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Avoid Getting Your Mortgage Unapproved

January 30, 2021 by chorton Leave a Comment

There are many ways buyers can get their mortgage pre-approval or final acceptance revoked before closing on a home. Here are the most typical mistakes borrowers make after being pre-approved which need to be avoided at all costs!

Changing employment.
Getting a different job is common enough that you might not believe anything of altering employment if a brand new, better chance presents itself. But once you’re pre-approved to get a mortgage, you ought to avoid making any adjustments that could affect your loan.

Your pre-approval was predicated on your standing at the time of application, along with your job status was a significant element in the decision of the lender. When you move change tasks, you throw the whole equation in disarray.

If you’ve got the chance at a better job talk to your mortgage agent about it. They may advise you not to create any work change before the house has closed. Lenders prefer to see stability in employment. It is possible if you are changing jobs, but into the same line of work, it won’t be a problem. Verify this is the case, however, before making any decisions!

Apply for other loans.
Among the most common ways people get their mortgage acceptance refused is taking on additional debt before closing on their property.

Now you know that you are going to get a house, it may be tempting to start shopping for all of the items you’ll need to fill it. The loan you’re pre-approved for relies on not just your employment status but also on your credit standing.

The lending company intends to authorize the mortgage because it believes that your credit standing indicates you can make your payments. Should you take out other loans, like signing up for a credit report with your local furniture retailer, then you risk negatively affecting your credit status and missing out on your mortgage.

Purchasing a home is an exciting time where lots of people get anxious and need to go out searching for their new location. Maintaining your house spending in check is an absolute must so you do not jeopardize your mortgage approval being refused.

Among the more prevalent mortgage mistakes people make is purchasing a car while they’re also buying a home. Many loan approvals have been revoked because of this mortgage blunder.

 Making massive deposits that you can not document.
Before getting your mortgage loan that the lender may wish to see current documents indicating the status of your accounts, such as your savings account and checking account. When there’s a substantial deposit in any of these statements which do not match up with your typical income, then it can throw off the loan.

Before you obtain any gifts from family or make any big earnings, like purchasing a vehicle, get in touch with your mortgage lender and discover out all of the documents you will need to spell out the massive deposit. Many lenders will require a letter of excuse documenting the reason behind the massive deposit.

Lenders will be particularly careful to look over your last 3 decades of spending habits.

 Getting divorced.
If you applied to your mortgage using a partner, the pre-approval you obtained is only going to work if you are still married when you buy your home. All of the calculations that made up the loan process were based on you and your spouse being together. Getting separated is one of the subjects I talk about seeing selling a house when getting divorced.

If you get divorced, then everything changes. You can expect the lender to diminish the mortgage, or at the very best, the lending company will authorize a loan considerably more compact than the one you’re pre-approved for while married.

Connected : Take a look at a few fantastic information about purchasing a home after divorce. Among the main takeaways is making sure your financial house is in order before going out and buying a home.

Forgetting to pay your credit cards
Ahead of the creditor provides final permission for your mortgage, it is going to discuss all your data again to find out what’s changed. Your credit standing will be scrutinized carefully, which means that any overdue charge card payments are going to show up and throw a red flag for the lender.

One late payment might not be enough to shed your mortgage but it may. It is ideal to be as cautious as you can and avoid doing anything which will negatively affect your credit score.

Your credit history makes up thirty-five percent of your credit score. It is the biggest determining factor for credit scores.

Close a credit card account.
You may be on a roster at the moment financially, and all your hard work has resulted in you paying one or more credit cards. Paying off a card could be exciting, but do not make the error of closing out the accounts prior to getting your mortgage. It may be counter-intuitive, but closing a credit card accounts can set a ding on your credit status.

One factor that enhances your credit score is the duration of time you’ve had an account available and in good standing. When you close the account, you erase the history of responsible credit use.

In addition you lessen your percentage of available credit, which can also negatively impact your status. Therefore, if you shut a longstanding credit card accounts, it could reduce your credit rating.

