Collin County Real Estate Info.
� Archives
April 2008
� Apr. 23, 2008 - 10 Critical Mortgage Questions (#9)
9. How long will it take to process my loan application?
This answer to this question usually depends on a number of variables. When the loan business is brisk, underwriters (the people in charge of loan approvals) can get backed up, verification can take longer (for employment, financials, etc.), appraisals can move slower and other bottlenecks can develop along the loan pipeline. Lenders may say two weeks, but 30 days is a little more realistic in most cases. However, a great loan officer, affiliated with a great lender, can often push a loan through much more quickly. You'll also need their knowledge and experience to determine how long to lock in your loan for (and when the best time is to lock it). Of course, this is why I reccommend starting the approval process early (before you even start shopping for homes). Being truly pre-approved means you can offer a quicker closing to the Seller, and shorter time for financing approval, and these can be excellent barganing chips.
Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com
|
Comments (0) :: Post A Comment! :: Permanent Link View more entries tagged with: None |
� Apr. 19, 2008 - 10 Critical Mortgage Questions (#8)
|
8. What documents will I have to provide?
You can generally get "pre-qualified" with no documentation at all. A quick phone call to a good Mortgage Loan Officer and/or short loan application is generally all that is needed to find out how much mortgage you qualify for and what your rate might be. However, most lenders will require proof of income and assets before approving your loan (or truly "pre-approving" it), and often they may require other documents as well. I've seen them ask for everything from tax returns, to paycheck stubs and/or bank statements, to a note from your parents. Seriously, if you were gifted part of your down payment from Mom and Dad, the lender may want it in writing that it was a gift and not a loan. Turning these documents in to your lender early in the process may allow you to get pre-approved and breeze through the purchase process more quickly (and, thus, make your offers stronger as well). Note that many less-knowledgeable Mortgage Loan Officers (and Real Estate Agents) use "pre-approved" interchangeably with "pre-qualified". They are not the same thing... I have seen many people who were "pre-qualified" for a loan based on what they told the lender over the phone (or wrote on their loan application) but then failed to produce the documentation to support their claims of income and assets (so they are unable to get approved). Theoretically, if you are truly pre-approved you should fly through underwriting (final loan approval) since they have already seen and approved your supporting documentation. Don't want to dig around for all of the supporting documentation (or have a job where it's tough to document your income)? Buyers with excellent credit may qualify for a no-documentation or "no-doc" loan, but they can typically expect to pay a higher down payment and/or higher interest rate (and these loans have gotten even harder to get since the "mortgage meltdown" of late 2007). Do yourself a favor and find a great Mortgage Loan Officer, provide the requested documents, and get 100% pre-approved before you even start shopping... this can save a lot of heartaches, and headaches, when buying a home (and even put you in a better negotiating position). Of course, great Real Estate Agents usually know a few great Mortgage Loan Officers (you can bet I do) so ask for an introduction.
Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com
|
Comments (2) :: Post A Comment! :: Permanent Link View more entries tagged with: None |
� Apr. 14, 2008 - Outdoor Warning Sirens - City of Allen
The City of Allen sent out the fact sheet (below) about their Outdoor Warning Sirens the day after the storm/tornado. I'm sure it was available prior to then, but nobody cared about it BEFORE the storm hit. Be sure to review it and, as it suggests, get a weather radio with battery backup. Because you should change batteries every six months, the fire department suggests your replace the batteries in your smoke detectors every time change (when you "spring forward" and again when you "fall back"). I would reccomend including your flashlight and weather radio in this practice.
---The City of Allen Outdoor Warning System consists of 13 sirens placed strategically throughout the City. The sirens may be activated individually or in groups to provide localized warnings. They may also be activated simultaneously to provide a general alert for the entire community. WHEN WARNING SIRENS SOUND (FOR AN EMERGENCY): The system is capable of complete diagnostic testing without disturbing the public. The system computer checks the siren speakers, amplifiers and other components constantly and reports any malfunctions to the system manager.
