According to a survey by Chase, more than half of new home buyers have regrets.

Some regret settling for a house that wasn’t what they really wanted. Of course, since financial restraints dictate what a person is able to purchase, that could have been a choice between buying something less than perfect and remaining a renter.

Some regret choosing the neighborhood and wish that they’d done a bit more due diligence before making a decision. Among other things, they wish they had a shorter commute to work.

Meanwhile, a majority of the regrets centered on the mortgage process. More than half of the respondents wished they had known more about the financial process and the financing options. Forty percent said it took much longer than they expected and about a third said that owning a house costs much more than they anticipated.

Who is at fault here?

It’s easy to say the buyer/borrower is at fault for not doing a more careful check of the neighborhoods, not determining how much space they actually needed in a home, not asking enough questions, not asking the right questions, and not exploring enough financing avenues.

But are they at fault? Perhaps when it comes to determining the size of the home they need, you could say yes. For the rest, we’d have to say no.

While a real estate agent isn’t allowed to “steer” people to specific neighborhoods, they can encourage buyers to do their own research, and they can point them to the right websites to do that research. They can also remind buyers about that commute, and suggest that they choose a home that won’t keep them on the road for hours each day.

Diligent REALTORS® also explain the loan process to their clients, so they know what to expect at each step from making an offer through closing.

When it comes to financing, we believe their lenders are at fault.

Here at the Mike Clover Group we take the time to explore each client’s options and to explain those options to them in a manner that’s clear and comprehensive. Almost all buyers have choices between loan products, and we want our clients to choose the option that’s best for them.

We also take the time to explain our process – so they understand what’s going on from the time we take their application until the loan is closed and the house is theirs.

We believe all lenders should do the same, but unfortunately many do not.

Because we encourage our buyers to become pre-approved for their loan before they begin shopping for a home, our loans close in record time.

While banks might take 45 to 60 days to close a home purchase loan – and sometimes longer – we promise 30 days, and we uphold that promise. We also promise low fees, and uphold that promise as well.

So if you’re ready to become a Texas or Washington state homeowner, call the Mike Clover Group today at 1-800-2232-7409 or apply on line at http://www.mikeclover.com.

We’ll be happy to get you pre-approved and financed without regrets.

Interest rates are low, prices haven’t returned to their “pre-crisis” highs, and more people are said to be working. Here in Texas, we know that to be true, as more and more people are moving in to snap up the available jobs.

So why are home sales down almost universally across the nation?

According to Core Logic’s Mark Fleming, the reason is that people simply can’t find a home they want to buy. Inventory levels are at all-time lows.

One reason for this could be the rising interest rates. Yes, they are still historically low – but they’re higher than they were, and consumers became accustomed to thinking interest rates “should” be under 4%.

Now, homeowners who would like to sell, and who would sell under ordinary circumstances, are staying put. Why? Because their current mortgage is below today’s market rates. They don’t want to sell and buy a new home at a higher interest rate.

Mark Fleming of Core logic estimated that approximately half of the 50 million mortgaged homes in the U.S. are financed at rates below the current market. Based on a study of sales trends over the years, he believes that 3.57 million of those homeowners are ready to sell, but holding off due to rising interest rates. Their homes are being dubbed the new “shadow inventory,” as opposed to those homes that are delinquent and almost surely destined to become for sale as Bank REO’s.

If that number was added to the 2 million homes currently offered for sale, buyers might have an easier time finding a home.

Given time, consumers will begin to accept the slightly higher interest rates. After all, people did continue selling and buying homes back in the 80’s – when rates were 10% or more higher than they are today.

True shadow inventory could come to the rescue.

AS of January 2014 there were an estimated 1.7 million homes in the shadow inventory. This is defined as homes with mortgages that are 90 or more days delinquent or that are in some stage of foreclosure. This is down from 3 million four years ago.

When and if these homes come into the market, pressure will ease.

But then there’s one more problem…

It seems that even as inventory shrinks, buyers are becoming more choosey. They are rejecting homes that suffer from “housing obsolescence.” These are properties that are no longer desirable because either the home or the location doesn’t offer the features and amenities that today’s buyers want.

This situation is now being labeled “shadow demand” because the buyers are out there in the shadows, waiting and looking. When the right home comes along, they’ll buy.