Paying your rent overdue.
Your years of on-time lease payments reveal the lender that you’re likely to cover your mortgage on time. If you become careless and fail to pay your rent when you need to, the creditor may decide that you’re not as accountable as you seemed at pre-approval. The lender will look back over at least two years of lease payments.

Buyers have to be keenly conscious of just how not paying their obligations can return and bit them in the ass.

Missing your last mortgage payment.
This may seem like an odd mortgage mistake, but it is surely possible. Lately, I’ve a client who was buying a new home in Millbury Massachusetts. Their existing home required to be sold before they can close on their new construction purchase. The closing in their current home took place in the first part of June. Unfortunately, they didn’t make their final mortgage payment believing it was not an issue given the fact they were closing in little over a week.

It was be a major problem, as Bank of America, looked at it as an overdue mortgage payment. The buyer wasn’t able to qualify for the mortgage on the new home, and their mortgage approval was removed! This caused a significant hassle as the purchaser could not close in their new construction buy. They had to go out and secure different funding from another lender. The credit hit also forced them to go away from a traditional mortgage in an FHA mortgage.

Settling old collection accounts.
You would think that paying debts off would be a fantastic thing, however your credit score may be hurt if you pay off old set accounts right before you get your mortgage.

The pre-approval procedure already factored on your old set accounts, so there is not advantage to paying them to provide at the moment. In fact, paying them off could cause your credit score to drop for a brief period — only enough to wreck your mortgage.

 Spending your savings.
When you tell a creditor that you have a certain amount of savings at your disposal, you’re expected to have that money still once you receive your mortgage.

It is not difficult to invest your savings at time leading up to the home buy, but you want to avoid doing so. If you can’t confirm that you have the savings listed in your initial loan pre-approval, you risk being denied by the lender.

As stated previously, you need to be consistent with your budget before closing on the house. Following the closing on the house, you’ll be safe from the pre-approval being removed, but that doesn’t mean that you ought to be any less fiscally responsible.

Getting in legal problem.
If you are involved in a litigation between the minute you are pre-approved and the period you want the mortgage money, you can lose your loan. If the lawsuit does not go your way, there’s a possibility your wages may be garnished; you could be subject to fines or lose a considerable amount of revenue. None of those things seems good to a creditor.

If you end up in a lawsuit make sure you notify your lender, which means that your mortgage acceptance doesn’t get denied.

Deciding the wrong home to buy.
Were you aware it is possible to purchase the wrong home? It is true! There are some properties where your pre-approval will become void because they don’t meet creditor guidelines as mortgage agent, Luke Skar points out. It is very important to check on the credentials of the house you are purchasing depending on what type of loan you’re getting. There are some Kinds of financing you can get including:

Fannie Mae or Freddie Mac backed loans
FHA financing.
USDA funding.
VA funding.
Each of these loan types are going to have certain restrictions in regards to the home you are purchasing. Luke does a superb job summarizing a few of the common stumbling blocks with getting a mortgage on each one of these loan types.

Make sure you are not purchasing a home with funding that will not work! Many people pick certain loans because they want to avoid paying private mortgage insurance. That is great but not if the loan application is not the ideal match for the house you are buying.

 Appraisal Issues.
Appraisal problems are somewhat different that these other 12 strategies to receive your mortgage approval removed. These other reasons are for the most part in your control while getting the home you are purchasing to evaluate is not. It’s possible you could encounter an appraiser that feels you are overpaying for the house you’re buying.

In instances like these, the owner or their real estate agent will most probably fight the low appraisal amount. There is no guarantee, however, that they will be prosperous. You might find the conditions of your sale need to be shifted to keep your loan acceptance.

Fraud.
Committing fraud on a home mortgage application isn’t a smart thing to do. Doing so, obviously, will most likely result in your mortgage approval being removed.

Lenders today are more careful than ever when it comes to lending money. They all inspect the information given to them by borrowers very thoroughly. Thinking you’ll put one beyond a mortgage business today is unlikely.

Each of these fourteen things can cause your closing mortgage approval to be removed. Avoid these common mortgage mistakes, and you will not have a thing to be worried about. When you’ve made these errors, it’s important to get in touch with your mortgage representative immediately and let them understand.

