Repairing your credit before attempting to buy a home is a wise idea. Not only do you need a minimum score in order to qualify, a higher score will enable you to obtain a lower mortgage interest rate.

In their eagerness to get this done, many consumers have been lured by the quick fix offered by credit repair companies. Unfortunately, their method temporarily raises your score while at the same time making you ineligible for a mortgage loan.

Here’s why: In order to raise your scores, credit repair companies routinely place a dispute on every one of your credit accounts.  This action places an “XB” notation on that account and removes it from consideration in scoring your credit.

If your revolving debt was too high, or if late payments or default was dragging down your scores, suddenly they’re gone and your FICO score goes up.

The Fair Credit Reporting Act gives you the right to challenge information on your credit report, and that’s good. You should challenge an account that is in error, and errors do happen. You could have an account showing up on your credit that isn’t even yours, or you could be being billed for recurring charges for a service you no longer receive.

You should NOT use the challenge as a false method of raising your credit scores, for the simple reason that it will backfire.

When mortgage lenders see a credit report with XB notations, they see a red flag, telling them that the score is inaccurate because the report is ignoring potential liabilities. Thus, Fannie Mae and Freddie Mac both consider a credit report with XB notations to be invalid.  “XB” is a sign that the account is under investigation, so the bank will not even consider processing your home mortgage loan application until the dispute has been resolved or removed.

If you’re preparing to purchase a home and need to raise your credit scores, take a safer path.

• Begin paying down your high credit balances.
• Pay every account ahead of the due date.
• Refrain from taking on any new credit.
• If you’ve had late payments, get caught up.

For more tips on improving your credit scores safely, visit the CreditScoreQuick.com blog. http://www.creditscorequick.com/blog/

As with many things in life, a “quick fix” in credit scoring is not a solution.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

Apply at: www.mikeclover.com

More people are moving to Texas than any other state.
But is it a good idea?

For many, yes, it’s a wonderful idea. But is it a good idea for YOU? Here’s what you need to consider before you decide.

1. If you love taking off for a week-end of snowmobiling or snow skiing, you might not like it. We do occasionally get snow, but not that much. If you want snow sports, you CAN take a short drive into New Mexico.

2. Instead of snow, we have sunshine – lots and lots of sunshine.
In fact, some areas get as many as 300 days of sunshine every year. And since we don’t have a lot of smog to block it, you might need to stock up on sun screen.

3. If you don’t like to drive over 35 MPH, you won’t appreciate Texas.
This is a big state, with plenty of miles between places. In addition, many of our roads are privately funded by Texas Toll Road companies. Some of them carry speed limits of 80 MPH. So if you prefer poking along in traffic, able to text and make phone calls while you wait to begin crawling along, you’ll be downright uncomfortable driving here.

4. Open spaces mean clean air.
If you thrive on exhaust fumes and smog, stay in California! In Texas, more than 95 percent of land is privately owned, and 83% of Texas land is part of a farm, ranch, or forest.

5. If you believe businesses should be regulated and taxed to the hilt… you don’t belong here.
Texas is business-friendly. In fact, the Small Business & Entrepreneurship Council ranked us #1 in terms of the lowest costs of taxation on entrepreneurship and small business.

We pretty much believe that people have a right to pursue their dreams, build businesses without jumping through dozens of hoops, and keep what they earn.

6. If you enjoy grousing about how bad the economy is, you’ll be out of luck here.
According to the World Bank and the U.S. Department of Commerce, Texas’s gross domestic product is $1.14 trillion – which makes our state the world’s 14th largest economy.

If you compare our success to the rest of the U.S., it’s clear that without Texas, there would be no recovery.

7. If you want an excuse for being unemployed, you won’t find it in Texas.
In the period from January 2008 through December 2014, we added 1,444,290 jobs. If you subtract our employment from that of the entire U.S. economy, the rest of the states, taken together, show a loss of 275,290 jobs. Even though our population is growing by leaps and bounds, our unemployment rate is far below the national average. As I said – without Texas, there would be no recovery.

And… contrary to what you may believe, the jobs in Texas cross every sector – even technology.

