Downpayment Problem - Are You Sure?

by plano 5. July 2017 11:22
There is increasing difficulty for first-time home buyers to save for their down payment as indicated in the graph.  Several factors that contribute to this trend include rising rents, rising home prices, student loan debt and flat wages.

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Some would-be buyers feel they cannot buy a home today but a large part of those decisions may be based on inaccurate assumptions.

Nine out of ten non-owners believe they need ten percent or more for a down payment. The typical down payment for first-time buyers is six percent. VA has 100% loan programs as well as USDA for certain qualifying areas and buyers. FHA is known for 3.5% down payments. And FNMA and Freddie Mac have down payments as low as 3% and 5%.

There are gift provisions available for buyers who have an “angel” who would like to help them with their down payment.
There are ways to borrow against a person’s qualified retirement program for a down payment. It isn’t necessarily limited to the buyer but could include a relative. Interestingly, a son or daughter can borrow against their retirement to benefit their parents.

In some respects, having good credit and sufficient income is more important than the down payment. Don’t rely on “common knowledge.” Get expert advice and counsel to see if there is a way to advance your dream of owning a home.



Texas law requires all real estate licensees to give the following information about brokerage service click here
Wendy HuangMBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame, 
RE/MAX Lifetime Achievement ; Over 22 years' experience!
Helping Over 1000 Families Meet Their Real Estate Needs !!!
Direct: 972-365-7888  


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Don't Have a CLUE?

by plano 29. June 2017 01:05
If you haven’t heard of a CLUE report, it has nothing to do with the table game searching for a murderer. It is a report showing the insurance claims on your home and car for the past five to seven years.


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This database is used by insurance companies to evaluate risks and determine rates. C.L.U.E. stands for Comprehensive Loss Underwriting Exchange. Rates can be increased not only due to legitimate claims but data entry errors also. Sometimes, simply asking a question without filing a claim can be logged as a claim.


For that reason, similar to verifying the accuracy of your credit report, it is important to check out the CLUE report on your home and car.
The reports are free and there is a process for correcting mistakes.


An interesting and sometimes costly surprise occurs during the home buying process. The claim experience of the prior seller could impact the price of the premium of the new buyer. For that reason, you can ask for a copy of the CLUE report on the home you’re interested in buying prior to writing a contract.





Texas law requires all real estate licensees to give the following information about brokerage service click here
Wendy HuangMBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame, 
RE/MAX Lifetime Achievement ; Over 22 years' experience!
Helping Over 1000 Families Meet Their Real Estate Needs !!!
Direct: 972-365-7888  


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Emergency Kit for the Car

by plano 20. June 2017 09:58

Emergency Kit for the Car

Mickey Mantle said “If I knew I was going to live this long, I’d have taken better care of myself.” 
Similarly, if people planning their summer travel knew they were going to have an emergency, they would have the right things available. Only 5% of drivers carry all recommended emergency supplies in their cars.
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The Federal Emergency Management Agency (FEMA) recommends that all American have some basic supplies on hand in order to survive for at least three days if an emergency occurs. Some of these things would be more important if you lived or traveled in remote areas.
  • Reflective hazard triangle or road flares
  • Spare tire
  • Jumper cables
  • First-aid kit
  • Flashlight and extra batteries
  • Cell phone and charger
  • Crucial medications
  • Emergency radio with batteries
  • Bottled water for each person and pet in your car 
  • Non-perishable, high-calorie food
  • Distress signal flag
  • Matches or lighter
During cold weather, additional items are recommended:
  • Windshield scraper and brush
  • Blankets and extra warm clothing
  • Road salt or cat litter to help with tire traction
  • Tarp for working outside in weather
It is recommended that emergency supplies should be checked at least twice a year to see that all of the items are in working order and in good condition. It is important that items are replaced if any of them are used during the year.
The American Red Cross is among many sources where emergency preparedness kits and supplies can be purchased.

