Cyd West Discusses Why It's a Great Time for a Loan in Central Texas

Hello everyone! When you are considering buying a home, you not only want a realtor you can trust, but a mortgage lender, as well. That’s why I have with me today, Cyd West.

Some of you may have worked with Cyd before, but those of you who haven’t, I assure you, she is the best!

Cyd West

Jean and I have a lot of experience working together. Never in my career, have I seen such a wonderful time for buyers. With low prices, low interest rates and motivated sellers it’s just a phenomenal time to be in the market.

One of the advantages we have right now in our local market is doing lots of VA Loans. The underwriting process for VA Loans has changed much less than others. You have the option of no down payment, rates are low and the underwriting rules are designed to understand people who move around the country a lot.

Some of our smaller communities in Central Texas also have the option of USDA Financing.

I strongly encourage anyone thinking of buying to do so now! There has been a lot of talk about the recent increasing interest rates. The Federal Reserve recently announced they are stopping quantitative easing after this year. Because of this, the ability to get a mortgage loan is becoming increasingly harder.  While I do not expect rates to skyrocket, they definitely won’t remain this low!

One of the recent changes to underwriting is the Ability to Repay Test.  Many lenders before the housing market crash did not stress so much over your ability to repay as long as you had a good credit score and large enough down payment.

I am proud to say that First National Bank has always abided by the Ability to Repay Test; we want to protect the money from our clients and not just hand it out freely.

I want to thank Jean and everyone from the Shine Team. If you have any questions, please call me at 254.690.3765.

Interest Rates in Central Texas

 

What’s happening with interest rates in Central Texas?

Hi everyone! The market is on the move. We predicted it; those interest rates rose from 3.25% to 4.75% in as little as just a month! Sadly, yesterday we had a client who didn’t qualify for the home she wanted because of that increase. It is important for buyers to move now before rates get any higher.

Now, I bought my home 35 years ago when interest rates were 8.75%. I late became a realtor when rates were 10% and during my career I saw as high as 22%! I begged my clients not to buy a home with a new loan with that rate!

The point I am trying to make is interest rates are still historically low; they are super fantastic! So, I encourage you to buy now! Don’t pay rent somewhere and give your money away. Buy your home!

How is the July Housing Market in Central Texas?

Hello from the Shine Team!

We’ve had great sales in May! In fact, this May was higher than both those in 2011 and 2012. The entire market has been moving forward.

What used to be a buyers’ market is now a normal market in our area. Sales have increased across the board, which is great news for sellers in central Texas!

The average-days-on market is 141. Now, keep in mind that is market-wide, meaning it groups together all price ranges and all neighborhoods. That number is dropping! We are expecting a great summer!

Give me a call at 254-690-4321 and the Shine Team can help you buy or sell your home!