8. Texans get to keep more of their own money.
With no state income tax, we Texans have more to show for the hours we work. We get to decide how to spend it instead of letting the government do it for us. Of course that means we support fewer government employees, so if you’re looking for work in civil service, Texas probably isn’t your best choice.

9. We have energy …
Yes, oil is a very big deal here. We believe America should become independent of foreign energy sources and “grow our own,” so we’re doing it.

But that’s not all – we’re also big on wind and solar power. In fact, estimates are that Texas produces enough wind energy to power all the homes in West Virgina and Utah.

If you believe we should remain dependent on oil coming in from countries that hate us, you don’t belong in Texas.

10. If you hate guns and can’t figure out that an armed populace is safer than an unarmed populace, Texas is not the place for you.
We Texans believe in protecting our families and our property, and our laws give us the right to do so. Nearly half of all Texans own guns. So if you’re a criminal intent on easy prey – note that you won’t be safe here.

– Reference: Find a Tampa defender at Mike G Law.

11. If you think livestock stinks, you just might not like it here.
We have cows, horses, and even real working cowboys. We also have other things that smell good to Texans – like hay.

12. If you enjoy spending most of your money on housing, food, and medical care, then you might not like Texas.
Our state is bigger, but our cost of living is smaller – in fact, you can buy a house in Texas for about half of what a similar house in a similar location would cost in California. Combine that with our absence of a state income tax, and you’ll see that there’s just no excuse not to prosper in Texas.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

Apply at: www.mikeclover.com

Are citizens stronger, happier, and generally better off when they have more control over their own lives and money? We Texans not only think so, we believe the facts support our claim.

In fact, we think Texas policies should be a model for the nation.

In order to compare apples to apples, let’s compare Texas to California. After all, we’re the two most populous states, we both have diverse populations, long coastlines, a border with Mexico, large numbers of immigrants, abundant energy and natural resources, and enviable climates.

Our public policies, however, are polar opposites.

California’s state income tax is the 4^th highest in the nation. Rates are bracketed by income, starting at 1% for those earning $15,174 or less – up to 13.3% plus $109,884.00 for those earning a million or more.

While the “1 percenters” at the top of the California food chain have average earnings of about $1.6 million, the rest of the population has an average income of $45,775.* If single, their California State Income Tax is 8.00% plus $1,360.28.**

Texas has NO state income tax – meaning that we Texas residents keep more of the money we earned.

California’s energy policies discourage oil extraction, even though California actually has more shale oil reserves than Texas.

Texas’s policies encourage oil production. We also have wind farms, creating even more energy.

California’s Industrial electrical rates are 88% higher than rates in Texas – making it much less expensive to manufacture goods in Texas.

Texas is growing faster…

Between 2000 and 2012, California’s population grew 11.9%. Texas grew by 24.4%. (The U.S. population as a whole increased by 11.3%.) A good number of those new Texas residents came from – where else – California. That debunks the idea that people only migrate to Texas for the weather!

Where are the greatest number of new jobs? Texas!

In the period between January 2000 to April 2013, nonfarm payroll in Texas grew by 19.7%, while California grew 2.6% and the U.S. overall grew by only 3.6%.

A common belief is that Texas “only” has jobs in oil production. Not so. Oil and gas extraction only amounted to 9.8% of Texas’ GDP in 2012, while manufacturing’s share was 14.5%. Then there are all those jobs in support industries, tourism, education, medical care, and yes – even technology. The Texas economy is diversified.

Why is this happening? Texas is business friendly. Businesses have far fewer regulations and hoops to jump than in California.

We’ll admit, California’s wages are higher than similar wages in Texas. However – First, Texans keep more of their earned dollars because of the difference in taxation. Then, the cost of housing, food, transportation, and health care is far higher in California.

If you compare two individuals working at the same kind of job – one in California and the other in Texas – the Texan can buy far more goods and services for 40 hours’ worth of work than his California counterpart.

So yes, we do believe Texans are better off than Californians.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

Apply at: www.mikeclover.com

You might just assume that a very wealthy person would have no trouble at all getting a home loan. Unfortunately, that’s not always true. The wealthy don’t always qualify.
Here’s why:
1. They do like to avoid paying income tax on all that wealth.

