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New Listing Alert!!! 🏡🇺🇸 – 2903 NW 160th Edmond

New Listing Alert!!! 🏡🇺🇸 – 2903 NW 160th Edmond

This gorgeous home has a lot of wonderful common space that is shared with the neighbors, and yet plenty of privacy!

Unlike most, this neighborhood provides both community and privacy in fabulous European style. Developer Bill Roberts designed the neighborhood around connectivity with only six homes in each cul-de-sac. Residents enjoy gated access, a green belt, front yard maintenance, a clubhouse with fitness facilities, and a swimming pool + spa. 2903 NW 160th is a charming home with two bedrooms and two full bathrooms. The open living room, recessed ceiling, large windows, and beautiful fireplace create a warm and welcoming entertainment space. The master suite has access to the back patio-perfect for morning coffee-along with a jacuzzi tub, walk-in-closet, and separate vanities. The home is priced to allow the new owners to add their own style through new finishes. Set up your own private showing today!

Walk Through Tour - 2903 NW 160th

New Listing Alert!!! 🏡🇺🇸 - 2903 NW 160th Edmondhttp://bit.ly/2903-NW-160th-EdmondThe data on real estate says that many people are wanting to live in more interconnected communities, and that's exactly what we have here! This gorgeous home has a lot of wonderful common space that is shared with the neighbors, and yet plenty of privacy. These homes don't seem to come up a lot, so if you are looking for a fantastic 2 bedroom home in Edmond go ahead call your Realtor to schedule your on private showing today!http://bit.ly/2903-NW-160th-EdmondGrady CarterMetro Brokers of OK(405)474-2905

Posted by Grady Carter - Home Boy Real Estate on Tuesday, October 8, 2019

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How to buy a house when you have student loan debt

How to buy a house when you have student loan debt

A lot of people I know have put off buying a house, but statistics show that a lot of millenials in particular are starting to change that trend. If you are going to buy a house and you have student loan debt it’s important to get your ducks in a row, and that should mean talking to the advisors you may have in your life. And advisor could be family or friends, but it’s important to talk to professionals about bit life moments like this so that you can set yourself up for success. I hope you enjoy this little article, and I’d love your feedback!

-Grady

 

How to buy a house when you have student loan debt

Cavan Images/Getty Images

The majority of millennials don’t own a home — and many have student loans to blame for that. According to a recent survey from Bankrate, a whopping 61% of millennials don’t yet own a home, and nearly a quarter of them say student loan debt is the culprit.

Data from the Federal Reserve shows that 43% of college grads have taken on student loan debt, and as of 2018, the average debtor still owes between $20,000 to $25,000 on their balance.

These debts hold back potential homebuyers two-fold: first, through higher debt-to-income ratios that lenders steer clear of, and second, by making it harder to save for a down payment.

Fortunately, as difficult as it may seem, student loan debt doesn’t preclude you from buying a house. While it does make the process more challenging, there are ways to make it happen. And your financial foundation? That’s the first step.

If you’re looking to buy your first house, but student loan debts are holding you back, this guide can help you navigate the process and come out on top.

Step 1: Improve your debt-to-income ratio

One of the best things you can do to improve your chances of getting a mortgage loan is to lower your debt-to-income ratio. Your debt-to-income ratio(or DTI) is one of the most important factors a lender will look at when evaluating your application. They want to ensure you have the cash flow to handle your new mortgage payment, while also staying current on all your existing debts (student loans included).

For most mortgage loans, you can’t have a DTI higher than 28% on the front-end in order to be considered a good candidate. On the back-end, which includes your estimated mortgage and housing expense, 36% is the max. If you don’t fall under this threshold, then there are a few things you can do to improve it:

  • Pay down your debts where possible. Work on whittling down your student loan debts, credit card debts, and other balances. Use your tax refunds, holiday bonuses, or any extra funds you have to make a dent; even a small reduction in balances can help.
  • Increase your income. If you’ve been at your job a while, you may be able to ask for a raise. If not, a second job, side gig, or freelance work may be able to help supplement your income and improve your DTI.
  • Refinance or consolidate your student loans. By refinancing on consolidating your student loans, you can lower your monthly payment (and the interest you pay), improving your DTI in the process.
  • Enroll in an income-based repayment plan. Income-driven repayment plans allow you to lower your monthly student loan payments so that they’re more aligned with your current income level. These typically allow you to make payments as low as 10-15% of your monthly income.

