Corey Ehlers 210-862-6805

Recovery Fund Notice

The department maintains a recovery fund to make payments certain actual out of pocket damages sustained by borrowers caused by acts of licensed residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s web site at www.sml.texas.gov

When you are looking to purchase a home, it’s a good idea to get it inspected first. Think of it as a test drive before you plunk down your life savings and most likely, commit yourself to lengthy mortgage. You want to make sure you’re getting a quality home. Below is everything you need to know about getting a home inspection.

• Why get an inspection?

A home inspection is the examination of a home, from top to bottom. Just like a routine physical that will alert you to any hidden health problems, an inspection will reveal if a home’s structure or if any of its systems are in need of significant repair. Purchasing a home is a big investment — you’re likely to be spending thousands of dollars to buy your new home — so, you’ll want to be sure that your purchase is a smart one. (And that you don’t buy the real estate equivalent of a lemon.)
In fact, 99% of all agents counsel their clients to have a home inspection performed of homes they are looking to buy.

• Hire a professional

When you hire an inspector, look to hire the best — it only make sense, since buying a home can be an expensive endeavor.
Look to get a professional who’s knowledgeable about a home’s system — that person is likely to be a licensed professional engineer (PE). You can search for a PE in your area on Nabie.org, the website for the National Academy of Building Inspection Engineers. You may also want to check up on inspectors you’re considering on sites like the Better Business Bureau and Angie’s List.

• What does a home inspector check?
A home inspector will conduct a visual inspection of the home, from the roof to the foundation. He will examine the roof, attic, insulation, the home’s heating and air-conditioning systems, the plumbing and electrical systems, walls, ceilings, floors, windows, the basement and the foundation. The exterior of the home will also be inspected, taking into account factors like the condition of the driveway, fences, sidewalks, grading of the property, etc.

• How long will it take?
The average inspection of a single-family home should take two to three hours, according to hud.gov, the website for the U.S. Department of Housing and Urban Development.

• What is the cost?
The fee for a home inspection can vary widely, depending on your home’s location, size, age and the services being performed — e.g., if there is a septic system that needs to be inspected, or if the home is being checked for radon. Typically, a home inspection for a single-family house will fall within the range of $300 to $500, according to hud.gov.

• How do I get the results?
A quality home inspector will provide a printed (not hand-written) copy of the results. Ask any inspector you’re thinking of hiring about what kind of report he will provide and exactly what will be covered in the report. The report should note what systems in the home are defective and what needs repair. Also ask how long it will take for your inspector to get the report to you.

• What should the results tell me?
Your inspection report should reveal the overall condition of the home, what repairs are needed, the severity of the needed fixes and their potential cost. You can then use the results of the inspection to determine your next step — e.g., if you’re happy with the home as it is, or if you want to negotiate with the seller to complete some fixes or lower the price on the property.

By Trulia Staff | Published: Oct 14, 2009

How much you can afford is a main concern, if not the biggest question you’ll have, when you begin shopping for a new home. If you are looking to buy a home, these steps will help you determine just how much you can spend on a home.

1. Calculate the mortgage payment

It’s most likely that you’ll need to take out a mortgage to buy a home – few buyers purchase a home completely with cash. If you’ll be taking out a mortgage, use an online mortgage calculator like the one at Trulia to estimate how much your mortgage payments will be by typing in values like the price of the property, what percentage of the price you plan to pay in a down payment (e.g., $40,000 for a 20 percent down payment on a $200,000 home), the dollar amount of your loan, its annual interest rate, and private mortgage insurance, if any.

2. Visit a mortgage lender

Get pre-qualified for a mortgage loan, and if you can, get estimates from several lenders. The lender(s) will tell you how much you’ll be able to finance through a loan and what your monthly payments will be. When you begin your home shopping in earnest, get pre-approved by a lender. When you are pre-approved by a lender, it means that the lender has agreed to lend you a specified amount under certain conditions (length of the loan, interest rate, etc.) This agreement gives you a definite idea of how much you are able to borrow.

3. Calculate your monthly housing costs

Once your know how much your monthly mortgage payment will be, calculate your monthly housing costs, which will include your mortgage payments, property taxes and homeowner’s insurance. Ideally, these costs shouldn’t exceed 28 percent of your gross income. To pad your estimations to cover any unforeseen expenses, you may want to try not to exceed 28 percent of your take-home pay (which is lower than your gross income) — instead of basing your calculations on your income before taxes. So, if your monthly income is $5,000 after taxes, you could aim to keep your total monthly housing costs at about $1,400 a month ($5,000 x .28=$1,400).

4. Consider your debt

Take stock of your debt including car loans, student loans and credit cards — and try to keep your total debt, or your debt to income ratio (including your mortgage debt) to no more than 36 percent of your gross income. (For more leeway, base your calculations on your net, or your after-tax pay.) So, with a take-home pay of $5,000, you may want to aim for a total debt of no more than $1,800 a month. ($5,000 x .36 =$1,800).

5. Factor in general expenses

This includes how much you may have to spend per month to heat, cool and maintain your new home (including cleaning and lawn services if you plan to use those), plus monthly commuting, food and entertainment costs. The amount you spend on these items per month will leave you with less income to put toward mortgage payments.

