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Bruce Lynn's DFW Metroplex Homes

Dallas Fort Worth Coppell and Metroplex Home Sales Information

By Bruce Lynn | Broker in Coppell, TX
  • Re-posted with permission of Lynn Hood.... by the way I am very very picky about what loan officers we recommend. Han

    Posted Under: Home Buying in Dallas, Financing in Dallas, Credit Score in Dallas  |  February 27, 2013 5:02 PM  |  3,141 views  |  1 comment

    Re-posted with permission of Lynn Hood.... by the way I am very very picky about what loan officers we recommend.

    Hands down over and over and over consistently for many years Guardian wins.  Ever had a mortgage company get the file finished and to the title company two weeks before closing?   I have...and that was with Guardian.  Never missed a closing time, even when I've given them the file as little as two weeks before closing.   Competitive rates for my customers and just about the lowest fees I've ever seen with any lender...over and over and over.   Now on to the credit score and getting the best rates.....

      
     By Lynn Hood, Loan Officer, Guardian Mortgage Company, Inc.

    Has this happened to you? A hopeful young couple recently filled out all the paperwork to get approved for a loan and was shocked to discover the high rate for which they qualified. “But I checked my credit score online!” said the young man.

    “Many people rely on those quickie credit score calculators online and don’t realize that mortgage underwriters use different factors to figure credit score,” says Lynn Hood, loan officer at Guardian Mortgage Company’s Arlington, Texas office. “Even if you get a credit score from one of the credit bureaus, it may not be the same as the score used by a lender or take into consideration all the factors we have to.”

    Fewer than one in five people actually obtain copies of their credit reports on an annual basis. The most effective way for consumers to identify errors in their reports is to review them annually.

    So what is credit score and how can you make it better? According to Hood, a credit report is simply a tool to help lenders assess this risk of lending to a potential borrower by providing their credit history and the score provides the ranking for credit quality of that history with the potential for default. Statistically, potential homebuyers with a score of 600 or less, for example, have an 87% chance of default while those with 700-719 only have a 5% likelihood of defaulting on the loan.

    “Credit score can make a huge difference in the interest rate you will pay on your mortgage – most likely the biggest thing you ever buy,” notes Hood.

    What is in Your Credit Score?

    1. Negative events like bankruptcies, liens, collections, foreclosures and slow pays. “Depending on the seriousness of the event, it can stay on your report for as long as 7 years,” said Hood. “The older the negative event, the less impact it has on your score.”
       
    2. A ratio of your debt balances (like credit cards) to available credit. “Low balances are good,” adds Hood. “There is no ideal utilization of credit card availability credit, but keeping any one card – and the total balances across all cards – to less than 50 percent is preferred.”
       
    3. Public record information. “If you have a lot of unpaid speeding tickets, it will affect more than your car insurance rates,” warns Hood. “Some public record items can remain on your report for 10 years, so avoid judgments from unpaid tickets and other legal actions.”
       
    4. Number of recent inquiries which means credit applications you’ve made – not inquiries by credit companies looking to pitch you a new card or insurance companies you engage to change car insurance. Now is not the time to buy a new car or replace the refrigerator if you can help it. “Limit your new credit account inquiries to maximize your score.”
       
    5. Number of credit lines on your report. “Too many credit cards and credit lines can lower your score. The score benefits those with a balance of credit cards, installment loans and mortgages.”
       
    6. Number of years you’ve had credit reported to the bureau. “The longer the history the better, but people in their twenties can qualify for homes,” adds Hood. Establish a solid record of pay history as soon as possible. Typically, the best approach to developing a credit score is to have three credit lines “open for no less than 12 months.”

    There are differences in the scoring models consumers can access vs. those credit lenders may obtain. However, the differences are not typically sever with only one in four being a credit-quality category impactor.

    Consumers cannot know ahead of time whether the score they purchased from an online site will closely track or vary moderately or significantly from a score sold to creditors. Thus, consumers should not rely on credit scores they purchase exclusively as a guide to how creditors will view their credit quality.

    Much like a grade in school, different factors on credit scores are weighted. On-time payment is about 35% of your score; outstanding debt (balances) is 30%; credit history is 15%; inquiries and new credit is 10%; and types of credit are 10%.

    “Some people erroneously think they need to have lots of different types of credit to get approved for a mortgage, but it is only 10% of the overall score. Having a low balance and on-time payments are much more important,” says Hood.