As a result, they may leave most of their money in their corporation, or “expense out” so much that someone looking at their income might wonder how they manage to eat and put fuel in their cars. This is perfectly legal, but can come back to bite when they want a home loan.

Lenders qualify borrowers based on their verifiable income – in other words, the personal income they report to the IRS.

2. They might not have enough credit to qualify.

Paying cash as you go – even for a new car – seems pretty honorable. But mortgage underwriters don’t see it that way. They want to see at least 3 credit accounts on which the prospective borrower makes regular monthly payments. In their eyes, having no credit can be just as bad as having poor credit, because they’re looking for a pattern of behavior.

3. They might actually have bad credit.

This seemed strange to me, so might seem strange to you as well. Why would someone who has plenty of money ever get behind on their bills? Perhaps because they aren’t worried about their credit. Perhaps because they don’t mind paying late fees? Perhaps because they hire someone to take care of their books and that person doesn’t pay attention to due dates?

Whatever the reason, it’s not all that unusual for extremely wealthy people to have poor credit scores.

4. High income earners aren’t afraid to take on debt. They can also be tapped by family members to co-sign loans. All of that can add up to debt to income ratio that exceeds lending guidelines, even though they still have more than enough to live on after all obligations are paid. After all, 20% of a million is a lot different than 20% of $60,000.

Their available funds are a help here. Some banks are willing to look past high debt when the borrower makes a down payment of 30 or 40%.

The bottom line: No matter what your income, it pays to pay attention to your credit scores.
• Pay all your bills on time
• Maintain at least 3 credit accounts
• Refrain from taking on excessive debt, or co-signing loans that will harm your credit rating.

Don’t forget I offer a Stated Income Jumbo loans. Go here for the details.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

Apply at: www.mikeclover.com

RealtyTrac recently compiled responses from six leading economists who were willing to make predictions for 2015. Each had a slightly different take, but were generally in agreement about the reasons why 2014 didn’t live up to expectations, and why 2015 should be better.

Wells Fargo Senior Economist Mark Vitner made his predictions in the January issue of HousingNewsReport, while staff members interviewed Lawrence Yun, Chief Economist for NAR, Mark Zandi, Chief economist for Moody’s Analytics, Bacon Economics partner Christopher Thornberg, and chief economists for Trulia and realtor.com, Jed Kolko and Jonathan Smoke.

All had predicted that 2014 would bring both growth in the housing market and higher interest rates. All expressed some surprise that falling interest rates didn’t do much to spur growth. However, they pointed out that tighter lending standards weighed heavily on single family housing sales. Lawrence Yun also blamed tight credit for the lack of new construction starts.

Vitner pointed out that 2014 may have paved the way for better things in 2015 because it was a year of “cleaning up the results of previous excesses.” He noted that foreclosures, negative equity positions, and vacancy rates are now nearly back to historical norms. As most are aware, an abundance of foreclosures and short sales on the market tend to depress home prices.

Real estate is always local, so some areas still have an excess of housing inventory while areas with strong job growth have very tight inventories. Supply and demand naturally affects home pricing.

Christopher Thornberg is cautiously optimistic, noting that job growth and improvements in the U.S. economy look promising for our housing market, but ongoing issues in Europe and the collapse in commodity prices at year end could slow growth in the U.S.

Vitner, Yung, and Smoke are enthusiastic over the prediction that 2015 will bring an increase in housing formation as Millenials reach prime home buying ages and job growth continues. Kolko, however, thinks this will primarily benefit the rental market, as many who are forming new households will opt to rent rather than buy. He also expects single family construction starts to lag, as the vacancy rate for single family homes is still high.

Yun and Smoke both expect to see an increase in first time buyers, and Yun expects to see an increase in migration due to increasing employment opportunities. Vitner believes state-to-state migration will also be fueled by baby boomers moving into retirement and an increase in corporate relocations.

While all six agree that home prices will rise, their predictions range from 5% to 10%. They also have differing opinions about the increase in both existing home and new home sales. Predictions range from 7% to 20% for existing homes and 25% to 40% for new homes.