Texas law requires all real estate licensees to give the following information about brokerage service click here
Wendy HuangMBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame, 
RE/MAX Lifetime Achievement ; Over 22 years' experience!
Helping Over 1000 Families Meet Their Real Estate Needs !!!
Direct: 972-365-7888  


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What Can You Expect?

by plano 12. June 2017 05:29

What Can You Expect?

Businesses must treat customers fairly if they expect to do business with them again or get recommendations to their friends. Customers of stores like Nordstrom’s understand that a salesperson is an employee and represents the company.

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The line becomes less clear in some industries, especially ones that involve real estate. Agency is a legal relationship authorizing a person to act for or in the place of another. It involves responsibilities that exceed treating a person fairly. 

The duties a buyer or seller can expect to receive from a real estate salesperson or broker include but are not limited to honesty, accountability, full disclosure, representation and reasonable skill and care. Buyers and sellers might additionally expect representation, obedience, loyalty and confidentiality.  State laws can differ on specific duties.

Mortgage and title officers are limited in their duties to the buyer to honesty and accountability and specific requirements under the federal Real Estate Settlement and Procedures Act.

A special relationship with a real estate agent makes it advantageous to have them coordinate efforts with the other professionals in the home buying process. Since most buyers’ and sellers’ transactions are infrequent, the agent can bring valuable experience to the transaction.

Every buyer and seller should discuss the level of service they expect from the real estate professional they work with. Another good question is what happens if the purchase and sale are within the same company.


Texas law requires all real estate licensees to give the following information about brokerage service click here
Wendy HuangMBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame, 
RE/MAX Lifetime Achievement ; Over 22 years' experience!
Helping Over 1000 Families Meet Their Real Estate Needs !!!
Direct: 972-365-7888  


Plano real estate, Frisco real estate, Allen real estate, DFW real estate, Dallas real estate, McKinney real estate, Coppell real estate, Highland park real estate, TX real estate, Addison Real Estate, Allen Real Estate, Anna Real Estate, Carrollton Real Estate, Collin County Real Estate, Coppell Real Estate, Dallas Real Estate, Denton County Real Estate, Distressed Properties, Flower Mound Real Estate, Frisco Real Estate, Irving Real Estate, Lewisville Real Estate, McKinney Real Estate, Murphy Real Estate, North Dallas Real Estate, Parker Real Estate, Plano Real Estate, Prosper Real Estate, Richardson Real Estate, The Colony Real Estate, Wylie Real Estate

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Must Be This Tall to Ride

by plano 30. May 2017 07:58
Must Be This Tall to Ride

Surely, you remember being a child at an amusement park when after having stood in line with your friends and family, waiting to get on a terrific ride, you discovered the sign that read, “you must be this tall to ride.”This Tall3.png
Not only was it disappointing, it was slightly embarrassing. You never want to go through that again.

A remarkably similar situation occurs when people are buying a home. After finding the right home and negotiating the contract, they find out that they don’t measure up financially.  It’s not something that anyone wants to go through if they have a choice.

Regardless of what you think you know, if you’re buying a home with a loan, you need to physically visit with a trusted mortgage professional before you get serious. 
  • You’ll find out your credit score which will directly affect the mortgage rate you’ll pay. 
  • You might discover blemishes on your credit that possibly can be corrected. 
  • You’ll even get a pre-approval letter that you can submit with an offer which could dramatically affect your negotiations in the current competitive market.
Some rides don't turn out to be as good as you thought they were going to be.  A person certainly doesn’t want that disappointment with a lender. Contact me for a recommendation of trusted mortgage professional.