Don’t know what your current DTI is? Use our debt-to-income ratio calculator to get an idea.

Step 2: Increase your credit score

Your credit score also plays a big role in your mortgage application, as it tells lenders how risky you are as a borrower. A higher score will typically mean an easier approval process and, more importantly, a lower interest rate on your loan.

Making consistent, on-time student loan payments is a good way to build credit and increase your score. Additionally, you can also:

  • Lower your credit utilization rate. Your credit utilization rate is essentially how much of your total available credit you’re utilizing. The less you’re using, the better it is for your score. (Credit utilization accounts for 30% of your total score).
  • Pay your bills on time. Payment history is another 35% of your score, so make sure to pay every bill (credit cards, loans, even your gym bill) on time, every time. Set up autopay if you need to, as late payments can send your score plummeting.
  • Keep paid-off accounts open. The length of your credit history matters, too, accounting for 15% of your score. Leaving long-standing accounts open (even once paid off) can help you in this department.
  • Avoid new credit lines. Don’t apply for any new credit cards or loans as you prepare to buy a home. These require hard credit inquiries, which can have a negative impact on your score.

Finally, make sure to check your credit report often. If you spot an error or miscalculation, report it to the credit bureau immediately to get it remedied.

Step 3: Get pre-approved for a mortgage before you house hunt

Hunting for that dream house is definitely the most exciting part of the process, but before you can start, you first need to get pre-approved for your mortgage loan. For one, a pre-approval lets you know how big a loan you’ll likely qualify for, which can help guide your home search and ensure you stay on budget. Additionally, a pre-approval can show sellers you’re serious about a home purchase and may give you a leg up on other buyers.

When applying for pre-approval, you’ll need to:

  • Provide information regarding your income, debts, past residences, employment, and more. You will also need to agree to a credit check.
  • You’ll need to know what down payment you can offer. If you’re going to use gift money from a loved one, you’ll need a gift letter (from the donor) saying it doesn’t need to be paid back.
  • You’ll have to provide some documentation. Your lender will need recent pay stubs, bank statements, W-2s, tax returns, and other financial paperwork in order to evaluate your application.

If you want your pre-approval application to go smoothly, go ahead and gather up your financial documentation early, and have it ready to go once your lender requests it.

Step 4: Consider down payment assistance

If your student loans are making it hard to save up that down payment (and you don’t have gift money coming from a family member or other donor), then you’re not completely out of luck. In fact, there are actually a number of assistance programs that can help you cover both your down payment and closing costs on your loan.

The assistance usually takes one of four forms:

  1.  A down payment grant. These are interest-free and do not need to be repaid
  2.  Forgivable second mortgages. These are technically second mortgage loans (on top of the one used to finance your house) but are forgiven if you live in the home for  a certain number of years.
  3.  Traditional second mortgage. There are also programs that give you assistance via a low-interest loan. These need to be paid off monthly, just as your initial loan does.
  4.  Matched savings programs. These programs encourage you to save up funds in a dedicated down payment savings account. Then, the institution or agency offering the program matches those funds (usually up to a certain point).

To qualify for these programs, you might need to:

  • Be a first-time homebuyer
  • Have an income below a certain threshold
  • Complete a homebuyer education course
  • Be a military member, veteran, or public servant (teacher, firefighter, EMT, etc.)
  • Commit to a certain level of savings each month

Agencies may also consider your credit score, debt-to-income ratio, and other financial factors when evaluating your application for assistance. The location you’re buying in (and its median income) could also play a role.

Step 5: Look into first-time homebuyer loans and programs

In addition to down payment assistance programs, you can also leverage one of the many first-time homebuyer mortgage programs that are out there — both through the federal government and state-based agencies. All of these programs offer low interest rates, and several require no down payment at all. This can be hugely beneficial if you’re dealing with a heavy student loan burden.

