WestMonroeRealEstate Blog

Now is a good time to lock in this favorable rate and buy the house you want.

Call or email me so I can help you move as soon  as Labor Day!

Gayle Causey

318-614-5615

Gayle@GayleCausey.com

Keller Williams Realty, Monroe, LA

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30 year Conv Fixed Rate                   6.375 %

     (up to 95% & up to $417,000)

15 year Conv Fixed Rate                   6.000 %                             

     (up to 95% & up to $417,000)

FHA/VA 30 yr Fixed                          6.375 %

30 Yr Rural Housing                          6.625 %

     (Loan balances above $47,500)

680-2138, cell 

The following thoughts are from a Realtor in NH. I think she conveys my sentiments very well! 
Gayle Causey, 318-614-5615
Gayle@GayleCausey.com
http://westmonroerealestate.com
Keller Williams Realty
Monroe, LA

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I can’t begin to tell you how many times I have been helpful and worked with buyers or even sellers, without any compensation whatsoever, to feel totally unappreciated. Buyers need to remember this: Without Realtors, buyers would be at the mercy of greedy sellers. They would make their offers, pay for home inspections and appraisals — only to find that the home is overpriced and there are problems with the property that the seller may or may not be aware of that will be passed on to the buyers, who probably will struggle to barely make the mortgage payments. Buyers may end up paying large amounts of money out of pocket only to find they can’t afford this property. It doesn’t work for them.

Many Realtors are truly dedicated to helping their clients, and they get a bad rap from Realtors who may not be as caring.

If you are a seller, the element of danger in showing your own property is of great consideration. Is the buyer truly a buyer, or is he/she/they looking to case your home for children, valuables or even elderly folks that could be easily taken advantage of–or worse? We live in dangerous times. Realtors are a necessity if only for the safety of buyers and sellers.

Ask questions when you interview a Realtor to give you some insight on the person who you are speaking with and perhaps you will get a feeling for whether this is a good fit for you. Remember, it’s not how many listings that the Realtor or his company has, or if he has a staff. Wouldn’t you prefer that the Realtor personally has the time to give you and your property what you want themselves? I personally want to handle my own listings and my buyers. I need to know what their needs are and what they desire in order to get the job done to their satisfaction.

I have often said, “Do you think this commission is all mine? If it was, I wouldn’t need to work evenings, weekends and holidays as I do.” Real estate is like all other businesses — it comes with huge expenses. Realtors are a real necessity. They keep transactions honest.”

Thanks to
Fran MacDonald
Partners Realty Group
Manchester, N.H.

Getting a gift in the form of cold, hard cash to buy real estate is a wonderful thing. Gift funds are a common way parents help their kids buy a home, but there are certain requirements to follow to ensure the gift transfer goes smoothly.

What exactly is a cash gift? Technically, it is a transfer of funds from one party to another without any expectation of being paid back. This non-repayment factor is a key element because lenders can’t accurately calculate debt ratios if the gift is in fact a loan. How do lenders determine this? The “givers” are required to sign an affidavit stating that the funds being given are a gift with no repayment expectations.

Who can give a gift? Gifts can come from family members (parents, siblings or grandparents), non-profit agencies, local or state agencies, churches, domestic partners and trade unions. 

The party that furnishes the gift must show an “ability to give”, which means they have the money available in an account they own. This is documented by providing account statements showing the funds are available. Finally, it must also be documented that the gift funds were transferred from one party to the next and the lucky recipients (and future home buyers) must provide a bank statement showing the gift was received.

While the need for documentation might sound heavy-handed, the truth is lenders need to take every precaution to make sure that the “gift” isn’t a “loan.” So if you know what the lender expects ahead of time, the gift transfer can be seamless. Just remember, financial gifts over a certain limit may have income tax implications, so be sure and consult with an accountant or tax specialist before getting the mortgage process underway.

One final note to consider. Conventional loans differ from FHA programs in their requirements for reporting gifts to be used toward the purchase of a home. Buyers using conventional financing need to prove that they have at least 5 percent of their own funds in the purchase transaction. However, that requirement is waived if the gift represents more than 20 percent of the purchase price. The FHA loan, on the other hand, merely requires the buyers have at least $500 of their own money at closing, regardless of the amount of the gift.

Written by David Reed, Texas-based mortgage banker with more than 20 years experience

and author of Mortgages 101 and Mortgage Confidential.

Rates have been under 6.5% for the past few weeks. It’s a good time to buy!  Call or email me if you want the names and numbers of good local lenders.

Gayle Causey 318-614-5615
Keller Williams Realty
Monroe, LA USA
http://gaylecausey.com

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30 year Conv Fixed Rate                  6.375 %     
      (up to 95% & up to $417,000) 
15 year Conv Fixed Rate                  6.000 %                                   
     (up to 95% & up to $417,000) 

FHA/VA 30 yr Fixed                          6.500 %                                         

30 Yr Rural Housing                         6.625 %
     (loan balances above $47,500)

Rates courtesy of Bankers Mortgage Center
Bill Meche
bmeche@bmchomeloan.com 
410-5500, office   680-2138, cell

Q.  We currently have our home on the market. We live on a wonderful cul- de-sac where each of our neighbors takes excellent care of their home and property — except our next door neighbors, who are on the corner lot. This is the first home and yard everyone sees when they pull into the cul-de-sac. How do I get them to mow the yard without being offensive, which may possibly cause them to never mow their yard again?? The yard has not been mowed in at least two weeks and is nothing but a weed-patch at this point. Your insights would be greatly appreciated.