    Six Ways to Improve Your Credit Score

    1. Pay your bills on time.
    2. Keep your credit card balances low.
    3. Clean up judgments, liens and other delinquencies from your credit bureau reports.
    4. Don’t open new credit accounts unless absolutely necessary.
    5. Don’t close your oldest credit accounts unless absolutely necessary.
    6. Correct common errors on your report like incorrect loan balances, credit limits, delinquency dates and open/closed statuses.

    The first step is to get your credit report from each bureau. They are required by law to make it available for free to everyone once per year. You can get yours online or by mail. Review it carefully. It is not uncommon for there to be mistakes.

    Experian: www.experian.com
    Equifax: www.equifax.com
    Transunion: www.transunion.com

    When you note a mistake, send a letter (with delivery confirmation requested) to both the credit bureaus and the creditor explaining what is in error. Provide your back up documents, but don’t send your originals. Include a copy of the credit report you used to identify the error and ask that the information be corrected.

    Why should you send multiple copies (one to the bureaus and one to the creditor)? Because credit reporting companies resolve an average of 15 percent of the consumer disputed items internally, without getting the data credit furnishers involved. The remaining 85 percent are passed on to the creditors. Ensuring both parties have the needed information improves your ability to have the issue resolved in a timely manner.

    Here are a few points that the CFPB recently reported about consumer’s experiences with working with credit bureaus:

    • More than a third of disputes have to do with collection accounts
    • Collections are 5 times more likely to be disputed than mortgage delinquencies
    • Few than 1 in 5 people obtain a copy of their credit report on an annual basis
    • 1 in 5 consumers will receive a credit score that is substantially different than what the lender or creditor will see

    “People are often surprised at what they find on their credit reports. We especially see mix-ups with people of the same name like “Senior” and “Junior,” or old items that were never removed that should have dropped off after a certain amount of time. Collections agencies are particularly bad about recording payments to the credit bureau.”

    Each credit bureau has a process for correcting mistakes. Often it is as simple as providing proof of payment or disputing an item. Disputing an item will cause them to begin an inquiry with the credit reporter. It can take weeks and you will want to make sure to get another copy of your report before moving forward on your mortgage application.

    If your credit card balances are high, you may want to consider spending a few months paying them down before applying for a mortgage.

    Lastly, don’t apply for new credit for a while. It makes it look like there may be additional debt unknown to the underwriter or that your spending may be increasing. After you get your home, you can then get other loans for life’s necessities.

    “There are a lot of factors and your score is constantly changing,” said Hood. “Clients with a poor or too-low credit score can usually improve it significantly within six months to a year by following these steps.”

    So what happened to the young couple? “They decided to wait a few months until they could get their credit report corrected,” said Hood. “Now they have a home at a low rate with the payment they can afford.”

    Have more questions about improving your credit score? Contact an experienced loan officer like Lynn Hood at Guardian Mortgage Company today about your specific situation. Guardian Mortgage Company has been serving North Texas since 1965. Lynn Hood (817) 261-7235 or LynnHood@gmc-inc.com.

    Bruce Lynn
    Keller Williams Realty
    120 S. Denton Tap #305
    Coppell, TX 75019
    214-675-6992
    rb@teamlynn.com
    www.dfwSnapshot.com
    www.realconometrics.com
    www.MetroplexHomeSalesInfo.com





  • Top Ten Cool & Unique Buys in DFW December 2011

    Posted Under: General Area in Dallas, Quality of Life in Dallas, Home Buying in Dallas  |  December 15, 2011 4:50 PM  |  5,632 views  |  No comments
    Each month we post the Top Ten Cool and Unique Buys we've found for sale in the DFW Dallas Fort Worth Metroplex.  There are normally a variety of styles, ages, sizes, and prices.  Some have unique locations, some are historic renovations, some are contemporary, some are just down right cool homes.  Sometimes they're great investment properties.  Sometimes they're great family homes.  Sometimes they have acreage.  They often move very fast due to being a top find, so if you are interested in one of these properties, please call us immediately.  The phones are often busy, so if we don't answer, leave us a voicemail and we'll call you back. 

    Check back each month for our latest finds .  If what you need isn't listed here, send me an email at rb@@@@teamlynn.com or call me at 214-675-6992 and we will set up a search specifically to meet your needs.  That way you can beat other buyers to the best properties. You might notice at times there are more than TEN best buys.  That's just one way we add value for our clients.  We always try to meet, but beat your expectations.  Most realtors hate unique homes, I thrive on them, so if you are looking for a unique home, call me first and we'll do our best to find you the right home for your needs. 