Texas law requires all real estate licensees to give the following information about brokerage service click here
Wendy HuangMBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame, 
RE/MAX Lifetime Achievement ; Over 22 years' experience!
Helping Over 1000 Families Meet Their Real Estate Needs !!!
Direct: 972-365-7888  


Plano real estate, Frisco real estate, Allen real estate, DFW real estate, Dallas real estate, McKinney real estate, Coppell real estate, Highland park real estate, TX real estate, Addison Real Estate, Allen Real Estate, Anna Real Estate, Carrollton Real Estate, Collin County Real Estate, Coppell Real Estate, Dallas Real Estate, Denton County Real Estate, Distressed Properties, Flower Mound Real Estate, Frisco Real Estate, Irving Real Estate, Lewisville Real Estate, McKinney Real Estate, Murphy Real Estate, North Dallas Real Estate, Parker Real Estate, Plano Real Estate, Prosper Real Estate, Richardson Real Estate, The Colony Real Estate, Wylie Real Estate

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Would-be Buyers with Student Debt

by plano 27. May 2017 09:04

Would-be Buyers with Student Debt

59% of non-owners are not comfortable taking on a mortgage with their student debt according to the Aspiring Home Buyers 2017 survey. It is estimated that the college graduates have an average of $37,172 in student debt.
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Fannie Mae, who has loan programs with as little as three to five percent down payments, has announced changes to how student loan debt is treated that could make the difference in qualifying for a mortgage.

For the 5 million borrowers who participate in the reduced payment plans, actual payments are considered for calculating debt-to-income ratio rather than maximum payment amount.

Non-mortgage debts paid by another party for at least 12 months won’t be included in calculating debt-to-income ratio.  For example, payments being made on a student loan by the parents would not be counted against the DTI ratio for the student.

These changes can make it possible for would-be buyers with student debt to get a home now instead of waiting for years. Being pre-approved by a trusted mortgage professional is the best way to confirm that these changes apply to your situation. Call today for a recommendation of a trusted mortgage professional.


Texas law requires all real estate licensees to give the following information about brokerage service click here
Wendy HuangMBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame, 
RE/MAX Lifetime Achievement ; Over 22 years' experience!
Helping Over 1000 Families Meet Their Real Estate Needs !!!
Direct: 972-365-7888  


Plano real estate, Frisco real estate, Allen real estate, DFW real estate, Dallas real estate, McKinney real estate, Coppell real estate, Highland park real estate, TX real estate, Addison Real Estate, Allen Real Estate, Anna Real Estate, Carrollton Real Estate, Collin County Real Estate, Coppell Real Estate, Dallas Real Estate, Denton County Real Estate, Distressed Properties, Flower Mound Real Estate, Frisco Real Estate, Irving Real Estate, Lewisville Real Estate, McKinney Real Estate, Murphy Real Estate, North Dallas Real Estate, Parker Real Estate, Plano Real Estate, Prosper Real Estate, Richardson Real Estate, The Colony Real Estate, Wylie Real Estate

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Good Info- Good Decision

by plano 15. May 2017 05:33

Good Info - Good Decisions

While low inventory is certainly challenging buyers, not having a clear understanding of mortgage financing is also causing issues. By having good information, they are able to make better decisions as well as compete favorably.

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Most buyers don’t realize how the mortgage rate is determined for a borrower. While annual income is important, a good credit score, low debt-to-income ratio, loan-to-value ratio and ability to repay the loan are vital concerns. 

A variety of myths seem to permeate the market such as rates are set and released once a day; FHA loans are for first-time buyers only; pre-qualification commits the lender; lender fees are not negotiable and adjustable rate mortgages always go up.
Misunderstanding of actual mortgage practices may be a contributing factor to why more buyers are not taking advantage of what are still historically low mortgage rates.

While getting solid information about mortgages and being pre-approved from a lender are very important, it is only one step in the home buying process. Success in buying a home in today’s market should begin with a real estate professional who will coordinate all the different parts of the transaction including mortgage, title, insurance, inspections.



