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Teravista : Real Estate Advice

  • All13
  • Local Info4
  • Home Buying1
  • Home Selling0
  • Market Conditions1

Activity 5
Wed Oct 30, 2013
Jon Spears answered:
Hey there, I would like the opportunity to help you with your decision. I do home equity and refinance loans everyday. I can fully explain the differences to you and let you know what would work best for you.
visit www.mylendingplace.com/Shannon so I can get started helping.
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Wed Oct 2, 2013
Don Groff answered:
Hello Taqdees,

As it has been said the market is still very active. Home prices are still being driven up due to the larger number of people moving into the Austin area. If you need any help or have any questions please let me know. I am a Realtor and Mortgage Broker so I can not only help you negotiate the best price on a new build home with the builder I can also help you obtain better financing options.

Builders want you to use their own "in-house" lenders and offer you perks or promotions to do so. The problem is their lenders charge a lot more in a higher rate and fees. On a purchase of this size I can typically save you $3,000 to $4,000 via a lender credit that they would pocket. So even if you need to use the builder's lender we can force them to give you a better deal based on what I am able to offer you. It's a win-win for you and will save you a lot of money.

Hope this helps.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: www.AustinListed.com | www.360LendingGroup.com
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Thu Aug 15, 2013
Don Groff answered:
Interesting question and yes you did seem to buy at the right time just before the market really started to turn around in the Austin area.

While you could refinance and pull out the equity in the home (you will need to have lived in the home a full year to be able to do that but it looks like you are there now if you purchased last summer) it probably makes sense to downsize and sell if that is truly your objective. If you can sell and make a profit to use towards your business objectives that is probably better than keeping a home that doesn't suit your needs long term.

Buying something today you plan to keep for the long term will allow you to still take advantage of the current low interest rate environment. Sure rates are a point higher than they were a few short months ago but they are going to continue to rise over the next year and into the future. Where they ultimately go is anybodies guess but historically that is the 6% range. As rates increase it may decrease the benefit of downsizing. I mean if the rate on the new smaller home is considerably higher than the 3.75% you have now it makes the smaller home more expensive due to the higher cost of borrowed money.

If you sell now you could essentially keep the 5% necessary for your next purchase aside and the rest could go towards your business goals. It seems like a win win for you and also eliminates the uncertainty of what rates will do which could ultimately force you to stay put where you are now.

That is my two cents anyway. As a mortgage broker and Realtor I fully understand all aspects of the process. If you would like to discuss any of your refinance options or discussing the value of your home please do not hesitate to contact me.

Best of luck to you.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: www.AustinListed.com | www.360LendingGroup.com

(If my answer is helpful indicate by THUMBS UP or BEST ANSWER. Thank you )
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Sat Jul 6, 2013
Don Groff answered:
I would not think the payment you mention above has escrows (taxes and insurance) included. If this is an established loan it appears that you would be responsible for paying the taxes yourself come December or January depending on when you wanted to pay them.

If taxes are in the payment or on a loan where they are included the lender pays the taxes for you usually in early December. Insurance is paid whenever the renewal for the policy is due. Your escrows always keep enough to make these payments plus about 2 months of padding so that if taxes or insurance go up you still have enough to cover.

Hope this helps.

_____________________________________________________
Don Groff | REALTOR® & Mortgage Broker
Austin Real Estate Pros & 360 Lending Group
o 512.669.5599 | m 512.633.4157 | listings@dongroff.com
websites: www.AustinListed.com | www.360LendingGroup.com
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Wed Jun 30, 2010
Greg Hodge answered:
Mr. Flores,

There are five types of sellers I have identified in the current market: If you are not one of these below, I would wait for the election year - 2012 when things should improve.

1) Need to move-up and don't mind selling for loss because your gain will be so much better.
2) Emergency Crisis- lost job, medical crisis, death in the family, etc.
3) Can't make payment and are in danger of foreclosure - Short sale home.
4) Needing to Relocate because of better job position, can take loss on sell side to buy or rent in new area.
5) Retired and need to downsize or move closer to family while prices are somewhat affordable.

Warm Regards,

Greg
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