Yearly Archives: 2018

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Please allow me to introduce you to my friend Paul Fuller

Paul is a friend of mine I’ve known for many years.

He is the owner of Paul’s Lawn and Landscape, and he has graciously offered a special discount service to my Everist Mortgage clients.

 

You may be interested in having some help mowing, edging and weed-trimming your yard. Or, you may have an interest in some landscaping or even an outdoor living area. Paul and his team are excellent and can handle all jobs, small to large.

 

Paul started mowing lawns in his neighborhood at the age of 14, pushing his lawnmower from house to house. Over the last 20 years, he has grown to a company that now has multiple crews, landscape designers, stone masons and full outdoor entertainment area capability.

 

I can highly recommend Paul and his team. They do a great job, are competitively priced, and conduct themselves with high integrity. Feel free to contact them to discuss any lawn maintenance or landscaping needs you may have.

 

Here are two special offers if you mention me and Everist Mortgage:

 

  • With a new mowing service contract, you’ll get the first mow free ($45 value).

 

  • Free 1 hour yard cleanup ($125 value)

 

Here below is Paul’s contact information for more information. I hope this offer is helpful to you!

 

If I can help you or someone you know with trusted mortgage financing advice and counsel, I’d love the opportunity. Now is a great time to buy a home!

Thanks,
Michael

Paul’s Lawn & Landscape, LLC.
512-553-LAWN
www.paulslawnaustin.com

Thank you!

Over the past 25 years that I have been helping people with mortgage financing in Central Texas, I have been blessed beyond measure by the support of wonderful clients and referral sources like you.
I could not continue in this industry without your trust and referrals, and I want to truly thank you.

 

Everist Mortgage has received the coveted Five Star Mortgage Professional Award again this year, making it 7 years total and 5 years consecutively. It is an honor to receive this recognition, and I do not take it for granted.We will be featured in the upcoming June issue of Texas Monthly Magazine.

 

For those that may not be familiar with this award, it is not a paid advertisement – it can’t be bought.
It also can’t be solicited – you must be nominated, and it is based on past customer satisfaction.

 

Out of over 2,075 mortgage originators in the greater Austin/San Antonio area, only 120 were chosen this year. This represents only the top 5.7% of the industry. Five Star is the largest and most widely-published mortgage award program in North America.

 

Five Star obtains a list of recent homebuyers in the area who secured a mortgage.
They contact them and ask them to rank their mortgage provider based on 5 criteria:

 

  1. Customer Service level
  2. Integrity
  3. Communication
  4. Product ad service options
  5. Overall Satisfaction – would you recommend to a friend?

 

Industry peers (Realtors, Title Companies, vendors) are then contacted to offer feedback and ranking of the candidates. Lastly, the candidates’ licensing and regulatory records are reviewed to see if there are any complaints, claims or other concerns.

 

It is a rigorous process, and one that I’m quite proud to have gone through successfully. I and my team couldn’t have done it without you. If you would like more details about the award review process and Five Star criteria, here is a link:

https://www.fivestarprofessional.com/spotlights/20523

 

I am truly grateful and want you to know that I strive to earn your continued trust and referrals to friends, family and coworkers. If you know anyone who plans to purchase or refinance a home, I’d love the opportunity to talk with them and give them Five Star service!

Millennials spend nearly $100,000 on rent by 30

The millennial generation is one of the largest in history, comprised of young, vibrant, creative and passionate men and women. Tech-savvy and often urban-oriented, these millennials tend to choose renting over owning a home for many reasons at this stage of life. However, they may not realize the true cost of this decision over time.

 

According to a just-released study by RentCafe, these young people are spending on average, 45% of their incomes and approximately $93,000 on rent between the ages of 22 and 30! That is a huge sum of money that gives them no long-term benefit.

 

Despite earning more at their age than previous generations, higher rent, student loans and other debts and more discretionary spending hold many of these young people back from owning their own homes. With rents continuing to rise and no equity being built over these years, their hard-earned money is going to pay off their landlord’s mortgage instead of their own.

 

What many young people don’t realize is that they can own a home if they really want to. There are mortgage financing options available that only require 3-5% down payment, and a family member can help with this if needed. The seller of a home can pay some or all of your closing costs and taxes and insurance, again reducing the total cash investment needed to buy. Often, the mortgage payment is the same or less than rent, and you can keep your housing cost somewhat fixed as opposed to rents that can go up every year.

 

With average rents in the Austin/Central Texas area in the $1,400 range and rising 3-5% per year, a renter could own a nice $175K-$180K home with the same monthly payment, and invest as little as $5,250 down payment. If you’re going to spend nearly $100,000 on housing by age 30, wouldn’t you prefer to invest that for yourself, building equity in your own home?