OUTDOOR WARNING SIRENS
The Outdoor Warning System makes use of several different and unique tones to alert residents, who may be outside, to the imminent approach of severe weather and other emergencies that require immediate notification. This system is a part of an emergency network designed to provide for the safety of our citizens. The system is designed for outdoor warning and may not be heard inside a residence, depending on proximity to a siren location. Residents are reminded to use a weather radio with battery backup during times of severe weather.
You may view the [City of Allen] siren site locations by linking to http://charlotte.utdallas.edu/allen/downloadmaps/OutdoorWarningSirens.pdf
- GO TO YOUR SHELTER & TUNE to Local Radio, Television, or N.O.A.A. Weather Radio (162.400 MHz) for more information. Have a first aid kit, flashlight and battery-powered receiver ready.
- A TORNADO is developing or has been spotted either visually or on radar
- SUSTAINED WINDS OF 70 MPH or higher are occurring
- A HAZARDOUS MATERIALS incident or other emergency is occurring
- A NATIONAL EMERGENCY (Enemy Attack) has been declared
DO NOT:
- CALL 911 - except to report an emergency
- IGNORE THE WARNING
SIREN TESTING:
EMERGENCY PLANNING: Visit the Allen Fire Department web site at http://www.cityofallen.org/fire/pubed.htm for links to Homeland Security, Severe Weather and other emergency planning information.
---
What are your thoughts on warning sirens? Did you hear them on the morning of the 10th? Did you have a weather radio (and how did it work)? How long was your power out? I think we all take for granted power, television, computers and the internet. I know I felt rather helpless with no weather radio. Since power was out, I had no TV, no computer/internet, and was trying to browse the web on my cell phone for weather info. Does this sound like you? Share your story with a post...
Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com |
Comments (0) :: Post A Comment! :: Permanent Link View more entries tagged with: None |
� Apr. 14, 2008 - Storm Dammage Report - City of Allen
This storm damage report was issued by the city the morning after the storm (and tornado) hit Allen. Kudos to the city for it's speedy response and decisive action:
---
For Immediate Release
April 10, 2008
City of Allen
Public & Media Relations
Storm Damage Report from the City of Allen
Fire and Police personnel along with staff from Community Services, Parks and Recreation, and Building Inspections continue to respond to various types of storm damage throughout the City of Allen today. Damage assessment is still underway but it appears that approximately 50 homes have sustained significant wind damage including roof and wall collapse due to winds in excess of 80 mph early this morning.
While the storm winds caused damage and debris throughout the city, the primary areas of damage occurred between US Highway 75 and State Highway 121 beginning around Custer Hills Estate in a northwest direction through Waterford Park, Kitty Hawk, and Star Creek subdivisions.
In addition to response provided by the various city departments, members with the Citizens Emergency Response Team and Citizens on Patrol assisted with various efforts early this morning.
Residents should note the following storm damage recovery plans:
· The Police Department will be providing additional patrols and security in the neighborhoods and areas in which houses cannot be secured due to significant damage.
· The Traffic Division of the Engineering Department will be removing damage signs. It will be approximately 3 to 4 weeks before sign replacement will be complete.
· Residents with downed trees can take the debris to Jupiter Park, 510 Jupiter, or the compost facility at Custer Road Transfer Station, 9901 Custer. The Custer Road Transfer will be open until 7 p.m. tonight and Saturday.
· Residents unable to transport tree debris to one of these facilities can pile the limbs street side along front curb (not in the alley) for collection. The City will be conducting curbside debris pick up as early as Monday, April 14. Residents can contact Community Services at 214-509-4500 to place their name and address on the curbside pickup routing schedule; however crews will be checking all areas and picking up storm related debris that has been prepared for collection. Additional directives on this will be provided by 5 p.m. today.
The Allen Fire Department reminds residents to use a weather radio with battery backup during times of severe weather. The city’s warning sirens are designed for outdoor warning and may not be heard inside a residence, depending on proximity to a siren location.
