Heather Goodwin ~ Shreveport Louisiana Real Estate

Twelve Oaks

Begun in 2005, this unique community in Shreveport, Louisiana is situated on 400 acres not far from the bustling shopping mecca along Youree Drive. Access to the rest of the city is easy via the Terry Bradshaw Passway.

Twelve Oaks is comprised of four distinct "neighborhoods", each with a feel of its own. Middleton Place is the first section you get to after you pass through the gate. There are five streets with small to mid-size garden homes.

When you enter Charleston Place to the left, you feel as though you are in an entirely different development. As you might guess, the homes' architectural styles are reminiscent of old Charleston. Wispy trees and lush landscaping along with fenced front yards add to the impression of southern charm.

The main part of the development, appropriately called Twelve Oaks, consists of larger homes with straight streets and a "subdivision" type feeling. The children's playground is located at the southwest side of this area of the neighborhood, and the pool and clubhouse are at the northeast end.

The last part of this gated community is called Bienville Path and is currently under development. With it's winding streets and cul de sacs surrounded by woodsy fields, it is sure to please those who like to take meandering walks and wave hello to their neighbors as they go by.

An active Homeowners Association plans community events such as 4th of July celebrations and Christmas wreath decorating contests. They also have a newsletter to keep everyone informed of upcoming events.

Prices range from $230,000 to $375,000. Lots are available in the Charleston Place, Twelve Oaks, and Bienville Path areas of the neighborhood.

Decide what you can afford

Generally, you can afford a home equal in value to between two and three times your gross income. I advise to begin looking at homes in the lower end of that price range.

Develop your home wish list

Then, prioritize the features. For example, which is more important to you - the right school district or proximity to work? A remote master bedroom or a wood-burning fireplace or a large kitchen? A large fenced yard or no yard?

Select where you want to live

Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety. Drive around each one during the day and in the evening to get a feel for the neighborhood.

Start saving.

Do you have enough money saved to cover your down payment and closing costs? At a minimum, you should have 10 percent of the purchase price saved as a down payment, and closing costs average between 2 and 7 percent of the home price.

Get your credit in order.

Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments. There are things you can do to improve your credit score.

Determine your mortgage qualifications

How large of a mortgage do you qualify for? Also, explore different loan options with each lender you speak with to decide what’s best for you.

Get pre-approved

Organize all the documentation a lender will need to preapprove you for a loan. You will need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

Consider other sources of help with a down payment

Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on programs for first-time buyers, or ask the lenders you talk to.

Determine the total costs of homeownership

This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

Contact a licensed real estate professional

An experienced REALTOR®, especially one who has achieved the Accredited Buyer's Representative designation can help guide you through the process and answer any questions that you might have along the way. And, of course, when you're ready, they can show you the houses you're interested in. That's when you've gotten to the fun part!

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You're at Home with Heather
Shreveport and Bossier City, Louisiana Real Estate

Shreveport Home Connection
Coldwell Banker J. Wesley Dowling & Assoc. LLC

Serving your real estate needs in Shreveport, Bossier City, Benton, Haughton, Keithville, Stonewall, Blanchard, and Barksdale AFB

Licensed in Louisiana

This is a good question if the lender you've done business with in the past is no longer around. It is also a question that first time home buyers must have an answer to. Everyone would agree that it's important to pick a mortgage company that is reputable and will do a good job. After all, if the money isn't there, you won't get to the closing table. A good mortgage lender can make or break a deal. I've seen it happen. So, how do you go about finding a great mortage lender? There's definitely more than one way, but if you don't have a referral from family or friends, here are a few things to think about before looking for a mortgage company.

1 - Does the lending institution have a good reputation in the business? Ask anyone and everyone about their experiences. You'll get an earful, I'm sure.

2 - How long has the mortgage broker/person been in the business? If they've not been in the business that long, are they under the supervision of someone who has?

3 - Is the lender willing to be upfront and honest with you? If you're asking for the moon, and they are telling you that it can't be done, you probably have an honest lender who will do what's right.

4 - Real estate agents have relationships with mortgage lenders who are known to get the job done. This is not a bad thing. Agents receive no compensation from mortgage companies. Having done business with a lender successfully in the past may even allow us to push our mortgage people when needed and to have a little bit more control in the transaction.

We also keep a list (if only in our minds) of those lenders we hope we never have to deal with again. Just as trust needs to be built between the buyer and the real estate agent, the same process holds true for agents and the mortgage industry. These two industries work so closely together, that trust is paramount. That's why we make the suggestion to call "our lenders". We trust that they can do the job they are supposed to do.

5 - Get two or three quotes. Competition is good for everyone. You can always ask your "favorite" lender to match the best quote you receive.