Federal Options

Check out the table below for a list of federal first-time homebuyer programs and the specific requirements for each.

Another option: State first-time home buyer programs

Individual states also have their own first-time home buyer programs and assistance offerings. Many of these help with closing costs, down payments, and more. There are also state-backed loan programs that can reduce your interest rate, lower your monthly payment, and help you save significantly over the course of your loan if you qualify.

You’ll find a full list of state-specific resources at HUD.gov.

Step 6: Find a co-borrower

If you have a fellow grad or a friend or family member who also wants to get out of the rent race, teaming up to buy a house could benefit you both. In this scenario, they become your “co-borrower,” applying for the mortgage loan jointly with you.

The advantage here is that it would allow both of your incomes and credit profiles to impact the application. That could mean a higher loan balance, an easier approval process, or a lower interest rate if they have a solid financial foundation. You can also pool your savings for a bigger down payment — another step that will lower your monthly housing costs and save you big on long-term interest.

If you don’t want to outright purchase a house with someone else, you could also ask a friend or relative to become a co-signer or guarantor on your loan. This would allow lenders to consider their income and credit on your loan application, but it wouldn’t actually give them ownership of the property.

The bottom line

Student loan debt can be a drag, especially if you’re trying to buy a house. Fortunately, there are options. By taking advantage of the right loan programs, working on your credit and DTI, and teaming up with the right partners, you can improve your chances significantly (not to mention, lower the cost of buying a home — both up front and for the long haul).

Am I Ready to Sell My House? | 7 Signs

Am I Ready to Sell My House? | 7 Signs

I’m sure that there are other versions of this quote, but I always think of Craig Groeschel when I think of this sentiment of intentionality when he says,

“All people end up somewhere in life, but few end up there on purpose.”  ― Craig Groeschel

The people I spend time with who have been the most successful financially have virtually all planned to get there. Sometimes it is important to remind yourself and those around you that making a plan and sticking to it is a very good idea. So if you are thinking about selling your house now is a good time to start making a plan, even if you aren’t selling for a few years. Plans can be changed, but making a plan in the first place is the part where people seem to get stuck. I’ve said this before, but Dave Ramsey and I don’t see eye to eye on everything, but I sure do appreciate how well he pushes people to plan. He is very aggressively against any and all debt, and there are pluses and minuses to that depending on how you would like to use your money to grow wealth. The average citizen is not an aggressive investor and thus should consider emplementing these ideas to attack debt in their life. I hope that you enjoy this article, and I’d love your feedback.

-Grady

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Am I Ready to Sell My House?

 

(9 Minute Read)

Almost every day, someone calls The Dave Ramsey Show to ask Dave if he thinks they’re ready to buy a home. But there’s another side of homeownership that doesn’t get as much attention: When are you ready to sell your house?It’s an important question to answer since selling at the wrong time can cause trouble for years to come. 

 

 

7 Signs You’re Ready to Sell Your House

Should I sell my house? If you’ve been asking yourself this question lately, we’ve got good news: It’s a great market for sellers! Limited inventory continues to drive home prices up, and the latest data from the National Association of Realtors shows that nearly half of recently sold properties were on the market for less than a month.(1)

Of course, the decision to sell your house isn’t based solely on market conditions. You have to take your personal situation into account—and that’s where expert advice comes in handy.

Here are seven signs you’re ready to sell your house:

1. You’ve got equity on your side.

For most homeowners, being financially ready to sell your house comes down to one factor: equity. During the housing meltdown of 2008–09, millions of homeowners found themselves with negative equity, which meant they owed more on their homes than they were worth.

 

Clearly, selling your home when you have negative equity is a bad deal. That’s called a short sale. Breaking even on your home sale is better, but it’s still not ideal. If you’re in either situation, don’t sell unless you have to in order to avoid bankruptcy or foreclosure.

For the last several years, home values have been on the rise—by leaps and bounds in many cases—and that means most homeowners are building equity. Their homes are now worth more than they owe on them, and that trend will persist as they pay down their mortgages and home values continue to increase.