---
Was your home, business, office, school or church afected by the storm? Please post and let us know.
Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com
|
Comments (0) :: Post A Comment! :: Permanent Link View more entries tagged with: None |
� Apr. 14, 2008 - Post-Tornado Debris Plan - City of Allen
The city of Allen released this on the 10th after the storm and "high winds" did a great deal of dammage... of course on the 11th, a tornado was confirmed in Allen:
---
For Immediate Release
April 10, 2008
Released by: Public & Media Relations Office
Allen City Hall, 305 Century Pkwy On Friday, April 11, the City is making space available at Jupiter Ball Park for residents to place organic storm debris material. Jupiter Ball Park is located at 501 Jupiter Road, between Bethany Road and Main Street, on the west side of Jupiter Road. This area will be available and legal to use for storm debris placement only from April 10 through April 21. After April 21, the area cannot legally be used for disposal of storm debris material. The City is conducting an inventory for damaged and missing street signs and stop signs. The City will be replacing them over the next three to four weeks as we fabricate our own signs. Residents with missing or extra trash or recycling carts are encouraged to call Community Services at 214-509-4551 to report them. All attempts will be made to return missing carts. Audits will be conducted to locate misplaced carts before charging residents for the lost carts.
Due to the impact of the high winds in Allen this morning (Thursday, April 10), a significant amount of property, tree and fence damage occurred in Allen. The City’s first priority has been the removal of wind damage debris from all streets, alleys, and public properties. As in the past, City staff has developed the following response plan:
Curb side pick-up of storm damage debris at residential properties will be conducted. The City will not collect debris from commercial or Homeowners' Association (HOA) properties. Pick up of debris will begin Monday, April 14, in order to allow residents the time to trim trees, collect debris and place it curbside. Debris pick up will continue until completed over the next two weeks. Residents need to get their debris ready for collection by the morning of Monday, April 14, to assure that it is collected. After collection, there may still be small amounts of material left behind that the resident will need to clean up.
The City cannot come on private property to help reduce, cut up, or remove debris. The City will collect storm debris from the curb side (along a street) including: damaged tree and shrub plant materials and small quantities of cut up fence boards. Small or loose plant materials should be placed in lawn/leaf type bags. The materials should not be placed in the street, but behind the curb. Any material placed along alleyways will not be collected by the City.
All tree material must be no more than 6 feet in length. A limited quantity of fence material that has been broken down into individual boards with the nails removed will also be accepted.
The City will not collect whole fence panels or entire fences. Residents may take their complete fence panels or fence parts to the Custer Road Transfer Station. Normal operating hours are Monday through Saturday from 8 a.m. to 4:30 p.m. The Transfer Station is located at 9901 Custer Road at Ridgeview Drive, north of W. McDermott. Residents must take their driver’s license and most recent City water utility bill as proof of residency.
The City is not collecting construction or remodeling debris including, but not limited to: roofing shingles, plywood, electrical items, computer equipment, sheet rock, dimensioned wood, wood-like products such as Hardi Plank, metal, bricks, rocks, insulation, carpeting, carpet padding, electrical wiring, or dirt. While residents may take residential solid waste and fence materials (less than six feet in length) to the Custer Road Transfer Station, the Transfer Station will generally not accept construction or remodeling debris, including roof shingles. These materials must be hauled to the 121 Regional Disposal Facility (RDF) near Melissa. Loads going the Melissa Landfill that are not in completely enclosed receptacles are required by State law to be covered and if they arrive at the landfill uncovered they cannot be allowed to dump.
Additionally, the landfill will charge the resident a disposal fee by weight for the materials deposited. The RDF is located at 3802 Hwy 121 North, Melissa, Texas, 75454.
The City has been divided into four quadrants with a work crew assigned to each quadrant so that every area of town gets started at once. We will begin work in each of the quadrants in the most damaged areas.