Meanwhile, due to buyer rejection of some inventory, levels are apparently even lower than they seem.

When you find your home – the time to move on it is immediately.

So don’t wait. Get pre-approved now, so yours will be the winning offer.

Today’s interest rates are still low, and as always – so are the fees at Homewood Mortgage.

Call the Mike Clover Group today at 1-800-2232-7409 or apply on line at http://www.mikeclover.com.

Texas Mortgage Rates

**Stated Income Jumbo Loans Now Available**

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.

Loan Amounts $350k or above 30 yr Conventional 4.25% lock today!

30 yr Conventional 4.375% – 0 Discount Points – 0 Origination

15 yr Conventional 3.5% – 0 Discount Points – 0 Origination

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

10 yr Conventional 3.125% – 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

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 4.257% 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 4.677% 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

Web: www.mikeclover.com

E-mail: mike@mikeclover.com

Call for Super Service!!

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 4.375% – 0 Discount Points – 0 Origination

15 yr Conventional 3.5% – 0 Discount Points – 0 Origination

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

10 yr Conventional 3.125% – 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

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 4.426% 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 4.773% 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

Web: www.mikeclover.com

E-mail: mike@mikeclover.com

Call for Super Service!!

By now you’ve probably heard that more people are moving to Texas than to any other state. All anybody wants to talk about is how Texas has it all and you should jump on the bandwagon.
Maybe you should. Maybe you shouldn’t. Here are a dozen reasons why you should think twice before making the move. If you do move visit us-mailing-change-of-address.com to change your address.

 
1. Texas has jobs. Texas ranked #1 in job growth for the 12 months ending in January – with the addition of 322,400 jobs – and the trend is continuing. In January alone, Texas added 33,900 jobs. That’s more than any other state.

So – if you’d rather have an excuse to remain unemployed, don’t move to Texas. It’s too easy to find a job.

2. Texas has no state income tax. That means you have to keep more of your money, and be responsible for how it’s spent. It also means there are fewer government employees, so if you’re the civil service type, Texas isn’t your best choice.

3. The economy is doing very well. If you prefer driving past boarded up store fronts and grousing with friends about how bad things are, your opportunities in Texas will be severely limited. People are just too darned positive around here.

4. Texas is business-friendly. According to the Small Business & Entrepreneurship Council’s “Business Tax Index 2013,” Texas ranks #1 in terms of the lowest costs of taxation on entrepreneurship and small business.

If you believe businesses make too much money and should be taxed heavily in order to “share the wealth,” Texas is not the place for you.

5. Texas is filled with open spaces and clean air. If you like being able to drive across your state without ever leaving the exhaust fumes of a busy street, and with plenty of time to text and make phone calls while you wait in traffic, this isn’t for you.

6. We go fast! Many of the roads in Texas are privately funded by Texas Toll road companies. Some of them can now be traveled at 80 miles per hour! If you’d rather poke along, and if you dislike private enterprise, you won’t enjoy this.

7. And then there’s the sunshine. Depending upon where you settle in Texas, you could be looking at as many as 300 days of sunshine every year. And without the smog to block it, you just might get too many of those dreaded UVA rays.

8. With too much sunshine comes lack of snow. While it does occasionally snow in Texas, if you thrive on spending October through March shoveling snow from your roof and driveways, and enjoy carrying tow chains to help your neighbors get out of snowdrifts, you’ll hate Texas.

9. Oil, oil, and more oil! If you believe we should import all of our oil from countries that hate us, you won’t approve of Texas one little bit.

10. Guns. If you believe guns should be confiscated and held only by government employees – or if you’re a robber intent on easy prey – stay out of Texas. We Texans love our guns and our laws reflect that fact. We have castle doctrine and stand-your-ground laws which allow us to use deadly force against anyone forcibly and unlawfully entering or attempting to enter our homes. We’re also allowed to defend ourselves and our families.

11. Cows, horses, and cowboys. Yep, we’ve got ’em. If you don’t like “westerns” choose a different state.

12. Sean Hannity. Sean says he might be moving to Texas, so if you hate FOX News, you won’t want to move here. Can you imagine having him for a neighbor? Better not take the chance.