6. Determine the closing costs

Don’t forget that you’ll have to pay about 2 to 5 percent of your home’s purchase price in closing costs (for a home inspection, lawyer’s fees and discount loan points), so subtract this amount when calculating how much money you’ll have for a down payment. (E.g., for a $100,000 home, you may have to pay $2,000 to $5,000 in closing costs.)

7. Don’t leave yourself “house poor”

You’ll want to have some savings on hand to pay for any decorating, furniture or fixes for your home. If you don’t save extra cash for these items, you might find yourself sitting on the floor in your new house for quite some time. Ouch.
By Trulia Staff | Published: Oct 14, 2009

When you move, mistakes can be costly and annoying.
When moving internationally, those mistakes can make the cost and annoyance grow exponentially.
Here are 3 of the most common overseas moving flubs.

1. Lack of organization

When you move overseas, you’ll probably be moving some items and putting others in storage, so you’ll need to be thorough about which are which, and make sure your movers know. You’ll also need to be ruthless when it comes to choosing what to move and what to sell or throw away: moving overseas is much more expensive, so the less you move, the less you’ll spend.
You’ll also be on the road longer, so make sure you have enough stuff with you to withstand some pretty lengthy shipping times. These items include extra clothes, toiletries and medicine.

You also need to keep on hand any important documents that you need for the move: passports, important visa documents, and any other documents that would be an incredible pain to replace overseas. Your best bet is to keep these items at a neighbor’s home or in a room that’s sealed off from the movers.
You’ll also need to be well aware of what you can and can’t bring into the country where you’re moving and you’ll need to have all the proper documents together well before the move.

2. Not hiring professionals

Unless your shipment is small enough that it could travel by air, your goods will most likely be shipped by a large cargo ship. And you will need an international moving company that is qualified to pack your things to withstand the rigors of the sea. Your items will be placed in a large metal container, which will be loaded onto a ship by a crane, usually stacked several containers high. There can be shifting inside the container while it’s being lifted, and also while the ship is at sea.
Make sure your moving company is very familiar and experienced with packing for international transit, and specifically ask how many international moves they handle a year. If they’re evasive in answering, or don’t seem to know, get another moving company.

3. Not budgeting enough time

When moving internationally, logistical snafus – not to mention weather, traffic, and manpower – can wreak significant havoc on tight schedules.
Leave enough time in between the last day of your move (when everything is loaded on the truck) and when you are scheduled to leave the country – this is especially critical in booking air arrangements.
Also realize that any estimate for delivery is just that – an estimate. Make sure you have enough necessities to tide you over if your items get delayed. For most overseas locations, it will be several weeks before you see your things. From the U.S. to most western European nations, it will be a month at least. To inland countries away from a seaport, it could be over two months.
Also be aware of any medical clearances you’ll need to get, particularly for your pets. The time to obtain these can often be very lengthy.
Finally, in the opposite scenario: if there’s a chance your goods will arrive in country before you do, be aware of any port storage costs you could be liable for and plan accordingly.

By Relocation.com | Published: Feb 03, 2010 |

When choosing movers, it’s important to have them come to your home to give you visual estimates so they can see exactly what you need moved. When they’re in your home, it’s also important to ask them questions about themselves and the moving company. Here are some to ask them – and the answers you should expect.

1. How long has the company been around?

A bad moving company won’t stay in business very long, so if it’s been around for a decade or more, that’s a good sign. Also ask how many moves they do a year – the more they do of something, the better the odds that they’re pretty good at it.

2. How do they price their moves?
This is a good test of their knowledge of the moving industry, and of their customer service skills. You want someone who explains the often confusing terminology in the moving industry, and not someone who rushes through their explanations or seems to be using insider language in an effort to confuse you. If you don’t understand something, ask.

3. How long have they been giving estimates?
Experience counts for a lot – it’s not easy tallying up the costs for moving quotes, so someone who’s relatively new at it, or new to the moving industry, should be a bit of a concern, particularly if they have any problems answering your other questions.

4. What is my delivery schedule?
The worst trait in a mover is overpromising, either on price or when you can expect to get your things. You will receive your delivery within a particular time frame, so you should be wary of any moving company that tries to give you an exact date for your items to arrive – there are just too many things that could go wrong to foul those dates. Here’s more information on moving company delivery windows.

5. Does the mover do any repeat work for businesses in the area?
Most movers have the usual canned references; avoid these. Ask instead if the moving company does repeat work for any area businesses – businesses won’t put up with shoddy treatment, so if they use the same mover time and again, that’s a great sign.

6. Are there any extra charges I could face?
In particular, ask about whether you’ll pay for packing materials. A commonly heard complaint is that the moving company overcharged for packing materials that the customer didn’t know about. And don’t ask about ‘hidden costs’. No moving company will admit to the costs being hidden. Instead, they’ll say that they’re in the contract. So ask to see all of the charges in the contract instead.

7. This is another test of the moving consultant’s knowledge, as well as a test of how you can expect to be treated. A thoughtful and complete answer is a good sign that you will be treated thoughtfully during your move.

