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7 Things You MUST Tell Your Loan Officer when Applying for a Mortgage

02-01-12
David Krichmar- DaveYourMortgageguy.com
David Krichmar- DaveYourMortgageguy.com: Mortgage Company in Sugar Land, TX
  • view my blog
  • Office: (832) 689-6012

When getting a mortgage you want to make sure your Loan Officer(Mortgage Banker or Broker) knows as much information as possible. The more information, the better. And unfortunately, if you do not tell them they won’t know. And not knowing can cause your loan to be denied. Here are 7 major things you MUST tell your loan officer when applying for your Mortgage:

1. I am Paid Commission- If you are paid commission you have to tell your loan officer. This is, because commission income is treated differently than someone who is paid a salary. If you are paid commission you need a track record of getting paid commission for usually 24 months. And your commission income is divided over your time working. So needless today, you will want your Mortgage Professional to calculate your income vs telling them the wrong income amount. You will also want to tell them about overtime, bonus and any other type of income.

2. I am Married- Trust me, I know this seems obvious but I have had clients tell me they are not married. Sometimes it is because they are separated from their partner or were married in another country. But, trust the truth will come up during the mortgage process. So make sure to be up front with your mortgage person so they can come up with the best solution for you.

3. I am Self Employed- If you are self employed(or paid a 1099) your income will be calculated based on your income after your write offs on your tax returns. And most situations will be calculated over a 2yr period. So even thou you deposit “ $20k” a month in your bank account does not mean that this is your income. And in this situation make sure you fax your last 2 years tax returns to your Loan Officer. And let them calculate your exact income.

4. I deposit random amounts into my Bank Account- For every mortgage, you are required to submit the last 2 months bank statements. So any large deposit in the last 60 days has to be verified. So if you have sold a car, motorcycle, baseball cards, etc recently make sure you have proof.

5. I am here on a Visa- If you are here in the United States on an Immigration Visa, make sure your Loan Officer knows. And make sure you know which Immigration Visa’s you can have to get a mortgage.

6. I get/pay child support- If you get paid child support make sure you tell your Loan Officer. And if you pay child support make sure they also know this. As both examples can increase or decrease your income.

7. I owe Back Taxes- If you are owe back income taxes, tell your Loan Officer. If you owe back taxes and/or making payments on them, this could affect your loan approval. And your Loan Officer will find out about the back taxes when they order your income records from the IRS.

Don’t leave it up to your Mortgage Professional to assume anything, tell them up front. This will make your loan go smoother and cause you less stress. This list makes up the Top 7 things you MUST tell your Loan Officer when applying for a Mortgage.

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“You Spot It, You Got It.” (Perspectives on Real Estate and More from a Home Staging Pro)

02-01-12
Kathy Strader, ASP
Kathy Strader, ASP: Home Stager in Houston, TX
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  • Office: (713) 824-8542
  • Mobile: (713) 824-8542

“You Spot It, You Got It.”

It happened twice in three days. I try to ask a question, and the person I’m speaking with assumes they know what I’m going to ask so they interrupt me to answer. I can tell by the answer I’m given, that the person I’m speaking with doesn’t understand what I’m asking. Again, I attempt to ask; I’m interrupted, answered (incorrectly), and summarily dismissed. Disapointed

The first time it happened, it was a colleague I was speaking with. Although perturbed, I chalked it up to bad timing and believed that perhaps she was distracted. The second time is was a government official, and since I knew my question was out of general interest rather than a desperate need to know, I let it go. Still, I was really bothered by these instances and kept replaying them in my head.

“Why is this happening to me?”, I asked myself. It was then that my Yetti’s words were ringing in my ears. “You spot it, you got it.” He says this all the time because the thing that makes us the most annoyed at others is often Listensomething we are guilty of ourselves. Dang! Was it possible that I was not doing a good job of listening to people that come to me for information? I felt convicted.

Although I couldn’t think of a specific instance when I had done what was done to me, I am now hyper aware. I can’t always guarantee that I will understand the question and answer correctly, but I will do my best to listen and be kind.

Wishing you a quick sale!ASP Logo

Kathy Strader, ASP

www.MemorialStagedHomes.com

Kathy@MemorialStagedHomes.com

http://www.buttonshut.com
Follow StagingHouston on Twitter

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The importance of color.

01-31-12
Jeanne and Ralph Janisch CRS, Brokers Durango Home Team
Jeanne and Ralph Janisch CRS, Brokers Durango Home Team: Real Estate Agent in Tomball, TX
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  • Office: (713) 632-4500
  • Mobile: (713) 447-4343

Front DoorThe redecorating experience of getting our house ready for sale has reminded me of many little basics we have come to take for granted.

Yesterday when we redid the hardware on the front door and then realized that it would be necessary to paint it, the color to use became the question.

I frequently request that our listing clients paint their front doors, but my door was another matter.

The trim color of the house is dark brown so I wanted something contrasting. After much thought we headed out to the home improvement store. All day I had been drawn to shades of orange and the swatch that appealed most was a dark coral.

Once home and into the project the paint in the can did not appear to match the color in my head. After the door was almost painted I decided I did NOT like it.

Since it was drying in several different shades I was frustrated. I was also too tired to do it over right then. I decided to wait til morning and see what it looked like then.

Luckily the morning light brought us a pleasant color that gives the desired result.