Filed Under: Buying a home, Real Estate Advice Tagged With: buying a home, first time home buyer, real estate tips

What Not To Do When Selling Your Home

January 24, 2021 by chorton Leave a Comment

So you have decided to place your house on the market. Congratulations! As you begin checking things off your to-do listing, it’s also very important to cover mind of exactly what not to perform.

Do not over-improve.
As you prepared your house for sale, then you might realize you’ll find a fantastic return on your investment should you create a few changes. Updating the appliances replacing that cracked cupboard in the toilet are all fantastic ideas. However, it is important to not over-improve, or create improvements which are hyper-specific to your own tastes. Imagine if your customers are family oriented and need a cellar area for their children to play ? This rock-and-roll room may seem to them like a massive job to un-do. Make any necessary fixes to your area, but do not go beyond and above –you will eliminate money doing this.

Do not over-decorate.
Over-decorating is equally as awful as over-improving. You will love the look of lavender and lace, but your prospective buyer can enter your house and cringe. When prepping for sale, neutralize your decorating strategy so that it’s more universally palatable.

Do not hang around.
Your agent calls to allow you to know they’ll be bringing buyers through this afternoon. Great! You rally your entire household, Fluffy the dog contained, to be waiting in the doorway with fresh baked biscuits and large smiles. Right? Wrong. Buyers want to envision themselves on your area, not to be faced by you on your area. It is embarrassing for them to really go about judging your house while you stand at the corner grinning like a maniac. (On the flip side, if you are purchasing a house rather than selling, subsequently making it private is the thing to do, especially if composing your offer letter.

Do not take things personally
Property is a business, however purchasing and selling houses is quite, very psychological. If a client lowballs you or says they’ll have to replace your precious 1970s vintage shag rug with something”more contemporary,” try to not raise your hackles.

 

Filed Under: Selling Your Home Tagged With: advice, real estate tips, selling a home

Mineral & Surface Rights On Your Land

January 17, 2021 by chorton Leave a Comment

There are two forms of rights which could be contained in property possession: surface rights and mineral rights. In the USA, landowners have both mineral and surface rights unless they opt to market the mineral rights to somebody else. After mineral rights are sold, the first owner keeps just the rights to the land surface, whereas the next party can exploit the underground assets in almost any way that they choose.

Mineral rights could be held in a variety of ways. As soon as the exact same owner retains both mineral and surface rights, it is referred to as a unified estate. When mineral and surface rights have been severed from one another, the distinct ownership is referred to as a property. A third solution is a property, where mineral rights are divided between many owners. This could occur, by way of instance, when a property owner divides rights one of many heirs or sells a few mineral rights but keeps others. A landowner can also opt to promote mineral rights to numerous buyers, each of whom subsequently possesses the rights to a specific bit of land.

What are surface rights?

Surface rights really are, as its name suggests the rights to the face area of a bit of property. Including any structures on the land, in addition to the rights to farm the property or exploit aboveground resources like trees, plants, or water based on local laws and ordinances. Ordinarily, you have the right to dig into a particular depth for functions like installing septic tanks. Should you have surface rights, then you’re permitted to sell or transfer title to the property, but you may not sell or rent your house into an oil, gas, or mining firm for mining or extraction.

What are mineral rights?

Mineral rights are the rights to subterranean sources such as petroleum, natural gas, silver, gold, iron, aluminum, coal, uranium, and other nutritional supplements. In the event that you or a former owner have sold the mineral rights to your house, it means that you have just what is above ground. If the mineral rights holder would like to extract funds, they don’t require your approval to do so. They can perform exploratory drilling along with other evaluations to ascertain whether or not to invest in additional advancement, and they’ll probably have to put in equipment and infrastructure such as pumps, wells, mine shafts, access roads, and electricity lines.

There might be a necessity for the mineral rights holder to offer damages for any surface damage, but essentially, they have the right to utilize as much of their surface as is reasonably required for mineral exploration and extraction, even without asking your consent. Each one these actions will impact the overall look of your property and your capability to utilize the surface in a sense you see fit.