    If you have a unique home and need to sell and your favorite realtor is walking your home saying "Oh my", give them the Donald Trump "You're fired" and hire me.  You want to hear "WOW", "Cool", and "Awesome" from the realtor who will sell your home.  Plus you home can be featured here and exposed to buyers who don't want a tract home.
  • 2011 Property Tax Rates for the DFW Dallas Fort Worth Metroplex Area

    Posted Under: General Area in Dallas, Home Buying in Dallas, Financing in Dallas  |  December 9, 2011 5:11 PM  |  7,640 views  |  No comments

    Many buyers ask me about tax rates for different cities and counties.  Now at my teamlynn.com website you can find a link to many of the city and county tax rates for the DFW Metroplex area.  Just click on DFW Property Tax Rates to download this .pdf courtesy of Republic Title.  

    My advice is don't always focus on the cities with the lowest tax rates.  That may not be the best pick for appreciation, quality of schools, quality of services, etc.  You should factor into your home buying decision much more than tax rates.

    One thing to consider is transfer fees and HOA fees.  Some master planned communities now have transfer fees when you sell a home.  I've never seen a list of HOA fees that different communities charge, but if you come across one for the North Texas area please drop me an email.  

    While some people from other states think our property tax rates are high, remember our home values may be lower and we are one of two states with no state income tax.  Checkout the artcle in Tierre Grande -"High Tax Anxiety" We raise our taxes through property taxes here in Texas.  The lowest property tax rates in the DFW area are approximately 2% of the appraised value of your home, while the highest are approximately 3%.  There are exemptions discounts in some areas if you use the home as your personal residence and is your homestead, if you are over 65, or a disable veteran. 

    As always if you are thinking of moving to the DFW Dallas Fort Worth Metroplex are, please give me a call and feel free to search the North Texas MLS by clicking one the the links.

  • Top Ten Cash Flow Investments in DFW March 2011

    Posted Under: Home Buying in Dallas, Rental Basics in Dallas, Rentals in Dallas  |  March 27, 2011 2:54 AM  |  7,999 views  |  No comments

    Top Ten Cash Flow Investments in DFW March 2011 (edit/delete)

    Investment Overview:

    DFW Investors...if your strategy is to BUY and HOLD  cash flow properties for income and long term appreciation you have come to the right website.   Each month we post the DFW top ten buy and hold investment properties for sale.   Our general philosophy on DFW area investment property is to buy single family or 1/2 duplexes, less than $150,000, less than 20 years old, in great school districts. They are normally 3 or 4 bedrooms with 2 baths and with a 1 or 2car garage.   We like homes in cities known for having great schools like Coppell, Flower Mound, Frisco, Grapevine, and Keller.   They often move very fast due to being a top find, so if you are interested in one of these properties, please call Bruce immediately at 214-675-6992. The phones are often busy, so if we don't answer, leave us a voicemail and we'll call you back.

    In most cases these are turn-key homes that have been rehabbed or ready for occupancy.  Occasionally they may need minor work like paint, carpet, and appliances.  For our out of town, out of state, or international investors we do not like to see you take on major rehab projects long distance for your first few deals.  

    After closing we help you get them rented.  No matter where you live we can show you how to manage the properties long distance.  If you would rather have top quality property mangement collect your rents and take the phone calls we'll connect you with the best property management companies in the area.

    Check back each month for our latest finds. If what you need isn't listed here, send me an email at rb@teamlynn.com or call me at 214-675-6992 and we will set up a search specifically to meet your needs. That way you can beat other buyers to the best properties. You might notice at times there are more than TEN best buys. That's just one way we add value for our clients. We always try to meet, but beat your expectations. 

    We are also buy and hold investors.   We want you to be sucessful and buy and rent lots of homes.  We want you to tell other investors about your sucess with us.  There are many different strategies that work.  If you have a different strategy or focus let us know.  We are very interested in your successes.  Please share them with us.  I truely believe the only way for the average investor to develop life changing wealth for their families is through investing in income producing real estate.  

