For Lease 4 Bed 2 Bath Pool The Colony Includes Pool and Lawn Service

 Call us Today 214-552-2091 For More Info

THE COLONY HOME FOR LEASE

5025 Clover Valley Drive The Colony, TX 75056

$1,695/month

4 Bedroom, 2 Bath, Study, 2 Car Garage, Pool 2,123 sq ft

Gorgeous updated single story home with a pool! Pool Service included with the rent. Custom kitchen cabinets, granite, hand-scraped laminate, wet-bar, fireplace, frieze carpet, nice side yard grass area overlooking pool, You'll love the privacy in the backyard with the new board on board cedar fence too, sprinklers, newer AC and ceiling fans new vinyl windows. No smokers, no cats

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THE COLONY HOME FOR LEASE

The Colony TX Homes For Sale

#TheColonyTXHomesForSale #LegendsHomesForSale #TheColonyTXListingAgent 

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Free Market Analysis

FREE MARKET ANALYSIS

Call The #1 OFFICE IN DFW- Keller Williams Realty

Call us Today 214-552-2091

 

Serving North Dallas, Carrollton, Garland, Richardson, Plano, Allen, McKinney, Frisco, The Colony, Lewisville, Flower Mound, Little Elm and Prosper

 

Why so much paperwork for home loans?

Applying For A Mortgage: Why So Much Paperwork?

 Tuesday October 20th, 2015  First Time Home Buyers, For Buyers, Interest Rates

We are often asked why there is so much paperwork mandated by the bank for a mortgage loan application when buying a home today. It seems that the bank needs to know everything about usand requires three separate sources to validate each and every entry on the application form.

Many buyers are being told by friends and family that the process was a hundred times easier when they bought their home ten to twenty years ago.

There are two very good reasons that the loan process is much more onerous on today’s buyer than perhaps any time in history.

1. The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of affording the mortgage. During the run-up in the housing market, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their home. The government wants to make sure this can’t happen again
2. The banks don’t want to be in the real estate business. Over the last seven years, banks were forced to take on the responsibility of liquidating millions of foreclosures and also negotiating another million plus short sales. Just like the government, they don’t want more foreclosures. For that reason, they need to double (maybe even triple) check everything on the application.

However, there is some good news in the situation. The housing crash that mandated that banks be extremely strict on paperwork requirements also allowed you to get a mortgage interest rate probably at or below 4%.

The friends and family who bought homes ten or twenty ago experienced a simpler mortgage application process but also paid a higher interest rate (the average 30 year fixed rate mortgage was 8.12% in the 1990’s and 6.29% in the 2000’s). If you went to the bank and offered to pay 7% instead of <4%, they would probably bend over backwards to make the process much easier.

Bottom Line

Instead of concentrating on the additional paperwork required, let’s be thankful that we are able to buy a home at historically low rates.

SOLD - Gorgeous new listing in The Legends Single Story 4 bed 2 bath only $225k

New Listing For Sale The Legends The Colony, TX

5613 Westwood Lane The Colony, TX 75056

$225,000

4 Bedroom, 2 Bath, Study, 2 Car Garage, 1,930 sq ft

GORGEOUS SINGLE STORY 4 BEDROOM 2 BATH HOME, SPLIT BEDROOMS, BRIGHT OPEN FLOOR PLAN, BAMBOO FLOORS, FIREPLACE, LARGE KITCHEN OPEN TO DINING AND LIVING, GAS RANGE, GARDEN TUB WITH SEP SHOWER, CLOSE TO COMMUNITY POOL AND PARK, FRONT LIVING ROOM IS FLEX CAN BE STUDY OR DINING TOO, FRESH PAINT, NEW WATER HEATER, BEAUTIFULLY LANDSCAPED WITH GREAT DRIVE UP APPEAL

 Call us Today 214-552-2091 For More Info

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THE LEGENDS HOMES FOR SALE

The Colony TX Homes For Sale

#TheColonyTXHomesForSale #LegendsHomesForSale #TheColonyTXListingAgent 

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#KellerWillamsTheColony #TheColonyRealtor

Call The #1 OFFICE IN DFW- Keller Williams Realty

Call us Today 214-552-2091

 

Serving North Dallas, Carrollton, Garland, Richardson, Plano, Allen, McKinney, Frisco, The Colony, Lewisville, Flower Mound, Little Elm and Prosper

 

Buying a Home Remains 35% Less Expensive than Renting!

In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage throughout the 100 largest metro areas in the United States.

The updated numbers actually show that the range is from an average of 16% in Honolulu (HI), all the way to 55% in Sarasota (FL), and 35% Nationwide!

The other interesting findings in the report include:

• Interest rates have remained low and even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation. “In the past year, these two trends have made homeownership even more affordable compared with renting.”
• Some markets might tip in favor of renting if home prices increase at a greater rate than rents and if – as most economists expect – mortgage rates rise, due to the strengthening economy.
• Nationally, rates would have to rise to 10.6% for renting to be cheaper than buying – and rates haven’t been that high since 1989.  

Bottom Line

Buying a home makes sense socially and financially. Rents are predicted to increase substantially in the next year, lock in your housing cost with a mortgage payment now.