The consensus among the economists who were interviewed is that interest rates will rise in 2015. However, Kolko pointed out that they made the same prediction a year ago and were wrong.  They also have hope for easing of credit and point to recent government actions as a good sign, but feel that it’s too early to say whether policy efforts and new programs will have the desired impact.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

Apply at: www.mikeclover.com

Buying a Home Makes Financial Good Sense

You know the emotional reasons for owning your own home. Things like security and independence top that list.

These five financial reasons might be even more powerful:

1. Unless you’re living rent free with a friend or relative, you’re paying for a house whether you own or rent. When you rent you’re not just providing the funds to make payments on the house, you’re also paying for upkeep, repairs, insurance, property taxes, and probably a bit of cash flow for the person who does own the house. So one way or another, you’re “buying” a house or at least a portion of a multi-family structure. Plus, you’re helping support the landlord.

2. Housing is a leveraged investment – the only such investment you’ll find.

Home ownership allows people to make a partial investment and own control of 100% of the house. So even if you only put 10% down on your house, when it appreciates in value, you’ll own 100% of the appreciation on the 90% you financed.

What does that look like?

Say the price of the house was $100,000 and you made an initial investment of $10,000. The house appreciates at a modest rate of 5% per year, so at the end of the year, in addition to any principal payments you made, you have equity of $10,000 plus the 5% appreciation ($5,000) for an equity of $15,000 plus your principal payments.

3. Home ownership is a form of “forced savings.”

With each payment you make, you reduce the amount you owe and increase your equity in the house. That money remains in “savings” until you either sell the house or refinance to take out part of your equity.

4. Owning a home comes with tax benefits.

Homeowners can deduct mortgage interest and property taxes from their taxable income. In many cases they also pay a lower property tax rate than do landlords. Those who work at home can deduct a portion of their household expenses as a “home office” expense.

When it’s time to sell, homeowners get a break on capital gains taxes. Single payers get a break of $250,000 while married couples get $500,000. Landlords pay tax on the entire gain.

5. Owning your home is a hedge against inflation. While the not-too-distant housing crisis did bring home prices down, historically houses rise in value by about 5% per year. So the house you could have bought last year for $100,000 would cost $105,000 this year, and $110,250 the following year. Rents also increase in keeping with the cost of building or buying rental properties. Most tenants find that when their initial rental agreement expires, they’ll have to agree to pay a bit more in order to renew.

When you have a fixed rate mortgage, your payment can only increase if property tax and insurance rates increase. Inflation doesn’t touch your payment on the principal balance.

The fact is that unless you’re planning a move in the near future or your employment is unreliable, it makes financial sense to buy a home now – while rates (and payments) are still low.

We have no crystal ball, but look at what will happen by next year if housing appreciates 5% and interest rates go up 1%.

2015: price: $100,000 Down: $10,000 Finance 90%: $90,000 @4% Payment: $429.67

2016: price: $105,000 Down: $10,500 Finance 90%: $94,500 @5% Payment: $507.30

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

Apply at: www.mikeclover.com

Purchase & Refinance Mortgage Rates …….

All Loans close on-time and within 30 Days or less.

Refinance Rates & Purchase Rates could be lower… have your clients call me to discuss.

30 yr Conventional 3.75% – 0 Discount Points – 0 Origination

15 yr Conventional 3.0% – 0 Discount Points – 0 Origination

20 yr Conventional 3.625% – 0 Discount Points – 0 Origination

10 yr Conventional 3.125% – 0 Discount Points – 0 Origination

30 yr FHA 3.5% – 0 Discount Points – 0 Origination

15 yr FHA 2.875% – 0 Discount Points – 0 Origination

30 yr USDA 3.375% – 0 Discount Points – 0 Origination

30 yr VA 3.375% – 0 Discount Points – 0 Origination

15 yr VA 2.75% – 0 Discount Points – 0 Origination

Jumbo 30 yr Fixed 4.0% – 0 Discount Points – 0 Origination

Stated Jumbo 7/1 ARM 5.375% – 0 Discount Points – 1% Origination

Stated Jumbo 5/1 ARM 4.875% – 0 Discount Points – 1% Origination

* These rates are based on a estimated loan amount of $250,000 or above and roughly 4.321% to 5.89% APR depending on loan program. Rates are also subject to change without notice. FHA requires 3.5% down. Conventional requires 5% down. Jumbo requires 20% down up to $1Million. Jumbo APR is estimated 4.42% – 5.422% Some rates are based on a 740 credit score or higher. Some loans require lower LTV, call for details.*