Texas law requires all real estate licensees to give the following information about brokerage service click here
Wendy HuangMBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame, 
RE/MAX Lifetime Achievement ; Over 22 years' experience!
Helping Over 1000 Families Meet Their Real Estate Needs !!!
Direct: 972-365-7888  


Plano real estate, Frisco real estate, Allen real estate, DFW real estate, Dallas real estate, McKinney real estate, Coppell real estate, Highland park real estate, TX real estate, Addison Real Estate, Allen Real Estate, Anna Real Estate, Carrollton Real Estate, Collin County Real Estate, Coppell Real Estate, Dallas Real Estate, Denton County Real Estate, Distressed Properties, Flower Mound Real Estate, Frisco Real Estate, Irving Real Estate, Lewisville Real Estate, McKinney Real Estate, Murphy Real Estate, North Dallas Real Estate, Parker Real Estate, Plano Real Estate, Prosper Real Estate, Richardson Real Estate, The Colony Real Estate, Wylie Real Estate

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Reason to Refinance

by plano 9. May 2017 04:15
Reasons to Refinance

Regardless of the reason to refinance a home, the basic question to ask is: “Do you plan to live in the home long enough to recapture the cost of refinancing?” There are always expenses involved in refinancing which can be paid in cash or rolled into the new mortgage.

From a strictly financial standpoint, the break-even point is achieved when the cost of refinancing has been recaptured by the monthly savings. It would take approximately 23 months to recapture $4,000 of refinance costs with a lower payment of $175 a month.

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  1. Lower the rate
  2. Shorten the term so that the loan will build equity faster and be paid off sooner.
  3. Lower your payment to reduce your monthly cost of housing.
  4. Convert an ARM to a FRM to stabilize your payment due to concern of rising interest rates.
  5. Cash out equity to be able to use the money for another purpose.
  6. Combine a first and second mortgage.
  7. Consolidate personal debt so the interest is tax deductible.
  8. Payoff higher cost debt such as credit cards, student debt, etc.
  9. Remove a person from a loan as in the case of a divorce.
Points paid to purchase a principal residence are tax deductible completely in the year paid. However, the points must be spread over the life of the mortgage on a refinance. For that reason, consider getting a “par” value loan with no points. It may have a slightly higher rate but the interest will be fully deductible and it will lower the cost of refinancing.

Determine the break-even point on your situation by using the Refinance Analysis . Call for a recommendation of a trusted mortgage professional.




Texas law requires all real estate licensees to give the following information about brokerage service click here
Wendy HuangMBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame, 
RE/MAX Lifetime Achievement ; Over 22 years' experience!
Helping Over 1000 Families Meet Their Real Estate Needs !!!
Direct: 972-365-7888  


Plano real estate, Frisco real estate, Allen real estate, DFW real estate, Dallas real estate, McKinney real estate, Coppell real estate, Highland park real estate, TX real estate, Addison Real Estate, Allen Real Estate, Anna Real Estate, Carrollton Real Estate, Collin County Real Estate, Coppell Real Estate, Dallas Real Estate, Denton County Real Estate, Distressed Properties, Flower Mound Real Estate, Frisco Real Estate, Irving Real Estate, Lewisville Real Estate, McKinney Real Estate, Murphy Real Estate, North Dallas Real Estate, Parker Real Estate, Plano Real Estate, Prosper Real Estate, Richardson Real Estate, The Colony Real Estate, Wylie Real Estate

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Would-be to Should-be

by plano 24. April 2017 08:21
Would-be to Should-be

Some would-be buyers have emotional reasons to own a home like having a place of their own where they can raise a family, feel safe and secure and enjoy their friends’ company. Other buyers’ dominant reasons might be financial in nature such as building equity or lowering their cost of housing.

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Regardless of what might be motivating people to want their own home, it is easy to justify that now is a good time to purchase. Let’s look at a $250,000 example using a FHA loan. 

The total payment will be about $1,835 dollars a month. If the payment is lower than the rent a person is paying, that should encourage a person to continue investigating.

In this example, when you consider the monthly principal reduction, the monthly appreciation and the tax savings, even with money added for monthly maintenance, the net cost of housing is less than half the total house payment.

