Wednesday, April 25, 2012

Do You Pay Full Price?!? Home Buying Tips for Dallas/Ft Worth

Who Pays Full Price? No one!   That's right, our society & in our current economic times, No One wants to pay more than its Value regardless of the product. When you buy bananas for 49 cents a pound at one store and see them for 39 cents a pound at another store, it's not the ten cent difference as much as it is about you Over Paying.

Home Buyers are no different and it seems like the natural way to start the negotiation process is to offer less than the asking price for the home. However, with the market making a turn upward, be wary of "low balling" and submitting an outrageously low amount, many Sellers are now receiving Multiple Offers on their home.

Having the Seller knock a few thousand dollars off the sales price sounds good, but in actuality, it won't make much difference in your monthly paymentsHowever, a buyer who only has enough available funds for down payment and closing costs will have to live in a home exactly the way it is until they've saved more money to make their desired changes/repairs. Instead of lowering your offering price, how about having the Seller take that money off in other areas like the Home's Condition or Seller Concessions, could make a big difference in your pocket book.

Let's say you found a home that needed $5,000 worth of improvements and the seller would lower the price by that amount. Great, your purchase price is lowered BUT financing those improvements with a separate bank loan will result in you having higher payments due to a higher interest rate and shorter term than your mortgage.
  • INSTEAD, you could Offer Full Price and ask the seller to make your desired improvements prior to closing. This will result in lower monthly payments based on today's low mortgage rates and 30 year term. 
  • OR negotiate with the seller to pay that amount of your closing costs, which then means you get to check your saved money & now have the cash to make the improvements.  
When buying a house, especially in today's roller coaster market, remember the saying "there's more than 1 way to skin a cat". By offering Full Price, many Sellers are more apt to consider concessions regarding condition or terms which can be balanced to affect the value of the property.   

If I can be of service to you or help your friends/family that you refer to me, please know that I am never too busy & I would honor the chance to earn the business!

If there's a Neighborhood or City that you're curious about, simply send me an email ( You can also visit my Website to search for houses in all the cities (Garland, Rowlett, Rockwall, & Heath) that make up our Lake Ray Hubbard area or Your Area of interest in the Dallas/Ft Worth Metroplex.

Tuesday, April 24, 2012

Lake Houses and Houses with a Lake View for Sale in Dallas Texas

Are you looking for a House ON THE LAKE?  Do you want to actually have a Boat Dock/House just past your backyard?

Then you need to check out the LAKE RAY HUBBARD area 


Lake Ray Hubbard is a very family focused community that actually has 4 Cities bordering the Lake ...  Rowlett & Garland  are on the South side of the lake and Rockwall & Heath are on the North end.  Lake Ray Hubbard is just North of Dallas & with the newly completed President George Bush Toll Way, the commute for Dallas or Plano workers has greatly improved & travel time has been reduced!

But the best part of Lake Ray Hubbard, unlike many of lakes around the Dallas/Ft Worth metroplex, Lake Ray Hubbard allows home owners to build a boat dock/house on the "Leaseback" area that's behind their house that connects to the lake (city approval is needed)!

On the South side of Lake Ray Hubbard, in Rowlett & Garland, there are currently 41 Houses For Sale & that are either On the Lake or have a View of the Lake ... and none are Foreclosures! The Homes that are currently on the market, range anywhere from $119,900 for a 1,363 sqft, 3 bedrooms, & 2 baths to $337,517 for a 3,178sqft, 4 bedrooms, & 2.5 baths. 

On the North side of Lake Ray Hubbard, in Rockwall & Heath, there are currently 75 Houses For Sale & that are either On the Lake or have a View of the Lake ... out of these homes, only 3 are Foreclosures! The Homes that are currently on the market, range anywhere from $60,000 for a 1,151 sqft, 2 bedrooms, & 1 baths to $3,770,000 for a 10,000sqft, 7 bedrooms, & 5 baths.  

Come see what the Cities that border the beautiful  Lake Ray Hubbard have to offer and find a home that's sure to fit your budget!  

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Though I don't have a Lake House or even a view of the Lake, I absolutely LOVE living in the Lake Ray Hubbard area in the Dallas/Ft Worth Metroplex and would be more than happy to share more information about this wonderfully family focused community. If there's a Neighborhood or City that you're curious about, simply send me an email ( You can also visit my Website to search for houses in all the cities (Garland, Rowlett, Rockwall, & Heath) that make up our Lake Ray Hubbard area or Your Area of interest in the Dallas/Ft Worth Metroplex.
Please know that I am never too busy to help you or your friends/family that you refer to me & I would honor the chance to earn the business!

Friday, April 20, 2012

10 Mistakes To Avoid When Financing A Home in Dallas Texas

John Cannata with Supreme Lending, is one of my favorite Mortgage Lenders to work & this is an example as to Why he is! This is great info for all to read who are Thinking about or are In the Process of Buying a Home ... and should definitely be shared with anyone you know who's about to Buy a Home!  