While many cite home ownership as a good financial move, it turns out that financial considerations aren’t the prime motivators that cause first time buyers to take the plunge into home ownership.

Each year the Joint Center for Housing Studies at Harvard University surveys participants to ask the question: “What are the most important reasons to buy a home?”

This year the answers clearly showed that finances weren’t the primary reasons. Instead, the top four reasons that survey respondents stated were:

1. Having a good place to raise children. Young homebuyers are looking to their children’s future by choosing homes in safe neighborhoods with well-regarded schools. They want the stability of knowing that they won’t suddenly need to move to a neighborhood that isn’t so desirable for their children.
2. A feeling of comfort, security, and safety. A home provides a physical structure in which families can lock out the world and feel safe in their own space. Unlike a rental home where the landlord can demand entrance, it’s their own property and no one else can enter without permission. Security issues concern all people, so in case you are looking for a modern security solution, learn more about counter-drone technology at https://sixtechsys.com/counter-drone.
3. They want more space. Whether they have a young growing family or want room for an older relative to move in with them, they’re looking for space that fits their needs.
4. Control. A desire to do what they please and control what goes on in their own homes is another prime motivator.  It may be a desire to try new decorating techniques, hang a basketball hoop, plant a garden, or bring a puppy into the family – but they want the freedom to make those decisions themselves.

Financial considerations didn’t come into play until the 5^th reason: A desire to build equity in something they can pass on to their children.

Home ownership does build wealth.

As many learned during the boom and bust times, homeownership is not usually a good vehicle for short term investment, but those who purchase a home for the long haul do build wealth.

The housing market has ups and downs, but over time the value of a home that is well maintained will increase. Those who purchased homes 30 years ago and paid them off in full are now experiencing windfall profits – or passing valuable assets to their children.

When you consider that rental payments must necessarily exceed mortgage payments in order for landlords to find them worthwhile, it’s also easy to see that home ownership saves money in the short term. In addition, as years go by, the difference between a fixed mortgage payment and an ever-increasing rental payment on a comparable home keeps widening.

While a percentage of every dollar spent on a mortgage payment adds to the homeowner’s equity, every dollar spent on rent goes straight to the landlord and his or her equity building program.

This could be one reason why a study done by the Federal Reserve found that the average net worth of a homeowner is thirty-six times greater than the average net worth of a renter.

Is home ownership a smart move?

Yes – as long as you plan to stay in the community for the foreseeable future. If you know you’ll be moving on in a year or two, the answer is no.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

Apply at: www.mikeclover.com

The National Association of Realtors has made some predictions, as have the economists at Core Logic.

NAR predicts that:

Mortgage rates will rise, but even after an increase, rates will remain low compared to the rates we saw early in this century. The forecast is for the 30-year fixed rate to reach 5% by the end of 2015 or early in 2016. Since they believe that adjustable rate mortgages will see little, if any change, they predict that we’ll see more adjustable and hybrid mortgages.

Millennials will buy homes. This has been predicted before and didn’t come to pass. However, economists believe that millennials are now looking at an improved jobs outlook, and thus will begin buying. The older millennials – aged 25-34 are starting families and not only moving out of family homes, but looking for stability that can’t be achieved through renting.

The drawback – many are still facing student loan debt along with limited credit histories and tough credit guidelines. Not everyone who wants to buy will be able to buy.

Housing starts will increase. Although new home builders are still being conservative, NAR predicts that starts in the single-family sector will increase by 21%.

What about price? The economists at Core Logic point out that new-home prices have risen far more than existing-home prices, and they expect that to level out. In past years, the difference was about 15%. Now a new single-family home can be expected to cost 38% more than an existing home. They believe this gap is unsustainable, so are looking for new home prices to stay flat in 2015 and fall 2% in 2016. Thus, existing home prices will eventually “catch up.”

