Texas Purchase & Refinance Mortgage Rates …….

 We are from Texas, We are operated in Texas, and We are Texas Strong…..!

 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 4.25% – 0 Discount Points – 0 Origination

15 yr Conventional 3.375% – 0 Discount Points – 0 Origination

20 yr Conventional 4.125% – 0 Discount Points – 0 Origination

10 yr Conventional 3.375% – 0 Discount Points – 0 Origination

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

15 yr FHA 3.25% – 0 Discount Points – 0 Origination

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

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

15 yr VA 3.25% – 0 Discount Points – 0 Origination

Jumbo 30 yr Fixed 4.375% – 0 Discount Points – 0 Origination

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

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

Your Locally Owned and Operated Texas Mortgage Banker……

I am a 2014 Five Star Mortgage Professional featured in Texas Monthly Magazine . This Award for exceptional clients service is only awarded to 1% of all the Mortgage Professionals in the Dallas/Fort Worth Region.

* 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.

Mike Clover

Mortgage Banker

Homewood Mortgage, LLC

Toll FREE: 1-800-223-7409

O: 469-438-5587

F: 972-767-4370

NMLS# 234770

18170 Dallas Pkwy

Ste.304

Dallas, TX 75287

Web: www.mikeclover.com

Housing sales in Texas are exploding and prices are rising. In February alone, 17,779 single-family homes were sold in Texas. This is 5.4% more than were sold in February 2013.

Why so many home sales? Because the population of Texas is growing by leaps and bounds, and those new residents need places to live. While we don’t have an official census to give us absolute numbers, the government estimates that Texas gained 1,000 new residents each day between July 2012 and June 2013. And the influx hasn’t slowed.

This is due in part to the booming oil industry, and in part to the business-friendly atmosphere in Texas. Companies are closing their doors in other states and moving their facilities to Texas to avoid heavy taxes and over-regulation. They’re creating jobs, and jobs attract new residents.

Right now, state-wide inventory of homes stands at 3.6 months, with even less in some cities. What does “months of inventory” mean? If no additional homes are offered for sale, at today’s rate of sales the entire inventory of homes for sale in Texas will be sold within 3.6 months. With even less inventory, Houston, Dallas, and San Antonio could run out of homes in as little as two months.

Builders are trying to ease that strain, but getting new homes built in Texas today isn’t easy.

First, there’s a lack of building-ready lots. Second, there’s a lack of manpower.

Building contractors can’t compete with the wages paid in the oil fields, so able bodied workers willing to build homes are scarce. Contractors could import workers, but then they face a second dilemma – where can those workers live?

Javier Gonzales of Gonzales Construction puts it bluntly when he says: “There aren’t enough houses to build more houses.”

In some areas workers are living in hotels and make-shift trailers, but even that option isn’t available everywhere.

The good news for home buyers is that in spite of double-digit price increases, homes in Texas are still affordable. The median price of a home in Texas is $139,400. Compare this to California’s median selling price of $408,000 and you’ll understand why so many Californians are migrating to Texas.

Simply put, living in Texas means you can keep more of your hard-earned dollars.

If you’re shopping for a home in Texas, give yourself an important advantage: Become pre-approved for your loan before you make that offer. Pre-approval sends a clear message to the seller that you can stand behind your offer.

And remember, when your pre-approval comes from the Mike Clover Group, you can close within 30 days.

So call us today at 1-800-223-7409 or apply on line at http://www.mikeclover.com.

When the market is hot and multiple buyers are competing for the best homes, you need to do more than offer the highest price. You also have to offer a solid assurance that you either have the cash or the ability to close on a mortgage loan for the price you’ve offered.

Pre-qualification isn’t good enough, and really never was. The next step is pre-approval, and today, that isn’t good enough either.

To give that home seller the assurance he or she wants, choose a lender who will pre-underwrite your home loan.

What’s the difference?

When a lender gives you a pre-approval it means that he or she has taken a look at your credit scores, your employment, and your income and expenses. However, in many cases they haven’t taken the last step. They’ve failed to look at your tax returns.

Tax returns are no longer merely for proof of your W-2 income.

Under the new Freddie and Fannie guidelines, the lender must deduct rental losses, schedule C losses, and form 2106 deductions (employee business expense) from your qualifying income. Never mind that many of those losses might be entirely due to one-time events such as furnishing your home office or putting new roofing on your apartment building.

Thus, a borrower who looks well-qualified at first glance may be absolutely un-qualified based on his or her income tax deductions.
That’s why the Mike Clover group has every loan application pre-underwritten before we issue a letter of pre-approval. We want to be sure that when we say a buyer is approved, they are truly approved.