Such a small chore should not have taken so much time, but it did. Hopefully it will be a favorite color of the buyer who will be coming soon to make this their home.

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TEXAS' EXISTING HOME SALES UP 4 PERCENT | HOUSTON | LEAGUE CITY, TX

01-31-12
Marilyn Wier, ABR, CDPE, CIPS, CLHMS, CRS, SRES
Marilyn Wier, ABR, CDPE, CIPS, CLHMS, CRS, SRES: Real Estate Sales Person in League City, TX
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  • Office: (281) 204-1015
  • Mobile: (713) 542-8451

TEXAS' EXISTING HOME SALES UP 4 PERCENT | HOUSTON | LEAGUE CITY, tx

TEXAS' EXISTING HOME SALES UP 4 PERCENT

COLLEGE STATION (Real Estate Center) – Sales of existing single-family Texas homes in December were up 4 percent from a year ago, according to the most recent Multiple Listing Services (MLS) data compiled by the Real Estate Center at Texas A&M University.

More than 16,500 homes were sold, data showed. The median home price was $150,700, about the same as a year ago, and the state's overall inventory was at six months.

December 2011 MLS data for many Texas cities are available on the Center's website. Here is a sampling (data current as of Jan. 30, 2012):

Sales

Change from
Last Year

Median
Price

Change from
Last Year

Months'
Inventory

Austin

1,738

up 11%

$188,200

down 2%

4.2

Beaumont

151

up 2%

$114,000

down 14%

11.1

Brownsville

39

down 33%

$86,800

down 22%

12.4

Dallas

3,315

up 3%

$162,800

up 1%

4.7

El Paso

420

down 9%

$97,900

down 27%

7

Fort Worth

645

up 5%

$112,500

down 6%

5.2

Houston

5,048

up 7%

$160,400

up 2%

5.9

Midland

134

up 17%

$184,000

down 1%

3.3

San Antonio

1,393

up 3%

$148,400

down 6%

6.6

Sherman-
Denison

84

up 22%

$96,700

up 3%

8.8

Temple-
Belton

115

up 4%

$120,700

down 13%

7.9

Tyler

198

down 5%

$130,800

up 1%

11.4

Victoria

74

up 37%

$131,100

down 2%

3.8

Waco

153

up 2%

$116,200

down 1%

9

Wichita
Falls

81

down 31%

$102,300

down 9%

7.6

Texas

16,505

up 4%

$150,700

no change

6

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Things to Do in Houston for Valentine's Day| Houston, TX | Marilyn Wier 713-542-8451

01-31-12
Marilyn Wier, ABR, CDPE, CIPS, CLHMS, CRS, SRES
Marilyn Wier, ABR, CDPE, CIPS, CLHMS, CRS, SRES: Real Estate Sales Person in League City, TX
  • view my blog
  • Office: (281) 204-1015
  • Mobile: (713) 542-8451

Valentine’s Day is fast approaching! Houston and the surrounding areas can offer you and your loved one plenty of options to help celebrate in style. If you are looking for romantic ideas and places to go for this Valentines 2012 take a look below at some wonderful spots that are local!

1. It seems like Valentine’s Day is the only day that we can make an excuse to have a sweet tooth and not feel guilty about it! What better way to spend a romantic evening than to take your honey to The Chocolate Bar on University Blvd., in Houston. You won’t find any alcohol on The Chocolate Bar’s menu, but you are sure to satisfy your sweet tooth!

2. Take your date to The Rainbow Lodge, considered one of Houston’s most romantic restaurants. Cozy up next to the crackling fireplace in the cozy log cabin setting. After you finish your delicious meal, take a stroll through the beautiful one acre grounds! The Rainbow Lounge has the atmosphere and ambiance that you and your date will truly remember.

3. Take that special someone for a night they won't forget as you board a Star Fleet ship at the shores of Clear Lake. With high ceilings and a beautifully decorated interior, dining is an elegant experience as you are taken across the vast waters at Clear Lake. Enjoy the spectacular views and music while you are served gourmet style food. Then, stroll across the deck where you can watch the sun go down across the water. End the evening by dancing with your loved one before the ship makes the return journey back to port.

4. Set in a New Orleans inspired house from the 1930s, the Backstreet Café is an upscale restaurant that offers intimate dining, which is ideal for those who want to take their loved one out for a special Valentine's Day dinner. The warm tones and elegant décor is offset nicely with subtle lighting creating a cozy ambiance no matter where you sit.

5. The Houston Grand Opera has two dates available before Valentine’s Day, February 7 and 13th. Orchestra tickets are available at a discount price for both shows. This fully costumed and staged production, on the scale of the grandest of grand operas, stars the world-renowned Houston Grand Opera Chorus. With the Houston Grand Opera Orchestra under the baton of Music Director Patrick Summers, Chorus! is an unforgettable evening of music and spectacle.

6. Located in Kemah, TX The Cadillac Bar is offering its Cupid Combo. For $49.95 a person you will enjoy an appetizer, an entrée, dessert and a non-alcoholic drink. You can reserve your spot so you can sit down and enjoy your dinner sooner than later. After enjoying your dinner take a stroll through Kemah’s Boardwalk. Take a ride on the farris wheel and make it a night of romance.

If you want more local information about the League City, Kemah, Clear Lake area, give me a call today! I can help!

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