It seems almost negligent these days to go meet with a prospective employer, set your kid up on a sleep-over or even add an old friend on Facebook without first running the company’s name, your kid’s pal’s parents or your old college chum through Google — just to see. But it’s nowhere near as common (yet) to Google or otherwise do an internet search for your home’s address.

There are at least six compelling reasons it makes sense to do so, though — especially if it’s an address you’re thinking of renting, buying or selling. Smart homeowners would do well to search for their addresses, too, and here’s why:

Safety first, folks. Megan’s law requires law-enforcement authorities to make information available to the public regarding registered sex offenders in their neighborhoods. Nearly every state that has a Megan’s law-type sex offender registry has an online version that serves up the names, addresses, sex-offense history, and even photos in many cases, of convicted sex offenders who are registered as living at a certain address. Googling your address and “Megan’s law” — or even your city or zip code and “Megan’s law” — will turn up a quick list of nearby registrants. Alarmism is not a good look — ever, but many homebuyers with young children highly value this information, especially while they are still in their contingency or objection period, before their home purchase is finalized.

#2. To Find Crime Reports and Data for Your Home and Environs

Cities, counties and state law enforcement agencies all post crime data online, but a Google search for your address or city and “crime reports” is most likely to turn up your local police or sheriff’s office’s crime map. Or, you can check out the crime stats around a specific property on Trulia’s Map & Nearby tab on the detailed page for your home’s address. In my town, for example, you can see a crime map of recent incident reports for the whole city, by zip code, by neighborhood or by address. You can zoom in and out, and the map is in color and letter-coded with little icons representing different types of crimes: red is for violent, blue is for drug crimes, green is for property crimes; and the most common specific offenses reported get their own two-letter code. Whether you own or rent your home, if you hear a siren and wonder what happened, Google might be a good place to look.

This is also a good strategy for home buyers to leverage. In fact, when new homeowners Robert Quigley and Jennifer Friberg started developing headaches and other strange physical symptoms after moving into their first home, a neighbor dropped the informational bomb that the home’s previous resident had been cooking methamphetamine in the home. In a panicky effort to suss out the truth, they Googled their address and – yikes! – found it listed on the Drug Enforcement Administration’s database of meth labs! If you’re considering buying a home, or moving to a neighborhood with which you are not completely familiar, doing a quick address search on Trulia or Google holds the potential to reveal some disturbing or comforting crime activity information.

#3. To Detect Scammers Trying to Rent or Sell Your House. In one of those if-only-they-would-use-their-powers-for-good-not-evil scenarios, Internet scammers have taken to ripping off home information and putting together fake listings offering other people’s homes for rent or, often, lease-to-own. They often list the home on extremely cheap and easy terms, then ask the would-be-buyer or tenant to please wire or send the deposit money overseas, where the faux-seller can get it while they’re traveling in — you guessed it — Nigeria. (And, BTW, I have friends from Nigeria who even distrust emails they get purporting to be from Nigeria!)

These scams come to light, most often, only after the homeowner or current resident notices all the bargain-hunting wanna-be tenants start peering in the windows and tramping through the backyard, checking the place out. If you are getting an inordinate amount of street or foot traffic to your home, or someone knocks on the door asking if they can see the place, you may want to Google your address. If you find a fraudulent listing, contact us, identify yourself as the home’s rightful resident and ask us to take the scam posting down – stat!

To be continued…
Posted under: Home Buying, Home Selling, In My Neighborhood | January 25, 2011
By Tara-Nicholle Nelson | Broker in San Francisco, CA

Your credit report is the basis of your FICO® score. The report details your credit history as it has been reported to the credit reporting agency by lenders who have extended credit to you, by court records and by you. The FICO score analyzes information from the trade line, inquiry, public record and collection sections of your credit report.

A FICO score evaluates five main categories of information in your credit report, and compares this information to the patterns in hundreds of thousands of past credit reports. These five categories are, in order of importance:

1. Payment history — what is your track record? 35 % of the score
Risk predictors here look at:
• Severity – how bad are the delinquencies?
• Recency – how recent are they?
• Frequency – how many times did it occur?

2. Amounts owed — how much is too much? 30% of the score
Risk predictors here look at:
• Large outstanding balances
• The ratio of balances to credit limits

3. Length of credit history — how established is yours? 15% of the score
Risk predictors here look at:
• Age of the trade lines – (the age of the oldest account,
the average age of accounts, or both).

4. New credit — are you taking on more debt? 10% of the score
Risk predictors here look at:
• Number of inquiries and new account openings

5. Types of credit in use — is it a healthy mix? 10% of the score
Risk predictors here look at:
• Number of trade lines reported for each type: bankcards, retail, department store cards, installment loans, etc

If your scores are not where you want them, contact me immediately to discuss a plan to improve your situation.

Best regards,

Eric Green
National Sales Consultant
RMCN Credit Services, Inc.

(972) 984-5131 Office
(972) 852-9105 Fax
(888) 469-7372

e.green@rmcn.com
www.RepairMyCreditNow.com