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Choosing a Loan Officer

February 17, 2021 by chorton Leave a Comment

You’ve got lots of choices to make when you first begin your trek to purchase and finance your home.

First of all, the most significant choice is which home to purchase. Determined by market conditions in your area, you could be amazed at how many homes to fit your own personal criteria. You may require a 3 bedroom house and you’d like it to maintain a specific area of town, perhaps near great schools or a brief commute to work.

Once you do find some houses to look at, the sellers are going to want to see some sort of documentation that you’ve not spoken into a loan officer but have a preapproval letter in your own hand. Before you get to this point however, you want to make sure you’ve got a sterling loan officer. You can’t select a loan based upon marketing or smart ads, you have to interview your loan first before you get a lot farther.

You want to learn the length of time the loan officer has been in business. That is not really that fair to new loan officers who might be just as capable of getting a loan to an approval but keep in mind that loan officers close loans…that’s exactly what they do. You will only interact with a home loan officer a couple of times on your whole time as home owner. You need to make the right option.

A loan officer who has been in business for many years has been established as experienced, reliable and a fantastic communicator. Loan officers that can not bring in the business will not be loan officers for very long, they will be on to something else. Good loan officers have seen all sorts of approval situations as well as knowing that loan programs are ideal for your personal situation. An experienced loan officer has seen everything.

You would like to learn what your closing costs are going to be. A good loan officer will be able to give you a solid, verbal quote over the phone without hesitation. A good loan officer will have the ability to itemize lender charges at the drop of a hat. A loan officer that does not answer right away and answers a written cost quote will be forwarded a day or 2 afterwards likely isn’t your best option. Most loan officers will know these potential prices from an appraisal charge to title insurance. An experienced loan officer will readily have the ability to recite potential charges.

Last, request referrals from past clients. Your realtor will probably provide you with a couple names of good loan officers, so you need to begin there. Realtors do not get paid any referral fees for doing this but rather refer loan officer names because the loan officers do not drop the ball during the approval process. Nothing is worse in a broker’s eyes to find out only a few days before closing the lender will not have the ability to provide closure documents on the settlement date. Remember, real estate agents do not get paid until the deal is closed.

These are just a few things to ask your loan officer and you will definitely inquire more when you submit your loan application, but before you submit your application, you’ll first have to pick your loan officer.

Looking for homes for sale in Stephenville

Filed Under: Buying a home Tagged With: buying a home, Homes for sale Stephenville TX, stephenville tx

Benefits of Tax Deferred Exchanges (IRC Section 1031)

February 15, 2021 by chorton Leave a Comment

Exchanging Real Property - IRC Section 1031

Building estates with PRETAX dollars.

There is talk in Washington, DC about eliminating the Internal Revenue Code Section that allows for “Tax Deferred Exchanges.”

“Don’t it always seem to go, that you don’t know what you’ve got til its gone…”

Benefits of Tax Deferred Exchanges (IRC Section 1031)

Why exchange real property?

To save taxes, yes, but said more succinctly, to build your estate with pre-tax dollars.

Using proper exchange techniques results effectively in interest free loans from the government. Other reasons to exchange include:

Increasing depreciable basis by acquiring property encumbered with a larger debt.

Acquiring sheltered income by exchanging for unimproved land for improved property.

Acquiring property without cash, when sales may be impossible.

Consolidating assets by exchanging many properties for one larger property.

Receiving nontaxable cash by exchanging and refinancing after and independent of the exchange.

Diversifying holdings without tax consequence.

Example of the Advantage of Building Equity with “PRETAX DOLLARS:”

Sale Price: $150,000

Adjusted Basis: $ 50,000

(Original Cost, plus Capital Improvements, minus Allowable Depreciation)

Recognized Gain: $100,000

Tax Bracket: 30% (for purpose of example)

Capital Gain Tax Paid to the IRS: $ 30,000

Balance to invest in next property: $70,000

Leveraged 4 to 1 results in a purchase of a $280,000 property

10% annual appreciation results in $28,000.

If you structured the sale in accordance with section 1031, and did not have to pay the taxes at that time (Deferred Taxes), you could invest the entire $100,000 leveraged 4 to 1 and purchase a $400,000 property.

At 10% appreciation, your increase in equity is $40,000. Multiply this $12,000 equity buildup over a 20 year investment horizon and the result is substantial.

Don’t let Congress take this tax benefit without saying anything…

“Don’t it always seem to go, that you don’t know what you’ve got til its gone…take Paradise, put up a parking lot???”

Looking for land to invest in Contact one of our Realtors at Preferred Properties of Texas

Search Texas Farm & Ranch Land for your next 1031 investment

Filed Under: Commercial Properties for Sale, Investing, Land for Sale Tagged With: investing, land for sale, land for sale in texas, Preferred Properties of Texas, stephenville tx, texas ranch land for sale

Selling Real Estate in Stephenville, TX

January 13, 2021 by chorton Leave a Comment

Are you thinking of selling real estate in Stephenville, Texas but not sure how to go about it? That is absolutely fine, because here are some tips that may come in very handy when it comes to selling real estate Stephenville. First and foremost, do all you can to get your properties documentation in order. This includes the mortgage information from the bank, survey, information on your roof, warranty info on appliances, and other things of this nature.  You may want to call a title company that can go ahead a double check your title to make sure that it has not become clouded.  You may also want to get an inspection done and consider getting a appraisal as well.

Of course, it is wise to consult a licensed real estate agent before putting your property on the market or before making any actual purchase of properties in Stephenville Texas. This is simply because buying real estate is a serious matter and should never be undertaken lightly. In addition, when considering all aspects of a real estate in Stephenville, it is important to remember that you can borrow money against the real estate property that you purchase in order to finance the prooperty through a mortgage. It is also smart to have a qualified appraiser asses your real estate for market value and to make suggest improvements, if needed in order to make sure that your real estate is worth as much as possible.

Another option for obtaining financing is to use a mortgage broker who specializes in real estate in Stephenville. Finding a mortgage broker is not difficult because there are now several of these brokers in Stephenville, Texas. The process of obtaining a mortgage loan is made easier by the fact that most brokerages now require no money upfront deposit before offering any loans. As long as the buyer has sufficient income, a person can use a mortgage broker to help obtain a loan. The process of selling a real estate transaction in Stephenville is relatively simple; however, one should always hire a real estate agent to ensure that all aspects of the sale are handled properly and that there are no liabilities that might arise after the sale.

When is time for you to buy or sell real estate in Stephenville contact an agent from Preferred Properties of Texas

Filed Under: Buying a home, Homes for Sale, Ranches for Sale, Selling Your Home Tagged With: buying a home, Homes for sale Stephenville TX, Preferred Properties of Texas, stephenville tx

Texas Land For Sale

January 12, 2021 by chorton 2 Comments

This 150 acre property is great for horses, cattle, hunting, or even building your dream home. Take a drive and enjoy the countryside and go check out this property. Contact our office today.

Preferred Properties of Texas is here for all your Real Estate Needs!

Filed Under: Land for Sale Tagged With: land for sale, land for sale in texas, stephenville tx

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