Matters to consider when Purchasing property.
After mineral rights are severed from surface rights, they stay like that. If you’re thinking about purchasing land, be certain you research comprised rights thoroughly prior to making any buying decisions, to prevent any unpleasant surprises in the future. You might believe that you’re purchasing both mineral and surface rights, just to find that the former owner has offered mineral rights to another party. If you already have property and aren’t sure which rights you’ve got, assess your house deed or mortgage certificates.

Oftentimes, an oil, gas, or mining firm will attempt to work out a program which can minimize disturbance, but if you wish to retain total control over your property, it is always best to buy both mineral and surface rights. In the event you decide differently, be certain that you are fully advised of who retains the mineral rights and how this may influence your usage of the house.

Filed Under: Land for Sale, Ranches for Sale Tagged With: land for sale in texas, ranches for sale in texas, real estate tips, texas ranch land for sale

Winterizing Your Home

November 11, 2020 by chorton Leave a Comment

Winterizing your home is important and as all seasons impact your house, but maybe no other period affects it over just winter. The chilly temperatures, rain, snow and freezing rain combine to make it a year to not be dismissed.

Winterizing Your HomeTo make certain that you don’t have any unnecessary repair costs this winter, follow these seven easy steps while preparing for the winter. They’re short and sweet–and will help you save money in the long term.

How to Prepare Your Home for Winter Weather

Preparing a house for the winter may seem overwhelming, but these hints can typically be achieved inside a weekend, and you’ll be more prepared for whatever weather comes your way.

 

 

1. Clean Your Gutters

You need to do this each season, but before winter may be the most crucial moment. If your area receives a whole lot of snow, then your residence might need to keep that extra weight. If your gutters have an excessive amount of weight on these, they are pulled out of your house.

But maybe the most significant explanation is that in case you do not clean your gutters, your house might get water damage. As ice and snow melts and refreeze immediately, the devastation inflicted on your house might cost tens of thousands of dollars. Be certain that the water has somewhere to go as it melts so it’s kept away from the residence.

2. Recaulk Your Windows and Doors

Recaulk your doors and windows annually to avoid water damage and heat reduction. A caulk gun and tubing outside caulk will cost you about $20, and it is easy to do it in a day.

To be clear, you must just caulk around the exterior perimeter of your doors and windows’ molding. Use outside silicone caulk since it is less influenced by extreme temperatures–meaning it will not shrink and enlarge as the seasons shift.

To caulk your windows and windows, cut on the exterior caulking tube in a small angle together with your caulk gun (many caulking guns have an inner blade for this). Insert the tube to the rifle and twist the handle before the round pad is pressed closely into the tube. Caulking should begin to come from this hole that you cut once enough power is used.

Then use a thin line of caulk throughout the door or window molding into your residence. Employing a latex-gloved finger, then gently press down on the caulk to spread it out so that it fills all the very small cracks and cracks until it’s smooth.

3. Get Your Roof Inspected

This measure is most likely the most ignored yet most crucial step when planning a home for winter. It is always best to have a roofing contractor inspect your roof for damage.

Any contractor you hire to perform a review should also be in a position to perform any minor repairs within a day (replacement shingles is usually a fast process). It may cost you more than you’d love to invest, but failing it for an whole winter might easily result in much more repair bills in the future.

Summer rainstorms are renowned for wreak havoc on a roof, so it is important you fix any damage prior to your roof receives its toughest test: snow.

4. Reverse Your Ceiling Fans

As you heard in high school, hot air rises. Reversing the management of every one of your buffs will produce an updraft, which then will push any heated atmosphere pressed from the area’s ceiling. By maintaining warm atmosphere, you’re use heat better, which should decrease electricity costs. Even in the event that you don’t have some rooms with high ceilings, then do this one when the weather turns.

To reverse your enthusiast’s management, ensure that the fan is off, then click on the switch over the blades. In case you’ve got a remote-controlled enthusiast, you need to see an option for reversing the fan’s management on the remote.

