Susan Hilton College Station Real Estate
Realtor & Vice President of Sales of Bryan College Station Real Estate
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Mortgage Help Category
Renting a place alone is often too expensive and can be lonely. Sharing an apartment or duplex with a roommate is necessary to cut the cost, especially for those just starting out in the “real world” and those attending Texas A&M and Blinn. With today’s economy, saving money on living is tremendously helpful. Sharing your living experience with someone is a terrific way to bond and form relationships. Most of the time roommates form strong friendships that can last a lifetime. However, a successful relationship with your roommate is dependent on a few different things – two of which are compromise and clear communication.
Are you sure you want a roommate?
Before we delve too deeply into this, make sure you genuinely want a roommate. If you need a roommate purely for financial decisions, maybe it is not the smartest thing for you to jump right into searching for a friend to live with. A roommate comes with benefits and challenges. You have to be willing to trade the benefits for the setbacks. For example, if you are not sure you want a roommate, you may be able to find an apartment farther away from the middle of town for less money. If this trade-off is worth it to you, it is the smarter choice. It depends hugely on what your priorities Read the rest of this entry »
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REO stands for Real Estate Owned which is a property that is sent back to the mortgage company after foreclosure. Foreclosure results when an owner fails to make payments on a property. The lending institution is then allowed to put the home or property up for sale in an attempt to make back some of the money lost from the former owner’s failure to pay. Wells Fargo is one of the many lenders that owns foreclosures in Bryan and College Station. Wells Fargo offers a PAS (Premier Asset Services) division to help manage this complicated process.
There are a few steps in getting started. If you have been considering buying a REO home from Wells Fargo, there are a few helpful considerations you should make prior to buying the home.
Get prequalified by calling a Wells Fargo representative. You can find out how much you are able to purchase and will know what types of homes fit your budget. You may get a pre-qualification letter for free. This requires you to fill in your basic financial information and will map out for you how much you are able to spend. All foreclosures owned by Wells Fargo will require the buyer to be prequalified by a Wells Fargo representative even if the purchaser is borrowing money from another lender.
Your local home mortgage consultant should be able to provide you with a preapproval letter. This letter will allow you to bypass delays and other roadblocks to your financing and purchase offer letter. Preapproval letters indicate to buyers Read the rest of this entry »
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April 10th, 2012 Categories: Mortgage Help
Let’s face it — the mortgage approval process has changed since our country’s last recession whether you live in Bryan, College Station or New York. And these changes have certainly not made the process any easier. Yet, perhaps the conventional conclusion on which aspect of the process has grown difficult can be set aside. Actually securing mortgage approval isn’t where the complication comes in: it’s the rigorous, wearisome process of meeting the documentation requirements. And these requirements are now the same for everybody, from New York City to the Brazos Valley.
Yet, how can we blame them? After the mortgage crisis only a few years back it became clear that new measures needed to be taken. And, I can assure you, they are satisfactory. From 2007 to 2009, the percent of resold loans went down from 22% to 2%. These numbers have helped secure the current state of our national mortgage rates, but they have also posed a stressful consequence upon potential home mortgage consumers. While we may temporarily be out of the recession-causing threat of our nation’s mortgage dilemma, it has never been more difficult to successfully secure a loan.
The difficulty, as stated above, doesn’t come from obtaining mortgage approval, but instead through the intense, endless amount of documentation which must be processed and evaluated by a careful, experienced team of lenders. However, this process does not have to be as painful for the prepared. In essence, be ready to give them every last aspect and detail of your financial life: every dollar in your checkings, savings, investments, and retirement accounts must be accounted for, as well as every other potential source of income (such as gifts, grants, loans, etc.). And be prepared to cough up the paperwork. Give them everything they ask for. If you don’t, they will only call back asking for more. And when they do, they might be aggravated or stressed, which might heighten your own frustration and so on. All in all, for the smoothest, simplest transitions, give them what is necessary.
It all begins, of course, with the pre-approval process. This will typically consist of a phone call carried out like a kind of telephone interview. There will be plenty of critical questions which you will have to answer on-the-spot. Preparation is key in this stage, and honesty is just as crucial. Be ready to disclose everything. They will ask questions from what you do for a living to whether you’ve owned a house before (if you have, prepare the numbers). You will want to be specific here, and don’t hold anything back.
