74% Of US Homeowners Now Have at Least 20% Equity in Their Homes!

In the last 24 months the real estate market as a whole has gone through a huge recovery and it is continuing to change by the month. We have seen more buyers than sellers and home prices have experienced rapid appreciation, multiple offers in every price range. With the speed of the change in the market and the most common question I get is “I Don’t know how much equity I have in my current home.” When you are operating from a position of lack of knowledge it creates uncertainty and you see below where you end up. I want… [Read More]

Make Your Offer Stand Out…Don’t Miss Your Dream Home!

Let’s Respond to the Market, Not React to it. Over the years, I have looked at thousands of credit files and provided sound advice throughout the loan process. I’m writing this because I’m tired of watching our real estate industry reacting to the market; watching clients walk away from the negotiation of a real estate transaction and losing to multiple offers. Over the years I have noticed that people fall in love with the Idea of living in a new home or upgrading the home they currently live in. They can visualize their families having family meals around their new… [Read More]

Beginning a New Chapter!

After 14 years, The Joe New Team has moved to PrimeLending!! All the same great people and the same great service. We made the decision to make a move to better serve you, our clients and all of our referral partners. This was not a decision made at the spur of the moment or in hast in anyway. We looked at everything we needed to serve our clients from products, servicing, underwriting, closing, pricing, technology, company culture and leadership. We knew that our clients and referral partners deserved the best, we took the better part of 6 months to vet… [Read More]

Real Estate Boom Or Bust?

I’m getting more and more questions from my clients asking “are we going to have another housing crisis?”  The truth is I’m not an economist; I’m a Loan Originator who is a student of the housing market. Here is what Warren Buffet said about it at the end of April. There are several reasons I believe Warren Buffet is correct.  The lending guidelines and requirements have changed considerably since the days of the loosy goosy lending practices of 2005. The industry is making better decisions and implementing more stringent requirements from borrowers.  This has resulted in better performing loans.  Zillow just did a… [Read More]

“A Change in Place + A Change in Pace = A Change in Perspective”

Over the last few months it seems like business and life have just been running at me pretty hard.  I was told by a good friend that “A Change in Place + A Change in Pace = A Change in Perspective”. Thanks Bill Hart! So I took the opportunity to spend some time with my oldest son and a few of his friends along with a business partner and my uncle and his son to do some offshore fishing off the coast of St. George Island, Florida.  Once you get there time starts to slow down and things move at a… [Read More]

Mothers and their Day!

Mother’s day is around the corner and although I think about mine most every day, I believe it is a shame after all they do and especially mine that we only take one day to say thank you and recognize all they have done. On more than one occasion Anita my mother has saved my life or just maybe my hide, when I well deserved what was coming to me.  She healed every bruise scratch, nick and cut on every part of my body and more importantly my heart when it was broken.  She has seen me through countless bad… [Read More]

How Much Do I Need For A Down Payment?

Last month I had a new client call me and I quote “I have almost saved my 20% down payment”.  My heart sank for her.  I asked her why do you think you need 20% down, she replied “that’s the minimum required down payment”, I followed up by asking how long she had been saving for her down payment , and she replied 6.5 years. The thought of all the missed opportunity in appreciation since 2009 just made me realize again how important our job as a Real Estate Professional and Lender professional is.  It is our responsibility to continue… [Read More]

How You File Your Taxes May Affect Qualifying For a Home Loan

As it comes time to file your 2015 federal income tax return, there are a few important items to keep in mind; specifically when it comes to obtaining a home loan. Until April 15th, the tax filing deadline, lenders will use the proceeding 2 years filed tax returns to calculate income for a home loan. Below are a few items that can affect your home loan pre-qualification*: Declining Income from year-to-year – if your income has declined from the previous year to the current tax filing period, this may be a problem. Be sure to discuss this with your lender…. [Read More]

Creating Family Wealth!

Buying a home is the cornerstone to building family wealth and is often the biggest financial decision a family makes. Families fall in love with the idea of living in a new home and watching their children play in a new backyard in a safe neighborhood as they entertain their friends and family. Most people don’t fall in love with going through the loan process and taking what sometimes is a hard look at their credit and financial situation. Hiring the right Loan Officer, who knows credit and the ins and outs of loan products is essential and is the… [Read More]

Have I Missed the Opportunity to Build Family Wealth from Real Estate?

I was having a conversation with a first time home buyer this morning and I was walking him through the loan process when the question was raised, “Am I buying at the top of the market and have we missed the opportunity to create equity in our home purchase?” That’s a great question when you look at the fact that we have had above average appreciation rates in North Texas in the last 18 months. For that matter today, many real estate conversations center on housing prices and where they may be headed. That is why I like the Home… [Read More]