HomeTraq University

You can call the selling agent to setup an appointment to view a home, but not having your own representation could be tricky... Many home buyers aren’t aware of agency disclosure, nor understand the concept of a buyer’s agent and seller’s agent.  Many times the first agent a home shopper is exposed to is the "listing agent" of a home found online or the agent he/she meets at an open house. Last year, 63% of home shoppers walked through a home they were interested in after viewing it online.  When it is time to tour or inquire about a home, it seems like an easy solution to direct questions to the seller’s agent — but this presents an immediate conflict of interest.  A real estate agent’s loyalties and responsibilities change depending on who the agent is talking to.  Here’s a quick summary of roles an agent can play in any one transaction. The listing agent The listing agent or seller’s agent works for the seller and represents their interests in the sale. Th...

Whether you are a millennial just starting to think of possibly applying for a loan, or if you are a baby boomer getting ready to refinance your 3rd house, its always good to keep track of what is going on with your credit and your credit score.  Here are some quick highlights as to why it is so important and how you can monitor one of your most important assets. Credit Report Purpose Provides a history of your credit use to prospective lenders Allows lenders to assess risk of extending credit to you Used for all forms of credit, including apartment rental, credit cards, student loans, car & home loans, etc. Establishing Credit Apply for credit card with a reasonable limit Buy something for approx. $100, and pay back in 2 months Do it again, and make sure to pay on time! 4 trade lines will be needed to obtain a mortgage 12 months of activity are needed to develop credit history What Information is Included in a Credit Report? Personal Info: name, address, da...

Because they are government-backed, Federal Housing Administration (FHA) home loans have attractive interest rates and less stringent qualifications. Loan applicants must meet credit-score and down-payment requirements, and show proof of employment and a steady income. An appraisal of the home by an FHA-approved appraiser is also required.  Following are five features of FHA loans first-time homebuyers should consider while weighing their financing options. More flexible credit guidelines give more purchase power  Low Down Payment - as little as 3.5% down on single family residence, 2-4 units and FHA approved condominiums  100% gift allowable for down payment  Lower credit requirements. 580 minimum FICO credit score.  Competitive market rates  No income restrictions  Limited tradelines needed  Higher debt-to-income ratios approval  Shorter waiting period for major credit events like bankruptcy FHA loans are Transferable to p...

HomeTraq is a mobile optimized website which is designed to function like an app on all mobile devices. One of the big benefits is you do not need to download another app or upgrade your software just to use HomeTraq. To save an icon on your homescreen so you can easily access HomeTraq following these instructions. STEP 1: Go to https://HomeTraq.com on your mobile device. STEP 2 : Scroll down to the bottom of the screen and click on the "share" icon.   STEP 3: Scroll to the right over the bottom bar of icons until you see the "Add to Home Screen" button and then click. STEP 4: Click the "Add" button to add the icon to your homescreen.

The Midwest and Southeast regions of the U.S. continue to experience above-average hiring and a large segment of current renters who earn enough income to qualify to buy a home.   Demand for housing is being driven by the labor market , which is steadily generating increases in wages.  On the list of the percentage of current renters who can afford to buy a home -  St. Louis, Missouri checks in at number six . The  recent report by the National Association of Realtors reviewed employment growth, household income and qualifying income levels in nearly 100 of the largest metropolitan statistical areas across the country to determine which areas with employment gains above the recent national average also have the largest share of renters who can currently afford to buy a home.   Data supports a significant increase in renter households — both millennials and those who lost their home — since the Great Recession, and especially in metro areas that hav...

It is a 'Crazy Train' to be on.  Anyone in the market for real estate or a mortgage will at some point jump on board whether they want to or not.  What about those of us in the industry providing those real estate and mortgage services?  Well, we are the conductors with a big smile and crazy eyes welcoming new passengers on board for the journey.  I was reminded of all of the craziness when I saw the following headlines hit my social news feeds this morning.   The housing market horror story isn’t over yet. U.S. Census Bureau data paints a picture that there are currently two housing markets: one for the rich and one for the rest.   Overall U.S. housing market numbers are strong as existing home sales are 6% above last year - a result from shrinking inventory and a strengthening job market.  Many real estate agents are busy working through multiple offers for listings in a hot market.  On the mortgage side, everyone is working through ...