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COVID-19 Mortgage Market Update from Laith Daik

April 16, 2020/0 Comments/in Uncategorized /by Jessica Lake

Setting the Right Expectations for House Hunting

June 18, 2019/0 Comments/in Uncategorized /by Jessica Lake

Buying your next home is an exciting prospect. Sometimes we can get swept away with the features we want in our new homes. So, let’s bring things back to reality and think about what you NEED your new home to have. Check out the tips below to help keep you on track when you start […]

COVID-19 Mortgage Market Update from Laith Daik

April 16, 2020/0 Comments/in Uncategorized /by Jessica Lake

Setting the Right Expectations for House Hunting

June 18, 2019/0 Comments/in Uncategorized /by Jessica Lake

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COVID-19 Mortgage Market Update from Laith Daik

April 16, 2020/0 Comments/in Uncategorized /by Jessica Lake

Like almost all industries, COVID-19 has had an adverse effect on the mortgage industry. The changes have been happening daily and at a rapid pace. The changes include new processes, procedures, and verification’s required. Some of the major changes have included the appraisal required in some circumstances has been changed to allow an exterior only inspection or a desk review. There are additional verification’s required to confirm the borrower is gainfully employed. The verification’s apply to both W2 wage earners and self-employed individuals. The federal stimulus has both helped and hurt the mortgage business. The Federal government is working closely with industry leaders to help resolve unintended consequences resulting from the stimulus. Many mortgage companies have tightened credit standards making it more difficult to qualify for a mortgage loan. Just this week, Chase Bank one of the largest originators and servicers of mortgage loans implemented an underwriting overlay requiring a minimum credit score of 700 and minimum down payment of 20%. We are hopeful that the market settles and we can start focusing exclusively on assisting our customers.

Our team at Texas Loan Star has been working tirelessly to adapt new processes and procedures with goal of continuing to serve our customers and business partners- realtors, bankers, builders, financial planners, and CPA’s to name a few. Thankfully, all loan products that Texas Loan Star provides are still available at this time. Conventional, FHA, VA, Jumbo, Portfolio, Renovation, Refinance, Cash-Out and Construction loans. Rates are still at an all-time low. Our average close time for purchases is 30 days and for refinances are averaging 45 days. Lending requirements are changing daily but we are keeping up and informing our borrowers so they are aware and have clear expectations. We are anticipating low rates for the foreseeable future which should help keep buyers in the market. If anyone has other questions, don’t hesitate to reach out. We are all in this together! We are #YourHomeTeam.

Laith Daik

President of Texas Loan Star

Laith@texasloanstar.com

713-802-0606

Setting the Right Expectations for House Hunting

June 18, 2019/0 Comments/in Uncategorized /by Jessica Lake

Create a Budget

One important thing to do before you start is to find out how much you can spend on a house. Once you figure this budget out, you can use a mortgage calculator to better understand your mortgage monthly payments (see Texas Loan Star for more information).

Using some kind of budgeting program will help give you a clear picture of how your mortgage payment fits into your monthly expenses. You’ll want to make sure you have plenty of money left over at the end of the month for savings, improvements, and m other miscellaneous items.

Prioritize what you need, what you want and what you can live without

Sit down and think about what your new house absolutely must have. We’re not talking about a bathroom, kitchen or bedroom either. Those are fairly standard for the vast majority of homes. Think about whether you need to be closer to work to have a better work-life balance. Is the house close to a good school? We’re talking about essentials – things you cannot live without.

Next think about what you want your new home to have that your current home doesn’t have. Think of these as upgrades.

Cut out the what can you live without

The pie-in-the sky stuff, like your own personal basement bowling alley, would be nice; however, you can probably continue to live perfectly fine without it. Is it worth it to spend thousands of dollars more on those luxury items when you could use that money elsewhere?

Take your list and start house hunting

Make a plan with your real estate agent and start looking at homes online to see what homes are out there and compare them with all of the items on your list. This will help you see if you can get everything on your list within your budget. If you can’t find a home you can afford with everything you want, it’s time to re-evaluate.

Re-Evaluate your list

Look back at your list and see where you can cut. Remember, you can always change things like flooring, carpet, paint, cabinets and appliances.

An updated, ready-to-use kitchen, for example, would be great, but maybe you can use the money you save on a lower priced house to update the kitchen later. You might even save money by doing the work yourself.

Finding the right home might take a little time. Preparing ahead of time, knowing what you really want in a house and having the right expectations makes the process easier and less stressful. Good luck!

Call Texas Loan Star at 713-802-0606 for more information!