You may report debris collection requests to 214-509-4500 or email a request to kdrescher@cityofallen.org. Requests should include name, address and phone number (the City cannot receive email from hotmail accounts). However, City Staff will inspect each street for storm debris that has been placed out for collection and will collect it whether or not it has been reported if it is placed at curbside in accordance with these procedures.
The cost of this curbside collection by the City service is paid for as part of your residential waste service fees that are paid to the City.
Street Signage:
Trash Carts:
Please call 214-509-4500 with your questions.
---
If you live in Allen, or Collin County, and suffered damage, please let me know what hapened. Reply with a post of what you saw, heard, and what the aftermath was. My home was spared from any visible damage, as was much of Lost Creek Ranch (though MANY fences were down, many shingles amiss, and a couple of windows broken).
Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com |
Comments (1) :: Post A Comment! :: Permanent Link View more entries tagged with: None |
� Apr. 11, 2008 - Earth Day at the Connemara Meadow Preserve
In honor of Earth Day join REI and Connemara Conservancy
Where: Connemara Meadow Preserve Work Day
When: Saturday, April 19, 2008; 8am – 12noon
What: Folks will be gathering in the Meadow Preserve to do a bit of spring cleaning:
· Clearing away trash – brought by winds and rains filling Rowlett Creek over its banks
· Laying brush across old trails – to encourage re-growth
· Uprooting honey locust and thistles to discourage growth in the middle of the meadow
· Knocking down dead but still-standing ragweed from last year
They will provide:
Snacks and drinks; Trash bags, Trash pickers; Bug spray
You should wear:
Long pants, Long-sleeved shirt; Sturdy shoes; Sunscreen or Hat
Please bring:
Work gloves; Sharpshooter spade (if you have one)
What to expect:
Beautiful weather, Natural surroundings; Working in groups of two or more; Uneven terrain; Sometimes walking through high brush or along creek beds
The entry gate will be open from 7:30 to 8:30am.
* Ages 8 and up are welcome.
* No pets please.
---
Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com
|
Comments (0) :: Post A Comment! :: Permanent Link View more entries tagged with: None |
� Apr. 11, 2008 - 10 Critical Mortgage Questions (#7)
7. What are the qualifying guidelines for this loan?
Qualifying guidelines/requirements can relate to your income, employment, assets, liabilities, credit history and more. First-time home buyer programs, VA loans and other government-sponsored mortgage programs (like FHA) typically offer easier qualifying guidelines than conventional loans. While many lenders just tell you if you qualify or not, you may want to ask about the qualifying guidelines (i.e. why you do/don't qualify) because what you may not qualify for today, you may tomorrow (or a month or two down the road). Truly great Mortgage Loan Officers will point you in the right direction so that, even if you don't qualify for your preferred mortgage loan today, perhaps you will qualify in the not-too-distant future. And, of course, great Real Estate Agents tend to know great Mortgage Loan Officers (I know I have my short list) so just ask...
Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com
|
Comments (0) :: Post A Comment! :: Permanent Link View more entries tagged with: None |
� Apr. 9, 2008 - 10 Critical Mortgage Questions (#6)
6. What is the minimum down payment required for this loan?
Sometimes the rate and terms of your loan will be based on your down payment, so ask what different downpayment amounts might do to change things. A typical down payment is 3 to 20 percent of the sales price. If you can put more money down, you may be able to lower your rate and improve your terms. Don't have the cash? You may be required to get mortgage insurance, but many buyers are still able to buy with very little money down with help from grants and/or downpayment assistance. For example, I just helped a Buyer close a deal with less than $1,000 out of pocket (and that included and inspection and and appraisal). They didn't have perfect credit either; so ask someone who knows the mortgage business well. Great Real Estate Agents know great Mortgage Loan Officers.
Ryan Cave, The "Caveman"
Truth, Honor & Personal Integrity
214-789-9366
www.CaveRealty.com
|
Comments (1) :: Post A Comment! :: Permanent Link View more entries tagged with: None |
|
|
|
PageEntry 1 of 1
Last Page | Next Page
|
|