Please know that I am never too busy to help you or your friends/family that you refer to me & I would honor the chance to earn the business!

I love living in the Lake Ray Hubbard area in the Dallas/Ft Worth Metroplex and would love to share more information about this wonderfully family focused community. If there's a Neighborhood or City that you're curious about, simply send me an email ( You can also visit my Website to search for houses in all the cities (Garland, Rowlett, Rockwall, & Heath) that make up our Lake Ray Hubbard area or Your Area of interest in the Dallas/Ft Worth Metroplex.

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Via John Cannata - Supreme Lending Texas Home Loan Originator (214-728-0449

Buying and financing a home is the most important personal financial decision an individual will make in their lifetime. Over a lifetime, the average homeowner may pay one-half of a million dollars or more in mortgage interest—many times more than any other single expense. In addition,  much of the wealth of the nation lies in real estate. Over two-thirds of American families own their own home, while our country has the lowest savings rate in the industrialized world.

As significant as these statistics are, the process and substance of home finance remains a mystery to the average American. We tend to know much more about our automobiles and the loans that finance these vehicles than we do about mortgages that make our home purchase possible. How many Americans are familiar with the formulas for mortgage qualification or the workings of adjustable rate mortgages? Not many, which is why people pay too much for their mortgages or have no  idea if they are making the right decision in relation to their personal financial situation. We tend to pay too much because we tend to make up to ten essential mistakes when involved in the homebuying process:

1~ We do not have a relationship with a lender. An individual formulates a multitude of professional relationships in his or her lifetime - doctor, attorney, accountant, financial planner and even a car dealership. We tend not to have a relationship with a mortgage lender because the need  for the home finance transaction arises much less frequenty. In the past, homeowners averaged a new home loan once every seven years. With the advent of adjustable rate mortgages and refinances, this average has been shortened significantly. If you have no relationship with a qualified mortgage lender you are much less likely to find qualified advice when the need arises. When rates go down and you are one of many trying to join the hordes of those refinancing homes, you will have little time to develop a relationship with a qualified professional.

2~ We have no idea whether the lender we pick is qualified. Since we do not tend to have long-term relationships, we do not tend to shop for the right reasons. We know how to ask about a mortgage company’s rates (or, at least we think we do)—but not the background of the company or the individual with whom we are dealing. For example, what is the experience level of the loan officer? While it is typical for a real estate agent to be required to take a course and pass a test in most states, loan officers may be hired off the street. You are about to make the most important financial decision you may ever make. Would it not make sense to go over the resume from the person with whom you are working?

3~ We do not know how to shop for a mortgage. Most homebuyers know how to ask: what is your rate? We do not know how to ask about lock options, miscellaneous fees, annual percentage rates, or  even the variety of programs available. One example would be options for avoiding mortgage insurance. If we put less than 20% down on a home financed with a conventional mortgage, we may need private mortgage insurance. Many lenders have programs that do not require this insurance.

4~ We do not know enough about mortgages in general—especially how the choices might affect our economic gains or losses. Since we do not know about mortgages, it is not likely we will know how to shop or what to look for in a mortgage. We tend to know that there are fixed rates and adjustables. We tend to be clueless when asked how the down payment might affect our overall rate of return on our investment in the long run. If we refinance or sell in a short period of time, any points paid will result in a loss. How many home shoppers know how to calculate the time frame necessary to break even on the dollars invested in points?

5~ We think we know what type of mortgage we would like—without knowing all the options. Many of us begin by shopping for a 30-year fixed mortgage or a one-year adjustable because we are familiar with only one or two options and we have made our decision on our preference. There are several additional major mortgage types which should be considered. Are you familiar with buydowns, long-term adjustables and 20-year mortgages?

Changing spreads between short and long term rates can make adjustable rate mortgages more attractive during certain time-periods. Even within the adjustable rate family, certain economic conditions can make one adjustable more attractive than another. The point here is that you should not shop for a particular type of mortgage. You should work with a professional to evaluate which is best for you under the present economic scenario.  If we could predict the future of interest rates, the process would be easy. 

6~ When we refinance our mortgage, we forget about the long-term. With lower interest rates, everyone thinks that we come out ahead when we refinance. In reality, every time we refinance purely for a lower rate and/or payment, we stretch out the mortgage’s term and slow down the process of building equity.

7~ We have no idea how the mortgage approval process works. Many of us sign a contract to purchase a home and then address the idea of obtaining a mortgage. Most do not know that it makes more sense to obtain a mortgage approval first. This helps our own piece of mind while we shop and also increases our bargaining power with the seller. It also allows us time to address any issues before agreeing to a ‘closing date’ on the purchase contract.