Considering all those advantages, the would-be buyer is spending over $1,100 per month more to rent than it would be to own. In a year’s time, they would lose close to $14,000 which is more than the down payment of $8,750 required on this price home.

Most would-be buyers understand that a home is a big investment but they may not understand the advantage of the leverage caused by the low down payment mortgage. The benefits extend beyond a return on the down payment but to the value of the home.

In this example, the $8,750 down payment grows to an equity of $73,546 in seven years based on 2% annual appreciation and normal amortization on a 30-year loan. If you calculated that as a rate of return, you’d be challenged to find anything that could compare with it.

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To see what your numbers might look like, check out this Rent vs. Own. If you need any help or have any questions, contact us. Part of our greatest satisfaction is helping would-be buyers understand why they should-be.

Texas law requires all real estate licensees to give the following information about brokerage service click here
Wendy HuangMBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame, 
RE/MAX Lifetime Achievement ; Over 22 years' experience!
Helping Over 1000 Families Meet Their Real Estate Needs !!!
Direct: 972-365-7888  


Plano real estate, Frisco real estate, Allen real estate, DFW real estate, Dallas real estate, McKinney real estate, Coppell real estate, Highland park real estate, TX real estate, Addison Real Estate, Allen Real Estate, Anna Real Estate, Carrollton Real Estate, Collin County Real Estate, Coppell Real Estate, Dallas Real Estate, Denton County Real Estate, Distressed Properties, Flower Mound Real Estate, Frisco Real Estate, Irving Real Estate, Lewisville Real Estate, McKinney Real Estate, Murphy Real Estate, North Dallas Real Estate, Parker Real Estate, Plano Real Estate, Prosper Real Estate, Richardson Real Estate, The Colony Real Estate, Wylie Real Estate

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Rentals are IDEAL

by plano 3. April 2017 06:02

Rentals are IDEAL

Rental homes are the IDEAL investment because they offer a higher rate of return than other investments without the volatility of the stock market. With certificates of deposit and bonds at less than 2%, people need an alternative investment that they understand and with a reasonable amount of control.
In this case, IDEAL is an acronym identifying the advantages of rental properties.

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  • Income from the monthly rent contributes to paying the expenses and a return on the investment.
  • Depreciation is a non-cash deduction that shelters income for some investors.
  • Equity buildup occurs with amortized mortgages because each payment is composed of interest owed and principal reduction to retire the loan by the end of the term.
  • Appreciation is achieved as the value of the property goes up.
  • Leverage can increase the return on investment by using borrowed funds to control a larger asset.


These individual benefits working together make rental real estate a good investment for today’s economy. Increased rents, high rental demand, good values and low, non-owner occupied mortgage rates contribute to positive cash flows and very favorable rates of return. 
To find out more about how rentals might complement your current investment plans, contact your real estate professional.




exas law requires all real estate licensees to give the following information about brokerage service click here
Wendy HuangMBA,SRS, GRI, CRS, IRES, e-pro, ASP, ALHS, SFR, RFC, RE/MAX Premier Group, RE/MAX Hall of Fame, 
RE/MAX Lifetime Achievement ; Over 22 years' experience!
Helping Over 1000 Families Meet Their Real Estate Needs !!!
Direct: 972-365-7888  


Plano real estate, Frisco real estate, Allen real estate, DFW real estate, Dallas real estate, McKinney real estate, Coppell real estate, Highland park real estate, TX real estate, Addison Real Estate, Allen Real Estate, Anna Real Estate, Carrollton Real Estate, Collin County Real Estate, Coppell Real Estate, Dallas Real Estate, Denton County Real Estate, Distressed Properties, Flower Mound Real Estate, Frisco Real Estate, Irving Real Estate, Lewisville Real Estate, McKinney Real Estate, Murphy Real Estate, North Dallas Real Estate, Parker Real Estate, Plano Real Estate, Prosper Real Estate, Richardson Real Estate, The Colony Real Estate, Wylie Real Estate

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