Rising Rates!

Who doesn’t want to save a little anywhere they can? I know I do. I want to share a few ways that you can save on your mortgage. With rates expected to climb a little this year, it’s becoming top of mind with many clients. 

Here’s the bottom line: just because you have a loan structured when you first purchase doesn’t mean that it’s set in stone for the life of the loan. There are ways to restructure your loan to pay it off earlier than initially planned, save money on your monthly payment, or to free up funds. Here’s a snapshot of a few options for each scenario. 

Pay Extra to Pay Off Early

There are several ways to pay off your mortgage ahead of schedule. 

 • Pay extra each month

 • Set up bi-weekly payments

 • Make an additional mortgage payment once throughout the year

 • Divide the monthly payment by 12, then add the extra to each month

Recast Your Mortgage

If you want to lower your monthly payment and have the cash to do it, you can recast your mortgage. This means you lower your principal – not the term or your interest rate.

Refinance Your Loan

This is probably the most popular way to restructure a loan. Refinancing is when you’ll replace your current mortgage with a new one at a lower interest rate. The lower interest rate will help lower your monthly payment.

That’s just an overview of these strategies. Remember: every loan and situation is unique, and I’d be happy to take a look at your situation and help you save on your mortgage payment. Give me a call to set up an appointment. 

Have a great day, 
Rachel Slovacek NMLS #1406817

Brief Synopsis Of The Week’s Economic News And How It Affects Real Estate and Rates

Sellers see home profits surge to decade high
Homeowners who made a sale in the last three months of 2017 saw their return on investment hit an average 28.8%.

ATTOM Data Solutions’ Home Sales Report shows that the average profit of $54,000 made by sellers was the highest since the third quarter of 2007; and increased from $53,732 in the previous quarter and from $47,133 in the fourth quarter of 2016.

“It’s the most profitable time to sell a home in more than 10 years yet homeowners are staying put longer than we’ve ever seen,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. “While home sellers on the West Coast are realizing the biggest profits, rapid home price appreciation in red state markets is rivaling that of the high-flying coastal markets and producing sizable profits for home sellers in those middle-American markets as well.”

Profit in this market almost doubled 

Sellers in San Jose saw the largest return on their investment (90.9%) but there were also large gains for other Californian markets: San Francisco (73.3%), Merced (64.6%) and Santa Cruz (59.8%).

Seattle was the only metro outside California to make the top 5 for ROI. Sellers there averaged a 64.4% return.

“The biggest story for the greater Seattle housing market in 2017 was persistently low inventory levels which continued to push home prices higher,” said Matthew Gardner, chief economist at Windermere Real Estate, covering the Seattle market.

US median home price at record high

The US median home price in 2017 was $235,000, up 8.3% from 2016 and setting a new all-time high. Annual home price appreciation in 2017 slowed slightly compared to the 8.5% in 2016.

Ocala, Florida (14.3%); Kansas City, Missouri (13.4%); San Jose, California (13.3%); Salem, Oregon (12.9%); and Nashville, Tennessee (12.5%) were all among the cities with the largest price increases.

 

 
     Ted Clay,
Sr. Loan Officer/Sr. Loan Consultant 

Office: 405.341.8644 ext.102
e-Fax: 866.208.5309

tclay@certaintyhomeloans.com
TedClay.com
NMLSR# 217991
OK License# MLO01963

                 

House vs Home

Happy Friday Everyone!

house (noun)
a building for human habitation, especially one that is lived in by a family or small group of people

home (noun)
the place where one lives permanently, especially as a member of a family or household

Two letters separate the words house and home, but they make all the difference in the world in how we define the dwelling in which we live. A buyer makes the transition between the house and home when we see that smile slowly spread across their face as they walk into each room. Their eyes shine a bit brighter when they start visualizing the life they will build within those walls.

When we think about the holidays, people talk about going home. No matter how long you have a home of your own, going back to the house you grew up in or traveling to the city where you lived is still ‘home’ in your heart. We are part of that journey for so many people. How lucky are we?

As you prepare for Thanksgiving, know that we are always grateful to be a part of these stories of turning houses into homes! If there is anything we can do to help you with the buying or selling process, please let us know. And if you ever have any mortgage needs, Taylor can help you with the mortgage process! We wish you all the best whether you are traveling or staying here for the holidays. Either way, there’s no place like home! Happy Thanksgiving! 

Taylor Ortiz
Sr. Loan Officer
NMLS# 449866
OK# MLO10171
Phone: (405) 509-10642575 Kelley Pointe Pkwy., Suite 180
Edmond, OK 73013
http://taylorortiz.net/

Mortgage Update


WEEKLY UPDATE –  JULY 21, 2017
A Brief Synopsis Of The Week’s Economic News And How It Affects Real Estate and Rates 
 
US median home value just smashed the record
A typical home in the US was worth $200,400 in June, smashing through the $200K barrier for the first time.

The record was set following a 7.4% year-over-year rise in the median home value according to Zillow, as the number of homes available to buy dropped 11%, the biggest drop in inventory since July 2013.

 “The national housing market remains red hot and shows no signs of slowing, even as some local markets like the Bay Area have noticeably cooled,” said Zillow Chief Economist Dr. Svenja Gudell.

He added that even in the cooling areas, tight supply and strong demand is leading to fierce competition.

The fastest-rising home values are in Seattle (13%), Dallas (10.5%) and Las Vegas (10%) while the markets with the biggest drops in inventory are San Jose (40%), Columbus, OH and San Diego (both dropping 33%).

Meanwhile those hoping to save for a downpayment while renting are 1.1% worse off from a year ago. Rents have risen to a median $1,422 with a 5% jump in Seattle, 4.5% in Sacramento and 4% in Los Angeles.