In order to give that assurance, we require all W-2 borrowers to supply us with the following:

– Last 2 years W-2 & Last 2 years tax returns, all pages.
– Paycheck stubs for the last 30 days
– Bank Statements for the last 2 months on all accounts
– Current Statements on Investment Accounts, 401k, etc. if needed
– Landlord Information (Name, Address, & Numbers for last 2 years)
– Employment Information (Name, Address, & Numbers for last 2 years)
– Copy of Driver’s License
(Self-employed borrowers and those seeking a refinance must submit additional documents.)

So before you go shopping, get in touch. Call us today at 1-800-223-7409 or apply on line at http://www.mikeclover.com. We’ll be happy to get you pre-approved and ready to find your new home.

Mike Clover

Mortgage Banker

Homewood Mortgage, LLC

Toll FREE: 1-800-223-7409

O: 469-438-5587

F: 972-767-4370

NMLS# 234770

18170 Dallas Pkwy

Ste.304

Dallas, TX 75287

Web: www.mikeclover.com

Texas Purchase & Refinance Mortgage Rates …….

We are from Texas, We are operated in Texas, and We are Texas Strong…..!

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 4.25% – 0 Discount Points – 0 Origination

15 yr Conventional 3.375% – 0 Discount Points – 0 Origination

20 yr Conventional 4.125% – 0 Discount Points – 0 Origination

10 yr Conventional 3.375% – 0 Discount Points – 0 Origination

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

15 yr FHA 3.25% – 0 Discount Points – 0 Origination

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

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

15 yr VA 3.25% – 0 Discount Points – 0 Origination

Jumbo 30 yr Fixed 4.625% – 0 Discount Points – 0 Origination

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

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

Mike Clover

Mortgage Banker

Homewood Mortgage, LLC

Toll FREE: 1-800-223-7409

O: 469-438-5587

F: 972-767-4370

NMLS# 234770

18170 Dallas Pkwy

Ste.304

Dallas, TX 75287

Web: www.mikeclover.com

Texas Purchase & Refinance Mortgage Rates …….

We are from Texas, We are operated in Texas, and We are Texas Strong…..!

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 4.25% – 0 Discount Points – 0 Origination

15 yr Conventional 3.375% – 0 Discount Points – 0 Origination

20 yr Conventional 4.125% – 0 Discount Points – 0 Origination

10 yr Conventional 3.375% – 0 Discount Points – 0 Origination

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

15 yr FHA 3.25% – 0 Discount Points – 0 Origination

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

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

15 yr VA 3.25% – 0 Discount Points – 0 Origination

Jumbo 30 yr Fixed 4.375% – 0 Discount Points – 0 Origination

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

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

Your Locally Owned and Operated Texas Mortgage Banker……

I am a 2014 Five Star Mortgage Professional featured in Texas Monthly Magazine . This Award for exceptional clients service is only awarded to 1% of all the Mortgage Professionals in the Dallas/Fort Worth Region.

 * 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% to 5.422%  Some rates are based on a 740 credit score or higher. Some loans require lower LTV, call for details

Mike Clover

Mortgage Banker

Homewood Mortgage, LLC

Toll FREE: 1-800-223-7409

O: 469-438-5587

F: 972-767-4370

NMLS# 234770

18170 Dallas Pkwy

Ste.304

Dallas, TX 75287

Web: www.mikeclover.com

Texas Purchase & Refinance Mortgage Rates …….

 This is the lowest I have seen rates in over a year. Get em locked!

 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 4.125% – 0 Discount Points – 0 Origination

15 yr Conventional 3.25% – 0 Discount Points – 0 Origination

20 yr Conventional 3.875% – 0 Discount Points – 0 Origination

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

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

15 yr FHA 3.125% – 0 Discount Points – 0 Origination

30 yr USDA 3.625% – 0 Discount Points – 0 Origination

30 yr VA 3.625% – 0 Discount Points – 0 Origination

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

Jumbo 30 yr Fixed 4.25% – 0 Discount Points – 0 Origination

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

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

Your Locally Owned and Operated Texas Mortgage Banker……

I am a 2014 Five Star Mortgage Professional featured in Texas Monthly Magazine . This Award for exceptional clients service is only awarded to 1% of all the Mortgage Professionals in the Dallas/Fort Worth Region.

 * These rates are based on a estimated loan amount of $250,000 or above and roughly 4.195% 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% – 30% down up to $1Million. Jumbo APR is estimated 4.321% – 5.483% Some rates are based on a 740  credit score or higher. Some loans require lower LTV, call for 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

How Long Until Mortgage Interest Rates Rise?

You already missed the amazing low 3.4% interest rate on 30 year mortgages, but today’s rates are still historically low, making it possible to purchase “more house” for less money than you’d have thought possible 8 or 10 years ago.

How long will this last?