    Bruce Lynn
    Keller Williams Realty
    120 S. Denton Tap #305
    Coppell, TX 75019
    214-675-6992
    rb@teamlynn.com
    www.dfwSnapshot.com
    www.realconometrics.com

  • DFW Dallas Fort Worth Fix and Flip Properties:

    Posted Under: Foreclosure in Dallas, Remodel & Renovate in Dallas, Rentals in Dallas  |  March 6, 2011 1:46 AM  |  7,070 views  |  1 comment

    DFW Dallas Fort Worth Fix and Flip Properties:

    REHABBERS...each month we post the top ten Fix and Flip we've found for sale in the DFW Dallas Fort Worth Metroplex. There are normally a variety of styles, ages, areas, sizes, and prices.  Sometimes they're great Buy and Hold investment properties.  They are often foreclosures, REOs, or HUD homes.  They often move very fast due to being a top find, so if you are interested in one of these properties, please call Bruce immediately at 214-675-6992 to place your offer. The phones are often busy, so if we don't answer, leave us a voicemail and we'll call you back.

    Check back each month for our latest finds. If what you need isn't listed here, send me an email at rb@teamlynn.com or call me at 214-675-6992 and we will set up a search specifically to meet your needs. That way you can beat other rehabbers and investors to the best properties. You might notice at times there are more than TEN best fix and flip buys. That's just one way we add value for our clients. We always try to meet, but beat your expectations.  Most realtors hate investors and rehabbers, I thrive in mentoring and helping others be successful, so if you are looking for a great Texas fixer home, call me first and we'll do our best to find you the right flip for your needs.

    If you have a wholesale property or flip you need to sell and your favorite realtor is walking your home saying "Oh my", give them the Donald Trump "You're fired" and hire me to assist you buying or selling your flips.  You want to hear "WOW", "Cool", and "Awesome" from the realtor who will sell your home.  Plus you home can be featured on our websites and exposed to buyers and investors looking for a great home and cash you out. 

    Network with Other Investors in the DFW area:

  • Housing Shortage closer to reality than you think in Texas

    Posted Under: General Area in Dallas, Market Conditions in Dallas, Home Buying in Dallas  |  February 19, 2011 2:39 AM  |  3,173 views  |  1 comment

    Check out Steve Blow's Dallas Morning News article on the potential housing shortage in the Dallas Fort Worth area.  Click here for the link.

    Basic recap:

    1. New homebuilding is lagging.
    2. Huge population growth.
    3. Apartment construction also down.
    4. Increasing foreclosures.

    Time for investors to get on board and start snapping up some of the foreclosures and turning them into rental properties.  We are also seeing a shortage of apartments with 97% occupancies on average and a shortage of quality rental homes.   If you are of the opinion inflation is around the corner, protect your income and your capital by buying quality affordable real estate.

    We specialize in assisting investors find the right neighborhoods, buy the right homes, put in place the tenant and turn it over to a property manager to collect your monthly checks.   Call Bruce at 214-675-6992


    Bruce Lynn
    Keller Williams Realty
    120 S. Denton Tap #305
    Coppell, TX 75019
    214-675-6992
    rb@teamlynn.com
    www.dfwSnapshot.com
    www.realconometrics.com

  • DFW Dallas Fort Worth Metroplex Estate, Retirement, and Moving Sales

    Posted Under: Home Selling in Dallas, Remodel & Renovate in Dallas, Moving in Dallas  |  February 16, 2011 8:22 PM  |  3,246 views  |  No comments

    Are you the executor of a will?

    Do you need to clear out the estate of a relative, friend, or loved one?

    Check out the following DFW Estate Sale companies:

    Jeff Hamlin Estate Sales

    Help Me Ronda

    MWPittman

    24-7 Estate Sales

    CaringTransitions.net

    Ruth Taylor Estate Sales

    Discovery Estate Sales

    Ambrosia Estate Sales

    Estate 2 Locate

    Estate Sale 4 U

    Janelle Stone Estate Services

    Lucy and Ethel Do Estate Sales

    We also specialize in helping families sale estate homes in all conditions, shapes, and sizes.  Call us today, even before you call for estate sales help at 214-675-6992.

    Contact us for a preferred list of trades who can help you get your home in tip-top sale ready condition.  If you just want to sell the home as is, our investors can make a cash offer on your home today and normally close in a few days with no out of pocket costs to you.   Call today for a free consultation.


    Bruce Lynn, Realtor
    Keller Williams Realty
    214-675-6992
    www.teamlynn.com
    rb@teamlynn.com

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