5. Inspect Your Chimney

To maintain a home safe, clean and inspect your chimney before a burning period –even when wood isn’t your principal source of warmth, and you simply use your fireplace for decorative motives.

If you burn wood, residue of creosote build up on the inside of the chimney. Creosote is cancerous and extremely flammable. When a lot of it builds up on your chimney, the smoke from a fire may make it to ignite, which then can lead to a chimney fire. Chimney’s are the cause of many house fires.

If you would like to go the excess mile, then look at installing a steel lining, to help safeguard your house in case of a chimney fire.Fireplace for Winter

6. Drain the Fuel Out Of The Little Gas-Powered Engines

Gasoline does not last forever; actually, it decomposes fast. When this occurs in an engine (for instance, a lawn mower or weed eater) it may get the engine’s carburetor to gunk up, so you might not have the ability to get it started again if winter is finished.

To protect against this, you may either put in a fuel stabilizer or allow the machine burn all the gas using it last time in late summer/early collapse and letting it run till it shuts off. Should you do that, your machinery will continue longer and begin considerably more readily in the spring.

7. Assess Your Insurance Coverage

before winter is a fantastic time to confirm your insurance policy coverage. In case you’ve completed any renovations on the summer that may add value to your house, make sure that the extra value is insured by your policy if anything happens in the winter. You also need to check what your supplier offers for items like ice and roof damage to find out whether you might choose to add extra protection.

The Main Point
Organizing a house for winter is not a marathon, however it will require a little bit of forethought. But should you just take the seven easy steps above, you will probably spend less on maintenance than you used to.

Filed Under: Home Improvements, Real Estate Advice Tagged With: first time home buyer, homeowner tips, Homes for sale Stephenville TX, Preferred Properties of Texas, real estate advice, real estate tips, stephenville tx

AC Maintenance for the Summer

September 17, 2020 by chorton Leave a Comment

Now that the summer heat in Stephenville Texas is gradually dissipating, it is time to begin prepping your air purifier to the cooler autumn temperatures. You may not expect to utilize your AC unit considerably this autumn, and you may not use it at all throughout the winter.

Stephenville Homes for SaleJust take a while to get prepared to shut it down to the season when ensuring that the device is in good shape for next year.

Assess Performance
Switch in your AC particularly to examine how it performs. How much time does it take to achieve the temperature you have put on the thermostat? Is your atmosphere satisfactorily cool? It is far better to handle problems now when replacement or repair costs will probably be lower than when they pick up following spring.

Monitor Temperature Gauge
As you assess on your AC unit, keep your eye on the thermostat to find out if the temperature remains where you want it to. If the room temperature vacillates or in the event the device appears to operate for many minutes prior to cooling the atmosphere to the specified temperature, then you can have a difficulty. A thermostat that doesn’t enroll the true temperature or keep the programmed temperature ought to be assessed by a technician.

Schedule Maintenance
An yearly inspection and evaluation of your AC gear are a fantastic idea even if everything appears to be functioning fine. You might have Stephenville Homes for Salegotten accustomed to a little motor complain or even a faint burning smell; this generally implies that the device is working harder to perform its job. A yearly check can guarantee you that all is well and prepared for your upcoming warm season. Little issues can be diagnosed with recommendations from the specialist.

When a problem is discovered during the review, have the AC repair work completed immediately. Waiting for warm weather to roll up again may permit the issue to get worse and, as stated, service and gear costs can go up in cost. Having the job done today usually means your air conditioning will be all set for you to appreciate on the first hot day following year.

Air conditioning is one of the home conveniences when buying a home in Stephenville Texas that we frequently take for granted before it quits functioning. Maintain your AC unit in great shape so you can enjoy its heating comfort for many years to come!

Filed Under: Home Improvements, Real Estate Advice, Uncategorized Tagged With: Homes for sale Stephenville TX, Preferred Properties of Texas, real estate advice, real estate tips

Ways to Save a Down Payment for a House

August 24, 2020 by chorton Leave a Comment

Tired of renting?  We get it. The pressure to buy a house right now is real, particularly as rental costs continue to rise.