Figuring out how much equity you have may sound complicated, but the math is actually simple. Here’s how it works:

First, grab your latest mortgage statement and find your current mortgage balance.

Next, you’ll need to know your home value. While it’s tempting to use figures from online valuation sites to determine how much your home is worth, they’re not always accurate. Ask an experienced real estate agent to run a free comparative market analysis (CMA) for the best estimate.

Once you have those two numbers in hand, simply subtract your current mortgage balance from your home’s estimated market value. The difference will give you a good idea of how much equity you have to work with.

So how much equity is enough?  At the very least you want to have enough equity to pay off your current mortgage with enough left over to provide a 20% down payment. But if your sale can also cover your closing costs, moving expenses and an even larger down payment—that’s even better.  Additionally, putting 20% or more down on a home keeps private mortgage insurance (PMI) at bay. That could save you hundreds of dollars each year!

2. You’re out of debt with cash in the bank.

If you didn’t have all your financial ducks in a row your first time around the home-buying block, you probably learned a few things the hard way. Like the fact that Murphy can smell “broke” from miles away. If it can go wrong, it will! Put those lessons to good use and be a money-smart home buyer the next go-round!

Start by taking a hard look at your finances. If you’ve paid off all your nonmortgage debt and have three to six months of expenses in your emergency fund, that’s a good sign you’re financially mature enough to purchase a home again.

3. You can afford to buy a home that fits your lifestyle better.

Another factor to consider is how well your home meets your everyday needs. Perhaps you could use another bedroom (or even two) to accommodate your growing family. Or maybe your kids have all moved out and you’re ready to downsize.  Empty nesters can really benefit from selling while rates are low. It’s freeing to sell a large home, pay cash for a smaller one, and invest the rest for your retirement.

Whether you’re sizing up or down, make sure your mortgage fits your budget. Dave recommends keeping your monthly payment to 25% or less of your take-home pay on a 15-year fixed-rate mortgage.

4. You can cash-flow the move.

Don’t get so carried away by the excitement of your next home that you forget to account for the cost of leaving your current one. Hiring professional movers? Save up cash to cover the cost of packing up and hauling your stuff away.

You should also invest a little to get your current place ready for prime time. Focus your home improvement dollars on paint, curb appeal, plus kitchen and bath upgrades.  A little bit of fresh paint and elbow grease can go a long way into making a great impression—and getting your home sold fast!

Want a bonus tip that doesn’t cost a dime? Clear out the clutter. Neat closets and tidy shelves make your home look larger!

Related: 5 No-Cost Tricks to Sell Your Home Faster

5. You’re emotionally ready to sell.

If the numbers show you’re financially ready to make a move, great! But don’t forget—selling your home is an emotional issue, too. Before you plant the “For Sale” sign in the front yard, take a minute to answer just a few more questions:

  • Are you ready to put in the work to get your house ready for house hunters?
  • Are you committed to keeping it ready to show for weeks or months?
  • Are you ready to hear the reasons why potential buyers believe your home is not perfect?
  • Are you ready for honest—and sometimes hardball—negotiations over what buyers are willing to pay for your home?
  • Are you really ready to move out and leave the place where your family has made memories?

Don’t get us wrong; we’re not trying to talk you out of selling your home! We just want you to be completely ready when you do decide to move on to the next stage of your family’s life.

A qualified real estate agent will give you a clear picture of what it’s like to sell your house, and also help you discern if now is the right time for you, both financially and emotionally.

6. You Understand the Market (a Little Bit)

No one can predict how the housing market will perform. But the National Association of Realtors expects modest growth for existing homes in 2018. Despite the possibility of rising mortgage rates, home sales in 2018 are forecasted to grow around 7% percent, with the median price increasing 5%.(2)

Home Values Are Riding High

With rents up and mortgage rates down, many renters are looking to buy their first home. There’s just one problem: They’re having trouble finding homes for sale within their price range.

According to Trulia, there are 20% fewer entry-level homes on the market today than there were this time last year.(3) A lot of investors snatched up bargains on entry-level homes when the market was down and turned them into rental properties.