Those would-be first-time buyers in Pittsburgh have seen rents drop 4% while renters in Houston, Miami, San Jose and San Francisco are also among 12 of the 35 largest metros where rent has fallen.

 
 
 
     Ted Clay, WR Starkey Mortgage
Sr. Loan Officer/Sr. Loan Consultant 

Office: 405.341.8644 ext.102
e-Fax: 866.208.5309

tclay@wrstarkey.com
TedClay.com
NMLSR# 217991
OK License# MLO01963

 

A Home Buyer’s Wishlist

 

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What type of home are you looking for? There are so many choices that it is important to have an idea of what you want and need before you begin your search. Consider making a checklist of amenities that are essential and you would like to have in your new home.

This list might help clarify your thinking on what is important to you when you are ready to purchase:

  • What neighborhood would you like to live in?
  • What price range do you have in mind? Have you met with a lender?
  • What type of home interests you? (one-story, two-story, townhouse, condo)
  • What style is appealing to you?
  • Are schools a factor in making your decision?
  • How many bedrooms and bathrooms do you need and want?
  • What interior features are important to you?
  • What exterior features are important? (Garage, yard size, patio/deck; etc.)
  • Are there any special features you are looking for in a home?

We would love to find your perfect home. Whether you are looking to buy or sell, The RED Team specializes in all areas of Real Estate! 405-330-2626

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The RED Team’s Tips and Tricks #3: How To Save Money

The first step to saving money is setting goals.

  • What are you saving money for?
  • What does your time frame look like?
  • How much money are you wanting to save?

1. There are tons of simple ways to save money that we don’t even realize! Do you have clutter in your home? Go through what you don’t like or use and sell it! The easiest way to sell unwanted things of value is to post on websites such as Craigslist or share with your friends on Facebook.

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2. Save your change! Collect your coins in a jar. You’ll be shocked by how much it adds up to!

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3. Cook at home. Do you often eat out? If so, limit yourself to only one or two nights out a week. This will save you tons!

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4. Spread the word. Let friends and family in on your plan so they can encourage you. Your friends will be less inclined to ask you to expensive shopping trips or pricey restaurants.

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At the end of your goal, CELEBRATE!!! And remember that saving can be a part of your lifestyle!

What do you save for and how do you do it?

10 Steps To Selling Your Home

Define your goals, wants, needs and expectations.  A good place to begin is by exploring your short and long term goals in life and how selling your home fits in.  We will walk through a process we use to thoroughly understand our client’s goals, wants and needs to ensure that your expectations are met.

 

Determine the best price for what’s going on in the market right now.  We assess the current state of the market and what comparable homes are actually selling for by reviewing a Comparative Market Analysis (CMA) on your home.  That way, we can objectively determine its fair market value and price it right.

 

Prepare your property so that it is in top-selling condition.  Most of us do not keep our homes in    top-selling condition. We will work with you to help you see things from a buyer’s point of view.  We will consult with you on what to repair, replace or remove so that your home makes a GREAT first impression.

 

Implement time-proven, research-based marketing strategies.  Your home will be marketed with a marketing plan that has the highest potential for bringing not only the most buyers, but also the most qualified buyers to your doorstep.

 

Show your property.  Always keep your home in top-selling condition.  When you leave for work, make sure that your home remains in top-selling condition.  You know what they say about first  impressions plus we want your home to win the Beauty Contest!

 

Receive an offer.  When a buyer decides to buy your home, an offer will be presented.  We will advise you on the offer and whether the buyer is qualified to purchase your home.

 

Negotiate to sell.  Most offers require some level of negotiation.  We will work together to decide your parameter and we will negotiate on your behalf.

 

Have your home appraised and inspected.  Once you have accepted an offer, we will work with the buyer’s agent to coordinate an appraisal, inspections and a survey (if required).  If the buyer requires that certain repairs be made on your home, we will continue to negotiate on your behalf and recommend vendors so we move successfully from contract to closing.

 

Prepare for closing.  A few days before closing (also known as settlement), we will contact the title  company and the buyer’s agent to ensure that all the necessary forms and documents have been   prepared.  We will call or email you to review the closing documents and let you know what additional forms and information you need to bring to the closing.

 

Close!  At the closing, ownership of your property is legally transferred to the buyer.  One of us will be present to advise you and ensure that everything goes according to plan.

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Contact The RED Team for all of your Real Estate needs! 405-330-2626

 

When Buying A Home…

When you choose The RED Team to help you buy a home, we guide you step-by-step through the entire process and make it as easy as possible for you.

Once you have found the property you want, we will write a purchase agreement. While much of the agreement is standard, there are a few areas that we can negotiate:

 

The Price

What you offer on a property depends on a number of factors, including its condition, length of time on the market, buyer activity, and the urgency of the seller. While some buyers want to make a low offer just to see if the seller accepts, this often isn’t a smart choice, because the seller may be insulted and decide not to negotiate at all.

 

The Move-in Date

If you can be flexible on the possession date, the seller will be more apt to choose your offer over others.

 

Additional Property

Often, the seller plans on leaving major appliances in the home; however, which items stay or go is often a matter of negotiation. Typically, you will not be present at the offer presentation – we will present it to the listing agent and/or seller. The seller will then do one of the following:

 

  • Accept the offer
  • Reject the offer
  • Counter the offer with changes

 

By far the most common is the counteroffer. In these cases, our experience and negotiating skills become powerful in representing your best interests. When a counteroffer is presented, we will work together with you to review each specific area of it, making sure that we move forward with your goals in mind and ensuring that we negotiate the best possible price and terms on your behalf.

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If you or someone you know is looking to purchase or sell a home, contact The RED Team and let us help you! 405-330-2626