A.  This is a real problem when your home is on the market. I showed a home on Friday to buyers from another state. They LOVED the home and the location, but the back yards on both sides of the house needed attention, and they were turned off completely. The front yards all looked good, so that was not the problem. They didn’t want to look at high grass & weeds when they were relaxing on the patio or playing with their children outside.

What do you do? If I really wanted to sell my house, I would go next door and offer to provide a mowing service for the neighbor’s yard. You never know what may be going on with that family–there may be illness or financial hardship that is keeping them from their regular maintenance. Do the “neighborly” thing and help yourself at the same time!  It’s a small price to pay when you want to sell your house.

Gayle Causey, Realtor
Keller Williams Realty
Monroe, LA
http://GayleCausey.com
318-614-5615

I just heard about a nice house in north Monroe on the market for $118,000 now available for lease/purchase. It’s 3/1.5 with ceramic tile in the large living/dining area & kitchen, a very private back yard with big trees, and a detached garage.

Call or email me if you would like pictures and details.

Gayle Causey, 318-614-5615
Keller Williams Realty
Monroe, LA USA
http://GayleCausey.com or www.WestMonroeRealEstate.com
 

Please Support Ouachita Parish Schools  East side Property Tax Extension

The Monroe Chamber Board of Directors voted to endorse a tax proposal that will extend the east side property tax for one additional year. The additional funds are needed to cover escalating construction costs. Since the original property tax was passed last year, construction costs have gone up almost 25%. 

The tax measure will not increase the current millage. With projected increases of 4% for the tax base on the east side for the next 8 years and a conservative 3.5% for the remaining years of the tax, the Ouachita Parish School Board believes that the 1-year extension will be sufficient to complete the Richwood Middle School, Sterlington Elementary School, add a vocational education center to Ouachita Parish High School and renovate other east side schools. The measure will go before voters on July 19.

Note from Gayle Causey:
 Nothing influences the local economy like the quality of our local schools. Ask anyone: it’s the SCHOOLS that people moving here ask about most often. Ouachita Parish is on the right track for improving schools throughout the parish. Please vote YES! for this tax extension. It’s definitely worth it.

This article contains information about the AVERAGE mortgage rates across the US. If you want the names and contact info of several of the best LOCAL mortgage professionals, call or email me. I can tell you who usually has the best rates in town and the best service!

Gayle Causey, 318-614-5615
HOMEwork is my specialty!
Gayle@GayleCausey.com
Keller Williams Realty
Monroe, LA 71201 
*****    *****    *****   *****

Mortgage rates continued the retreat in the latest week, with the average conforming 30-year fixed mortgage rate falling to 6.42 percent.

According to Bankrate.com’s weekly national survey of large lenders, the average 30-year fixed mortgage has an average of 0.45 discount and origination points.

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in the top 10 markets.

The average 15-year fixed rate mortgage popular for refinancing declined to 5.95 percent, while the average jumbo 30-year fixed rate held steady at 7.64 percent. Adjustable mortgage rates were mixed, with the average 1-year ARM rising to 6.21 percent and the average 5/1 ARM holding at 6.05 percent.

Mounting worries about the economy and the health of the financial system drew investors out of stocks and into the relative safety of bonds. Mortgage rates are closely related to yields on risk-free Treasury notes.

Amid the nervousness, mortgage rates touched lows not seen since the first week of June. But inflation remains an issue, as evidenced by the Consumer Price Index for June, and will continue to spar with weak economic growth as the factors influence the direction of mortgage rates. The up and down yo-yo of mortgage rates seems likely to continue, with rates fluctuating within a range.

Mortgage rates have been on a wild ride since the beginning of the year. The average 30-year fixed mortgage rate was as low as 5.57 percent in January, meaning that a $200,000 loan would have carried a monthly payment of $1,144.38. But at today’s rate of 6.42 percent, a $200,000 loan would mean a monthly payment of $1,253.63.

Summary of Survey Results:

• 30-year fixed: 6.42%, down from 6.48% last week (avg. points: 0.45)
• 15-year fixed: 5.95%, down from 6.01% last week (avg. points: 0.41)
• 5/1 ARM: 6.05%, unchanged from last week (avg. points: 0.37)

Source: Bankrate.com

While the nation’s credit-scoring program is a critical factor in determining what individual borrowers pay in interest on credit cards and mortgages — and even how much they pay for insurance — new research suggests that most Americans still do not understand how the system works.Respondents to a recent Consumer Federation of America/Washington Mutual Inc. survey largely did not know that credit scores are derived from payment histories, with many participants mistakenly believing that the number is influenced by such factors as income, age, education, and marital standing.

According to Anthony Vuoto of Washington Mutual Card Services, if all consumers took steps to boost their credit scores by at least 30 points, they together would realize as much as $28 billion annually in savings.

To receive a copy of ”What You Can Do to Improve Your Credit Score” and/or “5 Factors That Decide Your Credit Score”, send me an email and I will send it to you right away.

Gayle Causey, 318-614-5615
Gayle@GayleCausey.com
Keller Williams Realty
Monroe, LA 71201