Housing Market on the Rise

Existing-home sales increased in July to their highest annual pace of the year, and the ongoing decline in distressed sales reached an important milestone, according to the National Association of Realtors®. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 2.4 percent to a seasonally adjusted annual rate of 5.15 million in July from a slight downwardly-revised 5.03 million in June. Sales are at the highest pace of 2014 and have risen four consecutive months, but remain 4.3 percent below the 5.38 million-unit level from last July, which was the peak of 2013. According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage fell for the third consecutive month to 4.13 percent in July from 4.16 percent in June, and remains the lowest rate since June 2013 (4.07 percent). The percent share of first-time buyers in July rose slightly for the second straight month to 29 percent (28 percent in June). For more rate information contact Steve Head, President of Texas Premier Mortgage.

The Do's and Dont's During the Home Loan Process

When starting the pre-approval process you should not do anything that will have an adverse effect on your loan from this point through your closing date. It may be tempting to start opening credit cards for furniture and other miscellaneous items, but this is the time to keep your financial future frozen and in a stable position until your loan closes. The slightest mistake can cost you thousands of dollars or the ability to obtain financing. In order for your pre approval to remain valid through the process, follow these easy steps: DO’s: • Stay current on your existing accounts. Any late payments (existing mortgage, cars, credit cards or anything else) on your credit will cost you dearly and can even keep you from getting financing. • Keep using your credit as you normally would. Now is not the time to start changing any patterns to your normal spending. This means if you normally use a certain credit card then you need to keep using it and not divert payments to another card. • Contact your mortgage expert. It’s best to contact someone who is up to date and currently in the mortgage field if you have any questions or concerns before and during the loan approval. Contact Steve Head 281-907-6401 ext. 100 at Texas Premier Mortgage at any time for more information. Don’t’s: • Don’t make any change to your employment. Quitting of changing jobs even within the same company can wreck your entire loan approval. • Don’t pay off collections or charge off accounts. This will usually result in a lower credit score for you. Do not do this unless you are told to do so by a mortgage expert. • Don’t make any adjustments or transfers in your assets. This is a BIG red flag to an underwriter. Any big deposit will be questioned. • Don’t over charge or max out existing credit cards. This is a quick way for your credit scores to drop. You want to keep a balance below 30% of the available limit. • Don’t consolidate your debt to one or two credit cards. Again, this could put you over the 30% threshold which will affect your credit scores. • Don’t close credit card accounts. This can affect your ratio of debt to available credit which has a big impact on your credit scores. It is best to close any accounts after your loan is closed.

The Woodlands & Conroe Texas Johnson Development Announces Plans for Camp Strake

Johnson Development Announces Plans for Camp Strake The master-planned community developer purchased the 2,046-acre site from Sam Houston Area Council Boy Scouts of America for an undisclosed price in November 2013. The Montgomery County Commissioners Court signed off on a tax incentive on March 5 that will repay Johnson $20 million over 10 years as it builds out a large-scale mixed-used development on the 2,046-acre site. It sits on the southwest corner of Interstate 45 North and Loop 336, south of Conroe, with frontage on both I-45 and Loop 336. It also is less than 10 miles north of the new Exxon Mobil Corporate campus currently under construction. The project will include traditional single-family homes, townhomes, apartments for sale and rent, office and retail space, as well as space for hotels and conference centers, said Doug Goff, COO of Johnson Development Corp. Construction will begin on the project’s infrastructure in early 2015. Johnson Development is working out a contract to sell a portion of the property to Houston-based Fidelis Realty Partners, which will build a large-scale retail center in the mixed-use development on the 336 Loop, Goff said. He would not reveal how many acres the sale will include.