All of your friends are buying homes, and you’ve heard the market is actually good at this time. Plus, you’re really sick of paying rent simply to walk your puppy down three flights of stairs multiple times a day. Paying that much cash, you should at least get a garden!

There is just one problem: you do not have a down payment for a house yet. And it gets harder and harder to save for one when your rent keeps going up. Higher rent costs hurt in lots of ways, including your ability to spare. And you are not alone. Builder Online estimates that it would take young Americans over seven years to save up a 10 percent down payment. No wonder you are feeling overwhelmed!

Listen, saving up a down payment is tough, but you can do it!

Before you save a penny for a down payment, you ought to be debt-free and possess a fully funded emergency fund of three to six months of expenditures. Freeing your earnings from debt obligations and having the ability to turn big emergencies into minor inconveniences puts you into a place of financial security. Then you can start putting some money aside toward a new residence.

You might think you are”throwing money away” by renting. But if you’re focused on your financial goals and have a strategy in place to meet these goals, you are not trashing cash–you’re setting yourself up to acquire long-term using a strong financial foundation.

This type of wise cash behaviour sets you to make homeownership a boon instead of a burden.

Down payments = lots of cash. It is simpler than you think when you have a plan!

1.How much should I save for a down payment?

If you can’t pay cash for your house, plan to put at least 10% down. If it is possible, go for 20%. Why? Since putting down 20% means no private mortgage insurance (PMI)–an excess price your creditor tacks to a monthly payment only in case you don’t make payments on your loan. You want a 15-year, fixed-rate mortgage that is no more than 25% of your monthly take-home pay.

2. Just how long can it take me to save for a down payment?

Because the more time you spend saving up, the more money you can save up. And the more money you save, the less your mortgage will cost in the long term. Stay focused and you should be able to save a great down payment in two to three years. Try not to drag it out much longer than that, though. You’ve got plenty of additional money goals to take on next–like your retirement along with the kids’ college money.

3. Where’s the ideal place to put the money I’m saving for a down payment?

In most cases, a deposit is not an investment. So stashing that cash in a money market savings account will get the job finished. You’re not going to make tons on interest, however you won’t eliminate money either.

4. What are some expenses I should cut in my budget?

You’ll be amazed at how much money you find when you pay attention to your spending. Here are some ideas to help you tighten your spending temporarily while you work on making that home dream a reality:

  • Take a break from the gym
  • Save eating out for special occasions
  • Trim your clothing budget
  • Buy generic brands at the grocery store
  • Cut the cable
  • Press pause on retirement savings
  • Drop the summer vacation

5. What can I do for extra income?

  • Exercise regularly? Walk neighborhood dogs after work or referee sports leagues on the weekend. Get healthy and bring in some dough? That’s a win!
  • Have a heart for teaching? You can expect to make $30–40 an hour tutoring—even more if you live in a big city or have advanced degrees.3
  • Love pets? Let your friends and coworkers know you’re available to watch Rover the next time they’re out of town. Get some fur therapy and make money at the same time.
  • Do you have a lot of extra stuff collecting dust around your house? Sell. It. All.
  • Got an annual bonus or raise? Stash that money in savings instead of spending it else where.

These tips could save you every month! Now get creative and think up even more ways you save!

When you have worked so hard to save up a large down payment, the very last thing you need to do is create a poor financial investment. That is why choosing an experienced property expert –that has your very best interest in mind –is essential.

Our Realtors at Preferred Properties of Texas are a few of the finest at the business, and they assist first-time house buyers and turn your homeownership goals in reality.

 

 

Filed Under: Blog, Buying a home, Homes for Sale, Land for Sale, Ranches for Sale, Real Estate Advice Tagged With: advice, buying a home, first time home buyer, Homes for sale Stephenville TX, land for sale in texas, Preferred Properties of Texas, real estate advice, real estate tips, texas ranch land for sale

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Preferred Properties of Texas

Preferred Properties of Texas

The Preferred Way to Buy and Sell Property
for Over 25 Years
(254) 965-7775 Office
Contact Preferred Properties of Texas
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(254) 965-7775|Contact Preferred Properties of Texas
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