In a somewhat contradictory speech on May 20, Federal Reserve Bank of New York President William Dudley laid out three key reasons why the Fed will keep its short-term interest rate (the federal funds rate) below historic averages for the long haul.

The economy is still weak.

Despite politicians telling us everything is just fine now, the economy is still weak on several fronts, and they don’t expect it to change in the near future. The impact of the Great Recession on both businesses and individuals will dampen spending for years to come.

The housing sector is suffering on three fronts:

• It remains difficult for any but those with spotless credit histories to obtain a mortgage.
• High levels of student debt are holding young people back from home ownership.
• Housing inventory is at all-time lows in many communities.

The economy’s future growth potential is declining.

Economists say we have a low growth potential, primarily because baby boomers are retiring at high rates. We’ve all seen how unemployment figures are declining – not because there are more jobs, but because more and more people are leaving the work force.

In fact, a recent report stated that in 40% of American households, no one is employed.

Bank Regulations

Banks make money by taking your deposits and paying you a rate of return for its use, then lending that money out to someone else at a higher rate. It’s not unlike purchasing goods for X and re-selling them for X plus Y.

New regulations imposed after the massive crash in 2008 require banks to hold larger cushions of cash for emergencies. Thus, they have less cash available for lending, which impedes their profits.

The Fed believes that keeping interest rates low will help to stimulate the economy.

So what’s the contradiction?

Note that the federal funds rate has been close to zero since 2008. In better times, it averages around 4.25%. Now they say they expect to start raising rates sometimes in 2015 but expect to keep the rate “well below” 4.25%.

Since they don’t define “well below,” and since a mortgage interest rate of 6% would still be classified as “historically low,” it might be wise to consider purchasing that new home before rates begin to rise in 2015.

So if you’re ready to become a Texas or Washington state homeowner, now is the time to get pre-approved and start that home search.
Call the Mike Clover Group today at 1-800-2232-7409 or apply on line at http://www.mikeclover.com.

Mike Clover Group | Stated Income Jumbo Loans

Texas Purchase & Refinance Mortgage Rates …….

 We are from Texas, We are operated in Texas, and We are Texas Strong…..!

 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 4.25% – 0 Discount Points – 0 Origination

15 yr Conventional 3.375% – 0 Discount Points – 0 Origination

20 yr Conventional 4.0% – 0 Discount Points – 0 Origination

10 yr Conventional 3.25% – 0 Discount Points – 0 Origination

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

15 yr FHA 3.25% – 0 Discount Points – 0 Origination

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

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

15 yr VA 3.25% – 0 Discount Points – 0 Origination

Jumbo 30 yr Fixed 4.25% – 0 Discount Points – 0 Origination

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

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

Your Locally Owned and Operated Texas Mortgage Banker……

I am a 2014 Five Star Mortgage Professional featured in Texas Monthly Magazine . This Award for exceptional clients service is only awarded to 1% of all the Mortgage Professionals in the Dallas/Fort Worth Region.

 * 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 4.331 to 5.396% Some rates are based on a 740 credit score or higher. Some loans require lower LTV, call for details.

Mike Clover

Mortgage Banker

Homewood Mortgage, LLC

Toll FREE: 1-800-223-7409

O: 469-438-5587

F: 972-767-4370

NMLS# 234770

18170 Dallas Pkwy

Ste.304

Dallas, TX 75287

Web: www.mikeclover.com

Texas Purchase & Refinance Mortgage Rates …….

We are from Texas, We are operated in Texas, and We are Texas Strong…..!

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 4.25% – 0 Discount Points – 0 Origination

15 yr Conventional 3.375% – 0 Discount Points – 0 Origination

20 yr Conventional 4.0% – 0 Discount Points – 0 Origination

10 yr Conventional 3.25% – 0 Discount Points – 0 Origination

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

15 yr FHA 3.25% – 0 Discount Points – 0 Origination

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

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

15 yr VA 3.25% – 0 Discount Points – 0 Origination

Jumbo 30 yr Fixed 4.5% – 0 Discount Points – 0 Origination

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

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

Your Locally Owned and Operated Texas Mortgage Banker……

I am a 2014 Five Star Mortgage Professional featured in Texas Monthly Magazine . This Award for exceptional clients service is only awarded to 1% of all the Mortgage Professionals in the Dallas/Fort Worth Region.

* 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 4.520% to 5.396 Some rates are based on a 740 credit score or higher. Some loans require lower LTV, call for details.

Mike Clover

Mortgage Banker

Homewood Mortgage, LLC

Toll FREE: 1-800-223-7409

O: 469-438-5587

F: 972-767-4370

NMLS# 234770

18170 Dallas Pkwy

Ste.304

Dallas, TX 75287

Web: www.mikeclover.com