Houston Inside Out

The market is liquid the past couple of weeks, the question we've heard a lot is, will these dips continue to stay around? In this episode, we are going to answer your question about the interest rates. 

Shownotes: 

[01:32] Freddie Mac's Chief Economist, Sam Carter, notes that mortgage rates declining at the start of this year.

[02:44] This would be a good time to get back into the game.

[03:47] Maximize your buying power during this year. 

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How can you get the most money for the sale of your home? Listen to this episode as we are sharing two things you can do to maximize the value of your home.

Quote:

"Real estate agents are everywhere. Everybody's has got a real estate agent but here's very few real estate professionals"

Shownotes:

[00:00:49]  How can you get the most money for the sale of your home?

[01:31] Every single homeowner wants to make sure they maximize their financial reward when they're selling their home.

[02:45] You are competing with what everybody else is doing because everyone else is doing the same thing.

[03:43] You price your home a little low.

[04:43] You're going to find yourself relying only on the trickle of new buyers entering the market each day.

[05:40] The second tip is to use a real estate professional.

[06:39] Do they (Real Estate Professional)have a marketing plan? Is there's a strategy? Hope is not a strategy.

[07:52] If you're a seller looking to sell your home this spring, reach out to us. If you just want some friendly advice, We'd be glad to offer that to you.

If you like this episode of the Houston Inside Out podcast, please don't forget to like, share, and comment! We appreciate your support and feedback!

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In this episode, we have Sola Okunoren also know as S.A. Sola. We talk about how to be a successful entrepreneur. Sola is a perfumer and former bank executive. He narrates how he became a successful entrepreneur. So please listen and enjoy our show.

"You only fail when you stop trying"

Instagram: nostalgiacollection

Facebook: The Nostalgia Collection

00:00 Show introduction 

00:51 James Jay introduces his guest who is a perfumer.

01:45 Starting back into Sola's journey from the banking days

[02:34] Sola started trying to sell it our sales back in the day. 

[03:20] Sola states making great money, things are great, but then you hit that, you hit that was really, and that ceiling could be anything from the amount that you make yearly or it could be from a promotional standpoint.

05:58 Sola states that you got to just burn the bridges.

07:50 Same thing with business you've got to put it in perspective.

11:07 Sola emphasizes the importance of learning and learning is paramount in everything whether it be entrepreneurship, whether it be getting a job, you have to take you out to learn something from that situation.

17:52 Sola also says that he learned that now it's all, everything's done in bulk, in huge quantities.

If you like this episode of the Houston Inside Out podcast, please don't forget to like, share, and comment! We appreciate your support and feedback!

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What are the things to consider on when is the best time to sell your home?  

Quotes:

"You know when the best time really to sell your home was when there was less competition, which right now there's not as much competition as you're going to experience if you wait until you get to the springtime."

Shownotes:

 [00:04] The best time to sell your home is right now and I'm going to give you some reasons to really consider putting your home on the market now.

[01:02] the market is going to slowly start heating up as we get closer and closer to the spring. And then, of course, a summertime, their fuel purchases in the market than there were last month.

[01:57] Mark Fleming, who is the chief economist, said the biggest challenge is really the availability of supply

[03:03] The National Association of Realtors is saying that the number of home sales has actually decreased over the last five months. So the best time to list your house might be right now.

[03:59] So it may make sense if you're in a position to do it before everyone starts putting their home on the market in the springtime

If you like this episode of the Houston Inside Out podcast, please don't forget to like, share, and comment! We appreciate your support and feedback!

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What you need to know about jumbo loans.

Quotes:

One thing to keep in mind about jumbo loans unlike traditional mortgages typically jumbo loans isn't sold. The bottom line is we're trying to get the loan amount under that $453,000 threshold as not to be in the jumbo loan criteria.

Shownotes:

00:38 Houston Home Talk show introduction.

00:05 A jumbo loan is a specific product. As of January 1st of 2018, a jumbo loan was considered a mortgage loan of $453,100 or higher

01:53 Pricing on non-jumbo loans is typically a little bit better, meaning the interest rates are a little bit lower typically.

02:37 San Francisco, a lot of places out in California, the FHA agency has identified a lot of these high priced areas. These are places where. The costs of real estate are just through the roof. They make some exceptions with certain states and certain cities to where their loan limits are going to be a little bit higher

03:12 We are in a state, in the state of Texas where real estate is relatively inexpensive as it compares to a lot of other major cities, which is why Houston, Austin, San Antonio, Dallas are typically always on the top 10 or so places to live for the cost of living

04:21 The only thing that may matter is if they're servicing the loan, the lender could be a little more creative with their loan programs because they're servicing it. Typically with jumbo loans, they do not get sold off, typically.

05:23 Depending on the loan amount and the terms that the jumbo loan lender is offering, it may also be wise for you to explore other options since jumbo rates are typically higher than those on traditional mortgages.

06:32 Jumbo loans, oftentimes people have 20 percent. It's not necessarily a requirement to have 20 percent. But in any mortgage situations the more you put down the better. 

07:20 Keep in mind that lenders of the first mortgage have to approve any subsequent mortgages.

08:40 Keep in mind the lender of the first mortgage has to approve any subsequent mortgages that you as a buyer may want to take out because the risk of default for the first mortgage will be higher once the second is added

09:05 It's super important guys that all the options be explored with your lender. If you've got a great lender, they will be able to break this down for you and see which way they can save you the most money.

If you like this episode of the Houston Inside Out podcast, please don't forget to like, share, and comment! We appreciate your support and feedback!

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What you need to know about the difference between an annual percentage rate and interest rate 

Quotes:

"Look at the overall loan. The interest rate is absolutely important. A lot of lenders will make it look much better than it is by having a lower rate if they know they're competing, but then you look at the annual percentage rate which most people do not pay attention to and they're charging a whole lot more fees to get the same type of loan."