8~ We do not know that the lock options may be as important as the rate. Most shoppers have no idea that many lock options exist. There are options which allow us to lock in the rate and points for 15, 30, 45, 60, 90 or more days. Many people shop different companies in order to save $250 in points and then make the wrong decision with regard to lock options. Considering the volatility of the interest rate markets, the wrong lock option may cost many thousands of dollars.

9~ We do not know what to ask the lender with regard to the services he or she offers. We assume that all mortgages are the same. One 30-year fixed mortgage is the exact same as another. It is not the variance of mortgages we are referring t, it is the quality of service that is delivered. For example, Supreme Lending offers quick approval programs that will render a decision in a few days. Other lenders may struggle with your application for weeks or months. Supreme Lending will process and approve your loans with our own staff. Others send their loans to other lenders for processing or approval. We are not advocating here which is the best mode of service. A smaller broker that sends your loan to a larger lender might offer you a wider range of programs than a bank. The important thing is that you are aware of what services are available and that tradeoffs must be made in order to make a final decision.

10~ We are intimidated by the whole process. Buying and financing a  home seems to be a very large task—one which most of us would rather avoid. The reason we become intimidated is that we are not knowledgeable regarding the subject of mortgages. The mortgage decision is important enough to spend some time learning. Certainly, it is as important as learning about the latest four wheel drive vehicle. With knowledge comes confidence. With confidence comes power.

Wednesday, April 4, 2012

12 Tornadoes Hit Dallas/Ft Worth TX (April 3, 2012) & How You Can Help

What a difference a day makes ... the sun is shining, the birds are chirping, it's another beautiful day in North Texas. But what happened yesterday, April 3, 2012, was unbelievable!

The National Weather Service estimated 12 Tornadoes touched down in North Texas and throughout the Dallas/Fort Worth Metroplex. Cities greatly affected by these twisters were Arlington, Lancaster, Kennedale & Forney TX and there were over 800 Homes that were damaged by these storms! My heart breaks for the destruction the people of these towns encountered!

Forney TX in Kauffman County, a small but growing community just east of the Lake Ray Hubbard area & about 30 minutes north of Downtown Dallas, had 3, yes 3 Tornadoes touch down. According to the National Weather Service, at least 1 was likely an EF3, with winds going 150 mph!

Those 3 Tornadoes that hit Forney, damaged 70+ Homes & destroyed over 20 Homes, many in the Diamond Creek subdivision in northwest part of Forney, as well as damaged over 90 buildings, including Forney ISD's Crosby Elementary School. Despite all the destruction, the Forney Mayor, Darren Rozell puts things into real prespective when he said, "the fact that everybody that woke up in Forney yesterday morning is still alive today in Forney – that's a real blessing. Zero fatalities."   

Tornado touching down in Forney TX, town just east of Lake Ray Hubbard area

If you'd like to help but are not close to any of the Cities that were affected by the Tornadoes, the easiest, and most effective way is to donate money to the Red Cross of North Texas. This money helps pay for rent or hotel rooms, new clothes, food and items needed for families who have lost everything. You can text REDCROSS to 90999 to Donate $10 to American Red Cross Disaster Relief, or visit to donate online.

If you're near Forney, you can help families who have lost everything by donating through a number of locations in the neighboring cities of Forney ...  
  • Rockwall Helping Hands  (950 Williams Street, Rockwall / 972-771-4357)
  • Royse City Lions Club has a drop off location at Ginger Stephens CPA at 305 E. Main Street, or call 214-287-1656. 
  • Forney Mustang Creek Community Church (13851 FM Road 548)

In addition to Clothes for all ages & sizes, Food, Bottled Beverages, here's a list of other items needed:
  • Walmart Gift Cards
  • Sleeping bags
  • Flashlights
  • Rubbermaid Totes (for homeowners to collect salvageable items)
  • Large Tarps
  • Work Gloves
  • First Aid Items
  • Diapers
  • Can Openers
  • Pet Supplies/Food/Crates/etc

Footage of the Damage just after Tornado hit in Forney TX

Are you or your organization interested in Volunteering??? If so, you'll need to meet in 1 of 2 places to help clean up one of the hardest-hit areas in Forney & Kauffman County. Be sure to bring hats, gloves, sunscreen, and water. There's a short informational session/orientation you have to go thru to receive a badge before going into the clean up areas.
  • Mustang Creek Community Church, 13851 FM Road 548, (starts at 8am and every 2 hours after that).  
  • Forney Police Command Center at FM 548 and Ridgecrest Road. 

    Did you find a lost animal from yesterday's storms? If so, you can go to Lost & Foud Pets from North Texas Tornadoes on Facebook or the Forney Disaster Relief - Pet Reunion Facebook page. *Users are asked to post photos of any lost pets they find, or post a good description along with an email and phone number so families can find their friends.

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