Credit will continue to be difficult. Many are hoping that new Federal policies will relieve the situation, but for right now, underwriting guidelines are still tight. According to NAR, if you look at credit scores, at least 10% of the people with current mortgages would not qualify for a new loan today.

The foreclosure crisis will come to an end. For the past seven years, foreclosures and short sales have dominated the market. The numbers dropped in 2014 and NAE predicts that they will continue dropping.

However – others are looking at the fact that many thousands of adjustable rate and interest-only mortgages will reset this year. That could signal a new round of both foreclosures and short sales.

Home price increases will slow. The rapid increases through 2012 and 2013 had many worried that we were heading into a new bubble, but the 2014 increase of around 6% largely put that fear to rest. Depending upon which economist you listen to, home prices nationwide are expected to rise from 3% to 6% in 2015.

NAR also named the top ten metro areas to watch for household growth in 2015, and Texas took two of those slots.

Dallas-Fort Worth-Arlington came in first in forecasted household growth over the next five years. The volume of home sales is expected to rise by 7 %, largely due to Dallas’ strong employment rate. Home prices here are expected to rise by 3%.

Houston-The Woodlands came in 3^rd in forecasted household growth, as already strong employment is expected to increase by 4% – or twice the national rate. Prices here are already higher, so while the volume of homes sold is expected to increase by 5%, the expected price increase is only 2%.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

Apply at: www.mikeclover.com

If you’re still paying 6%, 7%, or even 8 ½% interest on your first or second mortgage on your Texas home, you probably wanted to refinance just as soon as you saw mortgage interest rates drop into the 3’s and 4’s. But… if you purchased your home in 2005 or 2006, you were soon disappointed.

Not only was your home not worth what you’d paid – it was worth considerably less than you owed.  Add in a second mortgage you may have taken out for remodeling or other improvements, and you were seriously underwater.

That was then. Now the pendulum has swung so far the other way that you may find yourself able to get a new loan without paying for mortgage insurance – because your equity exceeds 20%.

Because Texas has a low foreclosure rate, a small inventory of homes for sale, and a thriving economy, home values have skyrocketed in the past few years. A case in point is the example that MyFoxdwf.com reported recently.

Consumer reporter Steve Noviello interviewed Jimmy Moore, who purchased a Hazlet home in 2006 for $206,000. Going with no money down, he and his wife were paying 6% on a first mortgage and 7.5% on a second mortgage. Then they took out yet another loan in order to build a backyard pool. That rate was at 8.5%

In 2009, when they saw rates drop, they naturally wanted to refinance. But much to their dismay, they learned that even with the addition of the pool, their home had dropped nearly $40,000 in value. It appraised for only $165,000.

Fast forward to 2014… The Moore’s just refinanced their three loans into one, pulled out $25,000 in equity in order to build a new gazebo, and saw their payment drop by $7 per month. They also shaved 7 years off the life of their payments, since they refinanced for 15 years rather than 30.

The home that was valued at $165,000 in 2009 now appraised for $308,000 – and all they’d done was wait it out.

A mortgage loan rate of 4% versus 6% makes a huge difference. In fact, on a $200,000 loan, the difference is more than $240 per month. If you can also eliminate the mortgage insurance, you’ll save even more.

Financial analysts are cautioning that these low rates can’t last, so if you’re paying 6%, 7%, 8%, or more, give us a call at Homewood Mortgage. We’ll be glad to talk over your situation and share what we know about the value of comparable homes.  We’ll also be glad to get you prequalified for a loan.

An appraisal costs about $500, and it could save you 5 times that amount in just the first year.

Don’t wait – call the Mike Clover Group at 800-232-7409 today.

Mike Clover

Mortgage Banker

Homewood Mortgage,LLC

O: 469.621.8484

C: 469.438.5587

F: 972.767.4370

18170 Dallas Parkway

Ste. 304

Dallas, TX 75287

NMLS# 234770

Apply at: www.mikeclover.com