Mike Clover

Mortgage Banker

Homewood Mortgage, LLC

Toll FREE: 1-800-223-7409

O: 469-438-5587

F: 972-767-4370

NMLS# 234770

Web: www.mikeclover.com

E-mail: mike@mikeclover.com

Call for Super Service!!

The Mortgage Process and Your Income Tax Return

By now you know that your mortgage lender is going to want to see your latest tax return. In fact, in addition to the copy you’ll be asked to provide, you’ll sign a form allowing your lender to get a “true” copy from Uncle Sam.

So… don’t try to fudge and give your lender a bogus return. It won’t work.

Since tax day has just passed and you may still be feeling the strain, we thought we’d bring you a bit of humor with some do’s and don’ts. Unfortunately, these “don’ts” come from real-life situations that tax preparers and lenders have encountered.

If you’re self-employed, remember that you’ll have to work a little harder to prove your income. When you’re anticipating a purchase or a refinance it isn’t the time to pad your expenses. If you’re a building contractor, don’t remodel your son’s basement for free, then lump the expenses into your legitimate materials expense.

Remember that lenders are leery of self-employment, so don’t quit your salaried position to go into business for yourself until after your loan is finalized.

If you take a write-off for a home office, do make sure your lender notices, and don’t add that kitchen remodel into “maintenance” expense for your office.

Do’s and Don’ts for everyone…

Do write off legitimate deductions, such as charitable contributions and mileage, mortgage interest, medical expenses, and dependents.

Don’t deduct your dog’s veterinary bills. And… just because your dogs are named George and Susan, don’t try to add them as dependents.

Do write off unreimbursed business meals and mileage as per the guidelines. Keep in mind this deduction will be deducted from your income. 2106 deductions reduce your gross income with mortgage lenders.

Don’t confide to your lender that those business meals were actually just you and your family.

The same goes for business trips – if you legitimately travel to another city on business, deduct it. If you and your family rent a house at the beach for a week and business is the last thing on your mind – don’t ask your lender to overlook that deduction.

Do file your taxes on time.

Don’t explain that you haven’t had time to file taxes for the past few years, but you’ll get caught up soon.

Do include all your income on your tax return.

Don’t tell your lender to disregard the tax returns because most of your income is “under the table.” And don’t hand the lender several W-2’s or 1099’s and say “I forgot to add these to my tax return.”

The thing to remember is that your lender has to use the information on your tax return.

No matter how much you confide that you really cheated “just a little,” he or she can’t consider your income to be anything but what you reported to Uncle Sam.

However…

Do take legitimate deductions for court ordered maintenance.

But Don’t confide to your lender that you didn’t actually pay for that maintenance – or for anything else you deducted from your income.

Your lender’s job is to help you get the best loan possible – while also protecting the bank. His or her job is to help you borrow money that you actually can repay.

When you’re ready to purchase or refinance a home in Texas, get in touch. Today’s interest rates are low, and so are the fees at Homewood Mortgage. Call the Mike Clover  Group today at 1-800-223-7409 or apply on line at http://www.mikeclover.com.

We’ll find the best loan for you and your unique situation.

Mike Clover

Mortgage Banker

Homewood Mortgage, LLC

Toll FREE: 1-800-223-7409

O: 469-438-5587

F: 972-767-4370

NMLS# 234770

Web: www.mikeclover.com

E-mail: mike@mikeclover.com

Call for Super Service!!

Texas Purchase & Refinance Mortgage Rates …….

 New Loan: No Income Verification Jumbo Loans!

 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.

 Loan amounts $350k or above 4.25% with 740 FICO score

30 yr Conventional 4.375% – 0 Discount Points – 0 Origination

15 yr Conventional 3.5% – 0 Discount Points – 0 Origination

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

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

30 yr FHA 3.875% – 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

No Income Verification Jumbo 7/1 ARM 5.375% – 0 Discount Points – 0 Origination

No Income Verification Jumbo 5/1 ARM 4.875% – 0 Discount Points – 0 Origination

Your Locally Owned and Operated Texas Mortgage Banker……

 * These rates are based on a estimated loan amount of $250,000 or above and roughly 4.377% 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 4.776% 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

Web: www.mikeclover.com

E-mail: mike@mikeclover.com

Call for Super Service!!