Archive | June, 2014
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2602 Fritz St.

27 Jun

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Stunning Highland home tucked away in Melissa in darling Liberty subdivision offers an open floor plan with plenty of natural light and nice upgrades.  Lush landscaping and flag stone accents make for wonderful curb appeal & upon entry you will find an outstanding formal dining and office/study with French doors.  Right off the formal dining is a stunning eat-in kitchen with island, breakfast bar, and window seating.  The kitchen opens to the spacious family room with vaulted ceilings and a gas starter fireplace with brick facing.  Off the main living area is the huge Master suite and master bath with dual vanities, garden tub, separate shower, and walk-in closet.  This split floor plan also offers 2 additional bedrooms and 2nd bath as well as a nice sized backyard with patio and privacy fence for relaxing.

Liberty subdivision offers an array of community amenities, residents have plenty of activities just beyond their front door.  The exclusive “Stars & Stripes” amenity center features an adult pool, toddler pool, tot lot, playground, soccer field and basketball court.

Source: http://www.hillwoodcommunities.com/Communities/Liberty,Texas.aspx

 

 

For additional information contact Jeff C. Jacobs at 972.943.7302

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An Unexpected Expense

24 Jun

iStock_000023022788Small-250.jpgIn a study released by TD Bank, 65% of buyers with mortgages that required mortgage insurance said the higher monthly payment was more than they originally expected.

Private mortgage insurance is required on loans that exceed 80% of the home’s value. For conventional loans, the premiums range from 0.5% to 1% annually. The PMI could add close to $100.00 a month to the payments on a $200,000 mortgage and over $200.00 a month on a FHA mortgage.

FHA has two components to its mortgage insurance which includes an up-front charge on closing of the loan and an annual charge. The up-front premium is 1.75% of the mortgage which can be paid in cash at closing or added to the mortgage amount. The annual premium ranges from 0.45% to 1.35% depending on the loan-to-value and term of the mortgage.

Most lenders are required to automatically cancel coverage when a 78% loan-to-value is reached which on a 30 year loan with normal amortization could be eight to eleven years depending on original loan amount and interest rate. If the value of the home has increased as documented by an appraisal so that the current mortgage is below 80% loan-to-value, the lender can be petitioned to eliminate the PMI.

Beginning in April, 2013, FHA requires the mortgage insurance to be paid for the entire term of the mortgage. Prior to this rule change, it was required to remain in effect for a minimum of five years but could be cancelled when the mortgage is reduced to 78% of the original purchase price.

A homeowner can greatly reduce their cost of housing by avoiding mortgage insurance with a minimum 20% down payment. If a higher loan-to-value mortgage is required to purchase the home, the objective should be to pay down the mortgage amount to relieve the need for the mortgage insurance. Generally, loans with lower loan-to-value mortgages also have lower interest rates.

What is a Seller’s Market?

17 Jun

iStock_000030508968Small-250.jpgIt is generally considered a seller’s market when the conditions favor the seller. This condition exists when demand is high and supply is low without any significant adverse economic conditions taking place.

Demand is determined by ready, willing and able buyers. Low interest rates with indications that they will begin to rise fuels part of this demand. Rising prices also creates a sense of urgency to avoid higher housing costs.

Inventory is currently below what is considered balanced in most areas. In some areas and price ranges, homes are selling very quickly, with multiple offers and sometimes at above the listing price. When too many buyers are chasing too few properties, things get competitive and the seller is the beneficiary.

Even when buyers and sellers come to an agreement on price and terms, a challenge can occur if the appraisal doesn’t meet the sales price. Either the purchaser has to come up with the additional cash or the purchase price has to be renegotiated.

A typical seller wants the most money possible for their home in the shortest time frame with the fewest inconveniences. A Seller’s Market provides the most likely environment for this to happen.

