability right now is the highest its been in many years," Nothaft said.
Chief among the U.S. central banks' interventions has been a massive bond purchase program, of up to $1.75 trillion in mortgage-related and Treasury securities this year, aimed at keeping borrowing costs low to stimulate housing and the economy.
In other signs of housing life, building of single-family homes jumped 14.4 percent in June, the fastest rate in 4-1/2 years, the Commerce Department reported on Friday.
The National Association of Home Builders gauges of market conditions in July and the rest of this year rose to a 10-month high.
Housing is not without significant tempering factors: record and rising foreclosures, the highest unemployment rate in almost 26 years, and still-falling home prices that keep buyers waiting for even better bargains.
The Standard & Poor's/Case-Shiller home price indexes have toppled more than 32 percent from peaks three years ago. The pace of descent is slowing, but is widely seen continuing.
The last batch of home sales reports shows gathering traction as buyers take advantage of low mortgage rates and incentives such as a federal first-time buyer tax credit, wrote Millan Mulraine, economics strategist at TD Securities.
"In the grand scheme of things though, while we are encouraged by the recent flow of favorable housing sector reports, the considerable headwinds that U.S. households continue to face will likely limit the pace of recovery in the sector," he said.
(Editing by Chizu Nomiyama)
© Thomson Reuters 2009 All rights reserved
Thu Jul 23, 2009 11:06am EDT
By Lynn Adler
NEW YORK (Reuters) - Fixed U.S. mortgage rates rose after falling for three straight weeks but remain sharply lower than a year ago, improving chances of a stabilization in the worst housing market since the Great Depression.
The average 30-year home loan rate climbed 0.06 percentage point in the week ended July 23 to 5.20 percent. That was up from April's record low of 4.78 percent but well below 6.63 percent a year ago, Freddie Mac said on Thursday.
"Newly released housing indicators contain positive signs that the worst may be behind us," Frank Nothaft, chief economist at the second largest U.S. home funding company, said in a statement.
Lenders charged an average of 0.7 percent on 30-year loans in the latest week, unchanged from the prior week, Freddie Mac said.
More frequent signs of housing stability are surfacing.
Sales of existing homes rose more than expected in June, the National Association of Realtors said on Thursday, which meant sales rose for the third straight month for the first time since 2004.
"Federal Reserve Chairman Bernanke, during his July 22 Senate testimony, noted that mortgage rates are lower than they were last fall, in part because of the Federal Reserve's actions, and housing affordability right now is the highest its been in many years," Nothaft said.
Chief among the U.S. central banks' interventions has been a massive bond purchase program, of up to $1.75 trillion in mortgage-related and Treasury securities this year, aimed at keeping borrowing costs low to stimulate housing and the economy.
In other signs of housing life, building of single-family homes jumped 14.4 percent in June, the fastest rate in 4-1/2 years, the Commerce Department reported on Friday.
The National Association of Home Builders gauges of market conditions in July and the rest of this year rose to a 10-month high.
Housing is not without significant tempering factors: record and rising foreclosures, the highest unemployment rate in almost 26 years, and still-falling home prices that keep buyers waiting for even better bargains.
The Standard & Poor's/Case-Shiller home price indexes have toppled more than 32 percent from peaks three years ago. The pace of descent is slowing, but is widely seen continuing.
The last batch of home sales reports shows gathering traction as buyers take advantage of low mortgage rates and incentives such as a federal first-time buyer tax credit, wrote Millan Mulraine, economics strategist at TD Securities.
"In the grand scheme of things though, while we are encouraged by the recent flow of favorable housing sector reports, the considerable headwinds that U.S. households continue to face will likely limit the pace of recovery in the sector," he said.
(Editing by Chizu Nomiyama)
© Thomson Reuters 2009 All rights reserved
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