Remember that if something seems too good to be true, it usually is. At least call the people we suggest that you call for mortgage financing. There is definitely a reason for it!

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You're at Home with Heather
Shreveport and Bossier City, Louisiana Real Estate

Shreveport Home Connection
Coldwell Banker J. Wesley Dowling & Assoc. LLC

Serving your real estate needs in Shreveport, Bossier City, Benton, Haughton, Keithville, Stonewall, Blanchard, and Barksdale AFB

Licensed in Louisiana

I love receiving email updates from Louise Thaxton with Fairway Mortgage Corp. The information she presents is timely and digestible. And her office is great to work with to boot.

If you're currently wondering where interest rates are headed, the informatino below will help you to know what to look for in the news. And Louise can always give you the most up-to-date interest rates.

Monday's bond market has opened up slightly despite early stock gains. The stock markets are mixed the Dow up 102 points and the Nasdaq down 3 points. The bond market is currently up 2/32, which will likely improve this morning's mortgage rates by approximately .125 of a discount point.

Today's only economic data was September's Leading Economic Indicators (LEI). This index attempts to measure future economic activity, particularly during the next three to six months. It was expected to show a decline of 0.3% but revealed an increase of 0.3%. This means that the economy may strengthen during the next few months when it was expected to worsen. However, offsetting this news was a downward revision to August's reading. What was previously announced as a 0.5% drop in August is now believed to be a 0.9% decline. That revision is helping to offset the surprise jump in this month's reading.

The primary focus in this morning's trading is Chairman Ber nanke's testimony before the House Budget Committee. He updated the committee on the status of the economic recovery, which included a prediction that the economy would be weak for several quarters. He also encouraged another economic stimulus package that may benefit taxpayers. His words are being taken as favorable to bonds, so look for some improvement as the morning goes on.

There is no relevant economic data scheduled for tomorrow or Wednesday. This will likely keep bonds fairly calm unless the stock markets are volatile again. As long as the major stock indexes remain calm, I am expecting the bond market and mortgage rates to follow suit for the most part.

Overall, I am expecting to see a fairly quiet week for mortgage rates, assuming the stock markets are not wild again. The most important day will likely turn out to be today. However, just because it is a light week in terms of economic news, we should not let our guard down as the marke ts can implode or rally at anytime these days.

If I were considering financing/refinancing a home, I would.... Float if my closing was taking place within 7 days... Float if my closing was taking place between 8 and 20 days... Float if my closing was taking place between 21 and 60 days... Float if my closing was taking place over 60 days from now... This is only my opinion of what I would do if I were financing a home. It is only an opinion and cannot be guaranteed to be in the best interest of all/any other borrowers.

©Mortgage Commentary 2008

With trepidation, I say, "Not necessarily." Why trepidation? Because there is much controversy regarding something called dual agency. This condition exists when one real estate agent represents both the seller and the buyer in a transaction. There are some who argue quite persuasively that one agent cannot properly carry out their fiduciary duty to either party when they represent both.

How can a real estate agent keep the seller's best interests at heart when the buyer is trying to get a good deal on a property? Or represent the buyer's best interests when the agent knows their offer is higher than the lowest amount the seller will accept? See the problem?

When you are cruising down the street and you spot that perfect house, you might want to think twice before you call the number next to the listing agent's name. If you are already working with an agent, call him or her. They'll be glad to show you the house. If you aren't working with anyone already, you might be better served just calling the general office number which will also be on the sign. At least then you will probably not end up talking to the listing agent.

If you do get the listing agent to show you the house, ask him or her how they will be representing your interests in the transaction. If they're honest, they will say that in this situation they really will just be functioning as the transaction facilitator, carrying messages between the two parties until an agreement is reached.

I have mixed feelings about dual agency. After all, it is the buyer and seller who ultimately have to reach an agreement. And they don't always listen to the advice of their REALTOR anyway. Bottom line is that you have to trust that the agent is honest and has integrity. I'm not sure you can determine that if you've met them for the first time by calling their number on the sign.

In my opinion, it's one of the many good reasons to develop a relationship with a real estate agent who represents buyers exclusively when they decide to buy a home. That agent represents you and only you and will negotiate on your behalf. And now that I've made all the listing agents out there mad -- I'm signing off!

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You're at Home with Heather
Shreveport and Bossier City, Louisiana Real Estate

Shreveport Home Connection
Coldwell Banker J. Wesley Dowling & Assoc. LLC

Serving your real estate needs in Shreveport, Bossier City, Benton, Haughton, Keithville, Stonewall, Blanchard, and Barksdale AFB

Licensed in Louisiana