 

I’d love to talk with you or someone you know who is interested in becoming a homeowner.. It’s not as difficult as you may think. I’ve been helping families in Central Texas get great financing for their homes for over 25 years, and we have many low-cost options to offer. I love working with first time homebuyers, and believe home ownership is a great way to build wealth.

What does Trump’s New Tax Plan mean for housing?

What does Trump’s new Tax Reform mean for housing?

On December 22nd, 2017, President Trump signed into law the new Tax Cuts and Jobs Act. There were many changes implemented into the tax code for 2018 and beyond. Wondering how these changes might affect you as a homeowner or soon-to-be homeowner? Although I am not a licensed CPA and this is not intended to be definitive tax advice, here are some highlights:

 

The good news:

  • Tax rates lowered for most people
  1. Single filers:taxable income between $38,700 – $82,500 drop from 25% to a 22% tax rate
  2. Single filers:taxable income between $82,500-$157,500 drop to a 24% tax rate
  3. Married filing jointly:taxable income between $19,050-$77,400 drop from 15% to 12% rate
  4. Married filing jointly:taxable income between $77,400 -$165,000 drop from 25% – 22% rate
  • Standard Deductions nearly doubled
  1. Single filers’ standard deduction goes up from $6,350 to $12,000!
  2. Married filing jointly standard deduction goes up from $12,700 to $24,000!

The bad news:

  1. Personal exemption has now gone away (was approx $4,150/person)
  2. Mortgage interest deductibility has been limited. (Maximum mortgage amount for first and second homes now capped at $750,000 for deductions)
  3. Home equity mortgage interest is no longer deductible
  4. Property tax deductions have been limited. Now the total tax deduction (State, local, sales, property taxes) is capped at $10,000
  5. Unreimbursed employee moving expenses no longer deductible (except active duty military moves)
  6. Miscellaneous deductions eliminated (tax preparation, unreimbursed employee expenses, etc)

 

The net effect of these changes will discourage taxpayers from itemizing, and push more toward the standard deduction. While only about 30% of U.S. taxpayers itemize currently, one of the nice benefits of home ownership has been the ability to write off mortgage interest, property taxes, etc.

 

These deductions often allowed a taxpayer to benefit from itemizing, opening up their ability to write off charitable contributions, medical expenses, etc. The effect of these changes will be to reduce some of the tax benefits of home ownership, essentially making the cost of home ownership more expensive after taxes.

 

While the other tax changes, reduced tax rates and raised exemptions should offset some of these negative aspects, the housing market will undoubtedly feel the effects, especially in higher cost and higher tax areas of the country. Home ownership is still a great investment, and the Central Texas market is still going strong, with rising values. It’s a great time to be a homeowner!

 

Call or email me to discuss your personal situation and how I can best help you with your housing and mortgage goals. I’d love to help you or those you care about in any way I can!

Happy New Year!

Thanks and happy new year!

As we enter into the new year, I and the Everist Mortgage team want to sincerely thank you for your continued support and referrals. Your trust and relationship is the lifeblood of my  business, and I want you to know that I don’t take you for granted. I hope to stay in touch with you this year and beyond and remain a trusted resource to you and those you care about who need mortgage financing advice and counsel.

 

The Central Texas real estate market is going strong, and values continue to rise. Rates are still very low, and it’s a great time to invest in real estate! Some of the new year’s changes in the mortgage industry include:

 

  • Higher conforming loan limits: To keep up with rising home prices, Conventional, FHA and VA loan limits have gone up this year. Here are some of the new loan limits:
  1. Conventional conforming & VA limits: single family homes: $453,100
  2. Duplexes: $580,150
  3. Triplex: $701,250
  4. Fouplex: $871,450

The FHA loan program has also increased its loan limits in this area, making it easier for first time homebuyers to access the low downpayment options and flexible underwriting requirements offered with FHA. Single family home loan maximum is $384,100 and fourplex loan maximum is now $738,650.

 

Other new changes in the industry to expect for 2018 involve a re-vamped loan application form with more regulatory data collected, especially the “HMDA” data. This is data regarding the borrower’s ethnicity, gender and other reference points. 48 new data points have been added to the new form, which should be coming out soon. One of the purposes of the HMDA data is to monitor lending activity to minimize discrimination.

 

2018 should be a great year in the Central Texas real estate market! Call or email me if I can help you or someone you know to better understand their mortgage financing options. I’m here to help and would love to talk about your personal goals and plans.