It might be easy enough to fraud your way through the telephone interview, but under the new measurements required for loan security, it will all come down to the evidence. You will have to prove everything that you say in the phone interview, and if numbers don’t add up appropriately you may find it hard to finish out your approval. But this isn’t where most people find themselves struggling. The true test comes with the processing of documentation. This seemingly endless ritual will undoubtedly become more mundane and unnecessary than you might have ever imagined. But the key is to not get frustrated. Your mortgage lenders are going to ask for every hard-copy financial statement you’ve seen, and possibly then some. Just be ready to do the work.
Eventually, you might begin wondering who goes over all of this paperwork, and how in the world do they manage to look over such quantities of documentation for every loan applicant! But the fact is, they do. They have to. Especially now, in the years immediately following our huge mortgage crisis and financial recession, mortgage lenders are not looking to take the easy way out. Particularly smaller mortgage originators can’t afford the loss, so no one is going to risk making a careless over look or letting a bad loan slip through the ranks. Hence, the rigorous underwriting guidelines and procedures you are required to abide by.
What the originating lender is looking to do is create a loan file that is perfectly consistent with the underwriting guidelines and procedures set aside by their company. The intricate complexity of these guidelines are so severe that, by the end, every aspect of your financial life will have been corroborated and double checked (sometimes even triple) to meet the standards. So, you can imagine if when you send in a summary of your bank-statement instead of all seven pages, they will call you and ask for the whole thing. Avoid the back-and-forth banter that ultimately winds everybody up and raises stress and tension: have your paperwork ready and prepared, and be willing to provide it.
The relieving news out of all of this is that if you are applying for a loan reasonable for your income and state of living and you manage to provide all the paperwork and documentation required in full to your mortgage originators, there is little stopping you from securing your loan. Banks aren’t looking to make obtaining a mortgage for a house entirely impossible: they are only taking the necessary procedures to secure themselves against bad loans and substandard underwriting procedures. In the end this will be a benefit to everyone, but for the time being it is rather a frustrating complication for all those who hoped securing a mortgage would require little busy-work.
PS - Susan Hilton is Bryan College Station, Texas’ real estate specialist in foreclosure sales and real estate agent career building so if you need help – CALL! 979-219-3970
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Tax assessors in Brazos County are the ones that determine your property taxes by appraising the market value of your property in Bryan and College Station. Should there be any doubt, talk to your appraisal district staff with regard to your property’s value and items which don’t understand. Contention can be made if you think the appraised value placed on your property is too high.
Here are a few suggestions that can be of great help in achieving a successful appeal.
(1) Be punctual and prepared for the hearing.
Before attending your scheduled hearing, check the property information on your tax bill, specifically, the address, lot size, and number of rooms. Take notice of the appraised value of the property. Have with you every information that you might use in your protest.
(2) Adhere to the facts and avoid emotional pleas.
The ARB doesn’t have a control over the operations or budget of the appraisal district, its tax rates, or local politics, so it is not advisable to address such topics during the presentation for it will just waste your time and will not likely help your case. Read the rest of this entry »
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Property taxes are determined by a percentage of your property value. Majority of people pay their Brazos County property taxes annually without having a second thought as to how the amount due was decided. And most people pay it through their mortgage company in their monthly mortgage payments. Your property value is decided through the local tax assessor’s office so GET INVOLVED!
When you find yourself dissatisfied with the appraised value assigned to your property, you can make an appeal to your appraisal district regarding the remedies available to you. It is the task of the Texas Comptroller of Public Accounts to publish an explanation of the remedies available to taxpayers and procedures that must be followed in seeking remedial action. The Comptroller should also include guidance on preparing and presenting a protest.
Futhermore, the legislature furnishes copies of this document and are made readily available to taxpayers free of charge. The chief appraiser of an appraisal district may give a copy of the Notice of Appraised Value mailed to property owners explaining the time and procedures used in protesting the value of their property. The chief appraiser must provide another copy to property owners that initiate protests.
In the event that the appraisal district appraises your property at a higher amount in comparison to the prior year, state law requires the appraisal district to send a notice by May 1, or by April 1 if your property is a residential homestead. The notice of protest is said to be sufficient if this identifies (1) the protesting individual claiming an ownership interest in the property, (2) the property that is the subject of the protest, and (3) dissatisfaction with the decision of the appraisal district.
The value of your property could be protested in accordance with the following: Read the rest of this entry »
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