Your Chance to Live in Established Plano Neighborhood

11 Jun

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Stunning Plano home with beautiful updates is tucked away in established Plano neighborhood.  This gorgeous home offers spacious open-plan living areas flooded with natural sunlight and large eat-in kitchen with granite counter tops, travertine floors, stainless steel appliances, under mounted sink, ample counter space, rich cabinetry, and breakfast area.  The large master suite offers 2 separate vanities, 2 walk in closets, walk in shower and French doors to the patio.  Downstairs you will also find the laundry room, 2 additional bedrooms, second bathroom with dual vanities.  Upstairs is home to a spacious 4th bedroom or game room with half bath.  The backyard offers a covered patio with plenty of space for  entertaining and an updated 8ft. Board on board privacy fence (1/2014).  Just minutes from George Bush, shopping, bike trails, parks, and exemplary schools.  Plano ISD!  Don’t wait to call this your HOME!

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Stunning NEW HOME!

11 Jun

This stunning new home tucked away in Waterford Park Subdivision boast rich finish out and upgrades with an open floor-plan perfect for entertaining. Fabulous curb appeal with stone elevation and a cute side porch gives this home so much personality. Upon entry gleaming pre-engineered hardwoods grace the study with French doors and 6 in. baseboards and beautiful crown molding. The kitchen would delight any chef with its rich granite counter tops, tile back splash and huge island, 5-burner Whirlpool Gold gas cook top, oven, built-in microwave, rich cabinetry and sunny breakfast area. The family room is open to the kitchen with a toasty gas fireplace with gas logs and custom stone mantle. The luxurious master retreat has huge his and her closets and a breath taking master bath with upgraded fixtures, dual sinks, granite counter tops, garden tub, large walk-in shower. Also down stair is a second study/work space along with a private guest suite with attached bath. Upstairs includes a huge a huge (22 x 15) game room, media room, two additional bedrooms along with an bath with dual sinks. Other upgrades/features include iron spindles, rubbed-oil bronze hardware, neutral tones, sprinkler & security system, radiant barrier, nice sized backyard with privacy fence, covered patio with a gas line for a grill for those summer parities, a dramatic entry with 18’ ceilings and much more!

Don’t Leave Home Without…

10 Jun

iStock_000019660747Small 250.jpgPlanning a summer trip is usually focused on what you’ll do, see and experience. Enjoy it even more by spending a little time before you leave to make sure your home is safe while you’re gone.

Consider these suggestions along with your other normal efforts:

  • Tell your neighbors you’ll be out of town and to be aware of any unusual activity.
  • Notify your alarm company .
  • Discontinue your postal delivery.
  • Use timers on interior lights to make it appear you’re home as usual.
  • Don’t make it easy for burglars by leaving messages on voice mail or posting on social networks.
  • Post on social networks about your vacation after you’ve returned.
  • Remove the hidden spare keys and give one to a trusted neighbor or friend.
  • Lock everything, double-check and set the alarm.
  • Take pictures of your belongings in case you need them.
  • Disconnect TVs and other equipment in case of unexpected power surges.
  • Adjust your thermostat.
  • Arrange for lawn care.
  • Consider disconnecting the garage door opener.
  • Put irreplaceable valuables in a safety deposit box.

It’s nice to go out of town on a well-deserved trip and it’s always nice to get back home…especially when it is just the way you left it.

Another Source for a Down Payment

3 Jun

IRA 250.jpgMost taxpayers know that they will pay a 10% penalty if they withdraw funds from their IRA before they turn 59.5 years old. There is an exception for first-time home buyers that allows a penalty-free withdrawal of up to $10,000 per person if they haven’t owned a home in the previous two years.

This would allow a married couple who each have an IRA to withdraw a lifetime maximum of $10,000 each, penalty-free for a home purchase.

In many cases, the money would be used for a down payment or closing costs. However, some buyers might consider this source to increase their down payment so they could qualify for a loan without mortgage insurance.

If the taxpayer qualifies for the penalty-free withdrawal, there may still be taxes due. Contributions to traditional IRAs are made with before-tax dollars and the tax is paid when the funds are withdrawn. Since Roth IRAs are made with after-tax dollars, there is no tax due when the funds are withdrawn.

Another interesting fact about this provision is that the taxpayer making the withdrawal can help a qualified relative which includes children, grandchildren, parents and grandparents.

Homebuyers who are considering using IRA funds for a home purchase should get expert advice from their tax professional concerning their individual situation.

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