Show Notes:

00:00 Houston Inside Out show introduction.

00:20 We're going to clear up the difference between annual percentage rate versus interest rate. 

01:34 ] It's required by law to put the annual percentage rate. We're going to focus specifically on a mortgage loan and how the annual percentage rate differs from an interest rate. All the costs that are associated with that loan are calculated into what is called the annual percentage rate., 

02:40 The annual percentage rate, that is what separates lenders. It's what separates loan products

03:45 A point is nothing but a percent. That's it. When you hear these terms, two points, three points, four, it's just a percentage of the loan amount.

04:55 There's a fee involved with the closing that the lender and the title company charges. However, depending on the source of the money, you may have to pay some taxes as it relates to where that money is coming from.

05:55 Just be sure that you're not just focusing on the interest rate as a lot of people tend to do.

If you like this episode of the Houston Inside Out podcast, please don't forget to like, share, and comment! We appreciate your support and feedback!

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The things you need to know about lender points.

Quotes:

"As you consider your loan options, you really need to look at your long term ownership plan as well as your willingness to actually pay points and that will really help you determine the best strategies so you can consult with a mortgage professional on this and they can give you some scenarios to look at."

Show Notes:  

[00:03] We're talking lender points. These are mortgage points. What are they in? Should you pay them?

[01:01] Lenders make money on loans in basically two ways. One is via the interest rate they charge. The higher the interest rate, the more money that they make when they sell the loan after it closes which typically happens. The other way they make money is to charge fees.  

[02:44] It may be okay to pay some points when you start looking at the lower interest rate that you may get and the fact that you're going to be in that home for a longer period of time. Maybe if you're going to be short term in a residence, then paying a point may not be beneficial.

[03:43] Ultimately it's up to you, but that is what the professional is for. It's to give you the advice that you need and then help you make the right decision for yourself.

If you like this episode of the Houston Inside Out podcast, please don't forget to like, share, and comment! We appreciate your support and feedback!

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Things you need to be aware about when your mortgage closes.

Quotes:  

"Ultimately the terms of your mortgage assuming you have a fixed rate mortgage your principal interest do not change."

Show Notes:  

[00:06] Introduction to the Houston inside out show.

[00:20] We are talking mortgages and specifically what happens to your mortgage after you close on your home.

[01:30] Those lenders will actually continue to hold your loan and service your loan meaning they're going to continue to collect payment from you. But what commonly happens is that those loans get sold to an entity and they're going to bundle up several of these mortgages into what's called a mortgage-backed security.

[02:20] The quality of these mortgages is extremely important to these investors so the quality will ensure that the mortgage-backed security retains their value. It is so important that the investors will have forensic audits completed on the mortgages that they purchase.

[03:28] Lenders basically turn around and depending on the credit scores, they're going to assign that mortgage-backed security a grade. This is very important to investors because of the lower the grade, the higher the risk. Lenders do not want to buy back a loan.

[04:39] It's a little more challenging to get a loan but it's ultimately to protect everybody involved. That is the buyer, that is the lender, that is the investor, very, very important that the quality of these mortgage-backed securities is much higher than it used to be.

If you like this episode of the Houston Inside Out podcast, please don't forget to like, share, and comment! We appreciate your support and feedback!

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In this episode of Houston Inside Out we are going to discuss a couple of factors to watch in today's real estate market whether you are buying or selling a home

Quotes:

"There are many factors that you should definitely consider, where you want to live, why you want to buy or sell, who is going to help you with your journey. Now, when it comes to today's market though, the two top factors for sure are interest rates and inventory."

Show Notes:

[00:35] Factors to consider in today's real estate market whether you are buying or selling a home,

[01:33] Purchasing power is just simply the amount of home that you can afford to buy for the budget you have available to spend. Now as rates increase, again you're buying power will decrease.

[02:38] According to the National Association of Realtors Listing Inventory is currently at about a 4.3 months supply, which has put upward pressure on a lot of the home prices, so home prices have increased year over year for the last 78 straight months

[03:39] The inventory of homes for sale in the real estate market has been on a steady decline and experienced year over a year dropped for 36 straight months.

If you like this episode of the Houston Inside Out podcast, please don't forget to like, share, and comment! We appreciate your support and feedback!

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In this episode of Houston Inside Out we discuss the importance of escrowing your taxes and your insurance.

Quotes:

"Overall I recommend people to pay the taxes and insurance monthly in the form of an escrow account.''

Show Notes:

[00:03] Introduction to Houston Home Talk.

[00:37] The importance of escrowing your taxes and your insurance. He discusses that some people like to pay their taxes on their own and some use an escrow account to pay their taxes.

[02:14] A deeper in discussing the benefits of having to pay taxes and insurance using an escrow account.

[03:10] Explanation that there is less risk on the lender in a conventional loan if you decide to pay your taxes and insurance on escrow.

[04:16] Explanation that lenders are all about risk. He discusses further the advantages of having an escrow account and the advantage of paying taxes and insurance on escrow.

[05:19] What FHA loans are, what are the requirements and the variation between mortgage insurance and property insurance.

[07:37] What a lender wants and do not want. He emphasizes to talk to a reputable lender so they can assist us with answering questions as it relates to waiving escrows, what the extra costs may be, and if there's a way for you to waive escrows without incurring any additional fees and the need to discuss it also with the lender. He also highly recommends paying tax and insurance monthly in the form of an escrow account. He also invites us to visit his website houstonhometalk.com for any concerns and questions about escrow.

If you like this episode of the Houston Inside Out podcast, please don't forget to like, share, and comment! We appreciate your support and feedback!

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