If you took economics in school, you learned all about supply and demand. When supply is down and demand goes up, prices trend upwards as well. That means your home might be worth more than you think. Consider the numbers:

  • According to the National Realtors Association, U.S. homes are on the market an average of only 34 days, that’s four less than last year.(4)
  • Recent listings of starter homes are 8% less than searches, which means there are more house hunters than homes available for sale (5).

In other words, the market’s hot for just about any home seller—but especially if you’ve got a starter home to sell.

7. You Have a Real Estate Agent

The reasons already mentioned are essential to consider before selling your home this year. But remember, your real estate market is unique—and so is your financial situation. Consult an experienced real estate agent to find out how the 2018 housing market is shaping up in your area so you can decide if a sale makes financial sense for your family.

Partner with a pro you can trust to provide honest advice so you can do what’s best for you and your budget. A good agent puts service before sales—but knows how to get things done when it’s time to sell.Selling your home is a big deal.  A real estate agent does more than just schedule showings of your home.  They bring experience and confidence to the table when they handle their many job duties, which include:

  • Giving you advice about updates or repairs that will make your home more attractive
  • Helping you set a price for your home
  • Marketing your home so it receives as much exposure to potential buyers as possible
  • Scheduling showings with potential buyers
  • Advising you as you negotiate offers
  • Handling all the required paperwork

We can put you in touch with several agents in your area who have earned Dave’s recommendation as a real estate Endorsed Local Provider (ELP).

When it comes to selling homes, our ELPs rise to the top. According to a six-month survey of home buyers and sellers who used an ELP versus those who used other real estate agents, our ELPs are twice as fast at selling homes and twice as likely to sell your home above asking price.

Don’t trust an amateur with one of your biggest financial investments. Work with a high-octane agent who knows your market

An experienced real estate agent can help you navigate the search for your next home, too.  Be sure to have some backup options ready in case your home sells quickly and you can’t find a new place you love right away. You don’t want to rush into a home you can’t afford or don’t really like just because it’s available.

 

Source: Am I Ready to Sell My House? | DaveRamsey.com

New Listing Alert!!! 🏡🚙🇺🇸 – 200 W Silver Meadow

New Listing Alert!!! 🏡🚙🇺🇸 – 200 W Silver Meadow

4 Garage Spaces - Close to Tinker Air Force Base

This beautiful canvas of a house is ready to be made into someone’s dream home! With a pair of 2 car garages (4 total garage parking spots) sitting up on a high corner lot there is an amazing opportunity here. The parkay flooring is a wonderful throwback that could really stand out if someone chose to keep and restore it. Having 3 bedrooms and 2 bathrooms there is plenty of room for the group hoping to share space while maintaining privacy. Don’t miss your chance to come see if for yourself – check in with your Realtor today!

Walk Through Tour - 200 W Silver Meadow

New Listing Alert!!! 🏡🚙🇺🇸 - 200 W Silver Meadowhttp://bit.ly/200-W-Silver-MeadowWhere are my car people?! This wonderful fixer-upper has two separate 2 car garages (one attached, and one detached), and it is just waiting on this fantastic corner lot for that person with a little vision. Sitting so close to Tinker Air Force Base right in the heart of Midwest City, Oklahoma we are just excited to meet the next owners. Who wants to go take a look in real life?! Call you Realtor and set up a showing today!http://bit.ly/200-W-Silver-MeadowGrady CarterMetro Brokers of OK(405)474-2905

Posted by Grady Carter - Home Boy Real Estate on Friday, July 26, 2019

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How Do Principal Payments Work on a Home Mortgage? – Dave Ramsey

How Do Principal Payments Work on a Home Mortgage? – Dave Ramsey

I have a very love/hate relationship in my mind with Dave Ramsey (hate is a bit of a strong word…). I don’t always agree with how he says things, but I sure do appreciate a large portion of his message about financial goals and responsibility. This is a simple video that helps draw a picture to help someone figure out how to pay off a mortgage sooner rather than later.

If you are wanting to learn more or get help planning out your future feel free to schedule an appointment or send over a question!